Skip to comments.WHITE COLLAR CRIME AND THE ONGOING ECONOMIC DEPRESSION
Posted on 07/11/2002 8:51:16 AM PDT by christine
The question is as obvious as a thousand foot tall pregnant gorilla at a championship chess match. Yet, no one has asked THE question. The silence is deafening. The silence is absolute because answering the pregnant gorilla question truthfully, gives birth to the realities of institutionalized white collar crime in our stock markets, corporate America, Wall Street and in the highest levels of government and banking. Establishment criminology defines government white collar crime as "illegal and socially injurious cooperation between governments and corporate institutions..." (White Collar Crime- http://faculty.newc.edu/toconnor/392/spy/whitecollarcrime.htm) Widespread, systemic and long standing government white collar 'pump and dump' stock market crime is precisely what unravels from a truthful answer to the pregnant gorilla question.
Sheeple, sheeple; gather around and listen, for this one is for you!
THE PREGNANT GORILLA QUESTION
QUESTION: Why, why, why, did corporate America and Wall Street resort to creative, deceptive and fraudulent business accounting and financial reporting practices in the mid and late l990s in order to create the illusion of phony corporate profits?
ANSWER: With the hindsight of Enron, Global Crossing, WorldCom, etc., it is becoming increasingly conclusive that Corporate America and Wall Street resorted to deceptive and WHITE COLLAR CRIMINAL financial reporting practices creating phony corporate profits because much of corporate America could no longer earn its traditional real business profits due to an ongoing business and economic depression!
THE PREGNANT GORILLA
The 'Pregnant Gorilla' is a business and economic depression that descended on the United States during the mid and late 1990s. Major accounting problems involving profits at WorldCom dated at least as far back as 1996. And four years ago in June, 1998, Frank A. J. Veneroso wrote about the economic and corporate problems already created by the 'strong dollar policy". (www.gold-eagle.com/gold_digest_98/veneroso062498.html) Burdened with both debt and a political 'strong dollar policy', increasingly United States corporations could no longer make their historical real profits and corporate America slid into an economic depression. The essence of an economic or business depression is when many longstanding business operating profits become horrendous operating losses. As we now learn, week by week, that is what certainly happened to an increasingly significant portion of corporate America during the mid and late 1990s. THE 'SMOKING GUN' PROOF OF A REAL ECONOMIC DEPRESSION IS IN THE SECRET TRUTHFUL FINANCIAL STATEMENTS OF CORPPORATE AMERICA.
THE PREGNANT GORILLA GIVES BIRTH TO OFFSPRING
Business and economic depressions give birth to many very unpleasant characteristics that are the unavoidable consequences and 'offspring' of substantial business operating losses and bankruptcies. As many business profits publicly turn to losses, unemployment rises. Business financial statements publicly disclose the corporate financial losses. Bankruptcies, repossessions and foreclosures rise. Wall Street 'experts' inform the public of the financial problems of each corporation. With the reduction of constant dollar tax revenues and the increase in expenses, governments are thrown into budget deficits. Many sectors of the stock markets crash. The news media routinely features new bankruptcies and stunning new corporate operating losses. Consumer confidence is shaken and consumer spending contracts. Loan defaults increase. Many banks become financially stressed. Homelessness increases. Senate and Congressional oversight committees disclose wrongdoing that was driven by corporate financial desperation or corporate greed.
THE POLITICAL DILEMMA
In the 1990s, it was either truthfully acknowledge an economic depression with honest accounting; or, knowingly, deliberately, willfully and criminally create phony accounting corporate 'profits' en masse in order to conceal from the American people the reality of a business and economic depression. It was a political dilemma criminally resolved by a political decision of the Clinton Presidency. The same political dilemma faced a newly inaugerated President Bush. His presidency chose to continue the Clinton deception of a 'strong economy'. All the while, the private Federal Reserve Bank maintained a policy that accommodated the increase of financially unsound debt necessary in order to maintain the prosperity illusion by criminally manipulating and price fixing financial markets. The administration and Congress criminally manipulated federal budget accounting with "off budget" expenses. The public was deceived with criminally falsified economic data. The consequences of the Clinton/Bush/Greenspan political decisions in favor of willfully and systematically criminally deceiving the American people in economic data reporting and in criminal federal budget reporting, is now corporation by corporation belatedly becoming public knowledge.
Truth, honor, loyalty to country, and the Ten Commandments were no longer relevant. There was nothing wrong with making piles of money any way you chose, as long as your politics were correct.
To answer that question I read the rest of Mr. Smith's commentary and found the answer is: He doesn't.
They're intervening into currency markets on a large scale and bullying other nations to do the same to prop up the US dollar. They are doing this to protect the investment portfolios of upper income americans. But by intervening as they are, they sandbag businesses inside america that have staked their strategy on producing inside of america. If the dollar is artificially high and kept artificially high over long periods of time by this type of intervention, then american businesses that produce inside of america won't be able to compete in a global marketplace. Then we will be told that we can't compete because we are fat lazy americans.
The american elite is drunk with power, they have an unwise intolerance for sensible tariffs that can protect the american productive capacity. But then they intervene into the currency markets, going directly against their stated loyalty to capitalist ideology. In both cases the result is to degrade american capacity to produce in order to protect the interests of the upper class.
They seek to hold it all together by their exercise of raw power over the world's banking industry. It is a dangerous path.
"....And now, those who implemented and supported the criminal illusion boldly march to the forefront in condemning the illusion with mock anger and mock righteous indignation. Their arrogant hypocrisy documents their contempt for we the people of the United States. Our Hobbesian leaders treat us as mindless sheeple to be fleeced and financially butchered in our stock markets for their gladitorial amusement and financial gain. Greenspan, Clinton and Bush are practicing disciples of Thomas Hobbes; and, the primary financial butchers of the American people..."
Our leaders are corrupt!
Any sane person would have stood and booed the man. Now overnight, instead of a robust economy we have a "bust" economy. Republicans as well as democrats bought into Clintons snake oil stock. Shame on all of them.
Perhaps more relevant than ever!
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