5-12-10
Rothschilds, Rockefellers Manipulate 1000 Point Market Drop to Stop Banking Legislation
Last week the stock market took and incredible19 minute ride that cost investors billions of dollars. What is most important is that the bad guys' fooled no one. The consensus of those who follow this type of mischief is Goldman Sachs manipulated the market crash. At one time it would have taken months to finger what happened and who is responsible. Not any more. When mischief like this takes place people assume it is the work of the Rothschilds and Rockefellers, the biggest owners of the Federal Reserve. The Rothschilds and Rockefellers are also the biggest owners of Goldman Sachs.
A new wrinkle in the audit the Fed controversy is why the Rothschilds and Rockefellers are now allowing an audit of the Federal Reserve. It is my guess the bad guys have shifted their interest to passing Cap and Trade legislation. The Rothschilds and Rockefellers will let their Gulf Oil Well spill oil in the Gulf of Mexico waters until Congress passes the Cap and Trade bill they want. Its wait and see as to how the Rothschilds and Rockefellers Cap and Trade and Audit the Fed bills materialize. At the moment the bad guys' game plan is to let the Gulf oil spill flow and build anger until the communi$t$' get Cap and Trade while they use the passage of the Audit the Fed bill work as a diversion to take attention off the fact the Rothschilds and Rockefellers were behind the defeat of Audit the Fed initially. The Rothschilds and Rockefellers are also using their ability to sink the stock markets to the center of the Earth to get legislation passed to suit them. Its fun to watch the Rothschilds and Rockefellers lurch in one direction and then the other as they attempt to avoid detection for their dirty deeds and get what their governmental welfare. Hopefully and with a little luck the Rothschilds and Rockefellers get nailed three times in the near future. First, the Federal Reserve audit proves the Rothschilds and Rockefellers and their Bankster buddies own the FED and they steal trillions through it. Secondly, it would be great if the Rothschilds and Rockefellers are proven responsible for deliberately causing the oil rig in the Gulf explosion, deaths and oil spill. Thirdly, the Banksters' Cap and Trade scam is shut down before it starts.
The Rothschilds and Rockefellers Cap and Trade legislation allows Goldman Sachs trade carbon emissions, and like derivatives, will create another economic bubble which will force Congress to pass another bailout for Wall Street. Call this the Cap and Trade meltdown. Another Wall Street, Goldman Sachs and other companies owned by the Rothschilds and Rockefellers bailout welfare check. Each bailout Congress sends the Banksters takes us one step closer to the total destruction of the $ dollar and resultant Martial Law.
Also the communi$t$ feel the Audit the Fed Bill prevent them from being fingered for the 1000 point drop they manipulated.
Fed Audit Amendment Deal Struck In Senate
and instantly the stock market crashed 1000 points.
Stock Market Falls Nearly 1000 Points
Even though the Senate reversed itself a few hours later,
Senate Votes For Wall Street; Megabanks To Remain Behemoths
what the Rothschilds and Rockefellers fear most, loosing their trillion dollar source of mischief income to finance (the Holocaust, spreading AIDS, 911, the Patriot Act, undeclared wars, shredding the US Constitution, Little George, Barack Obama, Ilario Pantano, ect)
the Federal Reserve, clarified itself as to what is so horribly wrong with this country.
Thomas Jefferson said to tell the people the problems and the people will solve the problems. The Rothschilds and the Rockefellers own big media so we will never hear the problems from them. The 1000 point drop in the stock market told the people what is wrong and now the people can solve the problem.
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Fed Audit Amendment Deal Struck In Senate
First Posted: 05- 6-10 04:17 PM | Updated: 05- 6-10 06:25 PM
Sen. Chris Dodd (D-Conn.) will cosponsor Sen. Bernie Sanders' (I-Vt.) amendment to audit the Fed, he said on the Senate floor Thursday afternoon, though with modifications, the details of which are crucial to the weight of the audit.
Sanders had been negotiating a compromise with the Federal Reserve to come to an agreement on how broadly the audit powers would extend, Sen. Bob Corker (R-Tenn.) told reporters.
Corker said he had spoken with Sanders and that the Fed wants to "make sure that the audit is not looking at the open market policy, where you're not looking at how interest rates are set." The White House expressed similar concerns earlier Thursday.
Sanders (I-Vt.) has insisted repeatedly that his amendment makes no attempt to audit monetary policy, but rather is focused on the trillions in lending the Fed has done in the dark.
The goal of the negotiations, said Corker, was to make sure "what you're looking at is the financial transactions.... It's my understanding he's working very closely with the Fed to try to get that part right."
