Weekly News Wrap-Up 10.7.11
Greg Hunter’s USAWatchdog.com
The big financial story this week comes from Europe. To print or not to print, that is the question. The answer is the EU will print money to bail out their banks. Now Chancellor Merkel and Germany are on board along with the ECB and the IMF. Heck, even the UK has started printing money again. Ben Bernanke was grilled by a big Congressional economic committee in Washington this week. He said the so-called recovery is “faltering.” What I got out of the meeting is there is no plan to fix the economy. No wait! Yes there is–politicians are supposed to get the U.S. financial house in order. Like I said, there is no plan to fix the economy. The President is pushing his jobs plan, which both Democrats and Republicans have rejected. Occupy Wall Street is hitting day 20, and it is spreading and getting bigger. Finally, Steve Jobs, one of the founders of Apple Computer has passed away. What was his secret to success? Greg Hunter gives you all these stories and more on the Weekly News Wrap-Up from USAWatchdog.com.
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About the Author
Greg Hunter
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.
“Some of the nation’s biggest banks and mortgage companies have defrauded veterans and taxpayers out of hundreds of millions of dollars by disguising illegal fees in veterans’ home refinancing loans, according to a whistleblower suit unsealed in federal court in Atlanta.
The suit accuses the companies, including Wells Fargo, Bank of America, J.P. Morgan Chase and GMAC Mortgage, of engaging in “a brazen scheme to defraud both our nation’s veterans and the United States treasury” of millions of dollars in connection with home loans guaranteed by the Department of Veterans Affairs.”
http://napoleonlive.info/economics/the-conconnected-class/
The middle class, the backbone and benchmark of our democracy is being decimated. People who once lived comfortable lives and were confident about the future for themselves and their children, now live in their cars and reluctantly utilize food banks. Protestors on Wall Street who represent anger and frustration with the status quo will begin making an impact when the protests are transferred to Pennsylvania Ave. and McClean, Va.
Dear Greg,
Nice post.
Thing is, Holder can’t prosecute the banksters this time, as he’s busy trying to defend himself regarding “Fast & Furious.”
As to the First Amendment, liberals will say that you have the right to free speech, as long as you agree with them. “Frei Sprechen? Schtunk!” Charlie Chaplin, “The Great Dictator.” 1940
Thank you Sam and Art!
Greg
Greg, other news this week was that home ownership dropped to the lowest level since the great depression, all due, of course, to the millions of foreclosures allready completed and millions more on the horizon. This is an example of forced downsizing by the economy, but what is also happening which is just as critical for any recovery is the voluntary downsizing by the american people; selling the car they don’t really need, reducing meals out, shopping only for sales, putting off a vacation, etc. The downsizing reduces spending, which reduces business growth, which reduces tax revenues, a spiral downward. Further, as fiat money keeps being printed and inflation drives upward more downsizing will take place, this can’t turn out well.
Thanks for telling it like it really is out there. The game remains rigged between the government and the banks. Greed is peaking. Frank
(thanks Greg, for the above funeral announcement of Europe, they to be buried soon:)
thru the ages Europe has tried to be leader of themselves and of the world and again fail:
with a mere 300million folks in their union, more than 100% bankrupt,
the leaderss again huff and puff and try to blow away their debt,
same as usa and mighty mouse obama, except we, usa, have Bernanke the
wizard, the magic man, make loot appear out of no where, keeps all
nations deep in debt, unpayable, so as to make them humble, he sits
in front of any group of usgovt senators and the like and listens to
their spew and answers back “bleat bleat bleat”, giving nothing to
the congressman at hand, and further confusing them with magic words
such as ‘quant easing’ which is just another word for going deeper in
debt and quicker out of business (europeans will never learn this
nicety) – thus euro leaders “again put the cart before the horse,”
spend all the loot in-hand and mortgage nations into oblivion,—
the new sucker on the block, sharing glory with obama, is
germany “the source,” of never ending loot created out of thin air,
the big shot who will save the world and all will live happily ever
after, until pay day when they get no pay because there is no more
money not even in any of their funny money i.o.u.(s) – no no no,
france can not help they are already “dead in the water” “waiting for
their savior obama to bring them back to financial life,” hhhmmmmm –
so now with the usual fanfare and the usual failure france and
germany will have to create another scam to sucker their neighbors
into their or into the obama web: all their, euro and usa, debt bonds
are up for grabs and discounts because no one, not even the chinese,
will buy them anymore, not even at steep discount, not even for free,
to at least use for fire to keep warm during their ebb and flow to
and from nowhere and back again to nowhere, how boring, why dont
they, europeans and obama “get a life?” “or at least get a day job?”
(ok, readers, now you can get back to work.)
hi, Greg,
i got another tidbit for your readers, a reminder, their death knoll:
since inception obama ‘instituting and locking in the usa and world
economy at a constant freefall,’ i.e. ‘perpendicular from the top of
the graph to the bottom, straight line,’ every time obamasan
spews “spend a trillion here and several more quadrillion there,” the
treasurer, geither (“giddyup”) (“the cheerleader”), has printed funny
money bonds and paper of all kinds trying to find buyers, but right
off the bat the Fed (Mr Bernanke) bought 70%, next spew he had to buy
the unbought 80%, then 90%, then 100%, now 110% in anticipation of
the obama “spending spree”, (the same as printing funny money)
except treasury paper and bonds earn the sucker who buy the bonds etc
interest of sorts, now down to .01% per year which is to say almost
nothing – that is why even the chinese can not justify buying usajunk
bonds that earn far below the automatic inflation rate (minimum 8%
per year) also created by the late great team of obama and bernanke
and lions and tigers and elephants right out of the zoo into the 3
ring circus tent, ho hum, — so, anyway, Greg, i thought i would for
you remind your readers, chronic suckers, of the magic by obama-
bernanke who create phoney wealth out of nothing into nothing to be
spent by no one but kept on the books as debt, at interest, yearly,
below inflation, so as to draw usa and the world into deeper and
deeper hyperinflaion-depression and everlasting bankruptcy life and
living, i.e. no loot to buy food or anything else, just chew your
finger and toe nails forever, i.e. back to the caves….
