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[Akka Homestead <akkabhomestead AT yahoo.com>]

> 
> After nearly eight years, the phrase "trust us" no longer works.  

That's a short memory.  It's been going on longer than that! Many of us have 
felt this frustration for decades.

The nine most terrifying words in the English language are, 'I'm from 
the government and I'm here to help.'    Ronald Reagan

So you can say it goes back before the days of Raygun, because the sentiment 
had to have appeared before the joke.  Post Ike,Katrina and 911, we are way 
past joking now.  Now, it's dead seriousness.


Perhaps that explains the difference....some of us have been disgusted with 
administration after administration-GOP and Dems, they all look the same..so 
we have turned to third parties.  Perhaps some people are just now reaching 
their disgust with one party, but still have hope for the other.  Perhaps you 
just haven't traveled as far down the road in your disgust.  If Obama wins, 
and doesn't meet your expectations, and the Dems do no better, then maybe, 
just maybe, some of you who are willing to vote out the Republicans at all 
costs might consider voting third party.

Akka




>From crazygardens AT verizon.net  Mon Sep 22 18:43:55 2008
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From: "Wendy" <crazygardens AT verizon.net>
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Subject: Re: [Homestead] The financial meltdown explained
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Very interesting.  I remember that.  Thanks for the brain jog.

Wendy

----- Original Message -----
From: "bob ford" <bobford79 AT yahoo.com>
To: <homestead AT lists.ibiblio.org>
Sent: Monday, September 22, 2008 2:59 AM
Subject: Re: [Homestead] The financial meltdown explained


Brasschek has some interesting videos, but on this issue I would disagree.
Eliot Spitzer destroyed those who crossed him while leaving his own buddies,
who did the same thievery, alone. I could care less about his shortfall on
monogamy. I don't think monagamy is natural . My letters look different on
the screen, I don't know what I did .....bobford



----- Original Message ----
From: Lynda <lurine AT softcom.net>
To: homestead AT lists.ibiblio.org
Sent: Sunday, September 21, 2008 11:42:11 PM
Subject: [Homestead] The financial meltdown explained

An interesting perspective.

Lynda



Date: Sat, 20 Sep 2008 01:24:20 -0400
Subject: Brasscheck TV: The financial meltdown explained

This is a long story, but if you have any interest in what's going on in the
financial markets, I think you'll find it a more useful analysis than you're
likely to find anywhere else.

Also, it's an important set-up for today's video.

Without this article, you'll still get value from the video, but with it,
you'll REALLY know what's going on better than most people on
earth...including financial news reporters.

I encourage you to invest the five minutes it will take to read this. If
not, you can skip to the link at the bottom.

Brasscheck

========================================
A short explanation of how we got to where we are

Today's banking crisis is the THIRD trillion dollar plus US-caused financial
meltdown in the last twenty years.

Each one of these crises came into being through the same basic
mechanism...the fraudulent over-valuing of financial assets by Wall Street -
with a 'wink and a nod' (and sometimes a lot more) from the White House and
Congress.

The fraudulently valued assets stimulate the economy, impart the illusion of
health and then, inevitably, the fraud goes too far and the whole house of
card comes painfully crashing back to earth.

The three trillion dollar plus frauds were:

Fraud #1: The so-called 'Savings and Loan Crisis' of the late 80s

Fraud #2: The so-called 'Tech Bubble' of the late 90s

Fraud #3: The so-called 'Credit Crisis' of today

*** How the scam works

The mechanism of these frauds is simplicity itself...

....Take a shaky financial asset and blow up its value and then sell as much
of it as you can.

In the 'Savings and Loan Crisis,' the instrument was junk bonds.

In the 'Tech Bubble' it was Internet stocks.

In the 'Credit Crisis' it was individual mortgages collected into pools and
then re-sold to investors.

In each case, normal, well established 'bread and butter' financial
principles were consciously thrown away by Wall Street with no hint of
protest from federal regulators.

***The 'Savings and Loan Crisis' dissected

Junk bonds caused the Saving and Loan crisis which resulted in the US taking
over the assets of hundreds of
banks and selling them back over time to the marketplace at fire sale
prices.

Junk bonds, which caused the 'Savings and Loan Crisis' were shaky bonds that
were pumped up by deliberate misrepresentation and what I call 'staged
dealing.'

Bonds get their value from two things: the amount of interest they pay and
how safe they are.

'Junk' bonds have to pay higher interest because they are less safe.
Therefore, until the 'Savings and Loan Crisis,' savings and loan banks banks
were not allowed by law to buy them and call them assets.

Reagan/Bush changed all this and then a group of Wall Street fraudsters used
the new loophole to kick off an orgy of junk bond creation and junk bond
selling to banks and insurance companies.

The crooks would deal the junk bonds back and forth amongst themselves
thereby establishing their 'value'
and then they'd sell them to outsiders. The bonds then became 'assets' which
could be borrowed against and leveraged to buy even more bonds.

When the bonds failed, the banks failed and in stepped the US government to
'fix' the problem that it created at the cost of at least one trillion
dollars to US tax payers.

