July 14, 2010, 3:16PM

The good news in America today is that many of lies from our leaders and media no longer seem to be working.  Four out of five people view the current proposed financial reform as ineffectual.  Many in Congress who voted for socialism for the rich now look like they will be voted out for continuing those giveaways.

Now the only way those Banksters can survive is to pretend that their corporate communism is working even in the face of overwhelming evidence to the contrary.  Most recently, they decided that instead of taxing complicit financial institutions the cost of their “Financial Reform-In-Name-Only“, they will instead use what I call the Big Tarp Lie to pander for the vote of Senator Scott Brown and others.

The mainstream media rarely fights back against this lie, either by an inability to understand, a desire to protect their access to these same Politicians and Bankers or an unwillingness to go up against the very same financial institutions that are often the only thing between them and the unemployment line.

However, we the people have to fight back against these lies – and thankfully we own the truth.

This lie must be beaten back by all of us like whack-a-mole every time it rears its ugly head.  Please help me by sending this information to any Politician, Media Figure, Banker, Neighbor or Robot that you find repeating it – they can take our money, but they don’t own the truth.

Let’s break it down:

1.  TARP itself hasn’t even made money.  AIG alone still owes us $75.6 billion.  However, they always add the caveat “Other than AIG…” when they say that the bailouts were “profitable“.  But the AIG money was DIRECTLY PAID to many of these same banks that “paid back their TARP” at an outrageous 100 cents on the dollar!  Mind you, this was done by government officials that were the former employees and current shareholders of the very banks they were helping.  Let’s make the banks like Goldman Sachs, Bank of America and Societe Generale pay back the $105 billion of stolen taxpayer money before we let anyone say “TARP was paid back.”

2.   TARP is a tiny little part of a massive amount of taxpayer support.  TARP is actually less than 10% of your tax dollars that have been handed to the banks.  And now the banks “paid back” the tiny slice that is TARP with OUR money and you are supposed cheer them for savvy.  At this very moment, the taxpayer is still owed $2.02 Trillion dollars for the bailout by our Politicians and Banksters, and that number is growing every day.

Never mind the money that these same banks make getting endless 0% interest loans from the Federal Reserve (aka You) while either they lend it back to you at 14% or just lend it right to back the government and pocket the yield.  Never mind the multitude of benefits they get from being Too Big Too Fail.  But you’re not supposed to pay attention to that; you’re only supposed to notice how fast they paid back TARP!
So instead of these Politicians looking for the only obvious place to find the money – clawbacks from the people who continue to steal it – we are now being subjected to outright lies as they once again pick the banksters over the people who voted them in.  But don’t let them, or anyone in the media, get away with it without hearing from you.

Category: Bailouts, Really, really bad calls

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

36 Responses to “LIES DIVIDE, TRUTH UNITES”

  1. stonedwino says:

    Dylan, You rock dude. What a freaking expose for those not in the know….mas por favor…

  2. call me ahab says:

    That’s funny-

    I read this over at ZH and didn’t even realize it was Dylan Ratigan-

    thanks for clearing that up-

    Dylan has certainly seen the light- has come a long long way from the Fast Money days-

    the anger comes from- obviously- the realization that that which he believed in- was all a complete and utter sham-

    the suits at Wall Street will gladly take the public’s money-and line their pockets- because in their minds they deserve it-

    sociopaths think that way

  3. Dylan,

    w/this: “…getting endless 0% interest loans from the Federal Reserve (aka You)…”

    if you care to speak of the *Truth, could you rectify the Error, above (?)

    the only link between the FedRes and ‘avg. Americans’, is that they, ‘avg. Americans’, use, willingly, or not (see Legal Tender Laws), the FedRes’ Product– Counterfeit Money (aka Federal Reserve Notes).

    http://www.icerocket.com/search?tab=web&lng=&q=Rothbard+The+Case+Against+The+Fed
    http://www.icerocket.com/search?tab=web&lng=&q=Legal+Tender+Laws+are+unconstitutional
    http://www.icerocket.com/search?tab=web&fr=h&q=Federal+Reserve+Fraud

    hopefully, some well selected reading, from above links, will clarify the scene for you..

    as above: “…This lie must be beaten back by all of us like whack-a-mole every time it rears its ugly head. Please help me by sending this information to any Politician, Media Figure, Banker, Neighbor or Robot that you find repeating it – they can take our money, but they don’t own the truth…”

  4. Daffyorbugs says:

    Don’t want to vote Democrat. Don’t want to vote Republican. Don’t give a shit about the lesser of two evils.

