Happy Sunda morning. In this post, I'll just cover the Aces in the deck....
The Ace of Harts - ZeroHedge - CIT Prepares To File Bankruptcy - "The WSJ reporting that the lender to over 1 million small sized businesses has hired Skadden Arps in preparation of a bankruptcy filing. The formerly largest competitor to GE Capital for any and every semi- and fully-toxic loan imaginable, has been so far outright denied a bailout by an administration that has rarely professed a non-socialist approach to corporate demise." Ah, hem... 'formerly largest competitor to GE Capital'? Does this stench of the club allowing a competitor to be eliminated? Sounds like something Hitler would have done creating his master race. Hmmm? Maybe a master financial club or group is being whittled out of this mess. What do you think?
The Ace of Spades - The Market Ticker - Stupidity Bites HARD: Dodd and Frank. In another Denninger classic (they seem to come weekly now at an increasing frequency), Karl points out, "The same banks that lobbied hard to "reform" bankruptcy so you cannot file Chapter 7 any more when you go bankrupt and stick lenders with the bad lending decisions they made of their own free will. That is, your credit and financial life is ruined, but theirs (which should also be ruined) is not." Survival of the "to large to fail" is much more important that you, your brother, friend or anyone for that matter. Karl also points out, "And more importantly, the same banks that lobbied hard this spring to get an exemption from mark-to-market accounting for the "assets" they hold on their books - an exemption they were in fact using without having it, as I will shortly illustrate." These are just two selected quotes from a sensational article that will add another bur under your saddle.
Ace of Clubs - The Pragmatic Capitalist - MUST READ: THE REAL FORCE BEHIND THE EXPLOSION IN VOLUME AND VOLATILITY. TPC adds nicely those the front the blogs and ZH have been fighting against market manipulation . "Regular readers likely know that I am not always fast to cast judgment on potentially guilty parties, but as the evidence mounts it is quite obvious that something is horribly wrong and it begins with Wall Street’s most powerful firms." TPC, admirably, is a little more cautious and contemplative than most blogs before firing the guns of conspiracy or fraudulent actions. For TPC to be coming out of the closet, something must really reek.
Ace of Diamonds - ZeroHedge - The Federal Reserve Under Increasing Fire has a great video you should watch. You know that transparency issues had to be an ace in the deck. I picked the ZH post to link because of the vid that concisely tells most of the story, but you sould really go to the Campaign For Liberty site to dive more into this subject and other VERY important issues facing you and your nation.
As for all of the face cards in the deck, pick any of the following or add your own, media manipulation, mortgage meltdown, commodity price manipulation, any action of the fed, most any action of our government, GS and the other banksters, and on and on. They all form an elite group that is interconnected and stands beside each other like some form of mafia family. No one speaks out or betrays the "order".
It is getting more obvious by the day that the game is rigged. I believe the government will continue to hide the facts and do what they believe is in our best interests whether we like it or not. Think about that for a minute. They will do what they think is best for us? Wrong, they will do what is best for "them". The ones controlling the deck. We are inconsequential fleas on the ass of the elite. To them we mean NOTHING. Well, in reality, our well being should be their number one concern, for we are the rats under the hood that keep the engine going. It is about their survival and control of global power.
"We the people" have been warned continuously about the concentration of power and "we the people" have not done a damn thing about it. This is partly our fault, dumbed down by the boob tube and sucked into easy credit allowing us to gather plasma tv's for every room and and to amass piles of worthless immaterial shit that we had no business buying in the first place. We're a pathetically lazy nation that has overspent and consumed so much that we became bloated (with the help of the media, banksters, et all) and blind to the truth.
We're waking up now and coming to our senses, but we've laid all our chips on the table and all we have in the hole is a 7 and a 2. We're all in with a crappy hand and they have a rigged deck. Better hope the flop delivers a pair and all low cards and the river brings a 7 or a 2. If not, you know what happens.