1. The Federal Reserve System is the primary culprit as to what caused the current credit/housing/mortgage bust. The below-market interest rates engineered by Alan Greenspan and continued by Ben Bernanke and Co. created bubbles and malinvestments (think “Negative Amortization Mortgages” for one specific example) that are now coming home to roost laying waste to much of the previous excess. The problem is, now that the economy has been blasted by the ridiculous activity spurred and encouraged by long-term Fed policy, certain Fed officials are calling for MORE Federal Reserve System control of the credit economy! Mish reports on clown-like NY Fed Chief Timothy Geithner calling for more oversight and control. All I have to say is YOU’VE GOT TO BE KIDDING ME. If the American people get duped into supporting more power and authority for the Fed, I will be pissed. These clowns CAUSED the problem, now they want more control? Please be aware that these folks are either very stupid or very evil. Either way, clearly, they deserve no further powers over the economy. Do not get caught up in their games. The Federal Reserve System should be SCRAPPED not empowered further.

2. Lehman Brothers Holdings (LEH) will be reporting their first ever quarterly loss due to poor credit market investments and slowing demand for investment banking services. The company is in trouble of going the way of Bear Stearns due to over-leverage and wild speculation during the boom-bust cycle. Apparently, Lehman will be seeking a $6 billion investment from outside investors. Those who currently hold their common stock are getting brutalized. The leveraged speculating community has proven that they do not deserve to be custodians for wealth interested in preservation. These clowns should not have access to Federal Funds (TSLF). Be on the watch for Lehman to potentially blow up.

3. Every aware U.S. citizen and/or interested global free individual should know the story of the USS Liberty. This intelligence boat was shot out of the water and a number of U.S. service men were killed in 1967 by Israeli air forces. The attack on a unique American ship floating an American flag, was “officially” attributed to mistaken identity. The problem is, there has been no real investigation and the men who survived the attack have never been given the dignity of having their concerns addressed. It appears as though corruption and cover ups in this case may have gone all the way up to then-president Lyndon Johnson. Please do your due diligence on this historical event if you consider yourself an informed individual.

4. Butler Shaffer reports on the child-like proceedings of the GOP state convention in Minnesota. It is both funny and utterly sad at this point how decadent our mainstream political discourse has sunk in this country. Read the article for some insight into how childish and generally moronic the partisan hacks were in Minnesota. I have confidence in the liberty movement in America for a number of reasons, but high on the list is how utterly foolish and generally dumb the status quo is. These people are like automatons. It’s a trip.

5. In the “More Federal Government Lying and Covering Up” category, USA Today is reporting on the cooked books of the U.S. Federal Government. To put it simply, our national balance sheet is trash. After a century of warfare and redistributionist policy, looters have left the taxpaying American holding a bag full of generally un-payable IOUs. Ponzi scheme entitlements and world military standing army/policemen of the world activities are bankrupting ALL OF US. If we do not act NOW, we will witness the collapse of the United States. Please ask yourself if you want to stand idly by and allow that to happen on your watch.

6. This week the Western European and North American ultra-elite met in Virginia for the annual “Bilderberg Conference”. You notice, this meeting is totally blacked out on major media. Not a peep. This conference, started in 1954, operates under extreme secrecy. U.S. government officials attend and speak with foreign dignitaries, major business leaders, news media owners and operators, and other high-power individuals. In what can only be described as highly questionable activity, this fascist-like meeting place is kept quiet. In a supposedly free society, with a government of, by and for the people, there is no way our government officials should be involved in such secretive meetings. It is rather disgusting, honestly. If our officials are there, the meetings should not be secret. If there is nothing wrong being discussed, the people should be able to hear what is going on. Otherwise, how are we to make informed decisions? Oh, I get it, we’re not. We’re supposed to have blind faith that our “leaders” will act in our best interest even when they are hiding things from us. I seem to remember a common refrain when liberties are taken, if there is nothing to hide, why would this group have a problem with being open and forthright to the people? Here is wikipedia’s list of historical attendees.

Filed under: Politics, Social Mood, Economics, Six Packs, Current Events