Last major investment banks change status

Speaking of secrets, try googling Congress's secret meeting regarding economic collapse in March of 2008. They even called the month it would happen.

If it was a secret we probably wouldn't be reading about it.

The content of the meeting is what was to be secret, not the meeting itself.

no i read that article it was right on...its getting scary...something isnt right the numbers do not add up..

It's beyond scary...if all of this is true Americans could effectively become slaves.

this is the link to the story...read it all

scary

I see, you're conspiracy theorists.

Thanks, cyan412000.

I was not sure how to add the link.

enlighten us all jp102...tell us your theroy on why we are where we are...educate us o great wise one.
tell us the truth of your great wisdom

maybe it was just a lucky guess on their part?

jp,

Get over yourself!!
I did not write the article, I just read it and thought it was relevant.

what was relevant? you just called it bunk...lets hear your input on it..

To conclude this is all a conspiracy would be to conclude that the people who bought homes larger than their budget were conspiring against America. I doubt that's the case though I do believe it was very stupid on their part.

cyan,

I was speaking to jp, and all of his/her infinite wisdom.

really? 700 billion in bad mortgages ? are you kidding me?

we had to stop short selling and put 799 companies on a list of stocks that can not be shorted to stop bad mortgages?

they could have just brought back the up-tick rule that worked for 69 years.

why didnt they do that? the only thing the market can do now is move up...there is no down. you take away the very tool needed to hedge losses.

The problem with the aforementioned article is it does not come from a reliable source. B.A. Brooks is the author and is a member of The Unitied American Freedom Foundation. The foundation has no support or backing and cannot even continue to maintain their own site because of it.

I believe as well as you do there are some sketchy events taking place right now but I would not call it a conspiracy and would not rely on discredibitable resources for my information.

yeah i know but i sure wouldnt rely on anything the government is spewing forth or the talking heads that deliver the messages on mass media.

there are far too many secret meetings on weekends. and this is being pushed hard like the patriot act was and the rush to war with iraq.

you cannot tell me they didnt see this coming long ago.

You are absolutely correct, no more Fox News, MSNBC, CNN, ABC, or CBS for me!!!

I completely agree the news organizations aren't reliable either, but don't turn to sources that are just as unreliable. You have to be careful about what you read and do some research on the author. Have a nice night.

Please stop calling FOX "NEWS". Only the feeble minded would call their commentary 'news'.

Good post PO. My vote is going to any candidate that can stop this insane bailout. I never thought I would see the day when the Government would give 700 billion to crooks. I've e-mailed both my senators to stop this nonsense. I hope everyone else does the same.

I am getting tired of reading about how the democrats have control of the legislative branch. They don't. If there were 60 democrat senators, then they would have control. Right now, if they have to sustain a veto by the republican executive branch, they can't. So the republicans still have control of the government.

Dejay,

I may have missed it, but what did this committee do that was vetoed by the President? That argument only holds water if the committee actually tried to do something. Go on their website, check out their committee reports starting in July.

They did nothing to prevent this, and even worse, they seemed oblivious to it. I'm not just blaming the Dem's....I'm blaming the whole committee. If you noticed, I blamed BOTH sides. The problem was caused by both parties inability to work together, so they both get to share the blame.

And, again, show me what the committee did to prevent this......show me where they provided oversight......show me where they subpoenaed anyone in the financial industry to question what they were doing. Only now, are they doing anything about this mess.....and it's too late. Now the American Taxpayer is left to pick up the pieces and fix the mess that the experts should have seen coming a long way off.

Sub-prime lending leads to increased foreclosures and bankruptcies. These in turn cause a crisis in the banking industry. Logically, this is not a huge leap in reasoning, but they are only finding out about it now....? C'mon, do you really expect us to believe this problem was caused solely by the Repubs? I just don't see it that way.

Wheeeeeeeeeeeeeeeee

REPUBLICANS = DEMOCRATS

MS and Lehman, how dare you!

This is part of the Republican plan to shift the taxes from the rich to the middle class or did we forget that little ditty.

WASHINGTON - Since 2001, President Bush's tax cuts have shifted federal tax payments from the richest Americans to a wide swath of middle-class families, the Congressional Budget Office has found, a conclusion likely to roil the presidential election campaign.
The CBO study, due to be released today, found that the wealthiest 20 percent, whose incomes averaged $182,700 in 2001, saw their share of federal taxes drop from 64.4 percent of total tax payments in 2001 to 63.5 percent this year. The top 1 percent, earning $1.1 million, saw their share fall to 20.1 percent of the total, from 22.2 percent.
Over that same period, taxpayers with incomes from around $51,500 to around $75,600 saw their share of federal tax payments increase. Households earning around $75,600 saw their tax burden jump the most, from 18.7 percent of all taxes to 19.5 percent.

http://www.msnbc.msn.com/id/5689001/

According to Biden, it is you Patriotic duty to pay higher taxes.

