No More Brother War

http://www.theatlanticwire.com/politics/2011/10/herman-cains-koch-connections/43732/

Long ties to Koch brothers key to Cain’s campaign

http://news.yahoo.com/long-ties-koch-brothers-key-cains-campaign-110518961.html

Herman Cain at Bloomberg Debate

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

Herman Cain Wants Even Bigger Government Than Obama Does

http://www.lewrockwell.com/blog/lewrw/archives/95407.html

Herman Cain attended NACC North American Union

http://www.dailypaul.com/180982/herman-cain-attended-nacc-north-american-union

Herman Cain is Bad for America and not a Conservative

http://www.wakeup1776.com/2011/09/herman-cain-is-bad-for-america-and-not.html

Herman Cain’s 9-9-9 Plan: The Return of Trickle-Down Economics

http://www.newyorker.com/online/blogs/johncassidy/2011/10/herman-cain-9-9-9-plan-the-return-of-trickle-down-economics.html

Tax group: 9-9-9, a ‘major tax cut’ for the rich, ‘substantial’ increase on others

http://firstread.msnbc.msn.com/_news/2011/10/12/8290508-tax-group-9-9-9-a-major-tax-cut-for-the-rich-substantial-increase-on-others

FACT CHECK: Closer look at Cain’s retirement model

http://news.yahoo.com/fact-check-closer-look-cains-retirement-model-172348908.html

Herman Cain admits ‘some people will pay more’ under 9-9-9

http://dailycaller.com/2011/10/16/herman-cain-admits-%E2%80%9Csome-people-will-pay-more%E2%80%9D-under-9-9-9/

The Despicable Lies of Herman Cain

http://lewrockwell.com/orig12/quinn-justin2.1.1.html

The Trouble with Herman Cain

http://www.youtube.com/watch?v=xl_RXM8Kt6g

While you were focusing on the GOP debate, this happened.

 10/18/11 

HOLY BAILOUT - Federal Reserve Now Backstopping $75 Trillion Of Bank Of America’s Derivatives Trades

http://dailybail.com/home/holy-bailout-federal-reserve-now-backstopping-75-trillion-of.html

This story from Bloomberg just hit the wires this morning. Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC.

This means that the investment bank’s European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn’t get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to “give relief” to the bank holding company, which is under heavy pressure.

This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input. You will also read below that JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve.

What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan. Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.

This is a recipe for Armageddon. Bernanke is absolutely insane. No wonder Geithner has been hopping all over Europe begging and cajoling leaders to put together a massive bailout of troubled banks. His worst nightmare is Eurozone bank defaults leading to the collapse of the large U.S. banks who have been happily selling default insurance on European banks since the crisis began.