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Thread: Eric S. Margolis: Financial Crisis: It's all Bush's fault!

  1. #1
    Join Date
    Oct 2008

    Eric S. Margolis: Financial Crisis: It's all Bush's fault!

    In the Sun today, 16 Oct 08, page 16, Eric S. Margolis wrote this piece - The disaster-prone president, laying all the blame at George W Bush's doorstep for the financial crisis sweeping the US. This is not to say he is blameless. He is at fault to the extent of his stupidity and arrogance, a fatal combination which is also found in great abundance in Bolehland. But it is more than that.

    If we trace the roots of power back to the end of the 17th century, we can see the bankers' hands behind most of the financial crises and wars in the world. Currently, in the US, it is the Military-Industrial-Financial Complex consisting of the Pentagon, FBI, CIA, the big industries like Oil, Arms manufacturer and the Banks. They are the ones who finance the politicians and control them. Then you have the Ben Bernanke, Chairman of the US Federal Reserve and Henry Paulson (US Treasury Secretary) whose ineptness in handling the crisis is breathtaking, Congress, the Senate, the media, etc. They are all linked together in the Conspiracy which was described in Part IV of the Rat Race.

    As the crisis builds up, we get to see the inner workings of these shadowy people pulling the strings behind the scenes, controlling our lives and exploiting us. They expose themselves because they are in a panic and crying desperately for the US Govt to bail them out of the mess. The US Govt will do it but it won't be enough because this time round, the hole is so big and so deep that even the US Govt will go bankrupt. Very few will be able to avoid being hurt because this is going to be the biggest crash in history.

    But the mob will be looking for scapegoats and blood. Bush will make a nice sacrificial lamb.

    New York October 14, 2008
    Now that there has been a respite in the financial tsunami sweeping the globe, finger-pointing is sure to begin. The chief culprit for this near-death experience must be the star-crossed Bush administration and its reckless financial policies.
    The roots of the current financial crisis began before President Bush took office. During the Clinton years, finance had already become America’s primary industry, accounting for 23% of all economic activity (GDP) while manufacturing slipping at a mere 12%. Finance, let us recall, consists of paper-passing and manipulation rather than creation of anything tangible or productive.

    But once Bush and the Republicans came to power, the Wall Street titans of finance and money lenders were allowed to run amok. In return, America’s financial industry became the largest contributor to the nation’s politicians. Republicans and Democrats alike were bought lock, stock, and barrel.

    Read on...

  2. #2
    Join Date
    Oct 2008

    Dr Schoon: Losers In The Casino Of Paper Money

    The bankers are the casino operators and the Rats are the suckers.

    Read more ....

  3. #3
    Join Date
    Oct 2008

    The Web of Conspirators

    See the names of people who are involved and benefited from the destruction and bailout of the US financial companies and banks:

    Top of the Pyramid
    1a. US Govt level:
    US Treasury Secretary: Henry Paulson (ex-Goldman Sachs)
    New York Federal Reserve President: Timothy F. Geithner
    Adviser to US Secretary: Dan Jester (ex-Goldman Sachs Vice President)

    1b. US Federal Reserve Chairman: Ben Bernanke (A Jew. Is that significant? No idea)
    (US Federal Reserve is a privately-owned bank with shareholdings by JP Morgan and Citbank together with a few major European banks)

    2. Private Banks & Dealmakers:

    a. JP Morgan: James Dimon (CEO), Doubglas J. Braunstein (Head of Investment Banking), Steven D. Black (Co-head of Investment Banking), James B Lee Jr (Vice chairman), Timothy Main (Head of Investment Banking N. America)

    b. Citigroup: Vikram S. Pandit (CEO), Edward J Kelly III (Head of Global Banking, institutional clients),

    c. Bank of America: Kennthe D Lewis (Chairman, CEO, President), Gregory L Curl (Director of corporate planning).

    d. Goldman Sachs: John A. Mahoney (MD), Michael P Esposito (MD)

    e. Morgan Stanley: Robert Scully, Ruth Porat (Head of Financial institutions group), Steven R. Volk (Vice chairman)

    f. Cravath, Swaine & Moore: Robert D Joffe (Partner)

    g. Davis, Polk & Wardwell: Donald S Bernstein (Partner)

    h. J C Flowers & Co: J Christopher Flowers (Chairman & PResident)

    i. Lazard: Gary W Parr (Deputy Chairman)

    j. Paul, Weiss, Rifkind, Wharton & Garrion: Brad S Karp (Partner)

    k. Sullivan & Cromwell: H Rodgin Cohen (Chairman)

    l. Simpson, Thacher & Bartlett: Richard I Beattie (Partner)

    m. Wachtell, Lipton, Rosen & Katz: Edward D Herlihy (Partner)

    n. Weil, Gotshal & Manges: Harvey R Miller (Partner)

  4. #4
    Join Date
    Oct 2008

    More stuff coming up as the Bankers panic


    The New Deal for the Banking System

    We are seeing an enormous parody of Roosevelt's New Deal being rolled out in a hurried fashion for the bankers and the wealthy prior to the change in political Administrations.

    If we follow the political pattern of the 1930s, we will see a minority of Republicans and a sympathetic majority at the Supreme Court attempt to maintain the disbursal of liquidity largely to the corporations and banks, and to fight any progressive tax increases and social programs designed to push that liquidity directly to the
    public without passing through the tollgates of the financial system.

    A Record Number of Buyers Cannot Take Delivery of US Treasuries They Have Purchased

    Naked short selling and float and reserve plays are causing a record 'failures to deliver' in the US Treasuries markets. Some of this may be a 'kiting' scheme in which the sellers are playing a time float against the slight fees and penalties versus returns on volatility.

    The Fed cannot even regulate its own products among its own dealer circles. What could possibly possess anyone to believe that they can do this with any other product in any less larger, less exclusive market?

    Who are the responsible parties? Let's have a list of the prime offenders of this market. We might *not* be surprised at who is failing to deliver what they sell.

    We suspect the Fed is turning a 'blind eye' to this activity. But more transparency would be helpful to alleviate that concern.

    And do not be surprised when other things that you think that you are buying or own fail to show up from these same privileged parties.


  5. #5
    Join Date
    Oct 2008

    IMF Bailout of the US


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