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mad mike

sears,the big consumer store, sed they are doing so bad they will let other stores, i.e. rivals, sell it's brand names. such as die hard (with a vengeance) kraftsman, etc.
while the prime rate is in the single digits, from wacky brenanke injecting liquity in the market, sears credit cards are 30%.
i suppose sears could sell more by giving better terms. unless they are trying to ignite the cash only soceity. which would be a good thing.
but the point i make is that all the liquidity that is injected into the marketplace is for the big boyz to jack up (that is inflate) gold, oil and food stuffs.
which us shlubs have to buy.
anything folks in a civilized society need will be inflated. housing was just one facet of this plan. certain folks get rich and many many more stay poor. which is the way capitalism works.
first the pirates suck up all the money in the market place. then the same pirates buy themselves elected offices. then they announce that there is no money left and jack up taxes while privatizing gov-ment services, if any.
that's the scam, sam. this is what is happening in the usa today (and yesterday and tomorrow). it's so simple even a little child could do it. too bad i am all grown up.
food for thought, no one honest runs for president. honest people stay poor.

mad mike

here's an interesting article which displays the rigged market and mentions the usual suspects.

Russian Mafia in bed with Wall Street, CEO says
By: Dan Treasure
Issue date: 3/5/08 Section: News


Patrick Byrne, the founder of Overstock.com, discusses the shady underpinnings of
Media Credit: Aaron Schwendiman
Patrick Byrne, the founder of Overstock.com, discusses the shady underpinnings of "naked short selling."

Every day, thousands of Americans look to invest their money in stocks, and many of them go through brokers and traders to simplify the process.

Unfortunately, according to Overstock.com CEO Patrick Byrne, a majority of those purchasers will be victims of Wall Street's criminal tactics and will help line the pockets of corrupt brokers and lawyers. Byrne, a Utahn who founded Overstock.com, talked to a crowd in the Union on Monday about how New York financial media and law firms have teamed up with big-wig business elites to create massive amounts of profit at the cost of American consumers.

Byrne said when someone purchases a stock, there is a three-day stock settlement period during which a broker or a trader must provide a purchaser with that stock. However, through loopholes in the system, brokers and traders can legally not provide you with that stock almost indefinitely, giving the purchaser an IOU instead, Byrne said.

"It's my thesis that certain people have figured out how they can abuse that loophole, and flood the market...often in connivance with a broker dealer," he said.

Through this "flooding," the brokers can essentially issue the same stock to hundreds of people at no penalty. By increasing the supply of stocks, these dealers can dramatically drop the price according to the laws of supply and demand.

Byrne showed how the "cheating parties" make money off of a stock price dropping through a process called "naked short selling."

In brief, Byrne showed that "naked short selling" is a three-step process. First, certain people (in this case journalists and lawyers in the New York financial industry) receive word from brokers that a specific corporation's stock prices are about to fall and are given a certain number of shares for that company. Next, these reporters or lawyers immediately sell those stocks at the high price. The brokerage dealers then flood the market with IOUs, tanking the price. The lawyer or journalist then buys back the same number of stocks sold, only this time at a fraction of the cost. They then cut the brokers a percentage of the profits gained.

These methods are used to create huge profits, often killing the victimized corporation in the process, and leaving the purchaser high and dry, Byrne said.

In his efforts to stop this charade, Byrne filed a $3.5 billion lawsuit against Goldman Sachs, Morgan Stanley and nine other well-known brokers. Byrne said numerous publications, including the New York Post and Forbes magazine, have protested his "crusade," painting him as a crazed lunatic who is angry about Overstock.com's own stock price drop. Byrne said the Mafia has become a silent player in the Wall Street game.

"You don't have to dig very far into this before you get to organized crime," he said.

As an example of its involvement, Byrne told a story from a trip to the East Coast.

"About 15 months ago I was invited by a stranger into a greasy bar in Long Island," he said.

Claiming that he was Russian, the informant told him, "We have a message from Russia. We are about to kill you. We are about to kill if you if don't back down."

