The New Fixers

This article is a complete farce. Morgan was one of the main causes (perhaps intentionally) of the Panic of 1907. And all told, he made TONS of money on "saving" (aka "manipulating") the financial system. Also...."historical irony alert"??? Does the author have any concept of entrenched power and wealth? It's not ironic, nor a coincidence, that JPMorgan Chase is a key broker and acquirer of collapsed investment and commercials. The author says himself, "Morgan only had his name." This statement is wrong for a number of reasons, but it is true that the Morgan name is a rainmaker in the finance/monetary world. JPMorgan Chase is in its current broker position BECAUSE of the massive wealth and influence JPMorgan achieved.

The root cause of our financial debacle is Congress and its puppet Federal Reserve and FMae / Mac, not the recklessness of bankers or borrowers. The latter committed the acts but are nonetheless an EFFECT of the former that created the environment enabling and encouraging recklessness in the first place.

We are now seeing a collapsing skyscraper of cards built on ersatz prosperity floating on politically-motivated credit expansions. The similar credit-induced boom of the 90s was a soap bubble compared to the blimp deflating now despite futile efforts to patch it. The current crisis is the result of a sub-market interest rate combined with wanton expansion of a fiat money supply, diluting wealth further drained by taxes that no longer fund tangibly-productive activities. This is fundamental, thus everything else being discussed is secondary.

The politicians focus on details and empiricisms instead of basic principles to create a smokescreen preventing Joe Public from seeing reality; they focus on pixels (details) to prevent people from seeing the picture (objective logic).

The politicrooks then pour gasoline on the fire by instituting "reforms" and bailout voodoo that only further dilute the currency, and which cannot, due to its coercive essence, spur activities capable of creating real value on net to back the newly minted dollars. The bailout is a criminal-minded numismatic money-shuffling game.

Congress then musters the gall to consider nationalizing the banks, a small step into the already Fascist / Corporatist essence that characterizes the U.S. banking "industry".... illustrating how those who pull the strings talk "business" yet have no desire to reveal the antithetical relationship between value and coercion, thus have no concept of the difference between Capitalism and Fascism, value-adding business vs. institutionalized theft.

If banking were free of the corrupting regulations pitting legislated "value" in discord with genuine choice-based valuations, competitive factors would establish the cost of money at levels of risk averting reckless behaviors in the first place. Since this is a fundamental point, the gross distortions of value and risk would have been mitigated regardless of the industry or type of financial instruments involved, which makes all the talk about derivatives, shorting, margins, etc. entirely secondary.

Get the coercive essence of government out of the marketplace and, surprise, things becomes volitional, democratic, competitively accountable, additive of value, and genuinely beneficial to society.

Are you kidding me? Please read the Creature From Jekyll Island by G. Edward Griffin. These are the people that created the Federal Reserve system which is the reason we have this mess! All these people are scum of the earth. Having a central bank control a nation's money is socialism.... that's why we are marching straight toward socialism. I think you ought to do some research on the creation of the Federal Reserve and its purpose. Representatives of J.P. Morgan, Rockefellers, Warburgs, and Rothchilds all met in secret to establish a cartel.

The creation of the Federal Reserve System was not established in the interests of the American people, but a small cabal.

The one thing that JP Morgan had that so many of our elected officials and these CEO???s do not is a very clear understanding of business.
It's interesting that Reagan had absolutely no business experience yet believed he understood economics and now we see the end result of that, certainly some credit for the economic mess has to go to Nixon and Bush, I add Nixon because he is the one who opened the door to China and the dismantling of US steel started with his administration.
The Republican brand of Corporate Capitalism ignores the fundamental fact that the supplier in supply side economics is the manufacturer not the Corporation who sells the products and claims to add to the GNP they do not.
That is why our economy has worked so very well for the Chinese and not for America.

hahaha, please brush up on history. Morgan and friends actually caused more damage then they "saved" us from by introducing double-digit inflation as a result of his actions in 1907, all in the name of creating the Federal Reserve which served him and his buddies very well. Oh, let's not forget the great depression that was brought on by reckless inflation at the hands of these men.
I guess your article did serve some purpose, caused me to rephrase your subtitle -
In 1907, one man had the greed to push onto us his warped view of capitalism. Today it takes a whole administration.

