April 24, 2009
It’s just boring for Larry. All this talk of predatory credit card corporations and usury and soaking the middle class with endless fees. “As his boss spoke about creating a consumer-friendly credit card system Thursday morning, National Economic Council Chairman Lawrence Summers fell asleep,” writes Carol E. Lee for Politico.
It is said Congress is outraged by all of this. But not a word about the reason why Visa and Mastercard and the rest are doing this. Sure, it’s about good old fashion greed, but it also about a popular bankster trend: securitization. “From 2003 to 2007, seven of the largest issuers of credit cards packaged an increasing amount of card debt into securities and sold them to investors, just as banks did with mortgages,” reports USA Today. “Selling off credit card debt has given banks a powerful incentive to raise card fees and penalties, according to interviews with dozens of industry analysts, academics and investment specialists.”
In other words, if the banksters squeeze you and you default — especially as the economy heads down the tubes — no problem because they will “securitize” the bad loans the same way they do it with bad mortgages.
As a high muckamuck in the upper reaches of the Council on Foreign Relations, the World Bank, the Trilateral Commission, and the Bilderberg Group, Larry Summers has no interest in saving plebs from the predatory banksters. In fact, he is in place to facilitate the bankster fleecing of the commoners.
How to get the attention of Larry Summers? March the cops in and have him arrested for economic crimes against the people.
In 1999, as then Secretary of the Treasury, Larry Summers worked with the Clinton administration and Congress to repeal the Glass-Steagall Act so Citicorp could become Citigroup. Glass-Steagall Act was instituted during the Great Depression to prevent financial concerns from consolidating, that is to say allowing speculators to mix their toxic sludge in with commercial banking.
Larry Summers is one of the people most responsible for the failure of the banking system.
In addition, Summers helped Enron rip-off the people of California. In his book about Enron, Conspiracy of Fools, Kurt Eichenwald writes:
Even as blackouts shut down dialysis machines and traffic lights from Sacramento to San Diego, Summers and the Federal Reserve chairman, Alan Greenspan, decided to take a few moments to teach the California governor a lesson or two about free markets. In an emergency meeting the day after Christmas 2000, Summers and Greenspan, responding to the governor’s complaints about corporate tampering, lectured the governor that price manipulation was only possible because California had improperly regulated its markets. They urged the governor to take it easy on Enron and the other power companies because, in effect, being too critical of them might make them reluctant to do business in California. Summers and Greenspan pressured the governor to remove state caps on consumer rates.
So, that’s how you get Larry Summers to wake up — arrest him, slap him in handcuffs, and parade him around in an orange jumpsuit like a gang-banger headed for Rikers Island.
Make Larry Summers an example.