Letitia, another DEI hire, campaigned to get Trump

The latest non-crime and ridiculous "award" of nearly half a million (paid out to whom since there was no victim and no crime?) for "civil fraud" against Trump brings back to memory how our federal government created a housing/mortgage free fall in 2007-2008 and sent our entire nation into a recession by over valuing homes and getting inadequately funded suckers to fall for the trap. The government backed mortgage agencies have been over evaluating the real estate market for decades. We were helping our son buy a home at that time, and the ridiculous financing of that era was unbelievable--so we went the standard route with a solid down payment. Just call me Fannie Mae/Freddie Mac. The only crime was that of AG Letitia, another DEI hire, vowing in her campaign to get Trump. She used Trump to get elected. She called him "illegitimate" meaning she publicly campaigned on not believing in the results of the 2016 election. Isn't that illegal? Republicans are call Nazis for believing the 2020 election was a fraud. No one else would have ever been charged with what the government has done for decades.

See what New York AG said while running for office about charging Trump | CNN Politics

In 2008 I wrote a poem about the fed chair and the Secretary of the Treasury.

"I’ve got the low down, trillion dollar, Ben and Henry Blues"
by Norma Bruce ©

Woke up this morning ‘bout five fifteen,
Read my big ol Bible and a new magazine,
Jumped in the van, turning on the key
Let me tell you mama, there’s no stopping me.

Driving on to Main Street, stopping at the light
Heading for the coffee shop the other side of night,
Singing with the radio, changing stations now
Got the dog and pony show, candidates take a bow.

(refrain) Mitigating factors, oozing out the wazoo,
Sell ‘em or hold ‘em, it’s all a rescue.
I’ve got the low down, trillion dollar
Ben and Henry blues.

Warm bakery bread and yeasty brown rolls
Congress still propping up the C-E-Os
Espresso coffee chai and tea
The government ya know--that’s just you and me.

NINJA loans for aliens, flipping for the rich,
From coastal homes, to buildings in the sticks,
McBama to Fannie to Goldman Sachs
They’re pointing fingers and covering tracks.

(refrain) Mitigating factors, oozing out the wazoo,
Sell ‘em or hold ‘em, it’s all a rescue.
I’ve got the low down, trillion dollar
Ben and Henry blues.

The Fed, Fannie and Fred

"[Tim Geithner, Ben Bernanke and Barney Frank] are calling to raise the debt ceiling. This will assist them with perpetuating the biggest legal government scam in history [financial institution bailouts of over $12 trillion]. Meanwhile, responsible middle class Americans are barely making it, as their investments are devalued and government expands, finding more ways to collect money from them to support its Ponzi scheme.

This is not capitalism gone amuck, as Barney Frank claims. The government bailing out private banks is not capitalism but quasi-socialism. There is a simple solution to fix this: the banks must be held accountable. There should be a way to sue the banks that originate the irresponsible investments and loans, even if they transfer their risky ventures to other banks. Nor should they be bailed out when they fail. For every bank that fails, another one that is more financially responsible is ready to step up and take its place. Fannie Mae and Freddie Mac are quasi-governmental lending agencies, so suing them would only hurt the taxpayers. They were responsible for the highest rates of foreclosures. They have grossly failed, and represent government at its worst, so the only solution is to eliminate them." Rachel Alexander

The Biggest Legalized Theft of Middle Class American Wealth - Page 1 - Rachel Alexander - Townhall Conservative

The Federal Reserve

A friend at the coffee shop alerted me that Glenn Beck would be covering the Federal Reserve on his program tonight. So I guess that means we'll be late for our Friday night date. Even if you can't stand him, this would be a good thing for you to know. The Federal Reserve is not a government agency, but a private for profit bank. The Federal government only recommends the chairman--and that's Ben Bernanke, who seems to have more power than Barack Obama and also served "under" George W. Bush.

"On Friday 2011 March 25, the entire Glenn Beck show will be devoted to an exposé of the Federal Reserve. I was invited to be a guest on the program and, when it was taped last Tuesday, I was amazed to find that Beck, not only has read the book but praised it highly. In fact, almost his entire opening monologue was based on the information and, in some cases, the very same phrases used in the book and in my lectures. I was delighted to know that someone, either Beck or his researchers, had spent a great deal of time studying The Creature from Jekyll Island. But what is even more encouraging is that several million viewers will be exposed to an hour of economic and monetary truth. This will bring us a giant step closer to actually slaying the Creature." G. Edward Griffin

Jon Stewart agrees with Glenn Beck--finally

This is really funny, even if he is a little late to the party.

Bernanke's Depression experiment

How many people get to play with the lives of 300 million people, and maybe the world's population, to see if their PhD thesis works?

