Larry Summers Loses It: “Trump Is Endorsing White Supremacists”, Asks How Supporters “Face Their Children”

FYI.

Larry Summers Loses It: “Trump Is Endorsing White Supremacists”, Asks How Supporters “Face Their Children”:

“President Trump is endorsing white supremacists,  he is ‘uncomfortably close’ to white supremcists… our President is supporting racists…I don’t know how people who are supporting them are able to face their children…”

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Larry Summers Launches The War On Paper Money: “It’s Time To Kill The $100 Bill”

“…a moratorium on printing new high denomination notes would make the world a better place.”

– Larry Summers, Harvard Professor

… and the world would be a much better place without …

Larry Summers, Robert Rubin: Will The Harvard Shadow Elite Bankrupt The University And The Country?


Larry Summers Launches The War On Paper Money: “It’s Time To Kill The $100 Bill”:

esterday we reported that the ECB has begun contemplating the death of the €500 EURO note, a fate which is now virtually assured for the one banknote which not only makes up 30% of the total European paper currency in circulation by value, but provides the best, most cost-efficient alternative (in terms of sheer bulk and storage costs) to Europe’s tax on money known as NIRP.

500 euro

That also explains why Mario Draghi is so intent on eradicating it first, then the €200 bill, then the €100 bill, and so on.

Read moreLarry Summers Launches The War On Paper Money: “It’s Time To Kill The $100 Bill”

Timothy Geithner Admits ‘Too Big To Fail’ Hasn’t Gone Anywhere (And That’s The Way He Likes It)

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Tim Geithner Admits “Too Big To Fail” Hasn’t Gone Anywhere (And That’s The Way He Likes It) (Liberty Blitzkrieg, May 9, 2014):

But it is now clear that Geithner never believed his own talking points. To him, too-big-to-fail and the so-called moral hazard, or safety net, that it would create can’t really ever be fully taken away. During his lecture to Summers’s class, one student asked a question about “resolution authority,” a provision of the reform laws that is supposed to let the government wind down a complex financial institution without creating a domino effect. The question prompted Geithner onto a tangent about too-big-to-fail. “Does it still exist?” he said. “Yeah, of course it does.” Ending too-big-to-fail was “like Moby-Dick for economists or regulators. It’s not just quixotic, it’s misguided.”– From The New York Times Magazine article, What Timothy Geithner Really Thinks

Never in a million years did I think I’d ever use an article by Andrew Ross Sorkin as the basis of a blog post, but here we are. While probably entirely unintentional, his article serves to further solidify as accurate the prevailing notion across America that former head of the New York Federal Reserve and Obama’s first Treasury Secretary, Timothy Geithner, is nothing more than an addled, crony, bureaucratic banker cabin boy.

There are so many choice nuggets in this article, all of which make Geithner look worse and worse as you read on. It’s almost as if he is some sort of lab created, android bankster butler sent back to earth from the future in order to ensure Wall Street bonuses never experience a downtick. It’s truly remarkable. Early in the article, we learn a little bit about Timmy’s family history, and how, shocker, it overlaps quite nicely with Obama’s own family history.

The following lines from this day forth should be forever referred to as “the paragraph that launched a thousand conspiracy blogs.” We learn that:

Read moreTimothy Geithner Admits ‘Too Big To Fail’ Hasn’t Gone Anywhere (And That’s The Way He Likes It)

Larry Summers Withdraws Name For Federal Chairmanship

More on Larry Summers down below.


Larry Summers withdraws name for Federal chairmanship (Guardian, Sep 16, 2013):

Barack Obama says he will ‘always be grateful’ to his former economic aide for his ‘tireless work and service’

Barack Obama’s hopes of a smooth transition of power at the US Federal Reserve were dealt a significant blow on Sunday night when Larry Summers unexpectedly pulled out of the running to replace Ben Bernanke when he stands down in January.

Summers, a former Treasury secretary under President Clinton, had been frontrunner to take charge of US monetary policy during a crucial phase in the economic recovery but is understood to have been deterred by the prospect of bumpy Senate confirmation hearings.

