As you read this you might be interested to know that the depression in 1929 was also caused by the bankers doing pretty much the same thing then.……….have we the U.S. citizens learned anything from the past……..well we might have if we’d been told the truth in the first place.
Oct. 26, 2008 (EIRNS)—In an internal bank conference call last week, a JP Morgan Chase executive, unaware that his conversation would be heard and published by a reporter, confirmed exactly what Lyndon LaRouche has said about the Hank Paulson bail-out: It has nothing remotely to do with extending lending to the U.S. economy, but is concerned with the Mussolini-like corporatist restructuring of the U.S. banking system, turning over the “smaller banks” to the totally bankrupt big banks, so that they can digest the smaller banks’ assets, and survive perhaps a few more weeks.
New York Times reporter Joe Nocera obtained the call-in phone number on which the Oct. 17 Morgan Chase conference call took place, only 4 days after JP Morgan CEO Jamie Dimon had agreed to take $25 billion in a U.S. government capital injection. In an article in the Oct. 25 Times, entitled “So When Will Banks Give Loans?” Nocera quoted the unnamed JP Morgan Chase executive who gave the conference call, as follows:
“Twenty-five billion dollars is obviously going to help the folks who are struggling more than Chase,” he began. “What we do think it will help us do, is perhaps be a little bit more active on the acquisition side, or opportunistic side, for some banks who are still struggling. And I would not assume that we are done on the acquisition side, just because of the Washington Mutual and Bear Stearns mergers. I think there are going to be some great opportunities for us to grow in this environment, and I think we have an opportunity to use that $25 billion in that way. And obviously depending on whether recession turns into depression or what happens in the future, you know, we have that as a backstop.” [emphasis added]
Steve Hilton
babybttrfly
Mike
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