A2A with Chris Powell of GATA

85

Chris Powell and Bill Murphy formed the Gold Anti-Trust Action Committee in 1998 and they've been stalwart allies in the fight against gold price suppression and manipulation ever since. What a pleasure it was today to get caught up with Chris and get his thoughts on the current state of the global market for gold.

As you listen, you'll quickly be reminded that Chris is still one of the most informed and well-spoken advocates for our cause. Over the course of this webinar, he addresses a number of current issues including:

  • the most important lesson he's learned in the 20 years he's followed the gold market
  • the strange occurrence of SecTreas Mnuchin visiting Ft Knox and the equally strange television interview of Terry Duffy, the CEO of the CME Group
  • whether the US government would financially benefit from revaluing the price of gold
  • how physical demand will paly a role in finally ending the tyranny of the central banks and bullion banks
  • and much, much more!

Please be sure to give this discussion a thorough listen as you are almost certainly going to learn a few things that you didn't previously know. And then, when you're finished, please click over to the GATA site and send them some financial support. Their efforts are tireless and we need to ensure that they remain on our side in this fight. https://www.gata.org/node/16

TF

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lakedweller2
Aug 31, 2017 - 11:14pm

@scoremore

One of my sons worked for Wells Fargo after college, doing home loans. He also recognized the weakness of the process and quit. He moved to the medical area where he felt he was contributing to the welfare of people.

scoremore
Aug 31, 2017 - 11:09pm

Laked: It was all a farce...

Everybody and their brother started to become loan officers. The Title and Escrow Companies, Appraisers, Underwriters, etc were all pulling all kinds of shady ass shit. With no real oversite. NIJA loans, Neg Am loans, etc.

When I started you would find out the customers goals and educate them on the product that would fit them. Work hard and get the job done and get a couple of points. I had to get out because I felt it came to the point that the only way to keep your clients was to lie your ass off. Those neg am loans sure paid the scammers very well!

You would counsel people and they would believe the people lying because they wanted to believe it was real. They barely even read the loan docs but those are confusing for a reason. Must be a hundred pages with the terms buried and hidden.

So sad. Sometimes you would hear after the fact how bad these people got scammed. But I know there were many more that were just too embarrassed to admit it. The story I heard a lot was they would get in there to close and they would realize all the fees and higher rates than promised but feel like they had to sign because of deadlines. They were desperate for the needed cash in a cash out refi or their dream home needed to close escrow or it would fall through.

hindsight101
Aug 31, 2017 - 10:54pm

great interview with Powell

...but where is the link to donate?

lakedweller2
Aug 31, 2017 - 10:23pm

@scoremore

Sub prime...minimal qualifications and maximum risk.

scoremore
Aug 31, 2017 - 10:23pm

Laked

Agreed and many more too.

scoremore
Aug 31, 2017 - 10:21pm

Lakedweller2

I get the sentiment...

I bet Bear Sterns and Lehman Brothers were feeling pretty good too right up until the end.

Before that time I was a loan officer and was constantly shaking my head at the shady loans and prices. I thought any time now this is going to burst. That was for 3 or 4 years and then finally I began to think there was no stopping it and then it stopped.

"The Big Short" brings back memories....wish I was smart enough to do what they did but man they must of had some ulcers and little sleep.

lakedweller2
Aug 31, 2017 - 10:21pm

@scoremore

That's why Hank Paulson ought to be in jail...well that and whatever else he did daily.

lakedweller2
Aug 31, 2017 - 10:02pm

@scoremore

First priority is always the banks.

imfd
Aug 31, 2017 - 9:52pm
scoremore
Aug 31, 2017 - 9:40pm

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