- Wall Street is in the midst of a huge rally, primarily
sparked by two recent occurrences.
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- The first was the "surprising" announcement
that Citigroup, JP Morgan Chase and Bank of America -- major "zombie"
banks laden with "toxic assets," on the verge of collapse, and
the recipients of billions in government (US taxpayer) bailout money --
mysteriously posted profits this year. Wells Fargo, regarded as one of
the healthier big banks, and a recipient of $25 billion, also reported
a profit last week, rallying the stock markets again before the Easter
holiday.
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- We now know, based on insider reports from securities
traders, that a massive fraud and manipulation by AIG funneled "bailout"
funds (US taxpayer money) to AIG's counterparties, the very same big "toxic"
banks that are now posting profits: <http://www.seekingalpha.com/article/128390-exclusive-big-
banks-recent-profitability-due-to-aig-scam>Exclusive: Big Banks' Recent
Profitability Due to AIG Scam?
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- The second big event occurred when the Obama administration
and Congress threw out the "<http://online.wsj.com/article/BT-CO-20090402-717001.html>Mark
to Market" rules. Banks and financial institutions, which by law were
previously obligated to price, or "mark," the toxic holdings
to the current market price (honestly take huge losses), now have carte
blanche to magically erase all of these losses, and price these toxic assets
however they wish.
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- In other words, Wall Street has been given the green
light to lie -- with the full blessing of the Obama administration and
Congress. "Toxic assets"? Gone, just like that.
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- In yet another example of collusion and cover-up, federal
regulators have told the nation's largest banks to "keep quiet"
about their performance in the Obama administration's "stress tests":
<http://www.google.com/hostednews/ap/article/ALeqM5iMJTTL
vant6XCZhIucGZhwR9veWwD97FQRUO0>Feds tell banks to keep quiet on outcome
of stress tests
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- This blatant cover-up, ordered at the top, prevents negative
news from spoiling the bogus Wall Street rally. Obama himself will announce
the results later, after he and his economic minions have had a chance
to "manage" the data.
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- So much for accountability. So much for transparency
and disclosure. So much for the populist hot air and propaganda gases spewing
from the Obama administration, Ben Bernanke's Federal Reserve, Tim Geithner,
and Larry Summers.
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- The momentum from the latest fabrication and the latest
fraud must not be broken. The worst is over, according to the new noise,
and the constant "are we there yet?" yammering from CNBC. No,
it's already time for The Recovery, despite the fact that the worst economic
crisis since the Great Depression began mere months ago, and despite the
fact that the "toxins" -- the magnificent bubble of derivatives,
leverage, hedging and other interlocking Ponzi finance schemes that began
the crisis to begin with -- are still out there, still unpopped.
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- The books are cooked and the numbers are faked anyway.
Why not? Who's going to know?
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- So while the US auto industry is strong-armed into massive
restructuring, and the common people of Main Street are told to get used
to the suffering, Wall Street is not only given a free pass, but the additional
gift of back-door swindles and a massive cover-up.
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