by Bill Egnor
“End Of America 2011″, Porter Stansberry’s Newest Scam
7:12 am in banality of evil, jerks by Bill Egnor
con man by cdrummbks, on Flickr
Oh, gods! My brain feels like it is burning. Is it the quart of Mia-Tia’s from last night? Is it the allergens blowing in the wind this morning? It is that new position that they wife wanted to try with the trapeze and the mayonnaise? I could only wish it were these things! No it is from giving up 77 minutes of my life watching Porter Stansberry’s on line fear mongering investment services pitch!
You may have seen the commercial on TV recently (I spotted it on the prime time MSNBC line up) touting an online video about a prescient investor who is predicting the collapse of the Untied States government this year (italic and bold). You got to the website www.Endofamerica2011.com to see this hour long turd. For the love of all that is good and pure don’t waste your fracking time! I did it for you and I’ll give you a good summary of this piece of ca-ca.
First off a word on format; it is set up so it has to run continuously. You have no opportunity to jump ahead. The whole thing is Stansberry droning on in a voice that could put a meth addict who just snorted a whole gram of meth to sleep inside ten minutes! The only video part of this on line Sominex is text of what Stansberry is saying, with scary red lettered words here and there for emphasis.
He starts by tooting his own horn on how he predicted the collapse of GM and the Wall St. reaction to the housing bubble. He conveniently forgets to mention his 1.5 million dollar fraud fine from the SEC over investment “advice” he sold through a news letter. The SEC claimed and the judge agreed that the report was “replete with lies”.
So you can see why old Porter might feel the need to burnish his image a little. Then he goes on to lay out scary facts in the manner that is most common to the Republicans and Conservatives. He gives you actual facts but fails to give you the context that would allow you to understand them.
For example he claims, accurately, that if all personal income were taxed at 100% it would not be enough to fund the spending of the United States government. The thing that he fails to point out is the amount of taxes on business is more than 50% of the total revenue collected. This is even though we have the pernicious pass thorough check box that allows businesses to skip paying taxes on revenue if they pass the money through to shareholders.
Read the rest of this entry →
