The slow motion financial holocaust has been underway for some time now.
Goldman Sach recently commented that we are in the third wave of the great crisis. What happened in 2008 remains directly relevant to the personal financial risk that most Americans face at the brink of the next phase of the collapse.
It’s almost like they’re looking for a sacrificial lamb… the banks have gotten away with murder too many times to count. Those who might be tried under a truly fair system instead stand firm with their understanding of impunity, an arrangement befitting their position and stature in society, that they will never be seriously investigated, much less prosecuted, for their role in the manipulation that caused the biggest problems.
Worse, it is utterly clear that Obama’s Justice Department went out of their way to avoid prosecuting Wall Street executives – even despite pressure from Congress’ Oversight Panel, created as a condition of TARP, to do so as a result of piles of evidence that criminal misbehavior was behind the worst of the collapse.
Attorney General Eric Holder was nominally in charge of the Justice Department’s investigations – and it is well worth pointing out that he spent the entirety of his time after being Clinton’s Deputy Attorney General, at Covington & Burling, a legal firm that specializes in representing top Wall Street institutions. Wikipedia notes:
In July 2015, Holder rejoined Covington & Burling, the law firm at which he worked before becoming Attorney General. The law firm’s clients have included many of the large banks Holder declined to prosecute for their alleged role in the financial crisis. Matt Taibbi of Rolling Stone opined about the move, “I think this is probably the single biggest example of the revolving door that we’ve ever had.”
Clearly, with big banks as a client in-waiting and a past benefactor with him his law firm had a deep relationship, Holder was never realistically capable of considering a meaningful prosecution of the banks. Most of the rationale given to the public remained based around the despicable idea that banks were “too big to fail.”
Investigative journalist Glenn Greenwald – notorious for launchign the first interviews and data dumps with Edward Snowden – taken on the criminality of the Wall Street banks during the period surrounding the 2008 financial crisis, focusing on the obstruction of the Justice Department, who have effectively refused to target higher-ups in any of their probes:
PBS’ Frontline broadcast a new one-hour report on one of the greatest and most shameful failings of the Obama administration: the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis: a crisis from which millions of people around the world are still suffering. What this program particularly demonstrated was that the Obama justice department, in particular the Chief of its Criminal Division, Lanny Breuer, never even tried to hold the high-level criminals accountable.
What Obama justice officials did instead is exactly what they did in the face of high-level Bush era crimes of torture and warrantless eavesdropping: namely, acted to protect the most powerful factions in the society in the face of overwhelming evidence of serious criminality. Indeed, financial elites were not only vested with immunity for their fraud, but thrived as a result of it, even as ordinary Americans continue to suffer the effects of that crisis.
[…] As “The Untouchables” put it: while no senior Wall Street executives have been prosecuted, “many small mortgage brokers, loan appraisers and even home buyers” have been.
[…] the DOJ’s excuse for failing to prosecute Wall Street executives – that it was too hard to obtain convictions – “has always defied common sense – and all the more so now that a fuller picture is emerging of the range of banks’ reckless and lawless activities, including interest-rate rigging, money laundering, securities fraud and excessive speculation.”
As former Wall Street analyst Yves Smith wrote: “What went on at Lehman and AIG, as well as the chicanery in the CDO [collateralized debt obligation] business, by any sensible standard is criminal.” Even lifelong Wall Street defender Alan Greenspan, the former Federal Reserve Chair, said in Congressional testimony that “a lot of that stuff was just plain fraud.”
“In 2009… “there was broad support for prosecuting Wall Street.” Nonetheless: “four years later, there have been no arrests of any senior Wall Street executives” … the key point: Obama officials never even tried.
Now dated by four years, PBS Frontline ran an investigative report on the topic: The Untouchables: How the Obama administration protected Wall Street from prosecutions (which can be watched in full here).
As regular readers already know at SHTF, countless voices have come forward to expose the criminal fraud surrounding the banks, and the bipartisan criminal cover-up taking place in Washington.
The reason there have been no efforts made to criminally investigate is obvious. Former banking regulator and current securities Professor Bill Black told Bill Moyers in 2009 that “Timothy Geithner, the Secretary of the Treasury, and others in the administration, with the banks, are engaged in a cover up to keep us from knowing what went wrong.” In the documentary “Inside Job”, the economist Nouriel Roubini, when asked why there have been no such investigations, replied: “Because then you’d find the culprits.” Underlying all of that is what the Senate’s second-highest ranking Democrat, Dick Durbin, admitted in 2009: the banks “frankly own the place”.
Impunity has been the norm. Systemic money laundering for terrorists, gangs and drug cartels, the likes of which has been officially tied to institutions like HSBC and Wachovia – were settled with fines that represent a slap on the wrist to these ‘too big to jail’ globally-linked banks.
Meanwhile, the next wave is upon us.
