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Brasscheck TV: The financial meltdown explained

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Without this article, you’ll still get value from the video, but with it, you’ll REALLY know what’s going on better than most people on earth…including financial news reporters.

I encourage you to invest the five minutes it will take to read this. If not, you can skip to the link at the bottom.

– Brasscheck

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*** A short explanation of how we got to where we are

Today’s banking crisis is the THIRD trillion dollar plus US-caused financial meltdown in the last twenty years.

Each one of these crises came into being through the same basic mechanism…the fraudulent over-valuing of financial assets by Wall Street – with a “wink and a nod” (and sometimes a lot more) from the White House and Congress.

The fraudulently valued assets stimulate the economy, impart the illusion of health and then, inevitably, the fraud goes too far and the whole house of card comes painfully crashing back to earth.

The three trillion dollar plus frauds were:

Fraud #1: The so-called “Savings and Loan Crisis” of the late 80s

Fraud #2: The so-called “Tech Bubble” of the late 90s

Fraud #3: The so-called “Credit Crisis” of today

*** How the scam works

The mechanism of these frauds is simplicity itself…

…Take a shaky financial asset and blow up its value and then sell as much of it as you can.

In the “Savings and Loan Crisis,” the instrument was junk bonds.

In the “Tech Bubble” it was Internet stocks.

In the “Credit Crisis” it was individual mortgages collected into pools and then re-sold to investors.

In each case, normal, well established “bread and butter” financial principles were consciously thrown away by Wall Street with no hint of protest from federal regulators.

***The “Savings and Loan Crisis” dissected

Junk bonds caused the Saving and Loan crisis which resulted in the US taking over the assets of hundreds of banks and selling them back over time to the marketplace at fire sale prices.  Junk bonds, which caused the “Savings and Loan Crisis” were shaky bonds that were pumped up by deliberate misrepresentation and what I call “staged dealing.”

Bonds get their value from two things: the amount of interest they pay and how safe they are.

“Junk” bonds have to pay higher interest because they are less safe. Therefore, until the “Savings and Loan Crisis,” savings and loan banks banks were not allowed by law to buy them and call them assets. Reagan/Bush changed all this and then a group of Wall Street fraudsters used the new loophole to kick off an orgy of junk bond creation and junk bond selling to banks and insurance companies.

The crooks would deal the junk bonds back and forth amongst themselves thereby establishing their “value” and then they’d sell them to outsiders. The bonds then became “assets” which could be borrowed against and leveraged to buy even more bonds.  When the bonds failed, the banks failed and in stepped the US government to “fix” the problem that it created at the cost of at least one trillion dollars to US tax payers.

Deja vu, eh?

***The “Tech Bubble” dissected:

The instrument of fraud in the “Tech Bubble” was Internet stocks, start ups in particular.  A stock gets its value from the underlying company’s sales, its growth and its overall prospects for the future.

Pre-tech bubble, companies used to have to prove themselves by being in existence for several years before they could be sold on major exchanges. That standard was thrown away during the tech bubble.

To pump of their values, the companies engaged in “staged dealing” just like the junk bond crooks.

Company #1 would “sell” 20 million dollars in banner ads to Company #2 which would in turn “sell” 20 million in banner ads to Company #1.

In fact, nobody sold anybody anything. Company #2 ran ads for Company #1 and billed it for them. Company #1 ran ads for Company #2 and billed for an equal amount.

These should have been called media trades not sales, but Wall Street was happy to claim them as legitimate cash sales and then use the sales numbers to fraudulently value these companies – many of them totally worthless – in the hundreds of millions and sometimes even the billions.

***The “Credit Crisis” dissected

By now, you see how the scheme works. It’s not complicated at all.  You take near worthless pieces of paper (junk bonds, stock of start up Internet companies, etc.) and declare them to be good as gold. Then you create as many junk bonds and Internet start up stocks as you get and sell them as fast as you can.

In the case of our current crisis, the instrument of fraud was so-called sub-prime mortgages.  Previously, sub-prime mortgages had very little trading value.  Only people in the sub-prime industry itself dealt in them and for good reason. They’re tricky to value and packed with financial peril.

