Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend  
Printer Friendly Page Save As Favorite Save As Favorite View Article Stats
6 comments

Exclusive to OpEdNews:
OpEdNews Op Eds

Toward a better understanding of exactly how the banksters are stealing trillions from us

By (about the author)     Permalink       (Page 3 of 3 pages)
Related Topic(s): ; ; ; , Add Tags Add to My Group(s)

Well Said 6   Must Read 5   News 3  
View Ratings | Rate It

Headlined to H2 1/28/11
Become a Fan
  (107 fans)

opednews.com

By one measure, according to the Times, for about every $40 in assets, the nation's five largest investment banks had only $1 in capital to cover losses, meaning that a 3% drop in asset values could have wiped out the firm.   The banks hid their excessive leverage using derivatives, off-balance-sheet entities and other devices, the report found.   The speculative binge was abetted by a giant "shadow banking system" in which the banks relied heavily on short-term debt.

"When the housing and mortgage markets cratered, the lack of transparency, the extraordinary debt loads, the short-term loans and the risky assets all came home to roost," the report found.   "What resulted was panic.   We had reaped what we had sown."

The report, which was heavily shaped by the commission's chairman, Phil Angelides, is dotted with literary flourishes.   It calls credit-rating agencies "cogs in the wheel of financial destruction."   Paraphrasing Shakespeare's "Julius Caesar," it states, "The fault lies not in the stars, but in us."

Of the banks that bought, created, packaged and sold trillions of dollars in mortgage-backed securities, it says: "Like Icarus, they never feared flying ever closer to the sun."

In other words, the cover story is that it was all a big "accident.'   "We just couldn't see what was going to happen -- how could we possibly know that housing prices would not go up forever?!"

("Who could have ever imagined that airliners would be hijacked by terrorists and then flown into buildings?!")  

The main problem with the Angelides Commission Inquiry is that it doesn't come right out and recognize that what it should be investigating is a case of systemic fraud.   On a short video clip, economics professor Michael Hudson explains:

One of the main problems here is that the criminals that committed the fraud were the main contributors to the Obama campaign -- and now, having been appointed to top positions in Obama's administration, essentially run our government!

Next Page  1  |  2  |  3

 

Take action -- click here to contact your local newspaper or congress people:
We need state-run banks

Click here to see the most recent messages sent to congressional reps and local newspapers

http://www.crystalclearcommunications.net/

Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)
 
Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Contact Author Contact Editor View Authors' Articles
Related Topic(s): ; ; ; , Add Tags

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

New JFK assassination bombshells

Was Pat Tillman Murdered by an American Sharpshooter to Shut Him up?

The cholesterol - heart disease scam: How the medical-industrial complex is raking in billions at our expense

Two U.S. presidents implicated by ex-CIA black-ops assassin

Four Ticking Time Bombs That Will Soon Ignite a Revolution

The Ultimate Goal of the Bankster-led Political-economic Warfare Being Waged Against Us Is . . . ?

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
3 people are discussing this page, with 6 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

 At least eight U.S. states are considering ... by Richard Clark on Friday, Jan 28, 2011 at 10:52:07 AM
to hold criminals, including those in government, ... by Mark Adams JD/MBA on Friday, Jan 28, 2011 at 1:05:32 PM
how bad it really is by looking at these maps of t... by Mark Adams JD/MBA on Friday, Jan 28, 2011 at 3:22:31 PM
.....and prosecute every banker on Wall Street? Th... by lila york on Saturday, Jan 29, 2011 at 8:53:26 AM
Another Nobel Economist Says We Have to Prosecute ... by Richard Clark on Saturday, Jan 29, 2011 at 10:38:03 AM
justice, let me know. I'm happy to help, and I've... by Mark Adams JD/MBA on Saturday, Jan 29, 2011 at 12:28:13 PM