DRANT #324: PIGGGGGGGGGZ

Wall Street banks in $70bn staff payout
Pay and bonus deals equivalent to 10% of US government bail-out package

Simon Bowers
The Guardian, Saturday October 18 2008

At one point last week the Morgan Stanley $10.7bn pay pot for the year to date was greater than the entire stock market value of the business. In effect, staff, on receiving their remuneration, could club together and buy the bank.
In the first nine months of the year Citigroup, which employs thousands of staff in the UK, accrued $25.9bn for salaries and bonuses, an increase on the previous year of 4%. Earlier this week the bank accepted a $25bn investment by the US government as part of its bail-out plan.

Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.

Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism. The government's cash has been poured in on the condition that excessive executive pay would be curbed.



Demonstrators protesting in New York before the $700bn Wall Street bail-out earlier this month. Photograph: Nicholas Roberts/AFP/Getty images

Pay plans for bankers have been disclosed in recent corporate statements. Pressure on the US firms to review preparations for annual bonuses increased yesterday when Germany's Deutsche Bank said many of its leading traders would join Josef Ackermann, its chief executive, in waiving millions of euros in annual payouts.

The sums that continue to be spent by Wall Street firms on payroll, payoffs and, most controversially, bonuses appear to bear no relation to the losses incurred by investors in the banks. Shares in Citigroup and Goldman Sachs have declined by more than 45% since the start of the year. Merrill Lynch and Morgan Stanley have fallen by more than 60%. JP MorganChase fell 6.4% and Lehman Brothers has collapsed.

At one point last week the Morgan Stanley $10.7bn pay pot for the year to date was greater than the entire stock market value of the business. In effect, staff, on receiving their remuneration, could club together and buy the bank.

In the first nine months of the year Citigroup, which employs thousands of staff in the UK, accrued $25.9bn for salaries and bonuses, an increase on the previous year of 4%. Earlier this week the bank accepted a $25bn investment by the US government as part of its bail-out plan.

At Goldman Sachs the figure was $11.4bn, Morgan Stanley $10.73bn, JP Morgan $6.53bn and Merrill Lynch $11.7bn. At Merrill, which was on the point of going bust last month before being taken over by Bank of America, the total accrued in the last quarter grew 76% to $3.49bn. At Morgan Stanley, the amount put aside for staff compensation also grew in the last quarter to the end of August by 3% to $3.7bn.

Days before it collapsed into bankruptcy protection a month ago Lehman Brothers revealed $6.12bn of staff pay plans in its corporate filings. These payouts, the bank insisted, were justified despite net revenue collapsing from $14.9bn to a net outgoing of $64m.

None of the banks the Guardian contacted wished to comment on the record about their pay plans. But behind the scenes, one source said: "For a normal person the salaries are very high and the bonuses seem even higher. But in this world you get a top bonus for top performance, a medium bonus for mediocre performance and a much smaller bonus if you don't do so well."

Many critics of investment banks have questioned why firms continue to siphon off billions of dollars of bank earnings into bonus pools rather than using the funds to shore up the capital position of the crisis-stricken institutions. One source said: "That's a fair question - and it may well be that by the end of the year the banks start review the situation."

Much of the anger about investment banking bonuses has focused on boardroom executives such as former Lehman boss Dick Fuld, who was paid $485m in salary, bonuses and options between 2000 and 2007.

Last year Merrill Lynch's chairman Stan O'Neal retired after announcing losses of $8bn, taking a final pay deal worth $161m. Citigroup boss Chuck Prince left last year with a $38m in bonuses, shares and options after multibillion-dollar write-downs. In Britain, Bob Diamond, Barclays president, is one of the few investment bankers whose pay is public. Last year he received a salary of £250,000, but his total pay, including bonuses, reached £36m.

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DRANT #323: RAPE FOR DUMMIES

Are you bamboozled by the maze of recondite acronyms and obscure and purposefully
opaque nomenclature used to describe what is simple
rapacious Rape ?
Do you really know what "credit default swaps" are ?
A ravenous recipe concocted of equal parts -- unimaginable gluttony, immeasurable
greedy manipulation and voracious victimization and capitalization of the pain suffered
by others: yielding billions of dollars in profits for very very few, and ruination
for most everyone else.
(The worst is definitely yet to come)
Well, here is what I think to be the clearest explanation so far:
Credit Default Swaps: The Insane Problem and the Radical but Sane Solution
(by Chuck Simpson) (15138) From Op Ed News
And just remember- none of this was due to idiocy, stupidity or bumbling.
The same people who invented it, and who carried it out, are now reaping the biggest
benefits, and its only just started.
There are TRILLIONS of dollars of non existent imaginary and worthless dollars teetering
out there, soon to ignite the biggest conflagration yet.
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DRANT # 322: NOBODY KNOWS NUTHIN