Bankers Plan to Raid Deposits After Greeks “Rise Up Against Debt Bondage”
Holder’s Latest Scandal: DOJ Now Pressuring Banks to Refuse Service to Gun Stores
Jail the Banksters? Bernanke Now Claims “Wall Street Execs Should’ve Been Held Accountable”
Goldman Sachs: The Third Wave of the Financial Crisis Is Upon Us
Congress is complicit in the corruption and cover-up. If they had the moral will, they could stop all of this. Our entire system of government has been hijacked by the NWO.
Yup, the NWO are lording it over most of the world.
There’s only one who can end it.
Lot of those in DC that are named Faust.
Birds of a feather, Faust together.
those who protected them are just as big a traitor
YUP!! as Clint Eastwood would say HANG-EM HIGH!
I watched some of the farce of Hill Clinton being questioned. It appears the Congressional panel does not have the ability to identify a liar. I am not a lawyer nor do I have access to the information they do, but the panel accomplished little to nothing. No one would conduct a hearing without knowing something in the first place, and to prove this I bet the panel members already had their questions prepared before the questioning even started. I really thought maybe this time someone would get to the bottom and the truth would win. As usual, all decent people were disappointed.
It was not merely amateurish, but became obvious before too long the hearing was actually theater, and I’ll tell you why. They all know each other’s dirty laundry. If one reveals something on someone then that person can also expect exposure. It’s a power they all exercise over each other in DC, therefore we see nothing resembling reality, this is standard behavior. There was bad follow-up and follow through, they frequently asked the wrong questions, when Clinton made contradictions they did not force her to satisfactorily explain or reconcile her statements.
All this only highlights the kind of government we get and can expect more of the same. Please stop voting, not just stop voting for them, I mean stop voting altogether. Stop giving them legitimacy by voting. The fewer people that vote the less legitimacy they have. In reality who cares who wins? Ideologically, Dem.’s and Rep.’s are different, but in practice they are the same.
I promise, you will not have more or less justice, honesty, or fairness because a particular candidate wins an election; no difference at all. Remember, they are not our leaders, they are our servants, the politicians have it backwards and they have always let people assume this lie as fact without correcting this common misbelief. Because they have operated by this lie this alone strips them of legitimacy. STOP voting! It has been frequently said “if you don’t vote you can’t complain.” This too is backwards, if you vote you accept the status quo, the truth is those who don’t vote are the ones who may rightfully complain and ridicule. STOP voting!
Billy, that was a damn good post you made. Everything you said has always been my position. I’ve never been a registered voter. Never saw anyone from any party worth voting for. I’m 58 and all I’ve ever seen from both parties is more of the same. The ballot box has failed. The cartridge box is the only hope I see for this country now.
The ballot box is alive and well. One needs to vote in the primaries in Congressional / US Senate / Governor races. Few vote there. Its the Achilles heel, the weak point in the political process. Put in grassroots candidates of both party’s. Political unknowns. The local Physician, Engineer, Butcher, Baker and Candlestick maker. After one term put in another. No more, climb the ladder and learn to use the system and owe favors. No more, Mayor to State House, To Congress to US Senate.
So how does failing to vote someone out of office not accept the status quo? You’re not really making sense.
If they don’t need your vote to stay in office, they’re not your servant and won’t even pretend to be.
If you’re not voting, why should you have any voice in the system when SHTF? You didn’t try to make it work before, why should we believe you want to make things better?
Yea that’s the ticket. Just pick the right candidate and everything will magically turn around. I even bet all the ill-gotten gains will be returned to the rightful owners. Utopia in 2016.
You don’t believe the system is rigged and some people do. Just because someone doesn’t want to participate in a rigged system doesn’t give you the right to say they should have no voice when it all crashes and burns. And maybe they don’t buy that bullshit about voting for the lesser of evils. Evil is evil period. The problems being experienced were decades in the making. Can’t imagine anybody fixing this clusterf***. Can you?
Yea, I am with you on all that Smokey.
There is no perfect candidate, nor a potus that doesn’t follow through with favors, somewhere,somehow, and with somebody.
But, it is what they stand against that is important.
Rubio talks a pretty good talk when it comes to abortion and not giving queers and muzzies the keys to the kingdom, but how well can he pull off that spin, even with a majority of conservatives in both house and senate?
Trump is a lone wolf, but probably the best chance at not having cronyism at the core of his support. I think the black guy is a decent human being on the surface, but how big of an influence is Big Pharma gonna have on him?
We have had enough of the bushy clinton regimes of lies and outright corruption and evil.
I will vote if I see a chance of my vote doing three things…helping destroy planned parenthood baby killing factories, working towards reversing obolacare, and allowing the states the vote option of queer marriage.
