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POLL: Who is responsible for the Banking Crisis???

This is going to be a good one! I'm pretty excited to see the results of this one... becuase I think I have some pretty interesting targets...

Scroll to near the bottom:

www.mikeandjake.com/polls

I have some other polls as well, please feel free to participate in any or all of them... the more the merrier!

Another very interesting article
"How the masters of the universe ran amok and cost us earth!"
http://thescotsman.scotsman.com/latestnews/-How-the-Masters-...

A very good video (provided by Lysa)
http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&gri...
.................

Evil triumps when good men do nothing....please do something! Because we are!
www.mikeandjake.com

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Interesting...

Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com

Mike
"Fire Team for Freedom"
visit www.mikeandjake.com

Sorry, I wont do the poll

Sorry, I wont do the poll but I will tell you there probably is not the correct option:

1) It was the CONgress and SINet that was in ORAFICE in 1999. The passed the bill that rescinded the GLASS-STEAGALL act.

2) It was Bill CLIT-on because he signed that bill.

3) It was George Bush and all subsequent CONgress-scum and SIN-Eaters that continued to allow that act to be re-installed.

4) The AMERICAN SHEAPLE for not throwing the Mutha-Fing-BUMS out ever since...

thats my 2 cents (now worth .0032% of its original value)

Tim
GOLD

beyond a doubt.. GREENSPAN!

beyond a doubt.. GREENSPAN!

I am more concerned about the return of my money than the return on my money. --Mark Twain

Thought Id throw this out once more...

Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com

Mike
"Fire Team for Freedom"
visit www.mikeandjake.com

who is it?

Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com

Mike
"Fire Team for Freedom"
visit www.mikeandjake.com

one more just to close out the day!

Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com

Mike
"Fire Team for Freedom"
visit www.mikeandjake.com

bump for liberty

Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com

Mike
"Fire Team for Freedom"
visit www.mikeandjake.com

I ve seen it but it was not on our education page until now.. TY

Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com

Mike
"Fire Team for Freedom"
visit www.mikeandjake.com

How International Bankers Gained Control of America

http://video.google.com/videoplay?docid=-515319560256183936&...
This is long but it explains everything. Please watch it and pass it along.

bump

Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com

Mike
"Fire Team for Freedom"
visit www.mikeandjake.com

Everyone of us

"Committed To The Eradication Of Poverty Among Patriots"

"Those Who Strive For Excellence Refuse To Fear Mediocrity; They Eradicate It."

Zero Tolerance For Flamers

Important point!

The final gate closing on the US.

I beleive this has some real merit as Peter Schiff explained in his interview with Australlian Dateline. The rest of the world is realizing that the USA can not pay it's bills, the powers that be are just propping the charade up long enough to make it through the election cycle.

The irrational behavior of the Currency, Bond and Commodittee markets are a tell that this whole thing is about to blow.... the key is will it make it to November or not... because if it doesn't I believe those in power fear that Americans may be shocked enough to wake up to the reality while if it happens after it will appear they had their say in the future.

Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com

Mike
"Fire Team for Freedom"
visit www.mikeandjake.com

Congress is at fault...

If they would regulate big business and stop trying to regulate every move of the individual, we would be in much better shape. The corporations lobby for regulations on the individual and less on themselves, and this leads to the people not having a voice to argue bad policy and business principals, this obviously leads to corruption. If we want to make change in this country, we have to do as the corporations do, buy change. So we as a movement need to consider the most important issues of the day and have money bombs. We can call it, “buy a congressman for change” money bombs. The corruption and blatant disregard for the American people is now so out in the open it amazes me that the people do not stand up and demand legislation to stop these individuals who have lost every bit of ethics our government once stood for out of greed and disregard for the American people.

In the beginning of a change the patriot is a scarce man, and brave, and hated and scorned. When his cause succeeds, the timid join him, for then it costs nothing to be a patriot.
~Mark Twain

Always remember:
"It does not require a majority to prevail, but rather an irate, tireless minority keen to set brush fires in people's minds." ~ Samuel Adams
If they hate us for our freedom, they must LOVE us now....

Stay IRATE, remain TIRELESS, an

If this is a dumb question,

I apologize!

Are there ANY ordinary Americans who will benefit at all?

Still owe credit card balances?

Still owe mortgages?

The Government-Created Subprime Mortgage Meltdown

The Government-Created Subprime Mortgage Meltdown

by Thomas J. DiLorenzo
by Thomas J. DiLorenzo

DIGG
THIS

The thousands of mortgage defaults and foreclosures in the "subprime"
housing market (i.e., mortgage holders with poor credit ratings) is the
direct result of thirty years of government policy that has forced banks to
make bad loans to un-creditworthy borrowers. The policy in question is the
1977 Community Reinvestment Act (CRA), which compels banks to make loans to
low-income borrowers and in what the supporters of the Act call
"communities of color" that they might not otherwise make based on purely
economic criteria.

