[KR32] Keiser Report – Markets! Finance! Scandal! And Matt Taibbi – [UPDATED]

Stacy Summary: We look at the scandals of Prozac pilots and Chinese drywall; Timothy Sniveling Scamster Geithner, asking “what choice did the President have?”, and finally, Jamie Dimon, the most dangerous man in America, complaining about the demonization of mega-banks. Max also talks to Rolling Stone journalist, Matt Taibbi, about “Looting Main Street.”

Other links to this episode:

282 comments on “[KR32] Keiser Report – Markets! Finance! Scandal! And Matt Taibbi – [UPDATED]
  1. x says:

    Michael Savage radio – live NOW
    top RHS, click ‘listen live’
    (listen while read about drywall)

    http://www.710kcmo.com/

  2. Palantíri says:

    @GGees
    Debt forgiveness only works if the one doing the debt canceling also is the lender. In the old they borrowed from the king and so it was in the kings place to cancel the debt if he choose to. Today the debt money belongs to you and me and everyone, banks are gambling with and lending out our money not their own. By jubilee’ish the debtors you also wipe out the savers. Am I wrong?

  3. GGees says:

    Savers back in those days did not put money into banks so I doubt that they would be wiped out–to be fair I am not sure of the details but I guess if your the Emperor you can pretty much do anything you want—-hmmm a little like the megabanks of today lol

  4. Happy Dick says:

    Guess any discussion on the “no pay movement” is a hot potato.

  5. Youri Carma says:

    World Bank lending hits record $100 billion due to crisis http://www.reuters.com/article/idUSTRE6370HH20100408

  6. gussy says:

    Good show, too fat to fail funny, Stacy reading those English tabloids musta rubbed off somewhat.
    That Chinese dry-wall stuff wheren’t the chinks flogging that to unsuspecting tourists at the Beijing olympics as pork buns or the like, think M&S covered that story some time back.
    Max, Taibi and Shakespeare yesss or maybe not, very generous not altogether accurate, but generous none the less.

  7. ronron says:

    @Mike. a bunch of hooligans took over this thread talking about barfing. stacy put the run to them. :-)

  8. x says:

    P.S.
    Michael Savage B.A, B.A, MSc, PhD UC Berkeley
    USA talk show host
    8 million listeners on 350 radio stations
    STILL banned from entering the UK, one year later
    (courtesy Jaccqui Smith)

    http://www.michaelsavage.wnd.com/files/filesSavage/petition/

    http://en.wikipedia.org/wiki/Michael_Savage_%28commentator%29

  9. Youri Carma says:

    Chicago Tribune and Los Angeles Times, which filed for bankruptcy protection in December 2008, said it reached a deal with major creditors and lenders including JPMorgan Chase & Co (JPM.N), Angelo Gordon, Centerbridge Partners and its Official Committee of Unsecured Creditors. http://www.reuters.com/article/idUSN0822075320100408

  10. Youri Carma says:

    “Distressed” home sales levels near 2009 peak http://www.reuters.com/article/idUSTRE6374CQ20100408

  11. Youri Carma says:

    Vacancy rates at U.S. shopping centers and malls rose to the highest levels in at least 10 years http://www.reuters.com/article/idUSTRE6360OJ20100407

  12. ronron says:

    @Snoot. don’ call me a liar. was so your fault. :-) hahaha. you made me laugh today. thanks.

  13. harry_w says:

    Palantíri,

    Debt forgiveness would wipe out all institutions and investors dependent on those repayment streams. I suspect it would wipe out almost all private financial (banking, pensions and insurance) corporations, along with all the deposits, pensions and cover invested in them.

    However forgiveness has a moral hazard to it, in that the most reckless borrowers and speculators may be bailed out by a debt jubilee.

    I prefer bankruptcy only mitigated by provision of welfare to citizens and finance to productive industry. I’d only rescue retail savers (for the continuity of a banking system into the future) and productive industry.

    I think of that as The Bonfire of the Vanities approach to cleansing the debt burden which in Marxist terms is largely ‘fictitious capital’ (i.e. claims on revenue streams, not the capital itself). It would probably amount to the greatest relative transfer of wealth in history as almost all private wealth held in financial instruments would crash, while the relative value of actual capital and labour would increase commensurately.

    That’s only equivalent to the looting of the common wealth which has been perpetrated in the bailouts, under ZIRP/QE and rigging markets with mark to myth accounting. That’s only gone to rescue speculators, the most irresponsible debtors and debt-merchants by chaining future taxpayers to the debt burden.

    I’ve outlined the idea before: harry_w, Oct 3, 2009 at 8:12 pm

    Ch. 30: Money-Capital and Real Capital. I
    “In a system of production, where the entire continuity of the reproduction process rests upon credit, a crisis must obviously occur — a tremendous rush for means of payment — when credit suddenly ceases and only cash payments have validity. At first glance, therefore, the whole crisis seems to be merely a credit and money crisis. And in fact it is only a question of the convertibility of bills of exchange into money. But the majority of these bills represent actual sales and purchases, whose extension far beyond the needs of society is, after all, the basis of the whole crisis. At the same time, an enormous quantity of these bills of exchange represents plain swindle, which now reaches the light of day and collapses; furthermore, unsuccessful speculation with the capital of other people; finally, commodity-capital which has depreciated or is completely unsaleable, or returns that can never more be realised again. The entire artificial system of forced expansion of the reproduction process cannot, of course, be remedied by having some bank, like the Bank of England, give to all the swindlers the deficient capital by means of its paper and having it buy up all the depreciated commodities at their old nominal values. Incidentally, everything here appears distorted, since in this paper world, the real price and its real basis appear nowhere, but only bullion, metal coin, notes, bills of exchange, securities. Particularly in centres where the entire money business of the country is concentrated, like London, does this distortion become apparent; the entire process becomes incomprehensible; it is less so in centres of production. [...]

    It should be noted in regard to imports and exports, that, one after another, all countries become involved in a crisis and that it then becomes evident that all of them, with few exceptions, have exported and imported too much, so that they all have an unfavourable balance of payments. [...]

    It follows from the above that commodity-capital, during crises and during periods of business depression in general, loses to a large extent its capacity to represent potential money-capital. The same is true of fictitious capital, interest-bearing paper, in so far as it circulates on the stock exchange as money-capital. Its price falls with rising interest. It falls, furthermore, as a result of the general shortage of credit, which compels its owners to dump it in large quantities on the market in order to secure money. It falls, finally, in the case of stocks, partly as a result of the decrease in revenues for which it constitutes drafts and partly as a result of the spurious character of the enterprises which it often enough represents. This fictitious money-capital is enormously reduced in times of crisis, and with it the ability of its owners to borrow money on it on the market. However, the reduction of the money equivalents of these securities on the stock exchange list has nothing to do with the actual capital which they represent, but very much indeed with the solvency of their owners.”
    —————-

    The solution, is what Janet calls ‘taking the deflationary hit’ — recognising the losses. I think of it as a Bonfire of the Vanities.

    To cleanse the system of the surplus fictitious capital (i.e. debt) that it’s choking on. That means dealing with the consequences of bankrupt financial institutions (more Lehmans), and the political, social and economic shocks.

    Recognising the losses means dealing with corporate and individual speculators who have lost, not pretending they’re still winners by chaining others to debt now and in the future because they’ll have to pick up the loss instead.

    Most of this wealth is fictitious in economic terms, and most of those being rescued are fictitious persons in law, i.e. corporations rather than citizens. The state owes it’s allegiance to citizens, not sacrificing them for the survival corporations.

  14. ronron says:

    @Harry. your assuming the PTB would like a solution. they don’t. thanks for the update. ;-)

  15. harry_w says:

    ronron,

    You’re talking in undefined acronyms, so it makes little sense to me.

  16. ronron says:

    @Harry. huh. you talked solutions. no?

  17. ronron says:

    acronyms. rr. not bloody likely.

  18. Palantíri says:

    @harry_w – thanks for that information :)

  19. ronron says:

    @Harry. define this. the powers that be don’t want a fucking solution. :-)

  20. frances snoot says:

    Ronron:
    Harry is ignoring the moves being made by the monetary authorities towards the sdr reserve system. He believes the problem lies with the Lollipop Guild:

    http://www.youtube.com/watch?v=EszDKgKG2C8

  21. Gordo says:

    The powers that be want a solution.