hi Greg, me again, i gotta toot your horn, so sit back and enjoy:
for the readers of the Greg tomes, i say he, Greg, is the only
Statesman of our era, and of all eras before usa, and probably of
all eras, etc, following usa….
a Statesman is a pure Gentleman who can write or speak etc in
biblical terms of the economy or of whatever he puts his mind to,
and thus his opinion is of that of the bible writers, worth the read.
the all inclusive effect is that what he says, writes, contains words
of wisdom that effect the ongoing outcomes of local and world doings,
in spite of dumbheads like obama, merkel, sarcozy, and all en toto of
the united kingdom piloted by england the land of thieves etc
so, again, and in anticipation of your upcoming findings as written
in your publication, i say thank you for being what you have made
yourself become….
I hope the executives in charge of the banks don’t take Steve Job’s message to “Stay Hungry”. They’ve eaten all of their own food, and a whole bunch of our food, and they’re going to want to our government to scrape the crumbs off of our tables to eat even more. Enough already! Are they practicing to be the next Joey Chestnut? Funny how the bankers get to eat so much but the American public are the ones who suffer the indigestion. Ugh!
The protest smells like the 60s , it’s about time. The best protest has a mood which must run it’s course. If it was about a idea, some group would take control and say they are working on it. The protest means different things to all the protesters but the lawlessness of the DC leaders and talking heads is the cause. People who broke the law and lied us in to useless wars need to be prosecuted before we can fix this country. This is the only way, if we don’t we are F. Fancy talking heads and passing job bills won’t fix a lawless system and who wants to invest in a lawless system. The rule of law more important then any man.
Greg, again the SEC & CFTC failed to do their jobs. I know you know who Harry Markopolis is & what he did to expose Maddoff as the SEC failed to act when handed the info on a silver olatter,now Harry & his team have exposed another huge crime wave in the investment banking houses that is very commy in this industry. Markopolis has again done the work of the SEC and it will touch millions who have had pensions or still have pensions. I have to thank the folks over at http://www.kingworldnews.com for doing a interview with Harry Markopolis. I urge all to read & hear what Harry Markopolis has to say about the New York Mellon Bank and State Street Bank. If the thought of billions being looted from your pension fund by workers at these banks that has been going on for decades, not just a few yrs, but decades. Also Martin Armstrong has wrote about his trip to Capital Hill and you will find it all at his site, http://www.armstrongeconomics.com/writings. I have read all of his work that he released on Sept 26 thru today. It out lines what congress will do when the big reset happens, folks need to read Martin’s thoughts after being asked to come to DC & talk behind closed doors about the US Economy. You will be happy to know holding PM’s is very important to save your assets from government failures and the collasp of the worlds banking system as we know it. Millions will not be ready & will lose it all. I hope to stay far away from that group. I could add a lot more, but I have things that has to be done, have a great week in & thanks for a good dose of the truth!
M Smith,
It is sad!! Crime is committed everyday by Wall Street Traders and nobody cares!! Thank you for the comment and link.
Greg
Greg,
As usual you are right on point. The EU will print more debt upon the future generations of the planet. But, that’s OK because no one responsible for that debt will be alive to answer for it. The financial devastation that is about to be unleashed upon the world population is unbelievable.
Ben Bernanke must be really annoyed when the Congress bothers him with questions about money. Bernanke knows and they know he is the ultimate authority (Federal Reserve Act of 1913, signed into law by the progressive democrat President Thomas Woodrow Wilson) when it comes to printing and distributing dollars. We the People have no representation in this matter! So, We the People are screwed.
The Wall Street protest group is just another group of idiots that want a socialist government. You know “everything is free the government will pay for it” just like Russia, Cuba, China, etc. Wow! What has this country come to?
Our illustrious Treasury Secretary has about as much financial savvy as a grade school kid. But the grade school kid would be more honest. He also would know when a bank or business should go bust. Just try to get a grade-schooler to hand money to people that can’t run a lemonade stand. Oh, I forgot. However, he might be willing to give someone else’s money to his buddies to keep the lemonade flowing, at any price.
We the People had better start growing the lemons!
I am conservative, I will never vote for Cain.
http://dailybail.com/home/herman-cain-dont-blame-wall-street-dont-blame-the-big-banks.html
Kevin,
Thank you. Cain, what a weasel.
Greg
Hi Greg,
I’m a Ron Paul supporter but curiosity has caught up to me. What in Herman Cain’s plans have bought up such disagreements. So far I have only two points. One is his failure to rein in, or dissolve, the federal reserve banking system. The second is his failure to bring up indictments and prosecution of those in congress, in the SEC, and of the banksters involved in this economic mess. Had I not been such a supporter of Paul, I would have researched more of Cain. Can you give me a head start? Oldguy
OG,
Cain is a former Fed banker and his most recent comments tell me he finds nothing wrong with what the Fed or Wall Street did leading up to and after the 2008 meltdown. I think Cain is a weasel that will once again sell out the country for Wall Street and the Fed. I just don’t know how else to say it.
Greg
Greg,
Thanks for taking the time to answer. As usual, you say a lot with very few words, and without any fluff. Thanks again,
Oldguy
Thank you bOG for your comment and support.
Greg