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Grade A Bank Rant with top notch Hyperbole

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posted on Aug, 23 2009 @ 11:17 PM
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Found a link to this over on Denninger's Market Ticker.Normally I like to start with a snip close to the beginning of an article but this final thought is pretty damn interesting.

Colonial Bank Failure Highlights the Problem
From seeking Alpha


it might be time for the Wall Street banksters to take heed of history. They may own the politicians. They may own the regulators. And they may simply own most of America. However, they don't own the billion or so guns currently in the possession of an increasingly angry American population. Massive economic suffering and a billion guns is a very dangerous mix!


Immediately before that you have comparisons to the French revolution and Marie Antoinette.

It starts out boringly enough with


During the large bank-failures of 2008, the acquiring institutions wrote-down the “assets” on the books of these banks by an average of 18% - according to a Bloomberg article. However, when BB&T Corp purchased Colonial, it immediately wrote-down Colonial's assets by 37%, double the amount of discounting done last year.


After that it goes into a scathing indictment of mortgage fraud, BS accounting, and the ponzi nature of our system as it has existed for a while. Worth the read and interesting enough to give it the title I did.

I'm not familiar with this guy but I agree 100% and wish I had wrote it and posted it here.

[edit on 23-8-2009 by jefwane]

[edit on 23-8-2009 by jefwane]




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