BOA dumps their toxic derivatives on taxpayers.

[Fcseven]

50 to 175 trillion suckers. Where's the rage?

 

[Christopher O'Brien]

If the powers that (think they) be aren't careful, they will have hell to pay from a increasingly enraged public. All it will take is one well-placed spark or an ill-conceived, heavy-handed over reaction by "the authorities" and this growing powder keg called America will ignite like the 4th of July. More and more people are becoming "mad as hell" and at some point "we're not going to take it any more!"

 

[Ron Collins]

If the powers that (think they) be aren't careful, they will have hell to pay from a increasingly enraged public. All it will take is one well-placed spark or an ill-conceived, heavy-handed over reaction by "the authorities" and this growing powder keg called America will ignite like the 4th of July. More and more people are becoming "mad as hell" and at some point "we're not going to take it any more!"

All that sounds so damned exhausting! You mean I actually have to do something? Can't I just complain to the radio on my way home from work then watch American Idol and 30 Rock reruns before slamming down some fast food? Then a few more hours of mindless viewing of a TV screen before tossing my lazy ass into bed? I mean can't others just take care of all this stuff? That Romney guys seems to have it all figured out, lets just vote for him and see if he can straighten it all out!

Tongue firmly in cheek!

 

[Xylo]

If the powers that (think they) be aren't careful, they will have hell to pay from a increasingly enraged public. All it will take is one well-placed spark or an ill-conceived, heavy-handed over reaction by "the authorities" and this growing powder keg called America will ignite like the 4th of July. More and more people are becoming "mad as hell" and at some point "we're not going to take it any more!"

And thus the importance of "Homeland Security."

 

[Christopher O'Brien]

And thus the importance of "Homeland Security."

Yeah xylo, for the "1%."

Posted By: <big>Seawitch</big>
Date: Monday, 31-Oct-2011 18:20:25

[Alan Simpson, Senator from Wyoming , Co-Chair of Obama's Deficit Commission, calls senior citizens the Greediest Generation as he compared "Social Security" to a Milk Cow with 310 million teats.
Here's a response in a letter from PATTY MYERS in Montana ... I think she is a little ticked off!]

"Hey Alan, let's get a few things straight..
1. As a career politician, you have been on the public dole for FIFTY YEARS.
2. I have been paying Social Security taxes for 48 YEARS (since I was 15 years old. I am now 63).
3. My Social Security payments, and those of millions of other Americans, were safely tucked away in an interest bearing account for decades until you political pukes decided to raid the account and give OUR money to a bunch of zero ambition losers in return for votes, thus bankrupting the system and turning Social Security into a Ponzi scheme that would have made Bernie Madoff proud..
4. Recently, just like Lucy & Charlie Brown, you and your ilk pulled the proverbial football away from millions of American seniors nearing retirement and moved the goalposts for full retirement from age 65 to age 67. NOW, you and your shill commission is proposing to move the goalposts YET AGAIN.
5. I, and millions of other Americans, have been paying into Medicare from Day One, and now you morons propose to change the rules of the game. Why? Because you idiots mismanaged other parts of the economy to such an extent that you need to steal money from Medicare to pay the bills.
6. I, and millions of other Americans, have been paying income taxes our entire lives, and now you propose to increase our taxes yet again. Why? Because you incompetent bastards spent our money so profligately that you just kept on spending even after you ran out of money. Now, you come to the American taxpayers and say you need more to pay off YOUR debt.
To add insult to injury, you label us "greedy" for
calling "bullshit" on your incompetence. Well, Captain Bullshit, I have a few questions for YOU.
1. How much money have you earned from the American taxpayers during your pathetic 50-year political career?
2. At what age did you retire from your pathetic political career, and how much are you receiving in annual retirement benefits from the American taxpayers?
3. How much do you pay for YOUR government provided health insurance?
4. What cuts in YOUR retirement and healthcare benefits are you proposing in your disgusting deficit reduction proposal, or, as usual, have you exempted yourself and your political cronies?
It is you, Captain Bullshit, and your political co-conspirators called Congress who are the "greedy" ones. It is you and your fellow nutcases who have bankrupted America and stolen the American dream from millions of loyal, patriotic taxpayers. And for what? Votes. That's right, sir. You and yours have bankrupted America for the sole purpose of advancing your pathetic political careers. You know it, we know it, and you know that we know it.
And you can take that to the bank, you miserable son of a bitch."

