Tag Archives: Banking crisis

The Glenn Beck ACORN Story: Big Point That Was Missed

The Glenn Beck – ACORN Story: The Big Point that Was Missed 

by John Galt

September 10, 2009

Glenn, God Bless ya Buddy!

I mean that my friend via radio and television. You have done many great things and this current story first broken on the mainstream by your radio show and the fine folks at Breitbart via www.biggovernment.com (Link to story here ) has exposed the fine people at ACORN to be just what they are: Poverty Pimps. It is a good thing they are “helping” with the census because I would hate for underage illegal prostitutes from El Salvador to not be counted and insured they get all the benefits and numerous voting rights for Democrats that they deserve.

As I listened to the program today and then watched the television show, read the link above from Breitbart and thought about all of the news surrounding this and the silence from the state media organs, it hit me that the big story was not that this has happened; hell I think most Americans are desensitized by this now and expect this type of behavior from any organization affiliated with either political party or receiving government aid be it ACORN or Citigroup. The big difference is that all the whores are in the board room at Citi and not seeking shelter in a Federally funded home loan in Baltimore. In fact the big story is not the risk to the lives of those involved in this story but folks, I agree with Glenn: PRAY HARD for all of them as when the dollars get this large, the rules are not exactly the same. The big point thus far is not even the silence from the mainstream media and the various liberal elite proxies acting to promote any activities that further Marxist causes, the Constitution be damned.

The big point is simple:

We have a banking crisis because of what you saw on this video and the activities of the subjects in this story.

The undercover reporters exposed what happened in bank offices, mortgage lenders of every size, and “community assistance” offices nationwide for years now. The price we are paying is just now being realized and the death of companies like Wachovia, Washington Mutual, Indymac, Bank United, Bear Stearns, and Lehman (etc..) can all be related to the story you have heard and watched from Mr. Beck and the crisis expanded upon from that.

So what “that” am I referring to?

The largest credit crisis in American, perhaps capitalist history. It can all be traced back to a series of blunders starting with the New Deal of FDR, expanding in the greed and avarice of the 1999 Gramm-Leach-Bliley Act consummated in an orgy of mercantile swine money-flu with the signature of President William Jefferson Clinton, and culminating with the “Ownership Society” nonsense of President George W. Bush. The failure of all of these Presidents, whether by design or a National Education Association mental impairment, is that government can not create capital without consequences nor expand the perceived right to own a home without defrauding the taxpayer at some point in the process. Alas, here we are with an imitation 19 year old hooker sitting in front of the very pigs that have helped to expand the government trough on behalf of the Republicans and Democrats in a sick, perverted and grossly misguided attempt to prove that capitalism can not survive without the power of the people or influence of the elitists who know better.

The stories started to circulate with the expansion of the housing boom in 2005 where illegal aliens were obtaining financing for home mortgages (See: Illegal Aliens and the Mortgage Mess by Michelle Malkin, NY Post 9/24/08 & Mortgages for Illegal Immigrants Business Week July 30, 2007), credit was extended to anyone with a credit score above 12, and home equity loans were handed out like, well, government grants to community organizers. The problem is that once subprime, or substandard mortgages, were issued to normally unqualified applicants, banksters realized that thanks to securitization of those loans they could dump the problem on willing investors (aka “dupes”) overseas who were convinced that because a rating agency or mega-bankster said “our AAA is as good as the government” then loaning money borrowed at 1% from the Fed at 5% to Speedy Gonzalez or the local 7-11 bag boy making $6.37 per hour was a win-win situation.

Then of course February of 2007 hit and I won’t rehash that again because God forbid we recite history, facts or anything else that might upset WALNUT, CASHEW, ACORN, or some other agency that comes out of the wood work to call me racist because I do not agree home ownership is a “right” (where in the Constitution again?). After the collapse accelerated and all these banksters started to fail, the very same people who created the mess elected to find a perfectly logical solution to the issue by attacking it head on:

Dump it on the taxpayer and go back to the very same ‘Community Organizers’ that determined these people deserved and were qualified for a mortgage to fix the mess.

Thus we see organizations like ACORN and many others, plus subsidiaries and “debt negotiation” companies (owned by the very same banksters who started this mess) creating programs and attempting to help the same people who should never have received a loan in the first place, to renegotiate a 50 year refinancing agreement that they can fail on next year after the election and thus force more taxpayers to fund more programs to insure they don’t lose a home, car, credit card or pet turtle named Wally they bought with credit they were not qualified for.


