about | this week | chronicles | journal | archives
elliott wave analysis | GATA
Independence Day
We the People...
Contact me:
m@depression2.tv

Depression2.tv - Michael Nystrom
Journal INDEX  
JULY OBSERVATIONS
7-24-2002Can we get the whole truth?
Rubin


The New York Times reports that "senior credit officers of Citigroup misrepresented the full nature of a 1999 transaction with Enron in the records of the deal so that Enron could ignore accounting requirements and hide its true financial condition, according to internal bank documents and government investigators." The Wall Street Journal reports that Enron "marketed similarly structured deals to a slew of other companies." And yesterday, the Washington Post reported that Citigroup, along with J. P. Morgan Chase & Co., "transferred billions of dollars to Enron ... in recent years in what amounted to loans that Houston energy trader concealed as it struggled to survive .…"

Given the central role played by Citigroup in concealing Enron's debt from investors, the general public, and government regulators, why, then, hasn't former Clinton treasury secretary, Robert Rubin, now the chairman of Citigroup's executive committee, been called to testify before Congress? In particular, why hasn't the chairman of the Senate Governmental Affairs Committee, Senator Joseph Lieberman, sought Rubin's testimony? After all, Lieberman is heading up the Senate's investigation into Enron's bankruptcy and fraudulent dealings.

And there's ample reason to hear from Rubin. In addition to this week's disclosures about Citigroup's assistance in cooking Enron's books, during Enron's final days Rubin played a direct role in attempting to conceal Enron's financial condition from credit-rating agencies. Specifically, on November 8, 2001, Rubin made a telephone call to Peter Fisher, the Treasury Department's undersecretary for domestic finance, seeking Fisher's intervention with Wall Street credit-rating agencies on behalf of Enron when those agencies were about to downgrade Enron's ratings.

Joseph Lieberman’s Cover-Up. Where is Robert Rubin?
7-22-2002 The moon's teethmarks are on the sky...
Full Moon
Full Moon, Wednesday, July 24.



Moon Phase Calendar
7-18-2002Uh Oh
Options Expiration Tomorrow!!!
(Friday 19 July 2002)
***
The largest stock-market drop in Wall Street history occurred on "Black Monday" -- October 19, 1987 -- when the Dow Jones Industrial Average plunged 508.32 points, losing 22.6% of its total value. That fall far surpassed the one-day loss of 12.9% that began the great stock market crash of 1929 and foreshadowed the Great Depression.
***
Note that the Crash of '87 took place on the Monday after expiration. Beware.
7-15-2002Deja vú all over again

...Meanwhile, from the stock market crash of October 1929 to the early months of 1933, another familiar sight were the headlines generated by government leaders, bankers, and economists announcing bracingly that “recovery was just around the corner.”

There were many who believed these experts were right, running up accounts with farm suppliers and corner grocery stores on the strength of an economic upturn they expected would materialize in just a few weeks or after the next growing season.

“There are indications that the severest phase of the depression is over,” said one headline a scant three months after the 1929 Crash. A premature announcement, true. But two years later, in 1931, when optimism began to flag even among some economists, the White House was still saying it. “The economy is fundamentally sound,” President Hoover insisted again and again, adding the prediction of an upturn by a given date, and then another date, and then another...

Excerpted from:THE DEPRESSION YEARS–1929-1940
7-9-2002Support Independent Media

Where else are you going to get the truth?
See the (small but growing) Independent Media Section on the This Week page.

Featured site of the day:www.restorethetrust.com
7-3-2002WorldCon to be delisted Friday

The World Confidence Game (WorldCon)

7-1-2002Reflection                                                                                                                   
Rights are merely the flip side of Responsibilities.

in other words...
"The price of Liberty is eternal vigilance."
- Thomas Jefferson
6-28-20021906 Gold Certificate

Gold Cert
Before the Fed, we had Gold.
Help!Advertisement


Amazon Honor System Click Here to Pay Learn More

Check out the 2002 predictions & other articles in the archives
manystrom@depression2.tv
Rich!

  Some products to help you anticipate the changing landscape:

  EWI

How high will the price of gold go, and why?
Name :
E-mail :
Price & Reason:
I would love to hear from you.
Contact me at:
manystrom@depression2.tv