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Notes from Larry:

I wish to thank those of you who come to this site even though I have been absent for quite some time. This site has a very important purpose. There is much to say and much to hear from all of you.

For those of you who might be wondering about m;y health, I am happy to report that I have fully recovered and am healthier and stronger then I have been in over 20 years. My health was not my reason for my absence. I just needed some time away and appreciate your understanding. I will, however, be back right after the New Year.

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March 5, 2010

BarackObama666 - The Fed Corner - March 5, 2010

Seal of the United States Federal Reserve Syst...This is the first installment of The Fed Corner here on BarackObama666.com.  I have long been a proponent against The Federal Reserve owning our money supply with interest we, as taxpayers, pay annually.  It is estimated that we pay approximately $700 billion a year which, of course, escalates every time they print more money for our government uses.  They can do so at will with no intervention by the people or our elected officials - including the President.

The Fed is a secretly owned institution whose owners remain a well guarded secret.  Even their seal misleads people into thinking it is a Federal Agency and part of our government.  As is mentioned in the video below, The Federal Reserve is no more "Federal" then is Federal Express. 

The following video (7 min 11 sec) is one I just discovered on a site called The Truth Is Treason.net.    I do not know the original publish date but from the content it appears that it was published around the beginning of the Recession.  Nevertheless, it contains some very good information we need to know and is relevant. It is a good way to launch this new feature.


The Federal Reserve is Engineering the Economic Collapse

Keeping It Real | MySpace Video


Above image courtesy of Wikipedia
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17 comments:

  1. CNBC Protects Bad Guys Who Took Huge Bailouts from Taxpayers

    CNBC acts as if over-borrowing by U.S. consumers created a global financial crisis. This myth protects Wall Street banks.

    Predatory Lending: Consumers Need Protection

    At times individual borrowers overreached, flipped houses, or lied about income. But those weren't our only problems. Borrowers were often targeted and actively misled. Wall Street supplied the funds to predatory lenders. Then it packaged up those loans into phony securitizations.



    CNBC Blames Taxpayers Not Banks' Titanic Losses and Enormous Bailouts

    I appeared on CNBC on Tuesday to discuss consumer protection. Everyone else in the clip below is on CNBC's payroll.

    CNBC editor Rick Santelli wants to blame taxpayers for a problem created by Wall Street Banks (and denies predatory lending is an issue). He suggests losses are the fault of individual borrowers, yet is silent on the titanic losses and enormous bailouts for the Wall Street Banks.


    http://tinyurl.com/yckxknh

    ReplyDelete
  2. The Middle Class Financial Compact Being Washed Away – Income Dilution and the Saving Disparity. 57 Million Households Live on $52,000 Per Year or Less.


    http://tinyurl.com/yeyub9r

    ReplyDelete
  3. RE: CNBC story. Janet Tavakoll tells it like it is. I have been saying the same since the mortgage meltdown began. Sure there was fraud but it started at the top by Wall Street and the Banks. They are the ones that APPROVED and FUNDED loans. It was their responsibility to underwrite, approve or deny loans based on ability to pay and credit. They chose not to and created and lowered the guidelines to let almost anyone get the money. THEY KNEW WHAT THEY WERE DOING AND THEY KNEW IT WOULD CRASH but did not care as they were making trillions in the process. Now they are taking back the homes for which they have already been paid in full for.

    Did people foolishly take these loans - yes but a great marketing effort from the banks told them they could do it by refinancing as the market would continue to increase in value. It did until Wall Street SHUT DOWN THE FUNDING and caused the crash.

    As to the second comment on the wiped out middle class. That is I believe, a concentrated effort probably led by The Fed.

    Yes, millions live on $52K or less per year but there was a time when that was a lot of money. If we stop this outrageous inflation and bring values and pricing down to where it should be maybe people could live on less then that again.

    Instead, food, fuel and necessities continue to inflate, jobs are scarce and those jobs out there are paying minimum wage which no one can exist on.

    ReplyDelete
  4. And you wonder why Bill Black doesn't get invited to any parties? Why doesn't Obama put him in the game and fix this mess?

    An Interview with Criminologist Bill Black
    The Top Ten Ways to Crack Down on Corporate Financial Crime

    By RUSSELLL MOKHIBER



    Number one: Fire Treasury Secretary Timothy Geithner, Office of Thrift Supervision chief John Bowman, Fed chief regulator Patrick Parkinson, and Office of the Comptroller of the Currency Chief John Dugan.

    “Tim Geithner was testifying before Congress a couple of years ago,” Black said. “And in response to a question from Ron Paul (R-Texas), Geithner said – ‘I have to stop you right there – I’ve never been a regulator.’ Well, that’s true. But you are not supposed to admit it.”

    “Can you imagine. This is the President of the New York Fed, testifying about the greatest failure in banking in the history of the nation. And he is so completely out of it – the mindset of capture is so complete, that he says – I’ve never been a regulator. This is the ultimate capture. You don’t even think of yourself as a regulator.”

    http://counterpunch.com/mokhiber03052010.html

    ReplyDelete
  5. Unemployment is at a crisis stage and these guys are smiling...what a joke:

    Unemployment Truth and Trends - Watch the GAP

    http://tinyurl.com/yffp3x2

    ReplyDelete
  6. Stiglitz, Nobel Prize Winning Economist Says "The Fed is Corrupt"

    http://www.huffingtonpost.com/2010/03/03/stiglitz-nobel-prize-winn_n_484943.html

    One of the world's leading economists said Wednesday that the very structure of the Federal Reserve system is so fraught with conflicts that it's "corrupt."

    Nobel laureate Joseph Stiglitz, a former chief economist at the World Bank, said that if a country had applied for World Bank aid during his tenure, with a financial regulatory system similar to the Federal Reserve's -- in which regional Feds are partly governed by the very banks they're supposed to police -- it would have raised alarms.

    "If we had seen a governance structure that corresponds to our Federal Reserve system, we would have been yelling and screaming and saying that country does not deserve any assistance, this is a corrupt governing structure," Stiglitz said during a conference on financial reform in New York. "It's time for us to reflect on our own structure today, and to say there are parts that can be improved."

    Stiglitz made the remarks at a conference held by the Roosevelt Institute. He and other speakers, including Harvard Law Professor and federal bailout watchdog Elizabeth Warren and legendary investor George Soros, had bold ideas about reforming the nation's financial system.

    After the conference, Stiglitz said that his remarks on the Fed were "maybe a little hyperbole," but then again made the case that if another country had presented a plan to reform its financial system, and included a regulatory regime that copied the makeup of the Federal Reserve system, "it would have been a big signal that something is wrong."

    To Stiglitz, the core issue is that regional Fed banks, such as the New York Fed, have clear conflicts of interest -- a result of the banks being partly governed by a board of directors that includes officers of the very banks they're supposed to be overseeing.

    The New York Fed, which was led by current Treasury Secretary Timothy Geithner during the time leading Wall Street firms like Citigroup, JPMorgan Chase, AIG, and Goldman Sachs were given hundreds of billions of dollars in taxpayer bailouts, presently has on its board of directors Jamie Dimon, the head of JPMorgan Chase. He's been there for three years. He replaced former Citigroup chairman Sanford "Sandy" Weill.

    "So, these are the guys who appointed the guy who bailed them out," Stiglitz said. "Is that a conflict of interest?" he asked rhetorically.

    "They would say, 'no conflict of interest, we were just doing our job,'" he answered. "But you have to look at the conflicts of interest."

    A message left for a New York Fed spokeswoman after regular business hours was not returned.

    "The reason you talk about governance is because in a democracy you want people to have confidence," Stiglitz said. "This is a structure that will undermine confidence in a democracy."

    ReplyDelete
  7. Keep telling yourself they really give a ---- how you and your family is doing...no wonder they think there is a recovery...their standard of living keeps going up!


    Members of Congress spend tax money on luxury cars, high salaries and perks
    Senators, representatives boosted own budgets by 5 percent last year



    http://tinyurl.com/yjqajrt

    ReplyDelete
  8. Read the comments...in almost all areas of the nation most people are not finding any help with all the $ being spent...except....drum roll please...Wall Sreet...
    We all got the big O! as in donut hole!


    Rise in Valley pre-foreclosures dulls hopes for recovery


    Pre-foreclosures in metropolitan Phoenix climbed in February, dashing hopes that the housing market is starting to recover from the crash

    http://www.azcentral.com/business/realestate/articles/2010/03/02/20100302biz-catherine0303.html

    ReplyDelete
  9. 10,000 turn out for job fair at Dodger Stadium


    LOS ANGELES — Ten thousand people turned out in a cold Spring rain at Dodger Stadium Saturday for a job fair aimed mostly at hourly and seasonal workers.

    Five thousand people were waiting in the wet weather outside the entrance to the stadium before the 10 a.m. kick-off and ran in when the doors opened to meet representatives from 85 companies, the U.S. Census Bureau and state and local agencies.

    “It’s about as close to dire straits as you can get,” said Noel Pallais, the Dodgers’ manager of neighborhood relations. “This many people braved the elements for the possibility of employment.”


    http://work.freedomblogging.com/2010/03/06/10000-turn-out-for-job-fair-at-dodger-stadium/1735/

    ReplyDelete
  10. The job fair story is reality. Notice how it did not make the 6 o'clock news.

    You also don't hear any reports about underemployment. A middle class worker earning minimum wage does not for a recovery make. The propaganda machine in Washington is getting worse.

