Undisclosed to Congress, the Fed Gave Banks $13 Billion in Secret Loans

The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.

The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.

Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.

A fresh narrative of the financial crisis of 2007 to 2009 emerges from 29,000 pages of Fed documents obtained under the Freedom of Information Act and central bank records of more than 21,000 transactions. While Fed officials say that almost all of the loans were repaid and there have been no losses, details suggest taxpayers paid a price beyond dollars as the secret funding helped preserve a broken status quo and enabled the biggest banks to grow even bigger. 

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jtunderground

jtunderground:

I was in Springfield, Mo a small mid-western city on January 20th and I attended the Occupy The Courts protest downtown in front of the Federal Courthouse and was able to get some decent shots. The protest was put on by folks associated with the Move To Amend movement and there were quite a few Occupiers in attendance. It was quite a cold day but a decent turnout of around 30 or 40 people. There was no problems with police and all in all people seemed to consider the day a success.

mastreacheval

FINDING HUMANITY: THE PHILOSOPHY OF AN OCCUPIED PLANET

Freedom is near. The birth of the Occupy movement was both miraculous and inevitable. In the chaos of a crumbling empire, you and I found each other and discovered, to our surprise, that we were not alone in our understanding. What had always been my suffering and my awakening was now ours and we knew this immediately, implicitly. We slept in the rain and our voices rang together through the corridors of our city. Nothing had ever meant so much.

I say Occupy was inevitable because annihilation has never been the destiny of this country nor of this planet. The protestors in Tahrir Square, on Wall Street, and in front of St. Paul’s cathedral were the natural and inspired ascent of humanity’s survival instinct. However, despite our numbers and our dedication, the threats of economic collapse and environmental destruction continue to haunt the horizon. Criminality in government persists.  We stood up and spoke out but our mission is incomplete.

In the following pages, I’m going to attempt answers for two questions: how is Occupy different and how can it succeed?I am going to present a doctrine, but my aim is not to indoctrinate. Philosophy, seeking the Truth, is what led me to Occupy and this philosophy is my contribution. This is the truth about Occupy, as I see it. I present it for your consideration in the hope that you find in it something of value, something that will serve you. Though, my belief is that the application of these ideas could harness the Love and camaraderie of Occupy toward something magnificent. I should also add that regardless of the effect of my words, I am certain that with the united strength of an Occupied planet, we will avert extinction and discover Utopia

I

            It did not take long for the media’s denial of Occupy to be replaced by confusion. This confusion is encapsulated in the question, “What is your message and what are your demands?” We all had different answers to these questions. Elements of the corporate-controlled media treated this fact as a flaw and attempted to convince the public that this new crop of protestors were naïve and disorganized hippies. This spin hardly slowed us down, though the question became a meme among the public and within the movement. This is worth noting. The fact that the question resonates with people means there is something to it – it is not merely the concoction of the corporate media. I think a better formulation of that question is, “How is Occupy different?” Everyone senses that there is something new here and they are right.

Occupy is different because it represents the united opposition to tyranny in all its forms. All possible progressive goals – gender equality, racial equality, income equality – are united in Occupy. It is a banner that all activists can share. What unifies PETA is the shared conviction for the welfare of animals. What unifies Occupy is a shared conviction for the toppling of a tyrannical system in its entirety. This is why Occupy is different: it seeks to remove the root of injustice, rather than address isolated instances of injustice. Revolutions throughout history have brought down tyrants – but never tyranny itself.

However, with our current mindset, this ultimate revolution we seek is impossible. The truth is that tyranny is a concept and you cannot defeat a concept with action, you must defeat it with thought. You cannot move past a concept until you change your mind.

Tyranny is vanquished by the thought of Humanity. If we realize our Humanity, tyranny disappears. This begs the question, “What does it mean to be human?”

Human beings are physical and metaphysical, matter and mind. We have bodies we can see and thoughts we cannot. We have physical needs such as food, shelter, and medicine. We also have metaphysical needs like love, a sense of self, community, and education, to name but a few. Now, everyone understands that our system of government is not meeting the physical needs of the people. And this is an absurd understatement. Physical Tyranny exists anywhere humans are forced to fight for survival and anywhere they are destroyed. We see deprivation and destruction everywhere. We blame this on the individual tyrants – the corporate executive and the corrupt politician. It is true that individual humans are responsible for their actions. However, the single tyrant is not responsible for the whole of tyranny. What we fail to realize is that the many individuals who maintain and profit from this system of injustice, all of them, suffer with us under a tyranny greater than their own and more destructive than any war they may seek to wage. Humanity, 100% of it, is plagued by Metaphysical Tyranny.

