How the Tea Party and Occupy Movements Are the Same

James Corbett

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G. Edward Griffin: Protectors of the Public

This is the third installment in a series of chapter summaries from G. Edward Griffin's must-read book The Creature From Jekyll Island.  This book may be the most important "red pill" available and we highly recommend that you buy and read the full book at RealityZone.

G. Edward Griffin

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Chapter 3 Summary: Protectors of the Public

The game called bailout is not a whimsical figment of the imagination, it is real. Here are some of the big games of the past and their final scores. 

In 1970, Penn Central railroad became bankrupt. The banks which lent the money had taken over its board of directors and had driven it further into the hole, all extending bigger and bigger loans to cover the losses. Directors concealed reality from stockholders and made additional loans so the company could pay dividends to keep up the false front. During this time, the directors and their banks unloaded their stock at unrealistically high prices.  When the truth became public, the stockholders were left holding the empty bag. The bailout, which was engineered by the Federal Reserve, involved government subsidies to other banks to grant additional loans. Then Congress was told that the collapse of Penn Central would be devastating to public interest. Congress responded by granting $125 million in loan guarantees so that banks would not be at risk.  The railroad eventually failed anyway, but the bank loans were covered. Penn Central was nationalized into AMTRAK and continues to operate at a loss.

In 1970, as Lockheed faced bankruptcy, Congress heard essentially the same story. Thousands would be unemployed, subcontractors would go out of business, and the public would suffer greatly. So Congress agreed to guarantee $250 million in new loans, which put Lockheed 60% deeper into debt than before.  Now that government was guaranteeing the loans, it had to make sure Lockheed became profitable.  This was accomplished by granting lucrative defense contracts at non-competitive bids.  The banks were paid back.

Matt Taibbi: 'U.S. Politics - Reality Show Sponsored by Wall Street' (Video)

Youtube - RT

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Matt Taibbi on a Government "Shadow Budget" that benefits Wall Street (Video)

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The Real Housewives of Wall Street

Why is the Federal Reserve forking over $220 million in bailout money to the wives of two Morgan Stanley bigwigs?

Dees Illustration

Matt Taibbi
Rolling Stone

America has two national budgets, one official, one unofficial. The official budget is public record and hotly debated: Money comes in as taxes and goes out as jet fighters, DEA agents, wheat subsidies and Medicare, plus pensions and bennies for that great untamed socialist menace called a unionized public-sector workforce that Republicans are always complaining about. According to popular legend, we're broke and in so much debt that 40 years from now our granddaughters will still be hooking on weekends to pay the medical bills of this year's retirees from the IRS, the SEC and the Department of Energy.

Most Americans know about that budget. What they don't know is that there is another budget of roughly equal heft, traditionally maintained in complete secrecy. After the financial crash of 2008, it grew to monstrous dimensions, as the government attempted to unfreeze the credit markets by handing out trillions to banks and hedge funds. And thanks to a whole galaxy of obscure, acronym-laden bailout programs, it eventually rivaled the "official" budget in size — a huge roaring river of cash flowing out of the Federal Reserve to destinations neither chosen by the president nor reviewed by Congress, but instead handed out by fiat by unelected Fed officials using a seemingly nonsensical and apparently unknowable methodology.

Taxpayers foot $850M bill for Wall St.'s pension fees

Josh Kosman
NY Post

New York City taxpayers are helping to pay $850 million in Wall Street investment fees -- even as these financial gurus have produced only meager results for strapped city and state pension funds.

City Comptroller John Liu this week released a comprehensive analysis of NYC pension costs over the past decade, revealing why they have risen from $1.2 billion to $7.7 billion.

Liu said one of the major factors in the shortfall was higher than expected investment and administrative fees, which were $71 million in 2005, and have risen more than four-fold to $313 million.

Nearly all of the increase was due to the pension funds shifting asset allocation in favor of private equity and real estate -- chasing bigger returns -- but which also have higher investment fees, he wrote.

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Cornel West "Barack Obama Is The Black Mascot Of The Wall Street Oligarchs" (Video)

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Ratigan EXPOSES the Bankster Con on America (Video)

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Rescue Choppers Or Corporate Jets? The Biggest Fraud Of All

Japan devastation/AFP image

Dylan Ratigan
Daily Bail

I've been glued to my TV and computer all weekend watching the horrors unfold in Japan. I don't know very much about the Japanese budgetary situation, how much the clean-up is going to cost, etc. But I know that no one in Japan right now is worrying about the Japanese budget deficit, or whether there is any waste in the emergency services departments of local or national governments, or whether the emergency shelters holding millions of people could be provided any cheaper. At times like this, people are desperately hoping that someone can save their friends, family, and make sure that supplies move to people who need them.

And in all the footage of people being saved, I haven't seen one mega-bank rescue anyone. I saw help from a lot of volunteers, firemen, rescue workers, doctors, nurses, etc. But not one bank. And that was true during snowstorms in North Dakota, the floods in New Orleans, and the earthquake in Haiti. Oddly, though the banks are sucking up enormous amounts of our budgetary resources, they don't own rescue helicopters, they don't track earthquakes, they don't study tsunamis, and they don't deal with radiation poisoning.

Gerald Celente: 'The sell-off of America'

YouTube - RT America
Financial institutions on Wall Street are preparing to pay a shocking record $144 billion dollars in compensation & benefits. This amid spiraling foreclosures and an economic crisis that has devastated Americans, leaving many out in the street. Gerald Celente of the Trends Research Institute says that the gap between rich and poor in the US will continue to get larger because of the bank bailout that Washington shelled out in 2008.



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Fraud Factories: Rep. Alan Grayson Explains the Fraud Foreclosure Fraud Crisis

Youtube - RepAlanGrayson

This is Rep. Alan Grayson explaining the crisis of foreclosure fraud and how it links to the entire securitization chain of Wall Street.





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