Rep. Joe Walsh (R-IL) freaks out on constituents,"Don't Blame The Banks!"

[Brian4Liberty]

It is the Fed.

Of course. We never forget about the Fed's role at the head of the table!

 

[Travlyr]

You must spread some Reputation around before giving it to Brian4Liberty again.

Not everyone knows that. A lot of people believe it is the State that initiates force. It's not. It is the counterfeiters who initiate force because they must hunt down competition and stop them.

The Fed enables the wars, the police state, oppressive regulations, distortions in the marketplace, and is the enemy of private property.

• The "Greenback" = The Civil War and the first policemen.
• The Federal Reserve Act of 1913 = WWI & 100 years of wars, the State Police, FBI, CIA, The New Deal, IRS, Debt Society, Marxist Ideals.

The bankers own the Earth because of the power of "legalized" counterfeiting which is unconstitutional. Nearly everyone buys their home from the banker with the approval of the banker. The same with their car, their education, their toys, and their meals. Approved. Approved. Approved.

It ends when the bankers lose their power to "create" steal from the rest of us... not before.

 

[jmdrake]

It is the Fed. The Fed "creates" elastic money. Money is not created by man. Oil is not created by man. It cannot be. What that means is the Federal Reserve steals money. They are counterfeiters. That is the purpose of the Fed... Power and Control.

Stop the counterfeiters and solve the problem.

.....unless the Fed is replaced by another entity that does the same thing like the new "global financial order" the Vatican was calling for recently. I fully agree that the fed is central to the problem. But to understand it you have to understand how the 2008 Bush/Pelosi stimulus scam which was tied to Fannie and Freddie exacerbated the problem. We've got to fully inform people about how this is all tied together.

 

[Travlyr]

.....unless the Fed is replaced by another entity that does the same thing like the new "global financial order" the Vatican was calling for recently. I fully agree that the fed is central to the problem. But to understand it you have to understand how the 2008 Bush/Pelosi stimulus scam which was tied to Fannie and Freddie exacerbated the problem. We've got to fully inform people about how this is all tied together.

I do agree with you on some of that. But all the talk about stimulus/Fannie/Freddie/Ginny stuff is merely obfuscation. It's sort of like a Hollywood wedding. It's irrelevant.

If people in the 21st century are dumb enough to buy the Global counterfeiter bullshit is better than a National or State counterfeiter, then at least 40 more years of oppression, wars and poverty will be the fate of the people, and maybe 80 more years if their children buy into Universal counterfeiter bullshit. After that... maybe people will realize who has their boot on their throat.

 

[jmdrake]

I do agree with you on some of that. But all the talk about stimulus/Fannie/Freddie/Ginny stuff is merely obfuscation. It's sort of like a Hollywood wedding. It's irrelevant.

If people in the 21st century are dumb enough to buy the Global counterfeiter bullshit is better than a National or State counterfeiter, then at least 40 more years of oppression, wars and poverty will be the fate of the people, and maybe 80 more years if their children buy into Universal counterfeiter bullshit. After that... maybe people will realize who has their boot on their throat.

I disagree with your "obfuscation" comment. Tell me this. Are you familiar with kudzu? It's an invasive vine that FDR brought over from Japan to control erosion. To kill it you need to dig up the crown. But before you can find the crown you have to cut away the leaves and vines. Fannie/Freddie and the stimulus are the "leaves and vines" of this financial crisis. You can talk about "End the Fed" all day and most people don't really know what the hell you're talking about. They have to understand how government actually undermines the prosperity that they seek before they can understand that the counterfeiting is bad. People also need to know why Ron Paul, who usually votes for deregulation, voted against deregulation when it came to Glass Stegall. You can't get that just from "end the Fed".

 

[Travlyr]

I disagree with your "obfuscation" comment. Tell me this. Are you familiar with kudzu? It's an invasive vine that FDR brought over from Japan to control erosion. To kill it you need to dig up the crown. But before you can find the crown you have to cut away the leaves and vines. Fannie/Freddie and the stimulus are the "leaves and vines" of this financial crisis. You can talk about "End the Fed" all day and most people don't really know what the hell you're talking about. They have to understand how government actually undermines the prosperity that they seek before they can understand that the counterfeiting is bad. People also need to know why Ron Paul, who usually votes for deregulation, voted against deregulation when it came to Glass Stegall. You can't get that just from "end the Fed".

How is the Fannie/Freddie stuff different than the Savings & Loan debacle in the 80's?
You really just have to pull the thorn and let the healing begin.

 

[jmdrake]

How is the Fannie/Freddie stuff different than the Savings & Loan debacle in the 80's?

Well it's bigger for one. For another Fannie and Freddie are actually government sponsored entities. That means they are quasi private/quasi public just like the Federal Reserve itself. Really for me the financial crisis didn't make sense until I understood the history of Fannie and Freddie and how they tie into the Federal Reserve. For me when I talk to people about the financial crisis I want to be able to say more than just "End the Fed". I want to be able to explain how it all fits together. Otherwise it just becomes a slogan.

