Matt Taibbi on a Government "Shadow Budget" that benefits Wall Street

[HolyCity2012]

Run time: 06:25 https://www.youtube.com/watch?v=j5Qkbk76-QY   Posted on YouTube: April 16, 2011 By YouTube Member: TYTInterviews Views on YouTube: 4192   Posted on DU: April 17, 2011 By DU Member: HolyCity2012 Views on DU: 2012

 
MSNBC Host Cenk Uygur speaks with Rolling Stone Contributing Editor Matt Taibbi on a government "Shadow Budget" that benefited Wall Street
__________
The Real Housewives of Wall Street
Why is the Federal Reserve forking over $220 million in bailout money to the wives of two Morgan Stanley bigwigs?

Most Americans know about that budget. What they don't know is that there is another budget of roughly equal heft, traditionally maintained in complete secrecy. After the financial crash of 2008, it grew to monstrous dimensions, as the government attempted to unfreeze the credit markets by handing out trillions to banks and hedge funds. And thanks to a whole galaxy of obscure, acronym-laden bailout programs, it eventually rivaled the "official" budget in size — a huge roaring river of cash flowing out of the Federal Reserve to destinations neither chosen by the president nor reviewed by Congress, but instead handed out by fiat by unelected Fed officials using a seemingly nonsensical and apparently unknowable methodology.

http://readersupportednews.org/off-site-opinion-section/72-72/5564-americas-shadow-budget

[civilisation]

1. clearly there are thieves running the banking systems,.

and they are working with elected government officials to steal all they can,. the monetary system itself is too broken to fix,. and democracy is as well. We need a major redesign of the whole social set-up we live in,. with out this we are doomed to be slaves working for the enrichment of a few sociopathic greed whores who somehow continue to get away with murder.

[libodem]

2. Turn over a few rocks

And you will find some really creepy stuff. Bad things happen under cover of darkness. Gives them another reason to screech about the 'liberal' media.

[lib2DaBone]

3. I have this horrible sinking feeling.... $33 Trillion in derivatives are coming due...

These Wall Street grifters and their Republican stooges know that $33 Trillion is coming due, and no amount of money in the world can pay off this bogus paper.

TARP and the taxpayers bought them a litle time, and they are using it to steal the lifeboats and emergency rations.

I think this is what is happening (the motive behind the latest asset-stripping by Paul Ryan and the Repukes..) is that they know the ship is going down. They are going to steal as much as possible before they bug out to their shelter (hideouts) in the Cayman Islands and the Bahamas.

I am probably wrong.. but it sure doesn't look good... :shrug:

[Marblehead]

4. There is no way ..

They could cut all social services and it wouldn't matter, there is no way to pay off the derivative debt, just say no!

[truedelphi]

6. Many of the real experts are expecting a big time crisis to hit us in June.

Possibility is because of the huge spike in speculative maneuvers such that oil could hit $ 200 a barrel.

And also, these derivative thing-ees coming due.

And the same people that fear this happening - some of them believe that there are over a quadrillion dollars worth of derivative and other losses on the books.

[indepat]

7. Like I, hopefully you too are just a nattering nabob of negativism

:thumbsup: :patriot:

[Amonester]

5. Worse than a MASSIVE Ponzi $cheme.

That's where that stupid Supply Side(TM) raygun BS is leading this total capitalist nonsense.

Now, will all the corrupt pols start doing what they should have been doing to prevent it?

Why do I doubt it?

[ThomCat]

8. I truly believe that having the central bank

owned by the private banks means that the central bank exists to serve their interests.

The Fed does not exist to serve the needs or the best interests of the United States. It doesn't serve the best interests of either the Federal government or the people of the United States. Nor does it care about the well-being of state or municipal governments within the United States.

This is because the Fed is not required by law to care about the United States in any way, shape, or form. They have power and authority, but no built in restraints, duties, or responsibilities concerning all of us.

Their only legal responsibility is to those who own them, and that is the major banks, and the stockholders of those major banks. So the Fed will always act in the best interest of Wall Street.

I truly believe the only answer is to privatize the Fed. The Fed needs to stop being a private bank, owned and controlled by Wall Street, and needs to become a Government Agency controlled by Congress.

The constitution said that the coining of money and the control of money was to be in the hands of Congress.

Most of our founding fathers fought hard and firm Against having a private central bank in this country.

Our strongest and most honored Presidents fought all efforts to have a private central bank established in this country.

It's time to undo this 100 year mistake and go take back control from the private banks. Every financial disaster we have faced as been the result of deliberate failures at the Fed. Failures to police banking where they should have and needed to, even though their stated duty is supposed to be to regulate the value of money to prevent economic shocks. They have deliberately expanded and contracted the availability of money is ways that benefited big business but Only helped big business, with no concern for how the masses would be affected. These deliberate failures, from which wall street always profited, will not end as long as Wall Street owns and controls the Fed!

[mmonk]

10. It already is partially private.

Referencing your quote "I truly believe the only answer is to privatize the Fed." I'm a little confused over the quote. How would that help?

[ThomCat]

13. Sorry that was a typo

I wasn't in time to correct, but I thought the context made it clear that I meant to say Nationalize the Fed. It's time to take the Fed away from the private banks and return it to the government.

The Fed is not Partially private, as you say. It is 100% fully private, 100% fully owned and operated by wall street banks. The Federal Government can propose the head of the Fed, from among those approved by the big banks, and then has no authority to influence whatever that person does at the Fed on behalf of the banks.

[mmonk]

15. Thanks. That was what was confusing me because the rest made sense.

[HolyCity2012]

9. M.Taibbi, E.Spitzer, A.Cooper, Goldman Sachs are above the law

Matt Taibbi "Justice Department Has No Appetite To Take ANY Cases Against Wall Street Executives"

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x574569

[midnight]

11. Yenk zeros in on the most important aspect about

Federal Reserve: Free money for securities.

In the past,Treasury, had to come to congress to get approval for money lending. But after that wonderful new financial rules to save us from this Tarp bail out fiasco were put into place, It was written Congress never, ever, ever, ever, has to approve this free money ever again.... Chaos has advantages..

[2banon]

12. Can you imagine Matt Taibbi and Jeremy Scahill working on investigtation together?

These two are one of the finest investigative reporters in current times.. I'm amazed they're both still breathing. I'm really glad they are, i'm a bit surprised frankly that Taibbi and his reporting is getting this level of notice, face and air time at least on cable. I wonder how much if any on network evening/morning news. And I don't think National Pentagon Radio has either one on ever. But I'd be deligthted to be corrected on this point. It will be interesting to see just how far Congress Critters will go to demand prosecutions, I believe they have some power in that respect on paper anyway.

[democracy1st]

14. exactly I'm getting ready to pick up Matt's book soon,looking forward to the read. ESPN

was talking about Matt story on wall st in comparison to the Barry Bonds case just recently. The gov spent 5 times more on the Bonds trial than they did on the 911 investigation.

[2banon]

16. How much did the Justice Dept spend on Martha Stewart's prosecution?

Lies about justification for Iraq Invasion, Oil Spills, etc etc not so much

9/11 ? fuggetabout it..

And we dare hope that the Justice Dept will go after the banksters, Wall Street, SEC, and the whole of the them? ha ha. never happen.

They're only capable of going after a few witless wealthy wanna be's for "lying" about prostitution or steroids.

what a bunch of corrupt thugs.