THERE IS PROFIT IN CONFUSION
By Betty Freauf
October 12, 2008
Like millions of others, I watched this Wall Street financial meltdown and to use an old cliché, “I think something is rotten in Denmark!” The more confusion, the more profit and the easier it may be to ease us into a one- world currency or the cashless society.
The first thing we heard earlier this year was that thousands of homes had gone into foreclosure due to the subprime loans affecting the liquidity of financial institutions. The Community Reinvestment Act required banks to make loans in all areas of their communities, even the lowest income ones. This egalitarian Act turned banks into charitable institutions or arms of the welfare state. Banking lobbyists did nothing to stop it because they feared being labeled “racist” by the “civil rights’ groups. I wrote back in February 2007 that America was insolvent.
Earlier this year we had a young California couple move into a rental home in our neighborhood which had been foreclosed in 2007 – one of the first casualties. They told us their home had been foreclosed also. He found work in Oregon so they moved back to be closer to their relatives. About two months later, they were moving back to their California home. When I inquired why, they told me their bank had contacted them and had re-negotiated their loan. This was a number of months before the mid-September financial meltdown began and the October surprise that put an unelected fox Democrat Henry Paulson, Treasury Secretary in charge of the chicken house. It’s been reported Paulson is worth $500 million. And who will the next president select as the “fox” to carry out the process so hastily passed by both chambers and signed by the President? I agree with Joan Veon, our Constitution and sovereignty are kaput.
Off and on we heard rumblings about the foreclosures. On or about September 17th the feathers supposedly hit the fan and we were told we had a Wall Street financial crisis on our hands and if Congress didn’t pass a “bailout” bill promptly, the whole U.S. would disappear off the face of the earth. Pelosi called a few key Democrats into a conference with Republican President George W. Bush, who wanted the bailout. It sounded like a done deal. They had a bill drafted within hours. As a former legal secretary, I know these types of documents cannot be drafted that quickly unless they were preordained.
Republican presidential candidate John McCain momentarily suspended his campaign so he could go to Washington, D.C. Many thought our war hero would ride back to Washington in an armored tank and throw a monkey wrench into Bush’s and Pelosi’s plan of a quick fix to this alleged astronomical problem. Due to pressure from we, the people, the first House bill did fail so something had to be done to get a bill passed. Did someone get the idea to quickly skim through earlier requests of Congress that were in limbo so they could include these in the bill to pacify Main Street as well as Wall Street? How often did you hear about the wooden arrow request for an Oregon business? That business did not request that money in the bailout package! So, we must wonder, how many other such requests were stuffed into the Senate bill. Our war hero McCain voted for the blackmail bailout with all the “earmarks” for Main Street, which he says on the campaign trail he opposes. I said in my last article, “Let ‘em Fall.” Sometimes the forest has to burn for a clean start without all the “bugs” and Washington and the banking system has been corrupt since the unconstitutional Federal Reserve was created in 1913.
My own September 27th local newspaper had a small sidebar, which stated: Oregon received emergency assistance grants to buy foreclosures subject to certain income guidelines - $19.6 million to be exact. That was the same amount that Alaska and Idaho also received from the federal government’s program to blunt the effects of the national wave of foreclosures. Washington State got $28.2 million. Housing and Urban Development Secretary Steve Preston said the “new” program was meant to help communities facing the greatest need in the midst of the foreclosures. This newspaper article appeared about ten days after we were told the sky was falling so these grants must have been approved and had gone through the hopper much earlier.
The September 30 local newspaper’s editorial said: Don’t panic: Financial recovery will come. It stated Oregon is relatively better off than many states where housing speculation ran rampant; then the market collapsed. And, of course, Salem, Oregon, is relatively better off than many areas in Oregon thanks to the relatively stable job market of state government and local officials’ efforts to attract a diverse job base.
I suspect the last statement in this editorial is true for every city where the Capital is located. Government workers, unlike those in the private sector, have job security and most of them retire as millionaires and additional perks with huge pensions that far surpass others. Radio talk show host, Glen Beck, who is on our local station from 6 a.m. to 9 a.m. said on Monday morning, September 29th something about unions being factored into the “Bailout Bill” (the first one) thereby transferring their pension obligation to the Federal government. However, by the time Glen’s TV show went on the air at 4 p.m. (East coast 7 p.m.), apparently that had disappeared so no one really knew what would be in the final bill.
But this I do know. The state Public Employee pensions (PERS) are in trouble all over the U.S. so this request would not have surprised me in the least. Things were moving so rapidly at the time, there was no way we could trust what was posted on the Internet. There is profit in confusion! When I heard how fast the initial bill had been drafted, my mind raced back to the Patriot Act that had been drafted months or years earlier and it was kept on some shelf gathering dust UNTIL 9/11 and suddenly it was rushed through and got the President’s signature. Was this a repeat scenario for this alleged financial crisis?
