New Crisis, Old Isms
by David Sirota
The Federal Reserve Bank's decision last week to address the housing crisis by extending $200 billion of taxpayer-financed credit to Wall Street banks was met with a stunned reaction typical of surprising events. But really, the move was the expression of longstanding isms that routinely package corruption as sound public policy.
Some background: During the housing boom, banks doled out home loans to financially strapped borrowers, often on predatory terms. On the creditor side, these ...
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Posted by: Bret Hughes
Comment: #1
Fri Mar 21, 2008 10:38 AM
You've been kickin' ass and takin' names recently, David. Great work!
Just a thought, but you might look to see if you can find any skeletons in Obama's closet, or perhaps compare the substance on presidential front-runner political views and maybe contrast it with Nader:
http://www.democracynow.org/2008/1/3/vote_for_change_atrocity_linked_us
http://www.votenader.org/issues/
Bret
--
We are being lied to; know the truth:
http://www.ExcaliburBooks.com/RedAlert/
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Posted by: jim
Comment: #2
Fri Mar 21, 2008 11:49 PM
Yes, another great read, David, but we have no populist candidate in the coming election. I'm considering NADER
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Posted by: ontheres
Comment: #3
Fri Mar 21, 2008 9:51 AM
Right on!! David. Keep up the good work!
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Posted by: J Snow
Comment: #4
Sat Mar 22, 2008 11:00 AM
George W Bush attended the Economic Club of New York meeting on March 14, 2008 where he practically danced a jig with Henry Kissinger and was so up-beat that you had to conclude that he was verily "the cat who ate the canary." What would make George W Bush so happy? The economy sucks, there are record foreclosures, his poll ratings are in the upper 20's and the prospects of Republicans holding White House, House and Senate are very slim. So why so happy?
Could it be that George W Bush did what he does best - cheat? His whole personal history is full of "getting away with it."
Now the specifics:
1) Please look at the video of George W Bush at the Economic Club of New York 03/14/2008:
http://www.youtube.com/watch?v=OFzEPyWa7OA
2) Then read the CNN article dated 03/17/2008 regarding JP Morgan's buyout of Bear Stearns at $2/share:
http://edition.cnn.com/2008/BUSINESS/03/16/stearns.morgan/
3) This past Tuesday, when Bear Stearns was trading around $65 a share, there was huge put volume in the March $30 strike. Over 55,000 contracts traded that day at an average price of 15 cents a contract.
http://www.thestreet.com/s/who-traded-55000-bear-30-puts-tuesday/newsanalysis/optionsfutures/10407812.html?puc=_htmlttt
4) Note the highly unusual option trading on Friday March 14, 2008 where 17,000 March $25 puts traded at $7/sh:
http://www.cnbc.com/id/15840232?video=686026799
5) Now Bush has a history of insider trading in Harken Energy:
http://www.thetruthaboutgeorge.com/special/harken.html
or
http://www.thenation.com/doc/20020722/leopold20020718
6) Lastly, on March 17th after the $2/share sellout was announced, George W Bush was far more reserved with reporters:
http://www.washingtonpost.com/wp-dyn/content/video/2008/03/17/VI2008031700861.html?sid=ST2008031602369
Bottom line, George W Bush had the means and the motive to trade on the insider news that Bear Stearns would be bought out by JP Morgan at $2/share on March 16, 2008. The 55,000 March 30 puts cost only $825,000 and netted a profit of $137,500,000.
Nice profit for a days work.
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Posted by: On their trial
Comment: #5
Sat Mar 22, 2008 4:42 AM
The real solution Dave, is to abolish the Federal Reserve ,and do away with the fractional Reserve banking system, and get back on the gold standard.
The money the Federal reserve now prints is the fiat currency backed by nothing tangible, LIKE GOLD!
They print money at will, Hence inflation!Which as I have had explained to me is nothing more then a hidden tax.
"Banking establishments are more dangerous than standing armies".
Thomas Jefferson
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Posted by: michael nola
Comment: #6
Sat Mar 22, 2008 9:37 AM
The immorality and utter hypocrisy of our ruling elite could not be any clearer. Just consider this rich boy bailout(I wonder, do we cover their gambling losses at Vegas, also?), the heparin fiasco that has killed Americans just so corporate America can increase it's profit margin by dealing with Chinese manufacturers who are proven to have regard for nothing but the bottom line, and 13 Ameriican servicemen being electrocuted to death while taking showers in KBR built and mainrtained facilities in Iraq! These deaths, (executions?) have been taking place since 2004 and yet not only has the Pentagon done nothing about it, they told the mother of the last one to die that he peobably killed himself by taking an electrical device into the shower. Americans, we are nothing but material to be used and discarded as needed, a reality brought home to me while serving in Vietnam.
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