Quantcast
Feeds: Email, RSS & Twitter

Get Our Videos By Email

Powered by Squarespace

 

 

Search The Daily Bail Archive Of 15,000 Videos

SEARCH THE DAILY BAIL

SPONSORED BY  

 

Hank Paulson Is A Criminal - Pass It On

Bernanke's Failures Caught On Tape

"The Federal Reserve Is A Ponzi Scheme"


Get Our Videos By Email

THE FED UNDER FIRE: Must See Clip

Bernanke's Replacement: Happy Hour In Santa Cruz

Must See: National Debt Road Trip

"Of Course We're Not Going To  Payback the Chinese."

Dave Chappelle On White Collar Crime

Carlin: Wall Street Owns Washington

SLIDESHOW - The 11 States Most Likely to Go Bust

SLIDESHOW - 7 Really Big Holes - Don't Miss #7

SLIDESHOW - Molotov Cocktails In Greece

SLIDESHOW - The Sights, Sounds & Women of Texas

SLIDESHOW - Genius Signs From Irish IMF Protest

SLIDESHOW - Egyptian Revolution - Graphic PICS

SLIDESHOW - U.K. Student Riots

SLIDESHOW - Airport Security Cartoons - TSA

Most Recent Comments
Cartoons & Photos
SEARCH
« July Update From Elizabeth Warren & The Congressional Oversight Panel (TARP Repayment & Warrant Repurchase) | Main | Thursday Afternoon Links (15 Stories July 23, 2009) »
Friday
Jul242009

Eliot Spitzer: "The Federal Reserve Is A Ponzi Scheme" - Inside The Fed's Secret Pile Of TRASH Assets

     Please email to a Friend

Extremely important clip.  Please share it anywhere and everywhere across the net.  Our only hope to stop the heist will come from greater awareness.

The Federal Reserve Is A Ponzi Scheme

Special request from the publisher of The Daily Bail.  I am asking each and every one of you to send this video to 2 people.  This is a rare instance in life where just 60 seconds of your time can help change the course of history in the fight against the Fed.  Either we win, or Wall Street wins.  It's that simple.  PLEASE click here to pass it on to the next person.  That's all I politely ask.  

Thank you so much!

---

An outstanding discussion, primer and visual lesson on toxic assets, failed banks, the Federal Reserve, HR 1207, auditing the Fed, and the cost to taxpayers.

Dylan puts on his Banker hat and swaps a (literal) bag of trash, on-air, for $13.9 Trillion worth of Monopoly money from a guy wearing a "Fed" hat.

  • "The Federal Reserve just extended $14 Trillion of our money, our children's money, America's future...and now they don't want to talk about what's in the bag. And they did it because the banks created a garbage bag full of bad debts." (4:45)
  • "I feel as if America has suffered the greatest theft and cover-up -- ever, ... where banks created a pile of garbage, that they paid themselves billions of dollars in personal compensation, and then stuck the trillions of dollars worth of garbage with the American taxpayer. That, to me, is stealing." (7:05)

---

The Federal Reserve — the quasi-autonomous body that controls the US’s money supply — is a “Ponzi scheme” that created “bubble after bubble” in the US economy and needs to be held accountable for its actions, says Eliot Spitzer, the former governor and attorney-general of New York.

In a wide-ranging discussion of the bank bailouts on MSNBC’s Morning Meeting, host Dylan Ratigan described the process by which the Federal Reserve exchanged $13.9 trillion of bad bank debt for cash that it gave to the struggling banks.

Spitzer — who built a reputation as “the Sheriff of Wall Street” for his zealous prosecutions of corporate crime as New York’s attorney-general and then resigned as the state’s governor over revelations he had paid for prostitutes — seemed to agree with Ratigan that the bank bailout amounts to “America’s greatest theft and cover-up ever.”

Advocating in favor of a House bill to audit the Federal Reserve, Spitzer said: “The Federal Reserve has benefited for decades from the notion that it is quasi-autonomous, it’s supposed to be independent. Let me tell you a dirty secret: The Fed has done an absolutely disastrous job since [former Fed Chairman] Paul Volcker left.

