Ben's Magic Wand -- 'Abracadabra, You're a Bank'

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machinehead's picture
machinehead
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Posts: 1077
Ben's Magic Wand -- 'Abracadabra, You're a Bank'

How can you know for sure that you're being screwed, blued and tattooed? When major economic news is announced on Christmas Eve.

I
refer to the stunning announcement this evening that the Federal Reserve has approved GMAC
as a bank holding company -- EVEN THOUGH THEY DON'T MEET THE CAPITAL
STANDARDS. No, I am not making this up. Read the Bloomberg article for
yo'self --

http://www.bloomberg.com/apps/news?pid=20601087&sid=aHJ5U8LG4HMY&refer=home

It
just berserks me that I can't get in on the bankster game myself. Hell, I've got
some capital -- a bucket of coins, a used car, a mortgaged house, and a
broke motorcycle. Why can't I get 'unlimited liquidity' at near-zero
interest rate, courtesy of the taxpayer, to buy a mountain of gold on
jakeleg credit? I ask you.

Let's just it call it 'Looters'
Paradise, Part Trois.' The last act of a corrupt regime is to loot the
Treasury. Merry effing Christmas ... for the looters, anyhow. Too bad about all us BAGHOLDERS ...

gtazman's picture
gtazman
Status: Martenson Brigade Member (Offline)
Joined: Oct 6 2008
Posts: 48
Re: Ben's Magic Wand -- 'Abracadabra, You're a Bank'

It not so much what you have as who you know.  In the bloomberg story I see that

Cerberus funds that hold GMAC stakes will distribute them
to their investors, the Fed said. Cerberus’s voting control will
be cut to less than 15 percent, or 33 percent of GMAC’s total
equity. None of the recipients will have more than 5 percent of
the votes or 7.5 percent of the total equity. The Fed also
required Cerberus employees and consultants to stop providing
services or acting as “dual employees” of GMAC.

Cerberus is the owner of Chrysler, and part of the recent gift of taxpayer money.

Very interesting...

DrKrbyLuv's picture
DrKrbyLuv
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Joined: Aug 10 2008
Posts: 1995
Re: Ben's Magic Wand -- 'Abracadabra, You're a Bank'

This is very troubling news - the privately owned Federal Reserve is reinventing the fabric of our nation. We are moving to corporate fascism regardless of what the majority of Americans may want.

The private Federal Reserve continues it's coup of a nation that the people once governed.  

joe2baba's picture
joe2baba
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Re: Ben's Magic Wand -- 'Abracadabra, You're a Bank'

hi dr

 as i stated in another thread(capitalism, government)

the defintions of fascism i am familiar with is the government takes over corporations. what we have here in this country is the direct opposite. the government has been hijacked by corporations. we are not moving anywhere the majority of american people do not want to go.

the majority of the american people have been conditioned to believe that big business is good and big government is bad, this has led to the mindset that has led to the privatization of things like war, free market economics are promoted as the solution to all the ills of our country, when in fact the free market as practiced here is the problem. big goevernment has been very good to people like bush and cheney and rumsfeld. they have increased their fortunes tremendously while in office. for example if you got your tamiflu shot then you put money into rumsfelds pocket. yep tamiflu is made by a company he is on the board of, that is how it got approved even tho it is mostly ineffective. most americans get their their opinions from talk radio hosts such as limbaugh, hannity, o reilly, beck etc. the ability to apply critical thinking resides with a rare few. 

the fabric of our nation has already been reinvented. this is the end game .........it is almost over. the fed has just about won and we are watching the final seconds ticking off the clock. we might even be here when the goal posts get torn down, but some of us have seen the myth torn down already.  

DrKrbyLuv's picture
DrKrbyLuv
Status: Diamond Member (Offline)
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Posts: 1995
Re: Ben's Magic Wand -- 'Abracadabra, You're a Bank'

joe2baba I think we may disagree with what constitutes "Fascism." Here is an explanation taken from the Library of Economics and Liberty:

Quote:

Excerpts, see above link for complete explanation: 

As an economic system, fascism is socialism with a capitalist veneer. The word derives from fasces,
the Roman symbol of collectivism and power: a tied bundle of rods with
a protruding ax. In its day (the 1920s and 1930s), fascism was seen as
the happy medium between boom-and-bust-prone liberal capitalism, with
its alleged class conflict, wasteful competition, and profit-oriented egoism, and revolutionary Marxism, with its violent and socially divisive persecution of the bourgeoisie.

Where socialism sought totalitarian control of a
society’s economic processes through direct state operation of the
means of production, fascism sought that control indirectly, through
domination of nominally private owners.

I don't think we have a "pure" system by any classical description including capitalism, socialism, communism or fascism. We are not a free market capitalistic system since our markets are constantly manipulated (e.g. Federal Reserve FOMC and PPT) and we are nationalizing the debt and liabilities of corporations while the profits remain private.

I think it is a big mistake is to judge capitalism by the corrupt scheme that is operating in the United States.

For a more complete review of the manipulation and fraud in our system, please see my post "95th Birthday of our National Nightmare - the Federal Reserve."

joe2baba's picture
joe2baba
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Posts: 807
Re: Ben's Magic Wand -- 'Abracadabra, You're a Bank'

dr

we are looking at the same coin

you see government and i see corporations. in my view there is absolutely no government it exists as a curtain behind which corporations decide policy. i am less interested in names than function. our givernment has been privatized . what you perceive as government intervening in biz i just see as the free enterprise system at its most refined state.

my only problem is the corporations are buying poiticians too cheaply. it is for this reason i am for price and wage controls .

machinehead's picture
machinehead
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Posts: 1077
Re: Ben's Magic Wand -- 'Abracadabra, You're a Bank'

If one sets aside the largely obsolete 'left/right wing'
associations of fascism and socialism, what remains is that both
feature a structure in which some nominal private ownership is allowed,
but economic strategy (including income redistribution) is imposed by government.

Both
'mixed economy' systems implicitly accept central planning, but the redistribution
goals are different. Socialism aspires toward a more equal income
distribution, and may partially achieve it, though it inevitably
acquires an insider power elite in practice. Fascism is heterodox as to
redistribution. In the U.S., for instance, redistribution programs such
as food stamps and Medicaid ran in parallel with a paper-money Ponzi
economy which generated the largest crop of billionaires (and the most unequal income distribution) ever.

From a Hayekian perspective, what is troubling about a mixed economy (also
known as 'government-business partnership' in the U.S.) is its inherent
propensity toward corruption. When government possesses vast
discretionary power, big business has a huge incentive to engage in
regulatory capture. Goldman Sachs running the U.S. Treasury is a good
example. The three trillion dollars reportedly missing from the Pentagon is another.

A mixed economy, whether fascist or socialist,
may achieve some of its goals in the short term. However, the
distortions and corruption which invariably accompany it make its
long-term future very cloudy. This is doubly true under a paper-money
regime, where the incentives facing a democratic parliament almost
guarantee that it will borrow its way, not to prosperity, but to
destruction.

Hang on, folks -- this is a mighty sharp knee in the hockey stick to be taking at a hundred miles an hour. Surprised

Sandman3369's picture
Sandman3369
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Posts: 71
Re: Ben's Magic Wand -- 'Abracadabra, You're a Bank'

Well said, two sides of the coin are still worthless...

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