But Wall Street changed all that.  Wall Street said: “If we take LOTS of these mortgages and assemble them into large pools and then slice and dice the pools in various ways, we can sell the slices to banks and other investors as AAA paper.”

It sounds crazy, doesn’t it?  If the underlying pieces of paper are garbage, how does assembling a whole bunch of garbage into one place make it “better?”

It doesn’t, of course, and this is a principle even a three year old child can understand.

But greed and the need to pump up a shaky economy for propaganda purposes are two very strong motivators. Banks created these mortgage pools, sold them to each other, and they by virtue of these “staged sales” declared them valuable.

Do you recognize the pattern now?

If you do, then you are now smarter than all the assembled j@ck@sses who do financial reporting because they apparently can’t – or won’t.

This is the THIRD trillion-dollar plus fraud driven financial meltdown in twenty years and apparently no one in the financial news media can see how it happened.

***But there’s more…

Junk bonds were mass manufactured as fast as the crooks could invent them. Ditto for Internet stocks.

But how did hundreds of billions of dollars worth of “toxic” mortgages suddenly come into being?

Why did the mortgage industry change its lending standards so radically and so suddenly to make their creation possible?

And why did real estate lending regulators in all 50 states – because real estate lending is a STATE-level issue not a federal- go along with it?

Here’s where it gets very interesting…

The fact is state-level lending regulators were VERY concerned about what was going on. They have been for years.  And they not only expressed their concern clearly, they also took SERIOUS concerted legal action to stop lenders from making bad real estate loans to their citizens.

(Most of the sub-prime loans in the news so much today were designed to screw the people who borrowed the money and can rightly be called “predatory” loans.)

Guess who stopped the states from enforcing their own time-proven real estate lending laws and thus created the raw material that made the current “Credit Crisis” possible?

*** The trillion dollar plus question:

If you’re a US taxpayer, you’re going to pay for this fraud so you might as well know who did it to you.

His initials are GB. You know him well. But perhaps more interesting is the name of the person who single-handedly rallied first state attorneys general and then fellow governors to fight the creation of these loans and who in the process became Public Enemy #1 to the Bush Administration…

His initials are ES. If you follow “silly” US political scandals, you’ll recognize his name instantly when you hear it.  And you will *finally* understand why he was quickly and permanently assassinated politically earlier this year.

Had ES been allowed to “live,” he would have been in position to remind everyone every day of who made the current meltdown possible. Instead, he was silenced very effectively. Not with a bullet in the back of the head, but the net effect was just the same. So effective was his assassination that no one can even mention his name in connection with today’s crisis without risking ridicule, or worse.

Last note:

The crisis this fraud has created is *exponentially* bigger than the S & L and Tech Bubble combined.   It’s not going to be resolved by a quick “patch up” and will likely have the same impact on the current generation that the depression of the 1930s had on its parents, grandparents and great grandparents.

On that cheerful note, here’s the big story everyone missed this year and now you’ll finally know what REALLY happened and why:

 

http://www.brasschecktv.com/page/291.html– Brasscheck

KArl Rove “fixes” vote records….Brasscheck TV/video

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It’s not only possible – it’s highly probable.

Two short videos show that there good odds that Sarah Palin will become the President of the United States some time in the next four years.

Here’s how it will happen…

1. Karl Rove has already “fixed” voter records to such an extent that the Republicans will win the White House in 2008 no matter what lunatics they run as candidates.

2. John McCain is a very sick man and it is unlikely he will last the four year term.

These are not idle theories.

