Bank of America – and the magical money trail

The following is one part … of one story … of one very large U.S. bank – and how the American public got ‘fleeced’ in the bailout process.  Financial oligarchs received some very special treatment at the expense of American taxpayers.

The money trail outlined below should provide all the justification anyone might ever need for why American citizens deserve the same direct access to ‘liquidity’ that many of the major (domestic and foreign) ‘commercials’ received.

And here is “The big fleecing, Part 1:”

From the book, Bailout Nation [Excerpts] –         

Bank of America – the money trail

June 2005:  Bank of America takes a 9 percent stake in China Construction Bank for $3 billion; china’s market tops out in 2008 and then plummets 72 percent.

January 2006: Bank of America acquires MBNA for $35 billion. The world’s largest issuer of issuer of credit cards is taken over right before the world’s largest credit crunch occurs, and (whoops) just before the worst postwar recession begins.

August 2007:  Bank of America invests $2 billion in Countrywide Financial, the nation’s biggest mortgage lender and loan servicer.  It is a jumbo loser, dropping 57 percent in a few months’ time.

January 2008: Bank of America doubles down and announces a $4.1 billion acquisition of Countrywide.  The timing is flawless, and the purchase is announced as the worst housing collapse in modern history is accelerating.

September 2008:  Bank of America pays $50 billion for Merrill Lynch, including Merrill’s portfolio of toxic assets (along with some previously unannounced trading desk errors).

Note:  On February 20, 2009, Bank of America’s stock hit a low of $2.53.  Before the Countrywide acquisition went bust, Bank of America’s stock was at $52 (October 2007).

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August 2011                                                                                

“The Fed’s Secret Liquidity Lifelines”

Bloomberg – August 22, 2011

“Bank of America Corp., which got two rounds of U.S. Treasury Department capital injections totaling $45 billion to stay afloat during the credit crisis, borrowed twice that amount in secret from the Federal Reserve. On Feb. 26, 2009, the Charlotte, North Carolina-based bank held $78 billion of loans from the Fed’s Term Auction Facility, $8.65 billion from the Primary Dealer Credit Facility, $4.75 billion from the Term Securities Lending Facility. The financing helped bolster the largest U.S. bank by assets as investors worried its 2008 acquisitions of Merrill Lynch & Co. and Countrywide Financial Corp. might lead to nationalization.”

Bank of America Corp.  

Peak Amount of Debt on 2/26/2009:  $91.04B   

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August 2011: “Bank of America’s back-door TARP”  

CNN Money –  August 20, 2011 by Abigail Field, contributor

[Excerpts]:

FORTUNE — Taxpayers may not realize it, but they just bailed out Bank of America again, this time to the tune of more than a half billion dollars.

The Charlotte, NC-based bank was one of the biggest recipients of bailout funds during the financial crisis. But Bank of America (BAC) continues to face deep problems related to its troubled mortgage portfolio and investors have battered the stock, which has plunged over 40% so far this year…. the federal government is determined to resurrect BofA: the Wall Street Journal reports the feds have just used Fannie Mae, which is controlled by the U.S. government, to infuse BofA with $500 million and ease one of the bank’s biggest headaches.

According to the WSJ, Fannie Mae spent $500 million to buy the servicing rights to a big chunk of the “seven million loans still causing the most problems.”  Although the $500 million is a paper loss to BofA, in that the rights were “originally worth more,” it looks like BofA is still getting a good deal because the portfolio’s “value is expected to deteriorate further.”

In fact, the deal is worth much more than $500 million to BofA, because getting rid of those servicing rights lifts a huge cost burden off BofA’s shoulders. And if securitized loans are involved, which they most likely are, the sale also limits the BofA’s potential liability to investors for its current servicing violations. Finally, the $500 million is surely more than the servicing rights are worth in an arms-length transaction. How do we know? Beyond the comment that the loans are expected to “deteriorate further,” the goal of the intervention can only be to fix Bank of America’s capital structure, which is easier for the government to do if it overpays for the rights.

