LOVE OF MONEY IS THE ROOT OF ALL EVIL

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Praying to the god of this world

Neil Barofsky, the former regulator tasked with policing banker bailouts in the Bush administration’s Troubled Asset Relief Program (TARP) told talk show host Bill Moyers another major banking crash is now “inevitable” because neither of the political parties have the stomach to end “too big to fail.”

I trust what this man is saying, and I admire his honesty and integrity. He tells us how it is on the inside with the big money players and government. He was frustrated in trying to do the job he was hired to do when so many government officials were telling him not to rock the boat in taking his job too seriously.

Reprinted from The Raw Story. Images selected and added by Ray

“This was the government policy created by the architects, Ben Bernanke who is chair of Federal Reserve, Tim Geithner, who was then the president of the New York Fed before becoming Treasury Secretary, and Hank Paulson,” he explained, describing the Bush administration’s actions during the 2008 economic crisis. “Their solution originally was to further concentrate the industry, to make the too big to fail banks bigger.”

That’s a policy the Obama administration has mostly continued, placing only modest limits on the debt load financial institutions are allowed carry, but neglecting broader reforms like restoring the long-standing firewall between checking and savings accounts and the big banks’ more risky ventures on Wall Street.

It’s not as if there isn’t some support for restoring that firewall either, which effectively lets banks risk their investors’ money while keeping deposits safe from major swings in the markets. It used to be the law, but that law was repealed during the Clinton administration, in legislation created with the help of former Citigroup CEO Sanford I. Weill. In the wake of the crisis, however, Weill admitted in July that the time has come to restore the division between investment and consumer banking, which would essentially ban the “financial supermarket” model he created that’s led to institutions becoming “too big to fail.”

Barofsky added that the consolidation of over-leveraged banks like Merrill Lynch into somewhat more healthy institutions like Bank of America ultimately put the markets on a more dangerous path than the nation’s top financial regulators realize. That’s because “you have institutions now that are just monstrous in size, over $2 trillion in assets by certain measures, close to $4 trillion by other measures,” he said, calling the reality in today’s markets “terrifying.”

“The idea that any of these institutions could ever be allowed to fail is pure fantasy, at this point,” Barofsky lamented.

That’s when Moyers cut right to the chase: “Are you suggesting that we could have another crash?”

“I think it’s inevitable,” he replied.

 

Neil Barofsky - Inspector-General for TARP

 

And Judgment is turned away backward, and Justice stands afar off:
for TRUTH is fallen in the street, and EQUITY cannot enter.
Yea, Truth fails; and he that departs from evil makes himself a
prey: and the LORD saw it, and it displeased him that there was no Judgment.
Isaiah 59

No servant can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. You cannot serve God and money.

Luke 16:13

 

On a scale of significance and importance to the Future well being of America and the World, this report and Testimony of Mr. Barofsky should be the #1 issue in this election campaign and shouted from the rooftops!

Watching from CanaDa, this American election is an exercise in Fraud, deception and manipulation. It doesn’t really matter who wins the Presidency. For those who think Romney can turn things around in less time than Obama had, think again! Hard Times are ahead.

Mr. Barofsky confirms what most people already suspected. “The rich bankers will sell their souls for a few points of profit.” Jesus chased them out of the Jewish Temple, saying the House of My Father is a House of Prayer for ALL NATIONS and you have made it a Den of thieves. Is there anything new under the Sun?

This honest realism of Mr. Barofshy with his inside experience is so refreshing to see in this election campaign of lies and misleading half-truths. The mainline news media don’t have any Integrity left in investigating and reporting the Truth in my opinion.

EconomicRatRace

Capitalist Pyramid

Rolling Stones - Sympathy for the Devil

Comments

John G Added Aug 19, 2017 - 5:13pm
They should all have been taken into bankruptcy by the FDIC, the shareholders wiped out and the executives gaoled.
95% of what banks do nowadays should be illegal. The credit creation role is too important to allow private corporations to run amok.
Ray Joseph Cormier Added Aug 19, 2017 - 6:24pm
Wall Street Bankers should have gone to prison for precipitating the 2008 Global Financial Meltdown-Economic Pearl Harbour-Writing on the Wall.
 
