Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

Read More

Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

Read More

Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

Read More

Real reason for electricity blackouts hitting southern US

Real reason for electricity blackouts hitting southern US

“Large oil companies have for a decade artificially shorted the gasoline market to drive up prices,” said FTCR president Jamie Court. “Oil companies know they can make more money by making less gasoline.” The following article was written by Paul Joseph Watson. He is t

Read More

World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

Read More

Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

Read More

US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

Read More

FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,” FDIC spokeswoman Michele Heller said in an e-mailed statement. “We welcome and work

Read More

Canadian government admits recovery never happened

Canadian government admits recovery never happened

“Not only did their stimulus fail to create the jobs of tomorrow, it also failed to protect the jobs of today,” Scott Brison, the opposition Liberal Party’s spokesman for finance issues, said by telephone. "Most of us were shaking our heads in disbelief early last year w

Read More

How Western society is brainwashed and crumbling

How Western society is brainwashed and crumbling

"The cultural embrace of illusion, and the celebrity culture that has risen up around it, have accompanied a growing system of casino capitalism, with its complicated and unregulated deals of turning debt into magical assets, to create fictional wealth for us, and vast wealth f

Read More

Will we see double digit interest rates from the 1980s?

Will we see double digit interest rates from the 1980s?

"And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." -- Thomas Jefferson Spending is

Read More

Greenspan: credit crunch “by far the greatest financial crisis”

Greenspan: credit crunch by far the greatest financial crisis

Greenspan said that while the economy was in worse shape in the Great Depression, the recent financial crisis was potentially more harmful than that in the 1930s because “never had short-term credit literally withdrawn.” Greenspan just said that the current credit crunch

Read More

Content By: The Coming Depression Editorial Staff (dates cited below)
Copyright: include link to this article on top of reproduction if you use it.
Bookmark and Share
(No Ratings Yet)
Loading ... Loading ...

bend over here it comes says obama

“Should American bankers be let off the hook because they self-declare, before an investigational panel, that the failure of their newly invented risk swaps and other highly leveraged investment schemes was simply due to “mistakes”?


First lets examine the ways Obama’s Treasury Secretary Tax Cheat Tim has bent the Taxpayers over again and again.

From The Business Insider

The nausea we feel with respect to Citigroup

(C) and our Treasury Secretary just hit a new high.

Perhaps it’s true that civilization would have ended if we had just allowed Sandy Weill’s colossal junk pile to finish blowing itself up.  But at this point that seems a more attractive alternative.

In case you missed it, here’s the latest outrage:

As of yesterday afternoon, the United States taxpayer owned 34% of Citigroup’s common stock, in addition to a massive amout of TARP preferred stock. The US taxpayer did not own 34% of Citigroup’s common stock by choice.  We owned it because our government decided to bail Citigroup out not once, not twice, but three times.

In the last of these bailouts, the Treasury Secretary Tim Geithner gave Citigroup the latest in a long series of gifts, by converting some of our preferred stock to Citigroup common stock at $3.25 a share.  This conversion price was too high and resulted in an invisible bailout/gift that most people missed.  It also left taxpayers with the dubious privilege of holding Citigroup common stock.

Sadly that was not the end of the story today Citi announced a $7.8 Billion 4th quarter loss.  I’m not very good at math maybe you can figure out what 34% of $7.8 Billion amounts to as a loss for the middle class taxpayers. Yes I said the Middle Class taxpayers!

These statistics usually get lost in the noise of protecting the wealthy class with their generous tax breaks.  But when we examine the data even further we realize that even those with solid incomes of $100,000 to $200,000 per year are feeling the tax burden pinch with changes in the alternative minimum tax (AMT).  What we can gather from the data is the small elite, the top 1 percent have managed to setup a structure that manages to use the rest of the population to finance their adventure.  First, let us breakdown the numbers you can read about them HERE in full the article completely wipes out any notion that the rich are paying all the taxes with Math and Math doesn’t lie.

Inquiring minds want to know is the American Economy being tanked by mistake or by Intent?

“Should American bankers be let off the hook because they self-declare, before an investigational panel, that the failure of their newly invented risk swaps and other highly leveraged investment schemes was simply due to “mistakes”? Not malfeasance – just every-day mistakes? Bankers just fell asleep at the helm at a critical juncture in American history. Is that what we are being led to believe?”

Or is there more to the story then meets the eye?

Lenses into the future: a planned default?

“Americans cannot see the economy as the elites do. The elites have lenses into the future. They have access to information that foretells the future of our economy. They can see a better picture of when mounting debt will rise beyond the ability to repay.

They certainly can see pension funds, private and public, are under-funded and there is no way, with Baby Boomers now entering their retirement years, these obligations can be met. Medicare expenses are totally out of control with enrollees able to rack up bills in the tens of thousands of dollars beyond what they ever paid into the system.”

They couldn’t possibly be thinking of Bending you over again could they?

“There is a rumor floating around that Obama will seize Americans’ retirement funds, like Argentina and some other countries have done.

Two investment newsletters – Green Chip Review and The Mining Speculator – have recently claimed that the 401k seizure is a sure thing.”

As one commenter said this is the means that the underfunded defined benefit plans in the country will be fixed. Mandate that all retirement funds be placed into these “R Bonds”. That way the Feds can control the retirement system not the Cities, Counties and States, or even the private companies. All retirement plans will be rolled into this new Federal Retirement. They will then coordinate this with Social Security payments so that if you are receiving retirement from the Fed plan then your total monthly payment from Social Security will be reduced by as much as 2/3rds. This is what happens with teachers in California already. The plan model is in place already. If you do not believe that this is going to happen you must be living on some other planet. The underfunded government retirement plans need to have this done so that they can survive and so Obama can continue to spend.

Related posts:

  1. Retirement advice for today’s unstable climate“Statistically, the more people are involved in their own investments decisions – as opposed to solely relying on an advisor’s advice – the better they do. The only way to...
  2. General motors didn’t repay bailout money as claimedWASHINGTON (CN) – General Motors repaid TARP loans with other bailout funds instead of company earnings, Republican Sen. Chuck Grassley claimed Thursday in a letter to Treasury Secretary Tim Geithner....
  3. FDIC wants your retirement cash to save banks: Bloomberg“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,”...
  4. Bolivia nationalizes pensions, lowers retirement ages as lure“The government is preparing a banquet for 300,000 people, but inviting 3 million to partake,” said pensions expert Alberto Bonadona. “It will collapse.” Jacob Funk Kierkegaard, an economist at the...
  5. Britain Cannot Fund Social Security; Mull Retirement Increase Says IMFBy Alex Brummer of The Daily Mail Gordon Brown was warned last night to raise the retirement age above 65 and introduce NHS charges to tackle the soaring state deficit....
  6. Bob Chapman: Empty Your Bank Accounts Now“The International Forecaster, Bob Chapman, says that A New System For The Privileged Is Not A Remedy For The Economy.” The current financial crisis in the US and around the...

This entry was posted on Tuesday, January 19th, 2010 at 9:57 pm and is filed under North America. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Comment

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.


Under the 'fair use' rule of copyright law, an author may make limited use of another author's work without asking permission. Fair use is based on the belief that the public is entitled to freely use portions of copyrighted materials for purposes of commentary and criticism. The fair use privilege is perhaps the most significant limitation on a copyright owner's exclusive rights. "