The National Memo – Markets Surge As Federal Reserve Offers New Stimulus
Oh Pleeese, who does Ben Bernanke think he is kidding?! Congress has the ability to say, “Don’t buy bad debt.”
The stock market surged today because the Federal Reserve announced it was going to take $40 Billion of our tax dollars per month “until further notice” and buy inflated, defective, fraudulent mortgage-backed securities (MBS) indefinitely from the banksters.
Does that really make any sense?
Maybe it seems reasonable to the banks since they wrote more loans than they can legally hold and they think it might stop the regulators from coming in and shutting them down.
This is like “foaming the runway” with whipped cream. Throwing money at the banksters’ problem is not going to fix it – he’s already thrown TRILLION$ at the banks and Bandit Ben is still going back to the printing press. You’d think by now someone would have the good sense to tell him “enough is enough” this isn’t working – we need to try something else.
Regulation is a good start – after calling a moratorium to the torture of foreclosure, eviction and deficiencies.
The mortgage loans written from 2003-2008 are defective products. Many mortgage loans have fraudulent Libor rates, the majority were purposely inflated by the banks – and the promissory notes in the bonds have yet to see valid assignments of mortgages – because the banks were too busy with their shadow banking games to properly follow the trust controlling documents. Why would any of us want to buy bad paper?!
And then there is MERS vs. MERS® – lawmakers have yet to understand that the MERS in the mortgages is just a empty shell (no assets, no employees, no nothing), straw man, trade name and is not the same entity that the banks are members of which is MERSCORP, Inc. who owns the MERS® [software] system and tells the banks’ employees what to do in their handbook of rules.
Bloomberg captured the essence and interviewed Ron Paul who has pushed an Audit the Fed campaign which has passed the House and is now waiting to be heard in the Senate: “The announcement sent stock and commodities prices soaring, and the U.S. dollar plummeting, as the Fed gave a clear indication that ZIRP and monetary stimulus will be the new normal going forward. Although the announcement would seem to fall short of the expectations many had — that the Fed would make asset purchases totaling upwards of $400 billion over the coming months — the open-ended nature of the Fed’s latest action makes it clear that more monetary stimulus is not only possible, but probable. Here’s Ron Paul interviewed on Bloomberg TV shortly after the announcement.”
Neither Bernanke, nor Geithner have been right about how to correct the economy over the past 5 years. The theory of allowing foreclosures, evictions and deficiencies to continue along with the farce of TARP and HAMP plans has proven to be detrimental to the state of the economy and the mindset of Americans.
During that time the United States Senate has investigated the banks and found serious abuses that have not yet been corrected or regulated and were/are ripe for indictments and put together details in several committee reports including the April 13, 2011 Report: WALL STREET AND THE FINANCIAL CRISIS: Anatomy of a Financial Collapse, the November 16, 2010 Congressional Oversight Panel’s (COP) report titled “Examining the Consequences of Mortgage Irregularities for Financial Stability and Foreclosure Mitigation” and a recent report on July 17, 2012 entitled U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History – and we’re going to fund these banksters with more public money? Is this nuts or what?! Have we learned nothing at all?
This bizarre move is just another “protect the banks bailout” in a delusional state of mind that giving away more taxpayer money and diminishing the value of the dollar will some how correct the $600 TRILLION
lost stolen in an unregulated securitization Ponzi scheme. The Greatest Financial Cover-up in history.
It’s time to call Congress again and tell them they have the power to stop this pillage of our tax dollars. Talk about exceeding an “unlimited budget”. . . yes, this is nothing more than MONETIZING OUR DEBT. Printing more money and adding to our debt is not turning around the core problem – foreclosures are NOT good for the country.
We might as well be castrating the American middle class and the next 10 generations to follow. Let’s Audit the Fed before they continue to spend. Stop the IBG-YBG (“I Be Gone- You Be Gone) attitudes – because our children and their children will otherwise suffer greatly for our failure to stop madmen and idiots.
Click here – Call and email your Congressional Delegations and tell them:
“Stop Bernanke’s $40 Billion a month QE3 PLAN – now! Stimulus starts with fixing the core of America. Stabilize the core by stopping foreclosures and investigating the bank frauds and then we can begin to concentrate on growth. As long as the roots are eroded the tree will continue to fail.”
Contacting the Congress is a very up-to-date citizen’s congressional directory for the 112th Congress. As of September 04, 2012 there are 536 electronic contact addresses (of which 533 are Web-based contact forms), and 536 home pages known for the 540 members of the 112th Congress. Traditional ground mail addresses are available for all current members of Congress.
Thank you to Larry Doyle – Sense on Cents.