Despite an impeccable track record as an economist and policymaker, Summers remains widely associated with the period of laissez-faire economic policy-making that led up to the banking crash and his decision to step aside on the eve of the fifth anniversary of the crisis shows how raw the politics remain in Washington.

The White House will issue a report on Monday detailing the steps it has taken to reform Wall Street and repair the economy, but has been criticised by Democrats for failing to tackle the entrenched power of the banks.

Obama paid tribute to the role of Larry Summers in dealing with the aftermath of the financial crisis as director of the White House economic council from January 2009 until November 2010.

“Earlier today, I spoke with Larry Summers and accepted his decision to withdraw his name from consideration for Chairman of the Federal Reserve,” Obama said in a statement. “Larry was a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today.”

Read moreLarry Summers Withdraws Name For Federal Chairmanship

Matt Taibbi: Secrets And Lies Of The Bailout (Rolling Stone)

Secrets and Lies of the Bailout (Rolling Stone, Jan 4, 2013):

It has been four long winters since the federal government, in the hulking, shaven-skulled, Alien Nation-esque form of then-Treasury Secretary Hank Paulson, committed $700 billion in taxpayer money to rescue Wall Street from its own chicanery and greed. To listen to the bankers and their allies in Washington tell it, you’d think the bailout was the best thing to hit the American economy since the invention of the assembly line. Not only did it prevent another Great Depression, we’ve been told, but the money has all been paid back, and the government even made a profit. No harm, no foul – right?

Wrong.

It was all a lie – one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it. The result is one of those deals where one wrong decision early on blossoms into a lush nightmare of unintended consequences. We thought we were just letting a friend crash at the house for a few days; we ended up with a family of hillbillies who moved in forever, sleeping nine to a bed and building a meth lab on the front lawn.

Read moreMatt Taibbi: Secrets And Lies Of The Bailout (Rolling Stone)

This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied – THE SEQUEL

This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied – The Sequel (ZeroHedge, July 19, 2012):

Two years ago, in January 2010, Zero Hedge wrote “This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied” which became one of our most read stories of the year. The reason? Perhaps something to do with an implicit attempt at capital controls by the government on one of the primary forms of cash aggregation available: $2.7 trillion in US money market funds. The proximal catalyst back then were new proposed regulations seeking to pull one of these three core pillars (these being no volatility, instantaneous liquidity, and redeemability) from the foundation of the entire money market industry, by changing the primary assumptions of the key Money Market Rule 2a-7. A key proposal would give money market fund managers the option to “suspend redemptions to allow for the orderly liquidation of fund assets.” In other words: an attempt to prevent money market runs (the same thing that crushed Lehman when the Reserve Fund broke the buck). This idea, which previously had been implicitly backed by the all important Group of 30 which is basically the shadow central planners of the world (don’t believe us? check out the roster of current members), did not get too far, and was quickly forgotten. Until today, when the New York Fed decided to bring it back from the dead by publishing “The Minimum Balance At Risk: A Proposal to Mitigate the Systemic Risks Posed by Money Market FUnds“. Now it is well known that any attempt to prevent a bank runs achieves nothing but merely accelerating just that (as Europe recently learned). But this coming from central planners – who never can accurately predict a rational response – is not surprising. What is surprising is that this proposal is reincarnated now. The question becomes: why now? What does the Fed know about market liquidity conditions that it does not want to share, and more importantly, is the Fed seeing a rapid deterioration in liquidity conditions in the future, that may and/or will prompt retail investors to pull their money in another Lehman-like bank run repeat?

Here is how the Fed frames the problem in the abstract:

Read moreThis Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied – THE SEQUEL

QBAMCO: ‘Another Perspective’ (Must-Read)

Related article:

Charlie Munger: Gold Is For Holocaust-Era Jewish Families To Sew Into Their Garments; Civilized People Don’t Buy Gold

Got gold and silver?


