Tuesday, November 11, 2008


The following story is monumental and the days between now and January 20th are going to be non-stop action and, most likely, very bad news. The Treasury is refusing to disclose which institutions are getting taxpayer bailout money. Bloomberg has filed suit to find out. That speaks volumes for Bloomberg. Hank Paulson has completely violated his testimony before Congress when he sought approval of the package. Under oath he begged for the same transparency he himself is now refusing to provide. But bear in mind that most of the Treasury money that is being dispersed is NOT part of the congressional bailout package. There's more than two trillion in Treasury money forked over and the congressional bailout was only $750 billion. This has nothing to do with protecting asset prices or the industry. It has to do with obstructing justice and concealing evidence. If the mainstream media try to brush this over they will lose all credibility with Joe the Plumber and Joe Sixpack. The public will grasp this in a heartbeat. This is a crime being committed in broad daylight, in the middle of Main Street, in perfect weather.


Now take it one step further and go back to FTW's last economic alert; the one I wrote and published 11 days before our computers were smashed in 2006. In our last-ever alert, I screamed that the collapse was planned, inevitable and imminent because President Bush had just authorized the SEC to exempt certain financial institutions from full and transparent reporting on grounds of national security. Huh?! -- I screamed that the bank vaults had just been opened and the green light given to pump, loot, and pump some more -- based on falsified earnings reports and asset descriptions -- then dump it out and shut the U.S. down, leaving us all broke. Paulson, of course, won't disclose what "assets" were purchased in any bailouts because then it would be discoverable that there are many more paper mortgages than there are actual properties. I would bet just about everything I have that the list of companies exempted from filing complete reports will match --almost perfectly -- the list of firms that are receiving Treasury bailout funds -- our money. The only thing standing between Bush/Cheney and the pokey is their own national-security classification power. That's it. Well there's real good case law about classifying to conceal crimes and the Bloomberg case is a sure-fire winner in the Supreme Court. Not only is the Constitution clear, any other ruling might well start an uprising. Bush/Cheney know this, so their plan -- however far it goes -- must be completed before this case could get to the Supremes.

Here again, is the link to FTW's June 2006 Economic Alert:

If I were still doing investigative reporting I'd be down at the courthouse getting a copy of the Bloomberg suit ASAP. The Reuters story even gives the case number at the bottom. It's a public document. There's a revolt already underway when Bloomberg files suit against TPTB and Reuters appears to be supporting the play. This is High Noon -- one of many to come in the next 60 days.

The Bush/Cheney regime still has that time in office and I may be risking my life to print this. But there will never be a better time and we are not alone. The whole world is watching and a great many influential people read us. Those in the mainstream and elected office who have benefited from our work for years have been silent for too long. I predicted all of this in agonizing detail starting years ago and they know it. You who have been so loyal for so long know it. The only thing that will help us all is to point to the crime and the evidence and scream as loudly as we can. The American people can grasp this in an instant. Bush's popularity is lower than for any president in history. The more people who see and understand this story, especially those in elected office and positions of influence, the safer we all are; the more of a chance we, and especially our children, have. Michael Bloomberg needs back up too. He's doing the right thing here. I need to ask all who are willing to start spreading this blog entry around to the most influential places and people you know. The bad guys are getting ready to leave town with our money, in a slow parade that we're going to pay for and give them. They are banking that we're going to be relieved enough to see them go that we'll let them leave in a motorcade and cheerily wave goodbye.

I pray we make it to the inauguration.The bad guys are following a plan that will run right up until the last second. I think the wheels are coming off it because this news won't sit well anywhere in this country and I smell that they have reached too far. It is far less expensive to prevent the money from leaving the bank than it is to get it back there once it's been stolen. This has got to be stopped. We muist know where that money is going (or went) before January 20th.

Does this remind anyone of the NEPDG? --- I wrote a lot about that too.



Peter J. Nickitas said...


Another take on the lawsuit:


Peter of Minneapolis

Peter J. Nickitas said...


Here's an excerpt from the bailoutsleuth.org article.

I highlighted the portion that identified beneficiaries of the giveaway and the new tax code interpretation. It appears that Wells-Fargo made out most significantly on the new tax code rule interpretaiton. That means Wells-Fargo's 3.9% shareholder, Warren Buffett, made out quite nicely, too.