    They still think that there is a short cut or no pain solution.
    Perhaps they are just too brain washed by neo-liberalism to see anything but the rescue wall street solution.

  22. ronron says:

    @Snoot. i was just pointing out that dear harry defined the word solution. this in not the solution in mind. the PTB still have a solution in mind. ;-)

  23. Creative Destruction says:

    Too Fat to Fail!!!

  24. harry_w says:

    ronron,

    lol, the Powers That Be certainly wouldn’t want the solution I’d suggest. They’ve taken the opposite course. The crisis has underlined for me how it is always a political economy, neither can be intelligently understood separately. That’s why I think there’s a political dimension to the collapse of (neo-)liberal economics in 2007-8. The powers that be may consolidate themselves through the crisis response, or may find themselves losing grip on power to control and manage events. I think the political change will be substantial, I only hope it will be emancipatory rather than reactionary and authoritarian. Like Weimar Germany, it’s all to play for — things could go well or badly, depending on how organised competing efforts to seize ideological authority from (neo-)liberals are.

  25. Creative Destruction says:

    Too Fat to Jail!

  26. ronron says:

    @Harry. don’t know much about science books. can’t remember all the trips i took. but i do know trouble is coming. people will really hurt this coming winter. you watch.

  27. SuperGeek says:

    @Y’All
    God Save The Queen – Symphony.
    http://www.youtube.com/watch?v=TyN6DbMhbaA

  28. ronron says:

    hahaha. 56 lesbians on skate boards just went past my house with there hair on fire. cool. :-)

  29. harry_w says:

    frances,

    I’ve discussed SDRs with you extensively, to the point you asked me to stop. So it’s quite false to say:

    Harry is ignoring the moves being made by the monetary authorities towards the sdr reserve system. He believes the problem lies with the Lollipop Guild:

    You’ve pointedly refused to propose any reform to the global monetary system when asked, so you offer no solutions whatsoever. SDRs are not strictly relevant to the question of debt forgiveness which I was answering, though one might choose to work them in if one chose to (i.e. relevant to external debts). However, just because someone doesn’t mention it in every post, that doesn’t mean it’s being ignored.

    Nor are SDRs strictly relevant to the stories covered in the Keiser Report. Try to remain relevant if it’s not a jibber jabber thread.

  30. frances snoot says:

    The monetary authorities are not attempting to reform the old system, the ‘dollar-paper-standard’, Ronron. All the solutions being proferred are inherently friendly towards the enabling of the problematic: and with that issuance the sanguine appearance of the new reserve system, coming online about 2015. There are so many stories and counterstories: like a series of fronts moving over a continent. The waters, though, belong to the currency masters.

    Greenspan now calls for more bank capital? He hasn’t capitulated: he was part of the proxy process…

    http://www.marketwatch.com/story/g30-advocates-heightened-financial-sector-oversight

  31. ronron says:

    film at 6

  32. frances snoot says:

    @Harry:
    Yeah, Pops.

  33. Palantíri says:

    I feel like throwing in a “scandal” story, I find the irony in it to be a bit enjoyable.

    Kyrgyzstan – New Kyrgyz rulers hail Russia, aim to shut U.S. base
    http://www.reuters.com/article/idUSTRE6363CR20100408

    “Kyrgyzstan’s self-proclaimed new leadership said on Thursday that Russia had helped to oust President Kurmanbek Bakiyev, and that they aimed to close a U.S. airbase that has irritated Moscow.”

    US lost Uzbekistan, now Kyrgyzstan, the start of a reversed Afghan 80′s war?

  34. ronron says:

    @Harry. i would watch your self. snoot knows SDR’s inside out. Bonn can take her in the math. fiat will rule. end of the day. but snoot doesn’t know what i know. several currency’s will be pegged equal first.

  35. SuperGeek says:

    @Y’All
    Solal feat. Rosie Flores – Pretty Vacant.
    http://tinyurl.com/yhbatxj (mp3)

    The Deltones – Pretty Vacant.
    http://tinyurl.com/yflxjkb (mp3)

  36. Palantíri says:

    And since Max and Stacy have brought up this subject on OTE before:

    Netanyahu cancels trip to Obama’s nuclear summit
    http://www.reuters.com/article/idUSTRE6375QC20100408

    “Israeli Prime Minister Benjamin Netanyahu has canceled a planned trip to Washington next week to take part in President Barack Obama’s 47-country nuclear security summit conference.
    He made the decision after learning that Egypt and Turkey intended to raise the issue of Israel’s presumed nuclear arsenal at the conference, a senior government official said on Friday.”

    good night.