Yesterday the Labor Department released its monthly jobs report and the nation’s unemployment rate rose to 9.8 percent, the 19th month in a row that the unemployment has been over 9 percent, a post–World War II record. Obama used to wave the figure of 8% unemployment on his fear flag of "hope and change." But B & O (Bernanke and Obama)have the Great Depression to look to for a guide, don't they? It seems the only problem these people see with the FDR years was that the government didn't interfer enough with more, and that's why FDR extended the problem for a decade.

Federal Reserve weighs steps to offset slowdown in economic recovery

Slowdown? What recovery? Do we really need the Fed? And just what is it, anyway? Does anyone know? Do you think the "recovery" is slowing down, or do you think there really hasn't been a recovery? Bernanke thinks FDR didn't do enough! 14 years he diddled and fiddled. Bernanke loved the guy. No wonder. . .

Federal Reserve weighs steps to offset slowdown in economic recovery

Believing Ben

Justin Fox writes: "Yesterday afternoon, TIME.com's business editor, John Curran, recommended that I take a look at Ben Bernanke's speech at the Brookings Institution. I glanced at the text, saw that it was an exact repeat of the speech he'd given at Jackson Hole in August, and thought, naaaaah. A couple hours later I read online that in the Q&A after the speech Bernanke had said the recession was "very likely" over. Which is what everybody and his brother—including, I thought, Bernanke—has been saying for weeks. No news there, either, I figured.

So I when I picked up my NYT this morning I was a little surprised to see Bernanke's words highlighted on the front page (although at least the actual story was relegated to the front of the business section). Then I'm walking Curious Capitalist Jr. to school and I see the FT at a newsstand. The lead story: "Recession likely over in US, says Bernanke." When I got to work I checked the WaPo and WSJ. Front page of the WaPo: "Recovery Underway, Bernanke Suggests." Top of the "What's News" box in the WSJ (with the actual story at the top of A2): "Bernanke: Recession 'Likely Over.'"

Why on earth would all these newspapers, struggling to survive in straitened times, devote valuable space and reporting time to this non-news? It certainly can't be because of Ben "the impact ... of the problems in the subprime market seems likely to be contained" Bernanke's brilliant record as an economic forecaster. Bernanke's words also didn't mark any sort of major change in his outlook. If Peter Schiff announced that he thought happy days were here again, now that would be news. Bernanke's Fed, meanwhile, has been giving pretty clear signals over the past couple of months that it thinks the recession is ending but the recovery will be weak. Which is exactly what Bernanke said yesterday. So again, why all the coverage? I can think of three main reasons." See what they are at Curious Capitalist

Why would the White House need a blog?

They've got ABC, NCB, CBS, CNN, WaPo, NYT and WSJ pulling out all the stops and spreading the news about how great the admin is! Talk about overkill!

I love this photo of the two biggest economic screwups side by side in modern history. Ben and Barry I Scream.

Is the Federal Reserve Banking system part of the federal government?

I would say no, but a school teacher I was chatting with at the coffee shop said, "Of course it's part of the government." If it is, that is never said on any of the web sites of the twelve banks that comprise "the system." Now granted, the Board of Governors of the Fed is a federal government agency, but that's a board, not the Fed itself. The members of the Board are appointed by the President and approved by Congress for 14 year terms.

But the Fed itself is a central bank, private shareholder owned, and no matter where you look for answers you'll find either right wing, anti-semites who will swear it's a plot by Jews to own the world, or extremely non-commital bank owned sites and publications which are pretty mum about who and what they are.

I know this. There's a lot out there about what the Fed does, but not about who is in charge or who owns it.

Today, the Federal Reserve’s duties fall into four general areas:

conducting the nation’s monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates

supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers

maintaining the stability of the financial system and containing systemic risk that may arise in financial markets

providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system.

It doesn't report to you and me, the taxpayers. The URL is not dot gov. And Ben Bernanke, not Barack Obama, is the most powerful man in the world.

Ben said it, not Obama

But markets respond to positive, upbeat messages, not gloom and doom, it'll-be-years talk.

"Bank stocks on Tuesday posted their best performance in almost a month, and their seventh biggest percentage gain ever, after Federal Reserve Chairman Ben Bernanke reiterated that the government would keep banks solvent and said he saw no need to nationalize some firms.

Investors rushed to buy bank shares after Bernanke said there is no benefit from nationalizing the biggest U.S. banks."

And Newsweek certainly didn't help the mood blasting us with this cover. Why would they decide to say what he is now? The authors sound like whiny kids--"Well, Bush did it first." Then why didn't they love Bush? They slobber over Obama!

"We got into this mess largely because of government meddling in the economy, and because of regulations, policies and agencies that have no business existing in a capitalist society in the first place." Newsbusters

And I don't trust Ben either. He and Hank laid the ground work.

The Coming Depression

Instead of calling it The Great Depression which was jointly widened, deepened and lengthened by Presidents Hoover and Roosevelt, we can call this one BOB's Depression, Bush-Obama-Bernancke Depression. Apparently, Bernecke if not a fan of FDR seems to be an apologist.

