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Documents are largely from what is referenced by interesting films, Prison Planet/Infowars and the Corbett Report. This database is a quick reference and for your analysis, more independent from others' interpretations. The database includes almost all source documents and articles from these films: Loose Change (Final Cut & 2nd Edition), Fabled Enemies, The Obama Deception, End Game, Martial Law 9/11, American Dictators, Matrix of Evil, Zeitgeist: Addendum, Who Killed The Electric Car?, The World According To Monsanto, Mind The Gap, and 7/7 Ripple Effect.
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David Rosenberg: You Know You Are In A Depression When... Congress moved to extend jobless benefits seven times, as has been the case
over the past two years, at a time when almost half of the ranks of the
unemployed have been looking for at least a half year.
The unemployment rate for adult males (25-54 years) hit a post-WWII this cycle
and is still above the 1982 recession peak, and the youth unemployment rate is
stuck near 25%. These developments will have profound long-term
consequences – social, economic and political.
The fiscal costs of the depression continue to mount, with the White House on
Friday raising its deficit projection for 2011 to $1.4 trillion from $1.267 trillion.
That gap in the forecast – $133 billion – was close to the size of the entire
budget deficit back in 2002. Amazing.
You also know it is a depression when you find out on the weekend that the FDIC
seized and shuttered another seven banks, making it 103 closures for the year.
What a recovery!
You also know it's a depression when a year into a statistical recovery, the
central bank is still openly contemplating ways to stimulate growth. The Fed was
supposed to have already started the process of shrinking its pregnant balance
sheet four months ago and is now instead thinking of restarting Quantitative
Easing. Of course, we are in this bizarre environment where bank credit
continues to contract – last week alone, bank wide consumer credit outstanding
fell $2.2 billion; real estate lending contracted $9.2 billion; and commercial &
industrial loans slid $5.1 billion.
What did the banks do this past week? They replaced cash with government
securities – the $47.5 billion net buying was the second largest in the past three
years. As the banks find few opportunities to lend – households are either not
creditworthy enough to lend to or are busy paying off debts and companies that
do have any expansion plans have enough cash on their balance sheet to
finance their initiatives – they are likely to use their $1 trillion in excess reserves
buying government and related securities, especially with the yield curve so
steep and the Fed ensuring that it has no intention of taking the 'carry' away for
a long, long time. (Business Insider)
Secretive Bilderberg Club brings decision-makers to talks in Spain Secrecy surrounded the guest list, but press leaks mentioned such names as former US Federal Reserve chairman and current presidential advisor Paul Volcker, Austrian President Heinz Fischer, European Competition Commissioner Joaquin Almunia and Microsoft founder Bill Gates. (Earth Times)
Police are already stretching their red stripy tape around the hotel, and zipping up and around the local roads in their squad cars, sniffing for trouble. I'm really hoping there's none to find. The Spanish are promising a beach party and an "awareness camp", with political discussion forums and meditation zones. (London Guardian)
Tucker Trumps Trilats Trilateral Commission (TC) members, angry over their failure to establish a world government and the economic crisis they generated, called for war with Iran when they gathered behind closed doors here in Dublin, Ireland May 7-10.
War plans were revealed by Mikhail Slobodovsici, a chief adviser to the Russian leadership, when he strolled off the grounds of the Four Seasons resort, where TC had hunkered down behind armed guards and locked doors. He thought he was talking to a TC colleague when speaking with Alan Keenan, who operates the web site WeAreChange.org.
“We are deciding the future of the world,” Slobodovsici said. “We need a world government,” he said, but, referring to Iran, said “we need to get rid of them.”
Clearly, it was a TC war call. Many of the TC’s billionaires and millionaires are heavily invested in manufacturing, and wars produce huge profits. (American Free Press)
Alan Grayson On The Passage Of The Partial "Audit The Fed" Amendment But our work isn't quite done. The Senate audit provision isn't as strong as what we passed in the House. The Senate provision has only a one-time audit, whereas what we passed in the House would allow audits going forward. There will be a conference committee that will merge the provisions from the two bills. (Zero Hedge)
Audit the Fed Amendment Modified – Allows Fed To Keep Secrets Ron Paul: “Bernie Sanders has sold out and sided with Chris Dodd to gut Audit the Fed in the Senate. His “compromise” is what the Administration and banking interests want: they’ll allow the TARP and TALF to be audited, but no transparency of the FOMC, discount window operations or agreement with foreign central banks. We need to take action and stop this!” (Ron Paul)
A List of Goldman Sachs People in the Obama Government: Names Attached to the Giant Squid’s Tentacles Here you will find, I believe, the most comprehensive list of people-groups yet available to show how Obama’s administration has really become the Goldman Sachs administration. The Obama administration is not the first administration that Goldman has infiltrated, although it is perhaps the one that has been most completely co-opted from top to bottom. (Fire Dog Lake)
US prepares to push for global capital rules The G20 communiqué on Friday said: “We recommitted to developing by end-2010 internationally agreed rules to improve both the quantity and quality of bank capital and to discourage excessive leverage.” (Financial Times)
Goldman Sachs: Master of the Universe The status applies to all Wall Street giants, none, however, the equal of Goldman, the Grand Master. Like the fabled comic book Superman hero, it's: * faster than its competitors, thanks to its proprietary software ability to front run markets (illegal, but no matter); * more powerful than the government it controls; and * able to leap past competitors, given its special status. (Baltimore Chronicle)
Secret AIG Document Shows Goldman Sachs Minted Most Toxic CDOs When a congressional panel convened a hearing on the government rescue of American International Group Inc. in January, the public scolding of Treasury Secretary Timothy F. Geithner got the most attention. Lawmakers said the former head of the New York Federal Reserve Bank had presided over a backdoor bailout of Wall Street firms and a coverup. Geithner countered that he had acted properly to avert the collapse of the financial system.
A potentially more important development slipped by with less notice, Bloomberg Markets reports in its April issue. Representative Darrell Issa, the ranking Republican on the House Committee on Oversight and Government Reform, placed into the hearing record a five-page document itemizing the mortgage securities on which banks such as Goldman Sachs Group Inc. and Societe Generale SA had bought $62.1 billion in credit-default swaps from AIG.
These were the deals that pushed the insurer to the brink of insolvency -- and were eventually paid in full at taxpayer expense. The New York Fed, which secretly engineered the bailout, prevented the full publication of the document for more than a year, even when AIG wanted it released.
That lack of disclosure shows how the government has obstructed a proper accounting of what went wrong in the financial crisis, author and former investment banker William Cohan says. “This secrecy is one more example of how the whole bailout has been done in such a slithering manner,” says Cohan, who wrote “House of Cards” (Doubleday, 2009), about the unraveling of Bear Stearns Cos. “There’s been no accountability.”
E-mails between Fed and AIG officials that Issa released in January show that the efforts to keep Schedule A under wraps came from the New York Fed. Revelation of the messages contributed to the heated atmosphere at the House hearing.
“What date did you know there was a coverup?” Republican Congressman Brian Bilbray of California demanded of Geithner. Lawmakers used the word coverup more than a dozen times as they peppered Geithner with questions. (Bloomberg)
Citigroup Warns Customers It May Refuse To Allow Withdrawals "Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change," Citigroup said on statements received by customers all over the country. (Business Insider)
Skeptics Find Fault With U.N. Climate Panel “This is not about whether this is a good person or a good cause; it’s about the integrity of the scientific process,” Dr. Pielke said, adding: “This has become so polarized, it’s like you must be in cahoots with the bad guys if you are at all negative about Pachauri.” (New York Times)
Organised by the Bank for International Settlements last year, the two-day talks are shrouded in secrecy with high-level security believed to have been invoked by law enforcement agencies. (News.au.com)
Geithner: 'I had no role' in an AIG cover up Treasury Secretary Timothy Geithner told lawmakers Wednesday that he had no involvement in an apparent attempt by government regulators to withhold crucial information about AIG's bailout from the public.
"I had no role in making decisions regarding what to disclose," Geithner testified at a hearing held by the House Oversight Committee Wednesday.
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AIG payouts: Who got what
Counterparties that got more than $1 billion from the government and AIG.
AIG counterparty Total payment
Societe Generale $16.5 billion
Goldman Sachs $14 billion
Deutsche Bank $8.5 billion
Merrill Lynch $6.2 billion
Calyon $4.3 billion
UBS $3.8 billion
Deutsche Zentral Genossenschaftsbank $1.8 billion
Barclays $1.5 billion
Bank of Montreal $1.4 billion
Royal Bank of Scotland $1.1 billion
Wachovia $1 billion
Source:Special Inspector General for the Troubled Asset Relief Program.
New York Fed officials instructed AIG (AIG, Fortune 500) not to disclose more than a dozen controversial transactions to the Securities and Exchange Commission in November 2008. At the time, Geithner was the president of the New York Fed, but he said he had recused himself from the day-to-day operations at that time because of his nomination to be Treasury secretary.
At least two lawmakers weren't buying Geithner's denial.
"Why shouldn't we ask for your resignation?" Mica asked Geithner. "We're not getting the whole story, we're getting the blame story. You're either incompetent on the job or you knew what was taking place and you tried to conceal it, and I think that's grounds for your review."
Geithner angrily responded to Mica, "You don't know me very well."
He then more calmly said, "That is your right to have that opinion. I have served my country as carefully and ably as I can."
AIG's bailout has incited furor among lawmakers and the public, as the troubled insurer has come to symbolize the corporate greed, risky behavior and lack of regulation that many believe caused the Great Recession.
The issue at hand on Wednesday was one of the bailout's most contentious: a decision by the New York Fed to pay counterparties 100 cents on the dollar for the underlying assets that AIG has insured through so-called credit default swap agreements.
As a result, $62.1 billion of taxpayer and AIG funds were essentially funneled to 16 banks that were counterparties to AIG insurance contracts.
Due to many New York Fed employees' ties to Wall Street investment banks -- including Geithner -- many lawmakers and members of the public have implied that the regulator's decisions may have been made for personal gain.
"I think your commitment to Goldman Sachs trumped your commitment to the American people," said Rep. Steven Lynch, D-Mass. (CNN)
Darrell Issa's Special Report On AIG Could Be The End Of Geithner GEITHNER’S ROLE IN THE AIG COVER UP REMAINS UNCLEAR
When asked directly if he was involved in the efforts by the FRBNY to prevent disclosure of the AIG counterparty payments, Secretary Geithner responded, “I wasn’t involved in that decision.” On January 8, 2010, FRBNY General Counsel Thomas Baxter wrote Ranking Member Issa to clarify the role of then-President Geithner:
[M]atters relating to AIG securities law disclosures were not brought to the attention of Mr. Geithner …. In my judgment as the New York Fed’s chief legal officer, disclosure matters of this nature did not warrant the attention of the president.
Mr. Baxter reiterated this claim in an interview with Committee staff. Questions of securities disclosure, Baxter said, were “legal stuff,” and Baxter did not bring legal stuff to the attention of then-President Geithner. However, Baxter said that “on significant policy issues, of course I would go” to Geithner.
However, documents received by the Committee suggest that Secretary Geithner was, at a minimum, engaged personally in reviewing what information about the AIG bailout would be revealed to Congress and the public. On November 6, 2008, SarahDahlgren, the FRBNY’s lead staff member in AIG’s operations, e-mailed Geithner with a proposed statement regarding AIG’s upcoming equity capital raise for Geithner’s approval:
[I]n terms of saying something publicly about our intentions, we … think that saying something that conveys the following … makes sense:
It is our (Federal Reserve/Treasury) continued intention to put the company in a sound capital position and exit the facility/preferred securities/common stock ownership as soon as practicable…
[I]f you are good with this, …we would also make sure that the company sticks to this line (echo)…. [emphasis added]
On November 13, 2008, Geithner received a report on AIG’s restructuring that would be sent to Congress, which Geithner had asked to personally review. Sophia Allison, a staff member of the Federal Reserve’s Board of Governors, e-mailed the draft congressional report to several Federal Reserve staff:
Attached is a draft Congressional report for the restructuring package for AIG announced on Monday, November 10. …I tried to take everything in the report from publicly available documents, such as press releases, the prior AIG Congressional Report, and AIG’s most recent 10-Q. If there is anything in the report that you believe should not be publicly disclosed, please specifically point that out. [emphasis added]
Michael Nelson, a staff member of the FRBNY, forwarded Allison’s email to Geithner with the following message:
Tim – this is the draft EESA-required filing on AIG that the Board owes the Hill, as you requested. [emphasis added]
In addition, Secretary Geithner’s meeting logs from his tenure as President of the FRBNY show that he was regularly engaged with top AIG officials and the FRBNY officials directly responsible for AIG’s disclosures to the SEC. Geithner’s schedule shows that he had at least six formal meetings with top FRBNY staff members about AIG-related issues between November 4, 2008, and November 21, 2008. It is unclear whether AIG’s disclosure obligations were discussed in these meetings.
At a minimum, the cover-up of the details about AIG’s counterparty payments began on Secretary Geithner’s watch, and the culture of the FRBNY in which this behavior occurred reflected his leadership. Secretary Geithner needs to explain his role in the cover-up, and if he thinks the behavior of his staff at the FRBNY was appropriate.
GEITHNER’S CLAIMS RAISE QUESTIONS ABOUT PURPOSE OF AIG BAILOUT
Secretary Geithner’s claim to SIGTARP that the backdoor bailout of AIG’s counterparties had nothing to do with the health of AIG’s counterparties also raises questions about why AIG was bailed out in the first place. As the Wall Street Journal notes:
[I]f Mr. Geithner now says the AIG bailout wasn’t driven by a need to rescue CDS counterparties, then what was the point? Why pay Goldman [Sachs] and even foreign banks like Societe Generale billions of tax dollars to make them whole?
Secretary Geithner now claims that the point of AIG’s bailout was to protect AIG’s insurance policy holders:
AIG was providing a range of insurance products to households across the country. And if AIG had defaulted, you would have seen a downgrade leading to the liquidation and failure of a set of insurance contracts that touched Americans across this country and, of course, savers around the world.
However, as the Wall Street Journal further explains:
Yet, if there is one thing that all observers seemed to agree on last year, it was that AIG’s money to pay policyholders was segregated and safe inside the regulated insurance subsidiaries. If the real systemic danger was the condition of these highly regulated subsidiaries – where there was no CDS trading – then the Beltway narrative implodes.
Secretary Geithner’s inconsistent statements and apparent contradictions raise important questions about the decision to not only funnel billions of taxpayer dollars to AIG’s counterparties, but also the decision to bail out AIG itself.
The FRBNY and its attorneys at Davis Polk interfered with AIG’s securities disclosures in several ways. They edited AIG’s SEC filings in ways that made it more difficult for investors and the public to understand the ML3 transactions. They contacted the SEC directly and pressured it to treat AIG’s filings differently from other companies’ filings. In addition, they appear to have forced AIG to cancel a compensation-related filing that it was required to make. The FRBNY’s edits of AIG’s filings and the FRBNY’s pressure on the SEC were intended to serve the Fed’s interests by obscuring embarrassing details about the FRBNY’s backdoor bailout of AIG’s counterparties. Investors cannot be protected by a disclosure system that only requires full transparency when the Federal Reserve’s embarrassment is not at stake. The special SEC procedures established via FRBNY pressure also demonstrate that bailouts lead to enforced favoritism.
Finally, the secrecy, concealment, and lack of transparency in the conduct of the Federal Reserve have serious implications for the continued health of democracy and free markets. The Federal Reserve’s payment of par to AIG’s counterparties and the subsequent cover-up of information about these payments raise concerns about the accountability of the unelected bureaucrats within the Federal Reserve System. The fact that a quasi-government agency, unaccountable to the American people, likely wasted billions of taxpayer dollars and went to great lengths to prevent Congress and the American people from learning about these actions demonstrates the threat that the Federal Reserve poses to basic principles of American democracy. (quotes selected by Zero Hedge) (US House of Representatives)
Federal Reserve Says Disclosing Loans Will Hurt Banks The Federal Reserve argued yesterday that identifying the financial institutions that benefited from its emergency loans would harm the companies and render the central bank’s planned appeal of a court ruling moot (Bloomberg)
Geithner: Auditing the Fed is a "line that we don't want to cross" In an interview released today by Digg and the Wall Street Journal, Treasury Secretary Timothy Geithner was pressured about the growing popular movement to Audit the Fed spearheaded by Texas Congressman Ron Paul. A visibly uncomfortable Geithner attempts to dismiss the question by stating "I'm sure people understand that you want to keep politics out of monetary policy." (The Corbett Report)
Larry Flynt: Common Sense 2009 The American government -- which we once called our government -- has been taken over by Wall Street, the mega-corporations and the super-rich (Huffington Post)
Gunning for Health Care Interestingly, we do not have any agreement at all on the question of whether it is a good plan to bring a gun to a gathering of angry and overwrought people (New York Times)
Hillary Out to Strong-Arm Swiss in the eyes of the U.S. government, Switzerland has done far worse: it's kept money out of the hands of the Internal Revenue Service, money to which the IRS may not even be entitled under any law anywhere (Lew Rockwell)
75% Favor Auditing The Fed A new Rasmussen Reports national telephone survey finds that 75% of Americans favor auditing the Federal Reserve and making the results available to the public (Rasmussen Reports)
Bernanke Fights House Bill To Audit The Fed "I don't think the American people want Congress running monetary policy," he said. "And I think that's very very critical for people to understand." (CBS)
Bernanke Reflects on Fed's Actions in Forum In a forum on the Fed's role in the handling of the economic crisis and recovery, Federal Reserve Chairman Ben Bernanke reflected on his desire not to be the Fed chief who "presided over the second Great Depression." (PBS)
Bernanke Fights Audit Threat To The Fed Central bank chief argues more review would compromise independence, seeking to deny legislative victory for one of Fed's biggest opponents (Forbes)
Bernanke: Fed Can Handle Expanded Role For Economy Federal Reserve Chairman Ben Bernanke on Tuesday fended off congressional skepticism about expanding the Fed's duties to police big financial companies given the central bank's failure to catch problems that led to the financial crisis (CNBC)
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