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good watch… slow day john? lots of posts today 😀
If this is anything like her views on the Swine Flu, Alfie is gonna lose his heart for sure.
Hee, hee.
As Alfie would say if he disagreed with her: “A nutbag of the first order.” Solid Bush the Elder political appointee in HUD before she went totally off the rails. Hmmmm. Do I really need a sound card?
Good stuff over all. Her “fraudulent” mortgages issue is tripe. There’s no way a mortgage broker or bank lending officer can know the “big picture” stuff like that.
#3 she is not referring to the local stooge, but the corporate bosses. Thus Goldman was huge into the Credit Default Swaps while selling bad paper which would result in huge CDS profits. Pretty good scheme.
John. Yes, I understand that… but that would be impossible to track and, in order to be fraudulent, the bosses would have to know the details of each mortgage. If the guy worked for a muffler shop instead of a software company it would be moot. Doesn’t hold up.
McCain could have picked her for VP – instead he pick Sarah…
She has a good argument, but takes it too far in saying the corporate moguls “deliberately imploded the US economy.” I do think our undoing is more innocent than that: simple greed explains it all. In the main all these actors mostly recognized is how rich they could personally get before the house of cards would collapse. How, when, with what impact the collapse would occur was not on their radar as it would interfere with how rich they could get.
This is what capitalism is. So far, no harm, no foul.
No, the real “evil” comes with the lack of regulatory review/alarm, the fraud of the rating agencies, the fraud of the zero income home loans cumulating in the no harm/no change bailouts.
Where were the haircuts that should have still bankrupted the weakest of the Banks AFTER bailouts to save the healthiest were given? Where are the loans and buyins if not nationalisation until paid back reorganizations? Where was the restructure or go bankrupt requirements?
And where still TODAY are the criminal prosecutions for all the FRAUD that obviously took place? Even a greedy CEO is allowed to be only so stupid. Its Obama’s “don’t rock the boat” personality on full display.
You know, crime unpunished is crime encouraged. THAT is the rot at rotten cultures. Sad to see it in full stink in the GOUSA.
Thanks John. Great video. I will be passing it around.
My iphone can’t view any of the YouTube videos posted on the site, since the new frame has been used. This wouldn’t be a problem if a link was posted, thank you.
[That’s strange. My iPad shows the videos. I have OS 4.1.2 – ed.]
Fraudulent Inducement – Class action or ?
Now we know why, among other reasons, Supreme Court seats are so critical to control..
Good video. There have been way to many mergers within the banking industry. They should have never been allowed and many organizations should have been broken up during the last shake out.
If a financial institution is to big to fail the parts we made of it when we bail it out should not be.
How much faith can you put in the economic meanderings of a 9/11 Truther as she spouts on PrisonPlanet?
That dog don’t hunt.
The GATT comment at 26 mins. an extremely important key point that should scare us all – besides the obvious on the fiscal policies.
This is a really big thing to get onto a blog, but a few min in I’m very impressed.
Going by time: 06:00 ‘individual lenders and borrowers can use already existing local institutions to broker agreements that are more beneficial to all.’
Very true. The sheer scale and specialization in, sometimes marginally useful, trades is demonstrably not stable or beneficial to society. It would be better for more local institutions to spread not only the risk, but the burden of managing these agreements.
7-10m, and maybe further, TAPEWORM ECONOMY:
I agree with this in theory, but she is very dodgy on her timelines(around 10:00). The bank hookups happened in the “last 2 years, due to bad paper issued in the 1990’s.” That is a bogus, and obviously political reading of history.
The really criminal stuff in the mortgage industry really took off ’03-’04. I’m willing to shave that a year or two on either side for someone that knows more.
Sub-prime loans and the synthetic products they were put into didn’t last 10+ years. The whole issue was that these people couldn’t pay at at all, not that they got bumped from well paying jobs they had at the time the loans were issued.
By 15:00 this is turning into Republican drivel. I am getting disappointed.
My read on the 1990’s was that by paying down debt and dropping interest rates the fed/fed gov coerced big money to get out of the shallow end of the pool. Once big money caught the scent of unlimited returns in technology it jumped in with abandon. Several years later it realized why only the safest corp and gov’t bonds had been the plan for so many years.
