Monday, April 4, 2011

Mainstream Media Watch: Better Late Than Never?—“60 Minutes”, and Six Months Late

My readers know that I go through phases: I get interested in stuff—chase it down—devour it—then move on.

Back in October of last year—following Yves Smith’s lead—I got interested in The Mortgage Mess, and wrote several pieces about the whole fiasco:
The Coming Middle-Class Anarchy (10/7/10)

The Second Leg Down of America’s Death Spiral (10/12/10) (This was the piece I wrote which was plagiarized repeatedly—and rather embarrassingly, for some.)

This Is What Brian and Ilsa Said To Their Bank: “Show Me The Note, Motherfucker!” (10/18/10)

Mulligan Mortgages—The Banks’ Only Way Out (10/21/10)
And now—finally!—the mainstream media is catching up. Here’s last night’s clip from 60 Minutes:






Interesting, huh? Sounds kind of familiar, too . . .

I wrote about The Mortgage Mess because I was interested in it. But do keep in mind, I wrote about it from Chile, where I live: It’s not like I had exclusive access to some insider information or anything. Hell, I barely had any idea what a mortgage loan entailed, until I started looking into it out of idle curiosity.

Now, the reason I bring this up is, why is the mainstream media at least six months behind the bloggers?

Yves Smith is a far more definitive and substantive source than I’ll ever be, on the issue of The Mortgage Mess: She has been all over this story with far more detailed and in-depth stuff about the situation than I’ve found anywhere else. My laziness and ADD makes my eyes glaze over, whenever I’m forced to wrestle with the details of The Mess—but Yves just trundles through it all, as she has been doing since last summer.

But Scott Pelley and the boyz of 60 Minutes? Kinda late to the party, eh?

This is why so many bloggers feel such contempt for the mainstream media: They are not doing their job. They are not looking into stuff that is affecting people’s lives. They are ignoring the big stories, and instead focussing on maintaining “access” to muckety-mucks. How do they maintain this access? By playing down and ignoring the big and important stories which might makes these big-wigs “uncomfortable”—by only reporting shiny, happy, green-shoots stories that the grandee tells them to report. That is the Faustian bargain the mainstream media has made with the kleptocrats running the circus.

But when the story is too big to ignore, when the mainstream media finally have to start doing their jobs—when they finally have to start talking about something bloggers have been jumping up and down about for months—they act as if they’d stumbled across some great big secret nobody else had been privy to. They never ever admit that they’re covering ground bloggers trod six months before, if not longer. They never ever admit that they were distracted with all the sucking-up they were giving establishment figures, be they in politics, business or the military, all for the sake of this precious “access”. They never ever admit they should have been paying attention to this “sudden crisis” way back then, when the attention might have made a productive difference.

They only pay attention when it’s too late: When the problem is simply too big to ignore—and therefore too late to solve.

Now, I’ve been writing about QE-2 and the likelihood of QE-3, and the possibility that the Federal Reserve’s novel experimentations—not to say insane monetary alchemies—might well trip over into hyperinflation. I’ve been particularly outraged at QE-2, which I consider Federal government debt monetization, no different from Argentina. And I have argued that QE-2 is creating an unwholsome dependence by the Federal government on Federal Reserve money printing—and that because of this unwholesome dependence, QE-2 will have to be extended indefinitely, which will in short order lead to ruin.

Question: When can I expect a “hard-hitting” 60 Minutes exposé of QE-2 and the pernicious effects it is having on Federal government fiscal policy, and the likelihood that it’ll result in hyperinflation? When a gallon of gas costs a hundred bucks, and a cup of coffee a twenty?

Because by then, it’ll be too late.

If you’re interested, you can find my recorded presentation “Hyperinflation In America” here. I discuss in detail what I would do, if and when the dollar crashes. 

 

19 comments:

  1. On the bright side, at least I know where to look to stay ahead of the curve...thanks GL. Shame on the mainstream media, but shame on we the consumers of that media as well. How many people in our daily lives are we talking to that simply don't want to know whats behind the curtain? We the audience are not demanding 60 Minutes and their ilk cover real news. The followers of this blog are, sadly, the minority. I feel like a crazy person standing in the middle of a room screaming...and people hardly lift their heads up. Crazy times.

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  2. The Mainstream Media are owned by the elite who are more interested in shaping our opinion, not on reporting the truth. You don't bite the hand that feeds you.

