Most Americans pull their net worth from their investment in good old housing. It is the biggest purchase most will ever make. And because of this, after the Great Depression, housing was a boring yet stable investment class. It had to be. This is the cornerstone of wealth for most Americans. Banks used to do their due diligence by verifying income and typically having a say in their local communities. All that changed starting in the 1980s. The first foray into banking corruption in housing came with the S&L Crisis.
The bailed out-bankers’ boys: Ron Paul, Rick Perry, Chris Christie and friends
By Brent Budowsky - 09/30/11 11:08 AM ET
Bank of America's latest attack on the American economic recovery through big bank fees may well elect Elizabeth Warren to the Kennedy Senate seat in Massachusetts. The very bad news for Ron Paul, Rick Perry, Chris Christie and those Republicans who take big money from big bailed-out banks as donations, and then carry their water in Washington, is that they will be exposed again.
By ANDREW R. JOHNSON
The nation's beleaguered banking industry, which has been raising fees and doing away with free services, has a new target: debit-card users.
Bank of America Corp. is laying plans to charge millions of customers a $5 monthly fee to use their debit cards, and other big banks are expected to follow suit. The industry says it needs the fees to recoup revenue it will lose because of new government regulations that cap what they can charge merchants for debit-card transactions.
Economic policy in the United States and Europe has failed, and people are suffering.
by Murray N. Rothbard
During the 1930s, the Rockefellers pushed hard for war against Japan, which they saw as competing with them vigorously for oil and rubber resources in Southeast Asia and as endangering the Rockefellers' cherished dreams of a mass "China market" for petroleum products. On the other hand, the Rockefellers took a noninterventionist position in Europe, where they had close financial ties with German firms such as I.G. Farben and Co., and very few close relations with Britain and France.
The Morgans, in contrast, as usual deeply committed to their financial ties with Britain and France, once again plumped early for war with Germany, while their interest in the Far East had become minimal. Indeed, US ambassador to Japan Joseph C. Grew, former Morgan partner, was one of the few officials in the Roosevelt administration genuinely interested in peace with Japan.
World War II might therefore be considered, from one point of view, as a coalition war: the Morgans got their war in Europe, the Rockefellers theirs in Asia. Such disgruntled Morgan men as Lewis W. Douglas and Dean G. Acheson (a protégé of Henry Stimson), who had left the early Roosevelt administration in disgust at its soft-money policies and economic nationalism, came happily roaring back into government service with the advent of World War II. Nelson A. Rockefeller, for his part, became head of Latin American activities during World War II, and thereby acquired his taste for government service.
I just made that up.
Use it if you like. Put it on a T-shirt or whatever.
I certainly think so, especially when the GAO conflict of interest report comes out.
Paul Craig Roberts: Rule of Law is Dead: Bank fraudsters, torturers, and war criminals running free…Submitted by bobbyw24 on Thu, 09/01/2011 - 07:16
With bank fraudsters, torturers, and war criminals running free, the US Department of Justice (sic) has nothing better to do than to harass the famous Tennessee guitar manufacturer, Gibson, arrest organic food producers in California and send 12 abusive FBI agents armed with assault rifles to bust down yet another wrong door of yet another innocent family, leaving parents, children, and grandmother traumatized.
Let’s recount a little history here: in the winter of 2008 the house of cards that is the American economy suddenly collapsed, and the Great Bubble of faux "prosperity" burst. A long orgy of malinvestment – spurred by bank credit expansion [.pdf] (i.e. the Federal Reserve printing gobs of "money") – came to an ignominious end. The housing market, already weak, imploded. It was a massive market correction, one that had to be endured before it could be cured – but the big boys weren’t going to take their medicine.
Upcoming US presidential elections-On the Edge with Max keiser-08-26-2011
A story missing from our media: Iceland's on-going revolution
SATURDAY, 27 AUGUST 2011 08:19 30 COMMENTS
by Deena Stryker