New York? What's That??

(Conspiracy Nation, 03/16/08) – What is a “New York”? Why is it important? Today's New York Times newspaper, bloated with pages for a Sunday, contains little news of value. Some Sunday, waste $5 and purchase the pretentious monstrosity. You will find loads of ads for fashions no normal person can afford to buy. There's plenty of “theater” going on in the metropolis, dealing with obscure issues of limited interest. The overall writing is predictable and stuck like a needle in the groove of an old LP record. Seriously, after wading through the thing today, only two articles were somewhat interesting.

Edmund L. Andrews fills in the gaps on what the “Federal” Reserve has been doing lately. In December, after a late-night bongo session at the Kool Kat Klub, aging beatnik Ben Bernanke had a “Wow Moment.” He and the “Fed” agreed to buy up to $20 billion of “mortgage backed securities” which no one else wanted. In January of this year, the Bongo-meister raised purchases of the unwanted securities to $60 billion. Then this March, the hipster professor raised the amount to $100 billion. It is code-named the “Term Auction Facility.” But can the “Fed” legally do that, pay “our” money supply for junk paper? Notice the trade-off: as “our” money is exchanged for junk securities, “our” money itself turns to junk. (“Fed Chief Shifts Path, Inventing Policy in Crisis,” NY Times, front page. Beatnik/Bongo information is surmised.)

The bloated waste of good paper called the New York Times also is crammed full of real estate ads on Sundays. As with the expensive fashions, one wonders, “Who can buy these properties?” A routine, crummy condo goes for $12 million. Look at the advertisements in general and you will see they are targeted for wealthy persons. Does that mean the core-base of New York Times readers are also “upper crust”? Is that what makes NY Times “important”, that it caters to the perspectives of the wealthy?

One other item of note found in the weighty doggy-doo welcome mat: Gretchen Morgenson writes an all right report on Bernanke's December “Wow Moment” and “Fed” bailouts. “Agreeing to guarantee a 28-day credit line to Bear Stearns, by way of JPMorgan Chase, the Federal Reserve Bank of New York conceded last Friday that no sizable firm with a book of mortgage securities or loans out to mortgage issuers could be allowed to fail right now. It was the most explicit sign yet of the Fed's 'Rescues “R” Us' doctrine...” (“Rescue Me: A Fed Bailout Crosses a Line,” NY Times, Sunday Business, page 1) This means, in other words, that the “Federal” Reserve has entered the so-called free market and begun buying junk paper. Notice also it is the FRB of New York (as in, “New York is so important”) which has begun to implement Bernanke's “Wow Moment.”

Bernanke's home base has been at Princeton, New Jersey, which is basically more New York. But what is it that New Yorkers actually do, which gives them such self-importance? Do they grow food? Do they manufacture anything besides various junk paper and including the New York Times? Suppose it is only their little paper world which is collapsing and not the real economy. To New Yorkers, believing they are the Center of the World, it would seem as if recession/depression is underway. But would the crops stop growing? Would people stop inventing? Would workers stop making things?

Conspiracy Nation

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