A couple good recent Karl Denninger Commentaries:
Treasury, FDIC And More: How Many Lies?
Saturday, August 15. 2009
Posted by
Karl Denninger
Oh now Judicial Watch has gone and done it:
Remember that we were told when AIG (and the banks) were bailed out that "the taxpayer is unlikely to lose any money, and may even make a profit." Bernanke said this, Hank Paulson of Treasury said this, indeed, it was the mantra of the administration.
It was also untrue:
Continues: http://market-ticker.denninger.net/a...Many-Lies.html
Sunday Lesson: Why "Normal" WILL NOT Return
Sunday, August 16. 2009
Posted by
Karl Denninger
Be warned - this is a long presentation, lasting more than an hour and a half. It is worth every minute of your time and is in fact
essential to understanding both what happened
and more importantly why the economy cannot recover on a durable basis. (Original Page:
http://informationclearinghouse.info/article23243.htm )
VIDEO See Link below
That's William Black, the former liquidation director who was in charge of investigating the S&L disaster.
Note that
one single bank, IndyMac, lost more money than
all of the S&Ls combined.
Folks, the key "take away" here is what is called "control fraud." In order for trust to be restored - that is, in order for markets to function normally,
this fraud must be eradicated from the system so that normal levels of business trust can be restored.
It hasn't been.
Nobody is in the dock right now among the big banks.
The credit and equity markets, along with the economy, are hobbling
along only because of the extraordinary actions, costing hundreds of billions of dollars a year, taken by The US Federal Government to "backstop" or "guarantee" economic activity - specifically, lending. Absent those guarantees and backstops that activity WOULD NOT TAKE PLACE because THE BANKS ARE STILL LYING AND KNOW THEIR PEERS ARE AS WELL.
Continues with VIDEO: http://market-ticker.denninger.net/a...OT-Return.html