One American’s Rage Spills Over: Shut Your Mouth & Start Fighting These Political Parasites

Warning: NSFW, for the weak of heart, look away… Submitted by Thad Beversdorf via First Rebuttal blog, I was shocked today by the absolute gaul of the Fed releasing a statement about Net Worth in America reaching record levels.  Now I get that they are under extreme pressure to sell the story that everything is rainbows and butterflies.  But surely they understand that working class Americans are going along with the story because they really don’t have any say in our nation’s policies anymore.  That doesn’t mean they want it thrown in their faces that the Fed has spent 6 years now inflating the wealth of the top 10% so much that it actually lifts the total wealth of the nation’s citizens to record highs. The ugly reality is that the bottom 80% of Americans experienced none of that gain.  That’s right a big ole goose egg.  And so when the Fed via its […] Read More

Gov Report Says There Is No Inflation: “It’s Pure and Utter Bullsh*t”

Editor’s Note: Earlier today Michael Snyder pointed out that the purported 5.5% official unemployment rate is a massive lie based on skewed numbers. Nonetheless, Wall Street and a good portion of the American public have fallen for the sham hook, line and sinker. But the conjecture doesn’t stop there. It seems that everything the government has been disseminating to the public is loaded with half-truths or outright fiction. The latest example comes to us from James Quinn of The Burning Platform, who highlights the government’s claims that prices for essential goods and services are falling. As usual, Quinn succinctly dissects the reality of the situation and proves that regardless of the “official” numbers, Americans’ wallets are getting hammered at every turn.  How’s that deflation working out for you? By James Quinn The BLS put out their monthly CPI lie last week. They issued the proclamation that inflation is dead. […] Read More

The Destruction Of The Middle Class Is Nearing The Final Stages

Submitted by Tom Chatham via Project Chesapeake, The events of the past few months seem astounding when taken in all at once. The plan to destroy the U.S. dollar and the American middle class is moving at an ever increasing speed. At the recent G20 meeting the nations agreed that bank deposits would no longer be considered money. These bank deposits become the property of the banking institution and as such can be used any way the bank wants. This means that any money you deposit in a bank now is no longer yours but makes you an investor in the bank and subject to lose that money if a banking crisis takes down the bank. The spending bill just passed by congress makes the American taxpayer responsible for any derivatives loses that banks may suffer. These derivative holders now have first priority when any funds are paid out […] Read More

Meet The “Access To Affordable Mortgages” Act: How Congress Will Create The Next Crisis

Submitted by Simon Black via Sovereign Man blog, Say hello to the next financial crisis, brought to you courtesy of the dumbest new bill of the week: H.R. 5148: Access to Affordable Mortgages Act. Ordinarily whenever an individual wants to borrow money for a mortgage, the bank conducts due diligence… both on the borrower as well as the property. It’s in the banks’ interest (as well as the banks’ depositors) to ensure that the property is at least worth as much as the amount being borrowed. Duh. Congress doesn’t agree. Apparently when banks conduct property appraisals, that seems to unfairly discriminate against some segment of the population trying to buy crap properties. And we certainly can’t have that going on in the Land of the Free. So with HR 5148, Congress aims to exempt certain ‘higher-risk mortgages’ from property appraisal requirements. Curiously, this legislation reverses several provisions in the […] Read More

Why Housing Will Crash Again – But For Different Reasons Than Last Time

Submitted by Chalres Hugh-Smith of OfTwoMinds blog, Institutionalizing the speculative excesses that inflated the previous housing bubble has fed magical thinking and fostered illusions of phantom wealth and security. The global housing market has been dominated by magical thinking for the past 15 years. The magical thinking can be boiled down to this: A person who buys a house for $50,000 will be able to sell the same house for $150,000 a few years later without adding any real-world value. The buyer will be able to sell the house for $300,000 a few years later without adding any real-world value. The buyer will be able to sell the house for $600,000 a few years later without adding any real-world value. And so on, decade after decade and generation after generation: a house should magically accumulate enormous capital (home equity) without the owner having to do anything but pay the mortgage for […] Read More

Momentum Stock Fiasco Already Pricked San Francisco Housing Bubble

Wolf Richter   www.testosteronepit.com   www.amazon.com/author/wolfrichter San Francisco is unique in many ways, and not only because it gets cold in the summer. Wild boom-and-bust cycles rule the city, and right now we’re in a boom cycle. Medium-rise and high-rise buildings for offices and apartments are sprouting like mushrooms. Cranes dot the skyline. Construction sites are everywhere. Streets are even more congested than usual, with concrete pumps blocking three of the four lanes. Tax revenues are flooding city coffers. Money grows on trees. Rents are soaring. People are getting evicted. And home prices, oh my…. By February, the median home in San Francisco changed hands at $945,000, according to DataQuick (now a division of CoreLogic). That was up a screaming 35% year over year, and 16% higher than the peak of the prior bubble. That peak was in November 2007, the craziest time when nothing could go wrong because stocks were […] Read More

2013: Federal Judge Slams DOJ For Not Prosecuting Wall Street Execs

A federal judge with a history of slamming the regulatory system issued scathing remarks against the Department of Justice on Tuesday for allowing Wall Street executives to escape criminal prosecutions. Speaking at an event hosted by the New York City Bar Association on Tuesday, U.S. District Judge Jed Rakoff of Manhattan said the DoJ’s “unconvincing” excuses for not prosecuting individuals were “technically and morally suspect.” “[Not] a single high level executive has been successfully prosecuted in connection with the recent financial crisis, and given the fact that most of the relevant criminal provisions are governed by a five-year statute of limitations, it appears very likely that none will be,” Rakoff said. While the DoJ has not said that all the top executives are innocent in the lead-up to the financial crisis, it “has offered one or another excuse for not criminally prosecuting them—excuses that, on inspection, appear unconvincing,” the Financial Times reports Judge Rakoff […] Read More

2013: JP Morgan Buying Its Way Out of Legal Troubles

The announcement that a tentative agreement had been reached between the Department of Justice and JP Morgan (JPM) was surprising only in the size of the penalty the country’s largest bank (and second largest in the world) agreed to pay: $13 billion. It’s the largest penalty on record that any company has paid to settle claims made by the Justice Department. But it’s far from being the first that JPM has paid. In a little over 10 years, the bank has paid out (not counting the present agreement which is still being negotiated) more than $5.2 billion in settling claims ranging from fraud involved in underwriting Enron and WorldCom bonds, and engaging in a “pay-to-play” scheme that brought Jefferson County, Alabama, to the brink of bankruptcy, to wrongly overcharging several thousand military families for their mortgages. This present agreement is the result of numerous charges brought by several aggrieved parties, including the Federal Housing Finance […] Read More

2007: The Great Dollar Crash of 07

Tuesday, 06 February 2007 By Mike Whitney The massive equity bubbles which arose from artificially low interest rates and the deliberate destruction of the dollar by reckless increases in the money supply have shifted trillions of dollars from working class Americans to the predatory aristocrats at the top of the economic food chain. The gulf between rich and poor has grown so wide that it now poses a direct threat to our increasingly fragile democracy. Whatever future developments may prove to be, my best guess is that the US will continue to maintain a faade of Constitutional government and drift along until financial bankruptcy overtakes it.??? Chalmers Johnson, Empire V. Democracy: Why Nemesis is at our Door??? 02/06/07 “ICHBlog” — – Every time a US Dollar is traded, a check is issued on an account that is overdrawn by $8.6 trillion. (That is the present size of the national […] Read More