Deja vu, eh?

***The 'Tech Bubble' dissected

The instrument of fraud in the 'Tech Bubble' was Internet stocks, start ups
in particular.

A stock gets its value from the underlying company's sales, its growth and
its overall prospects for the future.

Pre-tech bubble, companies used to have to prove themselves by being in
existence for several years before they could be sold on major exchanges.
That standard was thrown away during the tech bubble.

To pump of their values, the companies engaged in 'staged dealing' just like
the junk bond crooks.

Company #1 would 'sell' 20 million dollars in banner ads to Company #2 which
would in turn 'sell' 20 million
in banner ads to Company #1.

In fact, nobody sold anybody anything. Company #2 ran ads for Company #1 and
billed it for them. Company #1 ran ads for Company #2 and billed for an
equal amount.

These should have been called media trades not sales, but Wall Street was
happy to claim them as legitimate cash sales and then use the sales numbers
to fraudulently value these companies - many of them totally worthless - in
the hundreds of millions and sometimes even the billions.

***The 'Credit Crisis' dissected

By now, you see how the scheme works.

It's not complicated at all.

You take near worthless pieces of paper (junk bonds, stock of start up
Internet companies, etc.) and declare them to be good as gold.

Then you create as many junk bonds and Internet start up stocks as you get
and sell them as fast as you can.
In the case of our current crisis, the instrument of fraud was so-called
sub-prime mortgages.

Previously, sub-prime mortgages had very little trading value. Only people
in the sub-prime industry itself dealt in them and for good reason. They're
tricky to value and packed with financial peril.

But Wall Street changed all that.

Wall Street said: 'If we take LOTS of these mortgages and assemble them into
large pools and then slice and dice the pools in various ways, we can sell
the slices to banks and other investors as AAA paper.'

It sounds crazy, doesn't it?

If the underlying pieces of paper are garbage, how does assembling a whole
bunch of garbage into one place make it 'better?'

It doesn't, of course, and this is a principle even a three year old child
can understand.

But greed and the need to pump up a shaky economy for propaganda purposes
are two very strong motivators.

Banks created these mortgage pools, sold them to each other, and they by
virtue of these 'staged sales' declared them valuable.

Do you recognize the pattern now?

If you do, then you are now smarter than all the assembled j@ck@sses who do
financial reporting because they apparently can't - or won't.

This is the THIRD trillion-dollar plus fraud driven financial meltdown in
twenty years and apparently no one in the financial news media can see how
it happened.

***But there's more...

Junk bonds were mass manufactured as fast as the crooks could invent them.
Ditto for Internet stocks.

But how did hundreds of billions of dollars worth of 'toxic' mortgages
suddenly come into being?

Why did the mortgage industry change its lending standards so radically and
so suddenly to make their creation possible?

And why did real estate lending regulators in all 50 states - because real
estate lending is a STATE-level issue not a federal - go along with it?

Here's where it gets very interesting...

The fact is state-level lending regulators were VERY concerned about what
was going on. They have been for years.

And they not only expressed their concern clearly, they also took SERIOUS
concerted legal action to stop lenders from making bad real estate loans to
their citizens.

(Most of the sub-prime loans in the news so much today were designed to
screw the people who borrowed the money and can rightly be called
'predatory' loans.)

Guess who stopped the states from enforcing their own time-proven real
estate lending laws and thus created the raw material that made the current
'Credit Crisis' possible?

*** The trillion dollar plus question

If you're a US taxpayer, you're going to pay for this fraud so you might as
well know who did it to you.

His initials are GB.

You know him well.

But perhaps more interesting is the name of the person who single-handedly
rallied first state attorneys general and then fellow governors to fight the
creation of these loans and who in the process became Public Enemy #1 to the
Bush Administration...

His initials are ES.

If you follow 'silly' US political scandals, you'll recognize his name
instantly when you hear it.

And you will *finally* understand why he was quickly and permanently
assassinated politically earlier this year.

Had ES been allowed to 'live,' he would have been in position to remind
everyone every day of who made the current meltdown possible.

Instead, he was silenced very effectively. Not with a bullet in the back of
the head, but the net effect was just the same.

So effective was his assassination that no one can even mention his name in
connection with today's crisis without risking ridicule, or worse.

Last note:

The crisis this fraud has created is *exponentially* bigger than the S & L
and Tech Bubble combined.

It's not going to be resolved by a quick 'patch up' and will likely have the
same impact on the current generation that the depression of the 1930s had
on its parents, grandparents and great grandparents.

On that cheerful note, here's the big story everyone missed this year and
now you'll finally know what REALLY happened and why:
http://www.brasschecktv.com/page/291.html

- Brasscheck

P.S. If you find Brasscheck TV valuable, please share our e-mail and videos
with friends and colleagues.

That's how we grow. Thanks.

- Brasscheck

P.S. Please share Brasscheck TV e-mails and videos with friends and
colleagues.

That's how we grow. Thanks.

=============================
Brasscheck TV
2380 California St.
San Francisco, CA 94115

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