Friday
Oct152010
Matt Taibbi With Don Imus On 'The FED's Magic Money Printing Machine' (VIDEO)
Video: Matt Taibbi -- Oct. 11, 2010
Matt's latest story for Rolling Stone:
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Fox Video: 'Griftopia' Author Matt Taibbi on what goes on behind-the-scenes on Wall Street and why it matters for the economy -- Interview with Don Imus
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Further reading:
Oct 15, 2010 at 2:52 AM
Reader Comments (20)
http://www.youtube.com/watch?v=sPz5hScPYrs&feature=player_embedded
the latest from max and stacy...
i think ron paul will die a happy man -- or at least a lot happier than he expected to be a few years ago.
Daily Bailers, this is your moment. let's hope a better world comes out of it, but at least enjoy it.
Matt Taibbi on the Tea Party
How corporate interests and Republican insiders built the Tea Party monster
http://www.rollingstone.com/politics/news/17390/210904
The Fed's Magic Money-Printing Machine, Act 2
This is excellent stuff...
"The put-back crisis is not driven by economics. It is driven by legal rights. And there’s simply zero probability that the politicians in Washington are going to let Bank of America or Citigroup or JP Morgan Chase fail because of a legal issue."
http://www.cnbc.com/id/39686897
One "legal issue" here is standing, a limit on courts' power set by Article III--and not subject to repeal by Congress. Another CNBC hopium FAIL.
but the saving grace here is the greed of the trial lawyers. investors can still sue, especially as the market for their securities has become more illiquid with these revelations, or something along those lines.
If I steal a pitchfork from Dr. P, he's an injured party and can sue me. He would have standing. If you sue me instead, your suit gets dismissed because you lack standing.
For a party to have standing in a case of foreclosure, its name must be on the mortgage and the promissory note to establish that it--rather than some other party--was in fact injured.
What's been happening in countless foreclosure cases is that the plaintiff doesn't have either the mortgage or the note. The note might name some other party, or it might have been lost or destroyed. Whatever the case, the foreclosing party's lawsuit should have been dismissed for lack of jurisdiction, but the suit wasn't dismissed. As a result, the resulting foreclosure judgment is void. This is the royal fucking mess in which we now find ourselves mired.
What Carney's saying is that Congress can just paper over our mess with legislation that somehow confers standing on the very same losers who are responsible for losing or destroying or splitting the mortgage and note to begin with. That ain't gonna happen, as Congress--a creature of Article I, not Article III--simply lacks that power. Congress of course might try such a maneuver, just as the banks have initiated foreclosure suits without standing.
Any such legislation would be as void as all those fraudulently obtained foreclosure judgments.
1. It's only a matter of time for the class action bar to figure out the above. When that happens, you'll start to see cases filed for sham litigation, fraud, antitrust violations, unfair competition--pick your poison. Even if the above analysis is wrong--and it's not--you're still looking at a mushroom cloud of lawsuits against the criminal banks. This alone will wipe TARP banks from the face of the earth, regardless of the merits underlying case.
2. Look for banks to undertake a systematic effort to destroy dockets that haven't gone electronic. There are county courthouses chock full of records perfectly documenting the crimes that have been committed here. It's never the crime itself, it's the cover-up. Be on the lookout for the latter in oddly named courthouse squares.
3. Either the law will be enforced, or it won't. When the latter is clear, the U.S. of A. has announced its status as a banana republic--and, consequently, that every financial paper having a counter-party (all paper) has a value of toilet paper.
Such is the tsunami of fiat fantasy.
Til proof to the contrary, the law has always, and will continue to defend the plunderer.
For present purposes, I was just pointing out that legal conditions are ripe for an asteroid-sized litigation shitstorm to hit the already tottering big banks based on foreclosuregate. And that's quite apart from the problem of homeowners asking why they should remain current on their mortgages.
Real trouble here, as I see it.
Since M3 is about ten times bigger than M1, the banks have several trillion dollars in bailouts to go before they start expanding the total money supply and there's heavy inflation. But don't worry, with their greed as big as the universe, I'm sure they'll get there eventually!
Fed is owned by the too-big-to-fail-banks, so in QE1 the big banks bailed out themselves.
So in addition to the paedofilia involved in the taxpayer looting there is incest too.