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  3. GL--Assuming you are always correct about both the present and future, would you please tell me what stocks, PMs, and bonds to invest in today, to obtain 1000% return over the next five years? Thanks. P.S. I'll donate to your jar if I am successful!

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  4. Just wondering if you can include suggestions as to what to do to tale advantage of the end of the USD...should we get indebted in USD and buy abroad so that when it goes pear shaped we can sell a couple of loaves of bread in Chile and pay off our $100,000 loan in the US?

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  5. I've been worried about the mortgage mess since mid 2009, when I learned that mortgage backed securities divided up pools of mortgages into "tranches" and sold shares in those tranches based, not on which mortgages go into which tranche, but instead on which tranche takes the loss in revenue should a default occur. This structure irreversibly breaks the chain of title, destroying the ability of the mortgage holder to foreclose and deliver the equity to the lender.

    This scheme destroys the foundation of American prosperity, by destroying the public chain of real estate title, as described by Peruvian economist Hernando de Soto in his book "The Mystery of Capital" (Basic Books,2000). This is apart from the "robo-signing" scandal of mass forging of notes.

    We have now, the three great economic corruptions: the official counterfeit currency in the form of the fiat dollar (does the US hold any gold reserves at all?), the corrupt and counterfeit title to much of America's real estate (which title is less meaningful anyway because of eminent domain abuse), and finally the corruption and counterfeiting of shares traded on US stock exchanges via the mechanism of accounting fraud at the Depository Trust and Clearing Corporation (persistent fails to deliver shares, "naked shorting" of stocks, bonds and futures contracts). This last corruption scandal, described by Patrick Byrne at DeepCapture.com, has yet to reach public awareness.

    With all three legs of the western economic system (monetary, real estate and financial) now meaningless accounting fabrications, I do not see how we can return to prosperity without pressing the reset button.

    Mark Voelker

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  6. GL, just saw this today (I'm sure you did, too):
    http://www.zerohedge.com/article/big-gap-logic-weakens-hyperinflation-argument

    What response would you give to the question raised here about how hyperinflation is essentially impossible in a cashless society?

    I'd be interested in your rebuttal. Thanks.

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  7. For those of you wanting to get out of the swiftly decliing dollar: cash out your 401-K and/or IRA immediately. Pay the IRS rape-level penalty, you'll be happy you did it later.

    Then buy stuff. Don't own anything non-material: buy gold and silver coins, food, and firearms/ammunition. Perhaps arable land will be a productive thing to buy, and perhaps your local government will tax the living snot out of what you own. Or take it outright.

    Better to be thought a pauper while your floor safe holds gold Krugerrands than to be on the books holding a 100 acre farm.

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  8. They can't expose anything, just report things that are already common knowledge. That about sums up the MSM

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  9. California Woman already said it, but I will say it again - the U.S. mainstream media is owned and controlled by big money/the elite. Forgive me for saying this, GL, but why do you act surprised that this has not been reported on before this? It is not anything new to see that the powers that be don't want the sheeple-I mean the people - to see what's actually going on in this country. Keep them asleep! Then they will continue playing the left/right game, the consumer game, etc. and filling the pockets of the elite. Wake up, America!!! I am thinking of leaving this country, the future of the US is looking pretty scary. It saddens me to say this bu I just don't see how we can possibly overcome the power interests that are now running this country. I don't see a solution. With the majority of America asleep we will continue be controlled and manipulated. May the Force be with us!

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  10. @Harpy - as someone who complained about GL's flogging of his Hyperinflation video I now recommend that you get the answer to your question by spending the money and getting the videos. It answers your question directly and provides a good strategy for riding through the potential chaos. The only downside is the strategy in the video was MUCH more valuable when it was first produced. It still is valuable for sure, but some things projected at release of the video series have now happened. I'd say act sooner rather than later on the information.

    Now if I just had a referral link to use...

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  11. My husband and I predicted the real estate/credit bubble far in advance (well before 2004, and well before anyone in any sort of media)...but the depravity and crass practices of banks never ceases to surprise me...it is the direct result of deregulation under the Bush administration. Big Business will continue to manipulate the market as long as they are allowed and encouraged to do so by our lack of ethical/legal/legislated guidelines for American financial sector. And trust me...this is not a problem isolated to the US...many of these banks funstion across the globe...WE MUST ADVOCATE for REGULATION and separation of financial institutions. I believe with complete certainty that this is standard operating procedure today...and will not cease until appropriate penalties or regulations are put in place.

