Old Mcdonald had a farm EIEIO and on this farm he had some sheeple EIEIO and the sheeple went, What??????????? (Don't forget to see, Screwed by politicians and banks for dummies)
As we were in our funk, we e-mailed a few people about "Libor" knowing that most
Americans have no clue as to what Libor is. Hopefully you are paying enough attention
to notice that it is now making the mainstream "NEWS". When we first heard about
LIBOR we were like WTF is that? We hope the following e-mails help the uninitiated
understand LIBOR and why you should (See Rick Santelli commenting on the scandal
For those not familiar with Bloomberg, it is the financial new and information corporation founded by New York Mayor Micheal Bloomberg that made him billions. And we bailed them out? Just so ya know!
O.K. Your out of work or scared of being out of work. Your still pissed because we bailed out the bankers who are still partying on your dime. The politicians in Washington, whichever side of the aisle, couldn't take a dump if it depended on a vote. So yeah things are screwed up right? But hey, your still trying to be a good citizen. Doing the best that ya can at doing all the right things. You know, how you were taught to be a good boy and not to rock the boat. Well how about we ask you this, how would you feel if you knew we are now bailing out Europe? Cause we are. Hell we have been all along.... emphasis ours
From Bloomberg Business week:
From Bloomberg Business week:
(Updates Basel liquidity statement in 24th paragraph.)
Sept. 28 (Bloomberg) -- The Federal Reserve, chastised by Congress for lending money to foreign institutions including a Libyan-owned bank, is once again the lender of last resort for banks around the world it knows little about.
Three years after the collapse of Lehman Brothers Holdings Inc., money-market borrowing rates for dollars are rising, leading the Fed and European Central Bank to make the currency available to Europe’s institutions for as many as three months. U.S. prime money-market funds cut their exposure to euro-zone bank deposits and commercial paper, or short-term IOUs, to $214 billion in August from $391 billion at the end of last year, according to JPMorgan Chase & Co. data.
The failure of regulators worldwide to address European banks’ fragile dependence on short-term funding is “putting the Fed in a really awkward position,” said Karen Shaw Petrou, managing partner at Federal Financial Analytics, a Washington regulatory research firm whose clients include the biggest U.S. banks. The swaps with Europe “are an extremely advantageous political football” for critics of the Fed, she said.
The extended funding comes as the U.S. central bank is already under fire for its unprecedented monetary stimulus. Republican leaders including Representative John Boehner of Ohio and Senator Mitch McConnell of Kentucky wrote Chairman Ben S. Bernanke and the Board of Governors on Sept. 19, asking them to “resist further extraordinary intervention in the U.S. economy.”
“The only way to deal with an unfree world is to become so absolutely free that your very existence is an act of rebellion.”Albert Camus, French Novelist, Essayist and Playwright, 1957 Nobel Prize for Literature, 1913-1960
It is genius that convinces a people that to be free, they must allow their freedoms to be taken from them. rc
When you ask the Chinese to allow their currency to increase in value, you are asking America to decrease the value of the dollar! rc
In our previous post, Corporate profits soar, jobs flat, do you need more proof of the Kleptocracy
We quoted the second richest man in America, Warren Buffet, as stating: