This writing "Calling for Revolution in America, It's Not Just Me" is my fundamental manifesto.

Society is like a stew. If not stirred frequently, the scum rises to the top.” – Edward Abbey

Monday, September 5, 2011

Retribution, More Phoniness, or a Master Plan?

The "bargaining phase" of the bankster story swung into full gear as the FHFA (representing Freddie and Fannie)  brought a suit for $196.6 billion against a cabel of 17 banks. The number that really stood out was $57.4 against the Bankamerica complex (includes Countryfried and Merill Needs to be Lynched).  Absent on the list was Hopium's new buddy, the Oraface of Omaha's firm,  Wells Fargo. I know there is cynicism that this is just another phony political ploy, only to be dragged out and settled for some nominal amount after the 2012 election. I think the agenda is different and will lead a wipe out of shareholder and bondholders of,  and a defacto nationalization of Bankamerica.   As far as the other targets of the suit go, the settlement will largely involve debt forgiveness and nationalization where necessary.

Then the Gumnut will undertake a large scale cheap refinancing of underwater mortgages held by the agencies,  accelerate short sales,  forgive debt, and sell batches of foreclosed homes into the hands of investment pools and funds.  The key to making it work is the same as it would be with European debt forgiveness, a sufficiently large debt jubilee as opposed to a night of the living dead situation.

On another front against kleptocrats and pig men, the US Attorney General is opening a volley against Credit Suisse and other banks on kleptocrat rat line activities. Interesting that Credit Suisse was also named in the housing agency suit to the tune of $14.1 billion.

 9:50 AM In a strongly worded letter to Switzerland, U.S. Deputy AG James Cole demands - by Tuesday - detailed information on citizens using Swiss bank accounts to dodge taxes, or possibly see Credit Suisse (CS) and 9 other banks face criminal charges.

On the clusterfuck environmental front Presidente Hopium caved to Republicans and the so called "job creators" lobby on tougher air quality standards.  Campaign contributions and employing the economic dynamite strapped routine works like a charm with Hopium. Increasingly,  he looks to have lost the  progressive wing of his old support.  That pretty much just leave him running on the Republican are psychos message.  That won't cut it. My prediction about Al Gore or another strong challenger looks more and more likely.  I don't expect Hopium to be renominated,  let alone reelected, especially if he at all caves or his Justice Dept is stymied on the new bankster initiative.

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