In a few weeks we will make a choice that will decide our future.
I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
Also, he perfectly predicted the current real estate market meltdown and the picture he paints about what will happen in the next couple years
is terrifying.He thinks it will be worse then the great depression.
The banks in the U.S. are going under one after the other. Countrywide ,Bear Stearns, Lehman Brothers and Merrill Lynch , Fanny and Freddy Mae ,AIG
The government took them over because they are essentially bankrupt. Even with the goverment nationalizing hundreds of billions of dollars in debt the stock market is crashing
the credit markets are frozen and all of us may suffer beyond anything in the last 80 years.
McCain just like Bush " doesn't understand the economy".
That not just my opinion its his own words. Not only does he not understand how to fix it but he does not understand exactly what is broken.
It is no surprise that he doesn't. The people that make up these securities use complex mathematical models very few people understand.
Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us.
Bush's economic advisor Phil Graham wrote the deregulation bill that allowed banks to take huge risks with all of our future.
Now, Phil Graham is the head of McCain's economic policy.He is also McCain's choice for the next secretary of the treasury.
No one in this country can afford for that to happen. The last time Bush met with his economic advisors was in March. He didnt realize that anything was wrong. Phil Graham had the guts to say that we are in a mental recession after he helped create the worst economy meltdown in our lifetime. Check out this link to the truth http://my.barackobama.com/keatingvideo
It will take the best and brightest minds in the world to get us out of this nightmare. As bad as Bush has done, McCain would be
even more destructive because things are in much worse shape. The next president will not inherit a surplus like Bush did but a crashing economy and a 11,600,000,000,000 (trillion) dollars deficit. Most of it Bush created and it will take decades to pay it back.
If you do what you have always done then you will get what you have always got.
When it comes to policy Bush and McCain are the same 90 percent of the time.
So why are the polls even close then ?
Mccains team just said they no longer want to talk about the economy.Instead they would like to spend time talking about obama
which means running the biggest smear campaign in history.
They think they can just tell you lies and you wont be smart enough to see through it
Let's teach him we are smarter than that .
Elect Obama Biden 2008


Check out this video of sarah palins interview and ask your self if she understands what she is talking about.
http://www.youtube.com/watch?v=r36Xc0GG4iQ

In a few weeks we will make a choice that will decide our future.
I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
Also, he perfectly predicted the current real estate market meltdown and the picture he paints about what will happen in the next couple years
is terrifying.He thinks it will be worse then the great depression.
The banks in the U.S. are going under one after the other. Countrywide ,Bear Stearns, Lehman Brothers and Merrill Lynch , Fanny and Freddy Mae ,AIG
The government took them over because they are essentially bankrupt. Even with the goverment nationalizing hundreds of billions of dollars in debt the stock market is crashing
the credit markets are frozen and all of us may suffer beyond anything in the last 80 years.
McCain just like Bush " doesn't understand the economy".
That not just my opinion its his own words. Not only does he not understand how to fix it but he does not understand exactly what is broken.
It is no surprise that he doesn't. The people that make up these securities use complex mathematical models very few people understand.
Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us.
Bush's economic advisor Phil Graham wrote the deregulation bill that allowed banks to take huge risks with all of our future.
Now, Phil Graham is the head of McCain's economic policy.He is also McCain's choice for the next secretary of the treasury.
No one in this country can afford for that to happen. The last time Bush met with his economic advisors was in March. He didnt realize that anything was wrong. Phil Graham had the guts to say that we are in a mental recession after he helped create the worst economy meltdown in our lifetime. Check out this link to the truth http://my.barackobama.com/keatingvideo
It will take the best and brightest minds in the world to get us out of this nightmare. As bad as Bush has done, McCain would be
even more destructive because things are in much worse shape. The next president will not inherit a surplus like Bush did but a crashing economy and a 11,600,000,000,000 (trillion) dollars deficit. Most of it Bush created and it will take decades to pay it back.
If you do what you have always done then you will get what you have always got.
When it comes to policy Bush and McCain are the same 90 percent of the time.
So why are the polls even close then ?
Mccains team just said they no longer want to talk about the economy.Instead they would like to spend time talking about obama
which means running the biggest smear campaign in history.
They think they can just tell you lies and you wont be smart enough to see through it
Let's teach him we are smarter than that .
Elect Obama Biden 2008


Check out this video of sarah palins interview and ask your self if she understands what she is talking about.
http://www.youtube.com/watch?v=r36Xc0GG4iQ

How interesting the author would use a Russian word to describe the supposed saviors of capitalistic America.

It is truly the dawning of a new age when Russia is experimenting with capitalism, and America is experimenting with socialism. Both John Locke and Karl Marx must be rolling in their respective graves.

And one can only wonder at what J.P. Morgan, a man who certainly supped with the devil, would do if he were here in 2008, instead of 1907.

Dont try to fool us with this propaganda drivel. JP Morgan as well as his buddies Rockefeller, Warburg, Aldrich and others engeneered the 1907 panic by planting fake news stories and causing people to run on their banks, this led to the unconstitutional central bank the federal reserve which has decimated the dollar. now that the bankers have controll of america dont try to make us worship these frauds like they are some kind of hero. you should be ashamed of yourself for diseminating this. Do your research on this man and the federal reserve. you will see. DONT BE FOOLED America! now watch them censor this comment or not post it.