Thus once everyone realizes the futility in telling people they have to have kids to pay for their parents financing agreements hits home and the parents realize that Socialism really cures it all, the banksters get to keep their profits, the community organizers get to enforce pograms and the taxpayers are told to shut up and support the ‘less fortunate’ because it is their duty to help the state and keep the peace within our new happy hyperinflationary society.

So Glenn, with all do respect, all your ACORN story did was open up an old wound.

If anyone in their right mind thinks the actors who were in the video are not symptoms of a larger problem, well, bleat on and enjoy your cud. The reality is that ACORN and numerous other groups receiving taxpayer funding plus banksters given incentives to do so loaned out hundreds of billions of dollars that will never be paid back. Then the same banksters leveraged that up in the grand world derivatives casino knowing that by making it so large, so complex and so deadly all the parties involved knew they would pocket the gains and dump the risk and ultimate losses on the American people.

The lesson of this is simple:

Get government out of our capitalist system or face the consequences when the hybrid system collapses.

Too bad the lesson is missed on those in power and the problems will be endured by the people for over a decade or more.


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Filed under Obama Marxist Tyranny

ObamaNation – A 100-Day Retrospective of Imposing Marxism

I will leave it to these fine folks to encapsulate for us – what has transpired in the last 100 days of the Obama Regime.

100 DAYS…in Summary

By Keep Your Powder Dry


What WE are, and What Obama has done:

On the road to Obamanism, he has: Nationalized the Banks and Maintains Control

and Nationalized General Motors.

Pushing through socialized heath care because it works so well in Mexico, Canada, Europe, and Massachusetts, and choosing what procedures you can have done.

He employs a civilian army to promote his legislations, just like Hitler did, and MaoChavez, and Castro.

Prohibit ‘Volunteers’ from practicing religion, charge them to volunteer, and punish the charitable.

Controls the press through secret meetings.

Ignores the Real cause of the financial meltdown, continuing to blame Bush, While he allows the real culprits to continue.

Ignores the facts about ‘global warming’; introduces a new tax to ‘offset’ global warming, and creating a new class of welfare recipients with the money.

Continue to pump money into the unproductive sector of the economy, while strangling the innovators, and the investors.

Thinks he can spend his way out of this just like the Japanese did in the 90’s.

Appoint intellectual infants to key posts, such as a DHS Secretary that doesn’t know the laws she has sworn to uphold, appoint a Taliban head to the Justice Department, nominates a porn lawyer, a perpetuator or racism asAttorney General, a tax cheat as Treasury Secretary.

Bows to the Saudi King, and befriends Chavez.

Supports a back door approach to ‘banning’ guns.

And there will be a return of the wonderful practice of eugenics, and with that this will come even faster.

And what is really scary is that someone wants him in the oval office forever.


But there is more analysis:

Obamalinsky’s First 100 Days

The President’s Radical Playbook

The evidence to date suggests that President Obama is not simply formulating his own goals, but has rooted it in the tactical prescriptions of leftist godfather Saul Alinsky.

Alinsky: “… taking a new step is what people fear most.  Any revolutionary change must be preceded by a passive, affirmative, non-challenging attitude toward change among the mass of our people,” — according to Rules for Radicals: A Pragmatic Primer for Realistic Radicals, by Saul Alinsky, 1971, Random House

Is Mr. Obama a radical?  Here are some of his stated objectives:

• He wants to dramatically expand government control over our health care system.

• He wants to enact a broad set of environmental controls and environmental taxes on the economy, with little apparent concern for the effect on business profitability and thus sustainability.

• He wants to abolish the right to a secret ballot in union organizing.

• He wants to subordinate American sovereignty to the United Nations by committing us to treaties and agreements on a wide variety of issues.

• He appears to be working to undermine popular support for the Second Amendment by repeating false statistics about gun violence.  His few positive comments about ownership of firearms typically related to hunting and target-shooting, neither of which was the basis for the Second Amendment.

• He is appointing radical advocates of abortion to positions within his administration, including advocates of taxpayer-funded abortion and partial-birth abortion, and he moved within days of his inauguration to send taxpayer money to international organizations that perform abortions.

• He is moving to cut the budget of the Defense Department specifically to limit research into future combat systems that could more effectively protect America at a lower cost.

Note that all of these policy items were less urgent than the “stimulus” bill.  The stimulus was an ingenious way to seize the opportunity presented by the recession.  In fact, the purpose of the stimulus itself would have made Alinsky proud:

• Much of the stimulus money went toward “feeding and watering” of radical constituency groups such as ACORN and Planned Parenthood, as well as unions and government bureaucrats.

• Much of the stimulus money is in the form of “down payments” on questionable energy programs desired by liberal environmentalists or transportation programs designed to make it harder for individuals to own cars and easier for the government to force them into mass transit systems.

• Much of the stimulus money relies on the discredited notion that simply pushing money through the system — taking $10 out of one pocket and putting it into another — creates economic growth.  In fact, it is entrepreneurship that creates growth, because it creates value.

• Some of the stimulus spending is designed with time bombs in the form of expansions of government health care initiatives that expire in a few years, “forcing” Congress to continue them.  This was done on the front end to hold the official cost of the stimulus under a trillion dollars.

Mr. Obama pursues what is unquestionably the most radical agenda of an American President in decades, but he does it with a smile, and gentle words about the American dream and cutting taxes.  As Alinsky said in Rules for Radicals, raving about “white racist[s]” and “fascist pig[s]” (or bombing the Pentagon) may feel good to a leftist organizer, but the responsible organizer blends into the community and avoids foolish risks that could get him shunned by regular members of the community.


Filed under Obama Marxist Tyranny, Politics

They Broke It – Let THEM Eat It!

Thanks to the fine folks over at thetreeofliberty.com for the assignment and idea for this No Bailout Poster:


Filed under Economy, News

So What Caused This Economic Banking Crisis???

While I’m not a big fan of John McCain – and am certainly not openly campaigning for him – the following 9 minute video does an excellent job of illustrating how and WHY we are in this banking crisis that the very people that caused this mess are now are in charge of ramming a quick-fix solution down our throats.    700 Billion to tens of TRILLIONS of dollars in bailouts that they are going to sack you and I and our children with and replacing our republic with a fascist Socialism that owns and runs every industry in the country.

 UPDATE: 9-29 – YouTube pulled the following video due to what they claim are “copyright” violations.



Filed under Economy, News

The Economy of Broken Glass



By John Galt

The photo of the JP Morgan Chase building in Houston, TX with all of the broken windows thanks to Hurricane Ike is the perfect metaphor for our shattered financial system. The symbolism of the fractured chunk of a window in the photo above is the ultimate image for describing what is happening to our economy and worse an indication of the destroyed solvency of the Federal Reserve banking concept. The irony is that it was good old J.P. Morgan who concocted and promoted the very system which is now at risk.

The transparency that glass is supposed to provide for those on the outside and inside is often smoked over or tinted by these financial towers so Joe Q. Public can not look in to see what is happening inside. This same discoloration of the glass to diffuse or block the ability of the public to see what is happening also obstructs these “Masters of the Universe” and their view of Main Street, U.S.A.  These “giants” of our financial industry have absolutely zero perception or understanding of how the average man or woman lives in this nation. To make matters worse, the majority of them have little if any empathy for the small or mid-sized entrepreneurial businessman or the jobs their enterprises create. Now, after a disaster of such monumental economic proportions, we are not asked, but told it is our duty to trust what is happening behind these darkened buildings and pay for their mistakes.

Today, that window is broken, as is our banking and financial system.

Jagged glass falling from a damaged skyscraper can cut or kill a person or in this case, an economy. The destruction of the credit establishment and expansionist enterprises in our banking sector will eventually result in a deflationary depression unless action is taken to expunge the bad paper or debts immediately. The question is the path that will be chosen to reach this final result. The logical solution would be for the central banksters of these United States, our Federal Reserve, and their partners in crime, the politicians, to protect their Ponzi scheme and inflate their way out of this mess, passing badly devalued dollars off between each other and foreign powers to eliminate the overhanging corporate sector and government debt. This action would cause great distress domestically and internationally but who cares about the citizens of these nations and the pain they would suffer? The main thing in the eyes of the politicians and banksters is to protect the system, not the nations involved in this system.

The alternative path which in their eyes protects their fiefdoms, is to deflate and unwind the overhanging issues, eliminating competition and contracting the size of the banking system, once again inflicting unmentionable pain on citizens not just in the United States, but worldwide. Unfortunately for these Princes and Lords, the world political situation and level of civility is far different than in years past. America is no longer an overwhelmingly dominant geopolitical power with unending military resources to plant the flag and push or persuade our friends and enemies into a desired outcome. The theory that our money is the greatest thing since gold no longer holds true. The purity of our motives when our military is used can no longer be trusted. And sadly, the arrogance of our political class has soured some alliances while encouraging old enemies of the once discounted Marxist bloc to re-establish new alliances to counteract our hegemony.