They’re backed up with all-too solid evidence:

 

http://www.brasschecktv.com/page/430.html

– Brasscheck

 

NEW! Truth Be Tolled TURF Special Edition to premiere

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NEW! Truth Be Tolled TURF Special Edition to premiere October 30
Documentary on TURF’s fight to stop TxDOT’s illegal taxpayer-funded lobbying for toll roads and the Trans Texas Corridor

See TxDOT’s top brass lying under oath and admitting to crimes, as this new film uncovers the corruption behind the push for tolls across Texas. Don’t miss this NEW compelling documentary by award-winning filmmaker William Molina October 30 at the Palladium Theater at the Rim in San Antonio. Invite everyone you know. Help us WAKE-UP the masses to the public fleecing and corruption inside this broken agency. Details will be posted on www.TruthBeTolled.com in the coming days.

NEW Truth Be Tolled Movie
TURF Special Edition PREMIERE
Thursday, October 30
6 PM – Meet cast and crew
7 PM – Film premieres
Palladium Theater at the Rim
Off I-10, north of Loop 1604 by Bass Pro Shops
San Antonio, TX

 

FREE admission, but donations to TURF will be gladly accepted!


Invite friends! See you there!

 

Veterans must fight, or die homeless, hungry and in pain.

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Andrew C. Wallace

http://www.newswithviews.com/Wallace/andrew116.htm  

Man your canes, walkers and wheel chairs. We defeated the communists and fascists once, now we must do it again by voting them out of our own government. These socialist ghouls infiltrated everything, and are usurping our government while stealing the assets that we earned to finance benefits for our final days. While physical activity now may be painful, contemplate your agony with no benefits, if you don’t do something on November fourth to prevent a communist takeover.

 

Demand that your family and friends go to the polls with you and defeat the traitors who voted for the Bailouts, Amnesty and Free Trade. You can overcome resistance from your socialist indoctrinated children or grandchildren by telling them you will lose all your benefits and have to move in with them if the criminals are not defeated.

 

We must honor the solemn oath we took long ago, and answer this final call to defend our country by defeating the traitors at the ballot box. We cannot die, and surrender our country to a ruthless Communist-Fascist government. A criminal cabal of government and corporate officials of both parties has usurped our government, passing countless unconstitutional laws allowing them to enrich themselves and to destroy us. Phony Free Trade Laws, exploited illegals, and ten different worker Visa programs took our jobs. Using the private Federal Reserve Bank, owned by private banks gave them ability to cause the Great Depression, and now this Greatest of all Depressions when they reduce us to poverty and slavery. with the bailouts.

 

The American People objected to the unconstitutional bailouts by a ratio of about 95 to 1, as did hundreds of independent Economists, but legislators ignored the people and gave the money to their corporate benefactors who caused the Meltdown with their criminal greed. These traitors must be defeated.

 

We allowed this to happen by permitting our schools, institutions and government to be taken over and run by greedy power mad Socialists (communists and fascists) who were too good to work, and too cowardly to serve their country as we did, they chose instead to undermine it. Our Constitution describes the actions of Leaders of both political parties, a majority of congress and many government officials as Treason, pure and simple.

 

Those of us who now fight for our country are in an untenable position because most people resent those who deliver bad news, even if true, and the traitors would like to do us harm for telling the documented truth. You are as uninformed as a box of rocks because the mainstream media is controlled, and refuses to report anything that would reduce the greedy profits of their fascist owners and the power of communist traitors in government.

 

As an Economist, I can tell you that if we can defeat the criminal socialists in government, terminate the unconstitutional private Federal Reserve bank, institute a constitutional currency, end Free Trade deals and other treaties that limit our sovereignty that there is a chance for our Republic. It will require a long difficult and painful period of rebuilding, but if we fail to defeat the communists on November fourth, our people’s pain will be so great that a bloody civil war will result in the near future.

 

I am already a more or less infamous writer, so it will cause me little additional harm to tell you to obtain some gold and silver coins, guns, and ammunition, long term food supplies and related items. Gold Currency now costs three times as much as it did in 2000 and is very difficult to buy. Our media does not report it, but we have active war zones all over this country because of illegals and ongoing treason by government officials in all levels and branches of government. I can’t tell you when all paper money will be worthless, just that it absolutely must occur. This can happen in a day, or in several years, but I think sooner rather than later. You cannot issue endless quantities of money with no backing and expect your currency to retain any value. Those of you with stock have noticed that you have been, and will continue to be sacrificed by communists in government to protect their fascist elite benefactors who control the corporations.