In short, purchasing these servicing rights was another Troubled Asset Relief Program.

Servicing defaulted loans can be good business if cheaply produced foreclosure paperwork isn’t questioned, and if the foreclosures have equity and can be resold easily with lots of junk fees. But the mortgage servicing rights Fannie Mae bought are stinkers: they have a 13% delinquency rate, which means lots of foreclosures and loan modifications.

But the loans Fannie Mae now has to deal with are even worse than 13% delinquency rate suggests. According to the WSJ, “more than half of the loans are in troubled U.S. real-estate markets.” This likely means markets where a high percentage of the houses are underwater and there’s a huge oversupply, driving prices down further and making defaults more likely.

Fannie Mae is purchasing “the servicing rights in order to transfer the day-to-day management of those loans to a different company.” That’s another huge sign that Fannie Mae is overpaying. If the rights were really worth $500 million, wouldn’t a private company pay that for them? Instead, it sounds like Fannie Mae is doing a bailout two-step, one to BofA and one to whomever takes these rights off Fannie Mae’s hands.

Another thing needs to become clear: where did Fannie Mae get the money to do BofA the favor of buying these rights? Fannie Mae just asked for another bailout of its own, seeking a new $5.1 billion infusion last week.

Think about how good this deal is for BofA: it gets to stop the bleeding, or at least cauterize much of the wound in its balance sheet that lousy mortgage servicing rights and mortgage securities liabilities are creating. And it gets half a billion dollars to boot.

And taxpayers? Well, we get to own yet another good chunk of BofA’s mess.

Full article:  http://finance.fortune.cnn.com/2011/08/10/bank-of-americas-back-door-tarp/

February 2012  Bank of America Fined $1 Billion for Mortgage Fraud

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The Leviticus 25 Plan offers a U.S. “Citizens Credit Facility” – to provide for direct credit extensions to American families.

American citizens deserve precisely the same access to direct liquidity extensions that dozens of major banks, such as Bank of America, received.  And nothing less.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2516)

Central Bank debt-based monetary measures are leading global economies toward an eventual fiat currency grand cliff-dive..

We are getting ‘set up’ for a catastrophic collapse… but there is a powerful corrective action to change everything…

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Are Central Banks Nationalising the Economy?

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It is time to end this big government central-planning madness, and put U.S. citizens back in charge of personally allocating their own  financial resources.

The Leviticus 25 Plan will restore economic liberty, eliminate massive amounts of debt burdening citizens, generate $1.02 trillion federal budget surpluses, solve the entitlement crisis and permanently downscale dependence on government, re-ignite powerful economic growth… and engender financial stability and social blessings all across America.

The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2508)

U.S. banks are up to their eyeballs in financial derivatives…

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 Financial Weapons Of Mass Destruction: Top 25 US Banks Have 222 Trillion Dollars Derivatives Exposure             ZeroHedge, May 17, 2017  Excerpts:

Authored by Michael Snyder via The Economic Collapse blog,

The recklessness of the “too big to fail” banks almost doomed them the last time around, but apparently they still haven’t learned from their past mistakes.  Today, the top 25 U.S. banks have 222 trillion dollars of exposure to derivatives. 

As long as stock prices continue to rise and the U.S. economy stays fairly stable, these extremely risky financial weapons of mass destruction will probably not take down our entire financial system.  But someday another major crisis will inevitably happen, and when that day arrives the devastation that these financial instruments will cause will be absolutely unprecedented.

During the great financial crisis of 2008, derivatives played a starring role, and U.S. taxpayers were forced to step in and bail out companies such as AIG that were on the verge of collapse because the risks that they took were just too great.

