HOLY BAILOUT - Federal Reserve Now Backstopping $75 Trillion Of Bank Of America's Derivatives Trade

money is just paper, i could print it out all day and...lol



this game is silly yo



although money can be used for good, like helping people and the planet

reply to post by Eye of Horus


The feds broke? How can u be broke when the money is not real to begin with? The entire financial system hinges on the agreed upon principle that the money is real when, in actuality, it is not. Cash today has no standard of worth. A typical U.S. dollar is worthless. You cannot take a dollar to the bank and exchange it for anything of real substantial value. The only reason money has value is because we have all agreed to deny the facts and hold to an illusion that money today is worth something. The Fed is not bankrupt, it never had real money to begin with.......

that's it.
i want my mortgage paid off - oh and they may as well pay off all mortgages.
J.P.Morgan - time is running out - better take out ch.13. hahaha

reply to post by MidnightTide

The banks want the taxpayer to be held accountable.

So American taxpayers will be held accountable. 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.

This is a recipe for Armageddon. Bernanke is absolutely insane. No wonder Geithner has been hopping all over Europe begging and cajoling leaders to put together a massive bailout of troubled banks. His worst nightmare is Eurozone bank defaults leading to the collapse of the large U.S. banks who have been happily selling default insurance on European banks since the crisis began.

Helluva deal. Taxpayers take the risk, the 0.1% take the profits.

...and blame sick people for the financial crisis. According to our corporate leaders at the the WEF it seems, "culling" the human herd and getting rid of the old and sick will get us back on financial track.

This is all coming to a head, it looks like Greece is going to explode as millions take to the streets

EdJoyceRadio: RT @MachahirNews: BREAKING: The General Confederation of Greek Trade (Esee) said that over 99% of shops & small businesses closed in today's strike. #Greece
Wednesday, October 19, 2011 10:36:02 AM

MachahirNews: BREAKING: There are reports of extensive clashes outside the finance ministry, which overlooks #Syntagma Square. #Greece

Wed Oct 19 - 11:42:07 am



Once Greece starts this ball rolling, get ready for it. Say I am fear mongering, but I think the global economy is about to collapse.

I believe there is another thread somewhere on ATS about the guy who predicted the last market crash... I believe his next prediction was 10/24/2011...Talk about being right around the corner.... These are crazy times we're living in, that's for sure...

If you have money in the bank, I think you know what to do with it. If you have stocks as well, the market is plumeting as we speak. Try eating gold or silver. It would be a better investment buying protection (guns and ammo) and food stuffs. I'm just say'n. SO WHERES OBAMA oh great leader? What'cha gonn'a do about this? Greece is about to collapse, along with Spain and Itally, the only one solvent right now are the Germans.......for now....?

This is basically going to be another bailout situation, cleverly disguised for the masses as being for their own good. Derivatives played a direct role in the destruction of America, like a financial atomic bomb. When this is all said and done, and everyone realizes what has happened, they will want blood...But the bankers and politicians will all be long gone, and safely underground.

reply to post by Plotus


Greece is burning at the moment, police getting hit with Molotov Cocktails.....take a look at these pictures.

www.naftemporiki.gr...

Originally posted by JiggyPotamus
This is basically going to be another bailout situation, cleverly disguised for the masses as being for their own good. Derivatives played a direct role in the destruction of America, like a financial atomic bomb. When this is all said and done, and everyone realizes what has happened, they will want blood...But the bankers and politicians will all be long gone, and safely underground.

I dont think all of them will make it underground...Not sure if there is enough room for all those rats...

Remember folks all this "currency" is FAKE!..According to the Constitution this money is fiat currency and is NOT legal tender in the US anyway.

According to the Constitution only the Treasury can coin money and even then it must consist of either REAL precious silver or gold metal.

Originally posted by Pervius
Starting in 2005 Banks started giving mortgages to illegal immigrants.

Around 2008 HUD released a report saying 5 million illegals walked away from their mortgages.

The true number now is around 24 million illegals have walked away from their mortgages. They bought and sold homes between themselves and fled America with mega-Trillions.

Average mortgage $350,000....times 24 million illegals....you do the math.

There's a reason South of the Border is booming and America's going down the hole. We been robbed.

Banks are still giving mortgages to illegal immigrants. Since none of those people had SS numbers or ID's...the Banks can't track the people to get their money back.

No.
This is 100% false.
You cannot get a home loan from a bank without a SS# period.
Try it.
No SS= no credit report= no way for banks to set intrest rates for you.

They would loose money from the start if they did this.
When a debt becomes late, they simply sell the contract for 50% of it's balance and write the deficit off as a loss.

This happens over and over, from company to company, until the last company that buys it for say $10% of the original debt balance writes it off.


