Slog Comments

Viva Hollande!

(Effing gaytards FINALLY getting on board, I see....)

http://gaycitynews.com/viva-hollande/

And now, for the real news:

The Truth, The Whole Truth, and Nothing But The Truth

I despise Fox, better known as FoxFiction, for the very same reason I despise PBS and the Frontline show which appears on it; they both are nothing more than propaganda vehicles.

I’ve ranted enough over the years about Rupert Murdoch and his criminal propaganda operations, but for the concise lowdown on his “legalization” of news fictionalization, please read Kristina Borjesson’s outstanding book, Into the Buzzsaw (a fantastic achievement by Ms. Borjesson).

The other day, Frontline broadcasted a show on their take on why none of the guilty parties have gone to jail for all the financial fraud --- and law breaking and violation --- involved in the financial meltdown that we hear and read about on an almost daily basis.

It was so thoroughly contrived and such nonsense that any self-aware human had to be nauseated by it!

Some years back, an editor at the Seattle Times explained to me how they falsified the news (this was during a heated and argumentative discussion, when I accosted them about some highly misleading stories in their rag): the newsy interviews the disinformation specialist --- usually a corporate lobbyist --- who spews forth their lies, therefore the reporter/journalist/editor bears no legal culpability whatsoever --- since the interviewee was spouting the lies and fiction.

Of course, the newsy never bothers to ever verify, or fact check, anymore!

Frontline did this most effectively, although they still were culpable in repeating the Wall Street and US Chamber of Commerce talking point nonsense.

The mortgage foreclosures, a relatively small percentage at the beginning, had really nothing to do with the economic meltdown, it was almost superfluous (although it would figure among the global insurance swindles, it was really only one of a host of factors).

It was the never-ending ultra-leveraging of the debt, over and over and over again.

Securitization, or the transforming of debt into securities, the selling of financial instruments based upon the ongoing and future promise of payment of said debt, then selling more financial instruments based upon those financial instruments, then selling even more financial instruments based upon those, etc., etc., etc.

That’s ultra-leveraging, but again, only part of it --- they also re-securitized the original securitization, and re-re-securitized again, then re-re-re-re-securitized again, etc.
Layer upon layer upon endless layer of debt/financial instruments: why there are so many multi-billionaires and so many people struggling today.

Add to that still other components: something they call rehypothecation, or using other collateral as your own (really a form of fraudulent borrowing, ostensibly illegal in the USA, but legal in the UK (but it never stopped them here in America, now did it?) by the banksters, speculators and derivatives dealers.

Now add to that all the insider speculation, wash trades (the trading back and forth by speculators to drive up, or down, commodity and stock values), and LIBOR rate manipulation (please remember, that LIBOR manipulation affected an estimated potential of $800 trillion worth of contracts --- that’s TRILLION, or 1,000 billion times 800 --- super-sized numbers which derived from all that ultra-leveraging --- so they manipulated their manipulations . . ).

So when Frontline is too damned lazy to consult some law books and relies on the DOJ’s Lanny Breuer to spout nonsense (a guy who made his big bucks defending the people he’s supposed to now be investigating when he worked at Covington & Burling with Attorney General Holder) and they repeat the Wall Street mantra about the so-called underlying causes of their meltdown (“nobody could have foreseen it” / “unexpected consequences” school of fiction), they, Frontline and PBS, are nothing more than the standard propaganda conduit, just like Rupert Murdoch’s FoxFiction.

[Where that mortgage foreclosure, or fraudclosure, enters the picture is how it was used by various parties --- John Paulson and his hedge fund, Goldman Sachs, AIG, Magnetar Capital, Ambac, MBIA, etc., etc., etc., to rig credit derivative deals (CDOs and their variants) to enact the largest insurance swindles in human history --- thereby stealing billions upon billions in the process, but it also involved many other types of loans and debt --- remember, they securitized just about EVERYTHING!]