We all know how Big Brother has used the economic crisis to assume an unprecedented degree of control over America’s private sector – at the expense of liberty, our nation’s founding principles and a scarcely-fathomable $13 trillion cost to taxpayers.
We know, it’s insane. And judging from today’s breaking news – far more corrupt than we ever imagined.
According to reports published today in The Wall Street Journal, a leading bank executive testified under oath that former Treasury Secretary Henry Paulson and Federal Reserve Chairman (and S.C. native) Ben Bernanke pressured him to remain silent about billions of dollars in losses at Merrill Lynch – the brokerage firm that Bank of America purchased four months ago.
Embattled Bank of America President and CEO Kenneth Lewis told New York Attorney General Andrew Cuomo in a February deposition that “it wasn’t up to me” to reveal brewing losses at Merrill Lynch, losses which would have certainly doomed an already troubled deal.
Lewis also testified that Paulson and Bernanke told him that a failed BOA-Merrill Lynch merger would “impose a big risk to the financial system” of the United States.
Bank of America reported losses of nearly $16 billion for Merrill shortly after it was purchased – a deal which helped trigger a government bailout of the company.
Certainly, Lewis is by all accounts trying to save his own skin, but that doesn’t change the fact that government pressure – and perhaps the promise of a taxpayer-funded bailout – prompted a private sector deal that would have otherwise never been undertaken.
By Bailout is a big con game April 23, 2009 at 2:30 pm
Why do we let Bernake and Paulson – two unelected hacks- have control over putting us trillions of dollars in debt with absolutely no oversight?
This is the biggest crime and con of the century – Bush, Obama,Congress , and the Federal Reserve are all guilty of stealing taxpayer money and disregarding the Constitution.
By Mab April 23, 2009 at 3:00 pm
Investment guru, Jim Rogers, when asked in 2008 what two courses of action he would take if he were appointed Fed chairman: 1. abolish the Fed; 2. resign.
http://www.cnbc.com/id/23588079/site/14081545
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For more insights…
http://www.campaignforliberty.com/blog.php?view=14171
By The Fed- root of all evil April 23, 2009 at 3:21 pm
Think about it- how are we able to have so much debt without the federal government raising our taxes? The Federal Reserve is the enabler. If Congress had to come to the people and raise our taxes for wars and their stupid ass programs we would vote them out of office. So Congress lets te Federal Reserve print the money and put us in debt . In 1970 a dollar was worth 1/35 of an ounce of gold- Today a dollar is worth 1/900 of an ounce of gold.
Why call our economy free market when the Federal Reserve, an unelected private entity, sets the interest rates in complete secrecy and allows the erosion of our currency ?
If the voters were intelligent, they would demand the Federal Reserve be eliminated- and if frogs flew they wouldn’t bump their ass either.
By Cooter Brown April 23, 2009 at 3:28 pm
“Why do we let Bernake and Paulson – two unelected hacks- have control over putting us trillions of dollars in debt with absolutely no oversight?”
‘Cause, sur, we is all tax slaves an’ everie state is a colonie of Warshingtun. Dey sits in da big howse, we all in cabins. Undastand dat an’ eberythin’ makes since…
By lou April 24, 2009 at 7:24 am
google FMR,LLC
think Countrywide Mortgages, Fannie and Freddie, Circuit City,Chrysler,GM
think the rest of their holdings……. and watch FMR close America down.
By Martha Washington October 17, 2009 at 12:42 pm
responses:
“how are we able to have so much debt without the federal government raising our taxes?” OUR TAXES MERELY PAY THE INTEREST ON BMONEY THE FED BORROWS. THEY ARE A MAFIA MIDDLE MAN.
“The Federal Reserve is the enabler.” THE FED IS A GLOBALIST ENTITY WHICH IS CONTROLED BY THE WORLD BANK WHICH IS CONTROLLED BY THOSE BENT ON DESTROYING AMERICA AS WE KNOW IT.
If Congress had to come to the people and raise our taxes for wars and their stupid ass programs we would vote them out of office. ”
“So Congress lets tHe Federal Reserve print the money and put us in debt.”
CONGRESS IS FULL OF CROOKS WHO HAVE LOST TOUCH WITH TWE THE PEOPLE’. CONGRESS HAS HAD ITS COLLECTIVE BALLS CUT OFF AND IS LOSING AUTHORITY. WE REAL READ PATRIOTS TO RUN FOR OFFICES AND SQUEEZE OUT THE USURPERS AND COMMIES.
“In 1970 a dollar was worth 1/35 of an ounce of gold- Today a dollar is worth 1/900 of an ounce of gold.” TRUE. AND THE MORE THEY PRINT, THE LESS IT IS WORTH. THEY ARE TRYING TO BRING DOWN THE DOLLAR TO USHER IN A ‘NORTH AMERICAN UNION WITH IT’S OWN CURRENCY. THEN EVENTUALLY A ONE WORLD CURRENCY AND ULTIMATELY, VIA THE PASS ACT, ELECTRONIC BANKING WHEREIN THEY CAN SHUT US OFF IF WE GET OUT OF LINE.
REMOVE YOUR SAVINGS, IRAs ETC FROM BANKS AND SPEND IT ON THINGS YOU WILL NEED. GET OUT OF DEBT. THEY WILL STEAL THE PENSIONS AND SAVINGS BEFORE ITS ALL OVER.
By the Space Boogey May 18, 2010 at 3:07 pm
For all you Anti-RINO liberals who DID NOT catch this, America’s ‘Private Sectors’ sold themselves out to, public authority.
All business is for sale, to the ‘highest’ bidder. American’s ‘business’ was in shambles, worth pennies-on-the-trade. They sold out, to whomever.
Business doesn’t care who is paying. A blind eye is cause for the course. it’s the money that talks, and owners walk…. away from their Messes.
America was cheap, and they sold out to the ‘Highest’ bidder. Tea any body?