There might be a few mortgage companies that would do smaller loans with greencards or visas, but they are not big banks and would not put that much working capital on the street without a way to write off any loss as a tax credit.

I used to sell secondary contracts to finace companies.
The banks are crooked, but they are not stupid.

It's 12:50 Eastern time, and no news of this, Obama's off in la la land doing something irrelevant right now and here's whats happening at Yahoo


Top Stories
Stock Rally Fades Amid European Crisis Fatigue- Breakout

The only thing out of Europe that seems to matter to traders these days is the perception that "progress" is being made, which really qualifies as anything short of outright retreat.

* Stocks flat as investors weigh earnings, housing- AP
* Housing starts jump 15 percent in September- AP
* Protests are a payday for security firms- NY Times
* Violence erupts as 2-day strike shuts down Greece- AP
* Morgan Stanley posts $2.15 billion profit- NY Times
* Stock market volatility: Get used to it- MarketWatch
* Why conservative economists back mortgage modification- Daniel Gross, Y! Finance
* R.I.P., America’s liberal-media elite- MarketWatch
* The Trump Interview: How to Fix the Economy- The Daily Ticker

» View more top stories




Yea, this is all, no mention of any problem going down......... what's that tell you? Somebody's been told to shut up... How long do you think till it's out?

general strike announced in Portugal, general strike in Chile (2nd day)....is it starting?

I assume you are talking about wealthy Middle-Eastern professionals, right?

I worked among the Mexican and Central American immigrant population from 2001 to late 2008, as a social worker, and then as a supervisor. Those people rented, or lived in the urban core's most dangerous and run-down areas. Working miminum wage jobs and taking in roommates to help ends meet.

And they worked HARD, for the most part. Harder than their US Citizen colleagues would even DREAM of workng. Sure, there were a few who were unsavory, but in any group of people there will be, and the slackers and criminals were NOT living in mansions. Mostly they were homeless sofa-hoppers.

$350,000?????!!!!
On what planet??

In the areas where those people lived, the prices are more like $35,000. Yes, 10% of your "average."

Just sayin'....don't blame the wrong people. And they DID pay taxes, as long as they were on payrolls, the taxes were taken out of their checks, just like me, and they submitted returns, just like me.

Yes, they scrimped so they could send USD back home to their starving, wretched families. In that manner, lots of money crossed the border. But it was NOT in the stock market or mortgage defaults.

Those that are illegal status and can't fake their papers might live in $35,000 homes, working 80+ hours a week. Once they can get a house legitimately, they will do much better. There is a reason you see them huddled in a 1 bedroom rathole driving an Escalade. It's not racism, it's practicality. If you can't spend your money on a house, because you can't get approved to buy one due to your status, you buy a car for cash or no questions asked.

Once you have the car, you start building credit on other things, and the illegal part dissapears when your phony ID matches your credit report.

Just because they are illegal, doesn't mean they are broke. It seems your views of the world are jaded, and you don't understand the problem's scope.

Reuters: Rich Illegal Immigrants Hide in the US

Many illegal immigrants in the United States are manual laborers on low wages. But there's another group that attracts much less attention: entrepreneurs who have set up businesses, created jobs and grown affluent.

There are up to 20,000 illegal immigrants earning upward of $100,000 a year as entrepreneurs, and their existence challenges the stereotype that illegal immigrants are a drain on the U.S. economy, according to immigration lawyers and academics.

Many say they are living the "American Dream," but almost none trumpet their achievements because they fear deportation.

One example is a 38-year-old computer engineer who overstayed his visa after arriving from Colombia in 1999. Not long after, he founded a Web design firm in Miami that specializes in e-commerce.

Today it's a fast-growing, tax-paying company that recently developed a Web platform for online radio and television that could be a breakthrough technology.

"We are at a good point now, making money," said the man, who spoke on condition of anonymity because of his immigration status. "We are growing every month because our customers are happy. They are U.S. companies making a lot of money from our Web sites."

But the man is near the end of a long administrative process that will likely lead to his deportation. Then his company would close and workers, including Americans, would be laid off.

"I have always tried to look at things in a positive way but now I am disappointed," he said in a telephone interview.

Michael Bander, a Miami immigration lawyer who has represented the man for six years, said his client's dilemma showed a larger flaw in the immigration system.

In fact, these illegals have laywers. If that's not the most backwards statement I've ever made, I don't know what is!

They have taken every penny of possible profit from the common man, and now they are lining us up against the wall, financially speaking and otherwise...

In this endgame of theirs, the only way they get out alive is to turn the world's armies and peoples against each other in a bloody distraction. It's only a matter of time. Look at the Iranian assassination plot last week. Obvious false flag, yet Obama was still trying to keep the game afoot. The elites who run the world have an amazing plan for this, no doubt.