Far surpassing the brutality and wide-sweeping vision of any human tyrant is the Metaphysical Tyrant: Doubt. Doubt is “the state of uncertainty with regard to the truth or reality of anything,” (Oxford English Dictionary). The media landscape is so convoluted and our educational institutions so dysfunctional, that Doubt exists at the center of our lives. It occupies the place in our consciousness meant for Truth. Instead of filtering our experience through our understanding of Truth, thereby gaining knowledge, we filter experience through Doubt, and gain only facts and uncertainty. Furthermore, when you have doubt concerning a metaphysical need, then it is impossible that that need is being met. To meet a metaphysical need is to know that it is met. When we fall in Love and suddenly a void within us is filled with light, we have moved from Doubt as to the reality of Love to certainty. When that Love comes into Doubt, we suffer. In our state of Metaphysical Tyranny, Doubt reigns supreme over our most important thoughts. Even when we glimpse our life’s purpose, our true Love, or our God, Doubt shuts are eyes and turns us away.

When your Humanity is in Doubt, when you do not identify as a human but solely as a man, woman, dictator, or anything else, then you are capable of inhumane, even horrific, action. If the police officer, as he raises his night stick to strike a protestor, were to be freed of Doubt and suddenly, fully appreciate the Truth that he and the protestor are both Human, the protestor would be unharmed. Similarly, if Barack Obama were to preface all of his action with full consciousness of his Humanity, he might be a very different president. But most importantly, if each of us were to remember, at all times, that we are Human, then ruthless competition would give way to joyful cooperation. We know this from Occupy.

Metaphysical Tyranny (Doubt) is the necessary condition for Physical Tyranny (Institutionalized Inequality). Confusion of fundamental truths is the cause for the chaos in our politics, in our economics, and in our personal lives. The tyrannical individuals who own and operate the control system understand this. A brief investigation of the Think Tank network of the elite will show you how Humanity’s Doubt has been systematically reinforced for decades in order to stave off Revolution. However, organizations like the Tavistock Institute, the Rand Corporation, and the Rockefeller Foundation did not invent metaphysical Doubt, they merely exploit it. It is absolutely essential to remember that flawed thinking is our only enemy – we have no enemies among our fellow Humans. Rahm Emmanuel is a human, and if he identified as a human, rather than as a king, he would not engage in oppression. We are all equally guilty of falling prey to Doubt.

Knowing the nature of Doubt is the key to Occupy’s success. An old paradigm is falling and a new one is emerging. Occupy is on the cusp of this emergence. For Occupy to be truly effective, Occupiers need to let go of the language of the old paradigm. And that language is duality. Us vs. Them. With a message of dualism (99% vs. 1%), our energy and our usefulness are cut in half. The concept of 99% contains all that is good in Occupy. The concept of the 1% contains all that is old in Occupy, that which must change. We are loving towards the 99% and hateful towards the 1%. We chant, “Feed the Poor, Tax the Rich,” and the implication is that we don’t care whether the rich are fed. You might say, “They can feed themselves.” And this is true, except this is also exactly what they say about you.

Occupy does not need to incite anger against the criminal factions of our society, that is accomplished by the crimes themselves. The anger in Occupy, which is both natural and useful, could be channeled into a campaign for independent audits of our elected and non-elected government officials, as well as an audit of all variety of financial institutions. This could then become the campaign for the indictment of criminals. When we paint with such a wide brush, decent humans in the business, financial, and government sectors are potentially alienated and thus remain silent. This is a tremendous loss, for these are the very people who must carry out essential reform.

A new paradigm requires a new language. And in place of duality, we have unity. We are united as a race of Humans. I’d like to complete the definition of Human: Humans are creatures of the Earth with bodies and minds. Our bodies have needs, our minds have needs, and the Earth has needs. To be Human is to fully appreciate this. To be humane or to exhibit humanity means to champion the equal satisfaction of the needs of all humans and the planet on which we live.

What is our message? What are our demands? We are all human beings living on one planet, and our needs and the needs of the planet must be met.