The following numbers regarding exposure to derivatives contracts come directly from the OCC’s most recent quarterly report (see Table 2), and as you can see the level of recklessness that we are currently witnessing is more than just a little bit alarming…

Citigroup – Total Assets: $1,792,077,000,000 (slightly less than 1.8 trillion dollars)

Total Exposure To Derivatives: $47,092,584,000,000 (more than 47 trillion dollars)

JPMorgan Chase  – Total Assets: $2,490,972,000,000 (just under 2.5 trillion dollars)

Total Exposure To Derivatives: $46,992,293,000,000 (nearly 47 trillion dollars)

Goldman Sachs  – Total Assets: $860,185,000,000 (less than a trillion dollars)

Total Exposure To Derivatives: $41,227,878,000,000 (more than 41 trillion dollars)

Bank Of America  – Total Assets: $2,189,266,000,000 (a little bit more than 2.1 trillion dollars)

Total Exposure To Derivatives: $33,132,582,000,000 (more than 33 trillion dollars)

Morgan Stanley  – Total Assets: $814,949,000,000 (less than a trillion dollars)

Total Exposure To Derivatives: $28,569,553,000,000 (more than 28 trillion dollars)

Wells Fargo  – Total Assets: $1,930,115,000,000 (more than 1.9 trillion dollars)

Total Exposure To Derivatives: $7,098,952,000,000 (more than 7 trillion dollars)

Collectively, the top 25 banks have a total of 222 trillion dollars of exposure to derivatives.

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Note – The system is only as strong as the weakest link(s). And when one or more of the under-reserved counterparties fails, things can, and will, unravel.

And then Central Banks will again open up the liquidity transfusion channels for another massive bailout for the global financial industry. And ordinary ‘citizens’ across the globe will ultimately pay – for the inevitable degrading of the fiat currency system.

It is time to enact a preventative economic ‘back-fire’ event with a massive, ground-level debt elimination plan.  It is time to grant U.S. citizens the same direct access to liquidity that was provided to Wall Street’s financial sector during the last great financial crisis.

The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2488)

U.S. taxpayer dollars have been used to support the IMF bail-out of Greece. The U.S. funded at least $780 million (17.09%) of the July $4.6 billion IMF transfer to Greece (purportedly funding interest payments to hedge funds which had speculated in purchasing the high-risk Greek debt).

U.S. taxpayers also funded approximately $2.9 trillion of a massive 2014 IMF loan to Ukraine to help Kiev pay off creditors including Western banks, Gazprom (the big Russian oil company), and previous IMF loan payment obligations).

The U.S. Treasury Department followed that up by guaranteeing a $1 billion Ukrainian bond issuance.

Trillions of dollars in U.S. taxpayer funds have been used to bail out the citizens of bankrupt foreign nations, and now U.S. citizens deserve the very same access to their own money that foreign citizens have been receiving in foreign assistance payments from the U.S.

It is time to activate America’s powerhouse economic acceleration plan – and to eliminate massive amounts of debt stress and restore financial health at the family level.

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The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2483)

A brief review of the U.S. Federal Reserve free money handouts to foreign banks:

“How The Fed Is Handing Over Billions In “Profits” To Foreign Banks Each Year”   Zero Hedge 2/11/13 – Excerpts:

Fed QE flows over the past 4 years, dating back to March 2009, show that foreign banks have been the primary recipients of “cash generated by Fed excess reserves.”

Small domestic banks and large domestic bank cash reserves have been flat to modestly higher (a ‘steady’ $800 billion) over the 4-year period, while “Foreign Banks” have nearly doubled their cash reserves during that same time – from the newly created reserves.

This was confirmed by the Fed itself, which in a paper from November 2012, admitted just this when it said that “the recent unprecedented build-up of cash balances by [foreign banks] was almost entirely composed of excess reserves.”

And where does this “foreign bank” cash ‘park itself?’

Answer:  These foreign bank excess cash reserves are parked at “Reserve Banks” – currently about $954 billion, earning 0.25% interest (which the Fed decided to start paying out in December 2008).

The “Fed paid some $6 billion in interest to foreign banks, in the process subsidizing and keeping insolvent European and other foreign banks, in business and explicitly to the detriment of countless US-based banks who have to compete with Fed-funded foreign banks and who have to fire countless workers courtesy of this Fed subsidy to foreign workers.”

