Archive for the ‘corporatism’ Category

These Rose Colored Glasses…

February 2, 2010

“The White House budget proposal released Monday assumes the U.S. economy is heading for a six-year run of above-average economic growth with no sign of a worrisome spike in inflation or interest rates.

I don’t know why I  keep on believin’ you need me,
When you prove so many times that it ain’t true,
And I don’t find one good reason for staying,
Maybe by leaving would be the best for you,

But these rose colored glasses, that I’m looking through,
Show only the beauty, cause they hide all the truth,

And they let me hold on to the good times, the good lines,
The ones I used to hear when I held you,
And they keep me from feeling so cheated, defeated,
When reflections in your eyes show me a fool

And, what is it they are smoking? Inflation will rise, interests rates higher, gold prices to greater heights, dollar continues its losses, and meanwhile Freeport McMoRan (FCX) was up over 200% in 2009.

The Real State of the Union Conversation

January 29, 2010

President Obama had a private lunch prior to facing the nation with top advertising execs, oilmen, bankers, and the casino/insurance/house-always-wins industry. That’s where the real policy plans get discussed with no details and absolutely no transparency. Attending the lunch were:

Shelly Lazarus CEO of Ogilvy & Mather Worldwide

Jamie Dimon, chief executive of JPMorgan Chase

James Hackett, chief of Anadarko Petroleum

Rex Tillerson, head of Exxon Mobil

Edward Rust Jr. CEO of State Farm Insurance

Also in attendance were presidential adviser Valerie Jarrett, Chief of Staff Rahm Emanuel, and Treasury Secretary Tim Geithner.

Molyneux and Schiff on Voluntaryism and the Collapse of State Power

January 22, 2010

Primary Dealers and Profligate Deliveries…

January 21, 2010

Robert Wenzel on the secret bank bailout:

There’s one method that the Federal Reserve has been employing to shovel money to the bank elite that is rarely mentioned, though I hear the sums that have been shoveled are in the billions and they are showing up on the books of firms like Goldman Sachs as pure profit. It’s really pure scam.

Here’s what went on for months, according to traders familiar with the situation.

When the Federal Reserve buys and sells Treasury securities it does so through primary dealers. Goldman Sachs and JPMorgan are among the select elite firms that, naturally, got into this club.

So when the Fed wants to trade it goes to one of these primary dealers. In the past, to earn a profit, the banks would execute the trade and mark up the price a bit on a buy to the Fed (or mark down a bit to the Fed when they were selling for the Fed ). Since Fed traders have screens showing them where market prices are, in the past primary dealers were allowed small mark ups and mark downs in line with what banks were marking up and down for their other clients. It would be difficult for a primary dealer to get away with an outrageous mark up or down because the Fed trader would have a pretty good idea of where a trade should have been made.

Once the Fed and Treasury started shoveling money in every possible way they could think of to the elite banks, the word came down to Fed traders to “ease up” on the mark ups and down. Let the banks take a “healthy” mark up and mark down, they were told. I’m advised that the “healthy” mark ups and mark downs have resulted in the Fed overpaying on their trades with primary dealers to the tune of billions. These billions are looking like profitable skilled trades, when they are nothing of the kind. They are hidden gifts from the Federal Reserve that are generally unseen, unknown and will never be paid back… (more…)

An Economic Ray of Light?

January 14, 2010

…Only for those who caused the financial meltdown in the first place…

Jon Stewart on Henry Paulson, Tim Geithner and the bailouts:

Clusterf#@k to the Poor House

The Slippery Slope Steepens

January 12, 2010

The United States is rather rapidly sliding into a fascist-type state (you can use the “corporatism” euphemism if the truth is too difficult to swallow). The government and their corporate oligarchy are stealing from the people and no longer care if the people have any cake to eat. The process was gradual at first, then accelerated during George Bush Jr’s tenure.

Socialism does not describe what has been happening to the United States at all over the past decade. The military industrial complex, Homeland Security, war against a military tactic (i.e. the “War on Terror”), and unusually aggressive unprovoked invasions into tiny third world countries with no real military are the hallmarks of a more aggressive form of developing collectivism than socialism.

Couple this with the raping of the American taxpayer by corporate bail-outs that were unwarranted and unnecessary, government take-overs of corporations and industries, and the unprecedented infiltration of government ranks by corporate whores and felons like Hanky Pank Paulson and…Geithner … Add it up and we now essentially meet the traditional definition of a fascist state, which is a union of the government and large corporations that run the country with military/imperialist overtones. Because our aggressive and out-of-control government is broke and desperate, more measures to steal from the public and debase the currency are coming. (more…)

The Case Against Geithner

January 12, 2010

Today, Wall Street continues to exploit a policy of government-sponsored giveaways and secrecy to pay themselves billions.

Record-setting bonuses due to banks like Goldman Sachs as early next week.

Yet instead of acting as our cop, Secretary Tim Geithner has become central to what may be a cover-up of the greatest theft in U.S. history.

Here is the evidence.