[The Rude Guy Podcast #83 Sept 26, 2011]
Rich Zubaty here with this month’s Good news: The global insurrection against corporate capitalism and bankster occupation has come to America.
I am writing this on Day 8 of Occupy Wall Street, and all I can say is GO to my blog, therudeguy.com; and get all the current updates. I update the blog at least once a day, and it happens too fast for me to make podcasts about it. There are photos and videos of topless women, music, free pizza, peace, love, cops, marches, arrests…and cute girls getting pepper-sprayed by the New York City Police. It has EVERYTHING. Sex, love, drama, music, politics, outrage. It’s the best movie you’ve ever seen. Because it’s REAL. And it’s dedicated to the best cause you could possibly want. Finally the alienated youth are coming on strong to change this fucked up world. They are tens of thousands of dollars in debt from college, and they can’t get jobs. And they should be royally pissed off but they’re not. Not yet at least. They are non-violently asking for change.
And they are getting support. From Egypt and Tunisia and Spain and New Zealand and all over the place. There are copycat protests in Paris and Chicago and Los Angeles and Orlando and Portland and Cleveland and Houston. Fucking Houston. Ground zero of oil company greed.
Go to my blog, therudeguy.com; there is just too much to report on, for me to do it here. I called in a pizza, from Hawaii, for the protesters, to a pizza place in Manhattan, on Skype. They knew right where to deliver it. If you hate what the banks have done to us then you should go to their website: occupywallst.org and decide how you want to contribute. And if it is at all possible, get your fucking ass over there. This is not going to flame out in a week or two. This is the leftist prairie fire that Ralph Nader predicted, and I’ve been harping about for years.
Goddammit I wish I was there. It’s the most fun protest I have ever seen. And I’ve seen some fun protests in my time. And it’s spreading. It’s going worldwide. Despite the fact that there’s a near-total blackout by mainstream media. The fuckers are scared. And they should be. This is a twitter revolution. We live in the USSA. The United Soviet States of America. The government doesn’t have to censor us. The fucking corporate media already does that. That’s known as fascism – government and corporations in bed together.
If you want to stay up to date, go to (hashmark) #occupywallstreet on Twitter. You can download Twitter to your computer for free and read (hashmark) #occupywallstreet on that.
And just in case you’re not sure about what the fucking banks did to us, and why they deserve a million times more heat than they’re getting so far, let me tell you a story that I posted on my blog, and that several young women, independent media reporters, told me, they liked.
I recently bumped into an old friend who works in construction. He used to pour the concrete for some of my carpentry jobs. My friend launched into a rant about how outrageous it is that the U.S. government is talking about suing the big banks over the real estate disaster they caused. I was appalled. He must be getting this crap from the slobbering mouth of Rush Limbaugh, or some other corporate ass-licker. Here’s a guy who has been working in construction his whole life, and he doesn’t understand how banks work. So I decided to put down this on paper.
Banker Bob from the Big Fat-Assed Too-Big-To-Fail Bank, has some old widow deposit $1000. Bob’s first thought is: “Great. Now I have $30,000 to lend out.” Why $30,000? Because the government refuses to regulate how much banks must keep in reserve, for the loans they issue, so some banks will leverage their deposit amounts by 30 times! Thereby, 1000, becomes 30,000. Or more. Goldman Sachs has been know to leverage their reserves by a factor of over a hundred, so $1000 becomes $100,000!
Back to Banker Bob. Bob does the same trick, turning 1000 into 30,000, ten more times. So $10,000 turns into $300,000, and suddenly Bob has enough make a home mortgage loan. Now he needs a customer.
Carly the Customer stumbles into a mortgage broker and/or subprime lender’s office. She wants to borrow $30,000 for an addition to her house. The sub prime vulture tells her: “Hell, with your credit – working part time at Wal-Mart, Home Depot, and under the counter at Jakes Hot Dog and Ice Cream Emporium, you can borrow $300,000, and build a whole NEW house.”
So Carly does exactly that.
Before the ink is dry on the contract the subprime lender has turned around and re-sold that mortgage to Banker Bob from the Big Fat-Assed Too-Big-To-Fail Bank. Look out Bob! This women might be a bit shaky…working three part time jobs.