  • “The reality is the Fed has blown it. Time and time again, they blew it. Bubble after bubble, they failed to understand what they were doing to the economy.
  • “The most poignant example for me is the AIG bailout, where they gave tens of billions of dollars that went right through — conduit payments — to the investment banks that are now solvent. We [taxpayers] didn’t get stock in those banks, they didn’t ask what was going on — this begs and cries out for hard, tough examination.
  • “You look at the governing structure of the New York [Federal Reserve], it was run by the very banks that got the money. This is a Ponzi scheme, an inside job. It is outrageous, it is time for Congress to say enough of this. And to give them more power now is crazy.
  • “The Fed needs to be examined carefully.”

Spitzer resigned as governor of New York in March, 2008, after news reports stated Spitzer had paid for a $1,000-an-hour New York City call girl.

At the time, Spitzer had been raising the alarm about sub-prime mortgages. In the wake of the economic meltdown triggered last fall by sub-prime loans, some observers have suggested that Spitzer may have been targeted by law enforcement because of his high-profile opposition to Wall Street financial policies.

Investigative reporter Greg Palast wrote that federal agents’ revealing of Spitzer’s identity as a call-girl customer was no coincidence.

Palast wrote that the principle of “prosecutorial discretion” is often used to keep the names of high-profile persons out of the media when they are tangentially linked to a criminal investigation. In the case of Spitzer, the Justice Department chose not to invoke prosecutorial discretion.

Funny thing, this ‘discretion.’ For example, Senator David Vitter, Republican of Louisiana, paid Washington DC prostitutes to put him in diapers (ewww!), yet the Senator was not exposed by the US prosecutors busting the pimp-ring that pampered him.

Naming and shaming and ruining Spitzer – rarely done in these cases - was made at the ‘discretion’ of Bush’s Justice Department.

Spitzer recently told Bloomberg News that President Obama’s regulatory reforms of the financial sector are “irrelevant” because regulatory agencies have not been enforcing corporate laws to begin with.

“Regulatory agencies already had the power to do everything they needed to do,” he said. “They just affirmatively chose not to do it.”

---

PLEASE email, facebook, re-tweet, share and take our stories with you when you leave.  Our only weapon against the madness is GREATER AWARENESS.  Just by sending this video to a couple friends, you'll be contributing to the formation of an aggressive and educated voter base that understands the economic peril of our failed debt, deficit and spending policies.   Thank you.


Subscribe to RSS headline updates from:
Powered by FeedBurner

 

 

Video:  Spitzer says the Fed is a Ponzi scheme -- Short version

---

MSNBC Video:  Same complete clip as the one at the top of the story -- stored here in case the youtube version gets pulled.

 

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments (29)

Hopefully no one had any trouble finding this story...I changed the title which changed the URL from its original.

Anybody have any trouble with the acronyms for people to be blamed...?
Jul 24, 2009 at 3:22 PM | Registered CommenterDailyBail
@DB

I posted this in comments under "B-52: We Have A Plan to Suck Reserves" just a few minutes ago (probably just before or after you posted it here), but here are just two of several choice morsels from this clip:

Ratigan: "The Federal Reserve just extended $14 Trillion of our money, our children's money, America's future...and now they don't want to talk about what's in the bag. And they did it because the banks created a garbage bag full of bad debts." (4:45)

"I feel as if America has suffered the greatest theft and cover-up -- ever, ... where banks created a pile of garbage, that they paid themselves billions of dollars in personal compensation, and then stuck the trillions of dollars worth of garbage with the American taxpayer. That, to me, is stealing." (7:05)

Ratigan's new show is a Daily Bail-er's dream show -- I had high hopes, but I never thought it would get this good.
Jul 24, 2009 at 3:24 PM | Unregistered CommenterJames H
http://www.scientificamerican.com/podcast/episode.cfm?id=profanity-bleeps-physical-pain-09-07-13

No problem DB - you gotta let it out! Profanity CAN ease your pain - it's a scientific fact. I continue to prove the hypothesis every day!
Jul 24, 2009 at 3:47 PM | Unregistered CommenterAngry Jones
James.

Great commentary. I found your complete comments and added them to the video. You are today's "Guest Tortured Soul.'

@Angry Jones

I'm glad you sense my pain. Great link.
Jul 24, 2009 at 4:23 PM | Registered CommenterDailyBail
@ S. Gompers

Per my invitation in a previous thread for you to write a guest post, you may write about whatever you wish...and you are not limited to 1 post, so don't feel as though you must choose between favorite topics...

You have written extensively on many subjects so I would suggest reprising something from your previous work. Fed, Paulson, Getihner, capture, corruption, b-52, free-money Alan G., or just about anything else you can come up with....