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  12. Too bad that the court system, if it holds true to course, won't penalize the banks or, more importantly, the top management of the banks for their wrongdoings.

    Every fraudulent document introduced to courts should result in a charge of fraud being laid against the entity that introduces it.

    There's a criminal lack of accountability at so many levels it's sickening.

    Wanna fix broken America? Start with accountability.
    "It's not my fault"
    "I didn't know"
    and all that other lame-ass excuse schpeak is a cancer. As long as individuals and corporate entities are able to continue to avoid accountability for their actions NOTHING WILL CHANGE.

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  13. @Anonymous 3:09PM - Not for nothing but the repeal of Glass-Steagall happened during the Clinton Administration under the Graham-Leach-Bliley Act. President Bush may have not helped the situation but the deregulation didn't happen during his term... he inherited along with the magical(mythical?) Clinton surpluses.

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  14. Looks like the elites learned a great deal from what happened with Woodward and Bernstein.

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  15. GL:

    "Strolling along the shores of the mainstream..." and taking a dookie in the same.

    BTW: A haircut with happy ending in Incheon is now up to 24,000 ₩. At least the masseuse takes out her dentures first (allegedly). Inflation, or falling dollar value???

    C deK

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  16. GL,
    Here is the 60 Minutes interview with Bernanke from Dec 2010 = QE II. Not exactly hard hitting, but some frank admissions at least.

    Again Scott makes a brave attempt to cut through but fails. Bernanke struggles and at times, is on edge. Obviously he is deeply concerned.

    4 mins into the interview he talks about risks and finding a "happy medium"...wtf ???

    Then 5 mins in....the lies start in earnest....just look at his eyes and hand movements. You could actually see that some of the words chosen by Scott are "leading statements" ...scripted in advance....with Bernanke going along for the ride.
    AND wait for it...6 mins in....what you all want to hear ...the real reason for QE...hmmm!!

    9 mins in ...he lets the cat out of the bag....not going to stop QE..."JUST YET".

    http://www.youtube.com/watch?v=QPmmWe5iulQ

    oh and part II can be found here

    http://www.youtube.com/watch?v=NaPoeg4z4CU&feature=related

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  17. GL,
    According to the Department of Homeland Security, your blog is a "domestic extremist site." You pose "a non-Muslim extremist threat" since you provide "a forum for interpretations of events and issues that differ radially from those presented in mass media products and outlets."

    The mainstream media is at least six months behind the bloggers so our government can criminalize the search for truth.

    GL, you are fomenting terrorism!

    KS

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  18. But no bank exec is going to jail! If I hired someone to ruff you up and he killed you I'd be charged for murder. If a bank exec says they hired it out why are they not charged with billion dollar fraud and put in jail? A few bankers in jail for a few dacades would certainly address the moral hazzard created.

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  19. Amazing story! I was only vaguely aware of some undefined legal "document problems" banks were having in completing their foreclosures. I had not idea this involved the banks actually forging documents and then saying they weren't aware of it having been done by subcontractors. One document alone with "XXXXXX" and "BAD BENE" shows this never should have made it through the Courts and the banks, the lawyers & even the Judge in the case are all guilty & should be sued, have their licenses investigated or impeached. Unfortunately, this is a reflection of the moral decay in our nation at all levels of society. In fact, when they through out the Bible, they threw out morals & morality in our once Biblically based nation you could have predicted things like this would happen. Now we only have "mores" (instead of morals) which is what most people can agree on as to being right or wrong (& which is constantly changing). So for instance: Was it WRONG for banks (who really believed they were the owners of non-performing assets) to forge the documents they needed? Who were RIGHT & who were WRONG: the homeowners who promised to pay & didn't, or the banks that say they bought the defaulted loans & need to foreclose?

    Our nation is collapsing from within & it began with the abandonment of the Biblical principles this nation was once founded upon. Unless we return to those principles, I see no hope for us... at least not as world leaders as we once were. Although we might survive in some form, like a "banana republic".

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If you have a question or a private comment, do feel free to e-mail me at my address expat229@gmail.com.

GL