Does anyone else feel the Democrats are all about taxing the middle class to bribe votes from the poor and the Republicans want to tax the middle class to bribe votes from the rich? I'm stuck in the middle and neither party is looking out for my interest.

Great post Joe. I also thought the idea was to let failed businesses go under to protect capitalism. Funny how fast that changed.....

Cute!

The Federal Reserve is NOT the US government.

YOUR POINT BEING?????????????

Well said Peggy. I'm not sure how much of it was fraud and how much was just incompetence, but in either case they don't deserve the taxpayer's money.

I REMEMBER IT WELL. THE BIG WAR MACHINE.

they work for the federal reserve bank

Holy Smokes! That's deep....and this whole Federal Reserve, change of status, government bail out crap is scary!!!! Just a bunch of greedy bastards if you ask me and now they don't want to (or can't ) pay up after having their hands in the cookie jar all these years. What all need to do is figure out where all of them (meaning the top ballers) are putting their money, because it's for dang sure not Wall Street. Anyway, how the hell are we gonna pay all of this back? The average middle class person is already stretched to the max.

Thanks for the enlightenment Cyan412000.

Your right on.

Until the American worker starts getting paid more money, there will not be many new people to loan money to which means a slow, slow ride out of this mess. Between the people already ruined financially and the 75% of working people who's wages are decreasing, not increasing, its going to be hard to find people to loan money to. The ones who do get loans will pay high as hell interest rates, oh, except the rich people, you know the ones that don't need it. I'm talking about the $10 million and up people, not the single millionaire, they are fixing to get soaked as well, and it isn't becuase of the middle class, its because when the majority of people don't get paid enough to pay taxes, that only leaves a very few (the 1 Percenters) to pay the bills, so stop whining about middleclass people and poor people not paying taxes, eveidently the rich people employing people aren't paying the employees enough to buy the goods you pay them to make or taxes, so stop bitching, share the wealth and then we can all pay taxes. Stop bitching about the people making you the millions of dollars which provide you an elitist lifestyle.

But, last week the congress was trying to get 550,000 more visa's to bring in foreigners to work and steal our American jobs. WHAT? With unemployment the highest in decades they want to bring in more foreign workers? Just go to NumbersUSA.com and check the bill, call your senators and congress people, or you can fax them from the website.

This and illegal immigration keeps our wages down, this is part of the reason why we are in this financial mess, the other reason is the politicians are just plain crooks, as eveidence of the illegal immigration crisis. I know, everything is a crisis, and we have a do nothing sold out criminal enterprise in DC and in every big city and town in this country, its all about PC Bullcrap and stealing everything we have, and there isn't much left to steal from us is there? Just wait when either one of these sellout candidates get in office and let another 20 to 100 million people come here, you think your wages are going to go up? Wages will again plumet and we will have another fiasco just like this becuase there will be so many people looking for a job and willing to do yours for $5 an hour that people again will not be able to pay their bills.

As, one economist said the other day, it would be far cheaper to bail out the homeowners, even if you were to bail out just the people with adjustable and interest only loans with fixed rate permenant loans this whole deal could have been avoided, since millions of homes wouldn't be foreclosed upon, the housing prices wouldn't have dropped 20 to 35%.
The fair thing would have been to look at every loan, look at the credit score and then give the loaner a fair priced interest rate according to the federal interest rates that was the norm at the time the preditory loan was made. This would have averted this whole crisis and saved Americans a couple of trillion dollars, and we could have been back on the road to prosperity by june '09. The government could have put this on a fast track by telling these preditory lending companies with ridiculas adjustable rate laons, you fix it, or every one you don't fix to a fair market priced loan, we'll fine you X amount of dollars. With the outrageous adjustable rate loans replaced with sensible fair loans according to the "historical" market rates applied in like economies in the past, we could have avoided this whole fiasco. Yes, some people would lose their homes because wages have fallen. Yes, there were people that had no business getting a loan and those people would eventually lose their homes. But alot more would not lose their homes, foreclosures wouldn't be sitting on every corner and the value of homes accross the nation would be down more like 10 to 15% instead of 20 to 35%. Alot of people had pretty darn good credit, great payment history and verifyable income and should have been able to get a decent fixed loan, and not an adjustable loan. Many people including people I know with 700+ credit scores were told by many mortgage companies they could only get an adjustable loan, this was 2 to 3 years ago. One couple had a 720 credit score and hadn't been late on any type payment for 6 years. We now know these people should have been able to get a decent fixed rate mortgage, but all 5 mortgage companies told them the same thing, so what do you do? It was a rackett going on out there, they all say the same thing. So there aren't any choices. Everything is a monopoly because even though there might be 10,000 mortgage companies, they all work for one company, the federal reserve. Everything is rigged! There is no free market, its all fascism and communism and PCism, thats what they have to use to sell it all to us, and many people fall for that garbage.