Furthermore, we can elaborate our needs as both physical and metaphysical. Here I would propose a new metaphysical need: freedom. Freedom from indoctrination, so that we may prevent the return of crippling Doubt and assure that each human being is free to pursue happiness in health of body and mind. This message of Humanity is unified and positive. It completely disregards the hopelessly confused current political discourse of our time. In our thoughts and our actions, we can champion Humanity, the Earth, and all life on Earth. Never before has a revolutionary movement included all living beings among its ranks.

Our efforts up until this point have gotten the world’s attention. We currently live in a wasteland, a Desert of Doubt. If Occupy becomes a fountain of the Truth of our shared Humanity, our possibilities are limitless. We can make this a reality by holding onto that connection we made last fall – that Occupiers around the world continue to make – when we discovered each other’s Humanity and thus discovered a new world. Because that’s how it feels when you know Humanity – that you are exactly where you are supposed to be.

-Chicago Occupier

March 6, 2012



thetruthisvital

Massive Wave Of Resignations From Top Level Bankers.

Here are the recent resignations in chronological order:

February 6, 2012:  Dhanlaxmi Bank CEO Amitabh Chaturvedi quits 

February 10, 2012: Tamilnad Mercantile Bank MD resigns

February 13, 2012: Kuwait central bank chief resigns amid political tensions

February 14, 2012: Nicaragua’s Central Bank President Antenor Rosales quit admist row

February 15, 2012: Slovenia’s Two Biggest Banks’ CEOs Step Down

February 15, 2012: World Bank President Zoellick Resigns

February 16, 2012: CFO of ANZ Bank Resigns Amid Turmoil 

February 16, 2012: Royal Bank of Scotland’s Stephen Williams quits the role

February 17, 2012: Credit Suisse’s Private Bank Chief Asian Economist Tan Resigns

That’s 9 resignations in eleven days, we have not included the other resignations from the likes of the head of the central bank in Switzerland a month ago, and the talk of the head of Goldman Sachs leaving. Why are the heads of very large financial instutitions resigning? Corporate governance experts would say that people resign to make room for new policies, but this is a peculiar situation of contagion amongst those with key exposure.

The first to see the flame usually leave the building first…maybe this is not the case, nonetheless, such events with obvious patterns should be taken note of. 

And many, many more:

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99spring

The 99% Spring was launched February 15 with the following letter signed by over 40 movement leaders and organizations.
DATE: February 15, 2012TO: AmericaRE: The 99% Spring

Things should never have reached this point.
Every day, the American Dream seems a little farther away. More of our grandparents are being thrown from their homes. Our mothers and fathers can’t retire because their pension funds tanked. Our brothers and sisters are burdened by student loan debt. For our children, budget cuts have resulted in crumbling schools, skyrocketing class sizes, and teachers being denied the supports they need to do their best. Our friends and family are being denied collective bargaining rights in their workplaces and are falling further and further behind. Our neighbors are being poisoned by pollution in our air and water.
The numbers are staggering: in recent years, millions of jobs have been destroyed, homes foreclosed, and an unconscionable number of children live in poverty.
And worst of all: this is no accident. It is a result of rampant greed—the deliberate manipulation of our democracy and our economy by a tiny minority in the 1%, by those who amass ever more wealth and power at our expense.
We are at a crossroads as a country. We have a choice to make. Greater wealth for a few or opportunity for many. Tax breaks for the richest or a fair shot for the rest of us. A government that can be bought by the highest bidder, or a democracy that is truly of the people, by the people, and for the people.
The choice is in our hands. This spring, we will act on that choice and rise up in the tradition of our forefathers and foremothers. We will not be complicit with the suffering in our families for another year. We will prepare ourselves for sustained non-violent direct action.
From April 9-15 we will gather across America, 100,000 strong, in homes, places of worship, campuses and the streets to join together in the work of reclaiming our country. We will organize trainings to:
Tell the story of our economy: how we got here, who’s responsible, what a different future could look like, and what we can do about it
Learn the history of non-violent direct action, and
Get into action on our own campaigns to win change.
This spring we rise! We will reshape our country with our own hands and feet, bodies and hearts. We will take non-violent action in the spirit of Martin Luther King, Jr. and Gandhi to forge a new destiny one block, one neighborhood, one city, one state at a time.
We know great change is possible. We inherit a history of everyday people standing up for their own dignity, freedom, and self-determination, shaping our direction as a country. The seamstress in Alabama who launched a bus boycott. The farmers in New England and Virginia who imagined we could be a free nation. The workers in Flint, Michigan who occupied their plant to win collective bargaining rights. The farmworkers in California who liberated our fields. The women in New York who dreamed they could one day speak with equal voice. The mother who stood up in Love Canal to stop the poisoning of her community. And the students who risked their lives during Freedom Summer to register voters.
In the last year alone we watched the teachers and fire fighters of Wisconsin stand for the rights of workers. And we joined those who Occupied Wall Street, inspiring us to stand with the 99%.
We will rise this spring, because we DO hold these truths to be self evident—that all men and women are created equal, that we are endowed by our Creator with certain unalienable rights, that among these are Life, Liberty and the Pursuit of Happiness.
Will you rise with us? Can we count on you to join us April 9th to 15th to stand with the 99% for America?

