CNBC Stand-In Reporter Admits Financial System Changeover: “They’re Going to Put the Old System In a Coma”!

May be so
The wholè sys is held together with double sided sticky tape and pins
so a bit too much preasure on one place can unglue the hole lot

Go on, I'm listening

Really though,

"Separately, I have personally heard from several different sources in the past two days, that big things are about to happen this coming week with regards the world’s financial system. A good weekend indeed!"

A statement like this on GLP has about the same outcome as buying one powerball ticket.....

I'm pretty sure he just meant the old LIBOR system. They're going to improve or change LIBOR, not the whole financial system.

I mean, the idea of polling traders and hoping to get a straight answer is nuts, and anyone halfway savvy, even Tim Geithner, could see it, so Geithner suggested a change in the communication we've heard about to the BOE.

If they aren't using market transaction prices, it's sure to be a manipulated number.

Most adjustable rate mortgages done in 2005-2008 were pinned to the LIBOR and had a 5 year fixed rate and adjusted pinned to LIBOR every year after that. They were called 5/1 ARMS. If LIBOR had not been manipulated those loans would all have gone home to roost in the form of default and foreclosure. Who had the most ARMs? Country Wide/Bank of America, Citi, JPMorgan Chase. Who were the banks manipulating the LIBOR?

Fuck this bullshit slave-driving economic system...

Zeitgeist bitches, Open Source Ecology specifically.

Check it...
[link to opensourceecology.org]

Collaborative vs. competitive ... I'll take the former and stick it to TPTB

there trying to open the North American Union Causeway first to boost trade between Mexico and Canada...a few more salt domes and released methane should do it...

Libor is just an short term interest rate. Mainly the manipulation was to the down side rather that up due to excess pressure on banks. Savers got hurt and borrowers got hurt. Most american actually benefited from the manipulation although minute

it seems naive to think Libor wouldn't be manipulated, given its massive important to things such as, mortgage loan market (good comment above poster, re: ARMs)

Thanks for the tip, I've just returned from the store with my ticket!

I think the above is actually missing some additional off-microphone banter. I include the full, unexpunged version below for your edificaiton:

"Don’t screw this up because you don’t normally do it. Usually it’s Santelli. So whatever you do, don’t screw this up, Kevin. You want to end up being the sacrifice at next year's Cremation of Care, you miserable little shit? One false move and you'll end your days in in unspeakable agony, roasting to death inside a giant metal owl. I've seen it myself, Kevan, and it ain't pretty. You want to have Kissenger and Cheney muching on your cooked liver at the Grove's closing dinner? No? Then don't fuck it up, dicknozzle.

The unwinding will be a hopefully a return to Glass Stiegal


Insurance - Banking - Securities and exchange


Shall each stand alone


If Not we are all fucked forever

EVERY one of the 18 banks that is polled to set the US Dollar Libor rate probably fudged it. We have good evidence that it was requested by the Bank of England, it was definitely consistent with the monetary policy (zero interest rate policy) of both the BOE and the Fed, and furthermore it HELPED those borrowers who got cheaper payments. The banks benefitted in a way by less defaults, but they also got less mortgage interest. The ones who won unequivocally were the HOMEOWNERS.

Which is probably why this is a scandal now. Never give the average guy a break, is the saying these days. The little guy got a break, there were less foreclosures than there could have been, and so someone is very angry.

NBC's been on a truth telling spree the past few weeks, guess they see the writing on the wall?

International Business Times wrote about a collapse in August or September.

[link to www.ibtimes.com]

Put the old system in a coma? LOL

Why do you think they lobbied to deregulate from Glass-Steagall, or what do you think they did with the increasingly cheaper and cheaper and in some cases fraudulent loans they made? They packed all those stinky loans up into tranches, called them "securities" and sold them to retirement and pension funds who collected the interest and principle while the banks continued to make money via "servicing" fees.

So, the banks lowered lending standards and interest rates, made poor quality loans and passed off the liability to grannies retirement fund while continuing to rake in billions through fees.

I think you're jumbling together several things that don't have too much relation. All that other stuff would have happened, even if LIBOR were determined in a different and more accurate way.

Bwah Hah Hah Hah...

Henry love's to suck Dick's Nozzle at the Gay Grove.

Same here. I figured they canceled their plans for the Amero because they'd figured it was better/easier to go with a global currency as opposed to a North American currency.

Damn video hasnt worked for hours.. anybody else have this problem?

And then Nothing ever happens.

Could you imagine that exact scenario?! That would be insane, I'm out of the US if that happens.

I can hear Obama now:

"And in order to continue to operate as a free nation, as a nation of hope.. and prosperity.... We have to unite as one, one Amerikkka, where we will all do our part for our own future, the future of the free world!!!"

They have to begin letting everything out.. We're in a fucking depression and these people keep saying "we're fine"..

Well, they HAVE to talk about it now, because shit is getting worse.. They're trying to avoid the blame by putting out half-truth propaganda right now instead of at the very last minute when there's a crash..

Fear, Fear, Fear. If anything they'll make a smooth transition by fear manipulation. Like if we don't do this now you'll starve. "We are saving you, we are your hero's." All we need to do is switch to this Amero thing and everything will be OK. Wasn't there a bunch of people saying by 2010 there will be rioting in the streets? I know George Celente was one of them.




Last Edited by RedDawnPost on 08/12/2012 10:27 PM

Translation: The sheep are onto us, we need a new scheme.

Here is my best guess:

There was too much debt floating around, accumulated from decades of borrowing and spending. This was true even in Clinton's day.

This excessive debt was putting upright pressure on the interest rates, because treasury holders would start selling their bonds bidding those rates up. This had to be put under control. A nation is like a corporation - like any corporation that has too much debt, the stocks get beat down. Same thing with a Nation and its treasuries, they get dumped if a country has too much debt. So they had to get that under control, the only way they could do it was to start fudging libor directly and take it out of the control of the bond markets.

Now you might wonder why they wanted perpetually low interest rates. Well, there are a couple of reasons, one is that they already had the dollar as the world reserve currency and they had OPEC under their control, so they wanted to milk that for all it was worth while the getting was good, why defend your currency when it will be in demand anyway? Second, they wanted interest rates down, to keep government expenses from exploding, because it is the government that pays the interest on all those bonds for current and past debts.