Spokespersons for Sanders and the Fed declined to comment.
Shortly after Corker spoke, Dodd, who had been opposing the amendment, took to the Senate floor.
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"He's absolutely correct on the transparency issues," Dodd said, adding that he wanted the audit "done in a way so there is no concern about the independence of the Fed being compromised in any way. He has guaranteed with his language here that that is no longer an issue whatsoever. And I want to thank him for that. It's a great amendment."
Sanders, on the Senate floor, hinted at the agreement. "Would allow the GAO to conduct a top-to-bottom audit of all of the Federal Reserve's emergency lending activities since December 1, 2007. In addition, the modifications require the Fed to put on its Web site all of the recipients of over $2 trillion in emergency assistance since December 1, 2007," Sanders said.
A copy of the modifications was not immediately available.
UPDATE: The modified amendment would still allow a broad audit.
"Notwithstanding any other provision of law, the Board of Governors shall publish on its website, not later than December 1, 2010, with respect to all loans and other financial assistance it has provided during the period beginning on December 1, 2007 and ending on the date of enactment of this Act under the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, the Term Asset-Backed Securities Loan Facility, the Primary Dealer Credit Facility, the Commercial Paper Funding Facility, the Term Securities Lending Facility, the Term Auction Facility, Maiden Lane, Maiden Lane II, Maiden Lane III, the agency Mortgage-Backed Securities program, foreign currency liquidity swap lines, and any other program created as a result of the third undesignated paragraph of section 13 of the Federal Reserve Act."
The amendment is here. If you spot holes, write me at ryan@huffingtonpost.com.
UPDATE II: Sen. Kirsten Gillibrand (D-N.Y.) will back Sanders amendment, her spokesman says. The White House is also behind the deal.
Stock Market Falls Nearly 1000 Points
Cindy Perman, JeeYeon Park
CNBC
May 6, 2010
The Dow plunged Thursday amid buzz in the market that European banks have halted lending.
One trader, on the condition of anonymity, said he heard fixed income desks in Europe shut down early because there was no liquidity — basically European banks are halting lending right now.
“This is similar to what took place pre-Lehman Brothers,” the trader said.
The Dow was down more than 900 points at one point, or more than 8 percent, before pulling back to the 600-700 point range.
Under current, New York Stock Exchange rules, if the market falls ten percent or more between 2:30 and 3:00 pm ET, trading is halted for 30 minutes.
Senate Votes For Wall Street; Megabanks To Remain Behemoths
First Posted: 05- 6-10 09:00 PM | Updated: 05- 6-10 10:07 PM
A move to break up major Wall Street banks failed Thursday night by a vote of 61 to 33.
Three Republicans, Richard Shelby of Alabama, Tom Coburn of Oklahoma and John Ensign of Nevada, voted with 30 Democrats, including Senate Majority Leader Harry Reid of Nevada, in support of the provision. The author of the pending overall financial reform bill in the Senate, Banking Committee Chairman Christopher Dodd, voted against it. (See the full roll call.)
The amendment, sponsored by Sens. Sherrod Brown (D-Ohio) and Ted Kaufman (D-Del.), would have required megabanks to be broken down in size and capped so that their individual failure would not bring down the entire system.
Under Brown-Kaufman, no bank could hold more than 10 percent of the total amount of insured deposits, and a limit would have been placed on liabilities of a single bank to two percent of GDP.
In practice, the amendment required the six biggest banks -- Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley -- to significantly scale down their size. It was touted as a way to end Too Big To Fail.
Though top Obama administration officials have not publicly opposed the amendment, its leading economists have opposed ending Too Big To Fail simply by breaking up the nation's financial behemoths. Austan Goolsbee and Larry Summers have both fought back against this idea, as has Treasury Secretary Timothy Geithner.
"This is certainly a defeat for those who are concerned about the dangers of financial concentration in this country," Kaufman said in a statement after the vote. "Some causes are worth fighting for, and for me, the concern about the risks 'too big to fail' banks pose to the American economy and people is deep and profound given the economic tragedy millions of American have endured. I believe the debate itself -- though failing to gain a majority of votes -- has helped to change attitudes about the degree of financial concentration and power these megabanks now represent."
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The banks owned by the four largest financial firms in the U.S. collectively account for about 45 percent of all assets in the U.S. banking system, according to a HuffPost analysis of Federal Deposit Insurance Corporation data.
Those four megabanks collectively hold about $7.4 trillion in assets, according to the most recent regulatory filings with the Federal Reserve. That's equal to about 52 percent of the nation's estimated total output last year.
The top 12 banks in the U.S. control half the country's deposits. By comparison, it took 25 banks to accomplish this feat in 2003 and 42 banks in 1998, according to a Jan. 4 research note by Jason M. Goldberg of Barclays Capital.
There are 23 bank-holding companies in the U.S. with more than $100 billion in assets, according to Federal Reserve data.
Richard W. Fisher, president and chief executive of the Federal Reserve Bank of Dallas, is among a group of at least three current regional Fed presidents that have called for the nation's megabanks to be broken up, joining Kansas City Fed president Thomas M. Hoenig and St. Louis Fed president James Bullard.
Fisher has suggested a ceiling on bank assets placed at $100 billion.
"In the past two decades, the biggest banks have grown significantly bigger," Fisher said last month. "The average size of U.S. banks relative to gross domestic product has risen threefold. The share of industry assets for the 10 largest banks climbed from almost 25 percent in 1990 to almost 60 percent in 2009."
Of course, size is not the only danger -- Lehman Brothers, whose crash rocked the financial system, would have been under the size caps proposed by the amendment. To that end, the Brown-Kaufman amendment limited the amount of leverage an institution can take at about 16-to-1. Hoenig has suggested a 15-to-1 ratio. Leverage is the use of debt to increase assets without a corresponding increase in capital.
The amendment began as a wild longshot, backed by the junior senator from Ohio, Brown, and a longtime aide to Joe Biden, Kaufman, appointed to keep his seat warm for two years until the 2010 election. That the amendment gained as much support as it did is an indication of the depth of the populist anger.
Sen. Mark Warner (D-Va.) and Dodd of Connecticut spoke against the amendment.
Sen. Judd Gregg (R-N.H.) was indignant. "I don't understand this Brown-Kaufman amendment. Basically, what it says is if you're successful...you're going to break them up? I mean, where does this stop? Do we take McDonald's on?"
"It really doesn't make any sense to me," he said.
After the vote, Kaufman defended the provision.
"I believe this idea was sound policy -- and I further believe that a mainstream consensus will continue to grow that these megabanks are too large, too complex and too internally conflicted to regulate successfully," he said, echoing a position voiced by regional Fed presidents, former top Fed officials, and former top bankers on Wall Street.
The Senate will resume voting on amendments to the legislation next week.
The 27 Democrats who voted against the amendment:
Akaka (D-HI)
Baucus (D-MT)
Bayh (D-IN)
Bennet (D-CO)
Carper (D-DE)
Conrad (D-ND)
Dodd (D-CT)
Feinstein (D-CA)
Gillibrand (D-NY)
Hagan (D-NC)
Inouye (D-HI)
Johnson (D-SD)
Kerry (D-MA)
Klobuchar (D-MN)
Kohl (D-WI)
Landrieu (D-LA)
Lautenberg (D-NJ)
McCaskill (D-MO)
Menendez (D-NJ)
Nelson (D-FL)
Nelson (D-NE)
Reed (D-RI)
Schumer (D-NY)
Shaheen (D-NH)
Tester (D-MT)
Udall (D-CO)
Warner (D-VA)
Sen. Bernie Sanders Explains Gutting Audit The Fed Amendment
http://dandelionsalad.wordpress.com/2010/05/08/sen-bernie-sanders-explains-gutting-audit-the-fed-amendment/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+DandelionSalad+%28Dandelion+Salad%29
http://www.buzzflash.net/story.php?id=1093534
Stock Market Collapse: More Goldman Market Rigging? by Dr. Ellen Brown
by Dr. Ellen Brown
Featured Writer
Dandelion Salad
webofdebt.com
May 7, 2010
http://dandelionsalad.wordpress.com/2010/05/07/stock-market-collapse-more-goldman-market-rigging/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+DandelionSalad+%28Dandelion+Salad%29
Last week, Goldman Sachs was on the congressional hot seat, grilled for fraud in its sale of complicated financial products called “synthetic CDOs.” This week the heat was off, as all eyes turned to the attack of the shorts on Greek sovereign debt and the dire threat of a sovereign Greek default. By Thursday, Goldman’s fraud had slipped from the headlines and Congress had been cowed into throwing in the towel on its campaign to break up the too-big-to-fail banks. On Friday, Goldman was in settlement talks with the SEC.
Goldman and Wall Street reign. Congress appears helpless to discipline the big banks, just as the European Central Bank appears helpless to prevent the collapse of the European Union. . . . Or are they?
Suspicious Market Maneuverings
The shorts circled like sharks in the Greek bond market, following a highly suspicious downgrade of Greek debt by Moody’s on Monday. Ratings by private ratings agencies, long suspected of being in the pocket of Wall Street, often seem to be timed to cause stocks or bonds to jump or tumble, causing extreme reactions in the market. The Greek downgrade was suspicious and unexpected because the European Central Bank and International Monetary Fund had just pledged 120 billion Euros to avoid a debt default in Greece.
Markets were roiled further on Thursday, when the U.S. stock market suddenly lost 999 points, and just as suddenly recovered two-thirds of that loss. It appeared to be such a clear case of tampering that Maria Bartiromo blurted out on CNBC, “That is ridiculous. This really sounds like market manipulation to me.”
Manipulation by whom? Markets can be rigged with computers using high-frequency trading programs (HFT), which now compose 70% of market trading; and Goldman Sachs is the undisputed leader in this new gaming technique. Matt Taibbi maintains that Goldman Sachs has been “engineering every market manipulation since the Great Depression.” When Goldman does not get its way, it is in a position to throw a tantrum and crash the market. It can do this with automated market making technologies like the one invented by Max Keiser, which he claims is now being used to turbocharge market manipulation.
Goldman was an investment firm until September 2008, when it became a “bank holding company” overnight in order to capitalize on the bank bailout, including borrowing virtually interest-free from the Federal Reserve and other banks. In January, when President Obama backed Paul Volcker in his plan to reinstate a form of the Glass-Steagall Act that would separate investment banking from commercial banking, the market collapsed on cue, and the Volcker Rule faded from the headlines.
When Goldman got dragged before Congress and the SEC in April, the Greek crisis arose as a “counterpoint,” diverting attention to that growing conflagration. Greece appears to be the sacrificial play in the EU just as Lehman Brothers was in the U.S., “the hostage the kidnappers shoot to prove they mean business.”
The Nuclear Option
It is still possible, however, for the European Central Bank to snatch Greece from the fire and rout the shorts. It can do this with what has been called the nuclear option — “monetizing” the debt of Greece and other debt-laden EU countries by effectively “printing money” (quantitative easing) and buying the debt itself at very low interest rates. This is called the “nuclear option” because it would blow up the hedge funds and electronic sharks operated by Goldman and other Wall Street heavies, which specialize in bringing down corporations and whole countries for strategic and exploitative ends.
Will the ECB proceed with this plan? Perhaps, say some experts. It could just be waiting for the German election on Sunday, which the ECB does not want to appear to be influencing.
Ellen Brown developed her research skills as an attorney practicing civil litigation in Los Angeles. In Web of Debt, her latest of eleven books, she turns those skills to an analysis of the Federal Reserve and “the money trust.” She shows how this private cartel has usurped the power to create money from the people themselves, and how we the people can get it back. Her websites are www.webofdebt.com, www.ellenbrown.com, and www.public-banking.com.
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http://www.huffingtonpost.com/2010/05/11/judd-gregg-feds-biggest-d_n_571667.html
First Posted: 05-11-10 12:04 PM The amendment to open the Fed to a one-time audit of its lending between December 1, 2007 and the present passed 96-0.
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Judd Gregg (R-N.H.), the Federal Reserve's most outspoken defender, came out in support of an amendment by Sen. Bernie Sanders (I-Vt.) to force transparency on the Federal Reserve. Gregg's surprising support gives the amendment a major boost.
The Sanders amendment began as a reflection of language passed by the House and cosponsored by Reps. Ron Paul (R-Texas) and Alan Grayson (D-Fla.) that would authorize a broad audit of the Fed. In negotiations with Banking Committee Chairman Chris Dodd (D-Conn.) and officials from the Fed, Sanders scaled back his audit and restricted it to a one-time look at lending activity from December 1, 2007 until the present -- information that the Fed has so far fought to keep from disclosing. It goes further in some respects than the Paul-Grayson measure, in that it mandates the disclosure of recipients of Fed largesse. (Background on the compromise here.)
Even a year ago, it would have been unthinkable to have Judd Gregg and Ron Paul agree on anything having to do with the Fed other than its street address. The momentum behind a Fed audit is an indication of surging populist sentiment and a financial industry on the defensive.
The battle will continue in conference committee negotiations between the House and Senate and will go on after the bill is signed, as backers push for real transparency at the Fed. But prying open the lid just once would represent a remarkable victory of an ideologically diverse, bipartisan coalition against establishment power.
"Occasionally around here you get to make a historic contribution," said Dodd from the Senate well. A longtime opponent of the Paul-Grayson's audit, Dodd's support of the compromise initially convinced Fed opponents that the measure must have been gutted. A closer look, however, showed it to be a step forward. "This is a historic moment," said Dodd, asking to be added as a cosponsor.
The pressure on the Fed, Dodd said, was already having an impact. He had just met with Federal Reserve Chairman Ben Bernanke to be briefed on the European bailout, Dodd said, and the amendment is already having an impact.
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"I want to tell my colleague from Vermont, not only are we going to achieve what he wants here with this amendment, but we had a meeting with the chairman of the Federal Reserve to brief us on the events in Europe over the weekend and the chairman of the Federal Reserve is going to put up on its web site as soon as possible the contracts between the Fed and any other central banks that occurred over the past weekend. He's also committed that the Fed would report weekly on the activity on each of the swap accounts by the federal bank, not simply the aggregate. The legislation is going to do a lot, but you already have an influence on the conduct of the Fed in terms of the transparency issues," Dodd said.
What could cause such a turnaround among Dodd and Gregg? The threat that the original Sanders amendment -- Paul-Grayson's version -- might actually pass. By backing a substitute, even one that's less than the Fed would like, Dodd and Gregg are able to stave off the stronger proposal. Whether the original amendment could have passed was unclear; on Friday, Sanders himself said he wasn't sure the votes would have been there in the face of intense lobbying from the White House and Fed.
Sen. David Vitter (R-La.) took up the Sanders standard and introduced the Paul-Grayson language separately. In backing the Sanders compromise, both Dodd and Gregg savagely attacked the broader amendment.
Paul first introduced a bill to audit the Fed in 1978.
On the Senate floor, Gregg acknowledged the role the Fed played in "aggressively" negotiating the compromise. "Chairman bernanke, I also wish to congratulate he and his staff for stepping forward and progressively -- aggressively pursuing this, which will be positive for both sides," said Gregg.
To get a sense of how far the debate has swung, consider that Gregg warmly reference populist leader William Jennings Bryan in announcing his support for the measure, recalling (accurately) that the Fed was originally founded as a result of populist pressure. "There was a huge debate in this country since the great depression of 1897 and 1907 about how you managed the currency of this country. And the central figure in that debate was William Jennings Bryan, a man of immense proportions in our history. He was a populist in the extreme. And he believed genuinely that turn control of the currency to elected officials, the currency becomes at risk because there is a natural tendency by elected bodies to want to produce money arbitrarily to take care of spending which they deem to be in the public interest. And thanks to the leadership at that time of a number of thoughtful people, including people like Woodrow Wilson, the decision was made to create a separate entity called the Federal Reserve which would manage the currency of the United States and decide how much money was printed," Gregg said.
UPDATE II - 12:39 p.m.: The Vitter amendment failed 37-62. Five senators, four of them Democrats, voted against Vitter's broader amendment, even though they had cosponsored virtually the same amendment when it was led by Sanders, confirming in practice what had already been announced, that a deal had been agreed to.
Sens. Pat Leahy (D-Vt.), Barbara Boxer (D-Calif.), Jeanne Shaheen (D-N.H.), Mark Begich (D-Alaska) and Bob Bennett (R-Utah) all cosponsored the Sanders amendment but voted no on it with Vitter as lead sponsor on the floor.
Clinton: Pakistan Officials ‘Harboring’ Bin Laden
by Jason Ditz, May 10, 2010
http://news.antiwar.com/2010/05/10/clinton-pakistan-officials-harboring-bin-laden/
In perhaps the clearest signal yet that tensions between the US and Pakistan are on the rise, Secretary of State Hillary Clinton has accused unnamed parties in Pakistan’s government of harboring al-Qaeda leader Osama bin Laden.
“I’m not saying that they’re at the highest levels, but I believe that somewhere in this government are people who know where Usama bin Laden and Al Qaeda is, where Mullah Omar and the leadership of the Afghan Taliban is, and we expect more cooperation to help us bring to justice, capture or kill those who attacked us on 9/11,” Clinton warned.
US officials have regularly made pointed comments about Pakistan’s status on bin Laden whenever tensions are on the rise, but had held off on those claims in recent months.
Now, it seems, the Obama Administration has returned to the “hard line” position adopted previously, largely as political fallout from the Times Square bombing attempt earlier this month.
Secretary of State Clinton has threatened “very serious consequences” against Pakistan in retaliation for this failed attack, and the sudden (but by no means novel) claims regarding bin Laden are probably just one facet of that retaliation.