Bill Murphy first worked in the futures industry as a commodities broker. He worked for Shearson Hayden Stone and Drexel Burnham before starting up his own brokerage in New York. In 1998 he opened up lemetropolecafe.com, a financial market website geared to the gold market. In 1999 Bill became chairman of the Gold Anti-Trust Action Committee (GATA) to expose the manipulation of the gold price by The Gold Cartel. He chaired The GATA African Gold Summit in Durban, South Africa in 2001, and in 2005 chaired Gold Rush 21 in Dawson City, Canada, a historic conference held in the Yukon to expose the manipulation of the gold market.
Investment adviser Catherine Austin Fitts was joined by financial commentators Bill Murphy (2nd hour) and Andy Gause (3rd hour) to discuss the current state of the economy, bailouts, and how fraud and manipulation are at the root of our financial turmoil. We've been draining value out of the real economy, and the proposed bailout will just funnel investments into propping up the bubble, said Fitts, suggesting that the plan will actually send money from Main St. to Wall St., instead of the reverse. What's going on with the bailout is more than theft, "it's a coup dâÃ©tat" â-a "reengineering of government institutions," she declared.Fitts has listed 10 reasons not to bail out Wall Street in her recent blog entry. Murphy, who's done extensive research to show the price of gold has been suppressed and manipulated, commented that the free market process has been thwarted in the US. Gause metaphorically described the huge amount of debt as "radioactive and toxic." This pool of mort ... More »Host: George Noory