Saturday
Oct102009
Video: The TARP Hits The Fan: Neil Cavuto Asks Elizabeth Warren "Why Doesn't Larry Summers Like You?"
Terrific interview with TARP COP Dr. Elizabeth Warren from yesterday afternoon on Fox Business (FBN). Cavuto brings up Larry Summers and his rumored dislike of Dr. Warren. It's a bizarre exchange. Excellent discussion of the proposed Consumer Financial Protection Agency:
- "We have to have one agency, just one agency that is directly responsible to the people!"
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Oct 10, 2009 at 10:43 AM
Reader Comments (67)
Peter Schiff from yesterday-- pissed off and right-- http://www.youtube.com/watch?v=hAH6sZaBkZo
Hearing that Larry Summers doesn't like her just makes me love her that much more. Elizabeth Warren is the anti-Summers - of course he hates her.
Bar none, she is my favourite public person. Much as I love Schiff, Faber, Ron Paul, Volcker, Shedlock, Eric Janzen, etc, Elizabeth Warren is the clearest, most succinct, princpled and intelligent person ever to stick their neck out in Washington.
Obama shit scam. listen..............
http://www.netcastdaily.com/broadcast/fsn2009-1010-2.mp3
And correct me if I'm wrong, but I thought Congress was supposed to be an 'agency' directly responsible to the people. How's that working out for us, hmm? And the FDA, EPA, XYZ/PDQ--all wastes of money and opportunities for more corruption.
LESS government, Dr. Warren, LESS.
LESS government, Dr. Warren, LESS."
Right on.
Reason article on CFPA: "Saving Consumers from Themselves--The trouble with Obama’s proposal for a Consumer Financial Protection Agency." A good read. http://reason.com/archives/2009/10/09/saving-consumers-from-themselv
WTF?????? Did Larry get a promotion? Or did Neil just forget which decade this is?
I love Elizabeth. What gets me so hot for her is that she understands theory, but infinitely more important, how theory falls flat in reality. I agree completely that we don't need more government, we need the government that we've already got to do it's freaking job.
But we can't afford to let her walk away, we NEED this lady.
And here I go.....
SNK, Is there no truth to the inclinations of men vs. women? I mean, I know sexism is very real, but beyond that, isn't there differences in inclination (percentage-wise)? My sister was the only female physics major in her class, and even she has said "there just aren't many women interested in physics."
I'm not trying to pick a fight here, I'm curious and would like to hear your opinion.
I like Elizabeth Warren but she was or is a professor at Harvard, one of the many breading grounds for the elitist scum that infects the business world and elsewhere. The nepotism of the elite is repulsive and wrong. Even Jimmy Carter’s “boy” Barry is a shill for the status quo elite who with can call himself the first black President by a white mother and a decidedly white upbringing. Only later does Barry dabble to find his true self by visiting Pakistan and Reverend Wright’s church. At Columbia, he breaks up with the white girlfriend with an ancestral home in Germany (I have never met anyone with such a home) to settle down with a more convincing and angry woman named Michelle.
Until the will of the people is strong enough to pull the plug on Barry’s charade, don’t expect to see the financial system change. It is a casino and the odds will never be in YOUR favor.
Sorry DB, I know how sensitive you are.
Oct 7th 2009
From Economist.com
A quarter of America's total income is earned by the top 1%
AMERICA is the wealthiest country in the world and its rich keep earning more. In 2007, the latest year for which data are available, the top 1% increased their share of the country's income to 23.5%, according to analysis of tax returns by a pair of economists, Emmanuel Saez and Thomas Piketty. The concentration of income earned by this top percentile now stands at its highest since 1928. Two-thirds of the country's total gains in the five years to 2007 accrued to the top 1%, whereas the bottom 90th percentile saw only 12% of the extra income.
Following the Summers uproar, Charles Murray (co-author of The Bell Curve) wrote a paper on the issue called The Inequality Taboo--- http://www.opinionjournal.com/extra/?id=110007391 , one of his many papers on the differences between men and women and between races. He mentioned the Summers issue again in a talk I attended in July, wondering if it would come up again in his new job...
Of course there is truth to the inclinations of men and women, which in my opinion should not be politically incorrect to study/discuss. However, it’s one thing to acknowledge differences in abilities and achievements between sexes; it’s another to claim individual superiority because of such differences…. which some a-holes do. They use it as a primitive form of collectivism---as if the achievements of other males somehow redeem their mediocre intellect.
"Tea partiers turn on GOP leadership"
http://news.yahoo.com/s/politico/28157
* "[T]ea party forces are confronting the Republican establishment by backing insurgent conservatives and generating their own candidates — even if it means taking on GOP incumbents. "
* "In a handful of states, tea party activists have zeroed in on House Republican incumbents and have launched primary challenges in protest of their past support for the controversial Wall Street bank bailout."
* "Canyon Clowdus, an Army veteran who is taking on third-term conservative Rep. Mike Conaway (R-Texas), has blasted the incumbent for making “a horrible mistake” in voting for Troubled Asset Relief Program.
'He has put a financial burden on my four children that will amount to hundreds of thousands of dollars each,' Clowdus says of Conaway on his campaign website[.]"
* "[I]f you talk to grass-roots activists, [the bailout] has become a political test for them.”
* "Moylan [of the National Taxpayers Union] agreed that TARP is 'really kind of the flash point that started all of this.'"
* "Erick Erickson, founder and editor of the influential conservative blog RedState, has urged tea party activists to 'put down the protest signs' and stage takeovers of local Republican parties."
I get disturbed when people categorically refuse to discuss things like this, because it seems like willfully blinding yourself to the truth and understanding.
Revolt is only the solution
Must Watch Video:http://www.pbs.org/moyers/journal/10092009/watch.html
Although the award of the Nobel peace prize to President Barack Obama was widely interpreted as a repudiation of the Republican era of George W Bush, the real snub may have been to Bill Clinton.
I think that is the second prize Barry has taken away from Billary.
Kaptur is screaming: all stop making Mortgage Payments, we need our own Bail out instead of Banker Terrorists
Posted on Financial Committe/Banking Committee/Oversight and Whitehouse.gov
Watch this Video and make your case that you are not the puppet of Banker Terrorists?
Your Crime =Treason
I hope you get impeached soon and Criminal Barney and Dodd Gang too
watch this video: Revolt
No more mortgage payments ..unite
http://www.pbs.org/moyers/journal/10092009/watch.html
Famous Thomas Jefferson Quote
"If the American people ever allow private banks
to control the issue of their money,
first by inflation and then by deflation,
the banks and corporations that will
grow up around them (around the banks),
will deprive the people of their property
until their children will wake up homeless
on the continent their fathers conquered."
http://quotes.liberty-tree.ca/quote_blog/Thomas.Jefferson.Quote.CA94
It's like reading the temptation in the desert....nice story until you start wondering "who witnessed this?"
--Ken, I vaguely remember those posts. Honestly, I just skipped over them because they were so loooooooong. I'm assuming that the Tea Party folks would be open to the idea -- or at least they should be. People that pay attention to markets and finance I KNOW are game because they post about it all the damn time. How can we make this work?
Kaptur is screaming: all stop making Mortgage Payments, we need our own Bail out instead of Banker Terrorists.
--I watched the video, too. The little lady from Ohio has some balls. On the House floor, no less. Did tht get MSM coverage? I'm guessing not, but I wouldn't know. Nice to have a revolutionary in the House. That's the upshot of this whole deal -- why should we little people (and I include the middle and upper-middle class in this), why should we sweat and slave, work hard, follow the law, save our money, and then be forced -- against our collective will -- to bail out people who committed fraud? That's got to be our message -- "THEY" broke the law, committed fraud, and lived it up. And now they're STILL living it up, on our dime. We pay taxes when the fraudsters are prosecuted and their ill-gotten gains clawed back.
Or, as Denninger puts it: Stop Looting, Start Prosecuting.
Most important links:This reveals it all
BUST OF THE REPUBLIC
http://www.pbs.org/moyers/journal/10092009/watch.html
How do we unite and revolt and stop making any loan payments to BANKER TERRORISTS?
Folks are listening, Moore Documentary is a great help too
TAX REVOLT & Mortgage payments..............is the weapon of Gandhi Style Revolt
Civil disobedience
http://en.wikipedia.org/wiki/Civil_disobedience
Open Thread: The Virtues of a Disorganized Resistance
Thanks to Danielle for sending this along. Thoughts and opinions on the content welcome:
- - - - -
American opposition movements have always focused on the notion of organization. It has always been their goal to organize the people. Their hope has been to wield the collective power of the disaffected, downtrodden, and exploited as a single unit against the concentrated power of the ruling class. While their hope has been noble, their methods have been foolish. Organized resistance has many drawbacks. These drawbacks have seldom been discussed by the opposition. I believe that the only effective resistance is a completely disorganized, decentralized, and leaderless opposition.
While, on the face of it, this claim may impress you as absurd. Of course it seems absurd! It is counterintuitive. Never the less, it is the ONLY method of resistance that will work within American society. I will explain why organized resistance has never worked in the United States. In addition, I will promulgate a new formula for effective resistance.
Why has organized resistance failed in the USA?
There are many reasons for the failure of organized resistance. The two primary causes of failure are intimately connected to the culture of the United States and the political system laid down by our nation's founding fathers.
The Cultural Cause
Americans, culturally, are anarchists.
http://www.etresoi.ch/Denis/disorganisation.html
I think you're right about the style of "organization" that's best. Someone once said (in a novel, I think), that chaos always defeats order, because it is more organized. Law professor and writer, Butler Shaffer, often uses that quote. Any ideas on how to spread the word?
I see youtube greatest weapon , Urgency is to unleash a new youtube style portal dedicated to spread the word. Also uniting Neighborhoods and providing them the harsh reality facts. Universities students fertile ground too.
Why did not I get a single reply from White House?
Who is reading these messages and is these being trashed? I want these messages to be kept for the record as history on Chicago Mob Shill is written.
This Chicago Mob shill is now proven beyond any doubt that he is the planted "PUPPET OF BANKER THUGS"
WHITE HOUSE REMAINS EXTENSION BRANCH OF GOLDMAN SACH/JP MORGAN AND FEDERAL RESERVE TERRORISTS
The Wall Street Criminals Are Still Running Free, Stealing Billions
Why are the very people whose actions ignited a worldwide depression still sitting pretty, at least compared to their victims?
BUST OF THE REPUBLIC
http://www.pbs.org/moyers/journal/10092009/watch.html
Ouch. At least they didn't have to face Bobby Knight afterwards.
Ken...if you post one more link to something from Lyndon Larouche, i'm gonna explode...
Larouche links have been deleted...
Oct. 12 (Bloomberg) -- Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades.
Policy makers boosted foreign currency holdings by $413 billion last quarter, the most since at least 2003, to $7.3 trillion, according to data compiled by Bloomberg. Nations reporting currency breakdowns put 63 percent of the new cash into euros and yen in April, May and June, the latest Barclays Capital data show. That’s the highest percentage in any quarter with more than an $80 billion increase.
World leaders are acting on threats to dump the dollar while the Obama administration shows a willingness to tolerate a weaker currency in an effort to boost exports and the economy as long as it doesn’t drive away the nation’s creditors. The diversification signals that the currency won’t rebound anytime soon after losing 10.3 percent on a trade-weighted basis the past six months, the biggest drop since 1991.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a4x9dIJsPn4U
He was sentenced to 15 years' imprisonment in 1988 for conspiracy to commit mail fraud and tax code violations, but continued his political activities from behind bars until his release in 1994 on parole. His defenders believe the prosecution was a politically motivated conspiracy involving government officials and a mass-media brainwashing campaign.[1] His appellate attorney, Ramsey Clark, a former U.S. Attorney General, argued that the case represented an unprecedented abuse of power by the U.S. government in an effort to destroy the LaRouche movement.[2]
LaRouche provokes sharply contrasting views. His supporters see him as the greatest living economist, a political leader in the tradition of Roosevelt and Martin Luther King, Jr., and a brilliant thinker who has been unfairly persecuted, while critics regard him as a conspiracy theorist, fascist, antisemite, and the leader of a political cult.[3] Norman Bailey, formerly with the National Security Council, described LaRouche's staff in 1984 as one of the best private intelligence services in the world, while the Heritage Foundation has said he leads what is possibly one of the strangest political groups in American history.[4]
http://en.wikipedia.org/wiki/Lyndon_LaRouche
DailyBail?lol
Let's stick to spreading the word, especially on the Great Tax Delay of 2010.
I banned your IP and you snuck around it...please leave again...you are no longer wanted here, officially. Quoting Lyndon Larouche is the tipping point for me. Are you really that stupid? And then when i asked you to stop, you do it again.
I will now delete every single comment you leave on the site. Your game is over.
"Or are you still fantasizing about getting shot, tazed, heat lasered, sonic beamed, etc? Talk to me, baby."
"The little lady from Ohio has some balls."
"that's "pair of balls" (not "ball"). sorry bout that."
"Ken you are an asshole."
o no you dit-ten…
Faster than a speeding Governor from New Jersey!
More powerful than his muscular wife!
Able to leap his own tall tales at a single bound!
Look up in the sky! It's a bird! It's a plane!
It's Superbarry.
Yes, Barry and the czars are desperate.
You get a car, you get a car, you get a car…YES WE CAN! "I have nothing to hide, I enjoy being myself. I'm not going to change who I am just because it's Halloween."
"Look, when I was a kid, I inhaled frequently. That was the point."
Vera Baker, okay no more rumors.
Gobias, I have no idea what baby you're talking about, but that was funny. I think I LOL'd.
Men and women in office, or seeking office, have done everything and anything, in the name of self gratification.
Including animals. That is why nothing ever changes.
http://crooksandliars.com/john-amato/neal-horsley-mule-loving-republican-can
You are truly a legend in your own mind...
And Ken, since you constantly repeat that we're a dead site with no traffic i am giving our traffic ranking link for you to check out...we are in our 4th straight month of being a top 5,000 us website...and we have better numbers than pretty much everyone from Zero Hedge, to Calculated Risk and including Mish...so perhaps you should think before you spout your nonsense...
http://www.quantcast.com/dailybail.com
LOL
Keep collecting work of others and talk what?
What plan of action?lol
Right now I am sooooo grateful I wasn't raised on a farm in Georgia.
Whats wrong with me?
USA REPUBLIC IS BUSTED and still all all DEBT slaves screaming on message boards, website rating mongers looking for Nobel Prize too..........................LOL
Revolt now or Civil unrest will consume us all any way..............You choose now
This is Harsh reality
It’s too late for anyone to pretend that the U.S. government, whether under President Barack Obama or anyone else, can divert our nation from long-term economic decline. The U.S. is increasingly in a state of political, economic, and moral paralysis, caught as it were between the “rock” of protracted recession and the “hard place” of terminal government debt.
Even if the stock market can be shored up by more government borrowing for “stimulus” spending, it’s a temporary reprieve, because nothing can bring back the consumer purchasing power that was lost when the banks stopped pumping money into the economy through out-of-control mortgage lending. We simply no longer have the job base for people to earn the income they need to live.
The underlying cause of the crisis is in fact the debt-based monetary system, whereby the U.S. ruling class long ago sold out our nation and its people to the international banking cartel of which the Rockefeller and Morgan interests have been the chief representatives for over a century. It was lending on a previously unheard of scale for overpriced assets to people and businesses unable to repay that created the bubbles that burst in 2008, not only in the housing market but also in such areas as commercial real estate, equities, commodities, and derivatives. It was an explosion that reverberated throughout the world.
The Obama administration’s response to the crisis has been to print Treasury bonds both for the financial system bailouts and the sputtering Keynesian stimulus that so far has gone substantially into military infrastructure. This bond bubble is what I have referred to as “Obama’s Last Picture Show.” http://www.globalresearch.ca/..
Government debt is fundamentally inflationary. For a generation, the U.S. dollar has been inflating at an increasing rate, with the economy being kept in a growth posture by selling our debt instruments abroad or allowing foreigners holding dollars to purchase property and other assets on our own soil. The website EconomyinCrisis.org reports that in 2007, the most recent year for which data are available, “foreign entities spent $267.8 billion to acquire or establish U.S. businesses.” http://www.economyincrisis.org/..
Foreigners are spending their dollars as fast as possible, because they are now plummeting in value. It’s increasingly clear that sooner rather than later, the dollar will be dumped by foreign purchasers of bonds, particularly China, and possibly even the oil-producing nations.
These nations know full well that bonds denominated in dollars can never be completely repaid, even if the bonds can be rolled over into fresh debt. It’s this dynamic that is dragging the U.S. economy to the cliff, because real economic growth stopped long ago when our manufacturing jobs were exported. This is because most of the growth since Ronald Reagan was elected president in 1980 has been only on paper through financial bubbles. This included the dot.com bubble of the Clinton years that blew up in 2000-2001.
Now, after the Treasury bond bubble of 2009, there is nothing left in America to inflate. With so many jobs gone, the American family home was the last thing of value we owned.
So the air is going out of the tires. Americans who are struggling to work for a living are passive spectators as their jobs, savings, health insurance, pensions, and homes continue to erode in value or even disappear. Last Sunday the Washington Post reported a massive crisis in state and local government pensions. Reporter David Cho wrote, “The financial crisis has blown a hole in the rosy forecasts of pension funds that cover teachers, police officers and other government employees, casting into doubt as never before whether these public systems will be able to keep their promises to future generations of retirees.”
You know what, you're right. I'm going to go revolt right now. Should just start shooting people or begin with the mattress tags?
So do we really need the bankers’ fake currency, today backed by nothing but a federal deficit of $12 trillion and growing by the day?
A solution:
Greco says we don’t, and this is what his book about. But it’s not about doing without the necessities of life, or heading for the hills with a gun and backpack. Nor is it about important efforts at macro-level monetary reform like those of the American Monetary Institute, Congressman Dennis Kucinich, or advocates for a basic income guarantee. Rather it’s about individuals, groups, and communities taking control of the monetary system at the grassroots level and creating an entirely new basis for trade than bank-owed debt.
Greco writes about “a new paradigm approach to the exchange function.” The solution, he says, “is to provide interest-free credit to producers within the process of mutual credit clearing. That is the process of offsetting purchases against sales within an association of merchants, manufacturers, and workers. It will eventually include everyone who buys and sells, or makes and receives disbursements of any kind.”
Greco is one of the world’s leading experts in describing alternative or complementary currencies. These are self-regulating systems that facilitate “reciprocal exchange,” not using government legal tender but which are still allowed under the currency laws so long as taxes are not evaded.
Greco discusses the large and growing worldwide “LETS” movement—Local Exchange Trading Systems, like the Ithaca HOURS system in Ithaca, New York. He describes the Swiss WIR Bank, the longest-running credit clearing system in the world, with over 70,000 members. He writes about the national and international barter exchanges that involve over 400,000 businesses trading at an annual level of $10 billion.
Greco also describes the world-famous Mondragon Cooperatives from the Basque region of Northern Spain. Started by a Roman Catholic priest in 1941, the Mondragon system, he says, is “the hub of what is probably the most successful and progressive social cooperative economy in modern history.”
He also tells the inspiring story of the Argentine trading clubs—the trueques—which, when used with “provincial bonds” issued by regional governments, rescued that country during the 2001 economic collapse brought on by the collusion between the Argentine government and the International Monetary Fund.
Credit clearing is not new. Greco traces it to the medieval European fairs. These exchanges are like banking clearing houses. The world’s largest is the automated clearing house—ACH—operated by the Federal Reserve.
But as Greco points out: “The clearing process need not be restricted to banks; it can be applied directly to transactions between buyers and sellers of goods and services. The LETS systems that have proliferated in communities around the world use the credit clearing process, as do commercial trade exchanges. Credit clearing systems are, in essence, clearing houses—but their members are businesses and individuals instead of banks.”
Alternative currency and trading systems, says Greco, are the wave of the future. Even though most only mount up to partial local successes, they show what can be done. Greco likens these efforts to the Wright Brothers’ first flight that covered 120 feet. They show, he says, that the potential exists for local, regional, then national and international money-free exchanges that eventually could be joined by a single web-based trading platform. This could eventually get rid of the corruption of debt-money altogether.
Chapter 16 of the book is about “A Regional Economic Development Plan Based on Credit Clearing” that shows the potential. Greco writes, “The credit clearing exchange is the key element that enables a community to develop a sustainable economy under local control and to maintain a high standard of living and quality of life.”
This would be a real revolution. What can governments do to help? Perhaps only by removing, as Greco recommends, the privileged position of bank debt-money as legal tender. Instead, let bank money compete with market-based alternative currencies and credit exchanges, if it can.
Greco’s book is a how-to-do-it manual that updates and expands on his previous books, Money and Debt: A Solution to the Global Crisis, New Money for Healthy Communities, and Money: Understanding and Creating Alternatives to Legal Tender. Greco also operates a website that offers advice and support to worthwhile community initiatives. Click Here
My own view is that no one should wait to see who takes the lead in creating the monetary and credit-clearing systems of the future. The time is now. There is no more reason to delay. If the people of the world do not join together in this kind of action, they can likely kiss their economic future and perhaps their livelihoods good-bye. The controllers of the world, those with the big money, the ones who run the banking systems, who own the global corporations, and who finance politicians like Obama, the Bushes, and the Clintons, are now poised in their blindness to extinguish the light of democracy on the planet for good.
Greco is implying that the power of the elite is not only dated but illusory. Thus the way to proceed is not just to oppose them. If they are opposed, they’ll do what they always do, which is to roll out the SWAT teams, the military in the streets, the tear gas, the sound cannon, the concentration camps, the Patriot Acts, the torture chambers, because that is all they know, and it’s what they do best.
The money monopoly translates into a monopoly on violence on an ascending scale. We know that the U.S. sells more weapons abroad than any other nation, and we know that it is war above all that makes the bankers rich.
So let them have their weapons and wars. With all due respect to those brave enough to protest, it’s time for people simply to walk away and set up their own economic and monetary systems as a prelude to a rebirth of humanity as ethical beings in sustainable communities of choice.
The keys, says Greco, are simple: “Promote the establishment of private complementary exchange systems—and use them. Buy from your friends and neighbors wherever possible. Contribute your time, energy, and money to whatever moves things in the right direction.”
Greco also recommends that the unit of exchange for alternative currencies be based on the value of commodities—not necessarily gold or silver, which bankers and governments manipulate, but those commodities readily available within a trading system. State and local governments should do everything possible to protect, encourage, nourish, and participate in these systems.
The irony is that what may appear on the surface to be technical changes in how the exchange of goods and services takes place can have such profound effects. The answer is that systems of exchange reflect entirely different perceptions of the world. Bank-money exchange reflects and creates a system of elite control and human slavery. Reciprocal credit exchange reflects and creates a democratic system on a level monetary playing field.
The difference points to the fact that such reform is, above all, a spiritual endeavor. Thomas Greco has devoted decades to this quest and is one of its foremost visionaries. In an Epilogue he writes: “We will either learn to put aside sectarian differences, to recognize all life as one life, to cooperate in sharing earth’s bounty, and yield control to a higher power—or we will find ourselves embroiled in ever-more destructive conflicts that will leave the planet in ruins and avail only the meanest form of existence for the few, if any, who survive.”
It’s a vision we can all strive to embrace.
You know what, you're right. I'm going to go revolt right now. Should just start shooting people or begin with the mattress tags?
O'Dear
this is the solution for revolt and is non Violent:
http://www.mkgandhi.org/nonviolence/
http://en.wikipedia.org/wiki/Nonviolence
Ken has been acting like one for a while.