Glenn Beck joins our sentiment of the problem with the FED and their control over our monetary system. "If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will 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." ~ Thomas Jefferson  Bank of America's CEO carefully tried to take responsibility for them paying too much for Merrill Lynch today. It was clear however that exiting Treasury Secretary Paulson, who is closely tied-in with Benanke of the FED, went to talk to Bank of America. Paulson in certain words, told them not to re-negotiate a lower price; when in fact, Bank of America discovered higher losses in Merrill Lynch, it's excessive executive payouts, and less value in taking over the company. It was in the best interest of stock holders to renegotiate its take-over price, but Paulson prevented this from happening, ensuring the maximum amount of money be spent. With the FED (not a government entity) loose, and in control of our money, for their wealth and not that of the country, we have a monumental problem. See our previous article and associated video You have to see what the FED is doing rather than what they are saying. The TARP wasn't designed to actually increase credit lending, but rather to see to it that their banking friends stayed in business, while forcing the U.S. taxpayer to absorb the burden of their failed and greedy practices. Talent Loss & $500k Executive Cap? Whats this talk of loosing talent due to Obama's wish to put a $500K cap on exec. pay with firms taking TARP money? Lets look at financial firms (not necessarily in cahoots with the FED) who have not played a part in the the failed securities that have taken down the big Fed friendly firms...These companies are doing well given the current economic situation. Take Chinese banks for instance who did not take part in Fed engineered failed securities. These banks are lending businesses record amounts of money and partly because of it, China is expecting an 8% or higher growth in 2009 while the U.S. is expecting another gloomy growth outlook.  Our new President does not endorse Ben Bernanke as the face of the Fed because, as an independent entity, not a government one, he has little control. Going forward, we hope President Obama does not allow the Fed to tell him what to do and say, especially when it conflicts with what He knows to be sensible, ethical, forward thinking, and good business practice. This would make a marked difference between the past Bush administrations and His own. Obama feels that paying executives over $500k for a failed job is shameful. This is tax-payer money, so if you are going to take it to stay in business; use it to make business, not pay for failing leadership practices! Credit System for Banks? |
Inconvenient Debt - Glenn Beck |