Obama’s “Get Tough on Banks” Again Tries to Play the Public for Fools

Editor's Note:  This post was posted to this site (and to GoldmanSachs666) as a comment by an Anonymous reader.  I felt it was worthy of its' own post.  The post was taken from an article posted in naked capitalism.  Thank you to the reader who commented.   Read the full article...click here

But more is that FDR from the very outset set himself up as an opponent of rule by the banking classes. He depicts them as failures and calls them unscrupulous and selfish. By contrast, have were ever heard Obama even hint that bankers were less than ethical? Let’s see, last December, he called them “fat cats“! Ah yes, of course, everyone knows a cat will steal a sardine if you aren’t watching. Yeah, that Obama sure knows how to dress those bankers down!

As we discussed at greater length earlier this week, this new “get our money back” idea is pure three card Monte. Put the spotlight on the TARP so everyone will ignore all the other massive subsidies that the banks have gotten, continue to receive, and are abusing. Those who claim many banks have “paid back the TARP” are missing (more likely choosing to obfuscate) the point: the TARP calculus grossly understates of the gives and the gets here (although as we have said before and will say again, Obama’s focus on the TARP is pure political expediency).

But this time, the Fed supports are far less covert (kinda hard to miss the ballooning of its balance sheet) and the banks are being pigs and undermining the purpose of this operation by skimming way too much off in employee pay. But it certainly appears no one has called the bankers into a private meeting and threatened them (and the regulators do hold the whip hand, even if they have been brainwashed into not recognizing that). Bernanke seems unable to see how his whole market manipulation program has been repurposed by the industry into welfare for the rich.

More important, despite the firms’ claims otherwise, >they are now effectively backstopped by the government, and they know it. They should be paying insurance premiums, NOW, hefty ones, for being beneficiaries of the “No more Lehmans” policy. But there is no desire for anything remotely resembling a full accounting from the crew in the Administration.

http://tinyurl.com/yegwbpb

Related articles by Zemanta

• Pat Choate: It's Time to Control America's Big Bankers (huffingtonpost.com)
• Report shows bank lending fell again (seattletimes.nwsource.com)
• Obama to call for bank bailout tax (cnn.com)
• Obama Weekly Address Slams Banks For Selfishness: 'It's A Sight To See' (VIDEO) (huffingtonpost.com)
• Obama to banks: "We want our money back!" (newstatesman.com)
• The War on Banks: Getting Curiouser and Curiouser (seekingalpha.com)

The Obama Deception

Alex Jones has just released his latest movie "The Fall of the Republic" available on DVD or internet viewing.

Check out the full length movie "The Obama Deception" which is a must view for anyone who is interested in waking up and saving themselves or this country.

Warning: don't have any sharp objects around you when viewing, your blood is going to boil.

More Mortgage Lies

The government mafia, led by our President, Timmy Geithner and the banksters continues to lie and steal with no end it sight. Contrary to the Obama's speeches, where we were assured the economy is getting better and housing has stabilized, comes this little tidbit about FHA mortgages courtesy of Karl Denninger over at The Market Ticker.

Sept:


Aug:


You are reading that correctly. Over 22% of all FHA loans are either delinquent or in foreclosure. Up an additional 1.5% just from last month. This comes after FHA mortgages have doubled in the last two years, up 2.6 million to 5.2 million. How long before this massive increase in FHA loans over the last two years start defaulting?

Ladies and gentlemen, this is your money. "F" stand for Federal.

What makes these statistics even worse than they appear are the lending standards the FHA is using. Loans are being made with only 3.5% down payment, and if you use your $8,000 tax credit you may not have to come up with anything. Isn't this what got us into this situation?

How can putting people into homes they can not afford, with monthly payments that are well beyond any safe payment to income ratio, be good for Americans? Is this the same wisdom that gave us Cash For Clunkers? Destroying perfectly good assets in order to get Americans to take on more debt for cars they can't afford. Anyone have buyer's remorse yet?

My guess is that this is just one more backdoor bailout of the banks. The cash that a seller gets for selling his house will most likely end up going directly to the banks to pay off that homeowner's mortgage. We are effectively taking that bad mortgage off the bank's books and replacing it with an equally bad mortgage on the taxpayers' books. Without these programs the banks would not only be foreclosing on these houses and taking losses, the prices the houses would be selling for would be considerably less. Now we have kicked that can down the road so that the FHA can take the hit on the home value when the new deadbeat lender defaults.

Rest assured that housing prices still have a long way to fall before bottom. This manipulation of the markets will not work. Cash for Clunkers proves this. After the government subsidy to help car sales we now see that this month's auto sales are going to be roughly 8.8 million units on an annualized basis, the lowest in 28 years. Can anyone say pulled forward demand?

Read the entire article here.

Obama Administration Fears Banking Panic if Bankster Story is Told

Judge Preska Takes on Obama - On August 24th a brave judge in Manhatten ruled against the central bank. Chief U.S. District Judge Loretta Preska ruled that the Federal Reserve must identify the companies in its emergency lending programs crafted by King Henry and Prince KaKa Kashkari, Goldman Sachs' implants. As you know, the Fed has blatantly refused to name names, even though it is our money and this is the United States of America . . . not The Kingdom of Paulson or the Land of Goldman Sachs.

Warren Buffet Joins the Banksters Team - I seriously doubt we will ever see the light of day of where the money went. If we do, you will probably be shocked at how much went directly to Goldman Sachs, JPMorgan, Warren Buffet Related Companies, and then indirectly to and through subsidiaries, affiliations, banking relationships, fees, consulting contracts, clients and an entire cast of Banksters, Gangsters and Pranksters.

Bloomberg News filed suit on November 7th, and it took this long for justice to prevail, on an issue that politicians have been grandstanding about for months.

Sadly, even Bloomberg News will have to give into the pressure of Goldman Sachs, Warren Buffeet, Jeff Immelt, Chris Dodd, Barney Frank and none other than King Obamba.

Wake Up America! What's next?

I'll tell you what's next . . . an appeal, because the government is concerned the details of what King Henry and Prince KaKa Kashkari have done would spark a panic.

Tell me why something as simply as one of our basic rights took 10 months and millions upon millions of dollars in legal fees to resolve? I only have one thing to close with . . .

Wake Up America . . . the Banksters are raping you while you watch Reality TV and stuff your faces with cookies and pizza.

If you're interested in being a contributor to this blog or www.JPMorgan666.com or wwwBarackObama666.com or www.GoldmanSachs666.com , email me Mike@Morgan7.com Otherwise, grab another beer and a bag of cheetos, put the TV on John & Kate and Atlanta Housewives and ignore the reality that's going to turn your lives upside down.