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

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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

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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

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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

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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

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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

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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,

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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

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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

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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

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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

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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

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Content By: The Coming Depression Editorial Staff (dates cited below)
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Edward 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 Zero Hedge. Barack Obama is standing behind Tim Geithner. I remain unconvinced.

  • A d v e r t i s e m e n t
  • efoods

This is the second time Secretary Geithner has done his “A Few Good Men” routine; and, judging from the uniformly negative response, it is another “deeply unpopular, deeply hard to understand” thing.

All of this is a bit cryptic. We deserve to know more as to why the Fed specifically wanted AIG’s synthetic CDO structures not to be revealed to the public and what role Tim Geithner specifically played in this incident. Was he involved in keeping the 100 cents on the dollar payments from the public?

Secretary, I have just one more question. If you gave an order that synthetic CDO structures weren’t to be discussed because they were irrelevant and your orders are always followed, then why were relevant bits of information crossed off on this memo?

Note that there should be no discussion or suggestion that AIG and the NY Fed are asking to structure anything else at this point.

Given that the disclosure describes the key amendment (i.e, updating the schedule to reflect the additional $[] exposure, is filing the amendment necessary or helpful?

-Handwritten note on document from late December 2008 discussing why not to reveal more details of the “Shortfall Agreement” at AIG.

I want the truth!

You can’t handle the truth!

READ FULL ARTICLE

Related posts:

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  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. Chants for Geithner’s head on platter get louder“Tim Geithner has outlived his usefulness. He is too connected to the bailouts of ’08. Bear, Lehman, AIG, TARP and even QE are all part of his legacy. That makes...
  4. 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...
  5. The real truth about the unemployment rate“A true labor market depression faced those in the bottom…of the income distribution; a deep labor market recession prevailed among those in the middle of the distribution, and close to...
  6. Hindenburg Omen & Truth about the Fed’s manipulation of marketsThomas Hoenig said Friday that interest rates near zero were “a dangerous gamble” in a period of moderate growth. Meanwhile, the Hindenburg Omen creator pulled entirely out of the stock...

This entry was posted on Sunday, January 10th, 2010 at 11:35 am and is filed under Survival Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

1 Comment

  1. January 13, 2010 @ 10:09 am


    I wanted to post this warning: The country is being flooded with cheap imported scaffolding, ladders, and step ladders made in China from poor quality materials that are not up to the job, they even carry fake Quality and Safety Standards marks. DO NOT BUY cheap equipment like this, it is dangerous and could collapse without warning. Thanks.

    Posted by step ladders

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