The Treasury Department also made a little-noticed change to tax policy that experts say could save banks that merge with other banks as much as $140 billion in taxes. One of the biggest beneficiaries of the change would be Wells Fargo & Co., which is absorbing Wachovia Corp. in a deal spurred by the Federal Deposit Insurance Corp.'s concerns about Wachovia's solvency. According to an article Sunday in the Washington Post, Wells Fargo stands to save about $25 billion in taxes.

Adding together the $170 billion that the Treasury Department has currently agreed to provide banks in additional capital, the $150 billion that the Treasury Department and the Federal Reserve are providing to AIG and the $2 trillion that the Federal Reserve has provided banks in emergency loans brings the total assistance to $2.32 trillion.

If the estimated savings from the new tax breaks are included, the assistance would climb to $2.46 trillion. That total does not include other measures not focused directly on banks, such as Treasury Department's $200 billion in support for Fannie Mae and Freddie Mac, and the Federal Housing Administration's $300 billion HOPE for Homeowners program.

Nik said...

This is going to continue to be a cash grab.

Victoria Hokulani said...

The gas is all over the pavement, now all is needed is the spark. What will it take to light up the Prozacked, "Dancing with the Stars" Debt Zombies out of their stupor? Maybe credit card lines cut off? No gas at the pumps? Empty grocery shelves? That's the only thing I can think of. As long as those tools of commerce are intact I don't see that torch.
We will have a monumental task in front of us to fire up the "Hoverchair" masses. Everyone is numb to the headlines these days, and worse, most think .gov is gonna fix everything and make it better. I am afraid by the time j6p gets a clue he won't be able to find his butt with both hands. All I get are stupid retorts and blank stares whenever I bring up this subject of this corrupt regime. No one wants to hear it. Although, frustrated we must prevail. Mahalo Mike, for your leadership.

Peter J. Nickitas said...

More on the Bloomberg FOIA case from the FOIA Blog.



Based on these excerpts of analyses of FOIA Exemption 4, I think the FED will have a hard time convincing the court that the identities of the giveaway recipients, and their respective sums, comprise "voluntary data" that commercial entities provide the Government for valuable benefit, so as to enjoy the FOIA exemption. Unlike cases where the exemption applied, the FOIA is not being used to break a patent, trademark, or copyright, or obtain proprietary information without fair consideration.

This lawsuit merits attention of every MSM outlet and key congressmembers, including Waxman of CA (Gov't Oversight), Wexler of FL (key on impeachment efforts), Kucinich of OH (authored impeachment articles against Cheney and Bush, and sponsored American Monetary Act of 2008), Paul of TX (archfoe of FED), and Feingold of Wisconsin (voted against giveaway, PATRIOT, and Iraq war authorization).

Peter J. of Minneapolis

Yossarian said...

Heres what I propose, perhaps Michael could create a form letter to be mailed to individual local news outlets asking (demanding?) that they report this story.

we could forward the email to the media (both independent and corporate) as well as many people as we could, perhaps it could go viral...?

put the pressure on the media which in turn would pressure congress etc...

what do you think?


Yossarian said...

(not sure my first comment was posted due to being anonymous?)

Perhaps a form email could be created by Michael and crew. The rest of us could forward the email to all media outlets demanding they cover this story and the reasons why.

perhaps it could go viral if we get enough people involved.

thanks for the info...

Eric said...

Victoria Hokulani said, "What will it take to light up the Prozacked, "Dancing with the Stars" Debt Zombies out of their stupor?"

This is why absolutely nothing is going to happen. There will be no unraveling any faster than the unraveling of 9/11.

As a friend of mine explained to his European wife who was scared this past election would be stolen, he said, "Well if it happens, we're so used to things like that around here we'll just shrug our shoulders and go back to work in the morning".

I say again, nothing is going to happen. No one will go to prison. No one will be sanctioned. And the fork will run away with the spoon.

Until you change the way government works, you change nothing.

FlannelFactory said...

Big robbery!

businessman said...

Jenna...I know at one time you guys didn't have access to make any changes to the FTW Web site. And I would imagine that a lot of people are still visiting your Home Page there, too.

The problem with this is that the most active part of your communication now is this Blog and not the FTW Web site, and yet this Blog is only mentioned in a very small way on the FTW Home Page, and can be easily missed by all of the visitors to that page:


Do you have access to make changes to the FTW Home Page now? If so, if you gave a more prominent mention of this Blog on that page a lot more people would find the Blog and add even more to all of the participation in here.

Rice Farmer said...

