Goldman Sachs: Pregnant Welfare Queen
A small time scam to defraud the government by welfare recipients involves the sale of food stamps on the black market. An eligible dependent convinces the government that they need emergency assistance with feeding themselves. Then once the stamps have been bequeathed, the recipient, instead of trading the stamps for food products, sells the stamps for cash money. All proceeds from the sale constitute a total profit since the stamps were given out for free.
The masters of finance at Goldman Sachs are operating a similar scheme. The government gives them money at low or zero interest rates. Golden Socks then sells the money as refinanced mortgages to homeowners with decent credit. They sell the money packaged as a mortgage for roughly 4% a day after receiving the money from the government for 1%. That’s a 400% profit overnight without having to lift even a pen. (Simply a few keystrokes on the computer.)
If the government operated a similar scheme with grain, they would have to first buy the grain from the farmers, then sell the grain to a single corporate food chain at cost. Then the chosen food chain would sell the grain at four times the cost to eaters. However, the government would have to pay the farmers for planting, growing, and harvesting the crop. The supermarket chain would have to pay to transport, package, store, and shelve the grain. So, even a supermarket, if selected by the government, and following a similar scheme wouldn’t yield as great a profit margin as would a business dealing simply with paper and digital currency. The one setback to this scheme is that in a crisis you can’t eat paper money or hard drives.
The global economy was looted steadily over a decade with enough trickle down economics taking place to satiate the public. Now, amidst the shock of the market implosion, the economy is being looted some more. It had to be propped up first so it could be looted again. Every American should be proud that he helped the government prop up the market so that the masters of finance could have something to loot again.
- AdamAdamR's blog
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They are looting as we write and the spammers tack garbage onto our every listing. In truth, the Federal Reserve is operated much the same way. I keep hearing how Bernie Madoff pulled down the biggest scheme in history and I always say he would only be a pencil pusher at the Federal Reserve. That is the biggest scam in history and still it goes on.
and no Ponzi scheme could ever rival social security ----
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Regulators shut banks in Calif., Ga. and SD ++ click here ++
Saturday July 18, 2009
The 57 bank failures nationwide this year compare with 25 last year and three in 2007.
The FDIC estimates that the cost to the deposit insurance fund from the failure of Temecula will be $391 million and $579 million for Vineyard Bank. For First Piedmont Bank, the cost is put at $29 million. The cost to the fund from BankFirst's failure is estimated at $91 million.
As the economy has soured -- with unemployment rising, home prices tumbling and loan defaults soaring -- bank failures have cascaded and sapped billions out of the deposit insurance fund. It now stands at its lowest level since 1993, $13 billion as of the first quarter.
While losses on home mortgages may be leveling off, delinquencies on commercial real estate loans remain a hot spot of potential trouble, FDIC officials say. If the recession deepens, defaults on the high-risk loans could spike. Many regional banks hold large numbers of them.
The Treasury Department has launched a program in which financial firms will buy as much as $40 billion worth of banks' soured, mortgage-linked investments. That amount is far below the potential $1 trillion in assets that the government originally hoped to take off the banks' books through the program and another that would have targeted bad loans.
The problem assets helped spark the financial crisis as they lost value and banks became unable to sell them. They have been weighing down banks' balance sheets -- one reason the industry has had trouble providing the credit necessary to support an economic recovery.
The number of banks on the FDIC's list of problem institutions leaped to 305 in the first quarter -- the highest number since 1994 during the savings and loan crisis -- from 252 in the fourth quarter. The FDIC expects U.S. bank failures to cost the insurance fund around $70 billion through 2013.
The May closing of struggling Florida thrift BankUnited FSB is expected to cost the insurance fund $4.9 billion, the second-largest hit since the financial crisis began. The costliest was the July 2008 seizure of big California lender IndyMac Bank, on which the insurance fund is estimated to have lost $10.7 billion.
The largest U.S. bank failure ever also came last year: Seattle-based thrift Washington Mutual Inc. fell in September, with about $307 billion in assets. It was acquired by JPMorgan Chase & Co. for $1.9 billion in a deal brokered by the FDIC.
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