If billery gets the win, the three i just mentioned will be escalated to the point of jailing people over them, and also more tax and spend big gov to keep up the illegals and lazies, plus a giant push towards the final steps of the NWO.
i saw the piece on Cornell University, and it is sad that most non-Christian based Universities, now follow the liberal agenda to the point that if anyone writes or says anything “conservative’, they automatically get a lesser grade. At Cornell, a study was completed that showed that 96% donated and supported the liberal/democrat agenda. They are the people, along with the majority of blacks and hispanics, and muzzies, that will put the queen jezebel in office.
Oh btw, I read a piece that was done on the catering of Fiorina to muzzies, especially the workers at her company after 9/11 whereby she said that the Ottoman Empire was the greatest empire ever and that the world should be so lucky to have that empire again. What? And she is allowed to be a candidate for potus of a Christian Nation?
Sad, sad, state of affairs. Our founding fathers are flipping in their graves at what a corrupt mess is running this country.
We surely are heading for a heartbreak.
You are accepting the status quo if you vote for any candidate because you are buying into their bullsh*t and apparently believe them, you’re helping to put them in power, and in reality getting more of the same. All the while naively believing you are making a difference, THEY WANT YOU TO BELIEVE THAT! True, withholding one’s vote may not make a difference but at least you will maintain the superior moral position of not having given them your legitimacy or any undeserved credibility when they would inevitably sh*t on you. The reason why this is true is in reality most candidates don’t even like you, or me, I know this from first-hand knowledge.
They may not need my vote to stay in office but at least I can say I did not help put them there when they’re f*cking over the citizens. When voted into an office they are suppose to carry out the will of the people, not lord over them. When was the last time you saw that done on a important issue, or on any significant scale? Instead, they are too busy consolidating their power and position for personal gain. The ones you believe are good are just the ones who hide it the best. Apparently my friend, you are happy to settle for crumbs and scraps.
As for trying to make the “system” work, I voted for years at every level of government. All the good that did. I voted for liars who said they would rein in spending, or that they will care about the common people instead of the one’s with the cash. Hell, a few of them were caught in illegal activities (just got their hand slapped-but you and I would go to jail). Well that didn’t work, so in spite of all that the sh*t will still hit the fan.
“they are not our leaders, they are our servants”
They are not our leaders, they are “THEIR” servants.
And yet the people have no recourse for having these criminal’s prosecuted. Of, by and for the people, yeah right. What people? The suckers funding the whole sordid mess who have no voice.
In Sept. 2008 while the elections were taking place, Bush Jr. gave Wall St. a bailout. Then in June 2009 the African virus gave them another bailout. Untold millions and millions of jobs have been lost and never coming back. They still bring in foreigners every month and let them get straight onto the programs. We have native-born citizens who need help and can’t get a damned thing. The feds, with every illegitimate thing they do, think they can still tell us what the f#$% to do. None of them have a leg to stand on. The ‘reset’ can’t come soon enough.
Beware the reset. From the ashes the Phenix will rise. With ultra rate exception tyrants are born from the womb of chaos.
The gov is not gonna prosecute those with the cake. $ goes where $ is. When we the people come for their heads is the only time anything will be done and don’t see that happening.
Don’t both of your parents have to be born in America. To be president? The FBI Knows that and does nothing . We are being betrayed at the highest levels.
It is really time for our country to have a fourth branch of government.
The fourth branch would be called Government Accountability and would be solely responsible for prosecuting other members of the government who commit crimes.
Now if someone wants to prosecute a government official in Obama’s circle the Attorney General has to appoint a special prosecutor.
Do you think Obama’s cronies are going to appoint a special prosecutor when they are the ones committing the crimes?
Republicans need to promise to prosecute all the crooked democrats after they take office.
I am sick and tired of all these government bureaucrats getting away with crimes.
Political police! Sounds good to me.
Hmmmm… But how long before they too will be getting the payoff?
Just a fleeting thought.
the 4th branch ~ citizen grand juries.
The problem is, THAT office would then become a political arm as well. Don’t forget the IRS is SUPPOSED to be non partisan. How’d THAT work out? And Lois Lerner just got a pass, even wjth all the evidence. It was just “mksmanagement” after all…
Most of Obama’s campaign contributions came from Wall Street (both elections).
The same thing is happening now in Hillary’s campaign.
Clarification: the largest campaign donations are from the jewish organizations.
Goldman Sachs funded Obama. He works for Isreal and he is a Zionist puppet. There will never be a fair shake for the people as long as TPTB are supremists who loathe their subjects.
“Goldman Sachs funded Obama.”
They fund both horses in the two horse race.
If they actually prosecuted anyone it might stop. Then the gov would not get their cut. Like that’s gonna happen. Everything is an income stream.
I’d love to see where the 1.6 billion dollars John Corzine lost went to.
“In a bank in the middle of Beverly Hills in somebody else’s name”……
Than you larry Gatlin.