    Writing in Dylan Ratigan.

  5. jerryork says:

    Bravo!

  6. Mike S says:

    Rock on! You Rule!

    Keep telling the truth about the biggest transfer of wealth in history.

  7. beaufou says:

    Good on you Dylan, Ill spread.

    You write a revolutionary manifesto on Bastille day?

  8. davefromcarolina says:

    As has been posted elsewhere, if Ratigan keeps this up, how long before he loses his job?

  9. Charlatan says:

    FYI, there is not a single person —- not one —- who has shilled harder against bank and Wall Street reform than Jim Cramer. He has gone so far as to insinuate that Volcker has lost his grip mentally. He has referred to the whole notion of Finreg as “nonsense”. I would be very curious to know what Mr. Ratigan thinks of Cramer — not personally, but rather his integrity, prescience, insight and depth of understanding as a pundit.

  10. The Curmudgeon says:

    But the bigger truth is that we allowed every bit of this. We were so afraid that our precious McMansions in the hills would find their true value until we allowed every single lie they’d tell us to slide by without a peep. We the people are our own worst enemies. The banksters and the Fed just did what our fat, stupid entitlement-mentality, sheep-shearing asses allowed them, because we allowed fear to trump reason, just like we’d let euphoria trump sanity.

    I like this kind of rant. I only wish that more folks understood what an utter fraud is the whole edifice of our society.

  11. philipat says:

    It’s good to have another voice against the corruption that is the US today. Dylan is very visible so maybe it will help.

    Pitchforks?

  12. Petey Wheatstraw says:

    Let’s see — we have the pseudo-legitimate government/corporate clusterfuck of fiat dollar values, imagined into existence with interest owed, the regulatory capture of entire government agencies by corporate interests (IMO, much more serious than a bought and paid for Congress), a Congress bought and paid for by corporate interests, a huge push for the privatization/corporatization of government services and functions (including a very expensive mercenary army that operates outside the law), and the elevation of the corporate person above the natural person in the eyes of the law.

    I’d say the revolution is over.

  13. Robespierre says:

    All of this during Bastille’s day. Love it ….

  14. BDW says:

    Mr. Ratigan, I think your appreciation for Coburn’s “independence” is horrifically naive at best…..as was demonstrated on your show today. He has only voted 3 times against the Repubs in the last two months, one being a judge and the another the Shelby-Dodd amendment…of course, the last being the vote you seem so jolly about, Coburn had voted for the Gramm-Leach-Bliley in 1999. Perhaps you should have asked him about unemployment like ya did with the Texan.

    Don’t get me wrong, I like how you are being a hound about legitimate bank reform. It just seems strange sometimes in who you pick to go after and not go after sometimes.

  15. Mannwich says:

    Right on, Curmudgeon. Great post by you (and Dylan). The truth hurts.

  16. DonF says:

    What I find absolutely amazing is the lack of public outrage to this and the lobbying efforts. I had never written to politicians before, but I have written to all my reps and Senators on this. It is simply outrageous and I continue to be amazed at the lack of public outrage. Do people not understand??

  17. dalidan says:

    You say:
    “TARP is actually less than 10% of your tax dollars that have been handed to the banks.”

    But there is no explanation or back up as to what that other 90% is? I read this a lot but no one ever outright explains it. And it sounds like you’re not refering to the whole 0% short term under the radar borrowing scam.

    Anyone willing to elaborate???

    Thanks.

  18. Lariat1 says:

    Not only do people not understand, they also don’t care. The ” dumbing down” of the masses has been going on for awhile. The sheeple are too interested in the jersey wives, celebrity dancers and all that other bullshit. There’s an old saying, garbage in, garbage out. Just give them their giant tvs and their phones so they can twitter about what they just watched. What a bunch of horseshit.

  19. cvienne says:

    @BR

    BR… Help me out here dude… I’m totally confused…

    Am I supposed to adhere to this logic?

    Dear Short Sellers, it’s me Boockvar, pronounced without the C. Some think I’m Mr. Bear, I prefer Mr. Realist (reflation trade bull in March ‘09). I’m writing now to say be very, very careful here into year end (2011 a different story with plenty of concern). Combine a settling down of European credit stress with potentially a better than feared earnings season (INTC was impressive), the growing possibility of gridlock in Washington, DC come November (Intrade.com has greater than 50% chance of change in the House), a Fed that wouldn’t know a rate hike if even the Bank of Japan wrote it on Bernanke’s forehead and a very underinvested money management community and we are set up for a big rally (after some backing and filling of the current 7% bounce as we are somewhat overbought short term) over the next 5 1/2 month which may have already started…

    Or… Am I supposed to understand REALITY (according to Dylan)?

