Reply #52: CNBC interviews Asher Edelman about OWS

[DemReadingDU]

Very good interview, appx 8 min

"people have been ripped off by the banks"

"need to separate the derivatives from the banks and the .Gov needs to back the depositors and let the bond/stock holders take the hit"

http://video.cnbc.com/gallery/?video=3000050634

more about Asher Edelman
http://asheredelman.com/
http://en.wikipedia.org/wiki/Asher_Edelman


Karl Denninger's opinion
10/12/11 OWS: The Risks Facing America Today
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This time support is coming from surprising places. Like former corporate activist (and buyer of companies!) Asher Edelman.

Here's the problem for the "powers that be" who have been trying to ignore this movement: They erroneously believed, as did many others (myself included), that this would be like the Tea Party (which was de-fanged and turned into a fraudulent shell of what it began as) or the other "movements" such as the "protests" at G-20 meetings. That is, people would show up, they'd wave signs, a few would commit random acts of violence and guarantee severe negative billing on the local TV and then they'd all go home and wash the tear gas out of their eyes.

But something different happened this time.

The people came. They didn't throw molotov cocktails, sticks and bombs. They did wave signs, but then they didn't go home. They did what I said would have to be done - in 2008 - in order to make a difference: THEY STAYED.
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Here's the thing: Even today, CNBC is still talking about "recapitalizing the banks." What's "recapitalize" mean? It means steal from you. See, the reason you need to "recapitalize" these firms is that they*****ed away their own capital by doing dangerous, risky, even fraudulent things.

The corporate media and politicians are still claiming that "we made a profit from TARP" and that "everything was repaid."

This is a bald lie. AIG didn't repay their money. Neither did GM. Money was shuffled around in a complex shell game to appear that all was repaid but in fact what happened was that you, the taxpayer, were looted.

You were looted through higher prices at the gas pump, higher prices at the grocery store, lower wages and at the same time zero interest rates so those of you who were prudent got ****ed THREE TIMES instead of twice!

Representative government? Where? By anywhere from 100:1 to 300:1 the people demanded that TARP NOT pass. That the banks that did foolish and in some cases criminal things be forced to eat the consequences.

Again, as I've said for four years: We need a banking system because we do indeed need a way to clear payments so you can pay a bill or buy gasoline and food - so commerce can flow. We do not need these banks that committed these acts.

But rather than do the right thing, our politicians were bought and paid for on both sides of the aisle. It's particularly telling - and galling - that when allegedly being "grilled" by Hank Paulson in 2008 the banksters left the meeting smiling and yucking it up.

lots more...
http://market-ticker.org/akcs-www?post=195841