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1. I read a book about Hollywood some years ago with a chapter about the market crash preceeding the great depression. It claimed that back when the fledgling movie industry was based in New York, there was a little bank in New York owned by Jews and that the antisemites in the banking industry wanted to take them out. All banks in a fractional reserve system must borrow money themselves as the market waxes and wanes. A plan was concocted by the antisemite bankers to temporarily deny credit to this little bank under false pretences which would cause it to fail, and it did. What they supposedly did not know was that this little bank held notes on many of the other banks around the country and those banks fell as well in a cascading landslide of bank failures. What is amazing is that although this little bank died, the people running it moved out west as far from New York as possible and founded the BANK OF AMERICA. These bankers also were the first great patrons of film and this why Hollywood and not New York became the Mecca of the movie industry.

2. WOW what an interesting and positive group.
   I Listened to Mrs Fitts on C2C again after the news on the Bank Of America buyout. I’d like to share something else olong the topic. In a book co-authored by Robert Kyosaki of RICH DAD POOR DAD fame and Sharon L Lechter titled RICH DADS PROPHECY, they outline a HUGE coming market stress that no media is covering.
   During the Clinton administration, retirement investers were given the option of the ROTH IRA in which taxes are paid when funds are invested instead of when funds are disbursed. In accelerating the U.S. government’s tax revenue generated by IRA accounts from future disbursements to present day levies, Congress traded a higher future return on the IRA tax shelter for CASH-IN-HAND. This is how they balanced the budget after the cold war and eliminated the national debt.
   When Bill Clinton announced the end of the national debt I wondered Who that might offend and how long that would last and the government has done a fine job of getting us back in hock to the FED over the last 8 yrs.
   Congress has refused to allow corporations to write off money or DIVIDENDS paid to the stockholders as an expense. It is this double taxation on income that causes corporations to keep equity in the company driving the GROWTH STOCK trend.
   A GROWTH STOCK pays little or no dividend to the investor and the payback for the investment is in selling the stock later at a higher price instead of taking cash. The problem is in that the cash isn’t really there anymore.
   Equity makes a corporation ripe for gutting after a hostile takeover by Milliken Type “investors”.
   If an IRA account must give a disbursement to the investor and there are no cash dividends to pay out then the investor must sell those stocks when the law says so, not when the market says it’s best.
   Well coming soon In the several years that the plurality of the BABY BOOMER generation reach retirement age, retirees MUST BY LAW take payouts from their retirements accounts. These accounts are mostly invested in GROWTH STOCKS.
   What do you logicly think will happen over the next 5 yrs when a quarter of the population is required by law to sell their stocks no matter the price?
   The big money knows this is coming and it was forcast in RICH DADS PROPHECY before the big money began to cash up by raiding the market which is what is happening now.
   Michael Savage tonight proposed his theory that the reason for the value of the dollar not falling along with the market as it ought to have is that the major players manipulating the market need a vehicle to carry the value pirated. If the dollar tanked they would have gained nothing.
   I propose that if this is all true then the pirates gaming the market would most likely work to keep the dollar up until after the markets’ IRA BOOMER CRASH yet to come. Then they will re-invest the pirated dollars into the artificially devalued stocks from the IRA BOOMER CRASH.
   They could still move the equity to another more stable currency and they could also be gamed themselves if China or some other outside power player were to tank the dollar before they could reinvest in the yet to be undevalued bargain sale investments.
   I’m not sure but I think Communist states and Russia have their own central banks and currency independant of the IMF’s domination over that of the “capitalist” states.
   It could be one of the greatest malevolent transfers of wealth in our history. Its possible that some other foreign interest could end up beating the house and reaping the gain of the pirates work. It’s also quite possible it will all be as much of an issue as Y2K.

   My email is goodf2 at yahooDOTcom. I dont want any junkmail but like to talk about things.

3. Catherine,

   Excellent interview, thank you. I listened to the previous c2c show 3 times to get it all, this one I got in 2 hearings. It is so important that you are able to lay things out clearly in simple English, you do it well, and your ideas are well thought out, original, accessible – revelatory. And vcry important.

   Hearing your story for the first time was a revelation, and an affirmation of my sanity. While you were at HUD trying to build for less so you could build more, I was just starting my career, working for NYC Housing Dev Co., first lending proceeds from mortgage backed securities to build affordable housing, then channeling HUD rent subsidies to developers to pay the mortgages. Like you, I got the brilliant idea that if we tightened the programs and all the certifications, rules, etc, we could build lots more housing!!! My staff and I designed a very complex (for the time) program to do this, puffed out our chests, and proudly presented our brilliant plan for saving MILLIONS a year to the right people, and you can imagine the rest…..

   Believe me, at the time, I was completely baffled, and it took years before I could figure it all out. I think you can imagine how I felt upon hearing your story, and learning I had not been alone in getting this negative, threatened response…

   A year later, being out of a job, I started Housing and Services, Inc, a private, NFP development company to build affordable housing, and we built over 1,000 units for community based organizations, charities, the City, etc, in NYC.

   Finally shying away from bureaucracy, I now own a very small, private real estate company, and do all kinds of real estate work needed in my community. We make our contribution now by being honest, ethical, doing pro bono work and only making win/win deals, large or small. The big guys constantly come in and try to crowd us out, but eventually, realize they like working with us, and that they benefit. The community knows us, and they always come back. It takes new staff people a while to catch on and see that honesty and ethics are the best PR, but they always do.

   And, we are always “waiting and working for the next wave.” And that’s another of the many reasons why you and your work are so inspiring, and exciting. We will “stay tuned”, you are helping us grow, and we wish you the best.

4. I was grateful to hear a brief segment of your interview on AM 960 out here in the High Desert of California.

   My wife and I lost all of our savings on a home we never should have been approved to buy. Our lack of communication between each other places the responsibility on us, but the banks should have seen we were not ready to own.

   I will take your information to heart in order to lay a good road to our future prosperity and happiness.
   Thanks with blessings,
   John Hill
   http://www.littlemeteorcircle.net

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