Censored 2010 Continued...

This was at times a difficult process for me to understand, this video helped me to understand all the different types of mortgages their are, and helped define vocabulary at is commonly used in finance. 

T R U T H O U T 

• The Bank for International Settlements estimates that in 2008, annual trading in over-the-counter derivatives amounted to $743 trillion globally - more than ten times the gross domestic product of all the nations of the world combined.
• Just five super-rich Wall Street banks control 97% of the U.S. derivatives market: JPMorgan Chase & Co., Goldman Sachs Group Inc., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co.
• Wall Street traders compete to design computer programs that can move many trades in microseconds, allowing them to beat ordinary investors to the "buy" button and to manipulate markets for private gain.
• Goldman Sachs, the uncontested leader in this game, was reported in September to be sitting on a cool $167 billion in cash. Meanwhile, a September survey of state finances found that state governments faced a collective budget shortfall for fiscal 2010 of $168 billion - nearly the same amount.

“'If an institution is too big to fail, it is too big to exist,' said Sanders, a Vermont independent. 'We should break them up so they are no longer in a position to bring down the entire economy....-Bernie Sanders 

The Capital Eye Blog , that is part of OpenSecrets.gov is a great resource to find up to date information regarding what we most likely are not hearing form main stream media. Another great resource I have found useful is truthout.org. They offer a variety of opinions, interviews, and news. 

Examples of Political Cartoons 

This is an example of the revolving door. It shows lobbyists and politicians going in wearing one political hat, and coming out wearing a private/personal hat. It may seem they are taking into account our public needs, but when their pockets get fatter, and we may feel ours getting tighter, one should be informed about where the money is going. 

This video is an example of how we got into the mess we did, and how once we deregulated a financial sector of the government we got into such a big issue with banks not knowing how much money they had, and people running out of money trying to pay them, and the people who were responsible in the beginning are no longer, because they turned around and sold what they had previously been responsible for, with no accountability from the government. 

Censored 2010-US Congress Sells Out To Wall Street

Facts-

1. Since 2001, 8 of the most troubled firms have donated 64.2 million to candidates, as well as both Democratic and Republican parties. 

2. Top recipients receiving money from the Troubled Assets Relief Program, were the same members of congress who chair committees charged with regulating and overseeing the effectiveness of the unprecedented government program. 

3. Nearly every member of the House Financial Services Committee in February 2009 oversaw hearings about the $700 billion dollar program, received contributions associated with these institutions. 

4. In 1997 and 1998 leading up to the Steagall Act, the banking, brokerage, and insurance industries spent $350 million on political contributions and lobbying. 

5. Newly created organisms in the Federal Reserve zoo have been quietly pumping not billions but trillions of dollars into the hands of private companies in loans and private investments. 

Lexis Nexis Search:

 Overall the most buzz around the bailout was how the money was going to be spent, not where or who was going to oversee the money. 

Daily News 

The Herald 

The New York Times

The Daily Telegraph