Economy

(OregonLive) – Oregon budget stands at precarious crossroad

Oregon government stands at the edge of a financial chasm as precarious as any in its 151-year history, hemmed in by the global recession, questionable spending decisions and a budget-draining combo of skyrocketing expenses and sluggish growth. Read More Here

(HumanEvents) – America’s Economic Hari-Kari – Ted Nugent

Anyone with a lick of common sense will tell you that when you are in a hole, you need to quit digging. Continuing to dig will only create a larger problem. Do schools teach this?

Even President Obama’s national debt commission recently told him that his continuing spending orgy is digging America into a gigantic fiscal hole. Read More Here

(DailyBell) – Ellen Brown on Debt Money, Why Money is Collapsing and Why Central Banks Need Adult Supervision – Read More Here

(AJC) – Research firm: 5,200 restaurants closed in the U.S. this spring – Read More Here

(Telegraph) – Obama signs a bill that lets banks have US over a barrel once more

Last week, President Obama signed into law the Dodd-Frank Wall Street Reform bill – hailed as the most sweeping overhaul of US financial regulation since the 1930s. Read More Here

(RussiaToday) – Video: Keiser Report №61 – Markets! Finance! Scandal!

This time Max Keiser and co-host, Stacy Herbert, look at the latest scandals of deficit fraud, Hank Paulson’s love of financial reform and the RIAA’s very low return bullying. In the second half of the show, Max talks to Ben Davies of Hinde Capital about the BIS gold swaps and more. – Video Link Here

(RealNews) – Video: PLUNDER – THE CRIME OF OUR TIME

Danny Schechter on the financial crisis and Wall Street as a crime narrative Continue reading

Video: The Food Bubble – How Wall Street Starved Millions and Got Away With It – Amy Goodman

(DemocracyNow) – While Goldman Sachs agreed to pay $550 million to resolve a civil fraud lawsuit filed by the SEC, Goldman has not been held accountable for many of its other questionable investment practices. A new article in Harper’s Magazine examines the role Goldman played in the food crisis of 2008 when the ranks of the world’s hungry increased by 250 million. We speak to Harper’s contributing editor Frederick Kaufman. Video Link Here

War, Politics and the Economic Crisis: Why We Barely Know What’s Going On – Danny Schechter

(GlobalResearch) – Defending America covertly has become an ongoing theme for one more TV series. Salute the flag and praise NBC (GE) for its latest effort to persuade the population to accept the kind of secret operations that now drive the war in Afghanistan. Their latest show is called “Covert Affairs” and airs on the patriotically named USA Network.

This fiction is based on faction, glamorizing the work of our unaccountable CIA at home and at war with Piper Perabo who has been promoted from dancing barmaid in Coyote Ugly into a CIA trainee “who is suddenly thrust into the inner sanctum of the agency after being promoted to field operative.”

The dumbed down formula is tried and true , showcasing what TV pros call “the three S’s:” Sex, Spies, and Sensationalism. Continue reading

Deepwater Horizon and Global Financial Meltdown: Each Mirrors The Other

(OfTwoMinds) – The explosion of Deepwater Horizon and the collapse of Lehman Brothers share similar characteristics of risk, denial and coverup. My good friend G.F.B. recently observed that the Deepwater Horizon catastrophe uncannily mirrors the global financial meltdown that was triggered by the September, 2008 collapse of Lehman Brothers.

G.F.B. suggested that the Deepwater Horizon fiasco mirrored the global financial meltdown, almost as if it were a physical manifestation of the same hubris, denial of risk, manipulation and misinformation which collapsed the global financial house of cards. Continue reading

Chairman of Goldman Sachs International Was – Until Last Year – Also Chairman of BP

(WashingtonsBlog) – Janine Wedel has written extensively on how the “shadow elite” rule the world and about the “flexians” – the movers and shakers of the shadow elite who glide across borders, and structure overlapping (and not fully revealed) roles in government, business, media, and think tanks to serve their own agendas.

Wedel says that flexians wear many hats both within and outside of government, and use their networks of contacts to influence policy – are warping our democracy and the rule of law. Continue reading

Economy

(YahooTechTicker) – REMEMBER: In 1930, They Didn’t Know It Was “The Great Depression” Yet

In the past year, we’ve written a lot about the similarity between the rally of early 1930 and the one we had through April of this year.

The early 1930 rally came after the market had fallen nearly 50% in the fall of 1929. The spring 1930 rally took the market up nearly 50% again, to a level that was only about 20% below the previous peak.

That rally, of course, was also the biggest sucker’s rally in history. After the market peaked in April 1930, it crashed again, eventually ending up down 89% from the 1929 high and more than 80% from the 1930 high. The market did not reach the 1930 high again for another quarter of a century. Read More Here

(HuffingtonPost) – Long-Term Unemployed Now 46 Percent Of Unemployed, Highest Percentage On Record

The proportion of people jobless for six months or more has accelerated in the past year and now makes up 46 percent of the unemployed. That’s the highest percentage on records dating to 1948. By late summer or early fall, they are expected to make up half of all jobless Americans. Read More Here

(InfoClearingHouse) – Europe Chooses Depression – Mike Whitney

Forget about a smooth recovery. Finance ministers and central bank governors of the G-20, met this weekend in Busan, South Korea and decided to abandon “tried and true” expansionary fiscal policies for their own strange brew of belt-tightening policies and austerity measures. Read More Here

(EuroPacificCapital) – Key Indicators of a New Depression

With the mainstream media focusing on the country’s leveling unemployment rate, improving retail sales, and nascent housing recovery, one might think that the US government has successfully navigated the economy through recession and growth has returned. But I will argue that a look under the proverbial hood reveals a very different picture. I believe the data shows that the US economy is badly damaged, and a modern-day depression has begun. In fact, just as World War I was originally called The Great War (and was retroactively renamed after World War II), Peter Schiff has said that one day the world will refer to the 1929-41 era as Great Depression I, and the current period as Great Depression II. Read More Here

(Bloomberg) – U.S.’s $13 Trillion Debt Poised to Overtake GDP: Chart of Day – Read More Here

(AP) – Financial crisis panel subpoenas Goldman

A panel probing the causes of the financial meltdown has issued a subpoena for documents from Goldman Sachs Group Inc., accusing the firm of stonewalling an investigation. Read More Here

(PaulWatson) – Investment Banker: It’s Going To Get Nasty – Buy Land, Barbed Wire And Guns

A top investment banker has warned that the economic fallout of the sovereign debt crisis could get so nasty over the next five years that people would be wise to abandon the markets and instead buy land, barbed wire and guns.

With gold smashing through its all time record high this morning on the back of fears over a double dip recession, analysts are turning increasingly bearish on the markets. Anthony Fry, senior managing director at Evercore Partners, told CNBC that the bond markets could turn nasty over the next few months and said that the current problems created by the European debt crisis could be with us for at least five years. Continue reading

Economy

(ZeroHedge) – The WSJ’s Hit Piece On Gold – Tyler Durden – Read More Here

(GoldScents) – ENDING PHASE?

I have to wonder, are we entering the ending phase of this cyclical bull?

For sometime now I’ve noticed the similarities between the `02-`07 cyclical bull and what we’ve experienced since March of last year. The one difference is that this time we’ve truncated the middle phase of the bull. I suspect that was a direct result of the massive liquidity Bernanke … and all central banks have pumped into the system. Read More Here

(InterForecaster) – Deflationary Depression and Purging To Come – Bob Chapman

We believe an inflationary depression began in February of 2009, and little has changed. Since then factory output has increased, as have inventories and other outward signs, such as retail sales. We believe that one-year spurt is ending, unless a new stimulus program is put in place. This past week we saw a $78 billion addition to unemployment benefits and Larry Summers has said they need an additional $200 billion. In order to keep the economy going sideways a total of another $800 billion will be needed. Read More Here

(KUT) – State Business Tax Receipts Down

RJ DeSilva with the State Comptroller’s Office says new figures show a ten percent decline from last year. Read More Here

(TimesOnline) – UK Welfare State = Family Breakdown, Emasculated Men – Read More Here

(WSWS) – Europe’s media warn of global social unrest – Read More Here

(ClickOrlando) – Want Ad: Unemployed Need Not Apply

Job hunters are facing a new trend: businesses asking recruitment companies to keep unemployed people out of their job pools. Read More Here

REPOST – (RawStory) – Goldman Sachs sold $250 million of BP stock before spill

Firm’s stock sale nearly twice as large as any other institution; Represented 44 percent of total BP investment Read More Here

(CityWire) – Why Rothschilds is piling into gold – Read More Here

(Money&Markets) – RED ALERT: Get out of vulnerable stocks IMMEDIATELY!

You don’t have much time.

A Dow meltdown is imminent, and if you want to protect yourself from losses, it’s time to get out of the vulnerable stocks in your portfolio — immediately. In this special edition, I will explain why. Read More Here

(BizJournals) – Hawaii bankruptcy filings up 34.4% – Read More Here

(Telegraph) – EU plans green taxes to cut debt – Read More Here

Vampire Bankers, Mr. Heinz Ketchup, John Kerry and the Payback Machine

(SmokingMirrors) – Dog Poet Transmitting…….

Money is retracting, like a Kung Fu master pulling in his testicles before a serious fight. (Accidental rhyming alert) did the money take off on its own, for parts unknown? Did the money disintegrate due to a lack of substance based on substance? Did the money change its name and go into the witless protection act? Actually, it’s none of the above. The bankers, who printed the money out of thin air, have taken the money out of circulation, except to shuttle it back and forth between each other and to conceal a large portion in order to buy compliance from the soon to be rampaging mobs looking to perform a Vlad the Impaler on their sorry, flaccid asses. Continue reading

Video: Satan is going on vacation and needs a replacement

WARNING – Explicit Content

Satan is going on vacation and needs a replacement. Candidates for the job include Scott Silverman from Positive ID, Verichip , Raytheon , Monsanto and Goldman Sachs.

An Updated List of Goldman Sachs Ties to the Obama Government Including Elena Kagan

(FireDogLake) – This essay shows the pervasive influence of Goldman Sachs and its units (like the Goldman-Robert Rubin-funded Hamilton Project embedded in the Brookings Institution) in the Obama government. These names are in addition to those compiled on an older such list and published here at FDL. In the future, I will combine the names here and those on the earlier article but I urge readers to look at the earlier list too (links below). Combined, this is the largest and most comprehensive list of such ties yet published. Read More Here

Video: Council On Foreign Relations Propaganda

(Infowars) – The Council on Foreign Relations (CFR) is an invitation only membershipgroup made up of about 4000 people that comprise what many observers consider to bethe shadow government of America. The CFR is more than a ‘think tank’, it is a network of elitists that control America by creating policies, laws, financial alliances and monopolies. This new video, starring such diverse personalities as Angelina Jolie and Zbigniew Brzezinski, promotes the CFR as a wonderful place where people meet to discuss policy, thus giving the impression that all points of view are represented and implemented with the public’s best interests at heart. Continue reading

Economy

(CNBC) – Video: Jim Rogers, Stock Plunge is Just the Beginning! – Video Link Here

(EconomicPolicyJournal) – Fed Set to Go Nuke to Help Bailout Europe

Needless to say this is complete and utter madness. It is extremely inflationary on a global scale.What’s more, outside of banksters, no one in America will benefit from this move. Every one in America will suffer from the ultimate inflationary consequences. Read More Here

(WashingtonTimes) – Stock market time bomb?

Even the world’s most savvy stock-market giants (e.g., Warren E. Buffett) have warned over the past decade that derivatives are the fiscal equivalent of a weapon of mass destruction (WMD) – potentially lethal. Read More Here

(InfoClearingHouse) – Was the Market Pushed? – Danny Schechter

The Wall Street Journal headline on the day after we almost lost the U.S. stock market reported that the wise men on the Street were “baffled” by the big drop Thursday. The Financial Times called the event “Shambolic” as if only a shaman can decode it. Read More Here

(ZNet) – Can the Euro be Saved? – Joseph Stiglitz

The Greek financial crisis has put the very survival of the euro at stake. At the euro’s creation, many worried about its long-run viability. When everything went well, these worries were forgotten. But the question of how adjustments would be made if part of the eurozone were hit by a strong adverse shock lingered. Fixing the exchange rate and delegating monetary policy to the European Central Bank eliminated two primary means by which national governments stimulate their economies to avoid recession. What could replace them? Read More Here

(GlobalResearch) – The Second Wave of the Financial Tsunami – Matthias Chang

I wrote on 23rd November 2009:
“The wave is gathering force and is most likely to hit the global economy between the first and second quarter of 2010. Count on it… The US economy will be spiraling out of control in the coming months and will reach a critical point by the end of the 1st quarter 2010 and implode by the 2nd quarter.” Read More Here

(InternationalForecaster) – Sovereign Debt Crisis: Washington Complicit in Massive Financial Fraud on Wall Street – Bob Chapman

It was 7 years ago we said Fannie Mae and Freddie Mac were bankrupt. Most everyone within the beltway knew it, but no one would say anything about it. This as it now turns out they were the poster companies, which led to sovereign debt problems, but also showed that they were involved in massive fraud over several years and many in Washington knew it. Earnings were fabricated in order to create conditions, so that the officers could collect millions of dollars in bonuses. Part of this scam was engineered by Goldman Sachs, which pushed more than $100 million in earnings into future years. Earnings were structured so that they justified larger payouts for executives. Read More Here

(InfoClearingHouse) – Shadow Inventory – A “Lost Decade” Ahead For Housing – Mike Whitney

In its effort to rescue the housing market, the Obama administration has created a Frankensystem which neither allows the market to clear nor solves the intractable social problems of lost equity and foreclosure. Read More Here

(ABCNews) – $18M Being Spent to Redesign Recovery.gov Web Site

For those concerned about stimulus spending, the General Services Administration sends word tonight that $18 million in additional funds are being spent to redesign the Recovery.gov Web site. Read More Here

(WashingtonsBlog) – Americans Have Been Bailing Out Foreign Banks for Years … And We’re Getting Ready To Do It Again

As the Wall Street Journal points out, the Federal Reserve might open up its “swap lines” again to bail out the Europeans: Read More Here

(AFP) – Britain says it will not back European bailout fund

Britain said on Sunday that it will refuse to underwrite a European Union bailout fund worth some 60 billion euros that finance ministers want to agree at emergency talks in Brussels. Read More Here

(BullFax) – Goodbye, stimulus. Hello, state budget cuts

Think states have made deep spending cuts? You ain’t seen nothing yet. Read More Here

(NoWorldSystem) – Video: Bilderberg Manipulated Stock Market Crash

Many theories have sprung up in regards to what exactly happened on Thursday that would cause a 1,000 point drop in the DOW. Some say that it was a computer or human error that caused the trillion-dollar collapse, but few have theorized the possibility of an engineered collapse that would purposefully create more instability in the United States.

Here’s CNBC’s Maria Bartiromo calling the crash in the DOW a manipulated event.

“That is ridiculous”, Bartiromo replied. “I mean this really sounds like market manipulation to me. This is outrageous.”Video Link Here

(Telegraph) – British taxpayers ordered to bail out euro

Britain faces paying out billions of pounds under a European Union deal intended to prevent another financial crisis like the one in Greece. Read More Here

(CharlieVLog) – Video: JOBS SCAM – Quick -We Need Some Good News – View Video Here

(CharlieVLog) – Video: Time Is Running Out

(Solari) – The Biggest 2010 Health Care Act Change You Never Heard About – Catherine Austin Fitts Blog

Is the goal to so overload small business with compliance costs that you put them out of business? We think so. They will not succeed, but add this to a long list of economic hits from Washington in 2010. Read More Here

(Reuters) – 39 pct of Greeks plan to take part in protests-poll

A large majority of Greeks oppose austerity measures agreed by the government in exchange for financial aid and 39 percent say they are ready to participate in protests against the cuts, a poll showed on Saturday. Read More Here

(VisionVictoryVlog) – Video: Breaking News! Greekman Brothers Moment, Shady Reporting by the BLS exposed, and the Dow Jones Continue reading

Top Recipient of Political Cash from BP, Goldman Sachs, Defense Contractors AND Healthcare Giants: Barack Obama

(WashingtonsBlog) – Politico reports:

BP and its employees have given more than $3.5 million to federal candidates over the past 20 years, with the largest chunk of their money going to Obama, according to the Center for Responsive Politics.

Obama also had the most political contributions from Goldman Sachs in 2008 of all senators. And Goldman gave more to Obama than any other presidential candidate, and was Obama’s second-largest contributor.

In addition, Obama was the top congressional recipient of defense industry contributions for the 2008 election cycle. See this, this and this.

Obama was also the top recipient of money from the healthcare giants in the presidential election.

Economy

(May 4) – Video: Greg Palast Tells How The IMF Set-Up Iceland & Greece on Alex Jones Tv – Part 1 HerePart 2

(CNNMoney) – More than 80% of school districts to cut jobs – Read More Here

(LATimes) – Plunge in state revenue dashes hopes of an easy budget fix

Legislators were hoping revenue would continue to exceed projections, forestalling deeper cuts and further tax hikes. But April’s total was 30% below what was expected, leaving them with few options. Read More Here

(MyBudget360) – Middle class getting pushed into poverty and working poor status – The cloaked recovery for the middle class. How 30 percent of the poor are unemployed

Over 6.5 million of the 15 million unemployed Americans have been out of work for 27 weeks or more. As a percent, this is the highest number of long-term unemployed we have had since the Great Depression. Read More Here

(LRC) – The Rich Continue To Use Government To Cut Out Their Competition – Read More Here

(Guardian) – Greek protesters storm the Acropolis

World markets plunge over fears that Greece’s economic crisis will spread to other countries despite austerity measures Read More Here

(Taragana) – Goldman Sachs pays $450K to regulators who say it violated stock short-selling rule

The case involving Goldman’s stock-trading business is unrelated to the SEC’s civil fraud charges filed against the firm last month over mortgage securities transactions it arranged. Goldman has denied the allegations in that case and said it will contest the charges in court Read More Here

(InfoClearingHouse) – Bernanke’s Biggest Bailout – Mike Whitney

The right-wing think-tank, the American Enterprise Institute, is helping the Federal Reserve to develop a strategy to transfer $1.25 trillion in toxic mortgage-backed securities (MBS) and non performing loans onto the public’s balance sheet. Although it’s unknown whether Fed chair Ben Bernanke will act on the AEI’s recommendations, it does show that the Fed’s Quantitative Easing program (QE)–which moved the bulk of garbage assets from the banks to the Fed’s balance sheet–poses long-term problems that will need to be addressed. Bernanke never intended to keep these assets any longer than necessary. Now he is actively exploring options for getting rid of them. Read More Here

(WSJ) – Congress Members Bet on Fall in Stocks

Some members of Congress made risky bets with their own money that U.S. stocks or bonds would fall during the financial crisis, a Wall Street Journal analysis of congressional disclosures shows. Read More Here

(AmericanThinker) – The Dollar’s Inevitable Demise

In its first midsession review, the White House Office of Management and Budget estimated that at the end of 2010, the national debt will breach the $14-trillion mark. This means that America’s sovereign debt will be soon equal to the annual output of our economy. In other words, our national debt will shortly reach 100 percent of GDP. History and experience show that most governments that assume such levels of debt are ultimately not able to contain them. In most cases, this kind of situation eventually leads to the disintegration of the country’s monetary regime and the collapse of its currency. Read More Here

(ForexCrunch) – Rumor: Spain will ask for 280 billion euros of aid money – Euro plunges

A rumor that Spain will ask for 280 billion euros of aid money in order to deal with its debt is running in the past few hours in trade rooms. This is what’s bringing down the Euro. Read More Here

(Bloomberg) – Video: Marc Faber on Bloomberg – China’s Economy May Crash in Next 12 Months

Marc Faber, publisher of the Gloom, Boom & Doom report, talks with Bloomberg’s Haslinda Amin about the outlook for China’s economy. Faber, speaking from Hong Kong, also discusses Greece’s debt crisis and the euro, the commodities market, and the implications of political unrest in Thailand for the nation’s economy and stock market. View Video Here

Surprise! Obama Was Top Recipient of BP Donations in 2008

Of course the $71,000 Obama received from BP is chump change compared to what he got from Goldman Sachs, so don’t expect him to be returning any of it. Nor should you expect any of his media lapdogs to mention his BP connection. Read More Here

(BusinessInsider) – Guess Who’s Paying For The Greece Bailout? That’s Right — YOU

The bailout outrages never stop.

Of the 110-billion Euro Greece bailout, 30-billion (approx $40 billion) will be paid for by the IMF. Read More Here

(PRNewsWire) – Bottoms Down: Hotel Profits Decline Record 35.4 Percent According to PKF Report

According to survey results in the recently released Trends® in the Hotel Industry report issued by PKF Hospitality Research (PKF-HR), the average U.S. hotel suffered a 35.4 decline in profits in 2009. This is the greatest annual fall-off in the bottom line since PKF-HR began tracking the industry in the 1930s. Read More Here

(RussiaToday) – Video: Keiser Report meets Schiff Report

This time Max Keiser and co-host, Stacy Herbert, look at the scandals of President Bill Clinton’s skepticism on Goldman charges; the TARP watchdog’s handcuffs for Timmy Geithner; and the continuing ‘ratings surveillance’ payments to credit rating agencies for defaulted CDOs too complicated to unwind. In the second half of the show, Max interviews Peter Schiff, who is running for the Republican nomination for US Senate for Connecticut, about debating Greenspan, revaluing yuan and regulating that which is already illegal. View Video Here

(Fox) – Video: Freedom Watch – Rising Awareness On Rising Debt

A new campaign to defeat the debt puts the issue on the forefront Continue reading

Economy

(AU) – Housing market will implode, warns Edward Chancellor

AUSTRALIA is in the midst of an unsustainable housing bubble that could burst at any time, warns the man who predicted the global credit bust of 2007. Read More Here

(DailyFinance) – FDIC Shuts Seven More Banks at a Cost of Over $7 Billion

The Federal Deposit Insurance Corporation closed seven more banks on Apr. 30, bringing the total to 64 for the year. The day was particularly expensive, costing the agency just over $7 billion. Read More Here

(Telegraph) – Radical tax on debt put to parties

Households should pay a new tax on every pound of debt they owe, according to one of Britain’s leading economists. Read More Here

(BusinessInsider) – Find Out How Much The Greek Bailout Is Costing YOU – Read More Here

(GlobalResearch) – The Criminalization of Wall Street: Will Any Exec at Goldman Sachs Go to Jail? – Danny Schechter

Will Goldman survive the assault? Will the threat of criminal charges being pursued against the world’s leading investment bank spill over onto others on Wall Street? Is the criminalization of the crisis underway, or is all this just a maneuver? Read More Here

(InfoClearingHouse) – The Subprime Conspiracy: Was There A Plan to Blow Up The Economy? – Mike Whitney

Many people now believe that the financial crisis was not an accident. They think that the Bush administration and the Fed knew what Wall Street was up to and provided their support. This isn’t as far fetched as it sounds. Read More Here

(Reuters) – Morgan Stanley fined $14 mln for hidden block oil trade

U.S. futures regulators fined Morgan Stanley (MS.N) $14 million for failing to report a big block oil trade and fined Moore Capital $25 million for attempting to manipulate palladium and platinum futures. Read More Here

(TheState) – Bartering up as economy down

Bartering, trading goods or services rather than charging cash, is an ancient practice. But it has gained popularity during the economic meltdown that left many short on cash but rich in talent or treasures. Read More Here

(BusinessInsider) – David Kotok: $12.5 Billion Is Just The Start Of The Oil Cleanup Costs, And A Double-Dip Is Now Way More Likely

David Kotok of Cumberland Advisors is out with some very gloomy comments about the economic ramifications of the Deepwater Horizon oil spill, and what it will cost. First he notes the ugliest case scenario:

This spew stoppage takes longer to reach a full closure; the subsequent cleanup may take a decade. The Gulf becomes a damaged sea for a generation. The oil slick leaks beyond the western Florida coast, enters the Gulfstream and reaches the eastern coast of the United States and beyond. Use your imagination for the rest of the damage. Monetary cost is now measured in the many hundreds of billions of dollars.

As for numbers: Read More Here

(WebOfDebt) – Hollywood and The Rigging of Financial Markets – Ellen Brown

Betting on the Gross Profits of Upcoming Movies Read More Here

(HuffingtonPost) – Video: Warren Buffett – Nothing ‘Unique’ About Goldman Sachs Deal Targeted By The SEC

In two interviews this morning, Warren Buffett reiterated his support for Goldman Sachs in the wake of the SEC’s civil fraud charges levied against the bank. Read More Here

Economy

(Bloomberg) – US Households Lost $100,000 From Crisis, Study Says

The financial crisis and recession cost US households an average of about $100,000 in lost wealth and income, according to a study by former Treasury Department economist Phillip Swagel. Read More Here

(InternationalForecaster) – Global Financial Conflagration: The World of Fiat Money is Buckling under the Pressure of Unpayable Debts – Bob Chapman

America and the world face a financial conflagration of immense proportions. The world of fiat money and massive credit is buckling under the pressure of unpayable debt. Each day the safe haven of gold and silver related assets become more attractive. We ask where else do you go for safety? A conflagration is a fire out of control and that is exactly the conditions the world faces today. The inflationary depression has smoldered for 14 months and it will soon accelerate. Read More Here

(IPSNews) – U.S. States Consider Starting Their Own Banks

At least eight U.S. states are considering proposals to start state-run banks in the wake of an economic crisis where many private banks ceased or greatly decreased their lending, literally shrinking the money pool available in state economies. Read More Here

(WashingtonsBlog) – Should a Stock Market Decline Stop the Goldman Prosecutions?

As of 2007, the bottom 50% of the U.S. population owned only one-half of one percent of all stocks, bonds and mutual funds in the U.S. On the other hand, the top 1% owned owned 50.9%.

From the San Francisco Chronicle: Read More Here

(TimesOnline) – Merkel misled Germans

She was initially hailed as the “Iron Chancellor” for holding out against a bailout for the Greeks. But this weekend Angela Merkel was accused of having misled voters after it emerged that Germany would contribute more than €25 billion (£21.7 billion) towards a rescue package. Read More Here

(Uruknet) – Confessions Of A Wall St. Nihilist: Forget About Goldman Sachs, Our Entire Economy Is Built On Fraud – Read More Here

(Telegraph) – Pakistan facing bankruptcy

Pakistan’s foreign exchange reserves are so low that the country can only afford one month of imports and faces possible bankruptcy. Read More Here

(BitsOfNews) – Pol/Econ: The 401k Scam

“The 401(k) will turn out to be the greatest systemic financial hoax ever perpetrated on an unsuspecting public.” – William Wollman, The Great 401(k) Hoax
Like most people I was told to plow as much money into my 401k pension plan as possible. So like millions of other workers out there, I did as I was told. By 2003 I had accumulated a nice little nest egg…that I couldn’t touch. Then one day I was in a bookstore and I happened across a book called The Coming Generational Storm. What I read about 401k’s that day made me immediately stop all contributions. Read More Here

(Bloomberg) – Carnivores’ Dilemma Widens as Pork Signals Record Meat Prices

U.S. meat prices may rise to records this summer after farmers reduced hog and cattle herds to the smallest sizes in decades, the result of surging feed costs linked to demands for more ethanol. Read More Here

(CatoInstitute) – Video: Advice to Tea Partiers

The Tea Party movement may endure, but its endurance will be a testament to its ability to understand that cutting government means having a long-term focus. John Samples, author of The Struggle to Limit Government and Director of the Cato Institute’s Center for Representative Government, offers an assessment of what Tea Partiers should do if they want to sustain an effort to cut government. Continue reading

Economy

(Cato@Liberty) – Costly IRS Mandate Slipped into Health Bill

A few wording changes to the tax code’s section 6041 regarding 1099 reporting were slipped into the 2000-page health legislation. The changes will force millions of businesses to issue hundreds of millions, perhaps billions, of additional IRS Form 1099s every year. It appears to be a costly, anti-business nightmare. Read More Here

(DailyMail) – Greek police and protesters clash as fury over economic chaos spills on to streets – Read More Here

(NYTimesBlog) – Where All That Money Went

“We’ve lost almost $11 trillion of household wealth in the last 17 or 18 months,” lamented Senator Christopher J. Dodd, the Connecticut Democrat, on last Sunday’s “Meet the Press,” as he urged Congress to proceed with speedy deliberations on a finance reform bill.
Eleven trillion dollars! That’s over three-quarters of our current gross domestic product. Read More Here

(BusinessInsider) – Here’s Why US GDP Growth Is Unsustainable

The US turned in a fairly robust quarter in Q1 2010, with real GDP growth meeting expectations at 3.2% annualized. This comes on the back of a very robust annualized 5.6% growth in the previous quarter. This is the best growth two-quarter growth we have seen since 2003.

However, when one digs deeper, it is obvious this growth is unsustainable because it is predicated on a reduction in savings rates and a releveraging of the household sector. As a result, I expect weak GDP growth in the second half of 2010. Read More Here

(HuffingtonPost) – Goldman Sachs Reveals it Shorted Gulf of Mexico (SATIRE)

In what is looming as another public relations predicament for Goldman Sachs, the banking giant admitted today that it made “a substantial financial bet against the Gulf of Mexico” one day before the sinking of an oil rig in that body of water. Read More Here

(HoweStreet) – The Welfare State Meets Mathematics

The simple matter is that many nations have been living beyond their means and investors are beginning to doubt governments are good credit risks. That’s saying something, when governments can simply confiscate from the public the money needed to pay bond holders. But debt-to-GDP levels are now so high across the Western world that bond investors (and ratings agencies) are having serious doubts. Read More Here

(ZeroHedge) – With $2 Trillion In 3 Year Funding Needs By the PIIGS, The IMF Is Helpless To Do Anything But Sit Back And Watch

Total PIIGS funding needs (defined as the sum of debt maturities and budget deficits) over the next 3 years amount to $2 trillion. Total PIIGS funding needs in 2010 alone amount to $600 billion. Total IMF bail out capacity: around $700 billion. Sorry – it simply does not compute.

Below is a table summarizing the funding needs of just the PIIGS. Read More Here

(WashingtonsBlog) – If We Broke Up Standard Oil, We Can Break Up the Giant Banks – Read More Here

(BizJournals) – Honolulu foreclosures soar 123% in Q1 – Read More Here

(CNBC) – Spain Jobless Rate Surpasses 20%

Spain’s jobless rate has surpassed 20 percent for the first time since 1997, the government said Friday as it offered more dismal news for a recession-plagued economy that is being dragged into Europe’s debt crisis. Read More Here

(BizJournals) – Florida has highest private student loan delinquency rate – Read More Here

(MercuryNews) – San Jose council cuts its own pay 10 percent

The city is trying to close a record $116 million operating deficit for the upcoming budget year and hundreds of layoffs are anticipated. Read More Here

(BizJournals) – Report: Tech industry dumps 246,000 jobs in 2009

The job losses likely will be much higher in the 2011 report (which will have 2009 state stats) reflecting the full weight of the recession. Read More Here

(knightNews) – UCF Tuition and Fees Could Soar 23% Combined Under Legislative Deal

State lawmakers gave the greenlight for the University of Central Florida and other state schools to hike fees by 15 percent and raise tuition by another 8 percent — while at the same time slashing funding for the Bright Futures scholarship program. Read More Here

(BizJournals) – Report: Alabama manufacturing jobs down 7% in last year – Read More Here

(AP) – Mortgage fraud incidents rise 7 pct last year

Incidents of residential mortgage fraud increased last year, a sign that scammers are still targeting the industry despite more diligent efforts to find and report such activity. Read More Here

(YouTubeVlog) – Video: Peter Schiff – How an Economy Grows & Why it Crashes Continue reading

Profitable Depopulation Plot Links JP Morgan-Chase And Goldman Sachs To Vaccination Contaminations And BigPharma Corruption – Dr. Leonard Horowitz

(Rense) – A medical investigation into suspicious outbreaks and propaganda used to sell drugs and vaccines has exposed investment bankers at JP Morgan-Chase (JPMC) and Goldman Sachs (GS) for plotting to shock/stress, frighten, poison, and kill billions of people most profitably–pharmaceutically–according to the Editor-in-Chief of Medical Veritas journal.

While researching a powerful Partnership for New York City (PFNYC), uniting Wall Street’s wealthiest industrialists, Harvard-trained public health expert, Dr. Leonard Horowitz, and investigative journalist, Sherri Kane, discovered shocking evidence of a conspiracy to commit global genocide by generating diseases and death to advance profitable pharmaceutical depopulation. Continue reading

Video: Riot Police Sent to Intimidate Tea Party During Obama Event

(KurtNimmo) – Obama trekked to Quincy, Illinois, today to pitch his Wall Street shell game. Obama’s pitch is designed to coincide with the Goldman Sachs dog and pony show now dominating the corporate media.

The local Tea Party decided to greet the president but the local constabulary was having nothing to do with it — they sent out riot cops to intimidate the Tea Party protesters. It seems they were in cahoots with the Secret Service. Video Link Here

Economy

(Telegraph) – Greece is just the “tip of the iceberg” of a sovereign debt crisis that has the potential to derail a global recovery, Nouriel Roubini has warned – Read More Here

(CSPAN) – Video: Goldman Exec – It’s Unfortunate To Have Shitty Deal “On E-Mail”

Senator Carl Levin (D-MI) and Goldman Sachs Executive Vice President and CFO David Viniar, Senate Governmental Affairs Subcommittee on Investigations hearing, April 27, 2010 – View Video Here

(TaxProfBlog) – WSJ: Dividend Tax to Increase From 15% to 43.4%

Last week the Senate Budget Committee passed a fiscal 2011 budget resolution that includes an increase in the top tax rate on dividends to 39.6% from the current 15%—a 164% increase. This blows past the 20% rate that President Obama proposed in his 2011 budget and which his economic advisers promised on these pages in 2008. Read More Here

(ThePeoplesVoice) – “Criminal and Civil Charges” possible for NY Fed

Prosecuting those who caused the financial crisis would lead to the next logical step: confiscating all the ill gotten gains and returning them to the people. The market went down and the people lost a bundle. The market is now back up and those losses are still in place. But guess who made a bundle on the fluctuation? This must be corrected. Read More Here

(WSWS) – Sunday Times Rich List shows fortunes of British super-rich soar by a third – Read More Here

(Aljazeera) – Video: IMF fears debt crisis ‘contagion’

The head of the International Monetary Fund has warned that Greece’s debt crisis could spread and threaten the economies of other countries. View Video Here

(AVA) – Update on America’s Second Great Depression (Part 1)

Washington, Wall Street and their partners in crime, the media, have continued to spread the myths of an economic recovery since late summer 2009.

In response to the propaganda, the stock market has continued to rally. But most individual investors have been left out of this tremendous rally. Read More Here

(RussiaToday) – Video: Debt Crisis in Greece – It Could Happen in America – View Video Here

(IinstituteForJustice) – “Policing for Profit” Report Documents the Nationwide Abuse of Civil Forfeiture

Police and prosecutors’ offices seize private property—often without ever charging the owners with a crime, much less convicting them of one—then keep or sell what they’ve taken and use the profits to fund their budgets. And considering law enforcement officials in most states don’t report the value of what they collect or how that bounty is spent, the issue raises serious questions about both government transparency and accountability. Read More Here

(MotherJones) – Did Goldman’s Ex-Mortgage Guru Lie Under Oath?

Daniel Sparks told Congress he didn’t expect a group of financial products to fail. Internal documents suggest he knew otherwise. Read More Here

(InternationalForecaster) – Frauds And Scandals Follow The Collapse Of The Financial System

As the world faces an ongoing sovereign debt debacle we see an attempt to defuse an oncoming scandal involving Goldman Sachs, Paulson and perhaps others. Read More Here

(Solari) – Goldman Whac-A-Mole – Catherine Austin Fitts

It makes sense to pause in the outpouring of news about Goldman Sachs to ponder what has happened and the nature of the game that is afoot. Read More Here

(Fox) – Video: Glenn Beck on Goldman Sachs – Continue reading

Video: Keiser Report with very special Hollywood guest

(RussiaToday) – This time Max Keiser and co-host Stacy Herbert look at a handful of the many Goldman Sachs fraud metaphors; the scandals of what the US bankers, regulators and government knew about Repo 105 before it helped take down Lehman Brothers, and of President Clinton’s big mistake on derivatives. In the second half of the show, Stacy interviews Max Keiser, in virtual Hollywood, about the box office futures market. Continue reading

Economy

(BusinessInsider) – CHART OF THE DAY: 49 Out Of 50 State Economies Are Still Underwater – Read More Here

(Telegraph) – ECB may have to turn to ‘nuclear option’ to prevent Southern European debt collapse – Read More Here

(Bloomberg) – College Graduates’ Debt Load May Outstrip Ability to Repay

Students, especially at for-profit universities, are leaving college in the U.S. with a debt load large enough to raise questions about the ability of many to repay loans, a study found. Read More Here

(EconomicPolicyJournal) – Trillion Dollar Bailout for Greece – Read More Here

(Telegraph) – Goldman boss Lloyd Blankfein denies moral obligation towards clients – Read More Here

(InternationalForecaster) – Frauds And Scandals Follow The Collapse Of The Financial System – Bob Chapman

As the world faces an ongoing sovereign debt debacle we see an attempt to defuse an oncoming scandal involving Goldman Sachs, Paulson and perhaps others.

The collapse of the fiat money system is underway and each day picks up momentum. The only question is how long it can survive? In the interim we are faced with inflation and perhaps hyperinflation as the privately owned Federal Reserve and other central banks add stimulus and money and credit into their financial systems. Read More Here

(10TV) – Cabinet Plant, Largest Employer In Pike Co., Closing

More than 1,200 jobs were being eliminated on Tuesday, after the Masco Cabinet Group announced it was closing its Hopewell Road facility. Read More Here

(Bloomberg) – Barofsky Says Criminal Charges Possible in Alleged AIG Coverup – Read More Here

(WSJournal) – Video: Contagion Getting Worse – Video Link Here

(Bloomberg) – ‘Debt Like Cancer’ Addressed by Obama Commission on U.S. Debt

President Barack Obama’s debt commission started grappling with how to reduce the U.S. government’s red ink in the first of a series of meetings aimed at producing a plan to be sent to Congress. Read More Here

(CNNMoney) – S&P slashes Spain’s debt rating

Standard and Poor’s downgraded the sovereign debt ratings of Spain to a lower investment grade status Wednesday, citing “risks to budgetary position” for the troubled European nation. Read More Here

(TarpleyNet) – Video: Seize and Liquidate Goldman Sachs – Webster Tarpley

Today’s Senate hearings, carried on CNBC, Bloomberg, and C-SPAN, represent the first major exposure of the American people to the scandalous frauds of the derivatives casino, including synthetic collateralized debt obligations (synthetic CDOs or CDO²). These are things most people have heard very little about. They begin to open up the shocking reality behind such shopworn euphemisms like “toxic assets,” “exotic instruments,” and “troubled assets.” Read More Here

(MarketWatch) – Royal Dutch Shell profit surges 57%

Royal Dutch Shell on Wednesday reported a 57% climb in first-quarter profit, with the energy giant benefiting from a surge in oil and gas prices as well as improving production. Read More Here

(MSNBC) – Markets shudder as Greek debt woes spread

‘Chances of a default … are increasing not by the day but by the hour’ Read More Here

(RevolutionaryPolitics) – Video: Chris Christie Speech Declaring Fiscal Crisis Emergency – View Video Here

(WSJ) – States Bristle as Investors Make Wagers on Defaults

As U.S. cities and towns wrestle with financial problems, investors are finding a new way to profit on their misery: by buying derivatives that essentially bet municipalities will default. Read More Here

(DailyMail) – BP earns £463 a second… as motorists suffer record petrol prices

Motorists paying record prices at the pumps reacted with fury at news of a 135per cent rise in profits by oil giant BP – earning a massive £463 a second.

BP said on Tuesday that profits hit £3.6 billion ($US5.6 billion) in the first three months of 2010 – more than double the level last year. Read More Here

(FauxCapitalist) – An illegal bank is the second-largest holder of U.S. treasury securities

From the U.S. Treasury Department’s latest numbers of major foreign holders of treasury securities, we see that China owned $877.5 billion and Japan owned $768.50 billion in February 2010. Read More Here

(WashingtonExaminer) – Barbara Hollingsworth: Fannie Mae owns patent on residential ‘cap and trade’ exchange

When he wasn’t busy helping create a $127 billion mess for taxpayers to clean up, former Fannie Mae Chief Executive Officer Franklin Raines, two of his top underlings and select individuals in the “green” movement were inventing a patented system to trade residential carbon credits. Read More Here

(EconomicPolicyJournal) – S&P on Greek Debt Downgrade to Junk Status: Options Are Narrowing Read More Here

(MarketWatch) – Goldman culture crash

More than anything else, the Securities and Exchange Commission’s fraud case against Goldman Sachs Group Inc. has illustrated the fall of the firm from Wall Street’s preeminent bank to riverboat casino. Read More Here

Climategate

(WebMe) – Global Warming: the Collapse of a Grand Narrative – Read More Here

(WebMe) – Nails in the Global Warming Coffin

My silence since mid-February has not meant that I have taken my eye off the climate-change scene. Far from it, although I have to confess that I have become increasingly wearied and bored by the fatuous lack of reality exhibited on this topic by many UK politicians. It is so glaringly obvious that, since the debacle in Copenhagen, ‘global warming’ is dying as a major political trope that I find it less and less exercising as an issue. Indeed, I do not want to waste too much energy in flogging a fundamentally dead corpse.

This last week, however, the nails in the global warming coffin have been driven in so thick and so fast that I thought it might be worth bringing attention once again to what is happening around the world – “You will therefore permit me to repeat, emphatically, that Global Warming is as dead as a door-nail,” although I suspect that the Global Warming Ghost will hang around moaning and wailing for quite a while yet. Read More Here

(Blog) – Angela Merkel gives up binding carbon treaties Read More Here

(NationalPost) – Lawrence Solomon: Australia won’t cap and trade

Seeing countries around the world back away from their climate change commitments, and seeing his own electoral support crumble, Australian Prime Minister Kevin Rudd announced today that Australia will be shelving its cap and trade program for at least three years, until after the next election. “That will provide the Australian government at the time with a better position to assess the level of global action on climate change,” he told the Australian press. Read More Here

(OzClimateSense) – Carbon storage premise ‘totally erroneous’ – Read More Here

Economy

(CSpan) – Video: Ron Paul On Foregoing Congressional Pay Raise

Congressman Paul speaks on the House floor in support of a bill that stops the automatic payraise for Members of Congress. View Video Here

(SteveWatson) – Goldman “Sideshow” Hyped To Push Through Obama Banking Reform

Financial experts are in agreement that the Goldman Sachs fraud revelations are being artificially hyped in Washington in order to force through president Obama’s financial regulatory reform measures, proposals that will not punish bigger banks like Goldman and will not protect the American people from the banking cartels at the centre of the economic meltdown. Read More Here

(Bloomberg) – Pennsylvania Capital Told to Consider Bankruptcy Protection

Harrisburg, Pennsylvania, which has missed $6 million in debt payments since Jan. 1, should consider Chapter 9 bankruptcy protection, City Controller Dan Miller told a three-hour special committee hearing today. Read More Here

(BusinessInsider) – Why Today’s Gold Spike Is Important And Could Mark The Start Of Something Big

Gold has been rallying for awhile — nearing all time highs in the dollar, even while breaking all-time highs in the euro — but the metal’s action hasn’t been all that noteworthy. Read More Here

(MSNBC) – Goldman to Congress: We didn’t mislead clients

Top Goldman Sachs officials defended their conduct in the financial crisis on Tuesday, flatly disputing the government’s fraud allegations against the giant financial house. “I did not mislead” investors, insisted a trading executive at the heart of the government’s case. Video Link Here

(SteveWatson) – Goldman “Sideshow” Hyped To Push Through Obama Banking Reform

Financial experts are in agreement that the Goldman Sachs fraud revelations are being artificially hyped in Washington in order to force through president Obama’s financial regulatory reform measures, proposals that will not punish bigger banks like Goldman and will not protect the American people from the banking cartels at the centre of the economic meltdown. Read More Here

(NewsWeek) – Video: Levin to Goldman Sachs – ‘You Knew It Was a S–tty Deal!’

After two years of hemming and hawing in Washington about the real culprits on Wall Street, Sen. Carl Levin’s Permanent Subcommittee on Investigations finally got to the heart of the matter this morning. Drawing on a voluminous collection of internal Goldman e-mails and other exhibits, Levin and the ranking acting co-chair, Sen. Susan Collins of Maine, tore into an array of current and former Goldman mortgage traders, including the recently indicted Fabrice “Fabulous Fab” Tourre, over the one fundamental question hanging over the whole financial catastrophe. Was Goldman honest with its clients about what was happening in the markets? Continue reading

Video: Fight the Derivatives Cancer with a Wall Street Sales Tax, Plus Bans on Hedge Funds, Credit Default Swaps, and Synthetic CDOs

(WebsterTarpley) – The Obama administration has been posturing this week about the life and death issue of Wall Street reform. Obama’s predicament is that of a Wall Street puppet who has been put into the White House thanks among other things to almost $1 million of contributions from the infamous Goldman Sachs – but who now needs to make a show of fighting his own Wall Street patrons for political reasons. Of course, Obama’s health-care reform was largely a bailout of insurance companies, which are themselves a key part of Wall Street. But Obama is now pretending to quarrel with Wall Street to shore up his waning credibility, partly because many House Democrats are desperately seeking anti-banker, economic populist street creds in order to avoid defeat in November. So far, the results have been largely feckless and inadequate. Continue reading

Economy

(PressTV) – Goldman profited from market crash

A US Senate panel has revealed emails that show Goldman Sachs Group Inc profited massively by engaging in the sale of investments that were structured to fail. Read More Here

(1010Wins) – Hundreds Camp Out in Queens Hoping for Elevator Jobs

Hundreds of job seekers camped out over the weekend at a union office in Queens hoping to be first in line for a chance to apply for an internship in the field of elevator repair. Read More Here

(Sky) – Goldman’s Frankenstein Moment

If the knives were out for Goldman Sachs before today, they’re now hovering perilously close to the Wall Street bank’s throat – and Adair Turner, chairman of the Financial Services Authority, is likely to be paying particularly close interest. Read More Here

(PRNewsWire) – U.S. Food Inflation Spiraling Out of Control

The Bureau of Labor Statistics (BLS) today released their Producer Price Index (PPI) report for March 2010 and the latest numbers are shocking. Food prices for the month rose by 2.4%, its sixth consecutive monthly increase and the largest jump in over 26 years. NIA believes that a major breakout in food inflation could be imminent, similar to what is currently being experienced in India. Read More Here

(WSJBlog) – Number of the Week: 103 Months to Clear Housing Inventory

All this means that little can stop banks’ inventory of distressed homes from growing. Too many people owe too much more on their homes than they can afford. For the housing market, that could mean a long-lasting hangover. Read More Here

(Fox) – GM Used Bailout Money to Repay Loan

A top Senate Republican on Thursday accused the Obama administration of misleading taxpayers about General Motors’ loan repayment, saying the struggling auto giant was only able to repay its bailout money by dipping into a separate pot of bailout money. Read More Here

(GlobalResearch) – For $10 Billion of “Promises” Haiti Surrenders its Sovereignty

It was fitting that the Mar. 31 “International Donors Conference Towards a New Future for Haiti” was held in the Trusteeship Council at the United Nations headquarters in New York. At the event, Haitian President René Préval in effect turned over the keys to Haiti to a consortium of foreign banks and governments, which will decide how (to use the conference’s principal slogan) to “build back better” the country devastated by the Jan. 12 earthquake. Read More Here

(Technocrati) – Thousands Of Teachers To Be Laid Off – What Economic Recovery?

Thousands of teachers are about to lose jobs in many states. To manage massive budget deficits, several layoff notices were sent out to 22,000 teachers in California, 17,000 in Illinois, and 15,000 in New York. The numbers are expected only to increase in the coming months. Read More Here

(RawStory) – E-mails Show Goldman Execs Boasting as Housing Meltdown Unfolded

Goldman Sachs’ top executives were aware that the company made money by playing against the US housing market, according to internal e-mails released Saturday. Read More Here

(OpEdNews) – Profiling CEOs and Their Sociopathic Paychecks

One of the questions often asked when the subject of CEO pay comes up is, “What could a person such as William McGuire or Lee Raymond (the former CEOs of UnitedHealth and ExxonMobil, respectively) possibly do to justify a $1.7 billion paycheck or a $400 million retirement bonus?” Read More Here

Video: Gullible Nation – More False Hope Continue reading

Computerized Front Running: How A Computer Program Designed To Save The Free Market Turned Into A Monster – Ellen Brown

(WebOfDebt) – While the SEC is busy investigating Goldman Sachs, it might want to look into another Goldman-dominated fraud: computerized front running using high-frequency trading programs.
Market commentators are fond of talking about “free market capitalism,” but according to Wall Street commentator Max Keiser, it is no more. It has morphed into what his TV co-host Stacy Herbert calls “rigged market capitalism”: all markets today are subject to manipulation for private gain. Continue reading

Economy

Video: Visualizing Obama’s budget cuts – Video Link Here

(MasonCountyNews) – Obama Banking Regulation Bill Does Not Go After Big Banks Read More Here

(CityAM) – IMF “FAT Tax” To “Reign In Banks” Will Increase Costs For Consumers

IMF plan: the wrong kind of reform Read More Here

(Infowars) – Regulatory Reform Bill: Another Round of Bailouts

It only takes a passing knowledge of current events to prompt the question of how many times the American people can be conned before they begin to wake up. Indeed, one might even ask how many times they can be conned with the same lines for the same result. Yet unfortunately, it appears that the most realistic answer is that there is in fact no limit to the gullibility of the general public. Despite the growing tea party movement as well as protests against higher taxes and bailouts, the U.S. government is gearing up yet again for another round of bailouts and the populace is geared up to accept them. Read More Here

(McClatchy) – Goldman’s White House connections raise eyebrows

While Goldman Sachs’ lawyers negotiated with the Securities and Exchange Commission over potentially explosive civil fraud charges, Goldman’s chief executive visited the White House at least four times. Read More Here

(WashingtonsBlog) – Break Up the Giant Banks to Curb Their Control over the Political Process – Krugman Read More Here

(TorontoStar) – Financial Fraud: Culture of Greed Under Attack

Barack Obama may not get it but the SEC finally is taking action – Read More Here

(InfoClearingHouse) – Borrowing While Poor

Congress is in the midst of investigating why Alan Greenspan and the Federal Reserve did not prevent the subprime fiasco, and now the SEC is suing Goldman Sachs for fraud. But neither the investigation nor the suit addresses the most repugnant aspect of subprime lending, which is the fact that poor people are charged higher interest rates than rich people when they purchase homes, and that this is perfectly legal. Read More Here

(InfoClearingHouse) – “Lehman’s failure is a story in large part of fraud” – Black’s Knockout Testimony – Mike Whitney Read More Here

(OftWoMinds) – How We Get Ahead Now: Gaming the System

Gaming the system is not just encouraged–it has become the foundation of the U.S. economy. Without it, the status quo will implode. Goldman Sachs gamed the system to package guaranteed-to-default mortgages and present them to buyers as AAA-rated “safe” investments yielding a high return, while selling a hedge fund derivatives which were a bet against the mortgages. Read More Here

(HoweStreet) – Hyperinflation Looms – The Dollar Arrives at Its ‘Havenstein Moment’

There is an interesting article in Canada’s Globe & Mail about the lack of growth in the US money supply. Ignoring for the moment that the quantity of dollars in circulation is significantly underreported, it observes: Read More Here

(PaulWatson) – Bankers Prepare To Assault Americans With VAT, Transaction Taxes

Obama: Value-added tax still on the table despite White House assurances otherwise, campaign promise not to raise taxes for families earning under $250,000 a year Read More Here

(PennyForYourThoughts) – Gore backed by group linked to oil industry – Read More Here

(CNBC) – Testimony Could Undercut SEC Charge Against Goldman

The testimony of a former Paulson & Co official could undercut the Securities and Exchange Commission’s fraud case against Goldman Sachs, CNBC has learned. Read More Here

(TheNewStar) – State $319M short

Gov. Bobby Jindal said he and the Legislature will “do everything we can to mitigate cuts” to higher education and health care, but the plan for cutting or using other funds to fill a $319 million budget hole won’t be complete until Friday. Read More Here

(ABC10) – State Revenues Down $130 Million – Read More Here

(WKBW) – DiNapoli Warns State Could Run Short on Cash

The state only ended the fiscal year in the black because the Governor delayed $2.9 billion in payments, and DiNapoli warns that by pushing these payments into the new fiscal year, the state could run out of money in June. Read More Here

(DailyDunklin) – Declining state revenue leads to hard budget decisions for leaders

Much like a family that has to make hard spending decisions when times are tough, leaders in Missouri have had to make hard budget decisions this year in light of declining state revenues. Read More Here

(EconomicPolicyJournal) – Fed Official: We Can Just Print Money, Damn It! – Read More Here

(Fox) – Republicans Warn Bank Bill Could Backfire as Dems Push for a Deal – Read More Here

(RightWingNews) – SIGTARP Report Confirms: Homeowner Bailout Program Won’t Fix Housing Crisis

A new report released yesterday (.pdf) by Neil Barofsky, special inspector general for the Troubled Asset Relief Program (TARP) warns that Obama administration efforts to bailout homeowners through the Home Affordable Modification Program (HAMP) are ineffective and will not stem the sweeping tide of foreclosures. Read More Here

(Examiner) – Massive government corruption hidden by focus on Goldman-Sachs

As the country’s attention is directed to the Goldman-Sachs scandal, a much greater story lurks beneath the surface involving massive government corruption that makes Wall Street firms pale in comparison. Read More Here

(BusinessInsider) – 12 Reasons Americans Are Incredibly Angry About The State Of The U.S. Economy – Read More Here

(Bloomberg) – Goldman Sachs ‘Had Duty’ to Keep Paulson Bets Secret (Update2)

Goldman Sachs Group Inc., being sued by the U.S. Securities and Exchange Commission over claims that it deceived investors about one of its financial products, tried to fend off regulators last fall by arguing it had a duty to keep the information confidential. Read More Here

(Telegraph) – SEC begins formal inquiry into Lehman ‘tricks’

The 2,200-page report which uncovered the murky world of Repo 105 and off-balance sheet accounting at Lehman Brothers has led to a formal investigation by the Securities and Exchange Commission (SEC) into the investment bank’s collapse. Read More Here

(MSNBC) – Districts warn of deeper teacher cuts

School districts around the country, forced to resort to drastic money-saving measures, are warning hundreds of thousands of teachers that their jobs may be eliminated in June. Read More Here

(FoxBusiness) – Video: President Obamas War on Capitalism – Video Link Here

(RussiaToday) – Video: Big Fat Greek Debt: The Bailout – William Engdahl

The financially stricken Greek government is beginning talks with the EU and the International Monetary Fund about a possible bailout. Greece has found borrowing from banks too costly recently and is struggling to refinance old debts. Let’s get some analysis with economist and author William Engdahl. Continue reading

Video: Reality Report #41 – The Tea-O Con Takeover

Is Obama deliberately going after Goldman Sachs to further his own agenda? Are the Tea Parties starting to taste like fascism? Will Google give the Government your cell phone number? Are your favorite patriots websites about to disappear? Who did Bill Clinton compare the Tea Partiers to? Is there a Freedom uprising taking place on college campuses? The Reality Report Crew takes on those questions and delivers the facts in the 41st edition. Continue reading

Economy

(Reuters) – SEC order helps maintain AIG bailout mystery – Read More Here

(OpenSecrets) – Hedge Fund Manager in Goldman Sachs Fraud Case is a Major Donor to Both Democrats and Republicans

A New York investor named John A. Paulson is at the heart of the fraud lawsuit filed today by the Securities and Exchange Commission against Goldman Sachs. Read More Here

(CNSNews) – Video: Rep. King – ‘I’m For Abolishing the IRS and the Fed. I. Tax

Rep. Steve King (R-Iowa) said he supports “abolishing” the Internal Revenue Service (IRS) and the federal income tax code. He made his remarks at a pre-tax-day event on Capitol Hill with other Republicans and several conservative activists. Video Link Here

(BBC) – IMF proposes two big new bank taxes to fund bail-outs – Read More Here

(RussiaToday) – Video: Goldman Sachs Fraud Charge – Bonuses for Buttons – View Video Here

(Telegraph) – New speed cameras trap motorists from space

A new type of speed cameras which can use satellites to measure average speed over long distances are being tested in Britain. Read More Here

(WashingtonExaminer) – Is Goldman Obama’s Enron? No, it’s worse

Campaign contributions from Goldman Sachs employees to President Obama are nearly seven times as much as President Bush received from Enron workers, according to numbers on OpenSecrets.org. Read More Here

(AUNews) – Europes air industry at risk of implosion, warns Emirates boss Tim Clark

EUROPE’S aviation industry could face an “implosion” if the volcanic ash cloud grounds flights indefinitely, the president of Emirates airline warned. Read More Here

(CMNNews) – Tier 5 Unemployment Benefits Extension 2010 – A Desired Lifeline for Long Term Unemployed

The Tier 5 benefits extension has yet to be passed, as a political game of back and forth in Washington has ensued. Not only are citizens concerned about the future of their families during this tough time, but many are at the end of their ropes. Read More Here

(Bloomberg) – IMF Says Government Debt Poses Biggest Risk to Growth

The International Monetary Fund cautioned that rising government debt has replaced financial industry stress as the biggest threat to the global economy and cut its estimate for asset writedowns by 19 percent. Read More Here

(DailyCaller) – Regulatory reform debate obscures key fact: Everybody’s getting money from Wall Street

In the often-confusing debate on financial regulatory reform, there are many assertions and accusations but few facts. Yet here are two: Washington is awash in Wall Street money, and both Republicans and Democrats are recipients. Read More Here

(DailyMarkets) – Is America’s Economic Recovery On The Whole Based On A Rotten Sham?

The economic “recovery” we are now witnessing is based on theft, greed and deceit. It’s a giant rip-off, a rotten sham. In this sleazy imitation of a free market economy, liars, cheats and deadbeats are the ones getting rewarded. Read More Here

(RevoltofthePlebs) – Goldman Sachs Eats Its Young

This should be a lesson to all those young, aggressive, upwardly mobile Wall Street wannabes who think they are somehow going to fast track their way into the stratosphere of high finance. Read More Here

(Reuters) – US will act if China does not revalue yuan-lawmaker

A U.S. House of Representatives committee chairman on Monday warned the United States will take action if China does not begin steps in coming months to raise the value of its currency. Read More Here

(BusinessWeek) – Obama’s Former White House Counsel Craig Advising Goldman Sachs

Gregory Craig, President Barack Obama’s former White House counsel, is working as an adviser to Goldman Sachs Group Inc., a spokesman for the New York-based company said. Read More Here

(HumanEvents) – Obama Now Pushing Sneaky Wall Street Bailout

Fresh off his successful (for now) effort to ram through an unpopular healthcare “reform” law, President Barack Obama is now fighting for legislation on Capitol Hill that would set up a permanent fund to bail out companies in the financial sector. Read More Here

(Examiner) – Obama repaying his masters at Goldman Sachs

President Obama is sponsoring a bill by the Senate Banking Committee Chairman Chris Dodd(D-CT) that would reward the Financial Firm Goldman Sachs with up to Billions of Dollars. The bill implements a $50 billion resolution fund to the firms creditors through fees that would come from banks and other businesses, which the bill calls a “nonbank financial company.” Critics are calling it a “backdoor bailouts” to Goldman Sachs who was already payed $12.9 billion in tax dollars through the bailout of AIG. Read More Here

(InternationalForecaster) – Decline in Bank Lending: Business Investment in America is almost at a Standstill – Bob Chapman

One of the reasons for less bank lending is the almost non-existent market for securitized bonds. Investors have so many bad loans on their books that they refuse to commit to further risky investments. This means banks are forced to hold this toxic paper on their books and that inhibits them from lending at higher levels. If the Fed had not purchased $1.7 trillion of this toxic junk many banks would currently be in bankruptcy. Thus, there still are trillions in these bad loans on the books of many financial institutions and they cannot be sold and they are clogging up the system, and there is no end in sight for the problem. Read More Here

(GlobalResearch) – Goldman Sachs and the Mega Banks: Too Big To Obey The Law – Read More Here

(DailyShow) – Video: These F@#king Guys – Goldman Sachs – John Stewart – View Video Here

(OpenSecrets) – Will Obama Return $994,795 In Goldman Sachs Campaign Contributions?

This table lists the top donors to this candidate in the 2008 election cycle. The organizations themselves did not donate , rather the money came from the organization’s PAC, its individual members or employees or owners, and those individuals’ immediate families. Organization totals include subsidiaries and affiliates. Read More Here

(Politico) – Sherman: Dodd Bill Contains Unlimited Bailout Authority Read More Here

(MarketOracle) – America’s Economic Recovery Is a Rotten Sham

More evidence has arisen that the “strategic default” consumer spending thesis is correct – and that the economic recovery on the whole is based on a rotten sham. Read More Here

(WND) – Next bubble: $600 trillion?

Cities, states, universities could sink from monster derivatives meltdown Read More Here

Economy

(RadicalReactionary) – Industrial Wind and the Wall Street Cap and Trade Fraud

Financial scandals are not new. Schemes to leverage risk and cheat the public are mainstays of the mad “Cap and Trade” stratagem, in the ongoing war, against genuine free enterprise. The latest ploy is the industrial wind swindle. Read More Here

(ChicagoTribune) – Illinois bank-owned foreclosures double in first quarter

Almost 15,000 Illinois homeowners lost their homes to foreclosure in the year’s first three months, twice as many as the number that went back to lenders during 2009’s first three months, new figures show. Read More Here

(SeekingAlpha) – Foreclosure Pipeline Is Full to Bursting

According to realtytrac.com, foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 932,234 properties in the first quarter, a 7 percent increase from the previous quarter and a 16 percent increase from the first quarter of 2009. Read More Here

(Telegraph) – Goldman Sachs: the bank that thought it ruled the world

Goldman Sachs was ‘doing God’s work’ – but it is now being investigated for fraud. Harry Wilson reports. Read More Here

(HuffingtonPost) – The 10 SCARIEST Charts Of The Recession – Read More Here

(BigGovernment) – White House Caught Altering Stimulus Baseline Projection by 7 Million Jobs

The number of jobs in the U.S. is currently 129.7 million. So to justify the Administration’s current claim of 2.8 million jobs “created or saved” by stimulus, they need to also claim that without that stimulus there would be only 126.9 million jobs. That’s exactly what they do, displayed as the “baseline projection” level in the graphic below from an April 14, 2010 report: Read More Here

(DailyWealth) – One of the World’s Biggest Oil Producers Is Going Bust – Read More Here

(AP) – Recession is ending? Some Americans don’t buy it – Read More Here

(NYTimes) – For Cash-Strapped States, Sin Is Sure Lucrative – Read More Here

(USAWatchDog) – Fraud, It’s Much Bigger Than Goldman Sachs

Goldman Sachs was charged with fraud last week by the Securities and Exchange Commission. The investment bank says the charges are “unfounded in law and fact.” Regulators allege “Goldman wrongly permitted a client that was betting against the mortgage market to heavily influence which mortgage securities to include in an investment portfolio, while telling other investors that the securities were selected by an independent, objective third party,” SEC Enforcement Director Robert Khuzami said in a statement. Read More Here

(InternationalForecaster) – Don’t Look to Banks To Solve Economic Problems – Bob Chapman

One of the reasons for less bank lending is the almost non-existent market for securitized bonds. Investors have so many bad loans on their books that they refuse to commit to further risky investments. This means banks are forced to hold this toxic paper on their books and that inhibits them from lending at higher levels. Read More Here

(NeitherCorp) – Get Ready, Inflation Is On The Way

In the professional financial world, the term “inflation” has many inferences, consequences, supposed benefits, and definitions. Read More Here

(EconomicCollapse) – If The U.S. Economy Goes Into The Toilet Will It Result In A Complete And Total Collapse Of Society? Read More Here

(BusinessInsider) – Congressmen Urge Dramatic Expansion Of Goldman Investigation, Demand Big Payback To AIG

The easiest reason to think that the Goldman Sachs (GS) news will metastasize is that so many players potentially have an interest in seeing it expand. Read More Here

(InfoClearingHouse) – High Frequency Trading – High-tech Highway Robbery – Michael Whitney

The Securities and Exchange Commission (SEC) knows that High-Frequency Trading (HFT) manipulates the market and bilks investors out of tens of billions of dollars every year. But SEC chairman Mary Schapiro refuses to step in and take action. Instead, she’s concocted an elaborate “information gathering” scheme, that does nothing to address the main problem. Schapiro’s plan–to track large blocks of trades by large institutional investors– is an attempt to placate congress while the big Wall Street HFT traders continue to rake in obscene profits. It achieves nothing, except provide the cover Schapiro needs to avoid doing her job. Read More Here

(InfoClearingHouse) – A Greater Threat Than Terrorism – Outsourcing the American Economy – Paul Craig Roberts

Is offshore outsourcing good or harmful for America? To convince Americans of outsourcing’s benefits, corporate outsourcers sponsor misleading one-sided “studies.” – Read More Here

(GlobalResearch) – Going After Goldman: A Crackdown on Financial Crime or a Kabuki Play Maneuvre to Avoid Bringing Criminal Charges – Danny Schechter

Fox Business News was engrossed in interviewing a blonder than thou reality TV bimbo when the news that the Securities And Exchange Commission was filing fraud charges against Goldman Sachs broke on Friday afternoon. Read More Here

(Fox) – Video: Ron Paul – Fox Business

On Monday, April 19, 2010, Congressman Paul was interviewed on Fox Business’ “Varney & Co.” concerning financial regulatory reform legislation and how the Federal Reserve and our current regulatory system encourage corruption in our economy. Continue reading

Economy

(Wimp) – Video: Visualizing Obama’s budget cuts. – Video Link Here

(TheMarketGuardian) – Germany To Add To Goldman’s Headaches, Prepares To Sue Firm – Read More Here

(NorthJersey) – Foreclosures up 33% in new jersey, OUTPACING national rate

What’s new: Foreclosure filings in New Jersey rose 33 percent in the first quarter of 2010, compared with the same period in 2009, according to RealtyTrac, a California company that follows the foreclosure market. Read More Here

(DrHousingBubble) – California Underemployment Rate at 24 Percent – 100,000 Workers Will Lose their Unemployment Insurance. No Housing Recovery can be had without Employment Recovering Read More Here

(Examiner) – CMKM Diamonds and the $3.87 trillion lawsuit you didn’t hear about

As the United States continues to fracture in every way imaginable, most citizens are unable to keep up with the never-ending hodgepodge of government corruption. Each day, a new larger-than-life scandal emerges, and in the short mind span of news media, there is always a bigger and better story to chase. Right now, the hot button issue for mainstream news outlets is healthcare reform, and its myriad implications for our society; this doubtlessly ensures the aforementioned media will continue to overlook unprecedented accusations brought forth in a recent $3.87 trillion lawsuit against U.S. Securities and Exchange Commission Chairman Mary L. Shapiro, as well as several other current and former SEC commissioners, among others. Read More Here

(MyBudget360) – Stock Market Hustle – Three Ways Wall Street has Created a New American Serfdom. The Overly Expensive Mortgage Deduction, Wall Street Pseudo-Rally, and Attacking the Poor Read More Here

(ZeroHedge) – Step Aside Roubini – FX Concepts’ John Taylor Is The New Dr. Doom: “2011 Will Be Worse Than 2008” – Read More Here

(JSMineSet) – The Weakness In Gold That Isn’t

Let no weakness in gold disturb you at this time. – Read More Here

(Reuters) – UPDATE 3-Germany, UK demand Goldman Sachs probe

Germany and the U.K. will seek details from the U.S. Securities and Exchange Commission (SEC) about the activities of Goldman Sachs Group Inc., (GS.N) as a prelude to potential legal steps following a U.S.-led fraud investigation. Read More Here

(Bloomberg) – EU’s Investigation of Goldman Will Be ‘Profound,’ Rehn Says

The European Union investigation into Goldman Sachs Group Inc.’s role in providing swaps to the Greek government to help reduce its budget deficit will be “profound and thorough,” EU Monetary Affairs Commissioner Olli Rehn said. Read More Here

(EconomicTimes) – British FSA launches probe into Goldman ops: Report

The British financial regulator FSA has started a probe into the London operations of Goldman Sachs, following the charges of fraud slapped by the US markets watchdog against the Wall Street giant. Read More Here

(WashingtonsBlog) – Even Clinton Slams Clinton Retreads: Summers and Rubin Must Go

Clinton told ABC that Rubin and Summers were wrong on derivatives:

On derivatives, yeah I think they were wrong and I think I was wrong to take [Summers and Rubin’s advice] because the argument on derivatives was that these things are expensive and sophisticated and only a handful of investors will buy them and they don’t need any extra protection, and any extra transparency. The money they’re putting up guarantees them transparency.

“And the flaw in that argument was that first of all sometimes people with a lot of money make stupid decisions and make it without transparency. Read More Here

(RussiaToday) – Video: Gerald Celente – Economic recovery a cover up – Video Link Here

(MarketWatch) – Ashes of subprime volcano fall on Wall Street

It was mostly smooth sailing for stocks during the first week of earnings until Friday, when news of Goldman Sachs’ troubles with regulators cast over Wall Street a cloud of uncertainty almost as thick as the volcanic ash above Iceland. Read More Here

(MorningNewsBeat) – FMI Attacks New Swipe Fees Instituted By Visa

The Food Marketing Institute (FMI) has lambasted Visa’s plan to increase by nearly 30 percent the swipe fees retailers have to pay when customers use PIN debit cards, beginning today. Read More Here

(Guardian) – London Observer: Now we know the truth. The financial meltdown wasn’t a mistake – it was a con

Hiding behind the complexities of our financial system, banks and other institutions are being accused of fraud and deception, with Goldman Sachs just the latest in the spotlight. This has become the most pressing election issue of all. Read More Here

(MailOnline) – Proof speed cameras exist to rake in money as receipts finally fall

Motorists have been hit with speeding tickets worth almost £1billion under Labour, a report shows. Read More Here

(ReutersBlog) – Europeans won’t be amused by alleged Goldman scam

Europeans won’t be amused by the alleged Goldman Sachs scam. ABN Amro, and therefore ultimately Royal Bank of Scotland, ended up losing $841 million in the allegedly fraudulent collateralised debt obligation investment concocted by the investment bank. Meanwhile, IKB, the bust German bank, lost nearly $150 million. Read More Here

(Fox) – Video: Cap and Trade is NOT DEAD, What it Will Cost You? – Is Obama Trying to Destroy the U.S ?? – Continue reading

Economy

(NewWorldOrderInformation) – News about Goldman Sachs Shouldn’t Surprise You

The announcement today that the Securities and Exchange Commission sued Fabrice Tourre, a Goldman Sachs vice president for fraud should not surprise you. I have warned the readers of this blog and elsewhere for years about the fraud and corruption in our financial markets and how the international banksters have been stealing your money. Read More Here

(NYTimes) – Investor Who Made Billions Not Targeted in Suit

Three and half years ago, a New York hedge fund manager with a bearish view on the housing market was pounding the pavement on Wall Street. Read More Here

(ZeroHedge) – Ratigan Deconstructs Goldman, Connecticut AG Blumental Wants Criminal Charges Filed

We expected Dylan to explode during today’s show. We were disappointed as he somehow managed to contain it, and did a pretty good recap of the Goldman affair (if a little too many matchbox cars on the show for our taste). Read More Here

(NewsMax) – Soros: Euro, EU Will Collapse if Germany Doesn’t Make Concessions

Billionaire financier George Soros thinks the euro and the European Union itself are at risk of breaking up if Germany refuses to play its traditional role and make concessions, he told a newspaper. Read More Here

(KurtNimmo) – Video: Casino Carnival Barker Jim Cramer Defends Goldman Sachs

Goldman knowingly pitched worthless mortgage securities to clueless investors who took more than a billion dollar bath. The SEC and anybody who has two brain cells to rub together know this is massive criminal fraud. Read More Here

(AP) – 8 banks close in Calif., Fla., Mass., Mich., Wash.

Regulators on Friday shut down eight banks — three in Florida, two in California, and one each in Massachusetts, Michigan and Washington — putting the number of U.S. bank failures this year at 50. Read More Here

(TheGlobeAndMail) – Canada’s brewing debt storm

For every $1 of disposable income, Canadians owe a record $1.47. How did it come to this? Read More Here

(ProPublica) – Other Major Banks Did Deals Similar to Goldman’s

As you may have heard, Goldman Sachs is being sued for fraud [1] by the Securities and Exchange Commission [2] for allegedly misleading investors about a deal that Goldman helped structure and sell. In the civil suit, the SEC specifically faulted Goldman for failing to disclose that a hedge fund was helping create the investment while betting big the deal would fail. Read More Here

(NYTimes) – Investor Who Made Billions Not Targeted in Suit

Three and half years ago, a New York hedge fund manager with a bearish view on the housing market was pounding the pavement on Wall Street. Read More Here

Hating the government finally goes mainstream

(WashingtonExaminer) – Three years ago, the Republican establishment piled scorn on the presidential candidacy of Ron Paul.

Today, he is in a statistical tie with President Obama in 2012 polling. His son, an ophthalmologist who has never run for elective office, is well ahead of not only the GOP’s handpicked candidate for Senate in Kentucky but also both Democratic contenders — all statewide officeholders.

What happened? Did America suddenly develop an insatiable appetite for 74-year-old, cranky congressmen from Texas? Is the gold standard catching on? Continue reading

Video: How Goldman Sachs runs the government!

When it comes to Goldman Sachs there is no free Market.  This video is a visualization of Matt Taibbi‘s “The Great American Bubble Machine”  – It has been cut down slightly to fit the 10 minute time constraints. Continue reading

Head Of Greek Debt Office Replaced By Former Goldman Investment Banker

(ZeroHedge) – And so the tragicomic becomes surreal. Yesterday’s news about the departure of the head of the debt management agency, Spyros Papanicolaou, was somewhat of a yawner, until we realized that his replacement would be none other than Petros Christodoulou, who until today was head of Private Banking and Group Treasury at the National Bank of Greece (reporting directly to the CEO of the NBG Tamvakakis), as can be seen on the org chart below. Yet was is oddest, is that Mr. Christodoulou worked not only as head of derivatives at JP Morgan but also held comparable posts at Credit Suisse, and… wait for it, Goldman Sachs… Uh, say what? Read More Here