[I would venture a guess that she speaks for millions & million of Americans who are completely fed up with the disfunctional political hypocrasy... ---chris]

 

[mike]

This means that the investment bank's European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn't get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to "give relief" to the bank holding company, which is under heavy pressure.
This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input. You will also read below that JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve.
What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan. Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.

http://dailybail.com/home/holy-bailout-federal-reserve-now-backstopping-75-trillion-of.html

Its a worry isnt it, they reckon the notional value of these derivatives is thirty two times the entire planets GDP.....

one point four quadrillion....

Counting one dollar per second, it would take 32 million years to count to one Quadrillion.

http://www.globalresearch.ca/index.php?context=va&aid=12753

Its being suggested the only thing that would save civilisation when this bubble bursts, is to wipe the slate, and start again with a global currency and banking system

But the BOA scandal is breathtaking, run up a gambling debt of 79 trillion, and then simply hand the bill to the taxpayer.
Wish i could get away with such a cunning stunt, it would be like me running up a massive tab with the local bokkies, and then handing the bill to the australian govt to pay.

 

[ALPHA ROMEO UNIFORM]

Roll up , roll up lay your bets is what seems to have happened with tax payers money and these crooks don't give a dammed who money it is.

 

[stonehart]

To be honest this could all be a moot point if/when Greece defaults on payments.
Hang on to your hats my friends it’s going to be a very bumpy ride. "Greek Default Will Trigger an Immediate Magnitude 10 Earthquake"

From some one I know in the Occupy movement, take it with a grain of salt if you need but thought I should post it:

"from a posting by a greek citizen on one of the threads, during the continuing demonstrations in greece, by the OWS of greece, elements of the military sided with the protesters, Greek military academy marched with protestors, and the Greek pres had no choice but to put the issue to referendum or face revolution.

MF Global WAS yesterday, a LEHMAN BROS sized investment brokerage/bank that specialized in greek debt... filed Bankruptcy and 1st reports are that they looted 100's of millions in segregated (NOT THEIRS TO USE) funds to cover margin calls, and send-me-my-cash-now demands...

First it was iceland... but who cared about little old Iceland? now Greece, next Portugal, Spain, Italy, Ireland... and the dominoes will fall across the atlantic to the USA banks who also hold massive positions over there....

Greece, the cradle of democracy, will choose to default instead of live in debt slavery.

The biggest ones who lose are the 1% (the 99% will of course lose the benefit of the crumbs of the 1%) but I expect they will do their best to make the 99% miserable while shifting blame elsewhere and everywhere, the last step, in this chain of dominoes being, ultimately, WWIII.

Get your cash out while you still can. Buy metals."

This here backs up that MF has filed for bankruptcy US futures broker collapses under euro debts | Stuff.co.nz
MF Global Files Bankruptcy as Broker-Dealer Unit Liquidates - BusinessWeek

 

[boomerang]

I'm frankly fed up with America's criminal class, otherwise known as The U.S. Congress, blaming the baby boomers and anyone else they can find for the Social Security shortfall.

The link below seems childish at first glance. But it explains, I think, what our "free" press is not: that the Social Security fund has been systematically looted--like a bank vault emptied of its money and a scribbled "catch me if you can" note left behind.

Oh yes, and there's that systematic deconstruction of firewall measures put into place after the Great Depression to prevent a recurrence of what seems to be happening now. Seems like white collar criminals never see themselves for what they are.

[end of rant]

 

[stonehart]

People are at last awake and more wake up everyday. The tide is turning

 

[GeoShift]

Make money out of thin air, (essentially debt, and debt = cash for the banks) then this absurd amount of debt, destined to fail at it's inception, is foisted on to the tax payers to pay for this phony money matrix debt, made from nothing, with there hard earned money, actually traded for there time, effort, service product etc, not thin air. People are really getting tired of getting ripped off at every turn, and rightly so.

