Sep 162018
 
 September 16, 2018  Posted by at 1:48 pm Finance Tagged with: , , , , , , , ,


Salvador Dali Spain 1936-38

 

Yes, it is hard to believe, but still happening: 10 years after Lehman the very same people who either directly caused the financial crisis of 2008 or made things much much worse in its aftermath, are not only ALL walking around freely and enjoying even better paid jobs than 10 years ago, they are even asked by the media to share their wisdom, comment on what they did to prevent much much worse, and advise present day politicians and bankers on what THEY should do.

You know, what with all the wisdom, knowledge and experience they built up. because that’s the first thing you’ll hear them all spout: Oh YES!, they learned so many lessons after that terrible debacle, and now they’re much better prepared for the next crisis, if it ever might come, which it probably will, but not because of but despite what their wise ass class did back in the day.

Which never fails to bring back up the question about Ben Bernanke, who said right after Lehman that the Fed was entering ‘uncharted territory’ but ever after acted as if the territory had started looking mighty familiar to him, which is the only possible explanation for why he had no qualms about throwing trillion after trillion of someone else’s many at the banks he oversaw.

Somewhere along the line he must have figured it out, right, or he wouldn’t have done that?! He couldn’t still have been grasping in the pitch black dark the way he admitted doing when he made the ‘uncharted territory’ comment?! Thing is, he never returned to that comment, and was never asked about it, and neither were Draghi, Kuroda or Yellen. Did they figure out something they never told us about, or were and are they simple blind mice?

 

We have an idea, of course. Because we know central bankers serve banks and bankers, not countries or societies. Ergo, after Lehman crashed, whether that was warranted or not, Bernanke and the Fed focused on saving the banks that were responsible for the crisis, instead of the people in the country and society that were not.

They threw their out-of-thin-air trillions at making the asset markets look good, especially stock markets. Knowing that’s what people look at, and knowing foreclosures are of fleeting interest and can be blamed on borrowers, not lenders, anyway when necessary.

And obviously they knew and know they are and were simply blowing yet another bubble, just this time the biggest one ever, but the wealth transfer that has taken place under the guise of saving the economy has made the rich so much money they can’t and won’t complain for a while. They actually WILL eat cake.

Everyone else, sorry, we ran out of money, got to cut pensions and wages and everything else now. Healthcare? Nice idea, but sorry. Housing, foodstamps? Hey, what part of ‘the government is broke’ don’t you understand? You’re on your own, buddy. Remember the America Dream? Let that be your Yellow Brick Road.

The banking class is going to divest of their shares, while the individuals, money funds and pensions funds who are also in stocks because nothing else made money, will find their cupboards and cabinets replete with empty bags. Right after that the economy will start tanking, and for real this time. Want a loan to buy a home, a car, to start a business? Sorry, told you, there’s no money left.

 

But look, the banks are still standing! You don’t understand this, but that’s much more important. And oh well, those were all honest mistakes. And the ones that perhaps weren’t, shareholders paid big fines for those, didn’t they? See, we can’t have those banking experts in jail, because we need them to build the economy back up after the next crisis. The knowledge and experience, you just can’t replace that.

And it will be alright, you’ll see. Sure, it’ll be like Florence and all of her sisters blew themselves all over flyover country, but hey, that cleans up a lot of stuff too, right? And who needs all that stuff anyway? What is more important for the economy after all, Lower Manhattan or Appalachia?

And who are you going to blame for all this? We strongly suggest you blame Donald Trump, we sure as hell will at the Fed. So just fall in line, that’s better for everyone. Blame his tax cuts, or better even, blame his trade wars. Nobody likes those, and they sound credible enough to have caused the crash when it comes.

Anyway, while you’re stuck with the emergency menu at Waffle House, we hope your socks’ll dry soon, we really do, and we’re sorry about Aunt Mildred and the dogs and cats and chickens that have gone missing, but then that’s Mother Nature, don’t ya know?! Even we can’t help that. All we can really do is keep our own feet dry.

 

Central bankers haven’t merely NOT saved the economy, they have used the financial crisis to feed additional insane amounts of money to those whose interests they represent, and who already made similarly insane amounts, which caused the crisis to begin with. They have not let a good crisis go to waste.

But judging from the comments and ‘analyses’ on Lehman’s 10-year anniversary, the financial cabal still gets away with having people believe they’s actually trying to save the economy, and they just make mistakes every now and then, because they’re only human and uncharted territory, don’t you know?! Well, if you believe that, know that you’re being played for fools. Preferences and priorities are crystal clear here, and you’re not invited.

