Spizer Called the Fed a Ponzi Scheme Today on National TV

Dylan Ratigan had on Eliot Spitzer this morning to discuss the Fed’s new effort to grab more power. Here are some of the quotes -

Nothing new if you have been reading my blog, but still refreshing to see it on National TV.

http://www.zerohedge.com/article/ratigan-spitzer-and-toure-clarify-how-fed-operates

Ratigan
“I feel as if America has suffered the greatest theft and cover up, ever. And that the vehicle was where banks created a pile of garbage, that they paid themselves Billions of Dollars of personal compensation and then stuck the Trillions of Dollars of garbage with the American Taxpayer. That to me is stealing.”

The Federal Reserve, using Taxpayer Money, basically becomes a Goodwill Store for the banks. So, the banks take all of their garbage to the Federal Reserve and then like the Goodwill, the banks are then able to write in the value for what they believe the garbage to be worth.” The value is $13.9 TRILLION!!!!!

“We now want to know what’s in this garbage bag, because this garbage bag represents the future of our country.”

Spitzer :“I want to know if there is anything in (the garbage bag) that is worth the money (the banks) have been given. I want to know what you knew it was worth and when you knew what it was worth. If it was zero, why were you doing what you were doing?”

Ratigan :“Congress has asked the Chairman of the Federal Reserve to tell us what is in the bag. What did you give the $13.9 trillion for? “

Spitzer: “We need to ask the hard questions. The most poignant example for me is the AIG bailout, where they gave (over $100 billion) that went right through conduit payments to the Investment Banks that are now solvent. We needed to get the money to the banks. We didn’t get stocks in those banks. They didn’t ask what had been going on.

This begs and cries out for hard, tough examination. The Fed was quasi-autonomous from the public, but it was run by the banks. You look at the governing structure of the NY Fed, it was run by the very banks that got the (AIG) money.

This is a Ponzi Scheme, an Inside Job. It is outrageous. It is time for the Congress to say ‘enough of this’.”

I let a major Wall Street firm because I could add 2 + 2 and see what these banks were doing to the US Taxpayer (present and future). I could not stomach it anymore, so I picked up and left. The move cost me a ton of money and a lot of good will, but my conscience is clean.

There will be hell to pay at some point and the guys who profited from this theft will be strung up. They know this, so they are trying to inflate yet another bubble to allow them time to cover their tracks.

Enjoy the bubble, because it is the last one. This one takes down US Treasury Bonds.