Thank….lazy fingered the k.
tyr and kep it to a minimum, Ok?
BTW, them brothers should could sing.
Where’s the 1.6 billion? It’s in the pocket of the persecuted uber rich. Persecuted your wording, NOT MINE.
And the NWO police force is getting frisky.
One criminal protecting another criminal, that’s how they stay in office.
No one in our current Administration will take a Stand and do what is good and right.
the only way to send a message to affect the status quo is stop voting.
“Voting someone out” feels good, until that person takes the reins of power and becomes just like the previous politico.
Nothing positive gets accomplished. It’s why the country is screwed.
Like some say, what’s changed in the last 5-10-15 elections?
ROME ROME ROME
EMPEROR NERO AND THE SENATORS
HELP! HELP ! The HILL is BURNING !!!!
The Federal Reserve has embezzled $18 trillion over the past 100 years. Ref: https://www.scribd.com/doc/153024003/Amended-Complaint-Federal-Reserve-whistleblower
The Ponzi scheme method they use is posted at https://www.scribd.com/doc/48194264/rip-off-by-the-Federal-Reserve-revised
It is theorized the embezzled funds have been used by Wall Street to exploit the third world for the past 50 years. Ref. https://www.scribd.com/doc/115919607/FUNDING-THE-NEW-WORLD-ORDER
They have now moved up to Greece, Italy, and Spain. Internal memos identify collection of the $18 fraudulent U.S. Debt is the “ultimate goal.”
Are you ready for austerity ??
Arbitrary enforcement of the law is proof positive of a despotic government.
in the future justice may be served by some extra legal mechanism since the normal legal process doesn’t work
Well I was going to be a nice little sheep and keep my mouth shut today but I can’t. It’s OVER! Anyone who thought that this was a representative republic is a fool. It is a tyrannical dictatorship by an oligarchy and it is quickly evolving into a world tyrannical dictatorship run by you know who (the ac).
The previous Attorney General, Eric Holder, refused to prosecute wall street parasites who crashed the economy in 2008 and now he is back at the law firm that defends these maggots.
The current Attorney General, Lorretta Lynch, refuses to prosecute Lois Lerner and her left wing cohorts at IRS that any prosecutor and grand jury would refer to a trial by jury based on the circumstantial evidence alone.
The FBI has been investigating Hillary Clinton’s emails for months. Come on now. These guys are sharp forensics evidence guys. They surely can determine that classified material was not only on the private server and where it came from. It has been admitted that 300 emails were classified. (If I were FBI Director Comey I would tell them that if they don’t finish the investigation pronto then I’ll assign you to investigating the background of all the foreigners the administration is importing into the U.S.). But no indictment. Why? Could it be that DOJ is standing in the way?
Many are saying that there should be a 4th branch of government. An investigative branch to watchdog government wrongdoing and prosecute as necessary. When I was more naive, I also thought that could solve the problem because it makes no sense to have the DOJ subordinate to an executive that is a political animal. But I’ve realized that that won’t work. Our founding fathers said that our republic could only be maintained by honorable and descent men. Such are few and far between these days.
So, this leaves us with a problem. What to do?
Shall we vote for a Trump to make America great again? Didn’t we do that in 2014 giving the republicans the majority in both the house and senate? What did we get for that? Zilch! Because jackasses and elephants are two sides of the same coin. One party controlled by big money. Voting is the illusion of choice.
Shall we call a constitutional convention? The radio talk show host Mark Levin says the states need to call for a constitutional convention under article 5. Then what happens? I think you could definitely kiss off the 2nd amendment. The 4th is already violated routinely and would probably be eliminated under the guise of national security. The first amendment would probably be truncated to politically correct speech and only Chrislam worship.
So I ask you. What other alternatives are there?
Every human being has her/his day of Judgment before Almighty God.
No human being can protect anyone from that.
Yes, be mindful of darkness so you can continue to walk in the Light! But trust God to hold the evildoers accountable.
In the meantime, Pray and Prep. Get right with God. Ask forgiveness for your sins. Follow the Ten Commandments daily and walk in Holy Love. Give your will, heart, and mind every day to God and watch Him act.
God will protect His own.
As to the evildoers on our planet, if you pray for them, the Force grows stronger as their dark grip actually weakens. God loves them, too, but they won’t accept Him, preferring instead to buy into the lies and empty promises of Satan. But it was prayer that averted the horrific acts destined to go down in September, prayers that you and many others prayed.
So keep your focus on prayer, trust God, obey the Commandments, and walk in Holy Love. Yes, be mindful of the darkness, but don’t be distracted by it nor permit yourself to be consumed by it. Life’s too short to get dirty in that sandbox. Instead, play in your own.
– the Lone Ranger
Will be thrilling to see this corrupt, unAmerican president out of office!