"---what we have is --- a continuation of a transfer of wealth. This whole government has become nothing more than a big machine that transfers the wealth upwards with our tax policies, our energy policies, with fiscal policies, with the war. All the wealth of the country goes from the pockets of the people into the hands of a few. This is a very dangerous moment. You know, it's the biggest amount of injection of capital by the government in a single time since the New Deal. And frankly, there is no trickle down here. There's just rewarding bad behavior---" Rep. Dennis Kucinich on Democracy Now The world-renowned financial expert Larry Berra (aka Yogi) had this to say about the world's (supposed) economic crisis: "In baseball ya don't know nuthin." Egggzackly. None of us don't know nuthin'-- but we do know this: They ALL suck. Us included. They gave away 680 Billion of our dollars yesterday, and we never made a sound. This included giving Bush another 70 billion for the wars, and stilllll nobody as much as honked a kazoo. They transfused a slew more vampire banks with our blood money, and not a squawk outta us. And did you watch the charade of controversy on TV today ? As if - there was one ? Do you think that The Pelosi would bring the bailout bill to the floor for a vote without knowing how the vote would go ? To make super sure, she took time off from her botox treatments (her lips were barely able to move) long enough to make a dumdum partisan speech just before the vote. She knew it was going down. They all did. It was planned. This was World Championship Wrestling in jackets and ties and ladies' power suits. What we saw today was the usual Bullshit Ballet, promoting the fiction that there are two opposing parties, that no they don't all work for The (same) Man, pimping the bombastic bubbemeise that there is a desperate financial crisis which can only be solved by Us sending even more of Our money to Them, and that they had to pass this bill (for our sake) before the sun set or our ATMs and Visa cards would crumble to dust. Americans watched mesmerized and fearful as the Dow-Jones Industrial Average lost 777 points. The cablenews double-chinned whities argued and moaned and pontificated endlessly -- as if the Dow was some kind of wildly bleeping vital signs monitor in the emergency room of the economy. The Dow is irrelevant. What's relevant is that people have lost their lives and their homes and jobs, and been bankrupted by medical bills, not that a pre-selected list of stocks goes up or down because a skyscraper of Little Eichmanns program their computers to sell the instant some inscrutable digital delta or other is reached. Millions of people foreclosed and evicted, and Congress sat. Water poured over the levees and obliterated the lives of hundreds of thousands - and Congress sat. Pensions gone, incomes decimated, jobs disappeared, lifetimes ruined, families destroyed, and Congress sat. But- when some banks and brokers started bleeding profusely from SELF-INFLICTED wounds, Congress outraced Michael Phelps himself to the rescue. Now why do you think that is ? Hmmmm, I know, it's a toughie. Well, here's a hint: all the Politicians are roostering loudly about how They are acting for Us, that this is about Main Street not Wall Street (eccccccch that's offensive) that its the average worker, the typical american, mr and mrs frozen dinner- that they really care about. Wangawangawangawangawangawangawangawangawangaaa wangwang wang ! That's the ole BS detector going completely Keith Moon ! As soon as a politician tells ya that its You that counts, RUN for your LIVES. The reason that Congress, The Government, The Media and The Police all UsainBolt to save the banks and not you is that they work for the banks and not you. Duh. And, the reason they made sure that the so-called bailout bill FAILED is- its better for them and the banks (and the government and the media and the police) if it fails. They WANT it to fail. They NEED it to fail. They do this every buncha years or so. What they create is a big fat panic-ridden, fear-driven, collapse and deflation. What they started about 15 years ago was a big fat bubble, making loans and credit cheap and available to anyone and everyone who could (or even who couldn't) sign their name, destroying crucial historic regulatory structures and all pretense of oversight, birthing new forms of creating money, value, and wealth from thin air, printing dollars without ink, paper or printer, and evading morality, responsibility and taxes simultaneously. They are doing just fine with ongoing unregulated de facto bailouts - Freddie or Frankie or Fifi or whatever -- AIG, Bear Stearns, Washington Mutual, Wachovia, and now the auto companies, and whoknowswhats next. Billions in bailouts, no votes, no scrutiny, no debate, no oversight. So what the hell did they need this current "bailout" bill for ? They needed it to fail. Its a public lynching of our trust and confidence and security. Created to induce fear and panic. They are not only killing the body of the bailout, but they are gonna be sure and let it swing from the tree for a good while so all us folks can see what happens when ya mess with Massuh. And then, when we predictably raise our voices in pain, and anger and humiliation, or yell about having our votes stolen-- they already have the troops in place- primed and at the ready to quell any "civil unrest" by the disenfranchised or financially disemboweled.