 

Your physical freedom is at risk; look at those who have been framed. Government ignores the Constitution that is the basis for their authority to govern. The result is unconstitutional laws, loss of the Rule of Law, and your God given, and Constitutional Rights. Our government is being usurped by Communists in partnership with Fascists because the controlled media keeps the people ignorant.

 

Bob Schultz, a noted attorney and patriot has a long history of trying to protect our rights in the courts. http://www.wethepeoplefoundation.org. Some of his important quotes are:

  1. United States v We The People is yet another example of the power of the merchants of debt and the corruption of the Judiciary
  2. My argument is the People never gave that power to the Government and the Government has taken another step outside the boundaries We the People have drawn around its limited, enumerated powers. 
  3. The Constitution is all that stands between the People and total tyranny and despotism. However, the Constitution can’t defend itself. That responsibility rests with the People
  4. A free People should always ask, after each impasse, “What is the appropriate next step, given the Government’s violation of the Constitution, and its refusal to respond to legitimate Petitions for Redress?”
  5. The time has come to more openly question and explain why I, or anyone else, should continue to engage our corrupt judiciary in a seemingly losing effort to hold the Government accountable to the restrictions, prohibitions and limited powers set forth in our Constitution
  6. We the People do not draw near our servant Government as aggressors. Our war is not a war of conquest or overthrow. We fight solely in the defense of our Constitution, our Liberty, our Freedom, our unalienable Rights, and our homes, families, and posterity. The record is clear and unambiguous. We the People have repeatedly Petitioned, humbly and in good faith. Our Petitions have been met with scorn. We have entreated, and our entreaties have been disregarded. We have begged, and they have mocked, even now as our financial calamity falls upon us – a bastard born of excessive government force and constitutional abuse
  7. If we have evidence of violations of the Constitution, we have the unalienable Right of Redress – to Petition the Government for Redress of these violations.  If the Government refuses to respond we have the inherent Right to withdraw our allegiance and support

 

 In light of the preceding statements that our government officials are not functioning under full authority of the constitution; you should advise your family and friends who are in the Armed Forces or the Police to refuse to deprive citizens of their God given and Constitutional Rights; because in so doing they are violating the Constitution; and may be supporting a coup causing a bloody Civil War; that an unconstitutional government cannot win with odds of more than 300 to 1.

 

The presidential campaign with Obama and McCain is a total fraud, both are controlled by the same people who are out to impoverish and enslave us. Both of them announced they support amnesty, free trade and the bailouts which gives everything we have to the corporate elites. I like Obama the least because I am a Christian redneck who clings to his religion and guns and cannot support abortion. But, whoever is elected should be impeached.

 

Please take this link to my last article that has a list of the criminals in congress who voted for the bailout and must be defeated.. http://www.newswithviews.com/Wallace/andrew115.htm

Here comes election fraud 2008..Brasscheck Tv/video

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Real US news courtesy of the BBC

 

If you live in the United States, one person you’re not likely to ever see on network TV news is American journalist Greg Palast.

He’s just a little bit too relevant and accurate for US media mogul’s tastes.

Fortunately, the BBC took pity on him and gave him a job.

While the US media focuses on the minutia of the campaign, Palast is tracking the one thing that’s really going to matter in the end: which party is more skilled an executing fraud.

Now that their election fraud depredations are obvious even to the most dim-witted, the thugs who run the Republican party are taking a new tack: manufacturing stories about election fraud attempts by the Democratic party.

Are the Democrats capable of fraud? Sure.

They just lack the energy and ambition to do it on the scale that Rove & Co. have managed.

I’ve been reporting about the pervasiveness of election fraud in the US since 1997 and here’s something to watch for: the “reason why”

If McCain and Palin win, the news media as instructed by Karl Rove and Fox News will be telling us how “hockey moms” made the crucial difference or some other such nonsense.
You won’t see this on US TV news, but the real issue in the 2008 campaign is election fraud.