Additionally, Byrne remarked on how his business partner, Mark Mitchell, was assaulted in New York and told to stay away from author Gary Weiss, a critic of Byrne's theory on "naked short selling." Weiss published the book Born to Steal, which is about the Mafia's infiltration of Wall Street since the 1990s.

"I've been looking at this for two years, and I'm pretty much convinced this is the single biggest scandal in the history of American journalism," said Mitchell, a former financial writer for Time magazine who is involved in the lawsuit.

Byrne posted the presentation to his website, www.deepcapture.com, along with a blog to document his "crusade" against Wall Street.


d.treasure@chronicle.utah.edu
http://media.www.dailyutahchronicle.com/media/storage/paper244/news/2008/03/05/News/Russian.Mafia.In.Bed.With.Wall.Street.Ceo.Says-3252089.shtml

rockpaperscizzors

Elaine, I was wondering if you have heard anything about Capital One ready to implode from mortgages, home equity loans, derivatives, and hedgefunds? An excerpt from the 29-Feb-2008 Annual Report: "The Company actively engages in off-balance sheet securitization transactions of loans for funding purposes."
Why I'm asking is that I called them inquiring why I hadn't received my credit card statement that I should've rec'd mid-February. First no live customer service on the phone menu--none. Had to choose the loss card function to speak to someone. Next, I was advised that hey, lucky you, no March statement sent(btw, I have a balance). Anyone else hear the fire engine sirens? I'm an observant active consumer and knew a month prior about Starbucks. Has anyone noticed Walgreens is over-building just like Starbucks? I can walk to five of them in a mile radius.

Elaine Supkis

That is interesting, rockpapersizzors [shall I call you 'Junken'?].

Yes, Walgreen is everywhere now. And Capital One is behind in billing? I would worry about them using this as a tool to raise fees on everyone. Let me know if they try this.

rockpaperscizzors

I'm a step ahead of Capital One and sent a payment anyway, I dont trust those bastards. As for you columns on the pirate coves I thought you'd find this article from Bloomberg hilarious. The Pirates are running scared.
Europe's Tiny Tax Havens Should Be Left in Peace: Matthew Lynn
http://bloomberg.com/apps/news?pid=20601039&sid=agDj5Nv3Z1TA&refer=home

Here's my favorite line from this sniveling boot licker "Naturally, tax havens should make sure they aren't harboring assets for criminals or terrorists." Ah, the terrorist card. Must be terrorist, not politicians running for prezinet, bank presidents, carlyle group, nawhhhh, must be them other terrarists. Here's another excerpt that's ROFLMAO "Should the Germans shut down their luxury-car industry because it makes life difficult for auto workers in the rest of Europe? Of course not. So why should Liechtenstein close its financial-services industry?" Liechtenstein isn't a pirate cove, but a legit financial business, see how that works!


Elaine Meinel Supkis

Yes, they are endlessly amusing.

Chris

Re: new US export industry.

What happens when the falling dollar crashes the economies of the export oriented economies? Who on earth is the US planning to export to if Europe and Asia are deeply mired in depressions?

A couple of years ago there was talk that the € and Euroland would not be able to survive a super weak dollar. Just the other day Trichet again called for a strong dollar policy. (Obviously as Elaine says becasue that is part of the Status Quo).

But since it is the stated objective for the US to be the unchallenged number one on all fronts, as per the New US Century dogma, I wonder if part of the reason for the strangling of the dollar isn't to break the back of the €. That would give the dollar some grace as the world reserve currency as a rival would bite the dust. But probably the € is being buffered by other nations simply because there is a need for an alternative to the dollar as reserve currency. The dollar has been too much abused by the US. Dollar holders are looking to diversify and get out of the dollar noose.

And the EU is no stranger to tariffs and trade barriers to prevent unwanted imports. They just did that to South American meat eg.

Ever since Bush became President the dollar has been sliding at an ever increasing rate. Bernanke is just speeding up the process now.

E: "Bernanke is out to collapse the markets." I think he is only doing his job as told to him by his bosses. Looks like they are out to collapse, or destroy, a lot of things so they can reshape things to their liking. They are not capitalists anymore.

Funny thing heh: a lot of nations would be sending their excess dollars to the US demanding a gold return from the US Treasury, if the dollar was still tied to gold. So, what do you do if you sit on a hoard of dollars? Invest in crummy US companies so you can earn more dying dollars?

Every day as the dollar dies and oil becomes more expensive in dollar terms, the oil hoard in Iraq is gaining in value. No wonder the Pentagon planted it's armoured butt right on top of it. No oil, no modern military.

Just read today that the US is trying to attach parasitic tentacles into Iraq. Here is the offer the Iraqi government 'cannot refuse': "In addition to a status of forces agreement, we [the US]intend to establish a framework for a strong relationship with Iraq, reflecting our shared political, economic, cultural and security interests..." [US State Department official]

Poor Iraq will never be free, independent and sovereign unless the US goes bankrupt. But the US needs the Iraqi oil to prevent that very bankruptcy. The new dollar standard is bullets and bombs.

And to think we are still only at the beginning of this thing. What will things look like in 2010. $ 200 dollar oil?

Elaine Meinel Supkis

Our grip on the world is failing. And spending more dollars will speed this up.

Richard

Elaine, one of the biggest wealth protection schemes ever, has been the announcement of the Security and Prosperity Partnership Of North, the SPP, by Bush, Fox and Martin on March 23, 2005 at Baylor University.

And this year's North American Leaders Summit schedule for April, in New Orleans is a wealth protection schemers convention
extraordinaire.

For insight into this event, simply click on my name.

Elaine Meinel Supkis

Ah yes, your link takes us to information about the creature with many heads: the New World Order. They intend to slay inflation the old fashioned way: destroy the currency and launch a new one. Without warning, of course.

larry, dfh

Pacifica radio (iirc) had a piece on the tax havens and the suite by Germany over Lichtenstein;s refusal to grant "transparency". In the case of Switzerland, the banks claim compliance with transparency requests in cases involving alleged lawbreaking, it's just that tax violations are not considered illegal in Switzerland, so the banks are not compelled to comply with such investigations. Now that's some clever lawyerin'.

Cato

This election cycle is indeed odd and beyond just totally out-in-the-open corruption. Something needs to be decided quickly and early. Hillary's talk of a shared ticket is bizarre, but typical of her penchant for managed expectations. The financial system is imploding now. What could see is an early election under emergency circumstances with Bill, Hill, Geo and Dick doing the sharing.

Starbucks and Walgreen’s are both sale/lease-back real estate scams. Yeah, they sell coffee and miscellaneous junk on the side, but the building expansion can’t ever end or the shark dies.

Elaine Meinel Supkis

Correct, Cato.

JohnSmart

PLULEEEESE. Obama is going down because he is a candidate who is all smoke and no fire. We have never seen a more vapid man get so far - except W -
Frankly, i don't care how Obama is defeated. I just pray he is.

Elaine Meinel Supkis

And the rock solid people went down in flames. Leaving us with the two goof balls who want eternal war, eternal debt, free trade and piracy. What wonderful things this is.

Note that even though Ron Paul is still in the race, he has moved from being ignored to being totally ignored. And he will stay there.

Gary W

the postwar (that's WW2 for the young'uns) world is falling apart at an accelerating pace, and as Dmitry Orlov says, "The old normal is that life will go on just like before. The new normal is that nothing will ever be the same".

And it's all unfolding, blow by blow and crash by crash, right here on Elaine's blog. I really appreciate you taking the time and trouble to write up all this trauma; you have a better understanding and a bigger commitment to honest journalism than the entire morass of established media.

ridhimma gupta

ITS EXTREMELY AWESOME AND VERY ININTERESTING TO WATCH PLUS INFORMATIVE TOO.
SO ITS EXCELLENT IN ALL WAYS.
A+ FROM ME.

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