Apr 03

- The Evolution Of Wall Street (In One Cartoon) (ZeroHedge, April 3, 2014):

Wall Street has come a long way from Jesse Livermore’s “money is made by sitting, not trading”, “It takes time to make money”, and “nobody can catch all the fluctuations.” Now we have HFT “flash boys” who only make money ‘trading’, in milliseconds of time, capturing every fluctuation…

Flash Boys

h/t @kalleldn of Penguin Press

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Apr 02

FYI.


- Jon Stewart On HFT: “It’s Not American; It’s Not Even Capitalism. It’s Cheating” (ZeroHedge, April 2, 2014):

Jon Stewart is stunned by the world of HFT (where “stock exchanges sell the right to advance information to high frequency traders [by locating their computers closest to the exchange]“) and the mainstream media’s immediate jump to defend it “as good for us”, but as Michael Lewis explains “anyone whose livelihood is dependent on Wall Street [from CNBC, FOX and even the SEC] is invested in this… it sounds like a conspiracy.”

In this excellent interview, The Daily Show doubter asks “we have set a standard for share buying (you can’t but 1/100th of a share) so why not set a standard for frequency of trading?” Lewis stoic response sums up our world perfectly, “in a sane world, we would… but the money is too big,” and adds that indeed that is what IEX is doing. The HFTs “function on volume and volatility” alone and “they know the prices before you do… which is illegal if it’s a person, but as a computer, meh?” Continue reading »

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Apr 01

Flash Boys - A Wall Street Revolt
@Amazon.com: Flash Boys: A Wall Street Revolt Price: $17.46

From the article:

The stock market really was rigged… “It’s 2009,” Katsuyama says. “This had been happening to me for almost two years. There’s no way I’m the first guy to have figured this out. So what happened to everyone else?” The question seemed to answer itself: Anyone who understood the problem was making money off it…

- Read Michael Lewis’ Flash Boys: A Wall Street Revolt: An Adaptation (ZeroHedge, March 31, 2014):

This article is adapted from the book “Flash Boys: A Wall Street Revolt,” by Michael Lewis, published by W. W. Norton & Company. Courtesy of The New York Times Magazine. The full Michael Lewis book can be purchased on Amazon.

The Wolf Hunters of Wall Street

Before the collapse of the U.S. financial system in 2008, Brad Katsuyama could tell himself that he bore no responsibility for that system. He worked for the Royal Bank of Canada, for a start. RBC might have been the fifth-biggest bank in North America, by some measures, but it was on nobody’s mental map of Wall Street. It was stable and relatively virtuous and soon to be known for having resisted the temptation to make bad subprime loans to Americans or peddle them to ignorant investors. But its management didn’t understand just what an afterthought the bank was — on the rare occasions American financiers thought about it at all. Katsuyama’s bosses sent him to New York from Toronto in 2002, when he was 23, as part of a “big push” for the bank to become a player on Wall Street. The sad truth was that hardly anyone noticed it. “The people in Canada are always saying, ‘We’re paying too much for people in the United States,’ ” Katsuyama says. “What they don’t realize is that the reason you have to pay them too much is that no one wants to work for RBC. RBC is a nobody.”

Continue reading »

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Mar 24

- This Chart Is A True Picture Of the Unemployment Crisis In America (Testosterone Pit, March 22, 2014):

The unemployment rate is a complex measure based on surveys and some grotesque definitions, including who gets counted as “unemployed.” These definitions eliminate millions of jobless people from the list of the officially “unemployed.” The resulting grotesque data – grotesque in, grotesque out – is then adjusted to paper over nagging real-world issues, such as seasonality. The result is a number that is easy to toss around during speeches but hard to use for gauging what’s really going on in the labor market.

The unemployment rate’s inability to accurately portray the labor market has caught so much flak that even the Fed abandoned it as a trigger for unwinding its zero-interest-rate policy. Instead, it will “take into account a wide range of information….”

