Tag Archives: TARP

Former elections clerk who said Hawaii has no birth certificate says he’ll vote for Obama

Tim Adams was was employed at the City and County of Honolulu Elections Division from May 2008 through September 2008. His position was senior elections clerk, overseeing a group of 50 to 60 employees responsible for verifying the identity of voters at the Absentee Ballot Office. In other words, Adams had access to all the database in Honolulu to verify any voter’s identity and birth.

In June 2010, Adams caused quite a stir when he unequivocally said Obama had not been born in Hawaii because the Hawaii state government does not have an original or long-form birth certificate for Barack Obama Jr. Nor do the two hospitals in Honolulu, Queen’s Medical Center and Kapiolani Medical Center, have birth records or an attending physician for Obama.

Adams even said he is willing and prepared to testify in court about all this. In January 2011, he signed an affidavit swearing he was told by his supervisors in Hawaii that no long-form, hospital-generated birth certificate existed for Barack Obama Jr. in Hawaii and that neither Queens Medical Center nor Kapi’olani Medical Center in Honolulu had any record of Obama having been born in their medical facilities.

Despite all that — despite his own testimony on the lack of documentary evidence of Obama’s Hawaii birth, and the implications this has on Obama’s veracity and the integrity of our Constitution (specifically Article II’s requirement that the President of the United States of America must be a “natural born” U.S. citizen) — Tim Adams has just declared he will vote for a second term for the POS.

Here’s Tim Adams wearing his hippie-dippy beads on video (h/t ObamaReleaseYourRecords):


Adams says he’ll vote for the POS because he rejects Mitt Romney and Paul Ryan.

Why is that?

Because Romney-Ryan represent the evil corporate bankers. Because Ryan admires Ayn Rand. Because Romney is “a disciple” of David Rockefeller. Because Romney-Ryan will get us into wars in the Middle East. Blah, blah, blah.

As if Barry Soetoro Obama doesn’t coddle corporate bankers (As a U.S. senator in 2008, Obama voted in favor of the Wall Street bailout called TARP; as president in 2010, Obama implemented his own Wall Street bailout). As if B.S. Obama didn’t get us into wars in the Middle East (Remember our “intervention” in Libya? Aren’t our troops still in Afghanistan, now the longest war in U.S. history? Hasn’t the POS’s support for the misnamed “Arab Spring” led to chaos, unrest, and violent anti-Americanism across the region, including attacks on our embassies and the killing of our ambassador and three other diplomatic staff members?)

None of this makes any sense. Either Tim Adams is stupid, or his testimony about Honolulu not having Obama’s original birth certificate was just part of an ENORMOUS charade where the American people were played as dupes and fools.

In 2010, Adams was an English instructor at Western Kentucky University (WKU). I just ran a search on WKU’s website but could not find him among either the faculty/staff or the students of WKU’s English Department.

What’s that weird pendant hanging from his neck? Below is a screenshot of Adams from the video, followed by a blow-up of the pendant:


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QE3: The Next Rip Off of the American Middle Class

Did you feel it?

Feel what, you ask.

I’ll be blunt: Did you feel screwed? Because that’s what happened two days ago, on Thursday. As Peter Schiff, president of Euro Pacific Capital, writes: “September 13, 2012 may one day be regarded as the day America finally threw in the economic towel” as a result of Federal Reserve Chairman Ben Bernanke setting loose QE3.

I know your eyes tend to glaze over at words such as “Federal Reserve,” “monetary policy” and “QE3”. But you need to pay attention because that’s precisely what our government is counting on, which then enables them to fiddle with monetary policies like QE3.

QE is Quantitative Easing; 3 refers to this being the Feds’ third QE because two previous Quantitative Easings had failed at jump-starting America’s stalled economy, which then of course calls for yet another QE. [Snark] Nothing succeeds like failure!

According to Wikipeida, Quantitative Easing is a monetary policy used by some central banks to increase the supply of money by increasing the excess reserves of the banking system, generally through buying of the central government’s own bonds to stabilize or raise their prices and thereby lower long-term interest rates. This policy is usually invoked when the normal methods to control the money supply have failed, e.g. the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero.

Did you understand that? Me neither!

What I do know is that, from teaching (for many years) a college course on the political economy of Japan, Quantitative Easing was used unsuccessfully by the Bank of Japan (which is really the Japanese government) to fight deflation after the bursting of Japan’s “bubble economy” at the end of the giddy 1990s. Today, Japan’s economy, sadly, remains in the doldrums. So much for Quantitative Easing.

Below is an op-ed by a guest writer for FOTM, Dave McMullen, who’s one of our regular commenters. Following Dave’s op-ed is a great video that explains what the euphemistic term “Quantitative Easing” means. It’s a hoot. Highly recommend!


QE3: The Next Rip Off of the American Middle Class

By Dave McMullen

This week Ben Bernanke announced that the Federal Reserve bank will begin to spend 40 billion dollars a month (with no cap on spending) to buy mortgage-backed securities. [Note: A mortgage-backed security is an asset-backed security that represents a claim on the cash flows from mortgage loans through a process known as securitization.]

Once again, our government is asking taxpayers to buy the same toxic mortgage-backed derivatives that caused the crash of our economy back in 2008. Once again we are being forced by our government to bail out the same criminal financial institutions, whose criminal conspiracy had caused the collapse of the housing market and the ensuing recession in the first place.

