Open Letter to Timothy Geithner c/o Obama

Nervie — Thu, 27 Nov 2008 22:56:51 EST

Here is an open letter and 10 cents worth to Timothy Geithner, President of the New York Federal Reserve. Just don’t tell me we are not a corrupt financial bunch.

The amount of money our banks are required to keep in reserve, relative to the amount they are able to loan out, have increased dramatically from 1:15 per actual monetary value to 1:30, and in some cases, even more. Who makes up these rules?

The day before the 9/11/2001 Donald Rumsfeld declared a war on the money waste at the Pentagon and proclaimed it “War on Waste”, armed with stacks of paper work questioning $2.3 trillion, according to Vince Gonzales on a CBS’s “Eye on America” expose. Gonzales said that 2.3 trillion was equivalent to $8,000 for every man, woman and child in America.

Visit this site: http://uk.youtube.com/watch?v=xU4GdHLUHwU

The video will tell you that Jim Minnery of the Defense Department was reassigned when he tried to expose the path of financial allegations at the Pentagon; Franklin C. Spinney, a Dept of Defense analyst, claimed that the numbers for various budgets were “pie in the sky” and never added up. Vice Admiral Jack Shanahan (ret) U.S. Navy asked for oversight in the Pentagon Budget while question $48 billion spent by Pentagon officials. Rumsfeld’s War was interrupted and we have never heard anything more about the escaping billions in the Pentagon’s war chest. Could these same individuals or tactics be what we are witnessing on Wall Street and now affecting Main Street USA?

We have been masking financial chicanery by calling it “derivates”, “subprimes” and “swaps”. In the late 1989’s we called them “junk bonds”. Bush’s new Christian politicians had a baptismal and are calling it them in 2008 “derivatives and swaps”. Neal Bush, his brother, was involved in the savings and loans debacle and so was Jeb of Florida, but the media doesn’t seem to mention this and did Bush before he starts pointing fingers forget the family connection. Dress it up and you call it “Platinum Plungers”, look at the DOW members who are affected by these “pieces of paper”, “High yields” or “risk instruments”,

Bush said unequivocally, the lower middle and poor income Americans are the blame for the catastrophic financial situation affecting the world. Homeowners who exaggerated their incomes, bank accounts, job and credit history purchased brand new homes with escalating interest rates but no money down for the first three to five years (depending on the offering). Mortgage brokers wrote the loans that exaggerated the income, job, bank accounts and credit history of the homeowners. Banks officials accepted the loans that the mortgage brokers wrote that exaggerated the income, job, bank accounts and credit history of the homeowners. Loan bankers took the paper and sold to larger American and foreign banks. These banks in turn bundled these papers as derivatives that the bank officers bundled that were the mortgages of the homeowners. Didn’t anyone notice the sudden rush of individuals and families moving into these brand new developments at unheard of numbers, suspect that something was either “on fire” or “slightly unsual activity” during an economic time that was otherwise relatively flat? Don’t tell me we are not a corrupt financial bunch.

So if these homeowners didn’t have the opportunity to purchase these brand new homes at these extra ordinary rates then, who would have purchased them? Why did the developers build so many units during the time in question and not question how they were going to be able to sell the units? Is there something that the developers knew that the homeowners didn’t know? And didn’t the developers have to find the line of credit to build these huge developments unless they knew that the market was prime for such buyers? So everyone always points their fingers to “the other guy”?

The rest of the world is weaning away from us. We say look north, and the rest of the world knows to look south. We scorched South America and Russia this way which is why they pay attention to our game playing and these people know because we have demoralized their economies and have harmed their financial outlooks. We are not to be trusted.

Using the example of the Philippines, under the guises of spiritually we robbed them materially. We go over to the Islands with the missionaries and ministers and give the natives a few pieces of silver. With the intelligence and knowledge gathered of the area we then send in the business negotiators. We went in demonizing their people, demanding their land and capital resources, militarizing some of their people by providing clothing, shelter, transportation and ensuring that those that we had embraced did in fact deserve more, although the morality and control we held on these chosen few did our bidding and were compensated. This division caused many Filipinos to become jealous, greedy and to fight over market shares.

Don’t tell me we are not a corrupt financial bunch.

Our economic future seems to be unraveling a Ponzi scheme and we may never know the pathetic individuals who started it, because they have liquidated their assets, taken their money out of the situation, and run out of the deal. Meantime, we obviously must know they are the ones who can also afford to buy the economic assets at 10 cents on the dollar, receive tax credits to boot under the guises of “helping to stimulate the economy that they originally destroyed”.

The Byzantine Chronicle leads us to an Asian village where this mad woman is walking the streets. She has in one hand a brassier of burning flaming coals, and on the other hand she has a pale of water. So obviously people are asking her, “What are you doing?” She says that she is burning down heaven and extinguishing hell.

Those that sold the mortgages started toe dancing in 2003 and kept expanding and pretty soon they got to the point that the bankers took the limits off. Now those limits have exponentially raised the bottom line beyond corruption. How do you do this and not arrange security on what you are doing? This is no longer merely just an incident of corruption but has become a deliberate effort to destroy the banking system as we know it. This is a rationalization for privatizing the banking system.

I was reading that in 2004 or right about then, that Obama made a presentation to the owners of the automobile industry. He indicated to them that they should alter their auto planning and reorganize for “green industry”. Industry leaders didn’t listen to the skinny young kid with the dumb name from Chicago Illinois or appreciate him telling them what he recommended that they do. Then 4 years later that same skinny young kid with the funny name is now running the country and they have to come with hat in hand asking for his assistance to keep their companies running. Pride comes before a fall, but they arrived in private Lear jets. So to think that they weren’t paying attention to this guy, they must be putting their heads together now saying,

“It wouldn’t have cost us much to be nice to the kid, who now holds our industry’s future in his hands and the 3.5 million people we represent.” Don’t you believe it was only fair that they should have come with their own plans in their hands instead of expecting to receive a $25 billion dollar check? Yes, you walk into a room with millionaires and billionaires, who hold clout with the industry. They believed they had all the aces and to some extent they do, but they didn’t expect “the no”. They had buffaloed him before and now they have been taken aback. Four years ago he didn’t have the power and permission, but now he is President of the United States. Could Obama, with Pelosi’s help, just be allowing them to stew in their own mess? Well, the odds of Obama at that time having any significant influence were very small and the likelihood of his rising any faster was also unknown. But didn’t anyone tell the industry leaders to pay attention and to set aside their arrogance and down right rudeness. Don’t tell me we are not a corrupt financial bunch.

So, I’d rather see Obama take that $8,000 per every man woman and child and send us a bonus check at tax time and let’s see how fast that kick starts the American economy since no one questioned it in 2001 and then call Rumsfeld back to follow the Pentagon trail and find out who started this financial mess.

Posts with the tag Vince Gonzales

Open Letter to Timothy Geithner c/o Obama