Rep. Yoder: Could these be the Reps who are in thrall to FOREIGN power$$$$$$$$$$$$?

[patrice]

http://thinkprogress.org/economy/2011/07/27/280754/boehner-gop-want-chaos-debt-ceiling/

Speaking on conservative radio host Laura Ingraham’s show this morning, Boehner agreed that failing to raise the limit before the deadline would be devastating, and said the “chaos” plan won’t work when asked by Ingraham what’s motivating the recalcitrant Republicans:

BOEHNER: Well, first they want more. And my goodness, I want more too. And secondly, a lot of them believe that if we get past August the second and we have enough chaos, we could force the Senate and the White House to accept a balanced budget amendment. I’m not sure that that — I don’t think that that strategy works. Because I think the closer we get to August the second, frankly, the less leverage we have vis a vis our colleagues in the Senate and the White House.

We really need to know more about the over-all size, composition, and ownership of the Derivative Crash of '08. That's what I said to Kevin Yoder's staff person, just now. I asked his staff person to find out more about the Derivative Crash of '08, more DETAILS, because it seems that might have SOMETHING to do with the jobs that never materialized out of 30 years of Tax Cuts. And I told him that Yoder needs to tell us whether he has taken Grover Nordquist's pledge.

The staff person said that Yoder SIGNED no such pledge and I said that I'd be a little surprised if Yoder was that stupid, to sign a document that amounts to TREASON and that what Yoder NEEDS to do is come forward and offer Kansans assurances that he has made no such promise in any way shape or form.

I'm waiting, but I won't be just holding my breath and hoping.

[flamingdem]

1. Foreign countries/banks could benefit from the reduction of the value and reserve status of the $ nt

[leveymg]

2. Last market crash of 09/08 was engineered by foreign banks, which were the first to be bailed-out.

"Fails" in the Repo market led to the death of Lehman Bros. and the cascade crash of 09/08.

See, http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=8982236&mesg_id=8987665 Also way more on that thread relevant to this subject.

At least $52 billion was channelled by the NY Fed through Maiden Lane to big foreign banks Updated at 12:28 AM

Edited on Sat Aug-21-10 01:38 AM by leveymg
Goldman, BoA, and Citi, which also happened to be the Primary Dealers in the bonds markets. (See post #29) So, to recap, after Geithner allowed "fails" of Primary Dealers in the secondary markets to destroy the major U.S. market makers (Lehman), he oversaw the bailout competing Primary Dealers by funneling $52 billion through Maiden Lane (AIG) to compensate their losing positions in toxic assets. See, http://en.wikipedia.org/wiki/Maiden_Lane_Transactions

Maiden Lane II LLC is a limited liability company created when American International Group Inc. (AIG) was taken over by the U.S. government in September 2008. Since AIG's subsidiaries hold a great many residential mortgage-backed securities that are very risky, Maiden Lane II LLC was formed to purchase these RMBS. On December 12, 2008, the Federal Reserve Bank of New York began extending credit to Maiden Lane II LLC. A June 30, 2010 update to the Federal Reserve balance sheet reported the fair market value of net portfolio holdings were valued at $16,172 million.<3>

A news story dated March 16, 2009,<8> stated Maiden Lane II used billions in bailout money to purchase toxic assets, and that AIG used billions to pay other banks, including foreign banks- France's Societe Generale at $11.9 billion, Germany's Deutsche Bank at $11.8 billion, and Britain's Barclays PLC at $8.5 billion. AIG, through this fund also funneled significant bailout money to U.S. banks that had already been bailed out themselves under the Troubled Asset Relief Program. As AIG counterparties, Goldman Sachs got $12.9 billion, Bank of America got $5.2 billion, and Citigroup got $2.3 billion all at 100% on the dollar.

The March 16, 2009 article was critical of AIG's plan to pay in excess of $170 million as bonuses to AIG employees.

Instead of regulating the Primary Dealers, Tim Geithner let them run the markets into ruin in Q3 2008, and then selectively bailed them out for their losses. Tim was a real hero - man of the hour on the Street in Q1 2009, if you were Goldman, BoA, Citi, or one of the other surviving Primary Dealers, most of which are large, foreign banks. Now, that's what I call a return on investment.