Alan Greenspan: The Banks Robbed You
The Market Ticker ® - Commentary on The Capital Markets
Posted 2010-11-09 08:46
by Karl Denninger
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Alan Greenspan: The Banks Robbed You
 

In a rather-stunning admission on Jekyll Island last weekend, Alan Greenspan "outed" what really happened.

What I've been talking about now for more than three and a half years.

And what many people have said was "an over-reaction" or "a distortion."

The claim has been repeatedly made that people made "mistakes" in our regulatory agencies, and that banks made "mistakes" making loans, packaging up securities and selling them to investors.

I have continually asserted that they were not mistakes.

They were scams and frauds.

This has been an unpopular viewpoint, with only a few - like Bill Black - agreeing with me.

Not any more.....

Is it time yet for America to force these banks into receivership?

To force prosecution for these frauds..... these crimes?

And to hold accountable the regulators.... including The Fed..... who intentionally ignored these frauds and crimes?

How many Americans have to lose their homes?

How many jobs have to go to China?

How much devaluation of our currency - undertaken to prop up these scams - will you tolerate?

How much higher does gasoline and food have to go in price, while your wages remain stagnant or you lose your job - and you're evicted from your house - before you demand it stop and the scammers go to prison?

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Asdqwe
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Heh - Bernacke's fingers go to the middle of his brow as soon as illegal and fraud are mentioned by Greenspan. Sign of stress. He probably wishes the old bastard would just die already. Just watch, Greenspan will have an "accident" very soon.
Lrombes
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I like the guy sitting next to him putting his hand on his head as if he's thinking "Oh Crap Greenspan shut-up the hell up."


Docj
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Silver
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Sir Alan's conscience must be aching something fierce. Sign of having to confront his Maker soon, methinks.

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The preservation of liberty depends upon the intellectual and moral character of the people. As long as knowledge and virtue are diffused generally among the body of a nation it is impossible they should be enslaved. - John Adams
Iou
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The Twilight Zone
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Check out Ben during that clip. He's going to hang.

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"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."- Frédéric Bastiat
Goforbroke
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Wonder why he made that admission ...

Edit: Docj, I think you've got it.

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We have met the enemy and it is us. -- Pogo

Genesis
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Good.

Long boiled rope futures.

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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
Maddymax
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ben was too funny putting his head down

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Ben's policy will lead to wage deflation and commodity inflation which will lead to the Greatest Depression and Uprising Ever.
Who needs TA we got POMO
Goforbroke
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OK ... so now what?

There's evidence and testimony out the ass, and now Greenspan's allegation.

Specifically what department/organization and who in particular is responsible for initiating legal/criminal action?

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We have met the enemy and it is us. -- Pogo
Sangell
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Really interesting article in the Irish Times on that countries woes with its TBTF banks. They haven't even had the mortgage default problem there yet but its
coming as the Irish boom homebuyer learns from us that default is the only option left when you face an unpayable loan on a declining asset.

Recommend everyone read it to see what our future will be like when all the options are gone.

http://www.irishtimes.com/newspaper/opin....

Irishsamurai
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Quote:


There's evidence and testimony out the ass, and now Greenspan's allegation.

Specifically what department/organization and who in particular is responsible for initiating legal/criminal action?



Ron Paul was going to have a field day with Bernanke in January/February 2011 ... assuming Bernanke survives that long.

At this point, I'd bet a 4-pack of Murphy's Irish Stout that Bernanke resigns by January 2011 ... he'll be Obama's scapegoat when the economy craters in late 2011 ...

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“Why is it the ship beats the waves when the waves are so many and the ship is one? The reason is that the ship has a purpose.” - Churchill
Cash-out
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FFor all I know, (he thinks he's) referring to applicants lieing on their mortg apps....

I know, I know, but out of context ??????????

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More prepared than ready.
Xanares
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Between Sicily and Tunisia
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Don't say the f-word.... argh you old bastard!
Tesla
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Quote:
Specifically what department/organization and who in particular is responsible for initiating legal/criminal action?


That would be our own Eric (Place)Holder. Good luck with that; the banksters have his shrivelled peanuts firmly in their hands.

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"Even a dog knows the difference between being stumbled over and being kicked." -Justice Oliver Wendell Holmes

"Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." -Samuel Adams
Winstonsmith2009
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Excellent:

The 9 Reasons Why Quantitative Easing Is Bad For The U.S. Economy

Read more: http://www.businessinsider.com/why-quant....
Stillfishin
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I'm not so sure this isn't just another case of 'rubbing your noses in it'. Hell, its done all the time. The bastards are purely lawless, and they make no bones about it. Just watch what gets done by those in on the scam, to fix any problems or do any prosecuting. I'd bet that not a frickin thing will. Not until the ordinary people take the matter in their hands. Like KD's been doing. Get a significant part of the population behind him, and then the bastartds better be moving to their island properties... Just keep sreading the word.
Duc888
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FBI?


......calling FBI?




....crickets.....

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...burp
Whiteraven
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What's the source of the video? I'd like to see the whole thing.
Genesis
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White, it's from the Jekyll Island conference last weekend.

http://tickerforum.org/akcs-www?post=171....

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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
Goforbroke
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We have met the enemy and it is us. -- Pogo
Glennb6
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WOW!

I've mentioned this site before and most will probably poo poo it as silly, but yesterdays tin...just saying,

http://www.roadtoroota.com/public/101.cf....

Not saying it's true and not saying it isn't. Just a different observation.
Hogman
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ok

grrrrrrr

frustrated

smiley
Steelhead23
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Hey Mr. Greedscam, I'm down with this prosecution thingy. Now, assume the position. Put your hands behind your back and shut up or I'll Taze you.

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"Give me control of a nation's money and I care not who makes it's laws" —Mayer Amschel Bauer Rothschild Benjamin Bernanke
For-profit commercial banks are a menace and should be eradicated
Digalert
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Bernanke does a perfect Homer Simpson...DOH!
Godot
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I don't think Greenspan thinks he is outing anyone. He is simply pointing out that the fraud was wrong because it didn't work; "we tried it (fraud) and it didn't work."

IMHO, if it worked, fraud would be just fine with him.

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