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Octafish

(55,745 posts)
24. It was no accident. They learned how to pull it off during the S&L debacle.
Wed Oct 24, 2012, 05:37 PM
Oct 2012

As a newspaper reporter during the early 90s, I helped document how one Michigan Savings & Loan was hijacked by crooks connected to the GOP, the DEMs, and the Mafia. The Houston journalist-author Pete Brewton chronicled the time, nationally. People would show up for a "commercial" loan and all they'd have to do for collateral was show a deed to a high-rise as theirs. The fact that the actual owner's name was hidden by White-Out still visible on the photocopy really was no problem. In this example, a guy got $6.5 million to start a business he had no intention of starting. After cashing the check, he distributed the cash to his hidden partners who disappeared the dough to the Caymans and beyond. When the original guy couldn't pay the loan back, he declared bankruptcy. No problem for the S&L, though, as the money would be put back into the S&L's accounts, thanks to the U.S. taxpayer backing the FSLIC. It was legalized bank robbery and it went on across the country, costing taxpayers about a trillion bucks. At the time, it was the biggest bank heist in history.

Background from the 1980s:

Know your BFEE: They Looted Your Nation s S&Ls for Power and Profit

Modern version 2008:

Know your BFEE: Phil Gramm, the Meyer Lansky of the War Party, Set-Up the Biggest Bank Heist Ever.

Here's a good summary of why I still try:

Know your BFEE: Spawn of Wall Street and the Third Reich

They have gotten away with lying America into war; made fortunes unimagined in scale and scope from laws they helped write and enact; created an economic system based on finance rather than production of material wealth in which those of us still able and qualified for indentured servitude will march into their new world as submissive serfs.

Friedman and his laissaez-fairytalism was just what the corporate-fascists were byeya Oct 2012 #1
A total failure for the nation and the 99-percent. Octafish Oct 2012 #2
You're welcome; but, you deserve the credit in bringing this little reported fact - a life byeya Oct 2012 #9
Sadly, today's Republicans are even worse than Friedman. NYC Liberal Oct 2012 #14
k&r Starry Messenger Oct 2012 #3
Thank you for the heads-up. Incredible. Octafish Oct 2012 #13
who was the latin-looking guy after friedman? HiPointDem Oct 2012 #23
Adnan Khashoggi--Iran/Contra guy. Starry Messenger Oct 2012 #25
thanks. HiPointDem Oct 2012 #38
Kicked and recommended. Uncle Joe Oct 2012 #4
You are welcome, Uncle Joe! Didya see this about Sanford Weill? Octafish Oct 2012 #21
I thought Uncle Joe Oct 2012 #22
It was no accident. They learned how to pull it off during the S&L debacle. Octafish Oct 2012 #24
People who liked this ... GeorgeGist Oct 2012 #5
Great intellect, hers... Octafish Oct 2012 #31
kick for truth Blue_Tires Oct 2012 #6
Economic Domination IS Political Octafish Oct 2012 #41
According to Wikipedia Stainless Oct 2012 #7
David Stockman, Pruneface Budget Director, said the wealth transfer was political... Octafish Oct 2012 #42
50 years from now, wonder what economic historians will say? JackN415 Oct 2012 #8
''Thus died the American Dream...'' Octafish Oct 2012 #43
Monetary fascism = worse than traditional fascism... HiPointDem Oct 2012 #10
That's as good an explanation as I've ever seen: Thanks. The financial byeya Oct 2012 #11
For roughly 20 years after WWII this nation built up enormous equity. Over the next 30 years Egalitarian Thug Oct 2012 #15
The other term I've seen bandied about is "friendly fascism." Selatius Oct 2012 #28
This sentence, "...uses the powers of the state to put the interest of money and the financial class Egalitarian Thug Oct 2012 #12
A brilliant article - thanks Octafish. hifiguy Oct 2012 #16
this is why the EU is failing: They put the demands of the banks above the needs of people. librechik Oct 2012 #17
The EU also needs a treasury and the individual nations need to be able to adjust byeya Oct 2012 #20
K&R#23 n/t, Sir! bobthedrummer Oct 2012 #18
I call it economic terrorism. Initech Oct 2012 #19
Govts need to use the military to take over banks, before the banksters buy their military, too. WinkyDink Oct 2012 #26
Friedman has been discredited in nearly every country but the US. laundry_queen Oct 2012 #27
Friedman was big in Pinochet's Chile - It was a natural fit, imo. byeya Oct 2012 #39
One quibble with the excerpt........ socialist_n_TN Oct 2012 #29
Yes, FDR saved the capitalists' bacon and got their hatred in return. It would byeya Oct 2012 #40
One concept that sticks... AntiFascist Oct 2012 #30
Leo Strauss is one of those ironies thrown up by history. hifiguy Oct 2012 #34
This entire thread is MUST READ stuff! ... My thanks to all of the contributors. Bozita Oct 2012 #32
K&R woo me with science Oct 2012 #33
thank you Octafish... tex-wyo-dem Oct 2012 #35
K&R. Kurovski Oct 2012 #36
K & R HCE SuiGeneris Oct 2012 #37
First post.. Ron O Nov 2012 #44
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