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The Great Con Job – There Is No Money!
Dylan Ratigan Show April 07, 2010
In America today we are getting closer to fully exposing the greatest con and cover-up in this history, it involves our banks, the federal reserve, our congress, and, of course, you and me.
First, though, think of the fed as the godfather in this con.
I’m going to make him an offer you can’t refuse.
The role of “the godfather” played by former chief alan greenspan who appeared before the financial crisis this morning saying he never knew what he helped perpetrate.
The notion that we in any way favored any of them or basically were influenced with respect to policy by what they said other than the facts they gave us, which we always evaluated, I saw no evidence of that in my tenure.
And may not have the favored among the banks because greenspan was working for all of the banks against you.
The bankers, of course, the unrepentant conmen being supported by the federal reserve.
Remember that sting experience, how good you felt?
So good, getting that money for free.
Getting away with it.
Here’s how the con went down.
The bankers were operating under an implicit guarantee from the godfather, the federal reserve, in the form of guaranteed interest rates, guaranteed cheap money exclusively for the con men.
Then, chairman greenspan, the godfather, would agree to hold those rates — let’s say 2% — for as far as the eye could see.
The banks, or bankers, the con men, would borrow that money from the federal reserve, let’s say 2%, and turn around and lend it back tour, and let’s say 6%.
That encouraged the patsies, you and me, to be drawn into the con because 6% looks like a pretty low rate.
Low rates for houses, low rates for cars.
Heck, you could join a health club, make that into payments, turn that into bonds, and of course promises of a higher-than-average return for those managing teachers and policemens and judge’s pension funds that are buying into the con as well.
And here exactly is where the con comes in.
As you and I both know, the banks had no money.
They were getting it from the federal reserve, which is us.
It’s funny money.
They had no capital to back up their lending.
But that did not matter because they also had no risk in the lending.
Get the lending paid off, they win.
And they won big when they did that because they did it with leverage.
Top manhattan executives alone paid themselves $121 billion in bonuses over the first part of the decade.
Now, mind you, when the bank loans failed, they knew they were too big to fail.
So the rest of us, you and me, would have to bail them out.
Ignorant electorate, if you will, the patsies who had no idea, and really still don’t, understand how badly they are being conned by our government and our banks.
Once the banks, however, realized there was no losing, the question was, how do we make the con bigger?
How do we get more money through this crazy machine so we can get richer?
The question — or the answer, i should say, is simple, make more loans, more credit card loans.
Think of all the credit card applications sent to you over the last ten years.
More car loans.
It wasn’t the cars, it bafs because they were running a financing scheme.
Home loans, you know the narrative.
The person most hurt by this con, the home buyers, teacher, pensioners suckered in by the bait of low credit and high returns in exchange of buying worthless toxic assets manufactured by the bankers, and that’s why your pension fund was wiped out and the interest on your savings till this day remains around zero in you’re a retiree you know what I’m talking about.
It’s also why you’re now drown failing a mortgage on a house that’s worth far less than you owe because the bankers were happy to lend you money they did not have to drive up the price of that house because they knew the more loans the better, but no downside for them, so what’s next?
Higher taxes for us, higher interest rates for us to pay for the bailouts while our government that was theoretically elected by us refuses to cover the stolen money by the con men or fix the system that allows them to continue to perpetrate the con against you and me.
The current financial reform legislation proposed by our government would give the godfather, the federal reserve in this case, even more power to regulate the game, the conmen represent by the wall street bankers of course giving our congress the cust action, $344 million so far lobbying against the bill.
Second only to health care earnings we saw how well it worked out for special interests on health care.
Guaranteed customer with no reform.
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