  37. SuperGeek says:

    @Y’All
    The London Punkharmonic Orchestra – Pretty Vacant.
    http://tinyurl.com/yzeb4u9 (mp3)

  38. x says:

    @ SG
    here in the colonies (except Quebec), we still love the traditional
    God Save the Queen

    http://www.youtube.com/watch?v=_8KveQdaNmA&feature=related

  39. SuperGeek says:

    @Y’All
    Malcom Mclaren – Buffalo Gals.
    http://www.youtube.com/watch?v=9SgvJY9xxcA

  40. ronron says:

    @SG. nice to see you. ;-)

  41. ronron says:

    @SG. tried the gravitar. fucked it up. i’ll get it.

  42. SuperGeek says:

    @Y’All
    Malcom Mclaren/The Bootzilla Orchestra – Waltz Darling.
    http://www.youtube.com/watch?v=tLQRIXZdLhM

  43. Gordo says:

    @Max Stacy

    Possible guest idea.
    Robert Perkinson on Gulag capital of the US (TX)

    http://blogs.chron.com/bookish/2010/03/texas_tough.html

    “But while Texas is dangerous terrain, only about half of the roughly 170,000 people in prison are classified as violent. Eighty-one percent of all new inmates are charged with nonviolent or drug offenses, according to Perkinson, a professor of American Studies at the University of Hawaii, and Texas judges have handed down ridiculously long terms to politically unpopular drug users.

    Black Power advocate Lee Otis Johnson, for instance, got 30 years for passing a single joint to an undercover officer at a Houston party.

    By the late 1980s, the author writes, Texas prison officials were discharging murderers, in some cases, to make beds for potheads.”

  44. velobabe says:

    wow, matt taibbi and jesse ventura on the joy behar show (HLN).
    bozs going rogue. both sitting and debating the topics of the day with joy baby. max you should go on joy’s show. i watch it only cause she is a comedian. and they mock everything. conspiracy theories going downtown. think about it.

  45. jon says:

    anyone see how the banksters do alot of thier scams. They buy the politicans and then set up deals and rules where they come out with alot of money.

  46. The Dork of Cork says:

    @X

    No I guess I will stick to my theory that platinum will fall one more time because of industrial collapse in China.
    I now realise I could be wrong about that but I will stick to my previous conviction , hold hold hold
    Although the monetary authorities may surprise the gold bug community by beginning to hold the platinum group of metals in its vaults , unlikely but it would be a sad joke on us goldbugs

  47. Marc Authier says:

    @Palantiri

    No it’s not really even your money and your savings. This is part of the mythology. In a theoritical way it comes from you, being created by the state indirectly by the racket called central banks. Nothing forces the state let’s say froem retiring ALL the debts by simply printing money, paying its debts with it and stop paying interest to private bankers. It’s all phoney.

    You cannot see the banker as an intermediary between savers and lenders. It’s more like a leach, a parasite that takes interest from from the money created by the state directly from nothing, not from savers. What services banksters give to the state ? NOTHING. In the present situation, the state creates money from nothing , gives almost free to the banksters. The banksters lend it back to state with interests. And the state says to its slaves that he is broke and must tax you to pay the interest on its money ! that he gave to godamn private bankers !

    You socialize the cost 100% and privatize all the profits ! You could very get rid of bankers and nobody would die. On the contrary.

  48. Marc Authier says:

    Privatize the profits to just a chosen few. Banking is not really private or an ordinary business. It’s a branch of the mafia. Their commodity money, cost them in reality nothing !. Its comes from the state and it’s given at wil by the state to private interest. Given almost free. They then lend it and keep almost all the profits.Global benefits for the savers ? Almost nothing. For the taxpayers and the ordinary private sector. Highly negative. It kills and bleed alive anything alive. Savings like banking reserves are irrelevant today. They are none or an infinite amount since it’s all a mind trick. Nothing else.