All the talk about how important it is that a central bank be independent is empty nonsense if that does not also, even first of all, include independence from financial institutions like commercial banks etc. Well, it doesn’t. Ben Bernanke’s Waffle House is nothing but a front for Grand Theft Auto.

 

 

Home Forums Ben Bernanke’s Waffle House

This topic contains 4 replies, has 5 voices, and was last updated by  sumac.carol 1 month ago.

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  • #42915

    Salvador Dali Spain 1936-38   Yes, it is hard to believe, but still happening: 10 years after Lehman the very same people who either directly cau
    [See the full post at: Ben Bernanke’s Waffle House]

    #42917

    zerosum
    Participant

    The rich powerful elites do not steal from the dollar store. They go after bigger rewards.

    Capitalist Opportunities from Hurricane Florence, packing winds of 140 miles per hour (220 kph)
    Definition of looting; anything taken by dishonesty, force, stealth,
    Price gouging is a pejorative term referring to when a seller spikes the prices of goods, services or commodities to a level much higher than is considered reasonable or fair, and is considered exploitative, potentially to an unethical extent.
    free market is a system in which the prices for goods and services are determined by the open market and by consumers. In a free market the laws and forces of supply and demand are free from any intervention by a government,
    Windfall profits are a type of windfall gain. They can occur due to unforeseen circumstances in a product’s market, such as unexpected demand or government regulation.
    Business owners may be accused of profiteering when they raise prices during an emergency
    Scalping is a trading style specializing in taking profits on small price changes,
    Ursury – The term may be used in a moral sense—condemning, taking advantage of others’ misfortunes
    Extortion (also called shakedown, outwrestling and exaction) is a criminal offense of obtaining money, property, or services from an individual or institution, through coercion.
    Bribery is the act of giving or receiving something of value in exchange for some kind of influence or action in return, that the recipient would otherwise not alter.
    Corruption is a form of dishonest or unethical conduct by a person entrusted with a position of authority, often to acquire personal benefit. Corruption may include many activities including bribery and embezzlement,

    https://www.zerohedge.com/news/2018-09-14/next-financial-collapse-according-4-who-called-last-one

    A different kind of hurricane slammed into the American East coast, the nation and ultimately the world ten years ago today.

    However, The poor must resort to looting a Dollar store.
    https://www.zerohedge.com/news/2018-09-15/police-arrest-4-amid-rash-lootings-areas-impacted-florence

    The store’s management ( at the Dollar store) had initially asked police not to pursue charges, ( he has insurance) but after consulting with the DA, they have apparently changed their mind.

    Police warned that they will pursue any suspects identified via camera footage “to the fullest extent of the law”

    #42921

    Maxwell Quest
    Participant

    Excellent post, zerosum, contrasting the largest white-collar heist of all time with the petty thievery after Hurricane Florence, with the perpetrators of the former rewarded and honored, while the latter are prosecuted and reviled.

    Those who have not been fooled by the wall of propaganda surrounding the financial crisis, look forward to the day of justice, when the Hank Paulsons and Jamie Dimons are hunted down and stripped of their stolen wealth. The poor are only acting out what the bankers have so skillfully modeled for them – “steal as much as you can get away with.” Hark! The day of justice approaches.

    #42922

    John Day
    Participant

    Beggin’ yer indulgence here, Amigos & Amigas, but somebody sent me this link a week ago, before 9/11, and I have been keeping it as an open tab. I have not sent it out on http://www.johndayblog.com , because I cannot vouch for it, and it is of high importance, especially if mostly-true.
    The premise is that the facts about 9/11 are getting leaked by the Russians lately, and that retired-but-diverted-not-recycled W-54 nuclear artillery shell “pits” have a lot of useful applications, like vaporizing the central steel structural columns in the Twin Towers. I have seen evidence to that effect before, and the inductive heating of steel from nearfield nuclear event is just the right thing for that job. Microspherules of iron in the wreckage and vaporization of something like 20 tons of steel in the special antenna on top of the WTC (POOF!) add credence to that theory.
    What’s different here, is that specific actors and pathways of disbursement of these illegal battlefield nukes are alleged. I’m spelling it out to this commentariat, so you can choose to look at this link or not.
    Again, beggin’ yer pardon… John http://stateofthenation2012.com/?p=103579

    #42934

    sumac.carol
    Participant

    Great article and great commentary. I am trying to better understand the workings of central banks and this helps a lot. Always find it confusing when central bankers are described as incompetent-seems absolutely unlikely although maybe this appears to be the case because these bankers ultimately cannot control all that they would like to control. At the same time the central banks appear to have massive vested interests in areas not related to overall public good, and are very competently protecting these interests.

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