Must Read: “Another Perspective” (ZeroHedge, May 14, 2012):

From Paul Brodsky and Lee Quaintance of QBAMCO

Another Perspective (pdf)

Two weeks ago, before Jamie Dimon’s thoughtful diversion, Charlie Munger of Berkshire Hathaway instructed viewers of CNBC that “civilized people don’t buy gold, they invest in productive businesses”. Munger was right in that civilized people invest in productive businesses and was right to imply that gold is a non-productive rock, but, in our humble opinion, he was wrong to suggest that gold does not have significant upside as an investment currently (even more than BRK/A?).

Read moreQBAMCO: ‘Another Perspective’ (Must-Read)

The Guardian on ‘Inside Job’: How Bankers Caused The Financial Crisis

INSIDE JOB (Documentary – Official Trailer in HD):

Amazon.com:
Inside Job
Inside Job [Blu-ray]

Only now does the Guardian report about this documentary. Just in time before the next crisis: The Greatest Depression.

See also:

– Former Governor Jesse Ventura Conspiracy Theory: Wall Street

– Former Assistant Secretary of Housing Catherine Austin Fitts: The Looting Of America


The film Inside Job brilliantly exposes the corruption in US banking that led to the 2008 crash. We ask four bankers for their verdict on this damning indictment of their world

Peter Bradshaw reviews Inside Job

An aerial view of Wall Street, the heart of the global financial meltdown. Photograph: Cameron Davidson

When Michael Moore made his debut feature, Roger and Me, he set about vilifying the boss of General Motors, the now deceased Roger B Smith, for destroying his home town of Flint, Michigan. Charles Ferguson’s film Inside Job attempts to blame a wider cast list for the banking crash of 2008 and explains why so little has been done to reform the financial world or bring criminal prosecutions against the main protagonists.

His villainous lineup includes bankers, politicians (many of whom were previously bankers), regulators, the credit ratings agencies and academics. When Glenn Hubbard, George Bush’s chief economic adviser and dean of Columbia Business School, is shown as a partisan advocate of deregulation, we have one of the movie’s punch-the-air moments. During the interview, Hubbard, who denies he was corrupted by his paid-for relationships with government, angrily barks: “You’ve got five minutes, mister. Give it your best shot.”

The spotlight has largely bypassed academics in the UK. There are plenty of economists who believed the banks understood what they were doing and supported deregulation. Whether they took large slugs of cash for writing poorly researched, cheerleading reports on the economic miracle in Iceland (pre-crash), as former US central banker Frederic Mishkin is found doing, is less clear. Over here, the relationship between academia and business appears to be more arm’s length, though London Business School dean Sir Andrew Likierman sits on the Barclays board, while Howard Davies, who argued for light-touch regulation while head of the Financial Services Authority, has become director of the London School of Economics. The UK’s chief villian, however, is probably the disgraced, but largely unpunished, banker Sir Fred Goodwin, the former boss of Royal Bank of Scotland, once the fifth-largest bank in the world.

In Inside Job, the name that keeps cropping up is Larry Summers, a friend of President Bill Clinton and more recently Barack Obama. Summers exemplifies the links between cheerleaders in academia, Wall Street, supine regulators and an ignorant Capitol Hill that Ferguson stresses were at the root of the problem. It helps that Summers looks like a mafia boss, but the difficulties in making the case against him are shown by the need to explain financial products like credit default swaps and how securitisation was used by banks to increase their borrowing.

Read moreThe Guardian on ‘Inside Job’: How Bankers Caused The Financial Crisis

Financial Crisis Inquiry Commission Slams Greenspan, Bernanke, Geithner, Paulson, Summers, SEC, Rating Agencies and Big Banks for Causing Crisis

The Financial Crisis Inquiry Commission is releasing its report Thursday.

The New York Times has a preview of the report, which shows that the Commission will slam the right people for causing the financial crisis.

