http://www.theinternationalforecaster.com/International_Forecaster_Weekly/Betrayal_of_the_People_By_Wall_Street_Banks_and_Government
The Federal government is now spending about double what they are collecting in taxes.
Bank of America CEO Ken Lewis was told by Ben Bernanke and Hank Paulson to shut up about the “material adverse change,” that took place at Merrill Lynch before their merger. This is called strong-arm tactics in the underworld. Lewis was told if he did not follow orders his board would be disbanded and the management team would be fired. That is extortion as well. Lewis should have pulled the plug on this riff raff, but he didn’t have the guts to do so – what a wimp. He shafted the shareholders.
The bottom line now is BoA will be sued by every shareholder for accepting such a losing deal forced on them by government and for accepting this deal and not disclosing material information and lying.
There will now be a run on Bank of America because the liability is unpayable.
NY State AG Andrew Como has released a letter that will lead to lawsuits against BoA, Lewis, Bernanke and Paulson for fraud. The rats are trapped in a corner and are turning on each other.
The frugality trend has just begun, which will take us back to a lifestyle much like that of the 1940s and 1950s. the vast populace hasn’t gotten it yet. People do not view the current recession as a major economic phenomenon or as a major event. They believe government won’t let it happen, they will save us. They are incapable of thinking the unthinkable.
Unemployment of almost 20% is producing a downward spiral of negative growth. 85% of Americans have no clue as to what lies ahead. Until the system is purged there will be no recovery.
It will be interesting to see how little Timmy deals with Goldman Sachs’ TARP desertion. NYSE data shows Goldman traded 5 times as much volume for themselves compared to customer and agency orders in program trading. Huge short interest stocks were the largest market gainers and the cost to borrow shares to short have soared and it is almost impossible to get stock, because illegally the brokerage houses have called in share loans on financial stocks. How’s that for rigging the market?