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DRANT # 321: LUFTMENSCHEN

"If money isn't loosened up, this sucker could go down," President Bush declared Thursday as he watched the $700 billion bailout package fall apart before his eyes, according to one person in the room. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Here's a story my much-missed Julie Vogel used to tell. I don't tell it nearly as well, but it sums it all up: (Background:The Nazis imposed numerous draconian laws forbidding Jews from engaging in business with others.) ########### No matter how bad things got, Yossl and Moishe met every day for coffee. One morning Yossl tells Moishe- "Ya know, I have no need for this beautiful watch I'm wearing. Who needs to know the time ? Its a priceless heirloom, but I just don't need it anymore. How about I sell it to you ?" Moishe says: "Wellll, it's scratched, but I don't own a watch. OK, I'll give you 3 zlotys." "3 Zlotys ! Ridiculous, its worth 100 !" "Take it or leave it," says Yossl. "I'll take it," says Moishe. Next morning over coffee, Moishe says- "Ya know, I love this watch, but I just really never look at the time. Maybe you should buy it. 4 Zlotys." "4 !" yelps Yossl, "it's not worth 2 !" "Take it or leave it." "OK," says Yossl, "4 Zlotys." Next morning, Yossl offers to sell the watch back to Moishe for 5 Zlotys. "This is ridiculous," says Moishe. "I sell it to you, you sell it to me. For what ?" "Stop complaining," says Yossl. "Like this-- we're making a living !" ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Luftmenschen means "AIR-MEN." Men who live on air. We live in LuftLand - the AIR COUNTRY. What lessons we can learn from Moishe and Yossl: 1- A thing is worth only what someone will pay for it. 2- To sell, it takes two, baby. 3- You both have to agree on the terms. 4- A deal is a deal. 5- Everything is fine as long as its fine. AKA the Wiley Coyote Rule: if you run off the cliff, you don't fall 'til you look down. 6- The most important thing is to keep the game going. For the past few days, the Pigs gathered publicly and unabashed at the trough yet again, recalling nothing less than the Warren Commission or the 9-11 Commission, or worse- Powell and Tenant at The UN. I mean, take a LOOK at these guys. The pre-determined DECISION has been made. The rest is a mendacious manipulative show: the usual carefully choreographed Bullshit Ballet, sumptuously staged to convince us that: 1- Democracy is alive and well in the USA 2- The demands, needs and views of We (the group formerly known as) The People are being vigorously represented, and 3- What we are watching is tough but honest disagreement between sincere but differing points of view. Where are Yossl and Moishe when we need them ? These Pigs all have the same religion, feed from the same dish of slop, and work for the same masters. They are ALL ON THE SAME SIDE. As I have bleated for years-- looking to the Conspirators to end The Conspiracy is self-defeating lunacy. Did we learn nothing from the WMD disaster ? Are we going to believe again in the Mushroom Cloud Fairy ? That this is an EMERGENCY ? That total chaos awaits if we delay even a few days ? What's the rush ??? How about making damn sure the $700 Billion check (and muchmuchmuch more) gets written before a new President and Congress take office ? If O-same-a still had one testicle left, he never would have shown up. But of course, if he had balls in the first place, he would have stood up two days ago, and announced that he would not support or accept any deal where every man woman and child in the USA would be asked to pay for crap that everyone knows is worthless, while the perps walk, and the rest of us lose the very things that sustain life. Proof again that Oshama is a professional invertebrate goalongtogetalong, who has built his life on pleasing everyone and being no one. Massuh, thy name is Goldman Sachs. (see DRANT # 312) The bottom line: at the same exact time Dungress was publicly daisychaining over "saving the economy," they overwhelmingly passed yet another 400 billion dollar funding bill guaranteeing yet more years of war, genocide, occupation, torture, and destruction of the planet. We're already in the opening scenes of one possible Act II - the usual-- where both sides feign disagreement and difference of principle, where Pimp Media pushes phony controversy to sell us the big lie, and where America buys it all, and votes for one of two evils. (breaking news: The government just brokered (!) a deal where JP Morgan/Chase got to buy Washington Mutual's ASSETS, but stuck You and Me and Aunt Minnie with the worthless paper, and about 100 Billion dollars in debt.) No Congress, no debate, no discussion, no vote. Poof. But- I see another scenario. We The People have snoozed through devastation of our habitat, repression and obliteration of our rights, the persecution and incarceration, and the slaughter, torture, poisoning and cultural defenestration of millions of "others." WTP did nothing that made any difference. But now, at last, we Americans are rising up, on fire with righteous anger, enraged by our leaders' betrayal, marching, writing, yelling, calling, faxing and ferociously emailing, letting our voices be heard far and wide. We have finally been grievously wounded in our one vulnerable spot, America's Achilles Heel- our profound self-interest -- All along, I and many others have been demanding to know- what will it take ? What will it take to wake people up and get them to DO something ? What is the threshhold -- the tipping point -- the final incendiary spark ? Well, now we know. Being told to pay 700 billion dollars for a pile of crap that nobody wants. That may finally have done it. They planned another 9-11-- a financial 9-11, to scare us into even further compliance and submission -- through fear. Fear of losing everything we've worked for our whole lives-- our pensions, our health, the chance for our grandchildren to live better lives than we, and of course, our very homes. And frightened we are. Willing to sell off pieces of our freedom to gain slivers of solace and security. BUT-- 700 billion dollars for crap ? Uh uh. That's it. You think this all wasn't part of the plan ? I think it was. We are being pushed to the point of irrationality and reactive destructive behavior. See: Bush's fear-mongering apocalyptic address to the nation - meant to scare the Mohamed out of us. What McGoon did today- "suspending" the campaign -- walking away from the first Debate -- was a deeply signifying act. It put the entire election in doubt. As I write, there is no way to know for sure if he will show up in Mississippi or not. That's not the point. The point is- nobody is sure. Then, the debacle in Bush's office this afternoon, where the Republicans created chaos, basically reneged, dropped a totally new deal on the table, and left. Do you think this was spontaneous ? How about if I tell you that ACTIVE DUTY troops from the 3rd Infantry Division 1st Brigade Combat Team have been removed from Iraq, and redeployed in the USA - for Homeland Security efforts, under the Northern Command (NORCOMM) - freshly trained for urban operations, and newly trained and armed with TASERS ? The first time in history. Do you think there's a small chance that this election will be - umm- "suspended?" That Bush will invoke one of the largish pile of justifying laws and executive orders he and Cheney have accumulated over the last few years-- proclaim a national emergency, and do away with Posse Comitatus, and what remains of the Bill of Rights ? Watch THIS. annnd.... NY TIMES: "...Local police departments in 13 states and security agents from Amtrak and the federal Transportation Security Administration carried out a show of force at 150 railroad stations from Virginia to Vermont on Tuesday morning. The drill included random searches of passengers and their belongings, as well as other, unspecified security measures, the authorities said." Officers from the Amtrak Police Department, Transportation Security Administration, Homeland Security and New York Police Department during the morning rush hour in the Amtrak area of New York Penn Station on Tuesday. FEMA exists not to help people in times of need, but to insure Continuity of Government when there is a national emergency. Would you like to spend your summer vacation in a nice FEMA Camp ? Do you think its possible for the walls of the financial levees to break, as a torrent of worthless dollars and I.O.U.s pour over us - and Blackwater rides into town to restore order, and keep us from grabbing some food at the Safeway and HDTVs at Best Buy ? I do. And I think that none of this is accident.

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DRANT # 320:: COLLAPSE: The Only Chance we Have

This is all by design. There is no "financial crisis". This is not about The Economy, stupid. There have been no mistakes. The Fed, Bush, Congress and The Banks are not fighting with each other. It's not about the details: money, subprime loans, tight credit, repossessions, Wall Street, bailouts, mortage-backed securities, Hedge Funds, NINAs, CDOs, CEO pay, regulation or de-regulation. It is most definitely not about Obamerde, McGoon, or Greedman Sucks, it is about something MUCH bigger, and - it is absolutely positively 1000% nothing new. It is about --- COLLAPSE. And- we need not only to enable it, but facilitate it in any way we can. If this collapse doesn't happen soon, we're dead. It's that simple. To have any chance for us or our planet, the other beings on it, or our grandchildren, to survive much less prosper, we must crank the APOCALYPSE switch to NOW- immediately. "---Civilization is not redeemable. This culture will not undergo any sort of voluntary transformation to a sane and sustainable way of living. If we do not put a halt to it, civilization will continue to immiserate the vast majority of humans and to degrade the planet until it (civilization, and probably the planet) collapses. The effects of this degradation will continue to harm humans and nonhumans for a very long time---" Derrick Jensen, ENDGAME Premise SIX The Pimp Media, progblogs, TVTurds, liberallefties, radio screamers, pseudoCramers, Congressmembers, Economists -- an endless parade of white guys with double chins and zero integrity- are selling us the FINANCIAL CRISIS 24/7 at the top of their lungs. Now Uncle Dave has taught ya to always sniff real hard when that happens. Uh oh. Is that a global doodie diaper ? They're all Chickenlittling the same merdacious emergencical hyperbulle. I've trained ya- to immediately yell "WHY ?" What does it get Them ? Cui Bono ? CuiBonoCuiBonoCui BonoCuiBonoCuiBono ? This time, ya better turn your BS detector up to 11.5, annnnnd- ya better be ready to give them a big shove, and help make their propaganda actually happen -- for real. More about that later. But first- Why are They doing this ? Well, who says a "New Pearl Harbor" has to be planes ramming buildings ? Who says that the form "Terrorism" takes must necessarily be armed insurrection or meticulously planned highjacks ? We have aided and abetted the greatest theft of assets (of all kinds) in all of history. Not since our good pal God gave us humans dominion over The Heavens and The Earth has there been a plunder and re-allocation like this one. Marx would call it a massive "primary appropriation." Whatever we call it, the result has been an incomprehensibly huge UPWARD shift in assets. I don't mean just money. Money is -- I mean this -- incidental. Sure, money and material wealth has been purloined from The Many, and concentrated in the hands of The Very Few on a scale that would have been unimaginable just a few years ago. But so too have the more crucial requisites for human life: air, water, food, health care, education, true personal security, and- annnnnd- freedom. They have not just grabbed all the bucks, and left much of the world up to their medullae in debt or in extreme poverty. They have not just bought up all the clean water- to sell it back to us a pint or a bathtubfull at a time, while they grab up for themselves the world's remaining aquifers. They have not just stolen and fouled the food so that only They and their Organic Elite are the only beings on the Planet who can afford clean eats, and tens of millions starve. They have not just fouled the air, so that only Those with special Domes (like the Bush compound in Crawford TX) will be able to both inhale and exhale and the rest of us terminally emphyzemasize. They have not just made it unaffordable for even half of us to take the most basic care of ourselves and our bodies, insuring their own exclusive access to (what they think are) the best Doctors, Hospitals and Medicine, while even more tens of millions die from curable disease. But- they have taken most of the real freedoms away from us and left us in an extreme poverty of personal liberty, rights, self-determination, and ultimately self-worth. Once again, They are trying to scare us into fear and compliance. This *horseshit* monetary crisis is the new 9-11. If They didn't DO it, if they didn't PLAN it, if they didn't EXECUTE it, and I think they did all of these- they unquestionably enabled and allowed it. There is no doubt that at very least, they let it happen. And, exactly as their 9-11 initiated the War of Terror precisely as planned- so too is this new financial 9-11 right on schedule to scare the crap out of us - enough so we will hand over everything we own - pensions, savings, homes, nest eggs-- and cannibalize our children and grandchildren- to feel more secure. Just as the Clear and Present Emergency of Iraq's imminent Nucular Attack on Pittsburgh led to our blind acceptance of an unlegislated Patriot Act passed unread in the dead of night, so too will they try to use this Financial Crisis to force a shotgun wedding - where our dowry is all the remaining rights we own. They have learned, and well they know, that we will trade our very souls to feel safe. They are coercing us into signing a new form of sub-prime mortgage of our freedom, where the initial rate seems affordable, but in the blink of an eye- its all repossessed. And here's the inescapable Cosmic Irony: We must let them have their way, facilitate the collapse, push their toboggan down their highway to hunger and hell, scarcity and starvation, or all we're doing is postponing the inevitable and making it much harder on our grandchildren. We need to help this whole Hindenbergian horror show to accelerate to its unavoidable denouement: and crash and burn- and clear the forest-- for new growth: a new way of life on this planet. Nothing less can save us. The sooner the better. Luckily, our massive unmeasurable greed and arrogance is sooooo huge and overpowering, that we will reflexively revert to a grossly amplified 2.0 version of the very behavior that caused us to apocalypticate in the first place. We seek salvation by indulging further in greed, consumption, exploitation and destruction of the natural resources and the very life of the planet we live on. We seek our redemption in Growth and more Growth. From Expanding "The Economy". From More. We employ all extraordinary means to save the rotting corpse of exploitative globalism, "The Economic System", contemplate amputating one stinking limb at a time--- and never let ourselves notice that that its a putrid DEAD BODY- spreading fatal disease everywhere, and requiring urgent cremation, not palliative care or prophylactic amputations or reconstructive surgery. We seek guidance from those who we know care only about themselves, about salvaging and reinforcing the system that enriches and empowers them at any cost, who have plundered and destroyed anything and anyone that serves not their ends, and now are telling us that we need not only to continue this process, but expand it. In sum, we will JOIN in their plan for our destruction. And that's a very good thing. Our very complicity is the only thing that can save us. The more we leave everything in the hands of The Bankers, Congress, and The Media, the faster this whole thing will come down, and the sooner we can save ourselves, our children and the planet. "---The longer we wait for civilization to crash-or the longer we wait before we ourselves bring it down-the messier will be the crash, and the worse things will be for those humans and nonhumans who live during it, and for those who come after. The needs of the natural world are more important than the needs of the economic system. Any economic or social system that does not benefit the natural communities on which it is based is unsustainable, immoral, and stupid. Sustainability, morality, and intelligence (as well as justice) requires the dismantling of any such economic or social system, or at the very least disallowing it from damaging your landbase---" Derrick Jensen, ENDGAME Next DRANT - we talk about what happened, who did what to whom, and how. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

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DRANT #319: The CRASH- Don't Drink The Lehmanade