JP Morgan is partially responsible for the FED, for that fact alone he is one of the WORST people in American history, please don't write articles that make evil men look like heroes.

It seems that everyone is looking for a villian or scapegoat in this crisis. Alan Greenspan as well as Pres. Bush may qualify in the latter category. This is a result of a real estate bubble compounded by more than lax lending standards at deceptive rates of interest that were then securitized and leveraged. Imagine leveraging a debt of someone that has not a chance of making good on it and you arrive at where we are now.
The good news is that not all of these debts are going to remain totally unpaid and the people paying on these notes will be able to keep their homes once the interest rates are readjusted. The bad news is that their homes won't have the equity they did last year but that is why the real estate market was rightly called a bubble.
The upside of this is that at least their will be some equity eventually. Compare that with renting whereas you don't get any of your money back. "Renting is better than buying" is an axiom that only applies to real estate in foreign countries and people that are already rich. We are being subjected daily by financial geniuses for whom
deflating real estate and commodity prices are bad news.... probably for them, but not for most Americans, including pensioners and holders of 401K's and IRA's. With deflation of real estate and commodity prices a
strong dollar will follow as well as credit being directed to enterprises that are more than a confidence game.
By the way Alan Greenspan gave an idea about how he would have handled FNM & FRE, and it made sense, but he is no longer in charge of the Fed. and as such he should remain silent until this process isn't as delicate
and volitile as it is or if it blows up in our face.
obared
in charge of the Fed.

that has not a chance of ever making good on it and you arrive at where we are today.

The link below contains a purported list of the top 25 in Congress who got contributions from the folks at Fannie and Freddie. Obama is listed third, after Dodd and Kerry, even though Obama is just a junior Senator. Obama is followed next by Clinton. Barney Frank and Nancy Pelosi are on the list as well.

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080918

Then there is the Senate Banking Committee Chairman Christopher J. Dodd who allegedly got special mortgage deals from Countrywide, who gave preferential rates to 'friends' of company's chairman.

http://www.msnbc.msn.com/id/25140560/

For an interesting article purporting to detail the House Financial Services Committee Chairs long history with Fannie Mae, See http://www.businessandmedia.org/printer/2008/20080924145932.aspx

"House Financial Services Committee Chair promoted GSEs while former 'spouse' was Fannie Mae executive."

The link below describes how some in Congress tried to use the original version of the bailout bill to divert money eventually recovered to groups like ACORN, a group Obama has a long association with. See:

http://online.wsj.com/article/SB122247015469280723.html?mod=googlenews_wsj

And then there is House Speaker Nancy Pelosi, who allegedly has directed nearly $100,000 from her political action committee to her husband's real estate and investment firm.

http://www.washtimes.com/news/2008/oct/01/pelosis-pac-pays-bills-for-spouses-firm.

The Antichrist!:
When George Soros failed to obtain the election of his candidate, John Kerry, in 2004, he brooded for a while, even said he might get out of politics altogether, but he just couldn???t stop himself. He has stated publicly that he wishes to burst the ???bubble of American supremacy,??? because he says our preeminence in the world is a detriment to global ???equilibrium.??? So far, he has failed, but he keeps on trying.

And Mr. Soros has made no secret either of the fact that he sees the shortest way to effect political shake-ups, what he terms ???regime changes,??? is through very difficult economic conditions.

America has not yet felt the full force of Soros style economic shock treatment. But others have.

Soros made his first billion in 1992 by shorting the British pound with leveraged billions in financial bets, and became known as the man who broke the Bank of England. He broke it on the backs of hard-working British citizens who immediately saw their homes severely devalued and their life savings cut drastically in comparative worth almost overnight.

When the Asian Financial Crisis of 1997 threatened to spread globally, George Soros was right in the thick of it. Soros was accused by the Malaysian Prime Minister of causing the collapse with his monetary machinations, and he was branded in Thailand as an ???economic war criminal??? who ???sucks the blood from the people.??? Right in the middle of this crisis, Soros dashed off his book, The Crisis of Global Capitalism, which demanded a ???third way??? toward economic stability.

Wake up, America, before it is too late!!!!

Morgan and crew "solved" a problem that they had themselves created. And some "solution"...did they just kick the impending collapse down the road, or did they really resolve anything? World War One made things worse, but the financial catastrophe of 1929 and thereafter had roots in the structures assembled, in part, by Morgan and the other Robber Barons of the previous period.