  49. Marc Authier says:

    @Palantiri

    We need a revolution. We really need Iceland. We need more Icelands. This system is satanic and anti-economic. We must destroy central banks.

    They are useless parasites. Banks justly no more accomplish this traditionnal role of intermediary between lender and saver.

    Banking is now 0% risk business and 0% cost business. (for the anointed, the too big to fail).

    It’s not quite how people perceive the way it works. The risk goes 100% to
    the taxpayers, the country, the state, and the private sector and small banks. But the profits go almost 100% to the bankers that are at the top of the pyramid.

    Thomas Jefferson was right. Bankers are indeed a greater risk than a standing army. They are demonic on on an economic basis. They are destroyers of value on a systemic basis. The only value created goes to the bonuses, which then, are 100% insured and guaranteed for their associates.

    It’s in sum not a symbiotic relation betwee lender and saver, capital and worker, state and banker. You comment would be true if banks, like in the past, lived in a symbiotic relation. Was that at a certain time when the “too big to fail” were allowed to get liquidated regularly. They don’t. Today they are almost eternal.

    Today the relation is parasitic because of the state no more really exists. The state is a branch of banking ! The parasites are killing the victim.

  50. Marc Authier says:

    @Palantiri
    Better pray all that we have more Icelands ! Pray and act.

  51. Citizen One says:

    JP Morgan and Goldman Sachs will not exist much longer…

  52. Marc Authier says:

    @Palatirini

    The governmnt gives a private franchise to a choosen few.

    They give the money for free, no strings attached. They even guarantee to the franchisee a systemic risk protection (moral hazard) for their loans and their hyper speculations. And to add injure to insult !, they borrow from their franchisees the same money they gave to them for free !

    That’s why I say the US government does not exist. You will notice here. No savers needed just slaves taxpayers. A total fraud.

  53. Youri Carma says:

    @Marc Authier

    Well said for in you still burns the desire to describe this ordeal in sharp words. As for me I got tired after doing the same thing in a battle to make people understand. But unfortunately I a have other battles to fight and desires to pursue. Not that I am completely out of this one, yet.

    The greatest battle is with myself after which any battle is merely child’s play.

    Good link too.

  54. Marc Authier says:

    @Youri Carma

    It’s the case in reality for all of us. I discovered a way for that Youri.

    It helps sometimes. No miracles but it hels spectacularly with a little bit of training and studying ! It changed my life.

    I am an avid user of self-hypnosis. I intend becoming full time hypnotist. The only thing that I can strongly recommend to you ALL, is go see a good hypnotherapist. I bought a some videos from a guy called Gil Boyne. Spectacular applications at solving the interior conflicts!

    How we are disconnected with the unconscious and to what I call the “hyperconscious”. Try hyponotherapy. It’s incredible the powers we have ALL in us ! And it’s FREE ! And the people in power don’t want to know how their spirit is powerful.

    http://westwoodpublishingco.com/casestudies.html

    http://westwoodpublishingco.com/casestudies.html

  55. Youri Carma says:

    @Marc Authier

    Thank you for this well meant advice and I remember you’ve mentioned it before. Maybe it’s time now for me to have a serious look at it for I am convinced this can work for me.

    But there is a special time for everything and I will remember this approach to get into it much deeper on a more appropriate time when I know I can attend my full commitment at it.

  56. Has anyone else seen the Prince and Rubin testimony from today?

    It’s unbelievable…

    Robert Rubin was and is an incompetent asshole…
    The way he responds to questions remind me exactly of Geithner…
    He’ll start talking, usually pandering to the commission, then he’ll stop, and say “actually, maybe I should state it this way” and goes off on a tangent…
    This guy was GUARANTEED $14Million PER YEAR for his role, and yet claimed he knew nothing and did nothing!!!!
    In the last 10 minutes of the 3 hour affair, they grill him REALLY well…
    If you watch it, go to the last 15 minutes or so and just watch that…
    :lol:
    Although, the whole thing has a lot of interesting points that made me go WTF?!?!! :shock:
    http://cspan.org/Watch/Media/2010/04/08/HP/R/31560/Govt+officials+testifying+Frmr+Citi+execs+apologize.aspx

  57. Marc Authier says:

    @Stacy and Max

    Oh Caaaaaaanaada land of the nuts ! Crackpots ! Stange how these people in Caaaaanaaaaada are dumb a beaver and moose ! Dumb and stupid as a Canadian. It’s not because you live in this nice and peaceful strip of land that you cannot the canadian banks, these terrorists, advancing all this funny money to speculate in what else ? Real estate. Dégoûtant !

    http://market-ticker.denninger.net/archives/2169-Canadian-Housing-Boom-Boom-Around-The-Corner.html

    The numbers are getting scarier by the hour.