This crisis has been planned for the bankers, the Federal Reserve wants to own and control everything, thats why everything is a crisis. Thats why everything involves big money, so it all has to go through them, or you just don't live and everything is crappy.

Not only are we bailing out big Multi National Companies who have no ties to American communities, we're bailing out foreign corporations and other countries that really have nothing to do with mortgages. I'm sure a few million will go to political minority groups like La Raza and other Anti American organisations, just like with the stimulas package and other legislation.
I'm sure we'll be bailing out homeowners in Mexico and other places in the world as well.
We'll soon see why this meeting is behind closed doors. Obviously there is going to be things in there the American People will be outraged about and probably some things that don't even have anything to do with mortgages, but they'll say it had to be done. In other words, I'll bet you anything you got that the politicians are not only stealing America's tax money, they are countinuing on the raod to selling America out once again in other areas as we speak.

Just tell me one reason why the American people should not be watching this meeting?
All the financial corporations get the inside scoop, make the rules and get to plot how to make money on the very ones loaning them the money to get out of this mess? While the American TAX PAYER and STOCKHOLDER are left clueless as to what the new rules are so they can't take action in their best interest on monday morning? This is like everything else in this American Government, RIGGED AGAINST US!!! WAKE UP PEOPLE!!!!!
We can watch Clinton get impeached, we can watch Nixon go down. We can watch Lewinsky and
all this othe GARBAGE but we can't watch OUR GOVERNMENT. FOR THE PEOPLE AND BY THE PEOPLE talk about the Biggest financial crisis in AMERICAN HISTORY? BULLCRAP!!!!!!!!!
JAIL THE TRAITORS NOW!!!!!!!!!

hell the lobbyists are at the meeting also..

the real WMD=The Federal Reserve

The IRS has two sets of books.. the ones they base threatening letters on and the one they can't even figure out. To fix any errors, they have to figure out the second one to make the correction.

But, you had better keep perfect records or pay the price..

Now that's the gospel truth Chump....well said! How is it that not one person or agency could see this coming? Oh, but let me forget to add in one receipt or try to claim one extra deduction and the IRS is all over my arse like white on rice! Looks like greed has finally caught up with those shifty players and now we have to pay the price. WHAT A FRIGGIN' MESS!

Why do you even file income tax. You dont have to and guess what the IRS cant do a damn thing to you. You ever wonder on why over 67 MILLION here in the USA dont file income tax, becasue they dont have to and by law they dont have to.

Hell folks even former IRS agents have publicly on national TV has said the exact same as I have. They have also publicly stated that they no longer file income taxes.

Of every case that the IRS has tried the courts have found in favor of the defendant ( non tax filer ) and told the IRS there is no law that states you the citizen has to file income taxes.

The IRS lost each and every case.

The reason on why the IRS has you by the nuts is because you "signed" and "filed" a return. That is a binding document and they have you by the balls ever since. Once you dont file then they the IRS has nothing to hold against you.

Look it up and you will be so enlightned to the truth...........................

lol are you reading my previous posts fed-up?

and yes you are right..as a matter if fact since taxes need to be paid in money as outlined in 26. USC.

you cannot pay with FRN's not legal money...so only gold or silver coin...guess the IRS didnt do a good job of researching United States Code.

And since gold and silver is outlawed whats a person to pay with? the IRS will not i repeat people not take cash..FRN's payment on your taxes...has to be a check or cashiers check..commercial paper.

This action acknowledges the fact you cannot pay debt with debt paper.

Hey Cyan
They had a good piece on the tube about this. Talked all about big goverment and a broken IRS and the IRS thugs that would threatnen people.

Had a couple of former IRS agents who layed it out on the table. Pretty good piece gave some history also.

Didn't Wesley Snipes just go to jail for not paying his taxes?