"---there is no way to avert the payback period that has been building for over two decades. Over this stretch, America has consumed much more than it has produced. As a result, both consumer and federal debt have ballooned to record levels. And now, the payback period is upon us. The bailout buffet won't end with Fannie (FNM) and Freddie (FRE). There's a lot more where that came from because the "Fed's food court" remains open, as does that of the U.S. Treasury. In fact, the autos are in the process of being bailed out with $50 billion in "loans." I expect the airlines to also receive some form of a bailout as well." Mike Stathis, Payback Period is Upon Us When most of you wake up this morning, you'll rise to the news of a massive Wall Street "crash", with stock prices diving, and US Banks disappearing faster than Cheney on 9-11. Breathless botoxed teleboobs will screech on about the bankruptcy of Lehman Brothers, about Merril Lynch doing a Jonah into the belly of the B of A, and how the U.S.A. -- meaning us, the schmuckoisie -- must once again reach into what remains of our pockets to "bail out" The Economy. But, remember DRANT's Law: when the media pimp choir all start singing one song, grab your bullshit detector and turn it to 11. It's not The Economy, stupid. Its just another day's work for the bastards who have been running these periodic "crashes" for years; another step in the most massive, flagrant and corrupt transfer of wealth in history; and yet another manufactured "shock" designed to induce ever more panic and fear in our poor little so far sonambulatory hearts. "---Around the world, ---there are people with power who are cashing in on chaos; exploiting bloodshed and catastrophe to brutally remake our world in their image. They are the shock doctors. Raking in billions out of the tsunami, plundering Russia, exploiting Iraq --- a few are making a killing while more are getting killed. Naomi Klein, The Shock Doctrine But- its good news ! This "crash" can be, MUST be the threshold - the snapping point where we will jump up, startled - out of our long years of snoozing. Where we finally get so critically wounded in our profound self-interest- we are at long last roused to action. From ICH: "---this shouldn't come as a surprise to anyone anyway. It's been developing for quite a long time. Eight years of stealing your children's futures to pay for killing someone else's children while you allow your own ability to produce anything to be shuttled off to the next generation corporate slave countries, does not make for a healthy economy---They took virtually all of your rights, all of your future, all of your money, all of your health, all of your respect, and all of your dignity, and yet some of you would still rather hear how great this country is than accept the truth about what is happening and why. It's the impenetrable American egotism that has led to this abyss and that has led you to be the least educated, most imprisoned, least healthy, most destructive, least honest, most hated populous and culture in the history of the world--and that is no small feat on this planet." Bill Noxid We have all been willing participants in the scam- cannibalizing the future of our children and grandchildren in our paroxysms of instant gratification, gluttony, and slovenly self-deception, so let's not grab the victim's makeup kit just yet. And just as we have stood by and allowed murder and torture in our name, so too have we wallowed in the trough of consumption, eating and driving and shopping and spending and consoooming the riches of this world, destroying the planet and all its creatures and inhabitants in our unquenchable lust and greed, and leaving the check to be paid by our kids. It was a grand collusion- with the Busheviks borrowing a trillion dollars from China, Japan, and various "sovereign" lenders, in league with all of us- borrowing hundreds of thousands against whatever we could- most often the very houses our families slept in at night. We saved nothing, vesting our belief in the self-deluding parlor tricks of speculative real estate deals, mortgage re-finance, credit cards, and unsecured loans. Annnd -- we were all gleeful players in an even bigger scam to finance the murder and genocide of War, in which we have been complicit, by not stopping the seven years of killing, and by paying for it. Our greed led us to murder. "---The central banks of China, Japan and Korea are major holders of these (Mortgage) securities---When you look at the balance sheet of U.S. assets available for foreign central banks to buy with the $2.5 to $3.5 trillion of surplus dollars they hold, real estate is the only asset category large enough to absorb the balance-of-payments outflows that U.S. military spending, foreign trade and investment-capital flight are throwing off. When the U.S. military spends money abroad to fight the New Cold War, these dollars are recycled increasingly into U.S. mortgage-backed securities, because there is no other market large enough to absorb the sums involved.---The Treasury therefore has given informal assurances to foreign governments that they will guarantee at least the dollar value of the money their central banks are recycling. --- A failure to provide investment guarantees to foreigners would thwart the continuation of U.S. overseas military spending!---" Michael Hudson, Global Research In the next few weeks: You will write a check, and the BANK will bounce. You will go to Safeway, and the shelves will be bare. You will have to pay cash, and that will be worth less than half of what it is now. Your IRA wil disappear. Your job will disappear. All the things you let yourself believe in -- that justified your greed-- will be worthless. And you will get scared. Finally. And you will try to blame Bush. Don't ya dare blame the Bush or the banks. We all went for it. We Americans like our redemption in painless easy-swallow gel tab form. No pain, no scars. Not this time. Now its time to fundamentally change the way we live, and the way our government is run. "The alternative of living a lie and serving the corporations that purposefully suppress and poison the true nature of this glorious planet and all of its inhabitants was just not mentally, physically, or spiritually an option for me anymore. Believe me when I tell you---It's not an option for you anymore either. The Universe is watching and you cannot afford to wait one more second to face the truth. It is imperative that you become the stewards and contributors to the Universal Consciousness that you are designed to be, before you face the threat of the end of your time on Earth." Bill Noxid If we are to survive, if we are to hand our children a world in which they have any hope of surviving, much less live decent lives, then we must assume total responsibility for what has been done. We must sacrifice and abjure our own comfort and ease, deny our self-gratification, and our self-absorption, and live for others. But this does not mean that we can allow the Bushes and the Bastards at the Banks to put the blame on us either. They have created this "crash" with an eye toward further destroying the very systems of mutual caring and human generosity that they dismiss as "welfare." They will use this manufactured financial "crisis" to further crack down on our rights, our ability to express our thoughts, our fundamental individual freedom. They will further encourage us to blame the "illegals" for the problems in our lives and in our "economy" and further inculcate mutual distrust and racial hatred. This crash that you will wake up to this morning must be - at long last-- the catalyst for action. It will not be nearly enough to rant, or complain, or demonstrate, or even to vote the criminals out of office, for in our complicity we have aided and abetted them, and removing them cures nothing. Each of us must take on the full task of making the change happen. Each and every one of us- one of us at a time. And it must start now. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

