BERNANKE’S PINK SLIP

I love it, "... you’ll wait until Europe or some other force breaks the camel’s back and then declare, like the housing bubble, no one could have seen this coming."

Of course, he's constrained by the status quo. I agree with another recent blog that stated the 1% is the government, with their unfunded retirement entitlements. They'll have to throw the other 99% under the bus.


BERNANKE’S PINK SLIP « The Burning Platform

Corruption in America meets the Light of Day

Today it appears the good guys are winning, two main financial stories involve BofA malfeasance being brought to light, from Reuters and Bloomberg, with commentary at Zero Hedge and Washington's Blog. There were a number of articles regarding the GAO report on the internal working on the Fed, one from Naked Capitalism which highlights the interconnection of those working at the Fed and banks receiving loans from the Fed. There were also articles outlining how Wall Street protestors should target the Fed and Bank of America over the transfer of derivative liabilities to the federally insured subsidiary from the non-insured entity.

Another article at Zero Hedge reports about the Massachusetts Supreme Court decision on Tuesday against the mortgage industry. It points out an interesting fact that 2/3 of all real estate transactions over the past five years were foreclosure related, the majority of those were cash deals. The article goes on the explain who is buying the property and how the middle class is being disenfranchised.

This ends one of two ways, in a society based upon individual freedom, or a police state based upon a totalitarian government. Until the fraud which caused the GFC of 2008 is prosecuted, and the TBTF elites are treated like the criminals they are, the protests on Wall Street and around the country, indeed, around the world, will continue. There are two many conflicts of interest, primarily in the US Congress for the current balance to be maintained. The federalists, central bankers, and globalists need to be thrown out of organized government, and held accountable for the ruin and destruction they've wrought world wide.

America’s Wealth-Defined Society

I would expect the top 1% are now considering that it's not their responsibility to feed the bottom 19%. Food is cheap, but you don't give a man a fish, you teach him to fish and provide an opportunity to fish. This is an inalienable right endowed by our creator and set forth in the US Constitution, which in America means jobs.

Secondly, the system which allowed the top 1% to gain their wealth, and elect politicians sympathetic to their cause, promised a welfare state that the US is saddled with for the next 50 years. Certainly, welfare can be reformed, social security to a certain extent by providing means testing, but medicare costs will continue to rise.

Everyone must pay their fair share, which means corporations must shoulder the social costs required of every citizen, and the wealthy must pay a larger share of their income, which is a double hit to their bottom line, but that is fair.

Guest Post: America’s Wealth-Defined Society | ZeroHedge