Is it possible included somewhere in the final Bailout Bill we find some PERS bailouts? Individual governmental entities such as city, county, state, fire districts, schools, etc. are having to put aside 40% of their budgets in Oregon just to be able to meet the retirement obligations. Example: If a school district has a $1 million a month payroll, $400,000 of that goes to PERS. In addition, if the stock market fails to perform and the account shows significant losses, the Oregon taxpayers must cough up 8% to meet the promised minimum guarantee of the public employees. Salem, Oregon has a stable workforce resting on the backs of those in the private sector from the whole state.
People like Congressman Ron Paul, who the GOP and media ignored in this Presidential election, have been calling out the warning for years about a forthcoming collapse of our money system since it was disconnected from gold under Republican President Richard Nixon. It’s no surprise to them our country is bankrupt and having to either print more fiat money, which causes inflation, borrow from other countries or from the Federal Reserve and then having to pay usury on the borrowed money. Usury is the habit of loaning money at exorbitant interest rates.
The Bible says Christians are to owe no man anything but the gift of love but an international banking cartel has effectively employed ways to take control of nations. The term “usury” comes from the Hebrew “nashak” which means “the bite of the serpent. Irresponsible individuals lacking in common sense took the bait and bought houses they couldn’t afford or used credit cards with high interest and soon found themselves being bitten by the serpent! And the responsible people who are not delinquent on house payments have been plunged into an abyss of indebtedness from whence I fear we will not emerge. One delinquent debtor said if she knew the government would bail her out, she’d have purchased a bigger house. Read my previous article, "Build the Trough and They Will Come". Please read Proverbs 28 about the wicked and righteous – especially verse 8 about usury. In fact, I’d recommend you read a Proverb a day. There are 31. You’ll have to read the book The Coming Battle, which explains usury and national banks on page 62.
Our local paper said on September 30 that the pawnshops mirror troubled times. Dateline: Portland, Oregon. Just before opening, cars drive up to Silver Lining Jewelry & Loan, their owners clutching bags and boxes of their past, their former slice of the American dream: rings, paintings, things that were grandma’s which they hope to pawn to fill their gas tank, feed a family and keep the lights on in their homes which they once could afford. Coin dealers are likewise finding customers at their doors waiting for them to open. While many are coming to sell what they either accumulated earlier when times were good or they inherited, others with discretionary funds are coming to buy gold and silver that has been outperforming the stock market for a number of years.
The final bill included a FDIC guarantee from $100,000 to $250,000; however,
it was noted way back in the early 1990s that the FDIC was nearly broke and billions more was needed to pay for the 1991 Savings and Loan fiasco. The 1968 book The Federal Reserve Conspiracy and Rockefeller by Emanuel M. Josephson tells how the conspirators lured “peasants” back to their banks (after the ’29 crash) with deposit insurance (FDIC) which was to create confidence in their banks. The taxpayers were required to furnish through the Treasury $150,000,000 (one hundred and fifty million dollars) to the PRIVATE CORPORATION, in order to “ease the burden” on the “Federal” Reserve swindlers and no interest was paid by it to the Treasury for the use of the money. At the end of fourteen years, the FDIC profits had become embarrassing large so the initial financing was repaid to the Treasury. However, Congress, required the Treasury to supply the conspirators’ FDIC, whenever it may need it, with the sum of $3 billion, passed Public Law 363, Sec. 4. In short, the depositors insure their own deposits; and the conspirators’ banks enjoy its business-getting benefits with no diminution of their loot. (This sounds like the Public Employee Retirement Systems) After the 1991 S& L scandal, banks had to raise fees on checking and savings accounts. The Portland, Oregon Oregonian said the FDIC borrowed $70 billion to protect depositors in failed banks.
Radio host Rush Limbaugh opened his program by reading the preamble of the U.S. Constitution: We, the People, in order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.
For comparison, he then read Section 2 of the initial House version of Emergency Economic Stabilization Act of 2008. Purpose: Provides authority to the Treasury Secretary to restore liquidity and stability to the U.S. financial system (dictatorship) and to insure the economic well being of Americans (Socialism).
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But I rather like the last portion of Section 1 in our Oregon Bill of Rights: “… the people have at all times a right to alter, reform, or abolish the government in such manner as they may think proper.” Lack of confidence in our elected leaders is growing. Will some mysterious person appear out of nowhere to rescue us from this mess?
1- 8/24/1992 New American (P. 28)
© 2008 Betty Freauf - All Rights Reserved