    All this talk about heath care reform. If people don't have jobs and money how are they going to pay for any health care premiums. More smoke and mirrors. Health care reform has been talked about for decades and it only gets worse, costs more and pays out less.

    What good is health care when people are starving to death?

    Here's an idea. Cut Congressional salaries to token payments as it once was. Then see who runs for office- only those that truly want to serve the public. Also, take away their health care benefits because like with any business, our country is broke and we just can't afford it anymore. Then let our politicians go out and try to get coverage on their own.

    We should not have an elite class in this country..rich is ok but not ELITE.

    Let's get our country back.

    ReplyDelete
  11. Listen



    Rob Johnson & Josh Rosner Talk Reform with Dylan Ratigan



    http://tinyurl.com/ycs5xun

    ReplyDelete
  12. Buffet speaks of this......


    Graph: All the Money Went to the Richest Americans


    http://www.youtube.com/watch?v=rjOTPXfH3vE

    ReplyDelete
  13. What a recovery....

    2.5 million Floridians on food stamps
    In Broward and Palm Beach counties, the number of people using food stamps has roughly doubled since 2007

    TALLAHASSEE - There are now 2.56 million Floridians on food stamps.

    More than one out of every eight residents, 13.6 percent of the population, rely on the program to help put food on the table. And that number has been growing steadily for almost three years, despite some signs the national economic outlook is brightening.

    "These are people who have never been on benefits in their entire life — they're electricians, they're plumbers," said George Sheldon, secretary of the Department of Children & Families, which administers the program. "It is a whole new population of poor people that have never been poor before."
    http://tinyurl.com/yeuwjgj

    ReplyDelete
  14. Disgusted

    I don’t know about you but I’ve had about all the ethical lapses I can
    take from the politicians who claim to represent the people of this
    country. Before all my Democratic readers get up in arms, let me just
    add that the only bipartisan success in Washington, D.C. over the
    years has been in the corruption department. Before the current crop
    of scandals - and the above just scratches the surface by the way -
    the Republicans managed to disgust the electorate every bit as much as
    the current crop of Democrats and were turned out of office in 2006
    primarily for that reason. For all of you memory impaired Republicans,
    do the names Jack Abramoff, Tom Foley and Duke Cunningham ring any
    bells?

    http://alhambrainvestments.com/disgusted/

    ReplyDelete
  15. You want health care costs to go down...think stem cells


    March 9th, 2010
    Dr. George Daley: Stem Cell Research
    The Obama decision is not a complete liberalization of stem cell research policy. It simply expands the access to the more than 1,000 new stem cell lines. So it’s valuable, but it still leaves us with one hand tied behind our back in asking many questions about early human development.

    The arguments will be made that now that we have IPS cells and we have adult stem cells, we no longer need embryonic stem cells. Scientists who study these cells don’t agree. There are many questions that remain unanswered about the behavior of IPS cells. Will they be the same as embryonic stem cells? Will they behave in a safe and productive matter? We know that already that adult stem cells don’t give us the same versitility as embryonic or IPS. So I would say, as a scientist and as a physician, it’s far too early to be closing any doors of opportunity. If we want to understand disease, if we want to push the frontiers of medical knowledge, we need all the tools available to us.

    http://tinyurl.com/yafzj3y



    http://stemcell.childrenshospital.org/

    ReplyDelete
  16. I just want to know was the aid that allowed the bonuses to be paid to the bankers after they destroyed the economy given out on a temporary basis?


    Loan modification terms are tough for those few who get them
    Emerging issue: Many loans have balloon payments that skyrockets after several years

    For months, troubled borrowers have struggled to get mortgage modifications. Only 14.3 percent of South Floridians who get a temporary mortgage modification secure a permanent new loan. Now, a growing number of homeowners who are offered permanent mortgage modifications are finding the terms unacceptable.

    Among the problems: surprising balloon payments and interest rates that can rise again.

    Many borrowers spend months in limbo, from the time a temporary loan modification is offered by their lender to when a permanent modification is made. Terms of the permanent loan may not be the same as the temporary modifcation.

    "It's been a long, tedious, painful time of uncertainty," said Steven Carroll, a Lighthouse Point resident who has spent more than a year trying to modify his mortgage.

    A brief period of unemployment for Carroll and his wife threw their finances into turmoil.
    http://tinyurl.com/yarnucs

    ReplyDelete
  17. Nice job, O-bama!


    The imbalances, flaws and conflicts of interest in the US financial markets are a genuine shame, and may yet cripple the economy once again. And the unwillingness of the reform President to do anything about it is even more shocking still. What is he thinking?

    Congressman Alan Grayson (D-Fla) recently said , "There is a growing feeling on the part of Democrats that the president is getting bad advice from people who have sold out to Wall Street."

    http://jessescrossroadscafe.blogspot.com/2010/03/ugly-americans-wall-street-excluded.html

    ReplyDelete