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Grand Theft America
The Bank for International Settlements' valuation of the world's derivatives holdings is over four times the world's total Gross Domestic Product.
There are only five "bad" banks,
the biggest banks in the country,
holding our economy for ransom,
demanding we give them all of our money
to cover their trillions in insurance claims
that AIG is unable to make good on.
These five banks hold ninety-six percent
of all US bank derivatives positions.
JP Morgan tops out the list
with an exposure of 88 trillion dollars,
Bank of America, 38, Citibank, 32,
30 for Goldman Sachs. Five trillion for Wells Fargo.
After that, other American banks' obligations
to unregulated derivatives plunges precipitously,
so it's just the five biggest American banks
holding a bag of financial nitroglycerin.
A conflict of interest on the part of the banks
led to the Crash of '29 and the Great Depression,
so in order to keep such interests separated,
laws were enacted to legally prevent this.
Deposit and investment banks were forbidden to merge
to prevent them from gambling with "regular" people's money.
Betting would be restricted to the investment banks
so our deposits wouldn't get lost in Wall Street's lottery.
And as a further precaution neither type of bank
could acquire, or be acquired by, an insurance company.
But a Ponzi scam began under Reagan,
which under Clinton, was greatly accelerated.
Depression Era regulations we're gutted,
meaning rules for finance were being eliminated.
This financial free-for-all was creating a "moral hazard,"
as hedge funds, banks and financial gamblers of all kinds,
who wanted more and more money to place bets with,
turned to the fee-generating machine Wall Street called sub-primes.
These mortgage loans were surfing the housing bubble,
fees building into a tsunami as more were written,
and the competition to write these loans for fees
led to a financial meltdown and the theft of trillions.
The demand for these fees created a market
for low-interest, no-interest and "liar loans,"
in which the ability to repay them was not a consideration
because the outcome was already known.
The idea was just to write as many as possible
to generate the fees to place Wall Street bets.
The fact that these loans would be defaulted on
wasn't the issuing banks' problem - not yet.
These garbage loans were placed into a "pool"
fed by loan payments comprising a "revenue stream."
The banks sold shares of these I.O.U.s
leaving shareholders with the bag of feces.
As protection from defaults on these I.O.Us,
banks bought insurance on these shaky "securities"
via a financial "instrument" called Credit default Swaps,
the greatest purveyor of which was - you guessed it - AIG.
The over $180 billion dollars funneled to AIG.
has gone to five big banks, primarily,
to reimburse them for bets that they knew were bad -
Morgan Chase, B of A, Wells Fargo, G Sax and Citi.
These banks believe that they're too big to fail
and big enough to run the government of the United States.
This "quiet coup d'etat" by America's five biggest banks
has been in the works since the Reagan Administration.
This is exactly what Geithner doesn't want us to see,
because it would focus our attention on an actual solution.
There are already laws to deal with bankrupt banks,
in spite of legislation passed to abuse them..
The FDIC would put the banks into receivership.
An audit would separate assets from liabilities.
Management would be ousted. Stock holders would "take a haircut."
And banks would be broken into more manageable entities.
Eventually these new banks would be sold to the public,
cutting these five, Godzilla banks down to size,
so they could no longer run the United States government
nor gamble with the American people's lives.
A perfect storm of corporate bankruptcies is forming.
Home mortgage defaults and foreclosures are exploding.
Unemployment is increasing by over 600,000 a month.
A financial Katrina is being allowed to unfold.
The buck stops with Treasury Secretary Geithner,
Larry Summers, the president's Senior Economic Advisor,
and ultimately with our president, who I like to call "The Mask"
since he hides Wall Street's face behind his croupier's green visor.
Larry Summers' Commodity Futures Modernization Act must be axed.
And "his" repeal of Glass-Steagall must be reversed
These purposefully enabled the current heist to be perpetrated.
(And while we're at it, why don't we federalize the "Federal" Reserve.)
The American people have to take back the power
that's been usurped by these five giant banks.
We need to break up Morgan Chase, Bank of America,
Citibank, Wells Fargo and Goldman Sachs.
"When economic power became concentrated in a few hands, then political power flowed to those possessors and away from the citizens, ultimately resulting in an oligarchy or tyranny." - John Adams, US President 1797-1801
"If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and the corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." - Thomas Jefferson, US President 1801-1809
"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling the money and its issuance." - James Madison, US President 1809-1817
“You are a den of vipers and theives. I intend to rout you out, and by the eternal God, I will rout you out.” - President Andrew Jackson, US President 1829-1837, publicly vowing to defeat international cartel bankers to their face in his speech.
"I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country; corporations have been enthroned, an era of corruption in High Places will follow, and the Money Power of the Country will endeavor to prolong its reign by working upon the prejudices of the People, until the wealth is aggregated in a few hands, and the Republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before, even in the midst of war" - Abraham Lincoln, US President 1861-1865
"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, US President 1913-1921, after signing the Federal Reserve into existence
We had to struggle with the old enemies of peace - business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering. They had begun to consider the Government of the United States as a mere appendage to their own affairs. We know now that Government by organized money is just as dangerous as Government by organized mob. - Franklin D. Roosevelt, US President 1933-1945
“The real truth of the matter is, as you and I know, that a financial element in the larger centers has owned the government evr since the days of Andrew Jackson.” - Fanklin D. Roosevelt, US President 1933-1945