The latest twist…the Republican party in Michigan wants to disqualify people who’s homes are in foreclosure from voting.

Yes, you read that right.

Details:

 

http://www.brasschecktv.com/page/447.html– Brasscheck

“The New Kleptocracy”

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http://www.informationclearinghouse.info/article21041.htm

“The largest financial theft in American history”
Must Listen Interview  – – By Guns & Butter

Economist Dr. Michael Hudson on Treasury Secretary Hank Paulson’s “Plan” passed by Congress on October 3, 2008. We discuss what is being purchased, the congressional vote, what this means for the oligarchs, and what this means for the rest of us.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

This is a stunning interview that exposes the facts that the bailout will help no one but Wall Street fat cats, all friends of Henry Paulson.  The lies we were told about the bailout include the “screw the investors program”.  

Watch “The End of America” film online — FREE

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American Freedom Campaign

 info@americanfreedomcampaign.org

With one of the most important elections in our history just around the corner, we at the American Freedom Campaign hope you will take the opportunity to watch a powerful documentary about the current state of our democracy.  It is based on Naomi Wolf’s best-selling book, The End of America, and it describes the steps the Bush administration has taken since 2001 to undermine our liberties and our rights as Americans.  It also conveys what this may mean to the future of this nation if we do not reverse course quickly. 

The good news is that you have the opportunity to see this documentary for FREE online.  Moreover, if you are inspired to bring this message of warning to your friends, family and members of your community, you can purchase the DVD for immediate delivery so that you can host a screening prior to the election. 

So here, in more detail, is how you can watch the documentary and spread its message to other Americans:

1. Tune In

Watch a four-minute preview of The End of America.  If you only have a few minutes right now, click here for a sneak preview.
(If the hyperlink doesn’t work, use this url: http://myamericaproject.org/)

 

 

Watch the entire film for FREE.  Through a unique distribution method, you can see the full 75-minute version of The End of America streamed online for free at Snag Films.  Sure, there are a few ads interspersed within, but that’s what allows them to show it to you for free.
(If the hyperlink doesn’t work, use this url: http://www.snagfilms.com/films/title/the_end_of_america/ )

 

2. Talk About It

Forward this email to at least five friends, family members or colleagues (and ask them to forward it to five people they know). Embed a link to the film in your Facebook page, emails or Web site. Blog about it.  You can grab a graphic to link to the film by using this url: http://www.endofamericamovie.com/guerilla.php

3. Take It to the Streets

Host a public screening of the film.  We hope that you will be moved by the film and inspired to bring its powerful message to your community at your home, school, place of worship or any other venue.  To do so, you can purchase the DVD through a special AFC page set up by the distributor of the film, who has committed to making sure you receive your copy of the DVD prior to the election.  (In fact, you should receive it within three business days.)  If you simply cannot wait for this to be delivered by mail to your home, you can pay a slight premium and download a copy of the DVD and burn it to a disc.
(If the hyperlink to purchase the DVD doesn’t work, use this url: https://www.indiepixfilms.com/cart/add_to_cart/3575. To download a copy of the DVD, use this url: https://www.indiepixfilms.com/cart/add_to_cart/3587?REF=AFC)

More about The End of America, the documentary

Based on Naomi Wolf’s best-selling book, The End of America identifies how open societies close down as they slide toward fascism and how this is happening in the U.S. right now. The documentary follows Wolf as she takes her book to the streets, urging Americans to defend the Constitution and restore our nation’s cherished democratic values.

My sense of alarm comes from the clear lessons from history that, once certain checks and balances are destroyed, and once certain institutions have been intimidated, the pressures that can turn an open society into a closed one turn into direct assaults; at that point events tend to occur very rapidly, and a point comes at which there is no easy turning back to the way it used to be.

— Naomi Wolf, The End of America: Letter of Warning to a Young Patriot 

I hope that you take advantage of this opportunity to see this important film and to share it with your friends, family, and colleagues before November 4.

 

Best,
Steve

Steve Fox
Campaign Director
American Freedom Campaign

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