The government now wants to own these properties, but remember the money from the TARP (Troubled Asset Relief Program) bailout of 2008 could have easily purchased all of them, and at the least, taxpayers would have owned the assets. But the government chose to give the money to the banksters, with little or no regulation on how the funds were to be used. TARP may have helped the banks but it was a disaster for our housing markets: 80% of U.S. homebuilders were bankrupted; the average home lost 30-40% of its value.

This devaluation of our real estate was caused by the worthless money printed by the Federal Reserve bank.  In other words, the Obama administration virtually stole the equity from every U.S. homeowner to bail the banksters out.

So now the government is doing this all over again. The Federal Reserve will print more worthless Fiat currency to buy these same toxic mortgages and the results will be the same. QE3 will further devalue our real estate and our money, thereby causing more inflation that will lead to more unemployment.

How much more can our fragile economy withstand?

TARP Failed. QE1 and QE2 were models of political corruption. QE3 may well be the “straw that breaks the camel’s back.”

It may be time to pick up the pitch forks and march on Washington. But at the least, call your Congressmen and tell them “NO MORE!”.


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American Democracy Endangered by a Government-Financial Complex

On January 17, 1961, in his farewell speech as president, Dwight D. Eisenhower sounded a warning about a “military-industrial complex” in America. He urged Americans that “we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military–industrial complex…. The potential for the disastrous rise of misplaced power exists and will persist … Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals, so that security and liberty may prosper together.”
Today, not only is there a military-industrial complex, there is another even more clear and present danger — the government-financial complex.

Obama-Corzine: The face of the Govt-Financial Complex

Documents released through a FOIA (Freedom of Information Act) request reveal that the 2008 TARP (Troubled Asset Relief Program) — better known as the “too big to fail” Wall Street bailout — was actually 10 times the amount we were told, totalling $7.7 trillion.
Below are excerpts of Les Leopold’s article for AlterNet, “Bloomberg Unearths Wall Street’s Secret Government,” republished on MINA, Dec. 2, 2011:

We now have concrete evidence that Wall Street and Washington are running a secret government far removed from the democratic process. Through a freedom of information request by Bloomberg News, the public now has access to over 29,000 pages of Fed documents and 21,000 additional Fed transactions that were deliberately hidden, and for good reason. (See here and here .)

These documents show how top government officials willfully concealed from Congress and the public the true extent of the 2008-’09 bailouts that enriched the few and enhanced the interests of giant Wall Streets firms. Here’s what we now know:

  • The secret Wall Street bailouts totaled $7.77 trillion, 10 times more than the $700 billion Troubled Asset Relief Program (TARP) passed by Congress in 2008.
  • Knowledge of the secret bailout funds was not shared with Congress even while it was drafting and debating legislation to break up the big banks.
  • The secret funding, provided at below-market rates, gave Wall Street banks an additional $13 billion in profits. (That’s enough money to hire more than 325,000 entry level teachers.)
  • The secret loans financed bank mergers so that the largest banks could grow even larger. The money also allowed banks to step up their lobbying efforts.
  • While Henry Paulson (Bush’s Secretary of the Treasury) was informing Congress and the public that only minor reforms were needed to protect Fannie and Freddie from collapse, he met secretly with leading Wall Street hedge fund managers — among them his former colleagues at Goldman Sachs — to alert them that he was about to nationalize the giant mortgage companies – a move that would eradicate nearly all the stock value of the companies. This information was enormously valuable because it allowed these hedge funds to short Fannie and Freddie and thereby make a fortune.
  • While Timothy Geithner [Obama’s Secretary of the Treasury] was head of the NY Federal Reserve, he argued against legislative efforts by Senator Ted Kaufman, D-Delaware, to limit the size of banks because the issue was “too complex for Congress and that people who know the markets should handle these decisions,” Kaufman recalls. Meanwhile, Geithner was fully aware of the enormous secret loans while Senator Kaufman was kept in the dark. Barney Frank, who was authoring key bank reform legislation was also not informed of the secret loans. No one in Congress was told.

All of which led Leopold to conclude:

“Usually, I am not an alarmist. In fact, I often argue against facile conspiracy theories. I want to believe that our democracy still has promise. But, the Wall Street-induced crash and the government’s response to it has me very worried. The Bloomberg News revelations suggest that Wall Street’s secret government has enormous disdain for what remains of our democracy. The financial elites obviously believe that Congress cannot be trusted to do the right thing even when it is bought and paid for by the very banks it supposedly regulates. As for the rest of us? We’re just a financially illiterate mass to be manipulated through the mass media. Our minds too can be bought and sold through careful marketing.

This financial arrogance and corruption is enormously corrosive to our democratic values. Already, many Americans, and for good reason, no longer trust their government. Already, many Americans, and for good reason, no longer vote. Already, many Americans, and for good reason, believe that democracy as we know it is a sham. Wall Street couldn’t have written a better script to maintain its domination.”

This Government-Financial Complex continues to this day, as seen in the conflicts-of-interest corrupt relations of the federal oversight agency and the now-bankrupt MF Global.
Lastly, I have a message to the Occupy Wall Street movement:

This Government-Financial Complex is not capitalism because government is interfering with and warping the free market. This collusion between the government and big business is classic Fascism — the corporatist state. Your protests are misplaced. You should be protesting before the White House.


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