You can use an article such as this one for your starting point (just as an example, though I need to publish something on Fannie and Freddie soon):


http://money.cnn.com/2009/07/22/news/companies/fannie_freddie_bailout/index.htm


Let me know what you're thinking by email...you can contact me thru the site at this link:

http://dailybail.com/contact-us/

thanks.
Jul 24, 2009 at 4:49 PM | Registered CommenterDailyBail
@ Angry Jones

Thanks for the link. Well, at least we know why dropping a few F-bombs seems to ease stress every once in a while. Catharsis backed by Science. Now if only you could dig us up something on firing squads or life in prison, we can finally have closure. I am only half kidding.
Jul 24, 2009 at 9:26 PM | Unregistered Commenterspideydouble
New York Senator Kirsten Gillibrand Supports New 9/11 Investigation -

http://www.anonymousphysicist.com
Jul 28, 2009 at 10:31 AM | Unregistered CommenterDavid Howard
One thing they fail to mention is that the money borrowed from the federal reserve has to be paid back (vicariously by the american people) WITH INTEREST.. There will never be enough money in circulation to pay the debt back plus interest, and so the federal reserve will need to print more money (and then charge interest for it) so that banks can pay back the debt. And so it will go until it has reached its mathmatical limits and the dollar is so devalued that the entire system falls apart. The federal reserve/government is essentially shifting wealth away from the people and to itself. It is no suprise they dont want to be audited!
Aug 1, 2009 at 3:12 PM | Unregistered CommenterAnonymous
So which came first,,, the chicken or the egg,,,, The Community Reinvestment Act of 1974, signed into law by the peanut farmer started this chain reaction; with Clinton adding to the problem by demanding even more relaxed lending standards by the banks for mortgage loans. And of course Bush played a role as well, as did Congress, when the regulators warned of FreddyMac and FannyMae problems in 2004. I personally don't have a problem with lobbists; my irritation is with our elected officials allowing themselves to be swayed by them.
Aug 11, 2009 at 1:45 AM | Unregistered Commenterduane
duane...but how can they not be swayed when they need to raise money...career politicians are the problem...

The move for term limits which had so much hope a decade ago, is now non-existent...
Aug 11, 2009 at 2:16 AM | Registered CommenterDailyBail
Duane

The problem started with the Federal Reserve Act of 1913, and all distraction ( fingure pointing) has been propagated by the Banker Manifesto of 1892 to divert attention away from themselves as they steal/ sell our nation.

DB

"The move for term limits which had so much hope a decade ago, is now non-existent... "

They will resist with extreme prejudice all urgings to leave the "cookie jar" alone and settle for just one "cookie".
Aug 15, 2009 at 7:56 AM | Unregistered CommenterS. Gompers
We need more shows and bits like this on T.V. Given the severity of the crisis, I don't see enough of this stuff on the main stream media. We have too much government, too much government spending and too much government intervention. Everywhere the government gets involved they screw it up. Just look at education, because of government intervention degree's are not only more expensive today, they're less valuable: http://www.globaldatingrevolution.com/culture/you-have-a-college-degree-so-what/
Dec 2, 2009 at 9:52 AM | Unregistered CommenterDan DeLa Cruz
Discussion of the Fed as a Ponzi Scheme over poker & beer:

http://www.grupo.org/ponzi
Jan 31, 2010 at 10:15 AM | Unregistered CommenterGeorge
Here's what they don't mention. The Fed is privately owned by the very banks it bailed out. Our money is printed by a private banking cartel which loans it to out country at interest. Until this issue is publicized and dealt with by abolishing the Fed and printing our own money at no interest (as the constitution stipulates) our country is in dire danger.
Feb 26, 2010 at 1:31 PM | Unregistered CommenterJames Houston
@ James Houston

"Very Well Said" What we all see in the media is only a show for the "Sheeple"........ The ones that have No Clue as to whats realy going on. Our Goverment is only "Little Puppets" hanging from Cheep String, doing what Stupid Little Puppets Do. What ever thAre told to do.

S. Gompers got it right too. It all started back in 1913. We need to get back to where it was in 1900. The IMF no longer needs to hide behind the goverment any longer. They just come right out and tell us what thier doing to us. I'll bet there aint more than 25 good guys in the goverment, working for us, and thier real eazy to spot.

The only differance between 2008 and now is that before 2008 we talked amungest our selfs on what they intend to do to us someday, and now were living in the world we once talked about.

All the puzzle pieces are now in place. Thier just waiting for the "IMF Glue to Dry" so they can lock in the "NWO Law" of the land we once called USA.

Most "Demmies" & "Repuplickos" cant evan see it comming. Very soon they will join us in the "Soup Lines & Death Panels" as they will no longer be needed. The new goverment is already in place with BHO under them. Why else would they pretend to answer to only BHO.

If the people wake up and look, its right in front of our faces. They just make it look like they answer to BHO for our entertainment. The last time someone wanted to open up the Fed, he was DEAD in 3 days down in the Great State of Texas......

The New Goverment can all ride in one "Little Yellow Bus".........................BHO will then be "Just the Bus Driver" !
Think About It...? He will have done his role for the "Shadow Goverment".

I just hope God saves us, before "They Get Us"....?
May 8, 2010 at 6:24 PM | Unregistered CommenterTexas Dar
Thanks T. Dar, if you get a chance, do some reading on the monetary allegory of the Wizard of OZ, I think you will find it insightful...

Those times between 1890 and 1935 are very insightful towards what is going on today. but we are told to just pretend it is all a happy coincidence....
May 8, 2010 at 11:49 PM | Unregistered CommenterS. Gompers
It is law vs. antilaw, and the fight to control your strawman.

http://www.constitution.org/mil/lawnanti.htm

http://realitybloger.wordpress.com/2010/02/26/killing-your-strawman-the-path-to-freedom/

Gobie the second one might interest you, it has a thing about birth certificates. To date I have been unsuccessful trying to get mine.
May 9, 2010 at 10:28 AM | Unregistered CommenterS. Gompers
Here We Go................Great Clip !
Updated - Beware, Be Ready, the True Crash Appears Before Us

A follow-up from I.O's Celente posting of Friday, 5/7/2010
Overwhelming debt? No problem, they will just make sure everybody owes their livelihoods to everybody, in a fictitious world economy. Can't get way with "spread the wealth?" Then they will spread the debt. The commitment of U.S. Federal Reserve money to Greek debt is the further mass robbery of our Citizen taxpayers.
http://investigatingobama.blogspot.com/2010/05/beware-be-ready-big-crash-appears.html
May 10, 2010 at 5:27 PM | Unregistered CommenterTexas Dar
Hi,

Hope this email finds you in good spirits.
The email below is pretty explanatory. If not, understand NY FED Reserve admitted electronic negotiable instruments are worthless.
Know what that means?

Alvie


Federal Reserve Bank
New York
“From: ucclaw-l-bounces@lists.washlaw.edu
On Behalf Of Joseph.Sommer@ny.frb.org
Sent: Friday, March 26, 2010 11:15 AM
To:xxx-xxx-xxx
Subject: Re: [Ucclaw-l] Electronic PromissoryNotes

If I were confronted with an "electronic promissory note", I would walk very slowly
away and break into a run as soon as I can.
They are a logical impossibility, along with electronic chattel paper and UCC 7 electronic
warehouse receipts.
The word "electronic" is miserably defined in all the statutes. But we all kinda sorta know
what it means: something in a computer, rather than in some more fixed medium. Of course, a
computer is made of matter and energy, just like a slip of paper or the side of a cow. So it
must mean something special to be "in a computer."
And it does! Most records are stably associated with a particular agglomeration of matter which--if it is not realty--can be
physically transferred from one person to another. This includes paper, cows, and DVDs. If the piece of paper or Old Bossy or
the DVD is uniquely distinguishable from any other piece of paper or cow or DVD that bears the same data structure, we have the basis for a system of negotiability.
However, computer records are not stably associated with any particular piece of matter.
Instead, they are stably associated with a system, which contains many pieces of matter amongst which the record may be sitting, at any
given moment. Or the record could be sitting in 12 places in the system; it makes no difference. You don't need a unique piece of
matter to uniquely identify an obligation—there is no unique matter (or energy) associated with the record. You just need an authoritative registry.
Hence the logical impossibility of an electronic promissory note. "Promissory note" means unique piece of matter. "Electronic" means
that there is no unique piece of matter, and we're dealing with authoritative registries.
UCC 8 gets this right. It has two property systems that rely on unique pieces of matter (registered and unregistered certificates), and
two systems that rely on authoritative registries (transfer agents and securities intermediaries.)
The cotton warehouse system gets this right, and talks in great detail about authoritative registries. UCC 7, 9 and UETA screwed up.
They are bad law—literally incomprehensibly bad law.
The courts will probably eventually define 7, 9, and UETA into registry systems of some kind.
But until then, I would treat electronic negotiability systems as if they were rabid cows.”
May 26, 2010 at 7:25 PM | Unregistered CommenterAlvieC
what about the leveraging of the assets 10:1 or even 80:1, earning commissions and interest on all of it.