“From December 2008 through the last week of January [2013], the Fed has paid out some $6 billion in cash (red line) to European banks simply as interest on excess reserves:”

“But that’s just the beginning. If we are correct in assuming that QE3 will be a replica of QE2 when all the new reserves created ended up as cash on foreign bank balance sheets, it means that we can quite accurately forecast what the total foreign bank cash position will be on December 31, 2013 (as the Fed will certainly not end its open ended monetization of the US deficit before then, or likely, ever). The result: just under $2 trillion in cash held by foreign banks operating in the US, which also means that in calendar 2013, the Fed will fund and subsidize foreign banks a blended interest payment of $3.5 billion! This is entirely separate from the $2 trillion liquidity subsidy that Bernanke will also have handed out to keep these banks afloat, and is $3.5 billion that will flow right through the P&L and end up in the pockets of offshore shareholders who otherwise would very likely be wiped out had it not been for the Fed’s relentless efforts to bailout foreign banks.”

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U.S. citizens deserve nothing less than the same direct access to liquidity that the Federal Reserve provided to foreign banks during the financial crisis (2008-2013).

It is time for U.S. citizens themselves to step up to the head of the line and receive their own credit extensions direct from the Federal Reserve.

It is our money, and we deserve the same direct access to it – through a Citizens Credit Facility.

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The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2471)

The Affordable Care Act (ACA), or “ObamaCare,” was signed into law on March 23, 2010, with most of its provisions going into effect on January 1, 2014.  Over the past three years, despite billions of dollars in back-end subsidies to the insurance industry, major insurers have been losing money on ACA plans and abandoning state exchanges. Centers for Medicare and Medicaid Services (CMS) reported that for ObamaCare’s second benefit year (2015), it would need to make “$7.8 billion in reinsurance payments to 497 of the 575 participating issuers nationwide,” due to contribution deficits versus payment requests within the industry (Kaiser Foundation Aug 17, 2016).

Insurance companies went on to lose approximately $2 billion on the exchanges in 2016.  United Healthcare, one of the largest insurers in America, anticipated an $850 million loss and announced plans to pull out of 27 of the 34 plans where it had been offering coverage.  Rivals Aetna, Anthem, and Humana each projected $300 million in ACA plan losses, with Aetna bailing out from 11 of 15 states (Bloomberg, Aug 17, 2016).

Cooperative health insurers like CoOportunity Health (Iowa, Nebraska), created with federal dollars under the ACA, began collapsing in 2015, rolling across the country from New York to Oregon. By August 2016, only seven of the original 23 co-ops were still operational (Forbes, Oct 29, 2015).

Healthcare premiums for consumers have been rising at double digit percentages for the past four years.  ObamaCare’s 2017 rate increases, finalized in October 2016, included an average cost increase of 25% nationally (Kaiser Family Foundation). The 10 hardest hit states are seeing premium increases average in at “62% while Arizona is officially the biggest loser with rates in Phoenix soaring 145%.”

Over a million middle class Americans have dropped coverage each of the past two years due to burdensome price increases and skyrocketing deductibles. “ObamaCare, according to the liberal New York Times (Oct 2, 2016), is “too expensive and inaccessible.”

Healthcare providers and institutions are being squeezed hard by ObamaCare penalties and reduced payment rates.  Physicians have been negatively impacted by reimbursement cuts, and ObamaCare’s non-clinical burdens and paperwork have forced many medical professionals into spending more of their precious time responding to the federal bureaucracy and less time with patients (CNN Jan 17, 2017).

A recent analysis by the Kaiser Foundation (Mar 10, 2017) estimated that 79% of hospitals in the U.S. will be hit with ObamaCare penalties totaling over a half billion dollars in fiscal 2017.

Finally, the sheer magnitude of ObamaCare’s administrative costs have been stunning.