 

[Gene Steinberg]

Don't get me started about my personal experiences with Bank of America. Toxic personified.

 

[stonehart]

Don't get me started about my personal experiences with Bank of America. Toxic personified.

First you have to get mad, really mad

The fact of the matter is the banks took stupid gambles and then had the tax payer bail them out leaving us with the debt and them having made a killing by playing both sides.
I do not know if you support Occupy Wall Street or not or even if that really matters, what matters in the end is that Democracy is sick and needs to be healed both in America and around the world. That corporations have far too much say in government at the expense of the rest of the nation has become not just a problem but now a matter of survival. I am not anti capitalism but you cannot have infinite growth on a finite planet no matter what way you cut it.
Any way I will get down off my soap box now.

 

[SoCalGNX]

The executive office of B of A told me they didn't worry about things like the IRS or correct reporting of tax information. They have illegally foreclosed on homes and there isn't anyone who is willing to do anything about it short of the homeowner hiring an attorney.
All the banks that are "offering" loan modifications don't ever actually give them out. They just collect the homes in foreclosure, get any insurance they have on them (from PMI etc) and then resell them. There are plenty of ways that they could have worked with a good percentage of people they foreclosured on but they choose not to.

 

[mike]

Another illustration of what happened

 

[SoCalGNX]

If the powers that (think they) be aren't careful, they will have hell to pay from a increasingly enraged public. All it will take is one well-placed spark or an ill-conceived, heavy-handed over reaction by "the authorities" and this growing powder keg called America will ignite like the 4th of July. More and more people are becoming "mad as hell" and at some point "we're not going to take it any more!"

Personally Chris, we ARE mad as hell. I have personal experience with B of A and Wells Fargo. I am in litigation with one for illegal practices in my state. The AG of CA and NV are stepping up to the plate (as is MA) and going to stop this or try to. Also got a call from the PMI company today on one house. They will likely get involved in the fray at some point because they know the banks are ripping them off too.

 

[mike]

This article puts the situation into words rather well

The only difference is that when the state and its systems become rotted and corrupt I can vote out out the corrupt and seek to purge rotten. I have no such power over global finance and the banks who animate it. There is no voting. There is no representation.

There is no tax without representation. BUT there is always debt collection without it. Think about how huge a difference that is.
Debt and taxes are the battle ground of two inimical political systems. One recognizes us as the source of its power and legitimacy. The other does not. One takes the welfare of all the people in its care as its reason for being. The other sees its job as enriching those who; by accident of birth, happen to own it. Which system will care for you when misfortune strikes you or your children down? Which system will look to the future and which will damn the future for a stellar quarterly report and the bonus that brings?
The key is this: by bailing out the banks and the private financial system we are diverting tax and the power it confers from the Nation State and its system of democratic accountability, and instead empowering a system where debt not democracy reigns supreme. As more and more of our as yet un-earned wealth is already pledged to support the system of private debts and private debt-based wealth we find ourselves less and less able to control it or enforce even its own laws upon it. The financial system and those whose power comes from it are increasingly able to disregard any restraining laws. They can incur debts and ignore them forcing others, us, to pay them for them. How? because we have tied our selves to their system and weakened the old system which used to protect us and work for us.

http://www.golemxiv.co.uk/2011/11/debt-or-taxes-the-battle-fo-our-time/

 

[stonehart]

 

[mike]

Yeah i posted about this on the 4th of december


https://www.theparacast.com/forum/threads/surely-not.9254/

I find it very disturbing

Under subsection (b)(1), indefinite detentions can follow mere membership (past or present) or support for suspect organizations.

So if for example you attended a protest against scientology in 08, and Anonymous is declared a suspect organisation................... its off to the camps for you.

Lloyd says he has already heard anecdotes about police in the US searching for the masks in people's houses to be used as evidence of involvement with Anonymous hacker attacks

http://www.bbc.co.uk/news/magazine-15359735

 

[stonehart]

I guess I will be going to the camps then