Now we are blame-gaming shamelessly, a partisan contest exacerbated by the electoral season, and Congress rushes to do something, anything (even if its the WRONG thing) in order to avoid any appearance of doing nothing (which might actually have been better for everyone in the long run). The Fed, a cabal of rich bankers, warns Congress that the taxpayer better pony up a loan guarantee for the Bankers, or the wheels will come off, and everyone will suffer. So say the Bankers (who got us into this mess).

What's wrong with this picture?

NEWSWEEK...are you kidding?!?! JP Morgan is the reason we have so much debt in this country, and you're actually PRAISING him for what he did to the US?! Morgan was willing to bail America out because he knew those debts would have to be paid by the American people..and he didn't stop there. By the 1920s, we had the Federal Reserve, a PRIVATE entity made up of bankers that included Morgan and others, who now got to control all of America's money, and charge interest on every dollar. Ever since then, the value of the dollar has been going down. Now it takes over 21 dollars to get the actual value of ONE DOLLAR! And this is because the Federal Reserve perpetuates debt through charging interest....I have lost all respect for a news organization that would praise someone who managed to permanently swindle the American people...shame on you!

Actually it was a bill signed into law by Bill Clinton to get high credit risk people access to mortgages. This law relaxed the mortgage industry's credit requirements and also required mortage issuers to grant a high percentage of high risk loans. Republicans wanted credit risk insurance to counter the anticipated bad loans (there is a reason they are high credit risks).

These loans were packaged by Fannie Mae and Freddie Mac and sold to Bear Sterns, ... The investment banks sold mortgage backed securities collateralized by these loans in the market. The real estate market flipped and these loans began to default.

Republicans have repeatedly requested an oversight regulatory agency to keep watch on Freddie Mac and Fannie Mae (since at least 2001). Schumer, Franks, ... blocked all attempts.

Freddie Mac and Fannie Mae were busted in an accounting scandal in 2004 sandbagging the quality of the loans they were selling to the invetsment banks.

Actually it was a billed sign into law by Bill Clinton to help high credit risk people get mortgages. Republicans wanted some type of credit insurance against the anticipated loan defaults (there is a reason they are high credit risks). Fannie Mae and Freddie Mac packaged these loans and sold them to Bear Sterns, ... they, in turn, sold them in the market. They were traunched, the riskier portfolios failed, including the credit risk insurance, and that's why the bailout was required.

Democrats (Frank, Schumer, ...) stalled all attempts by Republicans to create an oversight regulatory agency for Freddie Mac and Fannie Mae. Freddie Mac and Fannie Mae were caught in an accounting scandal in 2004 trying to hide the bad loans.

n a few weeks we will make a choice that will decide our future.
I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
Also, he perfectly predicted the current real estate market meltdown and the picture he paints about what will happen in the next couple years
is terrifying.He thinks it will be worse then the great depression.
The banks in the U.S. are going under one after the other. Countrywide the largest morgage bank in the world,Bear Stearns, Lehman Brothers and Merrill Lynch which are 3 out of the top 5 wall street firms. Also, Fanny and Freddy Mae which hold 50 percent of the home loans in the United States.
The government took them over because they are essentially bankrupt.If they didn't the entire financially system would virtually shut down, the stock market would crash and we would suffer beyond what any of us have seen before.

McCain just like Bush " doesn't understand the economy".
That not just my opinion its his own words. Not only does he not understand how to fix it but he does not understand exactly what is broken.
It is no surprise that he doesn't. The people that make up these securities use complex mathematical models very few people understand.
Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us.

Bush's economic advisor Phil Graham wrote the deregulation bill that allowed banks to take huge risks with all of our future.
Now, Phil Graham is the head of McCain's economic policy.He is also McCain's choice for the next secretary of the treasury.
No one in this country can afford for that to happen. The last time Bush met with his economic advisors was in March. He either didn't care or didn't realize that anything was wrong. Phil Graham had the guts to say that we are in a mental recession after he helped create the worst economy meltdown in our lifetime.
It will take the best and brightest minds in the world to get us out of this nightmare. As bad as Bush has done, McCain would be
even more destructive because things are in much worse shape. The next president will not inherit a surplus like Bush did but a tanking economy and a 11,600,000,000,000 (trillion) dollars deficit. Most of it Bush created and it will take decades to pay it back.
If you do what you have always done then you will get what you have always got.
When it comes to policy Bush and McCain are the same 90 percent of the time.
So why are the polls even close then ?




Mccains spokesperson just said they dont want to talk about the economy anymore. Instead they would rather make up lies and
and half truths and try a smear campaign .

Hold them accountable NOW!
Elect Obama Biden 2008




Check out this video of sarah palins interview it will blow you away


http://www.youtube.com/watch?v=r36Xc0GG4iQ