The Penny Pritzker’s father bought Superior bank for his daughter after she graduated from Stanford. Ms. Pritzker expanded the bank into subprime lending, becoming a leader in risky home loans. The bank would die an ugly death however, with serious accounting violations and customers losing $10 million in deposits even though Penny Pritzker was worth over $1.5 billion.
Since the dollar continues to be the world reserve currency, and since the mega banks float like clouds over the entire planet paying little attention to borders, we shouldn’t be surprised. But that the Fed has essentially given away $1 trillion to non-American banks is pretty amazing . (Not that American banks are any better than the foreign ones of course.)
In a recent review of a book by David Stockman, Laurence Siegel, the uber-respected director of research at the Research Foundation of CFA [Certified Financial Analysts] Institute in Charlottesville, Va, had this to say about the Keynesian policies that currently guide world governments:
“It is hard to overstate the extent to which the following Keynesian views are simply assumed by people to be correct:
Money flowing makes people forget. The fear of “missing out” makes people forget. Banks with cheap money buying up real estate assets left and right makes people forget. The housing bubble created by too much cheap money and the ugly bust afterward just a few years ago? Ancient history. And it is ancient history for the banks which were recapitalized by the taxpayer and are now feeling pretty good about themselves as they buy up entire neighborhoods. (The houses formerly owned by taxpayers.)
Why are they so worried? It’s not like anyone would ignore the law.
I mean it’s not like freedom of speech is the law, or the right to bear arms, or freedom from unreasonable search and seizure, or due process, or equal protection, or the War Powers Act is the law. Wait…
Those things ARE the law and the Obama administration has chosen to ignore them. Well, what’s good for Prez is good for the people I suppose. Maybe people should consider again just nullifying Obamacare.
It is our right under the law. We as a people can just say, “Go stick it in your ear.”