 

[Travlyr]

Well it's bigger for one. For another Fannie and Freddie are actually government sponsored entities. That means they are quasi private/quasi public just like the Federal Reserve itself. Really for me the financial crisis didn't make sense until I understood the history of Fannie and Freddie and how they tie into the Federal Reserve. For me when I talk to people about the financial crisis I want to be able to say more than just "End the Fed". I want to be able to explain how it all fits together. Otherwise it just becomes a slogan.

Then you should go all the way back to the Bank of England in 1694.

Wars are profitable. When the Vietnam conflict ended investors needed somewhere to put money. They put it into development land and cheated the system. The Bush Family and the Clinton were both involved in the Savings & Loan scandal (quasi private/quasi public) Resolution Trust Corporation. It was as big at the time as Fannie & Freddie are today. Then when that bubble blew up money went from there into retirement accounts and the stock market investments. The Internet bubble was formed. When that bubble blew up, then money went into the housing bubble Fannie/Freddie, etc. Now that the real estate bubble is blown up, money is going into bonds. The bond bubble is the biggest bubble yet. It is all a big Ponzi Scheme. When it blows, then everyone will be wishing that the Fed had been ended first and a smooth transition made into honest sound money rather than destroy everyone's paper wealth first.

Fannie & Freddie are late comers to the game.

 

[jmdrake]

Then you should go all the way back to the Bank of England in 1694.

Wars are profitable. When the Vietnam conflict ended investors needed somewhere to put money. They put it into development land and cheated the system. The Bush Family and the Clinton were both involved in the Savings & Loan scandal (quasi private/quasi public) Resolution Trust Corporation. It was as big at the time as Fannie & Freddie are today. Then when that bubble blew up money went from there into retirement accounts and the stock market investments. The Internet bubble was formed. When that bubble blew up, then money went into the housing bubble Fannie/Freddie, etc. Now that the real estate bubble is blown up, money is going into bonds. The bond bubble is the biggest bubble yet. It is all a big Ponzi Scheme. When it blows, then everyone will be wishing that the Fed had been ended first and a smooth transition made into honest sound money rather than destroy everyone's paper wealth first.

Fannie & Freddie are late comers to the game.

The Resolution Trust Corporation was created to clean up the S & L crisis. (Basically it was the S & L's TARP). In contrast Fannie and Freddie helped create the current crisis. I have nothing against someone going back and learning about the bank of England. But for the current crisis understand Fannie and Freddie for me was quite helpful. I don't understand why you seem so reluctant for people to look at it, but for me it's the clearest example of how the Fed works in modern times to undermine the economy.

 

[teacherone]

Let's see....from the article....

"I don't want government meddling in the marketplace," Walsh said. "Yeah, they move from Goldman Sachs to the White House, I understand all of that. But you gotta’ be consistent. And it’s not the private marketplace that created this mess. What created mess was your government, which has demanded for years that everybody be in a home. And we’ve made it easy as possible for people to be in homes."

Uhhhh...no Joe! That's not what happened! It's not because we just "wanted everybody to be in a home". We could have taken the money stolen by the banksters and put everyone in a home cheaper if that was the case. The "put everyone in a home" argument might have been the front that was used for this grand-theft-financial, but it wasn't the end.

To better understand what's going on read an article from the "San Fransisco Chronicle" which explains how the 2008 Bush/Pelosi stimulus package upped Fannie Mae's lending limits to $750,000. You do not need $750,000 lending limits just to put someone in "a home". It's a shame that the "leftist" San Fransisco Chronicle better understood how Fannie Mae and Freddie Mac and the Bush/Pelosi stimulus package created this mess than a "tea party favorite".

And Cowley, THIS is why we can't just look at these economic problems from a myopic "leftist versus rightest" lens.

http://articles.sfgate.com/2008-02-03/opinion/20870511_1_fannie-and-freddie-fannie-mae-freddie-mac
Stimulus Plan A Scam To Benefit The Rich
Higher loan limits will lead to Fannie Mae, Freddie Mac bailout
February 03, 2008|By Sean Olender

Congress is about to sell us the biggest fraud in American history.

It's been highly touted as an economic stimulus bill that will help millions of Americans - and has the backing of both President Bush and House Speaker Nancy Pelosi. In the coming year, individuals would receive rebates of up to $600 and families up to $1,200. There are other goodies, too, including tax write-offs for small businesses and an expansion of the child tax credit.

But, as the old adage goes, nothing comes for free. As part of the bill, Congress is set to rush through an increase in the mortgage loan limits for Fannie Mae and Freddie Mac (and Federal Housing Administration insurance, too) - from $417,000 to $729,750 - the first step toward a massive financial disaster in which taxpayers will end up paying through the nose.
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Here's how we got to this point. Domestic and international investors hold hundreds of billions of dollars in bad debt, because U.S. investment houses sold them junk securities based on often fraudulent mortgages. Many of these mortgages were sold to unqualified buyers under terms that made widespread foreclosures a certainty once the housing market began to fall.

Investment banks and bond rating agencies sat down and tried to figure out how to describe Americans with insufficient incomes and little for a down payment as great credit risks on loans too big for their incomes. The new rules focused on credit scores, because it was a good excuse to avoid looking at income and down payment, factors that would have restricted this moneymaking fiasco.

