The Federal Reserve Bank of New York bailed out Bank of America in 2012 and No One Should Care

 

by John Galt
February 19, 2013 22:00 ET

 

“The few who understand the system will either be so interested in its profits or be so dependent upon its favours that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests.”

-The Rothschild brothers of London writing to associates in New York, 1863.

The statement above from the historical annals of the financial rulers of the world’s past which still rings true today. The average citizen does not care how banks create money, regulate themselves, or purchase politicians as long as their credit card works or they can withdraw cash from an ATM before wasting it at a smoke filled casino.

Because of an article by Gretchen Morgenson in the New York Times on Sunday, February 17th edition the blogosphere and financial message boards are lit up again like it is 2008 but as usual we fail to recognize the big lie America has been living. In the article, Don’t Blink, or You’ll Miss Another Bailout, Ms. Morgenson summarizes the discrete bailout in these two sections:

Still, last week’s details of the undisclosed settlement between the New York Fed and Bank of America are remarkable. Not only do the filings show the New York Fed helping to thwart another institution’s fraud case against the bank, they also reveal that the New York Fed agreed to give away what may be billions of dollars in potential legal claims.

Here’s the skinny: Late last Wednesday, the New York Fed said in a court filing that in July it had released Bank of America from all legal claims arising from losses in some mortgage-backed securities the Fed received when the government bailed out the American International Group in 2008. One surprise in the filing, which was part of a case brought by A.I.G., was that the New York Fed let Bank of America off the hook even as A.I.G. was seeking to recover $7 billion in losses on those very mortgage securities.

Translation for the average person who has already forgotten the time period of 2007 to 2009:

Bank of America, which is allegedly a primary shareholder within the Federal Reserve Bank after their acquisitions of Countrywide and Merrill Lynch, has the power to vote on the very people which who are selected to regulate their activity within the Federal Reserve Bank of New York system. Thus by becoming too big to fail and an integral part of the incestuous relationship between bankers, politicians, and their facilitators in the U.S. Treasury, whenever a threat of a monetary loss now appears on the horizon, the liability is either eradicated or monetized away.

The key to understanding our financial system reverts back to the crisis period starting in 2007 when the members of the bank attempted to force the political elites to solve the mortgage securities crisis and when they initially refused thus worsening the crisis until it was too late, the decision was made to monetize or socialize all losses upon an unwitting public and absolve all major parties involved of any criminal charges. America as a whole does not realize it, but there is no possible way for this system to be repaired until  the 16th and 17th Amendments are repealed, the Federal Reserve System repealed, and the media removed from the powerful thumb of the government and returned to the people.  Sadly, this will probably not occur in most of our lifetimes. The banking system and politically connected now understand that as long as they play by the rules set down by their superiors within the Fed, they can commit crimes without any fear of prosecution or monetary loss.

Thus the report that some people are getting a wee bit giddy about and excited that once again our system of corruption continues to function can be best summed up in this statement:

Nothing to see here, nothing can be done about it, carry on.

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