Instead, Obama took them in to lead the system out of the mess they created.
Autumn Cote Added Aug 19, 2017 - 8:08pm
Please note, it's against the rules to post more than one article within a 48-hour period.  
Ray Joseph Cormier Added Aug 19, 2017 - 8:29pm
Note taken. Thank you.
John G Added Aug 20, 2017 - 12:41am
Indeed. And most of the WB commentariat believe Obama was a commie pinko Marxist mooslamic. It's enough to make a brown dog bark.
Stone-Eater Friedli Added Aug 20, 2017 - 8:18am
Obama was a commie pinko Marxist mooslamic.
 
LOL. He was a puppet of the establishment. As they all are, from Trump to Merkel to May to Macron.
Ray Joseph Cormier Added Aug 20, 2017 - 8:28am
As a Canadian, I loved Obama's speeches, he always said the right things, but I realized soon enough what he said did not match up with what he did in the world. He spoke high ideals, but didn't follow them. I also realize most people do that same thing, including me. I'm still working on that.
 
I was concerned enough to send this letter to the Nobel Institute. I received no reply or acknowledgement at the Time, but the Director of the Nobel Institute for 25 years retired and said this, according to multiple news reports, Nobel secretary regrets Obama peace prize - BBC News - BBC.com
 
From: ray@sympatico.ca
To: postmaster@nobel.no; library@nobel.no
Subject: Peace Prize/War Prize
Date: Sat, 15 Oct 2011 22:35:33 +0000

Honourable Members of the Nobel Committee,

Considering the speeches candidate Obama gave before the Global Financial Meltdown-Economic Pearl Harbour-Tsunami of September 2008 under the watch of his predecessor, I was happy when your august Committee awarded the new President the Nobel Peace Prize.

I supposed at that Time, you awarded it to him knowing the mess he inherited would leave him holding the bag, and at a great disadvantage with the American people to start with, and you hoped awarding him such a prestigious award at the outset of his Presidency might ameliorate the disadvantage of inheriting a failed economy and in those circumstances, help keep him focused on the Prize of Peace.

I am positive I am not the only resident of earth to see the difference between the words of Candidate Obama and the inexperienced new President Obama you awarded the Peace Prize to, and his actions since then. Since being given the Prize, his actions on the world stage show he resorts to military action 1st and not as a last resort. He is showing by his actions to be undeserving of The Nobel Peace Prize.

I may not be the 1st person to write to you about this, but I see justifiable reasons to recall the Peace Prize awarded to President Obama prematurely in wishful thinking. He is showing himself by his policies to be unworthy of it. If you can't take it back, at least make a Public Statement saying in retrospect, The Committee made a hasty decision.

What moved me Today to write to you was reading the latest article in the Blog of Professor Richard Falk, International Law Scholar titled '
Missing the Point Twice: International Law as Empire’s Sunday Suit
target="_blank">http://richardfalk.wordpress.com/2011/10/15/missing-the-point-twice-international-law-as-empire%e2%80%99s-sunday-suit/#comment-4783

Peace
Ray Joseph Cormier

GENERAL/PRESIDENT DWIGHT D. EISENHOWER – The Last Real Commander-In-Chief
target="_blank">http://ray032.wordpress.com/2011/09/04/generalpresident-dwight-d-eisenhower-the-last-real-commander-in-chief/
Stone-Eater Friedli Added Aug 20, 2017 - 11:57am
Good one.
 
But you see, the world is ruled by what the trendy expression calls the "deep state" who set up their political puppets. In medieval times, kings had to be approved by the pope, nowadays politicians have to be approved by the economy.
Dino Manalis Added Aug 20, 2017 - 12:46pm
Money is necessary, but crimes have to be prevented and stopped.  Banks are still too big to fail, nothing's changed, more competition is essential within the banking industry, while it's equally important to require simple lending regulations to avoid another crisis.  Tax cuts ought to be targeted to small and large businesses to bolster economic conditions, while peace; stability; and prosperity have to be the cornerstone of foreign policy.
George N Romey Added Aug 20, 2017 - 1:02pm
The real bailout was the trillions printed to buy worthless CBOs. This was the prime example of how the system is rigged. No doubt another meltdown is coming this time going into the tens and tens of trillions and Americans again taking the brunt of the financial pain.
 