    Both… Published on THE BIG PICTURE today… (or are your readers just “tools”, like me?)…

    I guess only a PRO like you would understand how to trade that… Or, collect FEES (via management) paid in trust which assume your astute and sublime understanding of how individual molecules interact as they are processed through a meat sausage grinder…

    That’s why you get paid the BIG BUCKS (and get plenty of GREY POUPON slathered onto your sandwiches at traffic light intersections in the Hamptons during the summer)… Right? Right?

    At least the fancy mustard makes the sausages taste better…

    From me? You get a wink and a nod for that! :-)

  20. Nacraphiliac says:

    Thank you for posting this and for your efforts to educate. This is why your blog is required reading every day.

  21. Fredex says:

    Close elections are decided by fraud. The margin of fraud in the November elections will be a significant hurdle for reform.

  22. louis says:

    Keep pounding Dylan. You have to hound them on housing. I remember when this all started and you would be on the floor talking about how they need to fix housing. Well they still need to fix housing, get back on them.

    Encourage the mass defaults until the crooks are forced to pay attention without threatening the defaulters.

  23. Thor says:

    Curmudgeon – Yes, that was very well said indeed. We all must take responsibility for this mess. I’m grateful also for the many “we” references. It’s nice to see that, rather than the typical “They” or “Them”. It’s “We The Sheeple”, not “The Sheeple” ;-)

  24. mshi2009 says:

    “The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution… Bankers are more dangerous than standing armies… [and] If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.”

    - Thomas Jefferson

  25. cvienne says:

    @Thor

    Frankly… “I” don’t feel a special need to “take responsibility for this mess” (as a LOVER of a “blogger” might do)…

    Why?

    Because I’m not a beneficiary of a “creative mortgage default” (which funded and/or “freed” funds for a bathroom re-model)…

    Bottom line?

    Just because one might be LATE to a “conscience party”… And just because ONE HABITS (and the behavior of ones friends/family/lovers) may have added A LOG to the disintegration of the PARTY that precipitated the CONSCIENCE PARTY…

    That DOESN’T (or SHOULDN’T) enable them to sit at the table and make UNIVERSAL REPRIMANDS at random towards the COLLECTIVE with regards to “spilled milk” (or the SLAVES that they may care to designate the “clean up” task OF that spilled milk) with their flexible & dexterous oft hands (or 3 “snaps” capability thereof)…

  26. dsawy says:

    OK, let’s add something to the list of charges here:

    The Federal Reserve took on securities it knew, a priori, were less than investment grade:

    http://www.bloomberg.com/news/2010-07-01/fed-s-maiden-lane-made-taxpayers-junk-bond-buyers-without-congress-knowing.html

  27. FrancoisT says:

    DonF Says:

    “What I find absolutely amazing is the lack of public outrage to this and the lobbying efforts. ”

    IMO, it stems from a confluence of factors that makes it almost impossible to change anything:

    1) sophisticated gerrymandering. Just check the number of incumbents that lose their seats every election. It’s minuscule.

    2) lack of political choices (Demopublicans and Republicrats isn’t a “choice”)

    3) A totally depraved and slothful media punditocracy. Quite frankly, apart from a few good people, there is not much difference between them and a anchorman from Zimbabwe National TV who interview Robert Mugabe. Same lame questions with predictable answers, and a severe case of allergy to facts. There is a reason why Jon Stewart is so popular: he contrast the facts with the blather of the fuckopunditry. That is enough to send anyone ROFL.

    What is less amusing tough, is this:
    http://www.nakedcapitalism.com/2009/10/msm-reporting-as-propaganda-no-one-minds-our-new-financial-lords-and-masters-edition.html

    The press has been on a downslope for at least a decade, as a result of strained budgets and vastly more effective government and business spin control (and it was already pretty good at that, see the BBC series, The Century of the Self, via Google video, for a real eye-opener). I met a reporter who had been overseas for six years, opening an important foreign office for the Wall Street Journal. He was stunned when he came back in 1999 to see how much reporting had changed in his absence. He said it was impossible to get to the bottom of most stories in a normal news cycle because companies had become very sophisticated in controlling their message and access.

