Quotes with Wisdom
The bailout scheme is an arb on taxpayers in which banks effectively borrow from taxpayers at near zero rates and re-lend to them at higher rates. This is a de facto transfer or wealth from taxpayers to banks.
If lower pay lures some of Wall Street’s finest away, so be it. It’s not as if the best and brightest were doing a good job to begin with.
Cheap money is a stimulant, also an intoxicant. If the dose is large enough, a substantial temporary effect can be brought about, but headaches follow.
Benjamin Anderson, Chief Economist of Chase National Bank, April 1930
Beware, and be on your guard against every form of greed.
Around the middle of the 20th century a group of big New York bankers made a conscious and deliberate effort to corrupt the teaching of economics in American colleges. They succeeded in planting a collection of crackpots and phonies into the economics departments of most universities, who in turn turned out several generations of crackpot students. All these crackpots have impressive degrees and titles, and the only way that you can tell them is that almost everything they say turns out wrong.
Howard S. Katz
There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.
The financial oligarchy is hyping a recovery while American unemployment and home foreclosures are rising. The hype owes its credibility to the high positions from which it comes, to the problems in payroll jobs reporting that overstate employment, and to disposal into the memory hole of any American unemployed for more than one year.
Paul Craig Roberts
Gold and silver coins are presently valued at market prices in the assessment of taxes, while valued at face value for the collection of taxes. This is a gross injustice of the highest order and must be changed.
We diligently apply the principle of accountability to the poor and powerless, and the principle of forgiveness to the wealthy and powerful.
It is absurd that the United States has a central bank that is more accountable to the financial industry than it is to the public.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation
The elite have it so bad now that they are being forced to sell one of their 7 homes.
The revolving door between government offices and lobbying firms is so lucrative and so established that it can only be characterized as institutional corruption.
By no rational calculus can the outstanding debt be expected to be repaid without inflationary or deflationary adventures, even if further increase were stopped dead in its track. The discussion of the present financial crisis by academia and media avoids all reference to this fact.
If measured according to the methodology used when I was Assistant Secretary of the Treasury, the unemployment rate today in the US is above 20%. Moreover, there is no obvious way of reducing it. There are no factories, with work forces temporarily laid off by high interest rates, waiting for a lower interest rate policy to call their workforces back into production.
Paul Craig Roberts, former Assistant Secretary of the Treasury during President Reagan’s first term
And I sincerely believe that banking establishments are more dangerous than standing armies.
Americans are so confident about their future prospects that they can even refuse national health care – in the middle of the worst economic crisis since the Great Depression – at the very same time they happily prop up dying US banks and corporations with their own tax dollars. And then they can actually criticize a national healthcare plan as “socialist”! Hello? Yes, the lights are on in America, but is anybody home?
Those who cannot remember the past are condemned to repeat it.
Truth is treason in an empire of lies.
The ‘green shoots’ that set the pundits alight are nothing more than the direct effects of massive monetary expansion. What we have is nominal growth in the unproductive service and consumption sectors. In short, Bernanke is being praised by the drug addicts for not cutting them off. But the thing about addiction is that the longer you stay hooked, the more deadly the withdrawal.
“The Central Bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an enemy to all banks discounting bills or notes for anything but coin. If the American people allow private banks to control the issuance of their currency, first by inflation, then by deflation the banks and corporations that grow up around them will deprive the people of all their property, until their children will wake up homeless on the continent their Fathers conquered.”
“In the councils of government, 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. We must never let the weight of this combination endanger our liberties or democratic processes. We should take nothing for granted. 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.”
Dwight D. Eisenhower
You’ve heard of mental depression; this is a mental recession, we have sort of become a nation of whiners.
Former Senator Phil Gramm
During the great depression, at least the bankers had the courtesy to jump out of windows, now these parasites ask for and expect $billions in bailouts.
The imaginative conceit that lies behind the accounting rule changes is that the toxic assets polluting bank balance sheets are not really toxic at all. They are in fact highly valuable assets that for some irrational reason no one wants to buy.
When will AIG be on its feet independently again? Never! And Fannie Mae? Never! They are both black holes intended to cover up the evidence, whose price tag is absorbed by the public.
The Federal Reserve — the quasi-autonomous body that controls the US’s money supply — is a “Ponzi scheme” that created “bubble after bubble” in the US economy and needs to be held accountable for its actions.
Eliot Spitzer, former governor and attorney-general of New York.
…If America is circling the drain, Goldman Sachs has found a way to be that drain — an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.
“Paper money eventually returns to its intrinsic value – ZERO”
And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place!
Richard Durbin, U.S. Senator – Illinois
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