Ms. Kaptur does a good job pinning him down.
And click here for an article on Goldman Sachs’ bonus pool, which is just north of what they received in basically seized taxpayer/dollar holder wealth through the back door money transfer from the AIG “bail out” / robbery.
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We have exactly one month left in the first decade of the 20’00’s, and with a summary that includes two long “wars” (one of which is currently going to be escalated), an evisceration of key aspects of the U.S. Constitution, a Tech-Telecom bust, a housing boom and bust, a very volatile stock market ride, a currency that has lost 75% of its value compared to gold, and the explosion of federal government deficits to significant new records, all I can say is, thank God that I have wonderful friends and family.
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This interview provided some great analysis on a variety of very significant topics. At the end, Ron Paul is invited on the show for a two hour special. Amazing to witness folks at bubble-vision begin to give Ron Paul’s ideas the respect and platform they deserve. Note: the video still contains the usual smarmy-ness that is associated with individuals who believe very deeply in our bubble-fied system and its underlying intellectual tenets.
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Geithner admits that loose money policies of the U.S., as the manager of the world’s reserve currency, caused the boom and bust cycle that continues to induce vertigo in millions of Americans.
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The NY Federal Reserve under Obama’s current Treasury Secretary Timothy Geithner had AIG pay out full payments to major banks after the Federal Government unconstitutionally bailed out AIG with taxpayer money. Rather than go through an orderly bankruptcy, where these major banks would take significant haircuts on their contracts with AIG, the taxpayers were robbed to make them whole. It is unreal.
Here is a Washington Post story:
The Federal Reserve Bank of New York said Tuesday that it had no choice but to instruct American International Group last November to reimburse the full amount of what it owed to big banks on derivatives contracts, a move that ended months of effort by the insurance giant to negotiate lower payments.
Fed officials offered the explanation in a rare response to a media report after Bloomberg News said that the New York Fed, led at the time by then-President Timothy F. Geithner, directed AIG to make the payments after it received a massive government bailout. The officials said AIG lost its leverage in demanding a better deal once the company had been saved from bankruptcy.
Lawmakers and financial analysts critical of the payouts say it amounted to a back-door bailout for big banks. AIG, the recipient of a $180 billion federal rescue package, ended up paying $14 billion to Goldman Sachs over months and $8.5 billion to Deutsche Bank, among others. Before the New York Fed intervened, AIG had been trying to persuade the firms to take discounts.
Read the full article here.
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Sometimes you just need a quality reggae song, with lots of love and soul in the music, to get your day going right. Enjoy!
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