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DRANT #314: FORECLOSURE ACT: PULL DOWN YOUR PANTS

Portions of this were previously sent as DRANT Number 304, June 21, 2008 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Congress has now passed the  "Foreclosure Prevention Act" that they say - ostensibly- helps all us just folks survive the current housing national Repossessacide. That is total BS, of course, and is designed to save the Banks, and the people who did this to us in the first place. They are gonna do what they alwaaaaaays do:  print more of our money, and hand the bill to our kids. But even worse: "Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping provision... with astonishing reach, and it was slipped into the bill just this week. Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay's PayPal, Amazon, and Google Checkout that are used by many small online businesses. The privacy implications for America's small businesses are breathtaking." So what does this mean ? It means that every-  I say every -- single transaction you make will be reported to the Government. To repeat for the ones who slipped out for a tofuburger--- every -- single transaction you make will be reported to the Government. It means that the law will require information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee. Reportable transactions include any payment card transaction and any third party network transaction. Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions. A payment card means any card issued pursuant to an agreement or arrangement which provides for standards and mechanisms for settling the transactions. The contents of this agreement are despicable, but the method was far worse: secret drafting, hidden negotiations, no debate. Boom its over. And, of course, bribes galore for everyone, including a big fat pacifier for the Vets. So, we are either going to get our whining shoes on again, or do something. You now know the facts. You know what They are planning. Even Ron Paul is screaming about it. What are ya gonna DO about it  ? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ http://www.freedomworks.org/newsroom/press_template.php?press_id=2571 June 19, 2008 Senate Housing Bill Requires eBay, Amazon, Google, and All Credit Card Companies to Report Transactions to the Government Broad, invasive provision touches nearly every aspect of American commerce. Washington, D.C. -  Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America's small businesses. The provision, which was added by the bill's managers without debate this week, would require the nation's payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government. FreedomWorks Chairman Dick Armey commented: "This is a provision with astonishing reach, and it was slipped into the bill just this week. Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay's PayPal, Amazon, and Google Checkout that are used by many small online businesses. The privacy implications for America's small businesses are breathtaking." "Privacy groups like the Center for Democracy and Technology and small business organizations like the NFIB sharply criticized this idea when it first appeared earlier this year. What is the federal government's purpose with this kind of detailed data? How will this database be secured, and who will have access? Many small proprietors use their Social Security number as their tax ID. How will their privacy be protected? What compliance costs will this impose on businesses? Why is Sen. Chris Dodd putting this provision in a housing bailout bill? The bill also includes the creation of a new national fingerprint registry for mortgage brokers. "At a time when concerns about both identity theft and government spying are paramount, Congress wants to create a new honey pot of private data that includes Social Security numbers. This bill reduces privacy across America's payment processing systems and treats every American small business or eBay power seller like a criminal on parole by requiring an unprecedented level of reporting to the federal government. This outrageous idea is another reason to delay the housing bailout legislation so that Senators and the public at large have time to examine its full implications." From the Senate Bill Summary: Payment Card and Third Party Network Information Reporting. The proposal requires information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee. Reportable transactions include any payment card transaction and any third party network transaction. Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions. A payment card means any card issued pursuant to an agreement or arrangement which provides for standards and mechanisms for settling the transactions. Use of an account number or other indicia associated with a payment card will be treated in the same manner as a payment card. A de minimis exception for transactions of $10,000 or less and 200 transactions or less applies to payments by third party settlement organizations. The proposal applies to returns for calendar years beginning after December 31, 2010. Back-up withholding provisions apply to amounts paid after December 31, 2011. This proposal is estimated to raise $9.802 billion over ten years. FreedomWorks 601 Pennsylvania Avenue NW, North Building, Suite 700, Washington, DC 20004 Phone: (202) 783-3870 Fax: (202) 232-8356 Toll Free: 1-888-564-6273 www.freedomworks.org © 1996-2004 FreedomWorks. Online Privacy Policy