Bob doesn’t give a fuck because before the ink is dry on this contract he has resold the mortgage to Fannie Mae or Freddie Mac – government insured mortgage lenders.
So Bob has turned $10,000 into $300,000. And what does he do next? He does it again and again and again, inflating home prices in a stupendous Ponzi scheme. Driving the costs of mortgages and rents up and up and up. He has taken on a mortgage risk that used to last thirty years, and dumped it in thirty minutes. But he’s not done yet!
He watches as Goldman Sachs bundles 100,000 shitty mortgages, like the one he just sold, into Triple A Securities, and then sells them to an unsuspecting German Bank. Why is the German Bank unsuspecting? Because so-called rating agencies like Standard and Poors have rated these bundled-mortgage securities as Triple A. How did they get to be Triple A? They were government insured weren’t they? Or at least they were eligible to be. By the likes of Fannie and Freddie?
Now, Banker Bob, from the Big Fat-Assed Too-Big-To-Fail Bank, and his criminal accomplices from Goldman Sachs, begin short selling the junk they sold the German Bank. Bob knows Carly has three part time jobs and a balloon payment in four years that she cannot possibly make unless the real estate economy keeps skyrocketing, and she refinances again. Bob and Goldman both expect those securitized mortgages to fail and lose their value, so they make bets, called “puts” or short selling, that that is what will happen.
Then they go to an insurance company like AIG, and take out two insurance policies against the junk securities. One will pay them if the securities go bad. Another will pay them if the securities actually increase in value, which can and does happen, if the economic bubble continues to expand.
How can AIG be so stupid to insure both for and against something? Because AIG is a Ponzi Scheme masquerading as an Insurance Company, run by day trading criminals, to whom a dollar they get today can be bet tomorrow on more junk securities, or oil or wheat.
The whole fucking thing is corrupt from top to bottom. The whole fucking thing SHOULD be illegal. The whole fucking thing WOULD be illegal if Banker Bob, and other banksters from the other, Big Fat-Assed Too-Big-To-Fail Banks, were prevented from contributing hundreds of millions of dollars to Washington politicians.
And the fact that someone in our government has finally gotten it together to prosecute these crooks, is a very big deal. The only real problem is that if the government settles for a fine of less than a trillion dollars, the suit will be pathetic.
One trillion dollars could have completely cleaned up all the junk mortgages issued by Banker Bob and his fellow thieves from the Big Fat-Assed Too-Big-To-Fail Banks. Over and done.
But it took 12 TRILLION dollars more, issued by the Federal Reserve directly to the Fat-Assed Too-Big-To-Fail Banks, to clean up all the bets, on the bets, on the bets, they made. And they STILL have never cleaned up the bad mortgages they made, that are still sitting on their books, like ticking time bombs. Mortgages for houses that are only worth one third, of what the mortgage says they’re worth.
I’ve never heard of such a fucking mess in my entire life. And my hard-working concrete-pourer friend thinks we should not prosecute the banks because he listens to Limbaugh. Rush Limbaugh needs to be driven off the air just like Glenn Beck was. He needs to make a visit to Occupy Wall Street and never been seen again. He is the Tokyo Rose of the American corporate fascists. He’s the REASON we have such a big fucking mess. Through fear and hatred he convinces naïve poor people to support policies that enslave them.
Go to Occupy Wall Street. See if there’s one in your town. Some rural guys are starting Occupy Wal-Mart because there are no big cities around. ha ha ha. For real. Follow Occupy Wall Street on my blog. And tell everybody you can about it. This is it. This is our chance to create a massive global uprising against bankers and corporate greed.
According to Henry Ford: “The one aim of these financiers is world control, by the creation of inextinguishable debts.”
That’s exactly the problem. Creating massive pain and suffering, by creating massive debt, by creating massive amounts of funny money – out of thin air – on computer keyboards – and lending it out to unsuspecting idiots. You and me.
And ALSO according to Henry Ford: “If people understood the banking system they would revolt before tomorrow morning.”
Well folks, it’s finally tomorrow morning. And we ARE revolting. On Wall Street, and in a dozen other cities. Spread the word.
[RG voice] Occupy Wall Street