Barack Obama’s Big Con and Extortion Racket–High Crimes: Financial System Reform Actually Stealing Trillions From American People By Taxing Them Through Their Banks!

Posted on April 23, 2010. Filed under: Blogroll, Books, Comedy, Communications, Crime, Culture, Economics, Education, Entertainment, Federal Government, Fiscal Policy, government, government spending, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, Music, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Resources, Reviews, Security, Strategy, Talk Radio, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , |

“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.”

~Nikolai Lenin (1870 – 1924)

Peter Schiff on Fox Business Network 4/23/10: Financial Reform

 

Financial Reform Fight

 Financial Reform Must Not Lead to More Taxpayer-Funded Bailouts

financial reform – Ron Paul 4/19/10 

Congressional Panel Probes Financial Crisis

FT’s Stovin-Bradford on Proposed Bank Tax for Bailouts: Video

How Obama’s Financial Regulation Plan Will Hurt Main Street

Obama to Wall Street: Don’t Fight Financial Reform

Obama v. Wall Street?

 

The Obamnation came to Cooper Union ( to ‘Save’ the Nation)….

President Obama Tells Wall Street to Back Reform

 

Obama Looks to Work With Wall Street


 

The progressive radical socialists of both the Democratic and Republican parties favored the bailout of banks and other financial institutions first under President George W. Bush and then under President Barack Obama.

The vast majority of the American people opposed the bailouts but the political class of both parties said we know what is best and ignored the will of the American people.

While there were many individuals, governments, and institutions responsible for the financial crisis of 2008 that continues even today, the two main enablers and primary cause for this financial meltdown and mess is the Federal Reserve System and Fannie Mae and Freddie Mac.

Dr Yaron Brook of the Ayn Rand Center for Individual Rights on Glenn Beck show June 18 2009

Who is Responsible? (Meltdown): Fannie Mae – Freddie Mac – Wall Street – Bill Clinton – George Bush?

 

Senator Bunning: Crisis Caused by the Federal Reserve [2]

Jim Rogers Speaks the Truth about Fannie Mae and Freddie Mac

Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam

Explosive Video, Fannie Mae CEO calling Obama and the Dems the “Family” and “Conscience” of Fannie

Economic Crisis: Causes & Cures (4 of 7)

What is interesting is that these financial  institutions are or were perceived as  quasi government institutions.

The Federal Reserve by dramatically reducing interest rates to near zero fueled the real estate bubble or rapidly rising housing prices, until the bubble burst.

The Federal Reserve or Fed provided the money or credit that enabled the banks to loan money for real estate mortgage loans for housing as well as commercial real estate.

President Obama never mentions that it was government intervention by the Federal Reserve that recklessly expanded the money supply and credit resulting in very low interest rate loans or mortgages loans  for real estate to people who would not normally qualify for the loan.

Fannie Mae and Freddie Mac purchased these  mortgages from the banks for the packaging that enabled banks to make  poor credit risk mortgage loans and then turn around and sell them to either Fannie Mae and Freddie Mac.

President Obama is a con artist that loves to tell the big lie of no new taxes to the American people as he taxes them by  first taxing their local bank or financial institution who then collects or pays for the tax by charging  their customers higher fees.

Obama Pledges to Not Raise Middle Class Taxes

These taxes on local community banks and financial institutions will be used to bailout larger failed banks who need a bailout.

While the tax is indirect and hidden, the result is the same, the American people are paying more  for banking services.

This is a hidden  tax for any one that uses a local bank.

These taxes will fund future bailouts of large banks and other financial institutions who are just “too big to fail.”

It is not the function of the Federal government to bailout failed businesses  by taxing the American people through  their local banks.

Bailouts, subsidies, wage and price controls, and government regulation are subverting the American free enterprise market capitalism system.

The current financial crisis is primarily due to massive government intervention in the housing and mortgage loan markets by both Democrats and Republicans.

The solution is not more regulation, bailouts, subsidies and taxes.

The solution is smaller and limited government.

Government is too big to fail and yet it repeatedly fails.

The time is now for the political class to pay  a high price for their mismanagement or more precisely government intervention into competitive markets.

Vote them out of office.

Failed institutions should be either sold in FDIC receivership or go  through bankruptcy court for final resolution of the business.

The Federal Government should get out of the banking and loan business.

The financial regulation reform bill should be defeated for it institutionalize theft by the Federal Government and more and bigger bailouts in the future.

