my hat's off to this guy. it must be hard to walk around with balls that big... ;)
in the beginning of the video (in between the "fucks" and "shits") the driver asks God to see him through. I thought this interesting to point out. enjoy...
--George Washington
"The truth is an offense, but not a sin"
--Bob Marley
statement
thus always to tyrants in the past
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2009
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May
(18)
- man chases down and pulls over cop for speeding!!
- Hip Hop & Freemasonry: Culture Creation & The Shap...
- An Interesting Holohoax Anecdote
- how to escape from plastic handcuffs
- Time Out
- another innocent victim of police brutality
- photographic evidence of whether or not the troops...
- Invisible Barriers
- Minuteman sued by ACLU for calling someone a "slut...
- Google CEO seen at Bilderberg
- former AIPAC member speaks out against war with Iran
- The Latest Zionist Hoax
- tamil tigers finally give up
- Who Wants To Take Your Guns Away?
- Palestinian? Collaborate with Israeli Intelligence...
- Freespeech calls out jason burmas
- MSG Syndrome
- this is the end result of economic socialism
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May
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fellow bloggers who follow Thus Always To Tyrants
Sunday, May 31, 2009
man chases down and pulls over cop for speeding!!
contributor: splitbabyniblet at Sunday, May 31, 2009
Friday, May 29, 2009
Hip Hop & Freemasonry: Culture Creation & The Shape of Things To Come
this EXCELLENT video is narrated by a friend and fellow escapee from prisonplanet.tv named prentice reid. this is an amazing documentary, and a MUST SEE!
part one
part two
part three
part four
part five
part six
part seven
part eight
contributor: splitbabyniblet at Friday, May 29, 2009
Labels: freemasonry, hip hop, illuminati 0 comments
Thursday, May 28, 2009
An Interesting Holohoax Anecdote
Positive Affirmation of What I Already Know About the Hollowco$t
Brandon Dean
WizardofOswald.com
May 28th, 2009
a skull and remains of ethnic German victims of the Polish pogroms before WWII. if you don't know what that means, LOOK IT UP.
One of the people I work with is a kid about 20, who's grown up living in his German grandparents' house. His grandparents were alive during WWII, and the old lady who lives in their front house (also German) was an adult during the war.
When he was 15, this kid I work with (let's call him
Adrian) got in a huge fight with the "crazy" old lady in the front house, when she told him Hitler was not the devil, and that there was no holocaust. Adrian screamed at her and called her a nazi in his ignorant fury, and has not spoken to the lady in over five years, though he lives in the house behind her.
Last week, during work, I brought up the hollowco$t, and was explaining to everyone there how it is a big lie, and explaining why it was a big lie. To everyone's credit, all present--by the end of about a ten minute explanation--were more than open to the idea, and interested in investigating this alleged farce.
Here's the clincher: almost everyone I work with has Jewish "blood" to some degree, including me. My great grandmother was Jewish. Don't worry, it's not a conspiracy--almost everyone who grew up in Los Angeles has some Jewish blood in them it seems. Wait--maybe it is a conspiracy...
Anyhow, by the end of a couple hours of discussion, there were six people who had to know more. I've directed them to www.waronyou.com and my site, amongst others.
In any case, the next day Adrian came back to work with a wild-eyed look on his face. He pulled me aside, and in hushed tones, he told me how he couldn't stop thinking about everything I had said, but that he was very skeptical of it. That night he asked his grandparents their opinion on the holohoax.
His grandmother immediately jumped up with a smile on her face (at the inquisitiveness and honesty of her grandson), and screamed "the holocaust never happened! they have lied to us about our people! Hitler..."
Then her husband, Adrian's grandfather, interrupted her---"Stop!" he looked at Adrian and said "We don't know anything about it. Don't ever bring it up with us again."
Then his grandfather stormed out of the room. After he left, Adrian's grandmother leaned close to Adrian and said "Go talk to [the old lady in the front house]. She was there, and she saw what happened to our people."
