----- Original Message ----- From: [email protected] Sent: Monday, September 14, 2009 Subject: D - DAY/ (derivatives) House of Cards falling down! PresidentObama D - DAY/ (derivatives) House of Cards falling down! President Obama was on Wall Street today. They were his largest contributors. Yikes - imagine wanting to give the FED more control! What is not being talked about are the derivatives time bomb. The Bank for International Settlements, recently reported that derivatives are now $1.14 quadtrillion! Basically, what we have is a financial system built on a house of cards - there is no foundation. Banks have NOT put these derivatives on their books, but come Sept 30-09 due to banking standards - they need to be. Recall that Greenspan praised derivatives! Ah but then he jumped ship ( 2006) as the USS Titanic hit the iceberg. This house of cards has been shaking for the past year. His wife Andrea Mitchell is a reporter on MSNBC - another one pretending all is well. Basically derivatives are bets - money is created out of thin air. Its a form of 'legalized gambling', that allows you to wager on finanical outcomes, without EVER having to actually buy the stocks - bonds and mortgages with real money! But they want repayment in 'real money' ! It was illegal during most of the 20th century under gaming laws. Ah ha - in 2000 (and they play stupid) Congress (again not bothering to read) gave Wall Street an exemption. Bush Sr. Gramm - Clinton - Dodd - B. Frank -Greenspan etc all accomplices or creators of this theft. Credit default swaps (shadow financial mkt) were totally unregulated. Big banks , investment houses that sold them, didn't have to set aside ANY money to cover their potential losses to pay off their debts. Guess who did? Yep - those of us (taxpayers) who have never seen the inside of a casino/crap table - one arm bandit. Credit? Legitimate businesses / citizens are left hanging. It isn't the default of loans that has caused credit to freeze! None of these institutions have the money to back up their losing bets. Picture high rollers in Las Vegas - living high on the hog, their kids going to the best colleges, multi million homes ---unable to make good on their bets. Instead thugs start strong arming us for the dough! China (and Iceland) is defaulting on their derivatives - they say it was done illegally (it was) and was a scam from the banks. China is no longer buying our debt. The Fed is buying the US debt themselves through 'friends'. Summers (Clinton's Treasury Sec) is Obama's economic advisor. He's made a fortune from hedge funds ($2.7 million) as has Rahm Emanuel ( chief of staff) - Phew he really cleaned up big time. He made (after his stint in Clinton administration) $19 million (investment banking) in a mere 18 months (investing for J.P Morgan - Morgan Stanley - oil, stocks). At the same time (this before he ran for Congress), he made a cool $380,000 being on the board (when the books were cooked) at Freddie Mac. He did ZERO for this money. The board met a half dozen times a year. Lots of Clinton staff, made easy money at both Fannie/Freddie. Rep Barney Frank sure made out at Fannie Mae (tens of thousands in campaign contributions). But then Franks (Chairman of House Financial Services) spouse is Herb Moses, an executive with Fannie Mae. Frank and Joe Kennedy pushed for an ease in lending (those not qualified) from Fannie and Freddie. Greenspan oiled the skids. Barney opposed ALL attempts of oversight or an investigation. Here we are ----with this house of cards collapsing, and all we get is chit chat from Wall Street today! A lot has been left out. This crisis is hardly over ---read two links below & comments below to see WHY. It's called D - DAY. jm much more here: --- http://www.abovetopsecret.com/forum/thread501005/pg1 http://truthiscontagious.com/2009/09/01/the-531-trillion-dollar-derivatives-time-bomb --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "ShadowGovernment" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/shadowgovernment -~----------~----~----~----~------~----~------~--~---
