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Matt Taibbi’s New Scathing Article on Big Banks and Government

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  • Fri, Feb 19, 2010 - 03:46am

    #1

    The Evolutionary Ape

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    Matt Taibbi’s New Scathing Article on Big Banks and Government

Matt Taibbi’s new article was featured on Zero Hedge.  Long read, but very entertaining and easy to understand how we got to where we are and why we are bound to go down that path again.

  • Fri, Feb 19, 2010 - 10:37am

    #2
    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: Matt Taibbi’s New Scathing Article on Big Banks and …

Thanks for the pointer to Matt Taibbi’s new article, EA.   You have to give Rolling Stone credit for being ahead of the crowd in terms of true journalism; Matt Taibbi’s become one of the most important voices of our time.

  • Fri, Feb 19, 2010 - 01:23pm

    #3
    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: Matt Taibbi’s New Scathing Article on Big Banks and …

[quote=The Evolutionary Ape]

Matt Taibbi’s new article was featured on Zero Hedge.  Long read, but very entertaining and easy to understand how we got to where we are and why we are bound to go down that path again.

[/quote]

Thanks as well for the Taibbi article link.  It deserves a headline in a future Daily DIgest for sure.  If Taibbi were allowed to have his own show on CNN or MSNBC or any main stream media outlet, we would have ourselves an uprising in less than a month.  He does a good job of explaining complicated topics in a way that the average Joe can comprehend (as does Dr. Martenson).  

I laughed heartily at some of the creative language he used to describe the events, but in the end I was crying inside and wondering where will the breaking point occur as these corporate and political sociopaths relentlessly continue to destroy this great nation for their own personal gain…

  • Fri, Feb 19, 2010 - 03:17pm

    #4
    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: Matt Taibbi’s New Scathing Article on Big Banks and …

[quote=pinecarr]

You have to give Rolling Stone credit for being ahead of the crowd in terms of true journalism; Matt Taibbi’s become one of the most important voices of our time.

[/quote]

Yah.  Who’da thunk it?  I mean ‘vampire squid’ has become shorthand for ‘GS’….

(off to read the article)…

 

nb: edited for compliance w/English language

  • Sat, Feb 20, 2010 - 01:18am

    #5
    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: Matt Taibbi’s New Scathing Article on Big Banks and …

I enjoyed Matt Taibbi’s new article, thanks for the link!  He get’s a smile and a “yes lord!” from me every time he calls them SOBs and other cursings.

The mechanical part of the bail-out seems totally illogical and preposterous.  First, the people and government of the United States do not create nor issue money.  The private banking monopoly creates all new money; and we’re broke, so how could we be expected to give that which we don’t have and do not hold the power to create?

Banks may create all the money they want as long as they maintain minimum “capital” and “leverage” ratios.  And they may also create money for their own accounts. 

So why didn’t they bail themselves out?

Because they were insolvent, they had long passed any reasonable ratios a long time ago.  It was easy for them to “game” capital and leverage ratios by moving liabilities off the balance sheet and misrepresenting asset value and risk.  And, they didn’t have to be careful as the regulators were paid to stay away.    

Here is the really absurd part –

The insolvent banks demanded that the government (We the People) borrow money from them, at interest, so that we could give it to back to them.  We pay to have their ratios improved so that we can borrow more money, at interest in the future.  Otherwise we go bankrupt as a nation as all of our money must come from private banks.

It became obvious that we do not have a functioning representative republic.  The bail-out was extortion and theft. 

Larry

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