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Comments by Bill H, courtesy of Le Met Cafe:

To all; if the banking and financial systems were not so vitally important to our quality and way of life, what is beginning to happen now in Washington and on Wall Street would be comical. I wrote almost a year ago that Wall Street would begin to "eat their own", to some extent this has already happened on a corporate level, it is only just starting on a personal level. A "split", or rift, is becoming noticeable amongst the CNBC so called journalists regarding the lies that are starting to pop up like "green shoots". Public figures such as Paulson, Bernanke, Greenspan, Geithner, etc. are all taking incoming fire to some extent.

Former Secretary Paulson, it is now learned, told the banks that even if they refused TARP money, their regulators would demand they take it, and thus they would "wrapped up" in the TARP whether they liked it or not. Several groups have filed FOIA requests of Treasury and Fed discussions, only to be stonewalled, delayed, and "redacted". Theoretically, no, in reality, every Dollar that Treasury spends is OUR money, OUR tax money, or OUR future obligations. They have apparently "forced" many healthy institutions to take TARP money in their bid to control, (read socialize) the banking system. If I were "King", and knew that I must devalue my currency, I would certainly want to have control of as big a percentage of the banking system as possible before devaluing. When someone "owes" you, you tend to have a greater control or leverage over them, I believe this, along with "looting the Treasury" is the underlying motive behind the bailouts. They are transferring as much capital to favored banks while keeping their thumb on top of as many "rogue" conservative institutions as they can before the declaration of bankruptcy through currency devaluation as they can.

The Fed has also received FOIA requests, they simply say "bug off", we are not a government entity and don't have to reveal anything to anyone, EVER! The Fed has obviously blown their balance sheet up like a balloon, what has not been talked about is the amount of "off balance sheet" garbage they have shoved under their cashmere rugs. We may never find out, but I would not be shocked to see it in the tens of $ trillions.

Which leads me back to the rift that is starting to appear, we have been the recipients of lies to cover lies to cover lies, and just now, even some journalists can't stomach it anymore. They are starting to ask some real questions (imagine that?). Some want to know about the strong arming by Paulson of the banks, others are up in arms about the setting of pay levels at financial institutions that had the balls to "just say no" to TARP money, the "nationalization" of the auto sector is another one. They ask, how can senior debenture holders be considered "speculators" by the President, and why are there legal rights being trampled on? There has apparently been a group of bondholders that in their words were "threatened by the White House" if they got in the way of the Chrysler or GM deals. Some even want Fed transparency, GASP! I guess you could say that some of the Muppets are dissenting.

But, the debate and "discovery" of what happened to the Madoff monies has gone nowhere yet. It may, but I don't think we can be allowed to know since they did business with so many giants and purportedly the NY Fed, this would be pulling the skirt up too high. In any case, I sense the boiling level rising, the lies so pervasive, and the arm twisting to the point of breakage, that they can't hold the tent up much longer. When all is said and done, I believe we will find out that every market, everywhere, has had the fingerprints of government upon them. Whether it be on the butts of the Dollar, Treasuries, and stock markets to hold them up, or around the throats of Gold and Silver to suppress them, it has been everywhere. All those whacked out "tinfoilers" are beginning to gather some followers now that the manipulation, lies, blackmails, frauds, etc. have emerged everywhere and are too obvious to hide. Heck, I even remember when Richard Russell considered manipulation to be preposterous and conspiratorialist, well, for the third time now, he has come out declared market manipulation by the government is rampant.

THIS is a big deal! Mr. Russell is the original, most widely followed and respected, most on target financial writer alive (possibly in history). It took him a while, but I'm glad to see Mr. Russell wearing his new bright and shiny tinfoil hat proudly. Welcome to the club Mr. Russell! Regards, Bill H.