    With all the wrecking goin on everywhere, you have this !!!!!!! Arhhhhhh !

  58. marietta says:

    @M/A
    If you have any friends/relatives that don’t believe there is a bubble in Canada, show them this paper. Has lots of graphs and details … Should do the trick to convince them.
    http://www.scribd.com/doc/28454918/Canadian-Housing-Bubble

    Are you in canada? if not, disregard!

  59. Marc Authier says:

    @GB

    And Rubin was at the top ! The bigger the asshole with connections the bigger the job. That’s the way the cookie crumbles. Nothing like being real well connected asshole. You don’t have to competent, just connected.
    Real well connected assholes run the joint called USA, but also China, Russai, Canada, etc…….. It’s all a question of connections. Connected mobster. He look a fuckin Meyer Lansky. Probably part of the mob.

  60. Marc Authier says:

    @Marietta

    Yeap. And we are indeed a dumb and stupid buch in Canada! No global vision and no real culture. Nothin ….. Hicks we are. I am not just self critical ot USA. I find so crazy what’s happening ! +7% since the beginning of the year ! People should get their head examined. Get some culture and stop thinking locally. I could just puke. And the construction of condos is just going bonkers. You don’t even have nice wheather here to justify such stupidity. It’s depressing. You see the train coming and you can’t do anything. I hate bankers. I hate them !

  61. Joe says:

    Good interview, Max! xie xie!

    And great job, Stacy!

  62. Marc Authier says:

    @Marietta
    I really sympathise with the suckers that were sold the “easy” financing. It’s just plain horrible. The numbers are terrifying. Not just in Vancouver, Meanwhile the manufacturing sector in Ontario and Québec is being slaugthered by Asia and ultra high canadian dollar. It’s indeed disquieting that canadian banks are that irresponsible. They don’t care because anyways the know that when the shit hits the fan, the slaves called taxpayers, will eat the vomit like in Europe, like in Iceland. It’s as revolting as that.

  63. @Marc

    Actually, Rubin was only Chief of the Executive Board for about 4-5 weeks, between the Prince resignation and Vikram Pandit appointing…
    although, this seems to contradict what Prince said previously…
    (I may be confused there, however, since CEO and Chief of the Board are not the same… even though, I think Vikram is doing both now…)
    But the point is, he basically got WELFARE ($1M salary + $14M bonus) for being a useless TIT !!!

    It reminds me of something Bonn said about how these people at the top usually have no clue about what things are going on beneath them (although, I don’t agree that computers are doing all the work)…

    That is one GREAT reason for much of the mess these days…
    Willful Ignorance and Apathy in Leadership…

    I also suspect that Greenspan taught Rubin, Geithner and Bernanke how to (not) answer questions using the great weapon of Baffling Bullshit…

  64. Marc Authier says:

    The ECB clown says: ” A Greece bankruptcy is out of the question.”

    http://www.lefigaro.fr/conjoncture/2010/04/08/04016-20100408ARTFIG00612-trichet-la-faillite-de-la-grece-est-hors-de-question-.php

    :) Veryyyyy ! Fuuuuuuuuuunnnnyyyyy ! Trichet is my favorite clown. And with what are they going to pay Jean-Claude ? By selling their organs ?

    Anyways the markets are saying the opposite today. I know. Fix the wages at 5$ per day.

  65. Chalcedonite says:

    Great piece. I looked Matt Taibbi up… interesting character.

  66. Mother Earth says:

    At this rate gold is 1000 Euro in about 2 weeks..

  67. Paul says:

    Another day in GZ and it’s actually not raining. I don’t know what to do to occupy my day besides reading the comments on MK.com and studying chinese. When it comes to curse words, no language on the planet compares to how Chinese (Cantonese, specifically) can rip you a new one.