Continue reading »

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Mar 20

- New doomsday poll: 99.9% risk of 2014 crash (MarketWatch, March 17, 2014):

Commentary: Black-swan crisis warning for now through mid-April

SAN LUIS OBISPO, Calif. (MarketWatch) — Global risks are accelerating. This is our fourth major poll update of industry leaders: A critical review of their warnings from early last year when we first predicted a 87% risk of a crash: Bernanke’s Fed saw an “unsustainable bubble” … Gross: “credit supernova” … Gundlach: “kaboom ahead” … Ellis: “Don’t own bonds” … Shilling: “shocker” … Roubini: “Prepare for perfect storm” … Shiller: “Irrational exuberance is back” … Schiff: “Doubling down” on “doomsday” prediction … InvestmentNews’ warning 90,000 advisers: “tick, tick … boom!”

A few weeks later the crash risk was up to 98%. Then a dramatic preholiday uptick in investor sentiment. America’s collective unconscious tired of negativity after a Halloween headline: “Economic guillotine dead ahead.” A week later, 2014 became the “Year of the Boom.” Bank of America’s chief strategist screamed: “Bet on the bulls now.” The Great Gatsby spirit was celebrating the holidays: “Even old grumpy Dr. Doom, celeb economist Nouriel Roubini, began humming a happy tune all over television: “A global recovery is going to occur, get into equities.”

Continue reading »

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Mar 12

- Wall Street Bonuses Soar 15% To Highest Since 2007 (ZeroHedge, March 12, 2014):

Wall Street bonuses (on average) in 2013 rose 15% to the highest since 2007. As OSC Tom DiNapoli notes, “Securities industry employees took home significantly higher bonuses on average… although profits were lower than the prior year.” In fact, as we noted earlier, profits at the banks fell 30%.

bonus-1

Average compensation for securities industry professionals in New York City ($360,700) were 5.2 times greater than the rest of the private sector ($69,200).

salaries-NYC

Thank You Ben…

But don’t get too excited… The US is not #1 when it comes to bonuses… Continue reading »

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Mar 07

- A Healthy Economy Requires Fewer People Working on Wall Street, Making Much Less Money (Alternet, March 5, 2014):

The financial industry is a parasite on our society.

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Mar 07

Prepare for collapse.


- Obama’s Growth Forecast Bullish, Wall Street Exuberant, Corporate Insiders Freak-Out Bearish (Testosterone Pit, March 4, 2014):

In his budget for fiscal 2015, President Obama assumed courageously or just conveniently that the US economy would grow 3.1% in 2014, quite a jump after having lumbered along at 1.9% in 2013, and given what looks to be a soft start for the year. But according to the budget proposal, the economy would boom. It would be the fastest growth rate since 2005. It would be the most exciting economy in nine years.

That level of growth would solve a lot of problems. Citing the rebound in housing – the price bubble, apparently, though sales are plunging – along with strength in manufacturing and oil production, the budget statement claimed that there were “encouraging signs emerging across industries.” And so the economy “is moving forward and businesses are creating jobs, but our top priority must be accelerating that growth….”

Continue reading »

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Feb 19

This…

- What I Saw When I Crashed A Wall Street Secret Society: One-Percent Jokes And Plutocrats In Drag

… needs to get more coverage.


What I Saw When I Crashed a Wall Street Secret Society

- Kappa Beta Phi Exposed (Redux) (ZeroHedge, Feb 18, 2014):

As we initially exposed over five years ago, with luminary frat brothers and sister such as Jimmy Cayne, Richard Fuld, Stan O’Neil, Martin Gruss, Michael Bloomberg, Jon Corzine, Mary Shapiro, Alan Schwartz, Larry Fink, Larry Fink, Wilbur Ross, James McDonald, this “secret” organization puts the Masons, Bilderbergs, Skull and Bones, Templars, Fight Club and all other secret societies to shame. Now, as New York Magazine infiltrates the inner workings of the “Kappa Beta Phi” society, Liberty Blitzkrieg’s Mike Krieger notes the following will confirm what everyone already thought – that a great many of these oligarch financiers are complete and total sociopaths and a menace to society.

Via ZeroHedge,

I can still remember
How the Dow Jones used to make me smile.
And I learned my trade and had my chance
The music played I did my dance
And I made seven figures for a while.
I can’t remember if I cried
when they pulled the plug on Countrywide…
It sucks that Iceland is out of ice….
Bye, Bye to my piece of the pie…
Now I travel coach whenever I fly…
Maybe this will be the day that I die.

 

Via Mike Krieger via Liberty Blitzkrieg blog,

Here’s What Happened When a Journalist Crashed a Wall Street Secret Society

Before we get into this post, let’s review the definition of Antisocial Personality Disorder according to the U.S. National Library of Medicine: Continue reading »

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Feb 18

What I Saw When I Crashed a Wall Street Secret Society

- One-Percent Jokes and Plutocrats in Drag: What I Saw When I Crashed a Wall Street Secret Society (Daily Intelligencer, Feb 18, 2014):

Recently, our nation’s financial chieftains have been feeling a little unloved. Venture capitalists are comparing the persecution of the rich to the plight of Jews at Kristallnacht, Wall Street titans are saying that they’re sick of being beaten up, and this week, a billionaire investor, Wilbur Ross, proclaimed that “the 1 percent is being picked on for political reasons.”

Ross’s statement seemed particularly odd, because two years ago, I met Ross at an event that might single-handedly explain why the rest of the country still hates financial tycoons – the annual black-tie induction ceremony of a secret Wall Street fraternity called Kappa Beta Phi.

“Good evening, Exalted High Council, former Grand Swipes, Grand Swipes-in-waiting, fellow Wall Street Kappas, Kappas from the Spring Street and Montgomery Street chapters, and worthless neophytes!”

It was January 2012, and Ross, wearing a tuxedo and purple velvet moccasins embroidered with the fraternity’s Greek letters, was standing at the dais of the St. Regis Hotel ballroom, welcoming a crowd of two hundred wealthy and famous Wall Street figures to the Kappa Beta Phi dinner. Ross, the leader (or “Grand Swipe”) of the fraternity, was preparing to invite 21 new members — “neophytes,” as the group called them — to join its exclusive ranks.

Looking up at him from an elegant dinner of rack of lamb and foie gras were many of the most famous investors in the world, including executives from nearly every too-big-to-fail bank, private equity megafirm, and major hedge fund. AIG CEO Bob Benmosche was there, as were Wall Street superlawyer Marty Lipton and Alan “Ace” Greenberg, the former chairman of Bear Stearns. And those were just the returning members. Among the neophytes were hedge fund billionaire and major Obama donor Marc Lasry and Joe Reece, a high-ranking dealmaker at Credit Suisse. [To see the full Kappa Beta Phi member list, click here.] All told, enough wealth and power was concentrated in the St. Regis that night that if you had dropped a bomb on the roof, global finance as we know it might have ceased to exist.

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Feb 13


YouTube Added: Feb 12, 2014

Description:

Trends Forecaster: Proof the Markets are Rigged. At least five top level bankers have “fallen” to their deaths from high-rises in just the last two weeks. Are the worlds Stock Markets, Currency Exchanges and Interest Rates all rigged? Gerald Celente brings the facts from the news to the table.

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Feb 12

- Is the Stock Market Repeating the 1929 Run Up to the Great Depression? (ZeroHedge, Feb 12, 2014):

Chart courtesy of Tom McClellan of the McClellan Market Report (via Mark Hulbert)

Hulbert notes that the chart “has been making the rounds on Wall Street.”

On the other hand, Martin Armstrong predicts that a worsening economy – and bank deposit confiscation – in Europe will cause people to flood into American stocks as a “safe haven” for a couple of years.

And the Fed has more or less admitted that propping up the stock market is a top priority.

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Feb 05

- Japan Is Re-Crisis-ing; Nikkei Plunges 300 Points From US Close; S&P’s Dead-Cat-Bounce Dead (ZeroHedge, Feb 4, 2014):

US and Japanese stocks began to fall the moment the bell rang in NYC on the end of the US day-session. By the times futures closed 15mins later, the S&P had already lost 6 points and the exuberance in the Nikkei had snapped back to USDJPY reality (100 points off its highs). As the evening progressed the dead-cat-bounce died with US and Japanese stocks tumbling to day-session lows. Dow futures are down 110 from the highs; S&P futures are down 16 points from the US session highs; and Nikkei futures – not helped by the 19th month in a row of falling YoY base wages – are testing 14,050, having dropped 300 points from the highs and removed all day-session gains. Stocks are re-crisis-ing as USDJPY tests back towards 101.

