Posted by: tristar3research | April 4, 2009

Ratings Agencies’ Corruption Alleged to be a Preconceived Plan

I really don’t know what you say about this kind of a report except, “Gulp”. Sincerely, we have an economy IMHO that has been hijacked by a small group of well placed speculators who are in fact in control of our Treasury and Federal Reserve to pay them for any mistake they made in the past decade.

In an explosive interview on PBS’ Bill Moyers Journal, William K. Black, a professor of economics and law with the University of Missouri, alleged that American banks and credit agencies conspired to create a system in which so-called “liars loans” could receive AAA ratings and zero oversight, amounting to a massive “fraud” at the epicenter of US finance. But worse still, said Black, Timothy Geithner, President Barack Obama’s Secretary of the Treasury, is currently engaged in a cover-up to keep the truth of America’s financial insolvency from its citizens. The interview, which aired Friday night, is carried on the Bill Moyers Journal Web site. Black’s most recent published work, “The Best Way to Rob a Bank is to Own One,” released in 2005, was hailed by Nobel-winning economist George A. Akerlof as “extraordinary.” Listen to Part 3: Unbelievable!

But we still are passing budgets that we can’t afford. These spending plans are a big mistake. The House passes a mega budget which we can’t afford, but the market rallies on this?

The vote in the House was 233-196, largely along party lines, for a $3.6 trillion plan that includes a deficit of $1.2 trillion. The country wants “real change, and we have come here to make a difference,” House Speaker Nancy Pelosi, D-Calif., said as both chambers worked on plans to boost spending on domestic programs, raise taxes on the wealthy in two years’ time and clear the way for action later in the year on Obama’s priority items of health care, energy and education. The Democratic-controlled House approved a budget blueprint drawn to President Barack Obama’s specifications Thursday and the Senate hastened to follow suit after administration allies rejected alternatives from liberals and conservatives alike.

Sadly, it isn’t pretty that the assertion is being made by someone deeply engaged in the workout from the 1980’s S&L crisis.


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