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OBAMA DISCOVERS FRAUD (and other news from the Front)

Weekend Wrap-up

Republican Presidential Debates: At the final debate before the Floridian primary, Newt Gingrich spun his head round and round and upchucked thick pea soup over the moderator and audience. (Has anyone noticed how much Gingrich looks like Chucky the doll? Concidence? I doubt it.) Mitt Romney defended his 14% tax rate, arguing that Americans wouldn’t want him to pay more. (Moi? I’d like him to pay at least 70%–not because Uncle Sam needs the money but because only a hypocrite would demand a balanced budget but refuse to pay his fair share to accomplish the task.) You know things are not going well for Republicans when the only adult in the room is Ron Paul. Apparently they do not want the White House. But neither does President Obama, so maybe we’ll get to go leaderless for the next four years. Actually, that wouldn’t be much of a change, now would it?

Dream Match-ups: Ron Paul versus Denis Kucinich or Bernie Sanders. Don’t laugh, it could happen by default. And at least they’ve got widely different and rather appealing visions of what America could become. The space between the positions of Obama and Romney is smaller than that between the blocks in an Aztec pyramid.

Germany Demands Greece Cede Control of its Budget: Germany has insisted that an appointed “budget commissioner” will take control over Greece’s purse strings to make sure that French and German bankers get paid first before Greece spends any money on its own citizens. That sounds like an occupation. I guess Chancellor Merkel is modeling her proposal after the reparations payments imposed on Germany in the aftermath of WWI, giving rise to Hitler.

Fed Ramps Up Transparency: In an effort to improve transparency, Chairman Bernanke announced that the Fed will henceforth provide its projections for the course of its interest rate target over the next 300 years. The first release was a perfect scatter plot, with the individual estimates of the Governors ranging from zero to infinity. Bernanke was careful to warn that markets should not take these as commitments by the Fed to anything, as “conditions on the ground” would dictate actual policy—which would continue to be made in secret, as always. He explained that the transparency was only apparent, not real, and was actually part of the Fed’s attempt to manage expectations through careful duping of markets. Not knowing what to expect, markets went to hell in a handbasket.

Obama Discovers Fraud: President Obama announced he was shocked, “SHOCKED!” to find out that there was fraud in the financial system. He asked Congress to move quickly to pass laws that would outlaw fraud in our banking system. Treasury Secretary Geithner promised to get right on that as soon as he finished carrying water for Goldman Sachs. Obama asked staffers to come up with a proposal for a new Consumer Financial Protection Bureau to reduce lender fraud. When informed that Elizabeth Warren had already created the bureau, he instructed his staff to see if she’d like to run it. They told him that he’d already banished her from Washington at Geithner’s insistence. Some guy named Corduroy or something like that has the job. Obama instructed his staff to tell him “you’re doing a heckuva job, Brownie”.

Memo to President Obama: fraud is already illegal. No new laws are needed. All that is necessary is to prosecute the fraud under existing law. The FBI warned of an epidemic of fraud as early as 2004. Every single step in the real estate finance food chain was fraudulent: appraisal fraud, lender fraud, accounting fraud, securities fraud, property recording fraud, foreclosure fraud, robo-signing fraud. It is likely that every single private label mortgage securitization was illegal. Every foreclosure of a MERS-tainted mortgage is illegal (that accounts for two-thirds of all mortgages). Asking for new laws just buys time for the fraudsters, letting the statute of limitations run out. Using existing laws and Presidential authority we can eliminate fraud in three easy steps.

1.       Fire Eric Holder, Hire Elliot Spitzer

This one is too obvious to require any elaboration.

2.       Issue Indictments Against Top Management of the Six Biggest Banks

No bank has ever survived an indictment against its top management. This action will simultaneously resolve the issue of Too Big To Fail as well as fraud as a business model at the biggest banks. Issue the indictments and the markets will take care of the rest.

3.       Issue Indictments Against Former Government Officials Who Served as Cheerleaders for Fraud

You must go after those who allowed, aided, and abetted the cancerous fraud to spread throughout the financial sector. You know who they are (hint, current and former financial regulators).

14 Responses to “OBAMA DISCOVERS FRAUD (and other news from the Front)”

donnaJanuary 28th, 2012 at 3:22 pm

most big problem is system bank (need changed ) together with institution —structural—-mechanisme system economic ..i dont said what but yes need reconstruction ..everything.
my opininon ..(bad good )

BenJanuary 28th, 2012 at 5:57 pm

Amen Randy

Oh and you can add me as someone who would like to see Mitt pay more in taxes so that makes at least two of us….

jonfJanuary 28th, 2012 at 10:55 pm

Germany is at it again. What's this, someone said the third time in a hundred years? Read somewhere Spain has 23% unemployment.
Fraud you say, I am speechless at that news. Bring on Spitzer.
And while we are at it, raise the taxes about ten percent on the rich, just for the freaking fun ot it and to piss off Grover.

Tom HickeyJanuary 29th, 2012 at 2:56 am

I'm confused — I am laughing, but I should be crying. Thanks for skillfully combining humor with outrage.

SergioJanuary 29th, 2012 at 7:28 am

Very interesting how germany got to control Europe without firing one single bullet. I guess Hitler must be kicking himself after this one

Euro Soccer CupJanuary 30th, 2012 at 4:34 pm

Madonna: “That consciousness is everything and that all things begin with a thought. That we are responsible for our own fate, we reap what we sow, we get what we give, we pull in what we put out. I know these things for sure.”

SamJanuary 31st, 2012 at 6:48 am

My wish list for 2012:

1. Ron Paul and Denis Kucinich are two honest politicians knowledgeable and competent to run the white house instead of incompetent Obama or charlatan Romney and X, Y or Zs.

2. YES Elliot Spitzer for president or at least AG. Who cares he had some sex with some prostitutes.

3. Bush is on trial for war crimes, incompetence, and crashing the economy.

4. Unites States of America has revolted and gained absolute independence and no longer is united states of Israel. If Israel treats the gentiles equally, concedes, and makes peace with the Muslims, the world will be a better place to live for all of us and our children. Long live peace. Oh yes peace will bring economic prosperity every where.

5. Chinese government is hired to advise the U.S. government how to run its government efficiently and competently.

6. As the above writer says, a right to work written into the constitution.

7. Down with judicial dictatorship, incompetence, and absolute immunity.

8. How the hell we created a one percent owning the country. Give one percent of their wealth back to them, nationalize the rest.

what are my other wishes……

9. Have Mr. Roubini run the economy as chief economic officer for the Run Paul and Denis Kucinic ticket.

RayPhenicieFebruary 1st, 2012 at 5:21 pm

Unfortunately the government is owned, as are both major political parties, by the criminals on the scene: the giant Squid vampire banks. Since they also have their hands in the pocket books of over 75% (aprox) of the American populace, they own that part of the terrain as well. Me? Waiting for America to Wake Up-title of a new musical I'm writing.

moreFebruary 3rd, 2012 at 4:26 pm

Anais Nin: “When we blindly adopt a religion, a political system, a literary dogma, we become automatons. We cease to grow.”

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