Continue reading »

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Jan 24

THE WOLF OF WALL STREET

- The Hollywood indicator: ‘Wolf’ market warning (CNBC, Jan 23, 2014):

The most damning piece of evidence may be the timing of the first “The Wolf of Wall Street.” An otherwise unrelated film by the same name, it was released in February 1929 (and was produced by Paramount, which distributed the 2013 film)—months before the horrific crash of that year.

Flashback: 9/11

Simpsons-9-11

Terminator-2-9-11

Matrix (1999) Neos Passport expires on September 11, 2001
Matrix (1999): Neo’s Passport expires on September 11, 2001

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Jan 16

- Best Buy Plummets 30%, Is Better Sell Following Abysmal Holiday Sales Update (ZeroHedge, Jan 16, 2014):

Despite several apparently well respected sell-side shops proclaiming that all would be well, the electronics warehouse missed comps (Sales at stores open at least 14 months were down 0.9 percent in the US (compared to expectations of +2.0%) and is being punished. Revenues fell 2.6% for the comparable period also. Shares are down 30% in the pre-market to 7-month lows as the company claims an “intensely promotional holiday season.” It seems, perhaps, that following several other retailers’ earnings updates the holiday season was even worse than many had expected (especially in the bricks-and-mortar stores that actually employ real people).

From the conference call: Continue reading »

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Jan 14

- Why Is Goldman Sachs Warning That The Stock Market Could Decline By 10 Percent Or More? (Economic Collapse, Jan 13, 2014):

Why has Goldman Sachs chosen this moment to publicly declare that stocks are overpriced?  Why has Goldman Sachs suddenly decided to warn all of us that the stock market could decline by 10 percent or more in the coming months?  Goldman Sachs has to know that when they release a report like this that it will move the market.  And that is precisely what happened on Monday.  U.S. stocks dropped precipitously.  So is Goldman Sachs just honestly trying to warn their clients that stocks may have become overvalued at this point, or is another agenda at work here?  To be fair, the truth is that all of the big banks should be warning their clients about the stock market bubble.  Personally, I have stated that the stock market has officially entered “crazytown territory“.  So it would be hard to blame Goldman Sachs for trying to tell the truth.  But Goldman Sachs also had to know that a warning that the stock market could potentially fall by more than 10 percent would rattle nerves on Wall Street.

Continue reading »

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Jan 05

- Three warning signs that a financial crash is imminent (The Daily Sheeple, Jan 4, 2014)

See also:

- Ghost Of 1929 Re-Appears – Pay Attention To The Signals

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Jan 02

H/t reader M.G.:

“Here is a shocking article that is a MUST read. Corporations trading on Wall Street are now able to list traded services as revenue…….this is beyond corrupt!
Read and pass on, no wonder we are In a world of trouble, and this explains why the market no longer reflects the real economy. It is all air…….there is no cash or real revenue involved.”


Tech stocks have returned to bubble levels, thanks to PR, weak financial journalism and cheap credit

The coming stock market collapse
Traders on the floor of the New York Stock Exchange in New York City. The Dow Jones Industrial Average reached record highs in 2013 and was up 23% for the year.

By David Cay Johnston, an investigative reporter who won a Pulitzer Prize while at The New York Times, is a best-selling author who teaches the business, tax and property law of the ancient world at Syracuse University College of Law.

- The coming stock market collapse (Al Jazeera, Dec 31, 2013):

Irrational exuberance is back on Wall Street, encouraged by cheap credit lavished on heavily leveraged speculators, lax accounting rules and the unfortunate tendency to confuse the true value of stocks.

The Dow Jones Industrial Average, long a bellwether of the stock market, started the year at 13,416. Last week it hit 16,478, which is 2.5 times its low point during the Great Recession in 2009.

Given rather modest job growth, government spending cuts that have weakened the economy and other lukewarm measures of domestic and global economic growth, this rise in the Dow is difficult to explain based on rational expectations.

Continue reading »

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Dec 27

- The Stock Market Has Officially Entered Crazytown Territory (Economic Collapse, Dec 26, 2013):

It is time to crank up the Looney Tunes theme song because Wall Street has officially entered crazytown territory.  Stocks just keep going higher and higher, and at this point what is happening in the stock market does not bear any resemblance to what is going on in the overall economy whatsoever.  So how long can this irrational state of affairs possibly continue?  Stocks seem to go up no matter what happens.  If there is good news, stocks go up.  If there is bad news, stocks go up.  If there is no news, stocks go up.  On Thursday, the day after Christmas, the Dow was up another 122 points to another new all-time record high.  In fact, the Dow has had an astonishing 50 record high closes this year.  This reminds me of the kind of euphoria that we witnessed during the peak of the housing bubble.  At the time, housing prices just kept going higher and higher and everyone rushed to buy before they were “priced out of the market”.  But we all know how that ended, and this stock market bubble is headed for a similar ending.

