US, world headed for 25 year depression: Jim Rickards

US, world headed for 25 year depression: Jim Rickards

“When I use the phrase 25 year depression, it sounds extreme but it’s not. We had a 30 year depression in the United States from about 1870 to 1900…The Great Depression lasted from about 1929 to 1940. The U.S. is in a depression today.” Well, it's been in the works for

Read More

Canadian banking haven myth exposed

Canadian banking haven myth exposed

"One of the reasons that Canadians (and international commentators, other finance ministers and global financial institutions) buy this Canadian banking fairy tale is the way the government accounts for the money borrowed to support the banks." The sorry spectacle of Conservat

Read More

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

Read More

E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

Read More

US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

Read More

Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

Read More

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

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

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 ...

holding fail sign
People are known by the associates they keep.  President Obama seems to keep some pretty dirty associates and so much for Transparency once again we find out a dirty little secret Obama’s Tax Cheat Treasury Secretary wanted AIG to keep mum!

“The Federal Reserve Bank of New York, then led by Timothy Geithner, told American International Group Inc. to withhold details from the public about the bailed-out insurer’s payments to banks during the depths of the financial crisis, e-mails between the company and its regulator show.

AIG said in a draft of a regulatory filing that the insurer paid banks, which included Goldman Sachs Group Inc. and Societe Generale SA, 100 cents on the dollar for credit-default swaps they bought from the firm. The New York Fed crossed out the reference, according to the e-mails, and AIG excluded the language when the filing was made public on Dec. 24, 2008. The e-mails were obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee.”

Barney Frank is acting concerned but in the next breath he said he supports him anyway.

“Representative Barney Frank said the Federal Reserve Bank of New York’s 2008 order toAmerican International Group Inc. to suppress disclosures of bank payments is “troubling” and he supports hearings on the issue.

Frank retains confidence in Treasury Secretary Timothy Geithner, who led the New York Fed at the time, he said today in a Bloomberg Television interview. The U.S. House last month passed legislation that would prevent the Fed from having the power to bail out companies such as AIG, he said.”

In the meantime The Huffington Post is reporting it’s dirty business as usual the banks are making a KILLING off of another Geithner program — the PPIP.

“Remember the Public-Private Investment Program (PPIP)? The Treasury Department unveiled the program in March and intended it as a way to help banks unload hard-to-sell (read: often toxic) mortgage securities. In short, private investors partnered with the government to get bad loans off the banks’ books — and everyone, including taxpayers, was supposed to come out ahead on the proceeds of the asset sales.

But, as Bloomberg reports this morning, some of the nation’s largest banks have actually bought more risky home loans instead of getting them off their balance sheets.

In other words, the program that was supposed to help banks dispose of these toxic assets instead made those assets so marketable that banks bought more — which has pushed Wall Street’s titans to even greater exposure to the stalled housing market. The banks apparently decided that the government’s entry into the mortgage security market was simply a guaranteed money-making opportunity.”

If you recall right before the president flew off to Hawaii to bask in the sun at an outrageously expensive rental he assured his “Associates” the Taxpayers would once again be picking up the tab allowing them to privatize the profits and socialize the losses in what Kucinich called another back door bailout.  Let’s cut the crap what this amounts to is another transfer of wealth from the taxpayers of America to the Banksters. You can rope a lot of dopes with Hope but eventuallysomeone will come along and explain to the dupes about the Crooks, the Liars and the Thieves.

If Obama was half a man he would FIRE him immediately and if he were a real leader he would not have appointed him in the first place. In Argentina there has been a coup how long do you think Americans will keep following the Obama Dream into the abyss?

Americans following the obama dream

Related posts:

  1. House panel wants Geithner to testify about New York Fed and AIGBrady Dennis Washington Post January 10, 2010 The chairman of the House oversight committee turned the spotlight Friday once again on the government’s much-maligned bailout of American International Group, saying...
  2. Federal Reserve Secretary Geithner asked to resign“The public has lost all confidence in your ability to the do the job, and it is reflecting on your president.” Geithner and his Wall Street government insiders know exactly...
  3. Bloomberg: Maybe A Secret Banking Cabal Does Run The World After AllIn another measure of how what the establishment labels “conspiracy theory” is quickly becoming mainstream, Bloomberg News carries a story today acknowledging that those derided as “crazy” for warning that...
  4. Tim Geithner Thinks We Can’t Handle the TruthEdward Harrison Seeking Alpha January 10, 2010 The White House Stands Behind Geithner, Says Tim Was Not Involved In AIG Email Fiasco is the headline of a recent post at...
  5. 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....
  6. Who Is Stimulus Money Going To?There is a large amount of the stimulus targeted for low income families. Two things are there: 1. Since Construction workers in the past had a substantial percentage of illegal...

This entry was posted on Thursday, January 7th, 2010 at 11:44 pm and is filed under Scams. 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. "