When I saw the Bloomberg story yesterday, I thought, "Holy cow!" and sent the link to a bunch of people. I was 99% sure that MCR would have something to say about this revelation.

But I tend to think Eric is right. Probably despite our best efforts, the perpetrators will get away with it. After all, not one of the people responsible for 9/11, from Cheney on down, has even been arrested and charged. So as with trying to influence Obama, I say, yes, let's expose this, but don't get your hopes up. 9/11 has been exposed, but the perpetrators are still in the halls of power, completing their Grand Rip-Off. Therefore, 99% of our effort should go into community-building.

FTW admin said...

businessman, i've forwarded your suggestion to the relevant people. thanks

Anonymous said...

The American people want so badly to believe in "change" and "hope" that they are blind to the fact that once again the election is a farce. The Cheney/Bush junta certainly must have assurances of not facing prosecution. Much easier than attempting an unpopular coup. They are on a looting rampage in their final days and Obama has been part of it and promises more. What did we expect?

Obama/Biden will continue the same policies. They are the new lipstick on the pig of corporate fascism. Americans are so happy to see the Bush team leave and NOT to have McCain/Palin, they will give the new administration way too much slack. They will even make up no-end of rationalizations as the State continues to extinguish their rights, engage in wars, and pillage the public coffers - all in the name of the "common good". The only change we will see is the dime in the phrase "Buddy, can you spare a dime?"

I am reminded of an episode of Twilight Zone where space aliens arrive on earth and offer to end wars, disease, and famine and even offer good will travel to their idyllic planet. They give the UN a book titled "To Serve Man" and everyone, at first skeptical, is soon enthralled at all the wonderful things that the visors do for mankind. Too late, the book is finally translated and found to be a cookbook.

Hopefully we will wake up soon and realize we are on the menu of the new administration. Having not made demands of Obama/Biden before hand, the only place we can bring pressure to bear now is Congress. Can we see clearly enough? Are we up to it?

nb_runner said...

Predatory Lenders' Partner in Crime
(How the Bush Administration Stopped the States From Stepping In to Help Consumers)
By Eliot Spitzer
Thursday, February 14, 2008; Page A25


Pandabonium said...

Victoria Hokulani - as a former long time (28 year) resident of Hawaii, I find it so nice to have a Hawaii presence here. Hokulani - "heavenly star".

Anyway, good point. I still have family there (who don't get it yet). Hawaii is so vulnerable and yet has so much potential for self sufficiency. It takes very little to cut off critical supplies there (I remember strikes on the barge service and running out of toilet paper rather quickly).

Perhaps the county councils are a place to offer information and get some action started.

jspofford said...

An excellent article by Eliott Spitzer, nb_runner. It makes the rapid decent of Mr. Spitzer from power all the more explainable. Reports indicate he had been seeking the service of young women for years, and only shortly after this column appeared in print did he get 'brought down.'

woodone said...

Man am I glad I found this.The last I heard you were in venezuela.Then I heard you are in canada.I pray you are O.K.I am a long time reader of FTW,the only place I have heard the truth.Finally a place with some folks who are intelligent.I just want to ask some of the folks here if they have ever heard of Pete Hendrickson.If you have not I beg of you to look him up at lost horizons.com.One of the commentors stated we need to work at the local level.Amen.This man shows the way.How do you make government small?Stop funding it.I challenge anyone here to prove him wrong.Mike,I have been sober 15 years,and I am a friend of Bill W.Reality pretty much sucks right now,but it is getting better.Finding you will help me.Thank you for all you have done and and God bless you.


ES355GIBSON said...

It's coming. Warning after warning

Experts see security risks in downturn

Global financial crisis may fuel instability and weaken U.S. defenses


Michael said...

Hi Jenna,

On the heels of the advice to more prominently feature a link to the blog on FTW, I have another suggestion. Configure Act II so either the date or the post title is also a "permalink". In case you not familiar, this makes it easy to share a particular post with others (which I'm trying to do at the moment). I'm sure your swamped, but keep it in the suggestion box.


businessman said...

In addition to Michael's suggestion where he mentioned my original suggestion, I have another idea for you.

I'm guessing you still have the E-mail information for everyone who's ever bought a product from FTW. There are probably a lot of those people who don't know that Michael is writing articles again now, so I'd recommend that you send them a one-time E-mail mentioning this to them along with a link to this Blog.

I'm sure a lot of these people will be absolutely thrilled to know they can now read new postings from Michael again.