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Ben Bernanke's Sovereign Deception
The popular explanation--originating with then-Fed Chairman Ben Bernanke and promoted relentlessly by the media--for why the $700 billion TARP bailout had to be passed is destroyed with an 8-minute film.
Relying solely on documents from the Federal Reserve together with congressional testimony, BestEvidence exposes Bernanke's TARP story to congress as a willful fraud intended to benefit global megabanks.
The episode further reveals that Bernanke lied to congress about TARP saving Main Street at precisely the same time he was planning the Fed's own megabank bailout that specifically excluded Main Street.
In addition, Bernanke's craven efforts following his epic deception to conceal the Fed's nefarious abuses of power on behalf of parties that included foreign banks were ultimately thwarted, albeit too late, thanks to Article III of the constitution, a tireless reporter (who apparently took the last crumbs of journalistic gumption with him to the grave), and a federal district court judge who smelled the rank cumulus clouds of b.s. billowing from B.S. Bernanke a mile away.
The media's slavish Fed worship generally and its TARP propaganda campaign in particular are condemned in no uncertain terms, never to be forgiven.
SOURCES:
Rep. Pelosi speech recalling pre-TARP vote deliberations, H.Rep., Dec. 11, 2014:
http://www.c-span.org/video/?323111-1/us-house-debate-federal-spending-bill (timestamp 4:28:30)
Federal Reserve October 2008 research paper on TARP myths:
http://www.minneapolisfed.org/research/working-papers/facts-and-myths-about-the-financial-crisis-of-2008
Federal Reserve staff report on its Commercial Paper Funding Facility ("CPFF")
http://www.newyorkfed.org/research/staff_reports/sr423.html
Summary of CPFF bailout recipients
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1911454 (research paper by Prof. Linus Wilson et al. based on documents obtained under FOIA; see Table 7 of paper)
Federal court ruling against Bernanke in Bloomberg v. Federal Reserve (this is the case brought by the late Mark Pittman (R.I.P.)):
http://scholar.google.com/scholar_case?case=595858462510045956&q=649+f.supp+2d+262&hl=en&as_sdt=3,34 (642 F.Supp. 2d 262, Aug. 24, 2009, S.D.N.Y. (Preska, C.J.))(affirmed, 601 F.3d 143 (2d Cir., 2010))
...
https://www.youtube.com/watch?v=RmPUKy-3OfY
Relying solely on documents from the Federal Reserve together with congressional testimony, BestEvidence exposes Bernanke's TARP story to congress as a willful fraud intended to benefit global megabanks.
The episode further reveals that Bernanke lied to congress about TARP saving Main Street at precisely the same time he was planning the Fed's own megabank bailout that specifically excluded Main Street.
In addition, Bernanke's craven efforts following his epic deception to conceal the Fed's nefarious abuses of power on behalf of parties that included foreign banks were ultimately thwarted, albeit too late, thanks to Article III of the constitution, a tireless reporter (who apparently took the last crumbs of journalistic gumption with him to the grave), and a federal district court judge who smelled the rank cumulus clouds of b.s. billowing from B.S. Bernanke a mile away.
The media's slavish Fed worship generally and its TARP propaganda campaign in particular are condemned in no uncertain terms, never to be forgiven.
SOURCES:
Rep. Pelosi speech recalling pre-TARP vote deliberations, H.Rep., Dec. 11, 2014:
http://www.c-span.org/video/?323111-1/us-house-debate-federal-spending-bill (timestamp 4:28:30)
Federal Reserve October 2008 research paper on TARP myths:
http://www.minneapolisfed.org/research/working-papers/facts-and-myths-about-the-financial-crisis-of-2008
Federal Reserve staff report on its Commercial Paper Funding Facility ("CPFF")
http://www.newyorkfed.org/research/staff_reports/sr423.html
Summary of CPFF bailout recipients
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1911454 (research paper by Prof. Linus Wilson et al. based on documents obtained under FOIA; see Table 7 of paper)
Federal court ruling against Bernanke in Bloomberg v. Federal Reserve (this is the case brought by the late Mark Pittman (R.I.P.)):
http://scholar.google.com/scholar_case?case=595858462510045956&q=649+f.supp+2d+262&hl=en&as_sdt=3,34 (642 F.Supp. 2d 262, Aug. 24, 2009, S.D.N.Y. (Preska, C.J.))(affirmed, 601 F.3d 143 (2d Cir., 2010))
...
https://www.youtube.com/watch?v=RmPUKy-3OfY
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By BestEvidenceThe popular explanation--originating with then-Fed Chairman Ben Bernanke and promoted relentlessly by the media--for why the $700 billion TARP bailout had to be passed is destroyed with an 8-minute film.
