Friday, September 23, 2011
Monday, August 22, 2011
Wall Street Aristocracy Got $1.2T in Loans
...
Fed Chairman Ben S. Bernanke’s unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. The largest borrower, Morgan Stanley (MS), got as much as $107.3 billion, while Citigroup took $99.5 billion and Bank of America $91.4 billion, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress.
It wasn’t just American finance. Almost half of the Fed’s top 30 borrowers, measured by peak balances, were European firms. They included Edinburgh-based Royal Bank of Scotland Plc, which took $84.5 billion, the most of any non-U.S. lender, and Zurich-based UBS AG (UBSN), which got $77.2 billion. Germany’s Hypo Real Estate Holding AG borrowed $28.7 billion, an average of $21 million for each of its 1,366 employees....
“Why in hell does the Federal Reserve seem to be able to find the way to help these entities that are gigantic?” U.S. Representative Walter B. Jones, a Republican from North Carolina, said at a June 1 congressional hearing in Washington on Fed lending disclosure. “They get help when the average businessperson down in eastern North Carolina, and probably across America, they can’t even go to a bank they’ve been banking with for 15 or 20 years and get a loan.”
Thursday, August 18, 2011
The Media Is the Enemy by Justin Raimondo -- Antiwar.com
The media is a reliable instrument of government just as surely as if it were an official agency, like the Voice of America: it is owned by corporate entities entirely dependent on the good graces of government officials, and whose natural inclinations are to cozy up to Power rather than challenge it. That’s why the new internet-based media is so disturbing to these mandarins, whose opinions are no longer automatically elevated to holy writ. Antiwar.com is in the forefront of this new media wave – but we need your help to capitalize on this success and subvert the red-blue media narrative.
216. Nixon, Gold, and Ron Paul
I've been teaching about the Federal Reserve and the fiat currency scam to some university students this week. Maybe it will strike a cord!
Friday, July 22, 2011
Bail by Fred Reed
Bail by Fred Reed
I once lived briefly in an old one-bedroom trailer set in a patch of pine woods near Farmville, Virginia. A brick barbecue came with it, and a large floppy pooch, apparently a mixture of Irish setter and whatever was around. The place was blessedly quiet. Birds and bugs aren't noise. When it rained I delighted in being almost in the storm, but dry. I think the whole shebang cost the owner five thousand dollars, including a well and septic system.
If you are thinking, “Why...no...I couldn't possibly live that way,” you are probably right. But if I were doing it now, I would have staggering amounts of pirated music on today's monstrous memory sticks, a set of very decent speakers for a few hundred doomed green ones, a Kindle or the free computer version for reading books from Amazon if I had the money or Project Gutenberg if I didn't, and a fairly large flat screen for watching movies donated by uTorrent. Net cost: Under a grand.
Circumstances differ, yes. But you get the idea: Comfort, quiet, music, books, barbecue, undefined dog, storms, friends, for practically nothing. Mutatis mutandis, the principle applies almost everywhere.
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