It is almost as if Wall Street has not learned any lessons from the last two major stock market crashes at all.  Just look at Twitter.  At the current price, Twitter is supposedly worth 40.7 BILLION dollars.  But Twitter is not profitable.  It is a seven-year-old company that has never made a single dollar of profit. Continue reading »

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Dec 21

- The Last 3 Times This Happened, Markets Turmoiled (ZeroHedge, Dec 22, 2013):

Thanks to Bob “I don’t get out of bed unless it’s over 20″ Pisani’s daily diatribes about VIX (the so-called ‘fear’ index), we are supposed to rest assured that all is well in the ever-decreasing horizon world of equity markets. However, while VIX measures the expectations of ‘normal’ day to day moves in stocks, it does not offer any insight into market participants’ perspectives on tail risks (or ‘the big one’). CBOE’s SKEW index does just that, based on the pricing differences between normal and fat-tail risk pricing in the options market, it provides a measure of the market’s belief in extreme events… and for only the 4th time in history, it’s flashing a big red warning signal of volatility ahead.

The last 3 times this happened… markets went a little crazy…

CBOE-SKEW-Index

In 24 years of history, SKEW has been above 140 only 4 times (including the current)… the last 3 times were… Continue reading »

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Dec 21

- Meet the “Bandits’ Club” – The TBTF Wall Street Cartel Rigging the FX Market (Liberty Blitzkrieg, Dec 20, 2013):

Another day, another tale of how the “Too Big to Jail” Wall Street cartel manipulates a major global market with no repercussions whatsoever. Must be nice having essentially every Congressperson and regulator in your back pocket. Get caught? Pay a little fine and get on with it. Everyone wins!

Actually, everyone loses. Except for the handful of FX manipulators, rigging global currency markets from their Essex villages outside of London. These traders for major TBTF banks refer to themselves by various names in their now silenced Bloomberg chat rooms, from The Cartel,” “The Bandits’ Club,” “One Team, One Dream” and “The Mafia.” Very classy guys. Glad we bailed your asses out…

More from Bloomberg:

Continue reading »

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Dec 13

bear

- How Far Will Stocks Fall This Time When The Fed Decides To Slow Down Quantitative Easing? (Economic Collapse, Dec 11, 2013):

When QE1 ended there was a substantial stock market correction, and when QE2 ended there was a substantial stock market correction.  And if you will remember, the financial markets threw a massive hissy fit a few months ago when Federal Reserve Chairman Ben Bernanke suggested that the Fed may soon start tapering QE3.  Clearly Wall Street does not like it when their supply of monetary heroin is interrupted.  The Federal Reserve has tricked the American people into supporting quantitative easing by insisting that it is about “stimulating the economy”, but that has turned out to be a massive hoax.  In fact, I just wrote an article that contained 37 statistics that prove that things just keep getting even worse for ordinary Americans.  But quantitative easing has been exceptionally good for Wall Street.  During QE1, the S&P 500 rose by about 300 points.  During QE2, the S&P 500 rose by about 200 points.  And during QE3, the S&P 500 has risen by about 400 points.  The S&P 500 is now in unprecedented territory, and stock prices have become completely and totally divorced from reality.  In essence, we are in the midst of the largest financial bubble this nation has ever seen.  So what is going to happen when the Fed starts pulling back the monetary crack and the bubble bursts?

Continue reading »

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Dec 08


Crowd of people gather outside the New York Stock Exchange following the Crash of 1929.

- Ghost of 1929 crash reappears (The Burning Platform, Dec 6, 2013):

They say those who forget the lessons of history are doomed to repeat them.

As a student of market history, I’ve seen that maxim made true time and again. The cycle swings fear back to greed. The overcautious become the overzealous. And at the top, the story is always the same: Too much credit, too much speculation, the suspension of disbelief, and the spread of the idea that this time is different.