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DRANT #290: SCAMMMMM !!!!!! Dow Up 416; Biggest Gain Since '02

Sorry I have been unable to send DRANTS lately, but we are eyeball deep in actions here in DC this week and next-
BUT-
For anyone who has any doubts about what is being done to us here-
They are taking our money, and giving it to the banks.
The way we pay for this is called INFLATION, and DEVALUATION.
WE are paying for this
Here is a handy lexicon:
"the credit market" = The Banks
"financial institutions" = The Banks
"major investment banks" == well, you know
"seemingly solid financial institutions = The Banks

Now do you know what the Govt is using to back the giveaway ? as collateral for the bailout ?
You won't believe me, but- its the same garbage worthless crap paper that the banks and wall street sold to US and hapless idiots all over the world- its the same pyramid scheme- except this time, its our very own government buying the bogus bullshit pelf, and using OUR MONEY to buy it.
Plus, they are having the Federal Home Loan Mortgage Association
buy up all the mushy mortgages they can, and are raising the loan amounts on which they will make these publicly funded loans - to $750,000!!
In udder woids, they are funding million dollar home purchases, with our bucks.
Miilions of us are losing our homes, being evicted, having our houses repossessed, literaly having our lives FORECLOSED,
and who does the Gummint bail out ?
The BANKS.
With our bucks.
Now tell me again how stupid Bush is.
What idiots these guys are.
This is one of the greatest financial scams ever perpetrated on us and the world.
The banks and their employees in the government have been gorging themselves - insatiably stuffing their gigantic pot bellies and now, when the check arrives, they are handing it to us and our children.
If this is OK with you, and if its OK with your kids, and grandchildren, (I suggest you ask them, please)
then do nothing.
They have relied on this for years, and they are depending on it now.
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Stocks Surge After Fed Lends $200 Billion to Banks
The New York Times

March 11, 2008
Fed Plans to Lend $200 Billion to Banks
By MICHAEL M. GRYNBAUM

Scrambling to ease the strain on the credit market, the Federal Reserve announced a $200 billion program on Tuesday that would allow financial institutions, including the nation’s major investment banks, to borrow ultra-safe Treasury money by using some of their riskiest investments as collateral. Wall Street responded with a rally, with the Dow Jones industrials surging more than 400 points.

This was the central bank’s second effort in a week to unfreeze the nation’s panicky credit markets, where investors have become too frightened to finance even conservative debt offerings, which in turn has caused a cash squeeze at seemingly solid financial institutions.

Stock markets soared after the announcement, fell back in midday trading and then regained momentum in the afternoon. At the close, the Dow industrials were at 12,156.81, a gain of 416.66, or 3.6 percent. It was the biggest one-day point gain for the Dow since July 2002. The Standard & Poor’s 500-stock index was up 3.7 percent, and the Nasdaq composite index gained 4 percent.

The Fed normally lends Treasury securities to banks for just a few hours. Under the new program, money will be lent for 28 days and the central bank will accept nongovernment mortgage-backed securities — the source of the current crisis in the credit markets — as collateral. The Fed will require that the assets, which are linked to soured home loans, have a premium credit rating.

The new program, dubbed the Term Securities Lending Facility, will effectively allow strapped financial institutions to hand over potentially damaged securities to the government in exchange for either cash or easily traded Treasury securities, some of the safest in the market.

“If these institutions are able to extend out more credit as a result of this, it may take more pressure of the housing market and mortgage quality,” said Mark Zandi, chief economist at Moody’s Economy.com.

But Mr. Zandi said he was skeptical that the Fed’s actions would address the root of the current problems in the credit market.

“I don’t think it helps determine the appropriate price for these securities,” he said. “It doesn’t solve the underlying problem of mortgage delinquencies and defaults, which could at some time threaten the Triple-A securities.”

The Fed will lend the Treasuries through weekly auctions that begin March 27. The government will also accept mortgage-backed securities issued by government-sponsored companies like Fannie Mae and Freddie Mac.

Last week, the central bank said it would offer up to $100 billion through a new auction program that allows financial firms to take out loans at wholesale rates.

On Tuesday, the Fed also increased currency swap lines with the European Central Bank and the Swiss National Bank, to $30 billion and $6 billion. That is an increase of $10 billion for the European Central Bank and $2 billion for the Swiss bank.

Edmund L. Andrews contributed reporting.
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