Stock market Rally? Bu@# Sh@!

Bailouts and Manipulations: Save Wall Street, at the Expense of Main Street By Larry Chin

URL of this article: www.globalresearch.ca/index.php?context=va&aid=13183

Global Research, April 14, 2009

Online Journal

Wall Street is in the midst of a huge rally, primarily sparked by two recent occurrences.

The first was the “surprising” announcement that
Citigroup, JP Morgan Chase and Bank of America -- major “zombie” banks
laden with “toxic assets,” on the verge of collapse, and the recipients
of billions in government (US taxpayer) bailout money -- mysteriously
posted profits this year. Wells Fargo, regarded as one of the healthier
big banks, and a recipient of $25 billion, also reported a profit last
week, rallying the stock markets again before the Easter holiday.

We now know, based on insider reports from
securities traders, that a massive fraud and manipulation by AIG
funneled “bailout” funds (US taxpayer money) to AIG's counterparties,
the very same big “toxic” banks that are now posting profits: Exclusive: Big Banks' Recent Profitability Due to AIG Scam?

The second big event occurred when the Obama administration and Congress threw out the “Mark to Market”
rules. Banks and financial institutions, which by law were previously
obligated to price, or “mark,” the toxic holdings to the current market
price (honestly take huge losses), now have carte blanche to magically
erase all of these losses, and price these toxic assets however they
wish.

In other words, Wall Street has been given the green
light to lie -- with the full blessing of the Obama administration and
Congress. “Toxic assets”? Gone, just like that.

In yet another example of collusion and cover-up,
federal regulators have told the nation's largest banks to “keep quiet”
about their performance in the Obama administration's “stress tests”: Feds tell banks to keep quiet on outcome of stress tests

This blatant cover-up, ordered at the top, prevents
negative news from spoiling the bogus Wall Street rally. Obama himself
will announce the results later, after he and his economic minions have
had a chance to “manage” the data.

So much for accountability. So much for transparency
and disclosure. So much for the populist hot air and propaganda gases
spewing from the Obama administration, Ben Bernanke's Federal Reserve,
Tim Geithner, and Larry Summers.

The momentum from the latest fabrication and the
latest fraud must not be broken. The worst is over, according to the
new noise, and the constant “are we there yet?” yammering from CNBC.
No, it's already time for The Recovery, despite the fact that the worst
economic crisis since the Great Depression began mere months ago, and
despite the fact that the “toxins” -- the magnificent bubble of
derivatives, leverage, hedging and other interlocking Ponzi finance
schemes that began the crisis to begin with -- are still out there,
still unpopped.

The books are cooked and the numbers are faked anyway. Why not? Who's going to know?

So while the US auto industry is strong-armed into
massive restructuring, and the common people of Main Street are told to
get used to the suffering, Wall Street is not only given a free pass,
but the additional gift of back-door swindles and a massive cover-up.