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  1. #1
    Thailand Expat Jesus Jones's Avatar
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    Lies and Audiotape: Morgan Chase Exec Brags Bailout Is for Takeovers, Restructuring,

    Oct. 26, 2008 (EIRNS)—In an internal bank conference call last week, a JP Morgan Chase executive, unaware that his conversation would be heard and published by a reporter, confirmed exactly what Lyndon LaRouche has said about the Hank Paulson bail-out: It has nothing remotely to do with extending lending to the U.S. economy, but is concerned with the Mussolini-like corporatist restructuring of the U.S. banking system, turning over the "smaller banks" to the totally bankrupt big banks, so that they can digest the smaller banks' assets, and survive perhaps a few more weeks.
    New York Times reporter Joe Nocera obtained the call-in phone number on which the Oct. 17 Morgan Chase conference call took place, only 4 days after JP Morgan CEO Jamie Dimon had agreed to take $25 billion in a U.S. government capital injection. In an article in the Oct. 25 Times, entitled "So When Will Banks Give Loans?" Nocera quoted the unnamed JP Morgan Chase executive who gave the conference call, as follows:

    Lies and Audiotape: Morgan Chase Exec Brags Bailout Is for Takeovers, Restructuring, Not Lending
    You bullied, you laughed, you lied, you lost!

  2. #2
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    BugginOut's Avatar
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    The only that surprises me about this is that anyone would be surprised.

  3. #3
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    No surprise to me here. It is kind of sad that those great middle class in USA turned out to be an illusion. It has been a long time crazy leveraging and now it is time for long time de-leveraging. Cash (US Dollar) is the King in times like this cause less than 3% of our dollar money supply is in form of coins and bills in circulation while 97% or so are in form of debt which are wiping out as we speak. Money created when new loan is being made, money destroyed when loans is being paid back/defaulted. So holding cash in your hands would eventually increase it's purchasing power because we are in a time where money supply shrinks. Bye bye Inflation Era Investing as we are into Deflation Era Investing...

  4. #4
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    Quote Originally Posted by jhc View Post
    No surprise to me here. It is kind of sad that those great middle class in USA turned out to be an illusion. It has been a long time crazy leveraging and now it is time for long time de-leveraging. Cash (US Dollar) is the King in times like this cause less than 3% of our dollar money supply is in form of coins and bills in circulation while 97% or so are in form of debt which are wiping out as we speak. Money created when new loan is being made, money destroyed when loans is being paid back/defaulted. So holding cash in your hands would eventually increase it's purchasing power because we are in a time where money supply shrinks. Bye bye Inflation Era Investing as we are into Deflation Era Investing...
    There really wouldn't be "problems" created in the States if the population existed in reality...less the catatonic state in which they find comfortable.

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