A startling quote from James K. Galbraith

[roxiejules]

via The Tax Justice Network:

from James K. Galbraith's speech at the 5th Annual Dijon Conference, 5/13/11




"you cannot get – not at a meeting sponsored by the International Monetary Fund, not from the participants at the Institute for New Economic Thinking – is any serious discussion of contract law and fraud. I’ve tried, repeatedly. No one will deny, in response to the question, the role that fraud played in the financial debacle. How could they? But they won’t discuss it either."



FRAUD WAS NOT A BUG, BUT A FEATURE.



Read the full speech here: http://www.ruc.dk/fileadmin/assets/isg/02_samarbejde/Kienet/Galbraith_James_-_Keynote_speech.pdf

[chill_wind]

1. K & R.

[truedelphi]

2. Galbraith's statement is absolutely essential to

the situation.

Obama cannot do anything but stay the course he has set. It is in stone. The only way he can not collude with the Repbulcians would be if he could bring himself to admit that he misread the legality of what happened in the Fall of 2008.

How can he turn to the nation and tell the nation that his accomplice in chief, Mr Tim Geithner, was culpable of fraud on the highest levels for his role as Head of the New York Reserve, Fall 2008.

How can Obama explain his support for the Bailouts of that time period? Those Bailouts totalled a mere 700 plus billion. But the worst was the nine to thirty trillion bucks that has been bled from the system by Paulson/Geithenr/Bernanke.

And though the Big Money People state that these "loans" have been paid back, that is simply an equivoction. They were given dollars, and then they paid the government back with "investment papers."

The dubious value of those papoers is simply not discussed in "polite company."

Every single maneuver and manipulation that Geithner had happen back in Fll of 2008 would have cost a mere mortal ten years in the slammer. How would RICO not apply, for pushing Lehman out of the network of government monies, while letting AIG and Goldman in big time?

So better to avoid the topic of fraud. And that makes it easier for the fraud <aka the Stock Market> to continue, as well.

[bvar22]

4. President Obama went "All In" on Geithner ealy in his Presidency.

You are correct,
he can't change his position now without looking like an ass, and sacrificing Political Points.

Heck of a Job, Timmy!




Who will STAND and FIGHT for THIS American Majority?
You will know them by their WORKS,
not by their excuses.

[girl gone mad]

5. How could he not have known?

Let's not forget how he almost single-handedly got TARP passed after it initially went down in flames. He was an active participant in the schemes to rescue these criminals, early on. This is a person who told friends he wanted to be a corporate lawyer if his political career didn't pan out. He's not naive.

[roxiejules]

3. When cheaters prosper....

...we end up with the worst possible system and to call it a free market system is an obscenity.

- William Black