The 99% Spring was launched February 15 with the following letter signed by over 40 movement leaders and organizations.

DATE: February 15, 2012
TO: America
RE: The 99% Spring

Things should never have reached this point.

Every day, the American Dream seems a little farther away. More of our grandparents are being thrown from their homes. Our mothers and fathers can’t retire because their pension funds tanked. Our brothers and sisters are burdened by student loan debt. For our children, budget cuts have resulted in crumbling schools, skyrocketing class sizes, and teachers being denied the supports they need to do their best. Our friends and family are being denied collective bargaining rights in their workplaces and are falling further and further behind. Our neighbors are being poisoned by pollution in our air and water.

The numbers are staggering: in recent years, millions of jobs have been destroyed, homes foreclosed, and an unconscionable number of children live in poverty.

And worst of all: this is no accident. It is a result of rampant greed—the deliberate manipulation of our democracy and our economy by a tiny minority in the 1%, by those who amass ever more wealth and power at our expense.

We are at a crossroads as a country. We have a choice to make. Greater wealth for a few or opportunity for many. Tax breaks for the richest or a fair shot for the rest of us. A government that can be bought by the highest bidder, or a democracy that is truly of the people, by the people, and for the people.

The choice is in our hands. This spring, we will act on that choice and rise up in the tradition of our forefathers and foremothers. We will not be complicit with the suffering in our families for another year. We will prepare ourselves for sustained non-violent direct action.

From April 9-15 we will gather across America, 100,000 strong, in homes, places of worship, campuses and the streets to join together in the work of reclaiming our country. We will organize trainings to:

  1. Tell the story of our economy: how we got here, who’s responsible, what a different future could look like, and what we can do about it
  2. Learn the history of non-violent direct action, and
  3. Get into action on our own campaigns to win change.

This spring we rise! We will reshape our country with our own hands and feet, bodies and hearts. We will take non-violent action in the spirit of Martin Luther King, Jr. and Gandhi to forge a new destiny one block, one neighborhood, one city, one state at a time.

We know great change is possible. We inherit a history of everyday people standing up for their own dignity, freedom, and self-determination, shaping our direction as a country. The seamstress in Alabama who launched a bus boycott. The farmers in New England and Virginia who imagined we could be a free nation. The workers in Flint, Michigan who occupied their plant to win collective bargaining rights. The farmworkers in California who liberated our fields. The women in New York who dreamed they could one day speak with equal voice. The mother who stood up in Love Canal to stop the poisoning of her community. And the students who risked their lives during Freedom Summer to register voters.

In the last year alone we watched the teachers and fire fighters of Wisconsin stand for the rights of workers. And we joined those who Occupied Wall Street, inspiring us to stand with the 99%.

We will rise this spring, because we DO hold these truths to be self evident—that all men and women are created equal, that we are endowed by our Creator with certain unalienable rights, that among these are Life, Liberty and the Pursuit of Happiness.

Will you rise with us? Can we count on you to join us April 9th to 15th to stand with the 99% for America?

foreverliberal23-deactivated201
If we’re willing to spend $750 billion (so far) to make democracy in Iraq possible, we should be willing to spend one-twenty-fifth of that to make democracy in America work.

Lawrence Lessig in Republic, Lost (via think-progress)

THIS ^ Seriously, we need to fix the many problems here first before we try to fix everything else. There are millions of kids starving and living on the streets right here in America, one of the richest countries in the world. How can we properly fix situations in other countries when we can’t even take care of what’s going on, right here at home? 

(via foreverliberal)

Well…let’s be honest, that money wasn’t spent to make Iraq a democracy…