I am now waiting to hear the results of his conversation with the old lady in the front house. Understandably, Adrian must approach it delicately, given the fact that he screamed at her the last time he talked to her... And apparently, she's very old now, and a tad crazy, but we'll see...
We need to record the testimonies of the people who were there, before all of them are dead, and all we have to look at and listen to is the Jewish press.
FREE ERNST ZUNDL! FREE FREDRICK TOBEN!
FREE THE TRUTH!
copyright Brandon Dean 2009
contributor: splitbabyniblet at Thursday, May 28, 2009
Labels: holocaust, holohoax 0 comments
Tuesday, May 26, 2009
Monday, May 25, 2009
Time Out
Brandon Dean
WizardofOswald.com
May 25th, 2009
"you're not gonna know yourself
until your back's against the wall...
if it's not the ratchet
it's the gun
and if it's not the gun
it's the bomb
and if it's not the bomb
it's poison flour...
every hour on the hour
you hear the people buy
them buy, them buy, them buy
poison flour
killing off man..."
--Dr. Alimentado
For some of us, the war for truth can take a psychological toll. It always helps me to step back at these moments, to observe the universe around me. What is missing in these moments is my balance between the seeming chaos and utter violence of the universe, and the utter beauty and calm of the universe.
When you watch a sunset, the beauty is indescribable. Yet, if you were anywhere near the sun, you would be fried to a crisp, and the sun's light is creating that beauty.
sunset in Lost Angeles
Sometimes we neglect to see the creation all around us. I find it ironic to note that, no matter what man builds, nature immediately begins to take over again. The struggle to build is essentially the struggle to control or curb nature. But you see how primitive man truly is compared to the design of nature by observing nature reclaiming its sovereignty over man's accomplishments:
the fence in my backyard
"God is the only comfort, He is also the supreme terror; the thing we most need, and the thing we most want to hide from. He is our only possible ally, and we have made ourselves His enemies."
--C.S. Lewis, from Mere Christianity
But creation exists nonetheless, from both God's and Man's perspectives. God continues to destroy and create, and Man continues to attempt to emulate God, while mostly acting like apes. Reality is too chaotic to understand on either a microscopic or macroscopic level; only within our sliver sized frequency range do we perceive our universe. The rest is far too complicated. So we observe our universe and try to emulate the creation and destruction we see every day. The destruction is evinced through war and conflict, while the creation is evinced through art and technology. War and conflict have fomented technology and even art at times in history, while art and technology have, at times, fomented war and conflict.
artwork by Brandon Dean
"I was in the country, and the fences were falling over, for miles. And no one knew where I was in that beautiful wasteland. I could have blown off the side of the globe and what would it have mattered? Who would have noticed? My memory does not rely on the landscape, nor the fog rolling off the mountaintops, nor the hawks floating on the wind. It relies on the awe I felt, the Blessed helplessness. Looking in the face of the unknown and enjoying the release of stability, open-eyed. Happiness."
--Brandon Dean, from The Life and Tendencies of One Don Incognito
my orchid
"It's a sad and beautiful world.
It's a SAD and BEAUTIFUL world!"
--from the film Down By Law by Jim Jarmusch
copyright Brandon Dean 2009
contributor: splitbabyniblet at Monday, May 25, 2009
Labels: brandon dean, creation, destruction 0 comments
Sunday, May 24, 2009
another innocent victim of police brutality
contributor: splitbabyniblet at Sunday, May 24, 2009
Labels: police brutality 0 comments
photographic evidence of whether or not the troops support obama
check out the guy directly in front and to the top of obongo's forehead with the curdled milk face... haha
hey, if any of our soldiers see this, I got nothing but love for you guys. sucks to realize you've been fooled after signing your life away, doesn't it? they don't seem to give a fuck about you, but we do.
obongo said he was going to take you out of Iraq, and of course he won't. why the hell would they build the world's largest army base to desert it when some crackhead scam artist could just come along and shut it down? obongo ain't takin' no one out of Iraq, unless he's transferring them to some other theater of war, abroad or AT HOME.
---Brandon Dean
contributor: splitbabyniblet at Sunday, May 24, 2009
Labels: barack obama, iraq, obama, troops 0 comments
Saturday, May 23, 2009
Invisible Barriers
contributor: splitbabyniblet at Saturday, May 23, 2009
Labels: israel, zionism, zionist 0 comments
Minuteman sued by ACLU for calling someone a "slut" ACLU awarded 135,000 dollars!
contributor: splitbabyniblet at Saturday, May 23, 2009
Labels: ACLU, minutemen 0 comments
Friday, May 22, 2009
Google CEO seen at Bilderberg
noooo, not google, who started out with CIA funding...? Say it ain't so...
Google joins Bilderberg cabal
Rich, powerful meet secretly in GreeceAstir Palace Hotel Resort, reported site of this year's Bilderberg Group meeting
WASHINGTON – The latest meeting of the secretive, half-century-old Bilderberg Group concluded yesterday outside of Athens with a few arrests, but little news.
Demonstrators from the political left and right shouted outside the Astir Palace hotel letting some of the wealthiest and most powerful people in the world know they weren't entirely welcome.
A photographer for the London Guardian was briefly taken into custody while police insisted he delete pictures he took outside the hotel, which was closed to the public during the three-day meeting.
A police officer told the Associated Press the resort was being protected by hundreds of police, navy commandos, coast guard speedboats and two F-16 fighter planes. The officer spoke on condition of anonymity, in keeping with his department's regulations.
Attendees this year reportedly included U.S. Treasury Secretary Tim Geithner; Larry Summers, the director of the U.S. National Economic Council; Richard Holbrooke, the Obama administration's special representative for Afghanistan and Pakistan; World Bank President Robert Zoellick; European Central Bank President Jean-Claude Trichet and European Commission president Jose Manuel Barroso.
Bilderberg attendance is by invitation only. And if you want an invitation, you'd better be extremely rich or extremely powerful.
New invitees reportedly include the nouveau riche Google Chief Executive Officer Eric Schmidt. Henry Kissinger, a lynchpin of continuity with other secretive internationalist groups including the Council on Foreign Relations and the Trilateral Commission, is a regular attendee, as is Wall Street Journal Editor Paul Gigot.
Former British cabinet minister, Lord Denis Healey, one of the founders of the group, explained the purpose of the group to Jon Ronson of the Guardian: "Those of us in Bilderberg felt we couldn't go on forever fighting one another for nothing and killing people and rendering millions homeless. So we felt that a single community throughout the world would be a good thing."
Meanwhile, Daniel Estulin, author of "The True Story of the Bilderberg Group," said before the confab the main topic of the agenda for this meeting was the world economy. He said his sources inside the group told him the movers and shakers would be discussing two options – "either a prolonged, agonizing depression that dooms the world to decades of stagnation, decline, and poverty ... or an intense-but-shorter depression that paves the way for a new sustainable economic world order, with less sovereignty but more efficiency."
As WND has reported, The Bilderberg Group meets at luxury hotels and resorts throughout the world. Last year's conference was held at the Westfields Marriott in Chantilly, Va. WND made an effort to gain entry, but was denied. Every four years the conference is held in the U.S. or Canada. The group has an office located in Leiden, South Holland, Netherlands.
The highly secretive meeting is off limits to press, but past reports from sources that have managed to penetrate the high-security meetings have stated that the meetings emphasize a globalist agenda and dismiss national sovereignty as regressive.
The BBC declared it to be one of the most influential organizations in the world.
"It's officially described as a private gathering," BBC reported, "but with a guest list including the heads of European and American corporations, political leaders and a few intellectuals, it's one of the most influential organizations on the planet."
Attendees of the Bilderberg conference are not allowed to speak a word of what is discussed in the meeting outside of the group. The group has no website and no minutes are kept of the meetings to ensure secrecy.
Last year, however, the Bilderberg Group made a press release available listing topics of discussion and providing a general overview of the gathering.
"Approximately 140 participants will attend, of whom about two-thirds come from Europe and the balance from North America," the release stated. "About one-third is from government and politics, and two-thirds are from finance, industry, labor, education and communications. The meeting is private in order to encourage frank and open discussion."
This year's event was the 57th annual gathering of the Bilderberg Group, which began meeting in 1954. A scheduled meeting in 1976 was canceled, but if added to the tally, leads some to count this year's gathering as the 58th.
source
contributor: splitbabyniblet at Friday, May 22, 2009
Labels: bilderberg, google 0 comments
former AIPAC member speaks out against war with Iran
Ex-AIPACer Against Military Action in Iran
By Daniel Luban
May 2,2009 "IPS" -- -In March, former AIPAC chief lobbyist Douglas Bloomfield wrote a very interesting piece for the New Jersey Jewish News. In it, he revealed that although AIPAC publicly professed support for the Oslo peace process in the 1990s, it was secretly coordinating with then-opposition leader Benjamin Netanyahu and working behind the scenes to sabotage the process. By illustrating AIPAC’s willingness to work against the policies of both U.S. and Israeli governments when they proved insufficiently hawkish, Bloomfield noted, this information could “not only validate AIPAC’s critics, who accuse it of being a branch of the Likud, but also lead to an investigation of violations of the Foreign Agents Registration Act.”
Bloomfield had another interesting piece in Tuesday’s Jerusalem Post, in which he interviewed AIPAC’s former top Iran analyst Keith Weissman. Weissman, of course, is best known for his role in the recently-dropped “AIPAC Two” espionage case, which revolved around accusations that he and AIPAC political director Steve Rosen received classified information from Pentagon analyst Lawrence Franklin and passed it to reporters and Israeli embassy officials. Franklin pled guilty in 2006 and was sentenced to over 12 year in prison, but this month government prosecutors decided to drop charges against Rosen and Weissman after concluding that they would be unlikely to win convictions.
Now that he is out from under the espionage charges, Weissman is free to speak his mind, and in his interview with Bloomfield he attacks the Iran hawks (including, implicitly, his former bosses at AIPAC) in startlingly blunt terms. The whole thing is worth reading, but I’ve included a few excerpts below the fold.
First, Weissman attacks the hawks’ premise that military action would be effective:
There’s no assurance an attack on Iran’s nuclear facilities - even if all of them could be located - would be anything more than a temporary setback, Weissman told me. Instead, a military strike would unify Iranians behind an unpopular regime, ignite a wave of retaliation that would leave thousands dead from Teheran to Tel Aviv, block oil exports from the Persian Gulf and probably necessitate a ground war, he said.
He also attacks the idea, propagated by Netanyahu among others, that Iran’s rulers are a “messianic apocalyptic cult” and therefore undeterrable:
Weissman said Israel’s worries about Iran getting a nuclear weapon are understandable, but despite some of the rhetoric coming out of Teheran, the Iranian leaders “are not fanatics and they’re not suicidal. They know that Israel could make Iran glow for many years.”
He endorses the Obama administration’s argument that progress on the Israeli-Palestinian front is necessary for progress on the Iranian front, and attacks Netanyahu’s claim that the Iranian threat is sufficient to unite Israel with the so-called “moderate Arab states”:
Trying to separate the issues, even refusing to endorse the two-state approach, “is part of the sophistry of people like [Binyamin] Netanyahu who want to avoid confronting the peace process,” he said. “Iran’s ability to screw around in the Israel-Arab arena would be severely impaired by pressing ahead on the Palestinian and Syrian tracks instead of looking for excuses not to.”
Finally, he argues that the U.S. and Israel will “have to end up accepting some kind of peaceful Iranian nuclear energy program - and they actually need it; it’s already too late to stop it entirely.”
Weissman’s apostasy on the Iran issue puts him much closer to the likes of Roger Cohen than to his former compatriots at AIPAC. It will be interesting to see whether the neoconservatives who rallied to his defense during the AIPAC Two affair will now try to bury him the same way they have tried to bury Cohen.
Copyright © 2009 Jim Lobe.
source
contributor: splitbabyniblet at Friday, May 22, 2009
Labels: AIPAC, Douglas Bloomfield, israel, israel lobby, israeli lobby, zionism 0 comments
The Latest Zionist Hoax
"Synagogue Bomb Plot" - Latest Zionist Publicity Coup
contributor: splitbabyniblet at Friday, May 22, 2009
Labels: michael hoffman, zionism, zionist, zionist hoax 0 comments
Monday, May 18, 2009
tamil tigers finally give up
Sri Lanka Rebels Concede Defeat | |
By Steve Herman Colombo 17 May 2009 |
Sri Lanka's rebels have announced they would be laying down their guns to prevent what they call further unnecessary slaughter of Tamil civilians by government troops. The island nation's military says it has defeated the Liberation Tigers of Tamil Eelam, ending a long civil war, and has rescued nearly 200,000 trapped civilians.
Sri Lanka's government is congratulating itself on a job well done, defeating terrorism and rescuing all civilians from its clutches.
Mahinda Samarasinghe, Minister of Disaster Management and Human Rights at Colombo news conference, 17 May 2009 |
"The military phase is over. The LTTE has been militarily defeated. Now the biggest hostage rescue operation in the world has come to a conclusion," Samarasinghe. "The figure I have here is since 20th of April, 179,000 hostages have been rescued."
But the Army reports the Tamil Tiger rebels as of Sunday evening still hold an 800-square-meter territory, were continuing to fire on troops and engage in suicide attacks on soldiers. The military calls this a "mopping up operation" and expresses confidence the entire area will soon be cleared of all rebels.
No official announcement has been made on what just about everyone in the island nation is wondering. What is the fate of the LTTE founder and leader, Vellupillai Prabhakaran?
Military officials say they have no conclusive information, but earlier predicted the group's top leaders would likely commit a mass suicide.
Questions also remain about how many civilians, in recent days, died in the combat zone and who is responsible.
The government and the LTTE traded accusations the other was deliberately targeting civilians. Some in the international community are pushing for both sides to face inquiries of possible war crimes.
British Prime Minister Gordon Brown also warned of "consequences" for Sri Lanka for not halting its offensive to allow humanitarian relief for the trapped Tamils whom the government here contends were "human shields" held by the rebels.
VOA News asked Sri Lanka Foreign Secretary Palitha Kohona for a reaction to that diplomatic threat.
"I would like to see what these consequences are. I believe that it is a legal responsibility of any state to rescue hostages when confronted with such a situation," said Kohona. "The international community itself characterized what prevailed in the north as a hostage situation."
The top aid of U.N. Secretary General Ban Ki-Moon is in Colombo for talks with government officials on the humanitarian situation in the combat zone. U.N. officials here acknowledge he arrived too late to make much of a difference.
Gordon Weiss , 11 May 2009 |
"And, of course, there is a wide range of battlefield injuries amongst the civilian population both inside the camp, at the moment, and among those emerging from the zone," said Weiss.
Although the final tally is yet to be known, the civil war, which began in 1983, has left at least 70,000 people dead. The LTTE, a terrorist organization in the eyes of many countries, will apparently leave a legacy of failing to gain an ethnic homeland despite waging decades of guerilla warfare, repeated urban suicide attacks and waves of political assassinations.
contributor: splitbabyniblet at Monday, May 18, 2009
Labels: sri lanka, tamil tigers 0 comments
Sunday, May 17, 2009
Who Wants To Take Your Guns Away?
contributor: splitbabyniblet at Sunday, May 17, 2009
Labels: boycott israel, jewish conspiracy, US senate, zionism 0 comments
Sunday, May 10, 2009
Palestinian? Collaborate with Israeli Intelligence or Die
FOCUS ON GAZA 'Go back and die in Gaza'
By Stephanie Doetzer
:: Article nr. 54077 sent on 09-may-2009 01:29 ECT
www.uruknet.info?p=54077
Link: english.aljazeera.net/focus/crisisingaza/2009/05/20095732233520800.html
contributor: splitbabyniblet at Sunday, May 10, 2009
Labels: boycott israel, free palestine, gaza, gaza strip, israel, palestine 0 comments
Saturday, May 9, 2009
Freespeech calls out jason burmas
I just love when newbies (and yes, burmas is a newbie) try to school older patriots/truth warriors. just because alex jones lets you sit behind his microphone doesn't mean a damn thing. it certainly doesn't mean you "get it" or you "know what's up."
this guy SCHOOLS jason burmas, and it would be wise for newbies to listen to this guy. exposure to the masses doesn't mean a damn thing if you're not educated...
contributor: splitbabyniblet at Saturday, May 09, 2009
Labels: alex jones, freespeech, jason burmas 0 comments
Thursday, May 7, 2009
MSG Syndrome
MSG Syndrome
by Kowboy
May 6th, 2009
I call it MSG Syndrome.
It comes from the Msg (monosodium glutamate) and other poisons in foods dumbing them down.
It comes from being a member of the MySpace Generation MSG. Where all that is important is ones own self and how important they think they are. How many profile page views and hundreds of friends you have never met you can acquire along with how many comments per day one gets.
It comes from how many text msgs can be sent to talk about OMG!! WTF!! American Idol and other immoral reality TV.
Cell phones have become extra appendages or an addiction closely related to heroin. People have become their own witnesses against themselves by using cell phone cameras to record their crimes. Young boys and girls are now being charged with sex crimes for sending naughty photos to each other. Is it wrong? Who the hell knows these days?
Morally Stunted Growth. Meaning daily life consists of: Who's life can we ruin or make worse by calling them fatty or skank. Even better lets beat up the fat kid cause he has no friends and spit in his mouth while someone records it on a cell phone and we can post it on YouTube for all to see. "thet wud b OMG Fukin kewl"
There is a special place in hell for the MSG's, and if you don't believe in hell...well, you will fit right in.
And if martial law becomes an issue ...Watch out for the Marine Security Guard keeping everyone inside Madison Square Garden FEMA Camp 156 "safe".
MSG!!
bad for you!!
bad for me!!
source
contributor: splitbabyniblet at Thursday, May 07, 2009
Tuesday, May 5, 2009
this is the end result of economic socialism
FDIC screws community banks
Posted on May 2, 2009 by Brian Angliss
http://www.scholarsandrogues.com/2009/05/02/fdic-screws-community-banks/
The Federal Deposit Insurance Corporation (FDIC), the very organization created to guarantee deposits against bank runs and failures, is instead about to guarantee that their services are in greater demand. They’re doing this by requiring all banks, large and small, to pay a one time charge of 20 cents per $100 of deposits (aka 20 “basis points”). In the process, this unbudgeted expense will likely cause some otherwise stable and profitable smaller banks to fail while larger banks, with the assistance of federal TARP funds, will likely be able to survive.
The FDIC is a federally-chartered insurance company, and as such they charge their member banks a fee to provide deposit insurance. In the 2007-2008 federal fiscal year, the insurance charges ranged from five to 43 basis points, with an industry average of 6.3 basis points. As of April 1, however, the FDIC not only increased their rates to between seven and 77.5 basis points, but they also significantly changed the method by which banks are categorized according to risk. The rates paid by banks increased dramatically for nearly all risk categories, with some increasing over 100%. The worst increase was from 10 basis points to a maximum of 43, an increase of 330%.
But as bad as those increases were, the proposed new rates and the new rate calculation method were both published October 7, 2008. This amount of advance notice should have permitted banks to plan for an significant increase in their rates even though the final rates were not known until March 4, 2009.
The bigger deal is that the FDIC has chosen to implement a 20 basis point “special assessment” charge specifically to increase their own monetary reserves and to ensure that the public has confidence in the FDIC. In addition, the FDIC Board has given themselves the option to add an additional 10 basis points atop the first 20 if they feel that additional confidence-building measures are required. These special assessments were not in the proposed rule published in October of 2008, and as such the banks would not have been able to prepare and budget for the increased costs of keeping the FDIC financially solvent.
The Federal Reserve publishes a list of the largest commercial banks in the country - essentially every bank with over $300 million in combined assets - in order from largest to smallest as determined by the banks’ total assets. From this data, it’s clear that the top five banks hold 40.6% of total assets and 57.8% of all domestic assets held by banks. The top 25 banks hold 60.4% and 91.7% of total and domestic assets respectively. For comparison, the top five banks also recieved 35.1% of the TARP bailout money committed to date, or $152.5 billion.
In other words, the largest banks hold the most assets and have needed the most federal help.
The 1722 “large” banks identified by the Federal Reserve will need to pay a combined total of $19.9 billion to the FDIC by September to accomodate the 20 basis point special assessment. If the FDIC Board boosts the special assessment to 30 basis points, then the combined total will be $29.8 billion instead. Put another way, that represents a $2-3 million reduction in operating revenue for a bank with $1 billion in total (domestic) assets.
According to the Federal Reserve, Cashmere Valley Bank of Cashmere, Washington is just such a bank - it has nearly exactly $1 billion in total assets, all of which are domestic assets. It has a total of eight locations (nine according to their website). According to the bank’s unaudited financial statement for 2008, the bank had a total income of $12.216 million. Cashmere Valley Bank will have to pay a $2-3 million in September, or 16.7% to 25% of their entire 2008 income. This will make the bank less profitable and may hurt the perception of its stability in the Washington communities it serves.
Furthermore, if the bank’s shareholders demand that Cashmere Valley Bank keep their stock value up, then the bank might choose to cut staff and close branches instead of taking a hit to profits. According to the 2008 financial statement, Cashmere spent $19.845 million on building leases, office equipment, salaries and benefits, etc., of which just over half was salaries and benefits. Cutting this number by $2-3 million could require Cashmere to close an entire branch and its staff, possibly hurting the community where the branch is located. Or Cashmere could cut staff by 20-30% across all branches instead.
What’s perhaps the most devastating, however, is that the entire amount is due by the end of September and the final rule was only announced in March, giving banks only two full quarters in which to make enough money to cover their special assessment charge. Cashmere Valley Bank made about $4 million after taxes in the first quarter of 2009, so they may well be able to pay the charge. But a $2-3 million charge all at once will cut total income by 50-75%, depending on the economy of the communities that Cashmere Valley Bank serves.
Bank of America will have to pay $2.75 or $4.13 billion in special assessment charges. In 2008, their total income was only about $4 billion, so this is a comparably much larger percentage of income than Cashmere will have to pay. But Cashmere doesn’t appear to have been given TARP funds (or if so, not enough to hit the ProPublica bailout tracking radar) while BofA has received $52.5 billion in bailout money to date. Only AIG has received more bailout money.
So what does this all mean? It means that the largest banks in the industry, banks like JPMorgan Chase and Bank of America, banks that are “too big to fail,” will feel little pain from the FDIC special assessment. The Treasury has already decided that these large banks will not collapse, and so the banks will be given (or have already been given) the billions of dollars needed to pay their portion of the FDIC special assessment. And so money will leave the Treasury, go trough the bank, and then come back to another part of the Treasury Department, the FDIC. Smaller banks, on the other hand, will be forced to take lower profits, cut staff, and close branches in order to afford the special assessment. In extreme cases, the special assessment designed to help keep banks alive may even force some to close their doors.
While the biggest banks will be propped up, smaller banks that are more financially sound will become less so. Added to the fact that these very same banks were were forced to take TARP money order to spread out expected Treasury losses from the bailout and we have a situation that will ultimately result in the failure of more small community banks that could have survived before the FDIC’s special assessment.
And this is less damaging to the country and economy than nationalizing huge banks and then gradually deconstructing them how, exactly?
contributor: splitbabyniblet at Tuesday, May 05, 2009
Labels: community banks, FDIC, federal reserve 0 comments
thus always to tyrants authors
Brandon Dean (splitbabyniblet)
FranG
Joshua Berry (tattoogeek)
united sites of america
our favorite sites
you see what happens?
"I, like the arch-fiend, bore a hell within me, and finding myself unsympathized with, wished to tear up the trees, spread havoc and destruction around me, and then to have sat down and enjoyed the ruin." --Mary Shelley, from Frankenstein