17:00 “They encouraged them to take on this debt, while engineering the policies to ensure that their incomes would fall”
That’s crap. Freshman college students at expensive schools have always been the credit card companies top targets. You give them the money because you KNOW they can’t pay it back on time, but someone else will. It is like the mob, but legal.
I’m reminded of a scene in the classic movie “Sneakers”
Robert Redford asks ‘So you went to work for organized crime?’
Ben Kingsley replies ‘Don’t kid yourself, it isn’t that organized.’
19:00 ‘If I have a greater understanding of the global economy than you, and I sell you a deal that isn’t necessarily in your best interest based on future international capital/labor flows which could harm you, that is illegal.’
Good luck with that in court.
20:00-23:00
‘Two choices: automatically shutting off the flow of illegal drugs into this country or taking the proceeds of the illegal drugs out of the system and crashing the banking system.’
Crap. You can’t stop it because a significant minority of citizens choose to consume, and the profit margins for delivering those goods are astronomical. Since she is ostensibly talking about centralization and the power of decentralization this should be right in her wheelhouse. Big truth: you can’t stop a huge number of people who are determined to do something. She misses the point entirely.
28:00 ‘Controlling an important natural resource is helpful\necessary for maintaining a global benchmark currency…’
Obviously!
“…one of my questions is: is control of the food supply part of implementing a global digital currency?”
What the hell? That has nothing to do with anything that she has been talking about. Then it breaks for a second, like you should think on the cogent point she made.
29:00 “If you can do dirty in secret and then return and be acceptible than crime will always pay.”
True.
30:00 culminating in: “It’s better than a Tom Clancy novel.”
Very true, it’s way better.
But then it goes on, and it gets worse. She blames KKR for criminality in the cigarette industry. That’s crap.
Big tobacco has been hooked up with smuggling networks for decades. Money laundering too. How else do you you explain that money earned off boats to nowhere?
The tobacco industry has been dirty forever, just like the oil indusry, or banking.
The last bit is about big defense contractors who essentially control the operations of big parts of the government.
That’s basically true, but where does it take you?
My answer is that government should be forced to do its job by an aware citizenry and press.
She suggests that it should all go local, but local wasn’t any less corrupt historically. If the power is local and the local leader is corrupt that means that the local population is completely screwed.
For all the truth that this presentation conveys there is an uncomfortable amount of crap that goes along for the ride.
I would suggest Daemon and Freedom by Daniel Suarez instead. These books suggest the possibility of a less toxic variety of tapeworm, to use this lady’s language. Great books.
I think this video is just very indirect, but very traditional, political speech.
Maybe this is why I’m so pissed off all the time. How could America send all those jobs to a Communist country while hurting American citizens if they took the oath? This was no accident. It’s a planned war against the American economy and against America. Nobody voted FOR unemployment. Nobody voted FOR starvation. Nobody voted FOR a bankrupt America.
Almost time to hit the streets…
Chris–Bravo==your review has me on the edge of my seat, just like a Tom Clancy novel! ((I’ve never read one, but I hear their good?))
GOOD TV ALERT: Ed Schultz last night had one of the best 15 minutes of analysis on tv I have ever seen. In the briefest review: prior to 1991 there were limits on how much of the commodities ((ie–wheat, corn IE==FOOOD!!)) market could speculate: a certain low percentage of the total actual available food. In that year, GS asked for and received “a waiver” allowing them to gamble/fleece/skim this world wide market and the rest of Wallstreet followed. This directly lead to food price spikes around the world. Recall the corn riots in Mexico a few years ago? Pasta Revolts in Italy. and Now–wheat riots in Egypt. The wealthy don’t really notice the increase in raw food prices because we pay more for the advertising and boxing of the food, but POOR PEOPLE GET HIT THE WORST by this x2x3x4x5 increase in basic staples of life. Average Wage in Egypt = $2/day. ((maybe thats the average poor person?)). Added into the increase in food price PURELY because of the speculation, it is key ((tie-in to this thread)) that “in theory” the world’s money supply is backed up by the amount of commodities available. When the FED prints money to cover the bailouts and handouts to WallStreet Bankers, the cost of food is artificially increased==again all leading to poor people the world over being starved.