The initial $50 billion fund for bailouts will grow into trillions of dollars.

President Obama is conning and selling out the American people as he pays-off his campaign contributors namely the executives of big banks and financial institutions that contributed to his Presidential campaign in 2008.

This is the progressive radical socialist Democratic Party using the Federal Government to stick up the American people at their local bank.

Time to blow the whistle on the crime of the century.

Let the too big to fail commercial, investment and mortgage banks–fail!

This is market regulation–you make high risk  investments and lose–the American people will not bail you out.

One or two “too big to fail”–failures, and these financial institutions will suddenly get free market religion.

No more subsidies and bailouts.

Ban bailouts, end the Fed, liquidate  Fannie Mae and Freddie Mac, stop subsidies,  and replace federal Government regulation with market regulation. 

Vote for a big bailout bill–a tax increase– and we the people will vote you out of office in the next three elections.

You can take it to the bank.

“As Willie Sutton the bank robber said when asked why he robbed banks, ‘because that’s where the money is’.”

~Attributed To Willie Sutton, Bank Robber

“”Why did I rob banks? Because I enjoyed it. I loved it. I was more alive when I was inside a bank, robbing it, than at any other time in my life. I enjoyed everything about it so much that one or two weeks later I’d be out looking for the next job. But to me the money was the chips, that’s all.”

~Bill Sutton, Bank Robber

http://www.banking.com/aba/profile_0397.htm

 

Background Articles and Videos

Fannie Mae and Freddie Mac not included in financial reform legislation
Rick Moran

“…Congress is considering legislation that would reform the entire financial system of the United States – except the now government controlled mortgage companies Fannie Mae, Ginnie Mae, and Freddie Mac.

The purpose of this legislation is to prevent another financial meltdown. If so, why no new oversight for Fannie and Freddie? This Investors Business Daily editorial explains:

The panic of 2008 drove all private-sector investors from the secondary mortgage market. At present, only Fannie, Freddie and Ginnie Mae issue mortgage-backed securities. Thus far in 2010, Fannie has issued $91.5 billion in MBS, Freddie $65.7 billion and Ginnie $23.9 billion.
“The administration and the majority party never saw or admitted that the GSEs played any role in the cause of the financial crisis,” said Rep. Scott Garrett, R-N.J. “If you don’t see it as a cause, you don’t see a need to fix it.”

Key Democrats insist that the GSEs are not being overlooked.

“This is a favorite talking point of the right wing, that you can’t have reform without Fannie and Freddie,” said a spokesman for Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee. “But they have not yet made a policy case why GSE reform needs to be part of regulatory reform.”

Frank has said he wants to abolish Fannie and Freddie in their current form. His committee is holding hearings on government’s future role in the housing market.

At a March hearing, Treasury Secretary Tim Geithner suggested that GSEs needed reform, but that there was a strong case for “some form of guarantee by the government to help facilitate a stable housing finance market.” No concrete plan was forthcoming, he said. …”

http://www.americanthinker.com/blog/2010/04/fannie_mae_and_freddie_mac_not.html

The bank robber, THE QUOTE, and the final irony

“…In his second book, Sutton tells, with pride, of how the medical profession adopted “Sutton’s Law”–the idea of looking for the obvious, before going further afield, when diagnosing. The “law” was coined by a medical professor who recalled that Sutton, when asked by a reporter why he robbed banks, had answered with his famous line.

Except it never happened that way. As he describes in the book, Sutton:

“The irony of using a bank robber’s maxim as an instrument for teaching medicine is compounded, I will now confess, by the fact that I never said it. The credit belongs to some enterprising reporter who apparently felt a need to fill out his copy…

“If anybody had asked me, I’d have probably said it. That’s what almost anybody would say. …it couldn’t be more obvious.

“Or could it?

“Why did I rob banks? Because I enjoyed it. I loved it. I was more alive when I was inside a bank, robbing it, than at any other time in my life. I enjoyed everything about it so much that one or two weeks later I’d be out looking for the next job. But to me the money was the chips, that’s all.”

Yet, by appropriating the quote sufficiently for a title for his second book, Sutton started a chain reaction that continues to this day. This is not the first time the truth was pointed out. Yet the myth persists.

Ironically, for the man who could bust out of high-security prisons, escape from a fiction has proven not only impossible, but self-inflicted as well. The day Where the Money Was took its name, Willie Sutton was handcuffed to a lie for eternity. …”

http://www.banking.com/aba/profile_0397.htm

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