The original lobbyists for the CRA were the hardcore leftists who supported
the Carter administration and were often rewarded for their support with
government grants and programs like the CRA that they benefited from. These
included various "neighborhood organizations," as they like to call
themselves, such as "ACORN" (Association of Community Organizations for
Reform Now). These organizations claim that over $1 trillion in CRA loans
have been made, although no one seems to know the magnitude with much
certainty. A U.S. Senate Banking Committee staffer told me about ten years
ago that at least $100 billion in such loans had been made in the first
twenty years of the Act.

So-called "community groups" like ACORN benefit themselves from the CRA
through a process that sounds like legalized extortion. The CRA is enforced
by four federal government bureaucracies: the Fed, the Comptroller of the
Currency, the Office of Thrift Supervision, and the Federal Deposit
Insurance Corporation. The law is set up so that any bank merger, branch
expansion, or new branch creation can be postponed or prohibited by any of
these four bureaucracies if a CRA "protest" is issued by a "community
group." This can cost banks great sums of money, and the "community groups"
understand this perfectly well. It is their leverage. They use this
leverage to get the banks to give them millions of dollars as well as
promising to make a certain amount of bad loans in their communities.

A man named Bruce Marks became quite notorious during the last decade for
pressuring banks to earmark literally billions of dollars to his
organization, the "Neighborhood Assistance Corporation of America." He once
boasted to the New York Times that he had "won" loan commitments totaling
$3.8 billion from Bank of America, First Union Corporation, and the Fleet
Financial Group. And that is just one "community group" operating in one
city Boston.

Banks have been placed in a Catch 22 situation by the CRA: If they comply,
they know they will have to suffer from more loan defaults. If they dont
comply, they face financial penalties and, worse yet, their business plans
for mergers, branch expansions, etc. can be blocked by CRA protesters,
which can cost a large corporation like Bank of America billions of
dollars. Like most businesses, they have largely buckled under and have
surrendered to their bureaucratic masters.

Consequently, banks in every community in America have been forced to hold
a portfolio of bad loans, euphemistically referred to as "subprime" loans.
In order to compensate themselves for the added risk of extending these
loans, many lenders have increased the lending fees associated with
mortgage loans. This is simply an indirect way of doing what banks always
do and what they must do to remain solvent: charging effectively higher
rates of interest on riskier loans.

But this is discriminatory!, complained the "community organizations."
Thus, if one browses the ACORN web site, one can
read of their boasts of having "predatory lending laws" passed in numerous
states which outlaw such fees, prohibiting banks from protecting themselves
from the added risk involved in making forced loans to "subprime" borrowers.

These are price control laws, and price controls always cause shortages.
Normally, banks would respond to such laws by extending fewer riskier
loans. But in this case the banks are forced to continue making the
marginal loans by their bureaucratic masters at the Fed and the other three
federal bureaucracies mentioned above. So-called predatory lending laws
therefore force the banks to "eat" the losses. This is undoubtedly a
contributing factor to the bankruptcy of dozens of mortgage lenders over
the past year.

Then of course there is the issue of the Feds monetary policy having
created the housing bubble, characterized by a spectacular escalation of
real estate values in every American city over the past decade or so. This
created a further problem for the financial institutions that are
victimized by the CRA. They are forced to make a certain amount of bad
loans, but because of the Fed-created explosion in housing prices, many
thousands of subprime borrowers no longer qualified, by a long stretch, for
conventional mortgages based on their incomes.

The only way these borrowers could qualify for their mortgage loans (even
ignoring their bad credit ratings) was to take out adjustable rate
mortgages, some of which had astonishingly low first-year rates in the 3
percent range, and sometimes lower. This is what has largely fueled the
subprime mortgage meltdown the inability of thousands of subprime borrowers
to afford their mortgages now that their rates have adjusted upward. Thus,
the combination of the Feds enforcement of the CRA (with the help of
political pressure groups like ACORN) and its post 9/11 monetary policy in
general are the reasons for the bursting real estate bubble and the
"subprime" mortgage meltdown.

Dont expect to read about this in the "mainstream media," however, which
generally views groups like ACORN as heroic champions of the poor, laws
like the CRA as anti-discrimination laws, and places all of the blame for
the subprime mortgage meltdown on greedy capitalists, especially mortgage
brokers. Encouraged by such reporting, the odious Senator Charles Schumer
of New York has promised federal legislation that will reign in these
miscreants, while the Bush administration is proposing an indirect bank
bailout by having the Federal Housing Administration cover many of the bad
"subprime" loans. This will create what economists call a "moral hazard" by
encouraging even more bad loans to be extended in the future. Every banker
in America will be glad to extend loans (at high rates of interest) to the
most uncreditworthy borrowers if he thinks there is no possibility of
default with the FHA effectively guaranteeing the loan.

http://www.lewrockwell.com/dilorenzo/dilorenzo125.html

September 6, 2007

Who was organizer for ACORN in Chicago for several years???