Hell...if I can figure out how to get out of the IRS loop I would!!! But I'm not trying to go to jail....like Wesley Snipes and the like. I've always known that one is not obligated to pay taxes, but the catch is I have children in college and they don't qualify for anything but student loans and a few odd scholarships here and there so the IRS got us over a barrel when the kids applied for student loans.

YOU ARE EXACTLY RIGHT IT IS A BIG GAME!!!! THE BIG LOSERS ARE THE AMERICAN PEOPLE..

I have a king sized mattress.. that should work..

Thinking about becoming a day laborer, no taxes, free health care and food... Wait for the amnesty bill and pay my fine like the illegals. It will be cheaper than actually paying them now. Claim racial discrimination when they throw my butt in jail. I am pigmently challenge, so I can get disability as well... woohoo it all makes sense now.

paarlberg you have quoted the corporation mentally in this country exactly! They are the experts in obtaining government welfare.

There is a huge difference between this bailout and the Savings and Loan bailout of the 80's. This one will be 300-500 times LARGER!!!

I agree with the spirit of the post, but you're not exactly correct. The money will not be out of the U.S., it will be in the hands of the rich CEO who got the bailout money, all 700 billion of it. The rest of us will be lucky to get a job cleaning his pool or private jet. And he's the one who did something wrong! Throw in the taxes we will have to pay to fund the bailout and we are well and truly screwed.

Karl Marx must be turning in his grave ... from joy. The Capitalism is bursting at its seams!

A lot of the paper debt in the US is owned by China, Saudi, Dubai, etc... They will dump it to cut their losses within 2 weeks. Once that happens, a downward spiral will happen.

See you on the other side at the food bank.

nah they are just branches of the major banks these banks have CONTROLING interests in the federal reserve banks

that the following banks have controlling interest in the
privately owned Federal Reserve
1. Rothschild Banks of London and Berlin
2. Lazard Brothers Bank of Paris
3. Israel Moses Sieff Banks of Italy
4. Warburg Bank of Hamburg, Germany and Amsterdam
5. Kuhn Loeb Bank of New York
6. Lehman Brothers Bank of New York <--- now gone.
7. Goldman Sachs Bank of New York
8. Chase Manhattan Bank of New York (Controlled By Rockefellers)

all though this list is several years old...but probably has not changes too much except for lehman gone...which is being bought by barclays..which will probably take a spot on the list.

NATHAN DO YOU KNOW WHAT BANKS???

DO YOU KNOW WHAT BANKS?

correct, the congress had no authority to turn our money system over to anyone. yet the congress has the power at anytime to go back to coining our own money interest free. why do they not do that?

it worked fine up till 1913. but deals were made and the granting of power and riches beyond belief.

sort of like selling your soul to the devil. Ron Paul is very very well versed on the fed system and has opposed it many times in public. Guess that why they do not want him in anymore debates for persident.

why would we borrow our own money at interest? and right now its only backed by oil. petro-dollars.

THANKS

its pretty deep peggy.. but you go back in senate and house documents from the early 1900's and you lay it all out..
it basically says...we are slaves to the bankers..the government borrows money at interest and pledge the people of the country as collateral for the debt.

since using gold for purchase is illegal they had only the labor of the people ( slaves ) that were strong armed through the illegal income tax law.

Even Ron Paul on camera stated "there is no law requiring the people to file income taxes" but since the government has the guns and the badges the people just do it.

you will not find through ANY congressional record the statue that created the IRS. it does not exist.

They created the peronal income tax in 1913 also...borrow money from the fed the debt is paid in taxes. your labor.

In 1933 FDR signed the Untied States into bankruptcy...which was H.J.R. 192. which also made the government of the United States a Corporation. not a country.. Black Law defines the United States also as a Corporation...the 2 United States.

President of the Untied States is the head of the Corporation.. He is not the President of the Untied States of America...2 different entities.

thats why the speaker of the house ALWAYS introduces him as the president of the united states...NOT the united states of america.

even the seal of the president is absent the "of america"

This is not a blopper it is by design.

THANKS AGAIN I APPRECIATE THE INFORMATION.

peggy,

The Federal Reserve Bank is a central independent bank and falls under the oversight of U.S. Congress. The Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government; therefore, the description of the System as "independent within the government" is more accurate

"independent within the government" is more accurate

I disagree, they can call in thier loans at will. as they did to create the great depression..Ben berneke is well versed on that era...he should be he works for the people that created it.

It is not in any way shape or form of within the government. None. it is as private as your little local bank down the street.

congress was to oversee this bank as to the borrowing needs of the USA. they have failed to do this at all.

You are correct Yo-There. The financial sector is not the only one with friends in the federal government.