Federal government data for establishing and operating the ACA exchanges included “costs to the federal government of operating the federally-run exchanges, federal grants to states to establish their own exchanges or for expenses relating to coordinating with a federally-run exchange, and CMS’ administrative costs related to those grants.”

In the ACA roll-out year, 2014, “The total federal cost for the ACA exchange program was $9.75 billion to enroll 6.34 million people,” a per capita administrative cost of “$1,539 for the federal government, excluding administrative costs to the insurers for enrolling and serving those individuals.” The federal administrative cost for “merely establishing the exchanges to obtain enrollees” was therefore “more than triple the total administrative cost ($414) to insurers of both enrolling and providing coverage for individuals prior to the establishment of ACA exchanges” (American Action Forum Dec 31, 2016).

Obamacare is further expected to add a massive “$273.6 billion in additional insurance overhead… an average of $1,375 per newly insured person, per year, from 2012 through 2022” (Health Affairs Blog, May 27, 2015). This overhead bonanza represents “a whopping 22.5 percent of the total estimated $2.76 trillion in all federal government spending” for the ACA during that period, according to the report’s authors.

ObamaCare is not sustainable. America needs a fresh new start in healthcare.

Congress must develop a ‘citizen-centered’ replacement model which maximizes quality and accessibility for the greatest number of Americans.  This model should redirect the hundreds of billions of dollars wasted in administrative overhang into individual Medical Savings Accounts (MSAs) for citizens to allocate directly for personal healthcare needs, specifically routine primary care and outpatient services.

The hundreds of millions of healthcare transactions each month for primary care, prescriptions, and other services should ‘not’ be run through a big-government, bloat-heavy, labyrinthine system.  Routine expenditures can, and should, appropriate ‘direct-pay’ corridors.

The U.S. Health Care Freedom Plan offers a comprehensive new dynamic to meet those ends.  It improves access and affordability and reestablishes genuine patient-provider relationships.

It comes with an added benefit:  “If you like your ObamaCare, you can keep your ObamaCare.”  Every other U.S. citizen will receive an ACA exemption and $25,000 in a qualified MSA.

The U.S. Health Care Freedom Plan honors the counsel of Buckminster Fuller:  “You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.”

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The U.S. Health Care Freedom Plan is the only comprehensive, citizen-centered health care plan in America.  It ‘resets’ the health care industry to present a clean, efficient and responsible system.  Most importantly, this plan restores individual freedom and liberty for all participating Americans.

ObamaCare … ‘on the ropes.’ The U.S. Health Care Freedom Plan – Clean, Affordable, and Ready to Launch

The Affordable Care Act (ACA), better known as “ObamaCare,” was signed into law on March 23, 2010, with most of its provisions going into effect on January 1, 2014.  Over the past three years, despite billions of dollars in back-end subsidies to the insurance industry, major insurers have been losing money on ACA plans and abandoning state exchanges.

Centers for Medicare and Medicaid Services (CMS) reported that for ObamaCare’s second benefit year (2015), it would need to make “$7.8 billion in reinsurance payments to 497 of the 575 participating issuers nationwide,” due to contribution deficits versus payment requests within the industry (Kaiser Foundation Aug 17, 2016).

Insurance companies went on to lose approximately $2 billion on the exchanges in 2016.  United Healthcare, one of the largest insurers in America, anticipated an $850 million loss and announced plans to pull out of 27 of the 34 plans where it had been offering coverage.  Rivals Aetna, Anthem, and Humana each projected $300 million in ACA plan losses, with Aetna bailing out from 11 of the 15 states where it had been offering coverage (Bloomberg, Aug 17, 2016).

Cooperative health insurers like CoOportunity Health (Iowa, Nebraska), created with federal dollars under the ACA, began collapsing in 2015, rolling across the country from New York to Oregon. By August 2016, only seven of the original 23 co-ops were still operational (Forbes, Oct 29, 2015).