Barry Ritholtz gives a good summary of the Times’ article:

The many causal factors highlighted in the FCIC report:

• Alan Greenspan’s malfeasance — his refusal to perform his regulatory duties because he did not believe in them — allowed the credit bubble to expand, driving housing prices to dangerously unsustainable levels; Greenspan’s advocacy for financial deregulation was a “pivotal failure to stem the flow of toxic mortgages” and “the prime example” of government negligence;

• Ben S. Bernanke failed to foresee the crisis;

• The Bush administration’s “inconsistent response” — saving Bear, but allowing Lehman to crater — “added to the uncertainty and panic in the financial markets.”

• Bush Treasury secretary Henry M. Paulson Jr. wrongly predicted in 2007 that subprime meltdown would be contained.

• The Clinton White House, including then Treasury Secretary Lawrence Summers, made a crucial error in “shielding over-the-counter derivatives from regulation [CFMA]. This was “a key turning point in the march toward the financial crisis.”

• Then NY Fed President, now Treasury secretary Timothy F. Geithner failed to “clamp down on excesses by Citigroup in the lead-up to the crisis;” Further, a month before Lehman’s collapse, Geithner was still in the dark about Lehman’s derivative exposure;

• Low interest rates brought about by the Fed after the 2001 recession “created increased risks” but were not chiefly to blame, according to the FCIC (I place some more weight on Ultra-low rates than they do);

• The financial sector spent $2.7 billion on lobbying from 1999 to 2008, while individuals and committees affiliated with the industry made more than $1 billion in campaign contributions. The impact of which an incestuous relationship between bankers and regulators, Congress and bankers, and classic regulatory capture by the industry.

• The credit-rating agencies “cogs in the wheel of financial destruction.”

• The Securities and Exchange Commission allowed the 5 biggest banks to ramp up their leverage, hold insufficient capital, and engage in risky practices.

• Leverage at the nation’s five largest investment banks was wildly excessive: They kept only $1 in capital to cover losses for about every $40 in assets;

• The Office of the Comptroller of the Currency along with the Office of Thrift Supervision, “federally pre-empted” (blocked) state regulators from reining in lending abuses;

• The report documents “questionable practices by mortgage lenders and careless betting by banks;”

• The report portrays the “bumbling incompetence among corporate chieftains” as to the risk and operations of their own firms:

-Citigroup executives admitting that they paid little attention to the risks associated with mortgage securities.
-AIG executives were blind to its $79 billion exposure to credit default swaps;
-Merrill Lynch top managers were surprised when mortgage investments suddenly resulted in billions of dollars in losses;

Read moreFinancial Crisis Inquiry Commission Slams Greenspan, Bernanke, Geithner, Paulson, Summers, SEC, Rating Agencies and Big Banks for Causing Crisis

The No.1 Trend Forecaster Gerald Celente: Righteous Rage – Wikileaks BS – Class Warfare Has Begun – Bailout Bubble Bursting – The Great War – This Is Not America, It’s Fascism

If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente.
– New York Post

When CNN wants to know about the Top Trends, we ask Gerald Celente.
– CNN Headline News

There’s not a better trend forecaster than Gerald Celente. The man knows what he’s talking about.
– CNBC

Those who take their predictions seriously … consider the Trends Research Institute.
– The Wall Street Journal

A network of 25 experts whose range of specialties would rival many university faculties.
– The Economist

Rage against the Fed, the Media and all things else

Added:15. December 2010

On Wikileaks:

Who Is Really Behind Wikileaks?

Wikileaks: A US Government Con Job

–  Wikileaks: Brought to you by the CIA or Mossad

More with Gerald Celente:

America – The End of Liberty (Documentary)

Interview With Gerald Celente: The Gestapo of Food

Overdose – The Next Financial Crisis (Documentary)

The No.1 Trend Forecaster Gerald Celente: And Now We’re Headed For The GREATEST Depression

Read moreThe No.1 Trend Forecaster Gerald Celente: Righteous Rage – Wikileaks BS – Class Warfare Has Begun – Bailout Bubble Bursting – The Great War – This Is Not America, It’s Fascism