Now, thanks to Congress, junk bond investors will be able to pawn off their bad debt to Fannie and Freddie, instead of suing the big investment houses for ripping them off. This shift will certainly doom Fannie Mae and Freddie Mac, so don't be surprised if we, the taxpayers, have to bail out poor Fannie and Freddie - to the tune of more than $1 trillion.

excellent!

 

[Travlyr]

The Resolution Trust Corporation was created to clean up the S & L crisis. (Basically it was the S & L's TARP). In contrast Fannie and Freddie helped create the current crisis. I have nothing against someone going back and learning about the bank of England. But for the current crisis understand Fannie and Freddie for me was quite helpful. I don't understand why you seem so reluctant for people to look at it, but for me it's the clearest example of how the Fed works in modern times to undermine the economy.

I do not have a problem with people explaining it in whatever way makes the most sense to them. I intend to encourage you to do what works best.

When you understand "elastic" money, then you see the thorn.

 

[angelatc]

Who would vote for this asshat?

What do we need to be "consistent" about? He never really says, but he repeats it a couple of times. Kind of convenient to only blame government, a nebulous entity that is never liable and never takes responsibility for anything. And nobody "attacked" the free market as he kept repeating.

He says: "All the marketplace does is respond to what the government does. The government sets the rules."

Hello McFly? McDouchebag! The same Wall St bankers that you are defending are the ones who write those damn rules! There is no separation. They are the same people. What the hell are you saying? Hank Paulson and Jon Corzine are as pure as the driven snow when they have their Goldman Sachs hats on, and they are only guilty (but not liable or accountable) when they are in the government? He complains about Dodd-Frank, yet that is just another example of law written by Wall St interests. It's a total sham. And no one was defending Dodd-Frank either.

I would totally vote for Joe. If I still lived in Illinois, he would be my rep. He's great!

 

[angelatc]

joe does not put enough blame on the banks. i think too much on fannie/freddie/cra as well - they didn't help but they didn't cause the bubble.

walsh is my rep.

Just to piss jmdrake off, I don't blame the banks either. Banking is a business, and business will always take every advantage it can get to maximize profit. I think it's laughable to imagine that we should expect the bankers not to lobby for rules that benefit them, especially considering that Washington has the welcome mat out 24/7.

 

[Travlyr]

Just to piss jmdrake off, I don't blame the banks either. Banking is a business, and business will always take every advantage it can get to maximize profit. I think it's laughable to imagine that we should expect the bankers not to lobby for rules that benefit them, especially considering that Washington has the welcome mat out 24/7.

Ron Paul blames the banks.

 

[jmdrake]

Just to piss jmdrake off, I don't blame the banks either. Banking is a business, and business will always take every advantage it can get to maximize profit. I think it's laughable to imagine that we should expect the bankers not to lobby for rules that benefit them, especially considering that Washington has the welcome mat out 24/7.

And just to piss you off for being silly, I didn't blame the "banks". I blamed GSE's Fannie Mae and Freddie Mac which are semi private government sponsored entities that are in many ways similar to the Fed. If you listen sometimes you might learn something. Or you can just be like Joe Walsh. (Sorry the singer has to share the same name as this turkey).

 

[Brian4Liberty]

I would totally vote for Joe. If I still lived in Illinois, he would be my rep. He's great!

I bet the woman whose face Joe was yelling into about something she didn't even say will not be voting for him.

 

[mconder]

I been saying that. The gov manipulated us into this mess. OWS should be at the White House.
http://www.huffingtonpost.com/2011/11/08/joe-walsh-screams-at-cons_n_1083014.html

Walsh, a Tea Party Favorite, then suggested that the federal government stop funding the U.S. Postal Service.
"If the Postal Service can't compete in the marketplace," Walsh shouted. "I am tired of propping it up."

One of the few things the Federal government does that's actually authorized by the Constitution. Seriously, there's not a better target for cutting than the Post Office? Wars maybe?

 

[redbluepill]

Just to piss jmdrake off, I don't blame the banks either. Banking is a business, and business will always take every advantage it can get to maximize profit. I think it's laughable to imagine that we should expect the bankers not to lobby for rules that benefit them, especially considering that Washington has the welcome mat out 24/7.

Using that logic let's not blame the politicians who give out the subsidies to the corporations. Making the corporations happy ensures re-election. The politicians are just looking out for their own benefit.

 

[sickmint79]

Can't imagine how he'll get re-elected being a jerk like that. Yelling in someone's face like that often doesn't end like that...he could become even more famous as the Congressman with a blackeye.

He should shut up and play his guitar!

i think he used some of his music during his campaign and got in trouble for it.

 

[sickmint79]

Just to piss jmdrake off, I don't blame the banks either. Banking is a business, and business will always take every advantage it can get to maximize profit. I think it's laughable to imagine that we should expect the bankers not to lobby for rules that benefit them, especially considering that Washington has the welcome mat out 24/7.

rules aside, they completely abandoned lending standards. banks that don't care about that eventually go out of business. unless they're really big, in soviet america i guess.