mlyn

Let's Keep Big Banks from Ruining America Forever

Thank you, Mr. Kim, for your analysis to which I wholeheartedly agree. There is another person, a member of GATA, who has written about the banking industry in her article "Where would Jesus Bank?" which is located on her website solari.com. Her name is Catherine Austin Fitts. From her article the big banks are conduits for U.S. foreign policy, money laundering, and so forth. I think the earnest salvation of the GS, Citi, and BofA is to preserve a tool for the use of the CIA and State Dept. She also encouraged us to cancel our relationships with big banks. This is the primary way we could hurt them. However to disengage from the big banks has proven difficult. My credit cards are still BofA or Chase. I had a WaMu mortgage which was taken over by JPMorgan . . .

Wachovia Sale to Wells Fargo Is a Better Deal for the U.S. Banking System

I think alersjr is correct.

Since last year when CEOs were being fired, one of them being Citibank, I read from astute analysts how C had a lot of the toxic level 3 OTC derivatives that are over-leveraged 30 to 1. C hasn't been in the news lately, but I wouldn't be surprised that the FDIC is pushing Wachovia to C, hoping two weak banks become one that is "too big to fail." The OTC derivatives have yet to fall. I think the U.S. taxpayers are getting hit by the "economic hitmen" except it's our own government doing it. Go Wells Fargo!

As far as I am concerned, the failed/failing banks represent the banks that do the bidding of the President's Working Group or the "Plunge Protection Team" which includes laundering funds for the CIA, keeping the price of precious metals low, propping up the U.S. stock market and the U.S. dollar. The fundamentals of this country are awful, and President's Working Group's (Treasury, Fed, et al.) smoke-and-mirrors are being revealed. The politicians gave Wall St what it wanted via less regulation. Wall St (banks, hedge funds) earned enormous profits which recycled back into political campaigns. Now the President's Working Group is trying to save them in order to maintain their avenues of international influence.

This bailout, in my opinion, is only a short-term answer, to maintain "stability" during the elections and the rest of 2008. This allows Bush-Cheney Adm and Paulson and Cox and other Wall Streeters time to "bail out."

If you want to learn more about the banks, see solari.com and read, now an outdated commentary, "Where Would Jesus Bank?" by Catherine Austin Fitts. It includes a list of banks, some of which no longer exist, that supports "free market" manipulation. Catherine used to work for Bush I but left because she could not fight against the corruption of the Bush I Adm.

Wall Street, R.I.P. Now What?

Me thinks that John Perkins, the author of "Confessions of an Economic Hit Man," should weigh in on this debacle. The urgency of Paulson and Bernanke when they reported to Congress that we need broad powers and and a blank check--right now!--seems suspect. Kinda like the "9/11" of financial hits--except it's the American middle class that's getting hit. The people at the top just need to tighten their belts, sell their ten cars, give up vacations at Vail, CO . . .

Wall Street, R.I.P. Now What?

Me thinks that John Perkins, the author of "Confessions of an Economic Hit Man," should weigh in on this debacle. The urgency of Paulson and Bernanke when they reported to Congress that we need broad powers and and a blank check--right now!--seems suspect. Kinda like the "9/11" of financial hits--except it's the American middle class that's getting hit. The people at the top just need to tighten their belts, sell their ten cars, give vacations at Vail, CO . . .

Citi's in for More Pain

Go to GoldMoney.com and read James Turk's take on C, written in March after the Bear Stearns crash.