it's leveraged banking that is the scam.
Aug 11, 2010 at 10:54 PM | Unregistered CommenterNeitherLiberalNorConservative
Who CREATED the garbage in the bag? Freddie Mac and Fannie Mae!! They encouraged and required banks to loan money to people who couldn't pay it back at inflated values! The Community Reinvestment Act (CRA) passed in Clinton era has "come home to roost." All of the toxic debt was created and financed by FNMA and FMDC, which are STILL DOING IT! Another program was rolled to finance 100% LTV loans! When will the banking industry put their foot down and say NO to the egregious lending practices and guarantees of the Federal government??
Aug 16, 2010 at 6:33 PM | Unregistered CommenterJD
Hmmmmm...
Aug 16, 2010 at 6:52 PM | Unregistered CommenterZ
The Community Reinvestment Act (CRA), was enacted by Congress in 1977 (12 U.S.C. 2901) and implemented by Regulations 12 CFR parts 25, 228, 345, and 563e, was intended to encourage depository institutions to help meet the credit needs of the communities in which they operate. Many hands of many administrations were involved;

http://en.wikipedia.org/wiki/Community_Reinvestment_Act

Sadly, it is not as simple as this law perpetuated by every administration back to Carter.


http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3579171.ece

http://www.lewrockwell.com/dilorenzo/dilorenzo125.html

"When will the banking industry put their foot down and say NO to the egregious lending practices and guarantees of the Federal government?? "

Never, as long as the private FED exists, and the casino is open with no loss gaurantee's. Both parties have encouraged this and protected this since 1913. All expansions and contractions are controlled, and the fraud is played out over and over again, remember the S&L scandal to the tune of 1.4 trillion?
Aug 16, 2010 at 8:54 PM | Unregistered CommenterS. Gompers
On the contrary: The Fed has from their beginning, up to and including today, always known what they were doiing. However, now the greed has become so enormous, so institutionalized that it is near unstoppable. The banks, the government, etc, who is to blame, what is the common thread linking all these persons and institutions - Judeo/Freemasonry.

How many senators and congressmen warned about the Fed all through the 30's and 40's and 50's but no one listened. How many books have been written by informed investigative organizations and persons, x congressmen, senators, writers, CIA, FBI, Fed insiders, persons of high rank in government, military, corporations, etc, that have warned in the past of the massive and growing fraud and theft that has been on going within our institutions, the Fed being one of the most guilty. How many books have been written by the villians themselves, bragging of how they are stealing the wealth of nations, governments, and the world. Who are they - look at their names, look at their backgrounds, look at their associations - Judeo/Freemasonry. Blame everyone and everything but no one dares to blame the source - Judeo/Freemasonry.
Nov 9, 2010 at 4:37 PM | Unregistered CommenterRobert
Everyone needs to start reading more about the Federal Reserve and how it was responsible for the Great Depression AND the current recession we are in!

http://www.unelected.org/federal-reserve-2
Jun 23, 2011 at 2:05 PM | Unregistered CommenterJason
They are like, really good at improv. That was not only informative, they kept on going with their characters. It shows that Ratigan is thinking about it all day every day.... internalizing!
Nov 2, 2011 at 6:02 PM | Unregistered Commentercan't make an omelette
What this little scenario completely overlooks is that the banks were forced to take the TARP loans even though many didn't want or need to be bailed out. This was done to protect the identity of insolvent banks from the public. By not giving an accurate portrayal, this segment is simply trying to demonize all the banks, when in fact many fought to not take TARP money and also had to fight in order to pay it back so that they could get out from under the regulations imposed by TARP. The segment also didn't discuss the FED giving over 7 trillion under the table to foreign banks to bail them out.. Ron Paul is absolutely correct in his domestic policy - especially when he wants to audit the FED.
Dec 3, 2011 at 6:44 AM | Unregistered CommenterGumbi5

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
All HTML will be escaped. Hyperlinks will be created for URLs automatically.