On Kudlow and CNBC, Andrew Ross Sorkin exposed Jamie Dimon’s agenda. It is the same agenda that I have been warning that all the big bankers (sters) want. I argued that the central banks will eventually want the same thing, so that the Dimon/Bernanke feud is in house and based on a question of timing.Sorkin revealed that Dimon wanted Dodd Frank repealed. Specifically, this is an advocacy of the repeal of the Volcker Rule. The banks want to gamble again, securitize, and guarantee all of this with government backing, or the Bernanke backstop. But it is no surprise that Dimon would repeat what Wells requested, what the IMF requested, what Bernanke ultimately wants and what the builders and the real estate industry apparently want.
We Americans as targets of all this abuse are, in essence, no better in the eyes of the banking community than the citizens of the PIIGS nations. For example, in Germany, home ownership is very low, and the German banks require 20 per cent down and squeaky clean credit. However, that did not stop the German banks from victimizing the PIIGS with easy money. That caused the German banks to be the most leveraged in the world. In America, mainstreet is treated like the PIIGS, a victim of easy money. This is just disgusting. This lack of respect for mainstreet will come back one day to bite the bankers in the hind quarters.
Sorkin did let out another secret. It is essentially what I said in my crocodile article about Dimon and Bernanke here. And that revelation is, that it is a question of timing. The easy money is coming, and mainstreet will be under attack again. But Sorkin implied in the Kudlow conversation that the regulation now in place is just a delay. And in the end the implication is that Bernanke and Dimon will be on the same page and will be as one on their crocodile farm. The warning is still in effect, don’t touch these reptiles!
Andrew Ross Sorkin spoke of all this candidly, but unfortunately he spoke without outrage and disdain that Dimon’s antics should emblaze upon the hearts of Americans anywhere. As I have said before, Dimon and the rest don’t mind artificial demand, artificial price rise, and yet, this hurts a guy with a 30 year mortgage. This makes getting a 30 year mortgage look like the most stupid financial decision on the face of the earth.
When the bankers (sters) drive up gas prices, you can just park the car. When bankers (sters) drive up food prices, you can eat hamburger instead of steak. But when the bankers (sters) drive up house prices artificially, all hell breaks loose, and people are sucked into a system that is rotten and filthy to the core.
I suggest that Sorkin has done a service, but he needs to get a conscience when it comes to this financial chicanery. It is clear that in Too Big to Fail Sorkin erred in making Dimon and others look like heroes for bailing out the financial system when they set the fire in the first place and want to set another one as soon as they can.
Firemen who set fires and put them out are not ever heroes.
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