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Monday, Oct 20th

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Spitzer Whacked For Warning Of Financial Crisis, Bush Fed Targets Taxpayers As Bagholders

Spitzer's omen went further to note that not only did the White House do nothing, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye after 50 state Attorneys General and many legislative attempts failed to halt the worst of the predatory lending excesses.

The AGs and their banking superintendents fought the Bush Administration's use of a Civil War era banking provision which established federal preemption of all state predatory lending laws and the new rules which emasculated state consumer protections from national banks.

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Can you trust a Wall Street veteran with a Wall Street bailout?

Making the rounds on the Sunday morning talk shows, Treasury Secretary Henry Paulson repeatedly said today's financial problems were long in the making. He should know. He was part of the Gold Rush that has brought the global financial system to the brink of collapse.

Paulson presided over one of the most profitable runs on Wall Street as chairman and chief executive officer of investment banking titan Goldman Sachs & Co. from 1999 until President Bush nominated him on May 30, 2006 to take over the Treasury Department.

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Confessions of a sub-prime mortgage baron

The former loan company boss now sees himself as little better than a mid-rank drug dealer.

"I almost look at the mortgage industry kind of like the drug trade. Wall Street and the investment banks are the Bolivian drug lords," he says. "You look at this and you go: What were we doing? Who doesn't want the feeling of euphoria? Who doesn't like to get money?"

He continues: "Wall Street, the drug lords, were creating this product. Lenders and brokers are the street dealers who were largely making it available based on a consumer desire; a want for it."

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Bank of America chief: half of banks won't exist in 5 years

In a speech in Washington, D.C. on Friday, Bank of America Corp. CEO Ken Lewis said he envisions a banking industry that is smaller but better.

He declined to predict when financial markets might recover, but said that many banks will have to merge or be bought out in order to survive.

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Failed Bank List

This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership.

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Illuminati Bankers Are Making A Killing

I'm not an economist but it seems that the Fed is making a killing on our banking woes. The Fed is creating this "money" out of thin air and using it to buy US Treasury Notes and Bonds. The Treasury (i.e. US taxpayer) are on the hook for these securities plus interest.
 
So while it looks like the Fed is riding to our rescue, in fact it is doing a very brisk business. And the US is falling so far into "debt" that political independence is a thing of the past.

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Stock-market woes highlight risk U.S. families now face

As millions of people watched their 401(k) retirement plans rise and fall this week along with the stock markets, their fears reflect a sweeping revolution in how Americans save for retirement.

Whether it's disappearing work-based health care, the move from traditional pensions to 401(k)s, the push to privatize Social Security or just making it harder to file for personal bankruptcy, these and other social supports and safety nets that were designed to make Americans more secure have been watered down, abandoned or altered so that individuals bear a greater share of the risk and cost.

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