  68. EB says:

    @GB : Rubin, Geithner, Bernanke, Summers, Greenspan, Blankfein, Dimon, Paulson….its all show.

    Loads and loads of talk, and never any real action. Keep the masses pacified.

    When an indictment is handed out, then I’ll start cheering.

  69. Dedo says:

    @EB,..Yep,..we live in a world full of people, who’s “job” it is to trick and deceive the “slaves”,.into thinking they have freedom and choice.
    But the irony is,.those very same folk are also shackled by the very same bonds, yet think they are somewhat superior!
    Quite the game being played me thinks,..: )

  70. Palantíri says:

    @Marc Authier

    so much to answere hehe :)

    I disagree with you, do not forget that the western world with all its comfort were made possible do to bankers, so what services bankers give to the state? they made it possible to build it. Wherever there is poverty there is lack of proper bankers, sure bankers need good regulations and guidelines to follow but to say that getting rid of bankers and nobody would die is false. Also, the banking industry hasn’t always been like it is today, it can change into something better again.

  71. Palantíri says:

    @Marc Authier

    But we do agree with this, we don’t want the banks as they currently are. No, let them go back to the old 3-6-3 rule and make banking boring again. Though you are wrong to say that the big bankers are safe and without risk as today’s world should have shown you, the major banks are hanging outside the cliff with their bare fingertips struggling for life.

    But you are right that individuals have learned to milk the system and feast themselves on the corporation through ridicules wages and bonuses, that we don’t need.
    There is still risk of stock owner to lose everything (example Lehman brothers) and in the year 2010 over 40 bank groups have gone bankruptcy so far, we do have socialized a tiny safety net for the depositors, but you still risk losing everything above the deposit insurance limit level.

    Yes I also see and feel that some banking groups hare way to big, and should get the treatment that Standard Oil got in 1911 by the United States Supreme Court – broken up. I do see that they have learned to twist rules and laws, and made street gambling sophisticated on wall street through various derivatives, that we don’t need.

  72. Marc Authier says:

    @Palantiri

    Because of the bankers ? Now that’s a little bit simplistic. It’s more because of democracy and free markets, Socrate and scientific method. Bankers have their role. But it’s quite simplistic to say that prosperity is due to only ONE class of profession.

    One amusing example. JP Morgan helped Tesla invent radio. What came first ? The ideas in the head of Tesla or the capital ? I would say both. I hate it when people simplify to excess the “contribution” of banker. It’s like saying that the health of a nation is due to its doctors. It ain’t. Bankers don’t have a GOD like quality. Sorry.

  73. Marc Authier says:

    @Palantiri

    Ideas, dreams and culture are the first motor. Not money.

    Even in banking and money matters, ideas dreams and culture dominate. Prosperity is an empty word if you do not have ideas, dreams and culture. In my books the monks of the Middle Ages are as important as the Medicis. Bankers should be facilitators. That’s not what is presently happening today. They also facilitate very unproductive things like bubbles, busts and wars.

    Which comes first ? The civilization or the banker. Most bankers are sick in the head today. They think that they are IT, like the church at one time thought it was IT. Like the emperor at ONE time thought he was IT.
    Lloyd Blankfien is a real good example. Now these people think that they are IT. Nice illusion. Sometime I think someone should remind them that the guillotine still exists.

  74. Palantíri says:

    Of course it is not that simplistic. I am not saying they have god like quality, but I am saying that they do serve an important function in the society, like it or not. Tesla as many other inventors manages to invent and build prototypes on their own, but it takes capital for it to grow and prosper into something big, which is when a private investor or a banker comes in. Don’t twist those roles around. To end this little talk, we both see what the banking industry is today and both sees that it need to be changed.

  75. Charles says:

    Martin Armstrong mentions Matt’s piece in one of his recent works while in “the hole”.

    http://www.martinarmstrong.org/files/From-the-HOLE-9-A-Quick-Overview-of-Key-Markets-4-7-10.pdf

    Anyone know how to contact Matt, he’d prob get a kick out of it.

  76. Eric Clay says:

    Max and Stacy, love the shows! Instead of banksters, why not call them gang bankers, because that’s what they are.

    Keep it rolling, guys. Max for President of Greece! and Canada, if you’ve got the time..

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