The Real Crisis Yet To Unfold

Guest post by Brett Buchanan from It'sNotRealMoney

When I recently read the Wegelin & Co. Investment Commentary 265 dated August 24, 2009, it became clear to me that what would appear to be a nation where public and private borrowing has simply spiraled out of control is in fact much worse than it appears. In reading the report I skimmed down to Section 5, titled The USA’s Achilles Heel. As I read the section it became abundantly apparent that amidst all the bailout and stimulus money flying around there is an even greater story, a devastating one, the likes of which has not found its way into the main stream media. The story goes like this.

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Bush's Third Term?...You're Living It (Deja Vu All Over Again)

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Dylan Ratigan: Americans Have Been Taken Hostage By Wall Street, K Street Lobbyists & A Broken Political System

The truth hurts.  Ratigan raises the issues we choke on everyday.  Your retaliation will come at the ballot box in November 2010.  Candidates and incumbents who support the banking oligarchy and the Wall Street bailouts must be thrown out into the street.  My fear however, is that they will end up unscathed and smiling on K Street, peddling their malignant, anti-taxpayer influence to the detriment of all but their banking bastard buddies.

We've been screaming for 8 months for a high-profile mainstream journalist to take up your cause.  Above all others, Dylan Ratigan has responded as he continues to drive the hammer via any outlet he can find.  Yesterday it was an impressive op-ed at the Huffington Post.  We have the complete, systemic thrashing after the jump.

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Presidential Comedy Break: Obama Is Shouted Down By Kanye West

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Obama Slaps (Lightly) The Wall Street Hand That Feeds Him

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Tim Geithner With Katie Couric (CBS Interview Broadcast Sep. 14)

Very average performance from Couric. Geithner needs to be interviewed with a heavy hand to get him to answer anything honestly and directly.  Video and transcript are inside.

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Bill Moyers: Corporate Interests Own Both Political Parties

PBS' Bill Moyers appeared 2 weeks ago with Bill Maher on HBO's Real Time.  Discussion was wide ranging and included politics, history and health care.  The most salient observation from Moyers was one we've been shouting from the rooftops, both Republicans and Democrats are appallingly beholden to, and co-opted by, a narrow set of corporate interests.  Lobbyists wield the power and control the issues.  Voters are lawn ornaments.

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Obama Discusses Health Care, Spending, Debt & Deficits, And The Stimulus (60 Minutes Interview)

President Obama sat down with CBS' 60 Minutes yesterday for the 2nd time this year.  Healthcare reform and the economy were the basis for the discussion.  We have the transcript and video.

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Trichet: Saving Lehman Would Not Have Saved The System (Video)

Europe's resident bailout socialist, head of the ECB, Jean-Claude Trichet sat down with Liesman this morning.  Trichet does not drink the common kool-aid that the Lehman failure caused the crisis.  If you can stomach his accent it's worth some time.  There are 3 clips and 14 total minutes.

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'Oh Yes, The Government Can' (Song By Tim Hawkins)

This is one that you shouldn't miss...runs less than 3 minutes.  The caveat to the previous directive, if you like large wasteful government, then don't watch.  The rest of us, pop an adult beverage and relax for a few minutes.  It's Friday night, and you survived another week.

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Bailout Song Collection

Financial Comedy Collection

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Joseph Cassano, Headed To A Grand Jury Near You

Welcome to Brooklyn, Mr. Cassano.  On the menu this afternoon is one of our house specials...we call it 'step on over and eat this punk pie, bitch."  Hope you enjoy your meal.

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Meet The New Boss, Same As The Old Boss

Morgan Stanley CEO, John Mack, announced his retirement yesterday (effective in the Spring of 2010), and named his replacement, James Gorman.  

Gorman joined Morgan Stanley in 2006 as Jefe of Global Wealth Management and was named co-president of MS in 2007.  Prior to Morgan, Gorman held several scum-sucking positions at Merrill Lynch.

Bloomberg sat down with Gorman in June to discuss executive compensation, clawbacks, TARP repayment and Wall Street criminality.  Repayment of AIG counterparty, conduit payments was not discussed.  The shameless tour of generational rape rolls on.

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Meredith Whitney: Home Prices Could Fall By Another 25%

Ten-minute clip and quotes from Whitney's appearance on Squawk this morning.  Goldman Sachs gets some love now that their chief competitor Lehman is in ashes, but the bodacious bear sees a correction ahead for stocks.

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Watch Geithner Testify Live @ 1 PM (Congressional Oversight Panel)

Turbo has been called before Dr. Warren beginning at 1 pm est Thursday.  Live streaming coverage will be available on the COP website.  This one could get contentious.  Elizabeth is tired of being ignored.

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