Gambling Housing Summit At Treasury Is Just One More Weimar Hyperinflationary Swindle

Today's scheduled housing finance summit at the Treasury Department Aug. 17, has already been prediscounted as one more Obama Administration bailout of the too-big-to-fail banks, under the cover of saving American families from home foreclosures. According to a preview of the summit, hosted by Treasury Secretary Tim Geithner, published today in The Hill, Treasury and HUD will put up a total of $3 billion, to be dispersed among the 17 hardest hit states and the District of Columbia, for two-year interest-free loans to homeowners facing foreclosure. The loans, up to $50,000, will go exclusively for mortgage payments. In other words, the money all goes to the banks, which, otherwise, would be foreclosing on homes of unemployed workers and others who can no longer pay, writing down the value of the homes on their books, and facing the burden of managing and selling the properties into a further collapsed housing market.

The bigger unspoken agenda of the meeting is the immediate need to bail out another massive pile of toxic assets held by the too-big-to-fail banks, including mortgage-backed securities and other housing instruments. Whether this mega-bailout will be done through Fannie and Freddie, or directly by the Fed and Treasury, is, for the moment, a well-kept secret. With Obama's political credibility at near zero, there is no possibility of another Congressionally-approved bailout or stimulus. So, by executive fiat, the bankrupt banks are to be bailed out by a new round of Weimar hyperinflation.

According to a source close to the Dallas Fed, the FOMC vote to resume the hyperinflationary operations did not go without strong protests. The fact that Kansas City Fed President Thomas Hoenig gave a widely publicized interview to Huffington Post, decrying the printing press operations, was indicative of a larger opposition. As the result of those protests, the FOMC agreed to restrict the "quantitative easing" to the purchase of long-term Treasury Bonds, rather than the toxic assets of the banks. It was after that compromise that the announcement of the Treasury summit was made, indicating that the real agenda of tomorrow's session is to give Federal government guarantees on the worthless junk on the books of the thoroughly bankrupt major banks.

If this is not cause for the immediate impeachment of Barack Obama, then what is?