by Catherine Austin Fitts and Carolyn Betts, Esq.
(1) Crime that pays is crime that stays.
There is reason to believe that Wall Street and those they represent are holding loans without collateral, multiple loans secured by the same properties, and other fraudulent instruments among the “troubled assets.” Based on the secret “Treasury Conference Call” with 800 Wall Street insiders, we know the deal proposed to be passed by Congress isn’t the real deal promised to Wall Street.
(2) This smells like obstruction of justice.
Bail-out without due diligence of so called “troubled assets” is a perfect way to hide documentation of financial crimes. It is also a perfect means to launder both the past ill-gotten gains and new federal money spent recklessly and without necessary safeguards and oversight mechanisms. Be very suspicious when they tell you “we just can’t tell what’s in these troubled assets.” We can assure you that the federal government has field offices all across the country that deal with significant amounts of real estate and mortgage assets on a daily basis. If Treasury refuses for more than a decade to comply with the laws, with approximately $4 trillion missing (and counting), it is not competent to manage $700 billion of taxpayer money while its arm is twisted by Wall Street.
(3) Wall Street owes the federal government money.
We need to get stolen money back from the banks that served as depositories for the US government (including trillions for which the Pentagon and HUD could not account) and punish them, not create another opportunity for them to game the system and engage in criminal enterprises to rob consumers. To the extent there has been regulatory wrong-doing, let’s not let the miscreants leave town with the evidence.
(4) Good guys are shut out.
A bail-out provides no way for honest leaders to come to the fore and use their creativity and expertise to restore balance and integrity to the system or for unproductive and poorly-managed banks that contribute to current over-capacity in the banking system to die a dignified death.
(5) This results in more investment in the “bubble economy.”
Spending massive amounts on non-productive uses (“buying” worthless credit default swaps, mortgages with no collateral and derivatives, which could even include the derivatives used to manipulate the precious metals markets) as opposed to productive uses (repairing infrastructure, creating alternative energy systems, supporting inventing and production of “green” products) is inflationary.
This bail-out will drive prices of food, water and energy up for the people who can least afford it.
(6) Bail-out does not result in capital circulating in healthy ways.
The bail-out of Wall Street and too-big-to-fail banks and insurance companies that are getting bigger by the minute by swallowing up other failing financial institutions (and creating more institutions that are “too big to fail”) does not result in trickle-down to those whose money was stolen in recent swindles (S&L, dot.com, current housing crisis), i.e., the taxpayers/middle class and working poor.
(7) These arrangements will result in more corruption.
Centralized “fixes” are sure to result in black holes, no-bid contracts and other scandals.
(8) The bail-out drains the real economy, rather than invests in the real economy.
The US economy can’t be productive or grow if consumers don’t have jobs and can’t afford to purchase goods and services. Real stimulation of Main Street is accomplished through productive investment, not bail-outs that shift money to unproductive sectors. We should use all of our precious resources to reinvest in our people in the real economy.
(9) It props up sectors that need to downsize and consolidate.
There is significant overcapacity in the financial and banking sectors. Brainpower and talent needs to stop blowing financial bubbles and shift to economic activities that create real value.
(10) It is a temporary “fix” to keep Wall Street afloat until after the election.
Our resources are better invested in permanent, long-term solutions. This bail-out will not fix anything. Rather, it will help the perpetrators get away and ensure that the ultimate day of reckoning is worse.
The Administration wants to drain the real economy to bail out Wall Street. It seems to us that the more appropriate plan would be to require Wall Street to return the $4 trillion plus that is missing and use that to rebuild the real economy.
We think the time has come to reverse the flow. Go to any business school in the country. That is what they teach. Money should move out of unproductive sectors into productive sectors. The bail-out does just the opposite.
“Just say NO!”
Related Reading:
Bailout Mo’ Money Catherine’s Blog, March 11, 2009
Thank you Catherine Austin Fitts for your wonderful gifted insight. And thank all the great Americans who have responded. They have not seen through this hoax. I suggest we starting buying out the Federal Reserve System that prints our money and has helped to create this evil fraud to gain more tax money from the American people. The FRS is a private owned organization that gained control of our money and total economy with a curious vote, December 24, 1913 when almost all the Senate had adjourned for the holiday. The only thing never amended and still stands, gives Congress the right to buy back our once stable means of controlling our own Federal Bank. Apparently the FRS is solvent with 1.2 trillion dollars in assets, so let them bail out the corrupt Fanny May and Fanny Mac’s that should never have been chartered by Congress in the first place. If our Congress was truly sincere in helping the American people, they would pull the charters of the two above, and apply the 700 billion toward buying back the FRS; we have to start somewhere.
Yes.
We know the corrupt nature of our system and that it is getting even more blatant, so how can we take back control of our land, public systems and monetary system. What can we do to stop the bail out (the financial coup d etat)?
When ever someone puts a gun to your head you kind of know it is not in your best interest.If the government needs to raise capital why don’t they just do what they have done in the past. Increase the weekly Treasury auctions and raise the cash. They might want to nationalize the Federal Reserve Bank. We need a president who can restore full faith and obligation, got any ideas?
they are not going to listen to us. this is a done deal. if congress refuses to vote for it “they” will blow up the markets. we will blow now or later, but we will blow.
I really enjoyed reading this e-mail. I am going to use Catherine’s 10 points at every political meeting I attend. I became a Republican in order to suypport Ron Paul. He is still my choice for President. What I am doing is carrying my copy of the U. S. Constitution to the meetings. I haven’t had a chance yet, but when I do, I will ask those district people present as well as any guests, “Do you believe the U. S. Constitution is the supreme law of the land or is it just a guide as to how we live?” At least the leaders will know that some are thinking and not just following the party line.
Secondly, I am researching what a precinct committeeman is. After my research is complete, I shall write a one page summary that includes political party phone numbers and then give a copy to everyone I know in order to encourage them to become a precinct committeeperson. Involvement will turn our country around.
I am going to use Catherine’s 10 points at every political meeting I attend. I became Republican in order to support Ron Paul who should be elected President. I have decided to carry my pocket U. S. Constitution and ask everyone present at any political meeting whether they believe the U. S. Constitution is the supreme law of the land or just a guideline for our country. That will let the politicians know that some of us are thinking and not just following the party line.
Secondly, I am encouraging everyone I know to become a precinct committeeperson. Involvement will save our country.
IN REGARD TO THE BUMBER STICKER BRAINSTORM:
BAIL DENIED! REMOVE THE DEFENDANTS!