Continue reading »

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Dec 07

And now back to reality:

- Are Another 1.3 Million Americans About To Drop Out Of Labor Force (And Send Unemployment Plunging)?

- The Real Unemployment Rate In The U.S. Is At Least 30%

- Fake Employment Numbers – And 5 More Massive Economic Lies The U.S. Government Is Telling You

- Recovery In The US: Widest Gap In Employment Rates Between Rich, Poor Since Records Began

- 80% Of US Adults Are Near Poverty, Rely On Welfare, Or Are Unemployed


- Unemployment rate falls to five-year low of 7% as 203,000 jobs added; Dow soars 199 points (NY Daily News, Dec 6, 2013):

Employers were hard at work hiring in November, signaling the labor market’s gradual healing continues.

U.S. payrolls expanded by 203,000, the Labor Department reported on Friday, a total well above the gain of 180,000 economists had forecast.

The jobless rate, meanwhile, dropped to a five-year low of 7.0%. It had been expected to tick down to 7.2% from 7.3% in October.

The report also showed about 8,000 more jobs were added to payrolls in September and October than previously thought.

Stocks shot sharply higher on the news, snapping a five-session losing streak. The Dow rocketed nearly 200 points, or 1.3% higher, to close at 16,020.

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Dec 03

- 15 Signs That We Are Near The Peak Of An Absolutely Massive Stock Market Bubble (Ecoonomic Collapse, Dec 1, 2013):

One of the men that won the Nobel Prize for economics this year says that “bubbles look like this” and that he is “most worried about the boom in the U.S. stock market.”  But you don’t have to be a Nobel Prize winner to see what is happening.  It should be glaringly apparent to anyone with half a brain.  The financial markets have been soaring while the overall economy has been stagnating.  Reckless injections of liquidity into the financial system by the Federal Reserve have pumped up stock prices to ridiculous extremes, and people are becoming concerned.  In fact, Google searches for the term “stock bubble” are now at the highest level that we have seen since November 2007.  Despite assurances from the mainstream media and the Federal Reserve that everything is just fine, many Americans are beginning to realize that we have seen this movie before.  We saw it during the dotcom bubble, and we saw it during the lead up to the horrible financial crisis of 2008.  So precisely when will the bubble burst this time?  Nobody knows for sure, but without a doubt this irrational financial bubble will burst at some point.

Remember, a bubble is always the biggest right before it bursts, and the following are 15 signs that we are near the peak of an absolutely massive stock market bubble: Continue reading »

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Nov 23

Dr. Paul Craig Roberts was Assistant Secretary of the Treasury during President Reagan’s first term. He was Associate Editor of the Wall Street Journal. He has held numerous academic appointments, including the William E. Simon Chair, Center for Strategic and International Studies, Georgetown University, and Senior Research Fellow, Hoover Institution, Stanford University.

- The Dying Dollar — Paul Craig Roberts (Paul Craig Roberts, Nov 22, 2013):

The Dying Dollar
Federal Reserve and Wall Street Assassinate US Dollar

Since 2006, the US dollar has experienced a one-quarter to one-third drop in value to the Chinese yuan, depending on the choice of base.

Now China is going to let the dollar decline further in value.  China also says it is considering undermining the petrodollar by pricing oil futures on the Shanghai Futures Exchange in yuan. This on top of the growing avoidance of the dollar to settle trade imbalances means that the dollar’s role as reserve currency is coming to an end, which means the termination of the US as financial bully and financial imperialist.  This blow to the dollar in addition to the blows delivered by jobs offshoring and the uncovered bets in the gambling casino created by financial deregulation means that the US economy as we knew it is coming to an end.

Continue reading »

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Nov 20

- Tim Geithner in January 2013: “Extremely Unlikely Will Take a Job in the World of Finance” (Liberty Blitzkrieg, Nov 18, 2013):

So over the weekend, the world learned that Tiny Turbo Tax Timmy Geither had accepted a job with private equity giant firm Warburg Pincus. The news was about as much of a surprise as a lie popping out of Barack Obama’s mouth every time he opens it. Nevertheless, the move is particularly hilarious in light of a profile article of Geithner in New York magazine from January of this year, in which the king of cronyism tried to distance himself from Wall Street.

