Keiser Report Marathon: Introduction to the Financial Crisis

Hello to all. I have started the Keiser Report Marathon and I’ve just watched the first sixteen episodes. It was a history lesson on the causes of the economic crisis of 2008. This includes the institutions involved, the tactics used, the citizens outraged by it all and their views on how to fix this mess.

Financial institutions led by central banks and Wall Street worked with other banks and government officials to rob the middle class and the poor by illegally transferring wealth to the top .1%. Hank Paulson , then treasury secretary and former Goldman Sachs banker, demanded $700 billion from Congress. He secured the billions by threatening a market crash.

Warren Buffet coined the phrase “weapons of mass financial destruction” as he spilled the beans on the speculative operations of the “too big to fail” banks. Collateralized Debt Obligations based on derivatives ( bets) put the entire US economy in a downward tailspin. When these institutions gambled and lost, they were rewarded with bailouts and bonuses.

Out of the past financial crises of the last 30-40 years, there has been little to no enforcement or accountability when it comes to the big banks. The savings and loan scandal, the tech bubble, the Asian Crisis, the Mexican peso debacle all have one thing in common: no heads rolled. In the meanwhile, deregulation continues and the wealth and income gap increases. Banks are treated to more access to cheap money and bonuses that outpace earnings, The opposite is true for the ordinary people of the world that are not in the top one percent.

The financial institutions, with their economic weapons, are infuriating people all aver the world. The people are expressing their outrage through whistle-blowing, research, and organization. Revolution is what they want. Countries like Iceland refused to bow down and drink the austerity kool aid. The UK and Denmark used anti terror laws in an attempt to bully Iceland into accepting the unfair consequence brought on by the immoral actions of small group of greedy rogue bankers and sheisters.

The People of the world are waking up and are desperate for a solution to this global problem. How do we fight such evil? How are they doing this to us? What can we do to end this banker occupation? The first sixteen episodes gives us a clue as to how grave the situation is, who is to be held accountable, and solutions to ensure this financial destruction ends.