Healthcare premiums for consumers have been rising at double digit percentages for the past four years.  ObamaCare’s 2017 rate increases, finalized in October 2016, included an average cost increase of 25% nationally (Kaiser Family Foundation). The 10 hardest hit states are seeing premium increases average in at “62% while Arizona is officially the biggest loser with rates in Phoenix soaring 145%.”

Over a million middle class Americans have dropped coverage each of the past two years due to burdensome price increases and skyrocketing deductibles. “ObamaCare, according to the liberal New York Times (Oct 2, 2016), is “too expensive and inaccessible.”

Healthcare providers and institutions are being squeezed hard by ObamaCare penalties and reduced payment rates.  Physicians have been negatively impacted by reimbursement cuts, and ObamaCare’s non-clinical burdens and paperwork have forced many medical professionals into spending more of their precious time responding to the federal bureaucracy and less time with patients (CNN Jan 17, 2017).

A recent analysis by the Kaiser Foundation (Mar 10, 2017) estimated that 79% of hospitals in the U.S. will be hit with ObamaCare penalties totaling over a half billion dollars in fiscal 2017.

Finally, the sheer magnitude of ObamaCare’s administrative costs have been stunning.

Federal government data for establishing and operating the ACA exchanges included “costs to the federal government of operating the federally-run exchanges, federal grants to states to establish their own exchanges or for expenses relating to coordinating with a federally-run exchange, and CMS’ administrative costs related to those grants.”

In the ACA roll-out year, 2014, “The total federal cost for the ACA exchange program was $9.75 billion to enroll 6.34 million people,” a per capita administrative cost of “$1,539 for the federal government, excluding administrative costs to the insurers for enrolling and serving those individuals.” The federal administrative cost for “merely establishing the exchanges to obtain enrollees” was therefore “more than triple the total administrative cost ($414) to insurers of both enrolling and providing coverage for individuals prior to the establishment of ACA exchanges” (American Action Forum Dec 31, 2016).

Obamacare is further expected to add a massive “$273.6 billion in additional insurance overhead… an average of $1,375 per newly insured person, per year, from 2012 through 2022” (Health Affairs Blog, May 27, 2015). This overhead bonanza represents “a whopping 22.5 percent of the total estimated $2.76 trillion in all federal government spending” for the ACA during that period, according to the report’s authors.

ObamaCare is not sustainable. America needs a fresh new start in healthcare.

Congress must develop a ‘citizen-centered’ replacement model which maximizes quality and accessibility for the greatest number of Americans.  This model should redirect the hundreds of billions of dollars wasted in administrative overhang into individual Medical Savings Accounts (MSAs) for citizens to allocate directly for personal healthcare needs, specifically routine primary care and outpatient services.

The hundreds of millions of healthcare transactions each month for primary care, prescriptions, and other services should ‘not’ be run through a big-government, bloat-heavy, labyrinthine system.  Routine expenditures can, and should, appropriate ‘direct-pay’ corridors.

The U.S. Health Care Freedom Plan offers a comprehensive new dynamic to meet those ends.  It improves access and affordability and reestablishes genuine patient-provider relationships.

It comes with an added benefit:  “If you like your ObamaCare, you can keep your ObamaCare.”  Every other U.S. citizen will receive an ACA exemption and $25,000 in a qualified MSA.

The U.S. Health Care Freedom Plan honors the counsel of Buckminster Fuller:  “You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.”

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The U.S. Health Care Freedom Plan 2017: America’s clean and affordable alternative to ObamaCare. Ready to Launch.

In the Fall of 2008, in response to the banking crisis and housing market collapse, the Federal Reserve and U.S. government undertook extraordinary measures to re-liquify Wall Street’s financial sector (banks and insurers), including foreign financial institutions, automakers, and others.

