It's a Derivatives & Leverage Crisis - period.
Thanks Crimson, Vet and others, excellent articles by
Chicago's Stephen Lendman, and the Rolling Stone.
You can read more of Lendman's work here:
sjlendman.blogspot.com
Catherine Austin Fitts has been exposing the looting and
the controlled demolition for quite some time...
Here's a link to her site: Solari.com
Check out her archive articles, she's been beating the drum
of truth for years:
solari.com
And how about that Rolling Stone article that did a better
job of tying it all together than Barrons, the WSJ, or the
NY Times...
rollingstone.com
America needs to wake up to the truth, that this crisis was not
a problem created by subprime mortgage loans, or people who
bought too many flat screens & X-Boxes on their credit cards.
That's a lie.
While excesses did exist, those are problems that would lead
to a garden variety recession. But, this is no garden variety
recession.
American consumers did not the cause of the breakdown
of the entire global financial system.
Hyper leveraged bets on derivatives did.
Leveraged derivatives bets, in which the Banksters used
lobbyists (legalized bribery) to re-write the laws that
allowed them to avoid regulation, and to leverage up to
unconscionable levels, and then suck out hundreds of billions
of dollars in non-existant digital profits.
Those digital profits weren't real.
They NEVER existed.
And now the banksters after sucking out hundreds of billions
of dollars in ill-gotten gains from egregious salaries, and
bonuses... can't come up with the cash to cover the losses on
their Enron accounting ponzi-scheme!
That's what caused the collapse of the global financial system.
And now they and Congress have the gall to look you in the
face and say -- it's your fault, and that you are going to
have to suffer some pain, so the Banksters can now recapitalize,
and walk in and snatch up assets at pennies on the dollar.
95% of all mortgages in America are just fine.
And if everyone in America defaulted on their credit card
balances tomorrow... it would be a drop in the bucket
compared to JP Morgan's derivatives exposure.
JP Morgan has something like 9 x AIG's derivatives exposure,
yet no one in Washington, or in the financial press will
talk about the 800 Lbs. Derivatives Gorilla in the room?
Now why do you suppose that is?
SOTB
PS: Did you call your Congressman & Senators and demand
Dodd's resignation?
Tell them that they are either part of the problem, or
part of the solution, and that there is no middle ground.
It's Dodd, or them - come the next election.
senate.gov
congress.org
nypost.com
rollingstone.com |
