“And we’re perfectly capable of making the rest of our stuff again if we wish. BILL MOYERS: Charles Keating was on the list? Wall St. When women got the vote, then you got the poll tax. Germany is in 20th place, and Mexico in 23rd place, demolishing the theory that countries with which the US has a big trade deficit must end up holding large amounts of US debt. CHARLES LEWIS, Center for Public Integrity: The most important people in Washington, in this country, entrusted with watching the savings and loan industry, making sure there were not excesses and abuses in terms of improprieties, those regulators came from the industry and they went back to the industry. Portia, have you noticed that those who deny it would work for us totally acknowledge it’s working for Wall Street and e rich? I appreciate your attempt to explain, but I remain befuddled. That likely explains why so many investors continue to hold some. The government "of the people, by the people, and for the people," as described by Abraham Lincoln, is not serving the interests of the people. NARRATOR: We tried to speak with the former Congressman, but he declined to be interviewed. And then you collect those checks. Our leaders see no other way out. Money is just a representative overlay of real assets – printing it does not magically create new real assets. NARRATOR: So the looting continued almost without pause. They're members of "Team 100," an elite group of Bush supporters. The point is, running a gvt on the basis of systemic debasement (ie, fraud) does not work over the long haul – that is why LatAm nations are habitual basket cases of capital flight – their citizens know what their gvts are. Only too late did we learn how the public was flagrantly ripped off by con men in the thrift industry aided and abetted by a kept Congress. Oh, it's more than $100 million." NARRATOR: There are no casual observers in this room. No one owns these bonds for their face value return.”. Charles Keating, S&L kingpin, Donald Trump, real estate kingpin, Henry Kravis, corporate raider kingpin - all on the list. If at zero interest there is no demand for treasuries the price would have to drop to entice buyers, this gives you negative rates which the fed does not want. She says, "stealing," "extortion." I am confused as to what the below result means to the “assets” held by beneficiaries of US govt funds: “US government funds – including the Social Security Trust Fund and pension funds for federal civilian employees and the military – dumped $91 billion in Treasuries in April, whittling down their total holdings to $5.9 trillion. This meant now that much more money would be coming into S&L's that they could speculate with and there would be Uncle Sam backing it up. Actually I think the Fed has a reputation for doing the opposite. What is going to happen with the Fed’s practice – exponentially increasing debt? (The Fed is a “customer.”). He gave 60 state representatives out of 105 representatives campaign contributions - one person, $640,000. These entities fall into five broad categories: Foreign holders; the Fed; the US government’s pension funds and Social Security Trust Fund; US commercial banks; and finally the motley collection of other US institutions such as bond funds, insurance companies, cash-rich corporations such as Apple, highly leveraged hedge funds with complex trades involving Treasuries, and individual investors needing to park some money. The debt ceiling is the cap that is set … VIVECA NOVAK, Common Cause: I think that people out there don't really know the extent to which this game is played in Washington. Portia, look up Mike Maloney on YouTube, he has a series of videos explaining how currency flows in the system – it’s called the secret of money. They can even make it illegal to hold metal in any form used for monetary exchange and close the window for redemption. VIVECA NOVAK: You still have Democrats and Republicans, but I think more and more the important parties are the incumbent party and the non-incumbent party. Why should I offend this powerful group? Your pension fund sold treasury bonds (which have a real negative yield, so, yeah). When she arrived in the office, a notice on the door terrified and angered her. The Federal Reserve is an independent entity established by the Federal Reserve Act of 1913. The only claim made on the Federal Reserve Note is that yon can legally use it for debts public or private. That is $3,600 in taxes for you and you and you and everyone who pays taxes in this audience and everyone in America. The double negative strikes again. NARRATOR: Team 100 member Joy Silverman is the wife of Ply-Gem Industries head Jeffrey Silverman. While House and Senate banking committees were debating deregulation, savings and loan PACs reported more than $2 million in contributions to committee members. Producer Martin Koughan reports how this colossal rip-off was in fact an inside job. I mean, these tax breaks for the real estate industry - the Los Angeles Times had a recent report which says that on December 2nd, George Bush met for 45 minutes with his - with real estate executives and lobbyists. A lobbyist for an S&L. NARRATOR: -for the signing of the Garn-St. Germain bill. In a late night banking bill conference, St. Germain inserted a seemingly minor amendment raising deposit insurance. LARRY MAKINSON: We have a Kimberly Zappala, Joanne Zappala and Andrea Zappala, all of the same area in St. Petersburg, Florida. They see that Washington has become a mercenary culture where the vote doesn't matter as much as the dollar. But this is not just a crisis for the poor. It is the most exclusive club in the world and just to describe what it's about, take three of the great examples of the excess and greed of the 1980's. They still are limited to choices in November that are deeply infected by the very toxic influence of money we've been talking about. It’s not a clear statement to say SS was buying Treasurys. Stephen Pizzo is the national correspondent for the National Thrift and Mortgage News. They did not fully account for the increases in the price of a new vehicle as they deducted for technological advances. People like developer Donald Trump, builder Trammell Crow and shopping center magnate Alfred Taubman. What a frightening economic landscape. As a former member of Congress, he receives a lifetime pension of $65,368 a year, indexed, of course, for inflation. (5) Momentum players will buy low or negative yielding bonds if they think rates will fall further still, as falling rates can equal dramatically higher prices due to high relative increments.
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