The broad program categories for the trillions of dollars involved included:

The Troubled Asset Relief Program (TARP)                         

Federal Reserve Rescue Efforts (Fed “secret liquidity lifelines”) 

Federal Stimulus Programs 

American International Group (AIG)                                                 

FDIC Bank Takeovers                                                                

Other Financial Initiatives                                                         

Other Housing Initiatives

Source:  CNN’s Bailout Tracker

Note: The Public – Private Investment Program (PPIP) happens to be one of the programs funded under the TARP umbrella.  PIPP is a funneling mechanism for government (tax-payer) money to ‘reach’ Hedge funds –  to ‘encourage’ them to buy some of the non-investment grade (crap) mortgages out there, and get them off the books of the banks.

It was recently reported that the Federal Reserve also offered a special “carry trade” for banks and primary dealers – to generate buying on the front end of the yield curve (2-year and 3-year Treasuries) – using an “overnight repo” everyday at “zero.”  This amounts to another ‘free money’ program for the banks and PDs [Primary Dealers] – courtesy of the U.S. taxpayer.

And these revolving overnight “repos” reportedly do not show up on the Fed Balance sheet.

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The Federal government ‘central planning’ efforts have accomplished very little, despite the trillions of dollars the government has ‘shuttled’ out to the dozens of well-favored domestic and foreign financial oligarchs.

It is now time for American families to be to receive their own round of direct liquidity extensions, via a Citizens Credit Facility, from the Federal Reserve.

The Leviticus 25 Plan is a comprehensive economic acceleration program, delivering direct credit extensions to American families – $75,000 per U.S. citizen.  The debt relief benefits and productivity incentives at the family level would re-ignite economic vitality in America.

Government tax revenues (state, local, and federal) would quickly blossom into an explosive new growth pattern – without raising taxes.

The Leviticus 25 Plan will literally pay for itself over a 10-year window.  It will reverse America’s burgeoning debt load and provide long-term stability for the U.S. Dollar.

The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2400)

U.S. citizens deserve nothing less than to be granted the same access to liquidity that Wall Street’s financial sector received during the great financial crisis (2008-2010) – to help restore them to “financial health.”

The Leviticus 25 Plan provides the mechanism for that liquidity access – a $75,000 credit extension for each U.S. citizen who wishes to participate – to help restore U.S. citizens to a state of “financial health.”

One of the ‘recapture’ provisions for participants in the plan is a required agreement to forego receiving all benefits from ‘Income Security’ social programs.  The Earned Income Tax Credit is (EITC) one of those programs.

And it has a long history of being riddled with fraud.

Excerpts from:  American Thinker — Henry Percy,  April 26, 2013:

“The [Earned Income Tax Credit] program has been plagued with “improper payments” for years — decades actually: “The General Accounting Office (GAO) verified the vast scale of the fraud, reporting that ‘…the IRS estimated [it is] between 27 and 32 percent of EITC dollars claimed.'”  And that was during the terror that was the reign of George W. Bush.

Have things gotten better under President Obama?  According to an inspector general’s report, at least, 21% of EITC payments in 2012 were “improper” ($11.6 billion), by far the highest fraud rate in any government entitlement program.

But in 2010 President Obama signed the Improper Payments Elimination Act, which “requires federal agencies to reduce erroneous payments to a rate of less than 10 percent.”  Ten percent fraud is surely a modest goal; what private business would be content with such a rate?  And how’s the IRS doing? In the two years since Obama signed the law, improper EITC payments have increased by 22%.

Oh, but the IRS wants to comply: “The reduction of improper payments is a top priority for the IRS, and we are making progress in this area.” Yes, a “top priority.” So a 22% increase in improper payments is “making progress.” One wonders what the IRS would deem a fail.

The IRS cannot possibly reduce its fraud rate below $11.6 billion, yet a cut of $669 million to the FAA’s budget forces the agency to furlough air traffic controllers in order to create 3 to 4 hour lines at airports. Talk about a rigid, inflexible, sclerotic bureaucracy.”

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The Leviticus 25 Plan sets America on course for ‘cleaning up’ the massive, fraud-riddled misallocation of capital by big-government.

It re-incentivizes work and industriousness by citizens.  And the plan pays for itself over a 10-15 year period.

There is no plan in place right now in America that takes even one positive step in that direction.

The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2398)