Relying solely on documents from the Federal Reserve together with congressional testimony, BestEvidence exposes Bernanke's TARP story to congress as a willful fraud intended to benefit global megabanks.
The episode further reveals that Bernanke lied to congress about TARP saving Main Street at precisely the same time he was planning the Fed's own megabank bailout that specifically excluded Main Street.
In addition, Bernanke's craven efforts following his epic deception to conceal the Fed's nefarious abuses of power on behalf of parties that included foreign banks were ultimately thwarted, albeit too late, thanks to Article III of the constitution, a tireless reporter (who apparently took the last crumbs of journalistic gumption with him to the grave), and a federal district court judge who smelled the rank cumulus clouds of b.s. billowing from B.S. Bernanke a mile away.
The media's slavish Fed worship generally and its TARP propaganda campaign in particular are condemned in no uncertain terms, never to be forgiven.
SOURCES:
Rep. Pelosi speech recalling pre-TARP vote deliberations, H.Rep., Dec. 11, 2014:
http://www.c-span.org/video/?323111-1/us-house-debate-federal-spending-bill (timestamp 4:28:30)
Federal Reserve October 2008 research paper on TARP myths:
http://www.minneapolisfed.org/research/working-papers/facts-and-myths-about-the-financial-crisis-of-2008
Federal Reserve staff report on its Commercial Paper Funding Facility ("CPFF")
http://www.newyorkfed.org/research/staff_reports/sr423.html
Summary of CPFF bailout recipients
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1911454 (research paper by Prof. Linus Wilson et al. based on documents obtained under FOIA; see Table 7 of paper)
Federal court ruling against Bernanke in Bloomberg v. Federal Reserve (this is the case brought by the late Mark Pittman (R.I.P.)):
http://scholar.google.com/scholar_case?case=595858462510045956&q=649+f.supp+2d+262&hl=en&as_sdt=3,34 (642 F.Supp. 2d 262, Aug. 24, 2009, S.D.N.Y. (Preska, C.J.))(affirmed, 601 F.3d 143 (2d Cir., 2010))
...
https://www.youtube.com/watch?v=RmPUKy-3OfY
Relying solely on documents from the Federal Reserve together with congressional testimony, BestEvidence exposes Bernanke's TARP story to congress as a willful fraud intended to benefit global megabanks.
The episode further reveals that Bernanke lied to congress about TARP saving Main Street at precisely the same time he was planning the Fed's own megabank bailout that specifically excluded Main Street.
In addition, Bernanke's craven efforts following his epic deception to conceal the Fed's nefarious abuses of power on behalf of parties that included foreign banks were ultimately thwarted, albeit too late, thanks to Article III of the constitution, a tireless reporter (who apparently took the last crumbs of journalistic gumption with him to the grave), and a federal district court judge who smelled the rank cumulus clouds of b.s. billowing from B.S. Bernanke a mile away.
The media's slavish Fed worship generally and its TARP propaganda campaign in particular are condemned in no uncertain terms, never to be forgiven.
SOURCES:
Rep. Pelosi speech recalling pre-TARP vote deliberations, H.Rep., Dec. 11, 2014:
http://www.c-span.org/video/?323111-1/us-house-debate-federal-spending-bill (timestamp 4:28:30)
Federal Reserve October 2008 research paper on TARP myths:
http://www.minneapolisfed.org/research/working-papers/facts-and-myths-about-the-financial-crisis-of-2008
Federal Reserve staff report on its Commercial Paper Funding Facility ("CPFF")
http://www.newyorkfed.org/research/staff_reports/sr423.html
Summary of CPFF bailout recipients
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1911454 (research paper by Prof. Linus Wilson et al. based on documents obtained under FOIA; see Table 7 of paper)
Federal court ruling against Bernanke in Bloomberg v. Federal Reserve (this is the case brought by the late Mark Pittman (R.I.P.)):
http://scholar.google.com/scholar_case?case=595858462510045956&q=649+f.supp+2d+262&hl=en&as_sdt=3,34 (642 F.Supp. 2d 262, Aug. 24, 2009, S.D.N.Y. (Preska, C.J.))(affirmed, 601 F.3d 143 (2d Cir., 2010))
...
https://www.youtube.com/watch?v=RmPUKy-3OfY