Obama is a fake. He and the Republican ilk should be brought up on war crimes charges.
Ray Joseph Cormier Added Aug 20, 2017 - 1:22pm
S-EF, the DEEP STATE is a front for this Deeper State, unfolding in this material, flesh and blood World, with the Revelation of the details Day by Day.
 
And I saw three unclean spirits like frogs come out of the mouth of the dragon, and out of the mouth of the beast, and out of the mouth of the false prophet.(false beliefs about God in Judaism, Christianity & Islam, written some 500 years before Islam, the 3rd arm from the Jewish religious record appeared)

For they are the spirits of DEVILS, working miracles, which go forth unto the kings of the earth (the 1%, Presidents, Prime Ministers, CEOs, and other Idols of the People) and of the whole world, (the rest of Humanity) to gather them to the battle of that Great Day of God Almighty. (the war is already underway between Judaism, Christianity and Islam leading to the climax of that Great Day)
Behold, I come as a thief. (when you least expect it)
Blessed is he that watches, and keeps his garments, lest he walk naked, and they see his shame.
And he gathered them together into a place called in the Hebrew tongue Armageddon.
Revelation 16:13-16

Armageddon was derived from Har Megiddo, located in Judea and Samaria of occupied Palestine 2000 years ago. Israel as a kingdom disappeared some 800 years before Jesus walked in that area during the occupation.

Har Megiddo/Armageddon still exists as a physical place in this material world, but is now under the control of temporal Israel re-created from the Bible after an absence of some 2800 years. After all those years, the occupation of Judea and Samaria in Palestine is still an unresolved, violent, open wound in the Middle East and this material world.
 
Put on the whole armour of God, that you may be able to stand against the wiles of the devil.
 
For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.
 
Wherefore take unto you the whole armour of God, that you may be able to withstand in the evil day, and having done all, to stand.
Stand therefore, having your loins girt about with Truth, and having on the Breastplate of Righteousness;
And your feet shod with the preparation of the gospel of peace;
 
Above all, taking the shield of Faith, wherewith you shall be able to quench all the fiery darts of the wicked.
 
And take the Helmet of Salvation, and the sword of the Spirit, which is the word of God:
Ephesians 6
Stone-Eater Friedli Added Aug 20, 2017 - 1:37pm
Ray
 
Sorry, that's too specific. You're barking up the wrong tree. I say: I agree on and support humanist thoughts and lifestyle, and I try to do my best for others as good as I can.  But I don't need external guidance to see what's wrong or right.
Ray Joseph Cormier Added Aug 20, 2017 - 1:55pm
First of all, S-EF, I'm not accusing you of any wrong doing. The God of my Faith is not as vain as humans, as to demand constant praise and complements.
 
In God's Justice, I believe people who don't believe in God and don't acknowledge God, but do the Good Works of God, will have precedence over those who praise God with their lips, but don't do the works of God.
 
You can know the Bible by heart, and not know the heart of God.
Stone-Eater Friedli Added Aug 20, 2017 - 4:24pm
In God's Justice, I believe people who don't believe in God and don't acknowledge God, but do the Good Works of God, will have precedence over those who praise God with their lips, but don't do the works of God.
 
Fair enough, Ray :-)
John G Added Aug 20, 2017 - 4:25pm
SEF LOL. He was a puppet of the establishment. As they all are, from Trump to Merkel to May to Macron.
Indeed but for the loons here anything to the left of fascism may as well be communism.
Jenifer Frost Added Aug 20, 2017 - 6:04pm
Ray writes " the DEEP STATE is a front for this Deeper State, unfolding in this material, flesh and blood World" 
I'm planning to write an article about the Deep State and would be interested in knowing what you mean by this "Deeper State". So long as you say, it is unfolding in this material, flesh and blood world. 
Ray Joseph Cormier Added Aug 20, 2017 - 6:16pm
Jenifer, all that's in my comment at 1:22 Revelation 16.
Michael Cikraji Added Aug 21, 2017 - 1:17pm
The love of money is a problem, but paradoxically, is also a part of the solution. It is a fundamental aspect of capitalism that there are those who win, and those who lose. From my own experience, it appears as though the people that lose overall are generally lazy, and/or stupid. Oh, and the US national debt isn't all that big of deal when looking at in context of GDP: