“When predators have exhausted the economy, they turn on each other. The result is financial cannibalism. After all, who else is it possible to get money from in today’s negative equity environment?
“If the media are missing anything, it’s that the game is over. The financial institutions are taking their money and running. They know it’s over. And the only source of cashing out is the US Treasury and Fed.
“My solution:There is an easy place to start, that can take only a few weeks. That is to look at the Fed’s $1.3 trillion in cash-for-trash swaps. If these prove to be junk mortgages for which the Fed has given good US Treasury bonds, at the proverbial taxpayer expense, then the Fed and Treasury administrators should have criminal charges brought against them, the accounting firms of the companies pledging these junk mortgages and other financial junk should be closed down and RICO charges brought, and the banks themselves should be wiped out. I have urged the appropriate Washington oversight committee to open an investigation along these lines.”