The inadvertent release of a secret speech by the White House reveals the true depth of collusion and corruption between the US Government, the banks and Wall Street. They don’t want you to read it because the speech reveals…in chilling and terrifying detail….just how deep the collusion and treason goes. The speech reveals a terrible truth that we all know but cannot yet confront…that the Wall Street criminals have robbed us all…..with the assistance and support of the government they own.
The inmates were indeed provided the keys to the asylum…and they come and go as they please….kicking and beating and pillaging all across this country….and finally The President of The United States comes clean:
My fellow Americans;
Almost exactly four years ago the stock market began a sickening plunge that would shake the world. Declining from just over DOW 11,000 to under 7,500 in two short months, only to fall another 1,000 points in the next three, this period marked an unprecedented time of government intervention that you were told was for all of our good, and the good of our nation.
You were lied to.
The intentional expansion of debt unbacked by anything was the cause of the market crash. This intentional fraud perpetrated upon all of you went back to the Tech Crash in 2000, and goaded Americans into taking out loans that could not be repaid to cover up the malfeasance of those who had systematically looted Americans’ retirement accounts and offshored their jobs during the 1990s.
Nobody makes bad loans on purpose under ordinary circumstances, because doing so guarantees a loss. So these Wall Street and Banking swindlers did something very creative — they sold that debt, which they knew was bad when it was originally issued to Americans all over the world to various pension funds, insurance companies and other investors. They lied about the credit quality of the borrowers, they lied about what they had put into the securities and they skimmed off billions in fees and bonuses. By doing so they shifted the loss onto others — your pension, your state, your personal investment account.
But that wasn’t the worst of it. Having shifted all of the liability for these losses to you, these banksters and Wall Street swindlers then went even further. They petitioned Congress and Treasury, having donated copious amounts of money to political campaigns for decades, to bail them out, arguing that there would be massive civil unrest and even that the government would collapse if they did not get their way.
This is why TARP was passed even though you, the people, told Congress by a 300:1 margin not to do so.
If this swindle had ended in TARP, it would have been bad enough. But these greedy Wall Street executives and Banksters weren’t done with fleecing you. In fact, they were just getting started.
See, they still had trillions of dollars of worthless exotic and impossible-to-value financial instruments — enough to sink their banks several times over. So rather than lose their jobs, lose their companies and take their just medicine for what they had done, they conned Congress, Treasury and The White House into running a combined $5 trillion in deficits over the last four years. This amounts to about 10% of the economy every year since 2008.
You have been told that this, too, was for your benefit. That too is a lie. By running these monstrous deficits the Federal Government has effectively raised taxes on everyone, across the board, in the amount of those deficits — to the tune of 10% or more every year for the last four years.
If you’re in the middle class you know it’s been tough; gasoline, food and other necessities have gone up in price dramatically. Health care has become more expensive. Your ability to buy the things that you need has been severely damaged and the job market has been trashed. The reason this has happened is that the government’s deficit spending is nothing other than a tax on your income and assets — indeed, it is a tax on every transaction in the economy.
Ben Bernanke of The Fed has argued that his “Quantitative Easing” has helped the jobs market and will continue to. This too is a lie; the entire and only purpose of this program is to allow the government to continue to run its monstrous deficits — that is, The Fed is responsible for taxing you as an unelected private body.
The funds from this tax are not going into the economy. They are going to fill the hole in the big banks’ balance sheets. These large financial firms, banks and Wall Street companies, went from having about 20% of the size of the economy in debt in 1980 to over 120% in 2007, an expansion in relationship to the size of the economy of six times. From the start of the crash to today this has contracted to right near 90%, which is still more than four times where it was historically.
This credit peaked at 17.1 trillion in 2008. Today it stands at 13.9 trillion, or $3.2 trillion less. Mortgages, which are largely held by these financial institutions, declined by $1.061 trillion during this time. Adding these together you get approximately $4.3 trillion.
The Federal Government, on the other hand, added $4.7 trillion in debt during the same time.
To put this in plain English virtually all of the Federal Government’s deficit spending did exactly nothing to benefit you; it all went to these large banks, Wall Street firms and other financial institutions.
This is why the economy and labor market have not recovered; none of the deficit spending went to actually help you. It instead went to bail out all the swindlers on Wall Street and in the big banks that caused the crash in the first place.