Mind if I scare the living shit out of you for a moment?

Okay, I got something really good coming down the pipes, actually doing a little investigative reporting. Seems there were some fronts used in the subprime market that are of very questionable legality. But more on that later, today I am gonna scare the living shit out of you.

I've heard a lot about American Depression this, Holy Fuck Our Money Is Worthless that, but where is the data?

Where are the charts?

Where is the pure information that will prove we are not over a barrel, because we can't even afford the barrel anymore?

Well, folks, here it is. Take a drink, hit the bong or prozac up like a suburban soccer mom, because here we go into the rabbit hole:

There's more...

Brent Budowsky: Grapes of Wrath Return

From The Hill's Pundits Blog:

Grapes of Wrath Return

Brent Budowsky

Here is the problem with the Federal Reserve bailout of banks, rather than providing support to homeowners, citizens or the economy as a whole:

Check out the New York Times Aug. 20 story ["After Foreclosure, a Big Tax Bill From the I.R.S."] about how those who had their homes foreclosed on by banks often get huge tax bills from the IRS, while the banks buy the home back, at times for $1.

Understand that contrary to much of the snide, condescending coverage in some of the media, many who are foreclosed upon had good-paying jobs that were cut back, laid off, or outsourced, and others had good-paying jobs but suffered major health problems, with ripoff costs imposed by an unjust healthcare system.


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ACORN members meet with Federal Reserve Leaders to discuss home foreclosures

Thirty-five ACORN members met yesterday with Federal Reserve Chair Ben Bernanke and Fed. Gov. Randall Kroszner at the agency's headquarters in Washington DC to discuss the possibility of regulating predatory lending to slow the rate of home foreclosures.

The Federal Reserve Board has the authority to address mortgage problems, but had not done so, while an estimated 2.2 million U.S. home loans are predicted to foreclose as a result of subprime lending during the past decade.

Federal Reserve Chairman Bernanke agreed to meet with ACORN representatives after the community organization held more than a dozen protests June 6 in front of Federal Reserve offices.

There's more...

ACORN to meet with Federal Reserve chair today on predatory lending

ACORN members called on Federal Reserve Chairman Ben Bernanke to ban predatory lending practices, and held press conferences and rallies two weeks ago in more than a dozen U.S. cities. Federal Reserve Chairman Ben Bernanke quickly agreed to meet with ACORN representatives today to discuss regulating the lending industry to help forestall the torrent of home foreclosures.

The Federal Reserve Board has the authority to address mortgage problems, but had not done so, while an estimated 2.2 million U.S. home loans are predicted to foreclose as a result of subprime lending during the past decade.

There's more...

363 Tons Of US Dollars Were Sent To Iraq

Well, if there was ever a wire service story to confirm ones worst nightmare of mismanagement and expediency in Iraq on the part of the Bush administration, it would run something like this:

WASHINGTON (Reuters) - The U.S. Federal Reserve sent record payouts of more than $4 billion in cash to Baghdad on giant pallets aboard military planes shortly before the United States gave control back to Iraqis, lawmakers said on Tuesday.

The money, which had been held by the United States, came from Iraqi oil exports, surplus dollars from the U.N.-run oil-for-food program and frozen assets belonging to the ousted Saddam Hussein regime.

Bills weighing a total of 363 tons were loaded onto military aircraft in the largest cash shipments ever made by the Federal Reserve, said Rep. Henry Waxman, chairman of the House of Representatives Committee on Oversight and Government Reform.

"Who in their right mind would send 363 tons of cash into a war zone? But that's exactly what our government did," the California Democrat said during a hearing reviewing possible waste, fraud and abuse of funds in Iraq.

This story is the first of many we may hear soon as oversight is applied retrospectively to the administration of public monies in Iraq.

Paul Bremer, who as the administrator of the Coalition Provisional Authority ran Iraq after initial combat operations ended, said the enormous shipments were done at the request of the Iraqi minister of finance.

I'll bet.

A total of $8.8B of monies provided to the Iraqi government was described as 'unaccounted for.'

"We were in the middle of a war, working in very difficult conditions, and we had to move quickly to get this Iraqi money working for the Iraqi people," Bremer told lawmakers.

He said there was no banking system and it would have been impossible to apply modern accounting standards in the midst of a war.

"I acknowledge that I made mistakes and that, with the benefit of hindsight, I would have made some decisions differently," Bremer said.

I haven't checked the dates but assume the Finance Minister referred to was SCIRI leader Adel Abdul Mahdi who had been considered as an alternative to al-Maliki as Prime Minister.

Mahdi represents the Supreme Council for the Islamic Revolution in Iraq, the largest party within a Shiite coalition that emerged as the strongest bloc in elections for an Iraqi parliament...


Mahdi's party, born and nurtured in Iran, guided by a Shiite cleric and backed by a feared militia, unnerves some secular and Sunni Iraqis who say they fear an Iranian-style government run by Islamic code.


During the 1970s and '80s, Mahdi visited Tehran often and joined forces with the Shiite Ayatollah Mohammed Bakir Hakim in the Supreme Council for the Islamic Revolution in Iraq.

The Republicans are accusing Democrats of point scoring. "We are in a war against terrorists, to have a blame meeting isn't, in my opinion, constructive," said Rep. Dan Burton, an Indiana Republican.

This story potentially has the mythical, Guiness Book of World Records quality that captures the attention of the electorate.


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