Good Old “Lack of Regulation” WallStreet bringing poverty and misery the world over just to add to their undeserved millions in “earnings.” And STILL, NO ONE GOES TO JAIL.
If the rioters in Cairo had the right target: WallStreet would be under seige. And nothing to the Horizon signals that any changes at all are coming. We are caught by the balls on this notion of “free market” which is nothing but THEFT by the Big Corps.
This is well understood by those who think government has a role in regulating commerce, and is not believed by those who think they are masters of their own universe.
Silly Hoomans. Silly Sad Hoomans. Dylan Ratigan is going to cover this Speculation – Food – Devaluation – Revolution connection on his show tonight/wednesday. This all has the imprint of Dylan to begin with, too deep for Easy Ed. How long these guys can stay with NBC? Catch them while you can.
You know Alfie, every once in a while I think: “maybe we all are dumping on Alfie too much” and then you post your syphilitic drivel and I see your “ideas” as nothing but a disease in our body politic. You need a good mercurial reaming and be set on fire.
Truly Odious. A good LIEberTARD and truly Odious.
Dolt.
In other words: everything was fine and dandy as long as the companies still benefited the American public, but now they have finally decided it’s time to start milking this fat cow… OMG! Corporations are EVIL!
I wonder for how long the public will take it before we start seeing a massive shift in the American corporativist culture.
#28
“Everybody’s trying to use one economic system to the work of three when any single system has been proven not to properly be able to protect itself, (never mind us, the citizens.)…
…Its a question of picking the right economic system for the right job.”
That is really the solution, to choose how things are governed based on what actually works. It reminds me of the old saying: ‘Make things as simple as possible, but not simpler.’
Holy crap…
———————————————–
‘If you look at who actually operates the government it isn’t actually the government…’
Agree.
‘controlling doctors, dictating to doctors, requiring disclosure to the government of all sorts of confidential private information’
Nope. Big insurance has ridden state regulatory control and an anti-trust exemption to rates that increase 5-10%/year. It is a question of abdication by regulatory authorities, not activism.
———————————————–
GAAAA!
How can you be looking right at it and still not see it?
If the plutocrats are pulling the government’s strings, how is “regulation” going to be the magic cure-all you are all hard-wired to believe it is?
I’d close with “Idiots!” but that doesn’t begin to cover it.
“…Its a question of picking the right economic system for the right job.”
And no doubt, if chattel slavery is the “economic system” that gets picked for you, you’ll cheerfully go along.
# 29 Alfred Persson said:
“No doubt you all missed it, but Gov regulation aids crony capitalists…no one else…”
I dispute your premise.
E.g., seat belts save lives. So do sanitation standards in the food supply chain. As do the “safe and effective” rules governing medicines. Ditto the clean air and water laws.
Without any kind of government regulation, we’d all have to live in hermetically sealed pods to keep from being poisoned/infected by our environment; and since there wouldn’t be any organized punishment for murder/robbery/abduction/rape, we’d all have to be armed and armored.
End result: Daleks!
#34
“How can you be looking right at it and still not see it?”
I see things without ideological blinders. You might try removing yours.
Obamacare is cribbed directly from Mitt Romney’s Mass-Health-Plan-Disaster, which increased premiums FASTER than the national average.
If you want to make something that works, the best way to do so is to check out what other people are doing. Stuff that works for other people is likely to work for you too.
The US does healthcare, and education, different from every other advanced nation. We substantially under-perform on both. It’s because we are too proud and stupid to be results based.
By centralizing healthcare you make all the billing departments unnecessary. By centralizing education you make all school boards unnecessary.
I don’t care who has the good ideas. My only question: does it work?
I agree, strongly, with a great deal of what Fitts said. She was suggesting many things that WOULD benefit from decentralization/deregulation, and then concluding that EVERYTHING works the same way. Totally bogus.
Still, was a much better example of the mindset than what you are bringing to the table.
I agree, we can start with “Idiots,” can’t you do better than that?