A deflationary decline and depression this time would not be another Ma and Pa Kettle version of The Grapes of Wrath  with Americans pulling together in every corner of the nation and living off of the resources of the land. The technocrats who have distributed our bounty and manufacturing capabilities world wide have seen to that outcome being null and void. The ideal by these theoretical heretics who figured that giving America’s dominance in economic affairs to our friends and enemies alike to maintain world peace and allow economic expansion to defeat the natural business cycle now comes with a price. When the fraud the government and Federal Reserve foisted on the world in 1973 with Nixon’s closing of the gold window allowed the acceptance that our paper was as good as gold and we would never issue a fiat currency scheme that was inflationary nor manipulative (heaven forbid), some who studied economics for decades realized the risk that would be taken with our future.

That future is now.

After thirty-five years of irresponsible economic policy by our government and the associated managers of the economy, the Federal Reserve, the failure to maintain a stable currency along with an inability to control the urge to spend money on any project or concept that lines the Imperial Senate’s pockets will have a major consequence. The full faith and credit ideal is about to see just how much faith the world has in our leadership and how much more credit they are willing to extend.

Thus the most dangerous idea, a deflationary unwind, might carry much more risk than the banking class is ready to endure. The societal instability it would create in America’s major cities is something the political class will not stand for, thus creating the final and over due conflict between the neo-capitalist class and the quasi-socialist elected officials. The instability this conflict is going to create as we migrate from a post-1970’s inflationary solution to a Franco-Chinese hybrid socialist-corporatist model will last at least one decade.

Japan experienced the “Lost Decade” as their never ending recession thanks to corporate fraud and government deceit destroyed the model Americans were told we should emulate. Then the Chinese who were willing to sacrifice everything for a better life, mainly because if they did not they could be shot, adopted a modified corporatist model where the political elite retained ultimate control via the fixed bayonet.

Thanks to the “We are the World” bunch and their perverted globalist economic theories, America will now have to restructure its entire economic model, configure a solution to replace a rapidly aging workforce, create a new economic growth model under government supervision, and fight off societal instability all while facing a revival of Marxism thanks to the re-emergence of Latin American classical revolutionary movements and the Russian Bear. The largest obstacle to our future, besides millions of furious and soon to be bankrupt retirees and investors who will open their statements and see “$0.00″ or worse “X,000,000,000,000,000.00″ like they do it in Rhodesia proper (Zimbabwe for the politically correct), will be the regionalized instability an American collapse will create. When, not if, we fall into a depression death spiral our neighbors to the south will probably have to deal with a full blown Civil War. This means our border states and those states with large “immigrant” and “illegal immigrant” populations will be directly or indirectly involved in the fighting.

Think I’m crazy? Think again. The vacuum created when a nation’s economic system collapses is one thing; when an Empire’s system collapses the void brings forth destructive forces that have been bubbling for years as the masses within the imperial borders enjoyed bread and circus, all the while dismissing problems in other nations as regionalized issues of little concern. The only logical outcome will be the one imposed by the political class to declare direct oversight of every aspect of our financial system and the liquidation of another U.S. Central Bank, the Federal Reserve, and the creation of some sort of modified European Union type regional banking system with direct political control of every aspect of its function and scope. The prospects of losing that type of control could motivate the Federal Reserve to begin monetizing the debts to prevent such an evolution in thinking, especially if a leftist regime seizes power in D.C., a given should economic conditions continue to accelerate over the next fifty something days.

Although I fear the risk of a deflationary depression does exist, the actual demand on raw commodities worldwide due to basic demographics in addition to the risk of major domestic and regional instability will ultimately lead to the Great Reflation which will lead to a monetization of debts and corporate structured instruments in an effort to buy more time and implement greater societal changes. In the eyes of the powers controlling our banking system, ten years of little or no economic expansion is a much more palatable outcome than to having their system replaced with a new financial and economic management model. The prospect of maintaining some leverage or control of the system’s future in cooperation with a new political regime is far more acceptable than losing a century of control. Power sharing and negotiation is the key thing to watch for and the one thing all of us will have to monitor to get some clue as to just how great a currency devaluation and redesign will be endeavored upon.

The people will be willing to tolerate a revision of our society’s structure or sacrifice of freedoms to maintain the illusion of wealth and security. That is the sad statement of fact that our  Founding Fathers worried about when an undisciplined people elected scoundrels to office and bandits to run their finances. The only hope for our society now is that enough people will prepare themselves financially and spiritually to endure the hard times and take a leadership role to rebuild our system devoid of Lenin’s ideals and conniving leaders like Senator Nelson Aldrich. There will be a purge one day, but for now, the creators, the producers should consider the idea that the time to go on strike is near.

Just as the namesake of this editorial articulated in Atlas Shrugged.

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