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Posts Tagged ‘Bailout

Will GOP Congress Overturn Property Law to Enable Another Big Bank Bailout?

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Big Bank Bailout Redux

By Robert Borosage

January 14, 2011     ourfuture.org

Central to the Tea Party revolt was a fierce reaction against the bailout of the big banks.

Will the Republican Congress now spit that sentiment in the eye and push through another bailout, this time by overturning centuries of property law and nationalizing what has always been governed by state law?

Will the power of their donors overwhelm the power of their voters and the platitudes of their ideology?

The Third Way, one of a gaggle of outlets for the corporate wing of the Democratic Party, has just published a paper “Fixing Foreclosure-gate” urging that Congress take over and overturn state laws on mortgages and property. Increasingly local courts are choking on the reality that the banks trampled all property law in their rush to market mortgage backed securities. Now as they try to foreclose on millions of homeowners, they can’t establish who has the right to foreclose because they haven’t kept the records required by law. The bank position is “nevermind,” let us foreclose anyway. That’s essentially what the Third Way is saying. Only problem is without clarity about the title and who has the right to foreclose, the courts — at least those that aren’t bought and sold — can’t force someone out of their home.

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Written by laudyms

January 18, 2011 at 11:49 am

Our Tapeworm Economy: How Corporations Now Dominate World Governance

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Former Assistant Secretary of Housing under George H.W. Bush Catherine Austin Fitts blows the whistle on how the financial terrorists have deliberately imploded the US economy and transferred gargantuan amounts of wealth offshore by means of sacrificing the American middle class. Fitts documents how trillions of dollars went missing from government coffers in the 90’s and how she was personally targeted for exposing the fraud.

Fitts explains how every dollar of debt issued to service every war, building project, and government program since the American Revolution up to around 2 years ago – around $12 trillion – has been doubled again in just the last 18 months alone with the bank bailouts. “We’re literally witnessing the leveraged buyout of a country and that’s why I call it a financial coup d’état, and that’s what the bailout is for,” states Fitts.

Massive amounts of financial capital have been sucked out the United States and moved abroad, explains Fitts, ensuring that corporations have become more powerful than governments, changing the very structure of governance on the planet and ensuring we are ruled by private corporations. Pension and social security funds have also been stolen and moved offshore, leading to the end of fiscal responsibility and sovereignty as we know it.

Fitts explained how when she was in government she tried to encourage the creation of small businesses, new jobs and new skills to compete in a globalized world otherwise the American middle class was toast, only to be forced out by the feds using dirty tricks. The elite instead wanted Americans to take on more credit card, mortgage and auto debt that corporations and insurers knew they couldn’t afford, while quietly moving their jobs abroad in the meantime.

This is a key interview in understanding precisely how the financial collapse was deliberately planned from the outset as a means of eviscerating the American middle class.

See also Fitts on The fourth method of news suppression

Who caused the financial collapse? Why aren’t they in jail?

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Devona Walker May 26, 2010  AlterNet

We’re livid about the Wall Street bailout and skeptical about financial reform

If you write bad checks, if you steal a car, you are going to jail. That’s how the system works for regular folks. On Wall Street, if you rip someone off, defraud them, take their (our tax) money, you may get a bonus or you may lose your job. But not one of the players that contributed to the financial meltdown has seen the inside of a jail cell. That’s predatory capitalism at its finest. That’s the American double standard that has so many Americans livid about the Wall Street bailout and skeptical about financial reform.

Here are some of the biggest players, who have not been held accountable and won’t really be touched by Financial Reform.

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New Wall Street Bailout Tally: $4.6 Trillion

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Center for Media and Democracy



New Tally Focuses on Expansive Role of Federal Reserve

Today, the Real Economy Project of the Center for Media and Democracy (CMD) released an assessment of the total cost to taxpayers of the Wall Street bailout. CMD concludes that multiple federal agencies have disbursed $4.6 trillion dollars in supporting the financial sector since the meltdown in 2007-2008. Of that, $2 trillion is still outstanding.

CMD’s assessment demonstrates that the Federal Reserve has provided by far the bulk of the funding for the bailout in the form of loans amounting to $3.8 trillion. Little information has been disclosed about what collateral taxpayers have received in return for these loans. CMD also concludes that the bailout is far from over as the government has active programs authorized to cost up to $2.9 trillion and still has $2 trillion in outstanding investments and loans.

Learn more about the 35 programs included in our tally by visiting our Total Wall Street Bailout Cost Table, which contains links to pages on each bailout program with details including the current balance sheet for each program.

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Fighting Off Looters in the Ruins- financial entitlement and greed

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Analysis by Peter Costantini

Inter Press Service

SEATTLE, Feb 9, 2010 (IPS) – Reckless greed on Wall Street is a dog-bites-man story. Still, the renewed feeding frenzy of the alpha dogs of finance in the embers of the bonfire of their own vanities has inspired amazement and disgust across the political spectrum.

Despite the damage it yet may cause, though, the spectacle does seem to be helping to disarm some of the banksters’ ideological weaponry. In the debate over why the financial system collapsed and how to rebuild it, economic assumptions that have enjoyed hegemony for the past 30 years are being questioned, and a swelling chorus is supporting a return to stronger regulation.

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Research suggests government manipulated stocks in ’09

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TrimTabs suggests government manipulated stocks

Analysts say government’s financial rescues have fueled conspiracy theories

By Nick Godt, MarketWatch Jan. 5, 2010, 5:47 p.m.

NEW YORK (MarketWatch) — The unusual circumstances that led the U.S. market to rally powerfully in 2009 might be explained by secret government moves to buy stocks, according to Charles Biderman, the founder and chief executive of TrimTabs, a research firm that tracks liquidity flows in the market.

“We cannot identify the source of the new money that pushed stock prices up so far so fast,” Biderman said in a statement Tuesday………..

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