    I couldn’t tell immediately, but one of my friends remarked in 2000 that the reporting was increasingly reminiscent of what she had grown up with in communist Poland. The state of the US media became evident to me when I lived in Australia during the run-up and the first two years of the Gulf War. I would regularly e-mail people in the States about stories I thought were important and I suspected might not be getting much play in the US. My correspondents were media junkies. 85% of the time, a story that had gotten widespread coverage in Australia appeared not to have been released in the US. And the other 15%, it didn’t get much attention (for instance, buried in the middle of the first section of the New York Times). And remember, Australia was an ally and sent troops to the Iraq.

    4) Add to that, a quasi terminal case of learned helplessness.

    Now how do we get to the propaganda part? Not only, per Taibbi, are we getting the view of the economy from the vantage of the bankers, as opposed to a broad swathe of the population, but we now we have the media (well, this example is that odd hybrid, an MSM blog) telling us there is no outrage.

    Now why is this sort of thing (the media full of subtle versions, of happy talk re Dow 10,000 and Goldman earnings) more pernicious than it might appear?

    The message, quite overly, is: if you are pissed, you are in a minority. The country has moved on. Things are getting better, get with the program.

    [...]

    But per the social psychology research, this “you are in a minority, you are wrong” message DOES dissuade a lot of people. It is remarkably poisonous. And it discourages people from taking concrete action.

    5) A systematic program of secrecy and obfuscation from the government. Again, look at how they treat war profiteering versus whistleblowers, Obama being, by far, the worst offender in modern history. And that is coming from a guy who supported the actual prez.
    http://www.salon.com/news/opinion/glenn_greenwald/2010/07/14/whistleblowers

    In a word, they got us where they want us to be, save the elections. Even then, if we don’t throw the bums out in significant number in November, the elites will know they totally own us.

    Finally, I’d be remiss not to mention the pernicious influence of Fox “News” and their constant assault on common sense, as well as their rank propaganda and fear mongering. But for these people, I have only one message:

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

  28. sonni says:

    most of the people do not realize or even care as to how much we are being manipulated by the media which in turn is masterminded by the politicians and the big business (in this order). and if one dares to speak of greater social justice is emmediately labeled as socialist or communist to shut him/her up. if one digs a bit deeper one may start to discover many unpleasent truths which would shock the same majority of people who would dismiss them as “not possible”. however slowly the truth will start to emerge and the outcome may be very different from what we see today.

  29. JustinTheSkeptic says:

    In a much, much bigger light we are in the economic battle of the century with gigantic banks around the world so be careful what you wish for. But yes, something needs to be done within the system.

  30. VennData says:

    Did you think for a minute Bush and Paulson were going to let Big Wall Street and their financial supporters go under? That they would let all that at-risk debt to the “best-and-brightest” become worthless?

    You voted for them. What did you expect?

  31. DeDude says:

    Stating that taxpayers are “owed” 2.02 trillion is misrepresentation at its worst complaining about misrepresentation at its worst – not so credible. The vast majority of the 2.02 trillion in the link is in the form of purchased assets that clearly can and eventually will be sold for much more than 0 cent on the dollar. If you purchase something you are not “owed” its value. It is an asset on your books and we can discuss how much that asset should be valued at (personally I say current market value).

    I am totally behind the outrage about giving banks free money without any strings attached. If the Fed needs more treasuries purchased (to keep interest rates down) they should bye them directly rather than through a middle man that harvest a fat profit on the spread.

  32. DL says:

    I want to take this opportunity to comment on the “Fast Money” episode back in October of 2008 when Dylan Ratigan was “pounding the table” for support of TARP. Up until that show, I viewed Dylan as someone who was much more of an independent thinker than most of his colleagues on CNBC. But on this one, he was just going along with the crowd at CNBC, all of whom enthusiastically supported the creation of this moral hazard-inducing “slush fund”.

    It was, to say the least, disappointing to see Dylan take this position at that time.

  33. wngoju says:

    Well… Past is past. It was a war and a lot of collateral damage occurs in such. To do now? More and more I like Simon Johnson’s http://13bankers.com/

  34. bmoseley says:

    Barry
    i think you should highlight the author when its not you. the tone of this one is a bit off for your writing and it thought it was you at first: thought you were having a bad day.

  35. StatArb says:

    Dylan–

    BRAVO

    You don’t spend enough time on politicians as liars , hope that you will so in the future