After the blood has drained to the sea, and humanity's hope is crushed, the bastards will step up to 'save us', starting the cycle anew. I don't know if more evil men have ever existed on the face of the earth. Even Hitler was a pawn to these SOB's. If someone like that is under your control, what does that make you?

ON A LIGHTER NOTE (SORTOF)

I did some calculations on that 75 trillion figure. If that much currency existed in USD, you could make a ribbon of bills end to end (6") that would stretch from the center of the earth to the moon...
...and back, and to the moon, and back, and to the moon and back, and to the moon, and back,and to the moon, and back,and to the moon, and back,and to the moon, and back,and to the moon, and back, and finally to the moon

That's 9 ribbons of dollar bills from the center of the earth to the moon (252,088miles, BTW the furthest distance the moon can get in it's orbit)

Originally posted by jhn7537
Ummm I'm a little confused by this article, can someone please put this into layman's terms for me? This sounds like a big story and I want to understand it, I just cant grasp it on my own.... Thanks!

Here Proximo really did a good job of putting it into perspective, but be warned this might scare the hell out of you as it did me.

Originally posted by proximo

Yes this is correct, and this is why if one of the major banks goes down they all go down, and well the entire economy - because these same banks derivatives are promised to each other. Of course they cannot cover these insane amounts of money if they go under, it's a domino effect. It's these banks version of mutually assured destruction. They literally are threatening to annihilate the worlds economy if they are allowed to fail.

What is clear to me is this was done on purpose to effectively give them the power to get away with anything as long as the derivatives are honored. They made the numbers so large that it meant instant extreme hyperinflation for any government that would try to handle their insolvency.

AIG was bailed out for one reason - they had to be or their derivative exposure would destroy everything. The reason those AIG executives were living high on the bailout money is they knew they were untouchable as long as the same system was going to continue.

What needs to happen is all the major banks need to be seized by the government and these derivative contracts they promise to each other need to be destroyed.

People that don't blame wall street for our problems are simply grossly IGNORANT of what they have and are continuing to do. Their actions are blatantly criminal to anyone with common sense.

-Alien

reply to post by sbctinfantry

If you can't spend your money on a house, because you can't get approved to buy one due to your status, you buy a car for cash or no questions asked.

Once you have the car, you start building credit on other things, and the illegal part dissapears when your phony ID matches your credit report.

Just because they are illegal, doesn't mean they are broke. It seems your views of the world are jaded, and you don't understand the problem's scope.

Jaded?? Where did that come from? I said I worked among the struggling Central American immigrants, and that none of them lived in mansions.

And your step-by-step from rathole to Escalade for cash or no questions asked....how does that equal building credit?

I have been present when an acquaintance went out, on a sunny afternoon, to get a fake ID for $10. Took him all of about 2 hours from idea to in-his-hand.

I have seen how HR personnel seem "not to notice" that some SS cards are obviously fake. I have seen bank tellers accept those fake IDs to cash checks.

I have known doctors and attorneys from central america who were working as busboys at Golden Corral.

The point of my earlier post was that it is stereotyping to blame "illegals" in a blanket allegation. What the hell to YOU know from the INSIDE about this population?

Big deal, one guy made a lot of money and has a lawyer (a lawyer? please. Lawyers are at the very bottom of the barrel in many, many cases).

MILLIONS of hardworking people are driving beat up old trucks or cars, or using public transportaion, and are sending money home to starving or ill family members on tiny ranchitos where there is no plumbing or electricity, let alone no computer or cell phone. The "rathole dwellers with Escalades" are a different sector of society, dude, and most of 'em ain't hardworking immigrants. They're drug-dealing thugs. The occasional roofer who has a nice truck and nice boots and a nice western hat is not part of that group either.

"Jaded" my fanny.
Whatever.
Try aware, educated, and experienced.

I'd like to see an end to nationally moderated currency, and this bone headed flim flam ought to just about do it. I'd love to see a monetary system based on labor value. It would be inflation proof since the labor value of certain jobs would be on a bit of a hinge depending on which side of the supply/ demand curve they were on. It'd also acknowledge the root of GDP and encourage a production based economy.

I think this is the very definition of "odious debt", I don't think anyone in power really believes it will be paid back. I have no idea what all this economic turmoil means, if its intentional or not but I know normalicy bias can leave people in a bad spot.

I've been buying canned food and other essentials for a while now and urge others to do the same. Money is a means of exchange and a store of wealth, I don't think thats an illusion. We need to trade with one another in order to survive. These bailouts are destroying our currency and for a little while a different means will be needed for trading. Anyone thats ever been hungry knows theres no replacement for food (you can't eat precious metals) and I believe that will be the most important asset until a new paradigm is created.