Here’s the money-shot paragraph from the piece:

Another fiction that has plagued Geithner is the idea that he is a creature of Wall Street, specifically that he worked for Goldman Sachs. He isn’t sure where it came from—probably just confusion with his predecessor, Hank Paulson, who was the former CEO—but “once it hardened, it was very hard to overcome.” Indeed, he has not really overcome it at all. I can write, right here, in all caps, TIM GEITHNER HAS NEVER WORKED ON WALL STREET, and still someone will comment on our website that he is a bankster who should just go back to Goldman Sachs. Geithner says it’s “extremely unlikely” he will take a job in the world of finance, but the idea that he is somehow, secretly, working hand in hand with that community persists, and every once in a while someone pulls out records of his phone calls and meetings with CEOs as evidence. Geithner is not really sure what to say about that. “I’m the secretary of the Treasury.” He laughs. “How am I supposed to run a financial rescue if I don’t take phone calls from people?”

At least he is making up for lost time. Those conspiracy theorists making stuff up again…

Continue reading »

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Nov 13

- Federal Reserve Whistleblower Tells America The REAL Reason For Quantitative Easing (Economic Collapse, Nov 12, 2013):

A banker named Andrew Huszar that helped manage the Federal Reserve’s quantitative easing program during 2009 and 2010 is publicly apologizing for what he has done.  He says that quantitative easing has accomplished next to nothing for the average person on the street.  Instead, he says that it has been “the greatest backdoor Wall Street bailout of all time.”  And of course the cold, hard economic numbers support what Huszar is saying.  The percentage of working age Americans with a job has not improved at all during the quantitative easing era, and median household income has actually steadily declined during that time frame.  Meanwhile, U.S. stock prices have doubled overall, and the stock prices of the big Wall Street banks have tripled.  So who benefits from quantitative easing?  It doesn’t take a genius to figure it out, and now Andrew Huszar is blowing the whistle on the whole thing. Continue reading »

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Nov 03


YouTube

Description:

FOUR HORSEMEN is an award winning independent feature documentary which lifts the lid on how the world really works.

As we will never return to ‘business as usual’ 23 international thinkers, government advisors and Wall Street money-men break their silence and explain how to establish a moral and just society.

FOUR HORSEMEN is free from mainstream media propaganda — the film doesn’t bash bankers, criticise politicians or get involved in conspiracy theories. It ignites the debate about how to usher a new economic paradigm into the world which would dramatically improve the quality of life for billions.

“It’s Inside Job with bells on, and a frequently compelling thesis thanks to Ashcroft’s crack team of talking heads — economists, whistleblowers and Noam Chomsky, all talking with candour and clarity.” – Total Film

“Four Horsemen is a breathtakingly composed jeremiad against the folly of Neo-classical economics and the threats it represents to all we should hold dear.”
- Harold Crooks, The Corporation (Co-Director) Surviving Progress (Co-Director/Co-Writer)

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Oct 15


The U.S. Capitol looms in the background of a sign on the National Mall reminding visitors of the closures to all national parks due to the federal government shutdown in Washington October 3, 2013. (Reuters/Kevin Lamarque)

Michel Chossudovsky is an award-winning author, professor of economics, founder and director of the Centre for Research on Globalization, Montreal and editor of the globalresearch.ca website.

- Shutdown of US govt & ‘debt default’: Dress rehearsal for privatization of federal state system? (RT, Oct 15, 2013):

By Michel Chossudovsky

The ‘shutdown’ of the US government and the financial climax associated with a deadline date, leading to a possible ‘debt default’ by the federal government, is a money-making undertaking for Wall Street.

Several overlapping political and economic agendas are unfolding. Is the shutdown – implying the furloughing of tens of thousands of public employees – a dress rehearsal for the eventual privatization of important components of the federal state system?

A staged default, bankruptcy and privatization is occurring in Detroit (with the active support of the Obama administration), whereby large corporations become the owners of municipal assets and infrastructure.

The important question: could a process of ‘state bankruptcy’, which is currently afflicting local level governments across the land, realistically occur in the case of the central government of the United States of America?

This is not a hypothetical question. A large number of developing countries under the brunt of  IMF ‘economic medicine’ were ordered by their external creditors to dismantle the state apparatus,  fire millions of public sector workers as well as privatize state assets. The IMF’s Structural Adjustment Program (SAP) has also been applied in several European countries.

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