"It's clear to me that Ben Bernanke wants to go down as the Franklin Roosevelt of this episode, not the Herbert Hoover," said Laurence Ball, an economics professor at Johns Hopkins University. . .

"The financial system now is collapsing as quickly and as completely as it did during the Great Depression, but right now the monetary authorities are doing everything right," said Gary Richardson, associate professor of economics at UC Irvine and a research fellow at the National Bureau of Economic Research. "In the Great Depression, they did lots of stuff wrong; the problem got worse because they exacerbated it." LA Times, Oct. 11, 2008

Can the man not count the number of years after FDR took office where he ran the economy into the ground? He seems to be a believer in more is better (interference). It would make no difference what Bush does now--he's been totally marginalized by his own party, Hank and Ben, and the "office of the President-elect," and Obama will certainly wait until after January 20, to suggest anything, if he and his Clintonistas have a plan, so he can get the credit.

March 2, 2004 Speech
June 15, 2007 Speech

The Hank and Ben Show

Seen at jomama

Is it too early for a repeat? So much has happened in 2 weeks. Our investment advisor says we're the lucky ones--our portfolio has dropped "only" 8%--the market 20%. By next week it won't make much difference, but we'll be using cash to draw down our IRAs which we are required to do next year.

I’ve got the low down, trillion dollar, Ben and Henry Blues
by Norma Bruce

Woke up this morning ‘bout five fifteen,
Read my big ol Bible and a new magazine,
Jumped in the van, turning on the key
Let me tell you mama, there’s no stopping me.

Driving on to Main Street, stopping at the light
Heading for the coffee shop the other side of night,
Singing with the radio, changing stations now
Got the dog and pony show, candidates take a bow.

Mitigating factors, oozing out the wazoo,
Sell ‘em or hold ‘em, it’s all a rescue.
I’ve got the low down, trillion dollar
Ben and Henry blues.

Warm bakery bread and yeasty brown rolls
Congress still propping up the C-E-Os
Espresso coffee chai and tea
The government ya know--that’s just you and me.

NINJA loans for aliens, flipping for the rich,
From coastal homes, to buildings in the sticks,
McBama to Fannie to Goldman Sachs
They’re pointing fingers and covering tracks.

Mitigating factors, oozing out the wazoo,
Sell ‘em or hold ‘em, it’s all a rescue.
I’ve got the low down, trillion dollar
Ben and Henry blues.

We've heard this tune before

I don't know about the neo-nazis I never read their stuff, but the far left anti-semitism is certainly on the rise, encouraged by the huge growth of the USA's Muslim population, which now exceeds the Jewish population. Yes, remember this from the 1930s? Or at least the history books we used to have--it's probably all been revised. It's all the fault of those "Jewish bankers." I tell you, folks, you're buying into a package here with Team Obama and his leftist handlers. The left can always find a reason to blame the Jews and especially our ally Israel.

Store here.

Dear George, Henry and Ben

Your bailout stinks. In a few months you'll be gone and you are handing the Democrats a federalized economy while you're still in office, what they planned for later on in the Obama years. You're not even going to make them work for it! I don't want to blame this all on President Clinton, because he had a Republican Congress to work with, but getting a home loan used to be very different before the mid-90s. It took 20% down, and our housing cost couldn't exceed 35% of our monthly after tax income. It's possible that since you guys are all rich, you've forgotten how we ordinary folks scrimped and saved and did without to pay our mortgages. Then someone brilliant decided we needed to move everyone into "the American dream," without considering who could or would pay. Then we got the NINJA loans, and even wealthy people took advantage of your lax no interest, no assets loans during the housing bubble. Yes, some minorities and poor people got into homes, most of which they couldn't afford. Again, I don't blame just the Democrats--I seem to remember something laudatory about this in the last State of the Union address.

You, President Bush, proposed in 2001 and 2003 the overhaul in the housing finance industry. It was blocked by liberal Democrats. That's a failure of leadership; we can't blame only the Democrats. Then Senator McCain with three other Senate Republicans tried to reform the government’s involvement in lending in 2005 and again that was blocked by Democrats. So he's not the "can't we all get along guy" that he thinks he is. And Obama? He was missing in action or not on board. (Why is this guy always out of the room when an important vote is taken? He's actually getting points for his absenteeism!)

Maybe you think I’m excusing you, but I’m not. You are the leaders. Why did you let the Democrats bamboozle us, and why put them in charge again when they've made such a mess? Now you are going to make the tax paying, honest, bill paying American pay for the mistake the two parties made together? Barney Frank and Chris Dodd are the reigning Democrats in banking and finance, and the rules were changed during the Clinton administration and it was former members of his administration who drove these GSEs into the ground and walked away with Golden Parachutes.

Tell me why, George W. Bush, should we bail out these bad, bad decisions made at the federal level by the Democrats in Congress and your administration?