The article about the Subprime Mortage Melt-down mentions Acorn as a community organisation.. Guess who was involved? Obama!!!

http://article.nationalreview.com/?q=NDZiMjkwMDczZWI5ODdjOWY...

Banking Crisis - NOT

What is being called the banking crisis is really something else. It is the final gate closing on America. The cause is the NWO's program to own the world. They can't do it as long as America stands. Americans will not willing accept a foreign currency (Amero) as their own unless the almighty US Dollar is trashed. Americans will not willingly get in line for food, showers [sic] or mandatory vaccinations unless they have a good reason. Being hungry and needing food, water and shelter for self and one's children is a compelling reason to "get in line" and do as one is told.

If it is true the NWO's program is to kill off everyone but themselves then it is curious that these psychopaths are allowed to freely walk around among us. Would it also be true that anyone aiding and abetting these psychotics is also crazy and equally libel? Would a vote for Obama or McCain qualify one as "aiding and abetting"? Does putting on a badge or uniform of authority also qualify one as "aiding and abetting"? The Nuremberg trials held such to be so....
 

still don't see the poll

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http://silversnowball.com/291

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"The essence of freedom is the proper limitation of government". ~ Founding Fathers

The ring of power

Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com

Mike
"Fire Team for Freedom"
visit www.mikeandjake.com

The Rothchilds are

Watch all of these on you-tube. I just started watching them tonight.

http://www.youtube.com/watch?v=z6ZPGaGngJU&feature=PlayList&...
THE MOST IMPORTANT VIDEO EVER! MUST WATCH Part 1

Good stuff

Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com

Mike
"Fire Team for Freedom"
visit www.mikeandjake.com

The escape goat they are

The escape goat they are using is 'it's the market'. ITS NOT THE MARKET ITS THE FEDERAL RESERVE AND PAPER MONEY. I would love to see people here at the dailypaul call up cspan or one of these neocon talk shows and hold their feet to the fire. Call them the liars they are. I am going to plan on calling one of these this week.

I heard a good thing at work today from a guy that probably does not know very much about politics he said we would have been better off if fannie would not have been saved and that by saving it we have prolonged the agony. everyone knows my stand on ron paul their. he stole ron pauls line from somewhere and probably didnt even know it belonged to him so we are having a huge impact.

Keep up the good work guys I appreciate you.

Did you buy anything today, ruckmanite?

___________

Lisa C.

**This space is available.**

Ron Paul "Sign Wave Across the USA" -- November 5th!

Republicae's picture

The entire system is

The entire system is completely, totally and absolutely created through debt, that is the only thing that makes this economy run. At some point the debt demands service and the top-heavy inverted pyramid upon which the entire economy is built tilts, twists, turns and topples to the ground.

The FED is in a panic, you will know this if they cut the rates tonight, tomorrow or the next day. If that happens, you will know that they have no more rabbits in their little magic hat.

“Men do not willingly read unpalatable truths of themselves. The people like those best who fool them most by pandering to their vices and flattering their foibles”—Admiral Raphael Semmes.

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

Who allows and supports fractional reserve banking?

_________________________________________
"An economy built on fiat money is a society on its way to ashes."

_________________________________________
"An economy built on fiat money is a society on its way to ashes."

As long as the depositor and bank

both establish a contract that stipulates that only a fraction will be held in reserve, I have no problem whatsoever with it.

There's just a wee bit more to fractional reserve banking than

that provision.
_________________________________________
"An economy built on fiat money is a society on its way to ashes."

_________________________________________
"An economy built on fiat money is a society on its way to ashes."

Such as?

Note: I didn't specify in my above post, but I'm talking about fractional-reserve banking with free-market money.

Republicae's picture

Exactly!!!

Exactly!!!

“Men do not willingly read unpalatable truths of themselves. The people like those best who fool them most by pandering to their vices and flattering their foibles”—Admiral Raphael Semmes.

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

Republicae's picture

To begin with, the Fiat

To begin with, the Fiat System is the most ridiculous systems in the world, add to the top of it the Fractional Reserve System and you have a receipt for utter economic disaster. It is a smoke and mirrors system of economics...

“Men do not willingly read unpalatable truths of themselves. The people like those best who fool them most by pandering to their vices and flattering their foibles”—Admiral Raphael Semmes.

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun