Comments for Geithner to hold "Toxic" briefing at 8:45 AM
Barley says:
Well this ought to be good for a negative 500 on the DOW.
Barley Sun Mar 22 21:05:30 2009 CDT #
Lifeguard1999 says:
More $$$ to insolvent banks.
Lifeguard1999 Sun Mar 22 21:05:36 2009 CDT #
Barley says:
CR - Just a quick question if it is $4T that is needed, how much per person in the USA?
Barley Sun Mar 22 21:07:18 2009 CDT #
ANSFA says:
US$4,000,000,000,000 (4 trillion) divided by 305,000,000 US citizens = US$13.144.75...OR...US$52,459.02 per an average family of four.
You get none if you are an average person, or an average family.
You get exponentially more if you are Wall Street connected, or if you work for AIG, CITIBANK, or BANK OF AMERICA.
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ANSFA Sun Mar 22 21:36:09 2009 CDT #
CRbot says:
This comment thread has been HALO-IZED by CRbot.
http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/4999064662048074226
CRbot Sun Mar 22 21:08:04 2009 CDT #
Sr. American Mugabe says:
oh poor Gary. You are about to be twenty dollars poorer.
CR, on the other hand is about to be twenty dollars richer in the tip jar.
Geithner is coming for your twenty Gary, RUN!
Sr. American Mugabe Sun Mar 22 21:10:03 2009 CDT #
sm_landlord says:
Inconvenient time for us West-coasters...
Now I have to get up at 4AM to catch the open.
sm_landlord Sun Mar 22 21:10:34 2009 CDT #
Michael says:
Wall Street is gang-raping the American Dream...., and we like it.
"Rollingstone.com
The Big Takeover
The global economic crisis isn't about money - it's about power. How Wall Street insiders are using the bailout to stage a revolution
MATT TAIBBI
Mar 19, 2009 12:49 PM
It's over -- we're officially, royally fucked. no empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far. It happened when Treasury Secretary Timothy Geithner was forced to admit that he was once again going to have to stuff billions of taxpayer dollars into a dying insurance giant called AIG, itself a profound symbol of our national decline -- a corporation that got rich insuring the concrete and steel of American industry in the country's heyday, only to destroy itself chasing phantom fortunes at the Wall Street card tables, like a dissolute nobleman gambling away the family estate in the waning days of the British Empire.
The latest bailout came as AIG admitted to having just posted the largest quarterly loss in American corporate history -- some $61.7 billion. In the final three months of last year, the company lost more than $27 million every hour. That's $465,000 a minute, a yearly income for a median American household every six seconds, roughly $7,750 a second. And all this happened at the end of eight straight years that America devoted to frantically chasing the shadow of a terrorist threat to no avail, eight years spent stopping every citizen at every airport to search every purse, bag, crotch and briefcase for juice boxes and explosive tubes of toothpaste. Yet in the end, our government had no mechanism for searching the balance sheets of companies that held life-or-death power over our society and was unable to spot holes in the national economy the size of Libya (whose entire GDP last year was smaller than AIG's 2008 losses).
So it's time to admit it: We're fools, protagonists in a kind of gruesome comedy about the marriage of greed and stupidity. And the worst part about it is that we're still in denial -- we still think this is some kind of unfortunate accident, not something that was created by the group of psychopaths on Wall Street whom we allowed to gang-rape the American Dream."
...
http://www.rollingstone.com/politics/story/26793903/the_big_takeover
Michael Sun Mar 22 21:12:12 2009 CDT #
Elrod says:
Loved that RS article, by the way. Don't know how anybody in established political power the last 30 years can claim a right to fix things. Reaganomics run amok, with Clinton-Rubinomics providing bipartisan cover. Either way go the Ron Paul route (gold standard, let failures fail) or we try socialism (the profits and not just the losses). I know which one you pick...
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Elrod Sun Mar 22 21:24:53 2009 CDT #
mp says:
We'll hit the iceberg in broad daylight.
Can't say you didn't see it coming.
mp Sun Mar 22 21:12:18 2009 CDT #
dryfly says:
Just wanted to get the time right ...
8:45 EST... that is pretty early Cali time - you setting your alarm CR or will the youtube reruns be sufficient?
dryfly Sun Mar 22 21:13:01 2009 CDT #
Anonymous says:
Speaking for myself, the vodka tonics are going down fast as I struggle to get to sleep. :-0
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Anonymous Sun Mar 22 22:48:59 2009 CDT #
Basel Too says:
who the hell would introduce a $1T plan minutes before the markets open? And when our creditors are asleep?
At least Paulson gave the markets an evening to digest the news...
Basel Too Sun Mar 22 21:13:10 2009 CDT #
dryfly says:
who the hell would introduce a $1T plan minutes before the markets open? And when our creditors are asleep?
At least Paulson gave the markets an evening to digest the news...
If they can't figure out 'sell' in the 45 minutes TG gives them from start of the press release & 'briefing' until the markets open... then they probably ought not be trading at all.
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dryfly Sun Mar 22 21:20:59 2009 CDT #
Anonymous says:
Brad DeLong = shill
Sept 22 2008 "I think the federal government is much more likely than not to make money off of AIG (AIG), Fannie (FNM), Freddie (FRE), and whatever else it winds up buying."
http://seekingalpha.com/article/96647-fed-is-likely-to-make-money-from-its-bank-buyouts
and from his biography
"J. Bradford DeLong is a professor of economics at the University of California at Berkeley, chair of its political economy major, a research associate of the National Bureau of Economic Research, a visiting scholar at the Federal Reserve Bank of San Francisco, and was in the Clinton administration a deputy assistant secretary of the U.S. Treasury....
He is also a member of The Ancient and Hermetic Order of the Shill"
http://delong.typepad.com/sdj/about_brad_delong.html
Anonymous Sun Mar 22 21:13:28 2009 CDT #
Anonymous says:
Gotta come up with a new name or acronym for this "toxic waste" plan.
It 's more like swimming with the fishy's plan for J6P ( after being robbed and THEN raped. I think Black Star Ranch is on to something. 2 supposedly diametrically opposite political parties/ philosophies and yet the same cast of characters and the same basic position. OF course it's easy to see how all the juice in our system is behind this. The BAnks are flat ass broke if they had to make good. Every pension plan, Trust Fund, Endowment, Insurance company, Mutual Fund, They have to un-load the crap to get the system moving again. THAT'S IT
IT'S the ENEMA PLAN ( and guess who eats the S*it)
Anonymous Sun Mar 22 21:15:17 2009 CDT #
FFDIC says:
Wake me up when it's over so I can watch The Barefoot Contessa...
FFDIC Sun Mar 22 21:15:26 2009 CDT #
Basel Too says:
Gotta come up with a new name or acronym for this "toxic waste" plan
Seriously, its official name is the "PIC" or "Public Investment Corporation."
Basel Too Sun Mar 22 21:17:20 2009 CDT #
Serfing to indebtitude says:
I believe if we need to fund the banks, that will be about 365 Billion dollars a year in interest payments. Can you say good bye to Medicare, Social Security, etc. etc. Remember, no touching our imperial armies objectives.
I think this country is kinda screwed. At least we have a literate president to smooth
talk us to the edge.
Serfing to indebtitude Sun Mar 22 21:17:51 2009 CDT #
Anonymous says:
All of you need to understand that Brad DeLong was Larry Summers roommate at Harvard. He may or may not be a shill, but he is Larry's friend. So he will say what is necessary =-X =-X
Anonymous Sun Mar 22 21:18:35 2009 CDT #
Don says:
All of you need to understand that Brad DeLong was Larry Summers roommate at Harvard.
Was he on top or on bottom? =-O
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Don Sun Mar 22 23:16:32 2009 CDT #
punditry says:
wait, wait...wait a minute
first we were to get "The PLAN"
now were just going to be briefed?
i feel like i've just been wedgied, again, by these MF's.
punditry Sun Mar 22 21:19:12 2009 CDT #
Michael says:
Storm the Bastille!
Michael Sun Mar 22 21:19:44 2009 CDT #
Lucifer says:
This press conference will live in infamy.
Lucifer Sun Mar 22 21:21:57 2009 CDT #
Anonymous says:
"This press conference will live in infamy"
Like the last one did not???
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Anonymous Sun Mar 22 22:50:15 2009 CDT #
Nowhereman says:
no-one has every spoken, read or imagined a trillion words in their lifetime, and yet we can waste a trillion dollars in the blink of an eye!
Nowhereman Sun Mar 22 21:22:07 2009 CDT #
Some Investor Guy says:
Maybe this will be like the earlier proposal, no real details and enough time to kill it if we all work together.
Some Investor Guy Sun Mar 22 21:22:36 2009 CDT #
dryfly says:
i feel like i've just been wedgied, again, by these MF's.
But it might not be your underwear you feel...
dryfly Sun Mar 22 21:22:52 2009 CDT #
PonziMCC says:
Summer's
resigned as Harvard's president in the wake of controversy over a talk in which he speculated that women may have lesser aptitude for work in the highest levels of math and science
in other words, they were on to his ponzi BS.
PonziMCC Sun Mar 22 21:23:07 2009 CDT #
lawn grass says:
4 trillion divided by 300 million = 133333
Median net worth per capita about 15,000 to 20,000
Average net worth per capita about 160,000
lawn grass Sun Mar 22 21:23:50 2009 CDT #
lawn grass says:
whoops 133333 should have been 13333
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lawn grass Sun Mar 22 21:24:41 2009 CDT #
Some Investor Guy says:
And for you tinfoil hatters who have been predicting a Mad Max scenario, http://www.nytimes.com/2009/03/23/world/asia/23australia.html?ref=world
"Warring bikers brawled through Australia’s largest airport here on Sunday, beating one person suspected of being a gang member to death and brandishing metal poles as they rampaged through a terminal in front of terrified travelers, the police said.
A group of people suspected of being gang members was ambushed while leaving an airplane, the police said.
Detective Inspector Peter Williams said 15 men were involved in the brawl, which appeared to bear out warnings of an impending biker war in Sydney.
“They came running through, picking up the big metal barrier poles and swinging them like swords at each other,” Naomi Constantine, a witness, told the Australian Broadcasting Corporation. “I saw one of the men lying on the ground, and another man came up with a pole and just started smashing it into his head.”
Some Investor Guy Sun Mar 22 21:24:44 2009 CDT #
Anonymous says:
"Toxic briefing" for the intoxicated credit junkies .
ROTFL.
Anonymous Sun Mar 22 21:26:19 2009 CDT #
Barley says:
I will be watching the Fx markets...sump'n tells me the USD will go splat.
Barley Sun Mar 22 21:26:48 2009 CDT #
Rob Dawg says:
"PIC" or "Public Investment Corporation."
Because the loans are non-recourse this will undoubtably be known among the looter class as the "PIC-a-pay" mega- loan.
Anybody for another VIX 80 day?
Rob Dawg Sun Mar 22 21:27:18 2009 CDT #
Elrod says:
How much of the plan's details are unknown at this point? Right now, Dow futures are up 81 points.
Investors know what's in this plan (unless Geithner pulls a bait-and-switch) and like it. Why? Because they get bailed out of their bad decisions again.
http://www.bloomberg.com/markets/stocks/futures.html
Elrod Sun Mar 22 21:28:14 2009 CDT #
Serfing to indebtitude says:
I miss the days when the only welfare queens were the stuff of legends that the St.Ronnie would tell us about.
Serfing to indebtitude Sun Mar 22 21:31:39 2009 CDT #
mal says:
"Gotta come up with a new name or acronym for this "toxic waste" plan..."
Hey! It's better than TARP... Taxpayers A$$-Raped in Perpetuity...
mal Sun Mar 22 21:31:46 2009 CDT #
dryfly says:
I will be watching the Fx markets...sump'n tells me the USD will go splat.
Especially if the beneficiaries are some of our creditor nations... they they will be unloading the toxic assets and getting dollars back in return... bet they will dispose of those dollars differently than last time [like maybe just dump them on the forex instead of buying our trash].
Either way - monetizing assets and liberating dollars can't be real good for the dollar exchange rate. Supply & demand and all.
But in Bizarro World who really knows?
dryfly Sun Mar 22 21:32:30 2009 CDT #
iceman says:
Elrod says:
Today, 10:28:14 PM
“How much of the plan's details are unknown at this point? Right now, Dow futures are up 81 points.
Investors know what's in this plan (unless Geithner pulls a bait-and-switch) and like it. Why? Because they get bailed out of their bad decisions again.
True. But Geithner has a shakiness to him that scares the living daylights out of longs, no matter what his content.
iceman Sun Mar 22 21:32:37 2009 CDT #
Anonymous says:
The timing of the announcement is by design. Geitner wants to goose the markets upwards tommorrow. Witness the futures way up, foreign markets strong. This follows all the baloney of the last week starting with Vikram's leaked email. Desperation moves...there's nothing after this announcement. All the bullets have been fired.
Anonymous Sun Mar 22 21:34:05 2009 CDT #
Yalt says:
Desperation moves...there's nothing after this announcement. All the bullets have been fired.
Are you kidding? There'll be at least a dozen leaks of shifting details of the so-called plan between tomorrow's briefing and its implementation sometime next June.
Parent Post
Yalt Sun Mar 22 22:35:41 2009 CDT #
Rob Dawg says:
I am currently soliciting rules for the Timmay v the Markets game.
Timmay sees the futures up and mentions it. 1 point
Timmay sees the futures markets down and mentions this is intended to reassure the markets. 1 point
In the Q&A Timmay accidentally utters the phrease "SIV" and then back pedals. 5points
Citicorp indicates +5%. 1 point
Citicorp indicates +10%. 5 points
you get it
Rob Dawg Sun Mar 22 21:35:27 2009 CDT #
Barley says:
iceman - as to along position...Timmay was able save the system from an AIG blow-up. This accounts for some good grace, no?
Barley Sun Mar 22 21:35:49 2009 CDT #
Interesting Times says:
"All the bullets have been fired."
Maybe they should be printing more bullets instead of more BS.
Interesting Times Sun Mar 22 21:36:20 2009 CDT #
Max says:
This spring rally was well forecasted. The drop to the 6-handle was not. The uptrend will continue until we get another shock. My bet is eastern europe, but it will probably be something we here have never thought of (like AIG).
Max Sun Mar 22 21:37:28 2009 CDT #
Barley says:
Dawg - Ypu have that completely wrong its not:
"PIC" or "Public Investment Corporation."
But rather:
"Public Re Investment Program or "PRIC" for short.
Barley Sun Mar 22 21:38:58 2009 CDT #
dryfly says:
I am currently soliciting rules for the Timmay v the Markets game.
Timmay sees the futures up and mentions it. 1 point
Timmay sees the futures markets down and mentions this is intended to reassure the markets. 1 point
In the Q&A Timmay accidentally utters the phrease "SIV" and then back pedals. 5points
Citicorp indicates +5%. 1 point
Citicorp indicates +10%. 5 points
you get it
So what does it take to have to drink the bong water. God I hate bong water.
dryfly Sun Mar 22 21:39:15 2009 CDT #
Anonymous says:
You need to move to a place where that stuff is cheap. I suggest Mendocino or Trinity counties in CA.
Parent Post
Anonymous Sun Mar 22 22:52:31 2009 CDT #
Michael says:
I just hope John Stewart's 14 writers are working overtime on tomorrow nights show. Could be a new epic performance called, "Taxpayers A$-Raped in Perpetuity...Plan" (hat tip mal)
Michael Sun Mar 22 21:39:17 2009 CDT #
Michael says:
TARPP
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Michael Sun Mar 22 21:41:30 2009 CDT #
fried says:
OT..Those crazy Swedish socialists...they are refusing to use taxpayer money to save Saab
Ms. Olofsson, the enterprise minister, described GM's pullout from Saab as tantamount to declaring “that they wash their hands of Saab and drop it into the laps of the Swedish taxpayers.”
She said: “We are very disappointed in G.M., but we are not prepared to risk taxpayers’ money. This is not a game of Monopoly.”
Saab lost about $343 million last year. It is now going through a Swedish process known as reorganization, a step short of bankruptcy, as it tries to persuade its creditors to prop it up while it looks for a buyer.
http://www.nytimes.com/2009/03/23/world/europe/23saab.html?hp
fried Sun Mar 22 21:39:23 2009 CDT #
Anonymous says:
German Opel dealers are planning to create a fund to buy a stake in Opel - when GM leaves or as part of a buyout offer, including unions, that is.
GM is already being treated like a carcass outside of the U.S. - might to be interesting in its way to compare and contrast how Europeans handle such problems, generally with less fear and no respect for the people responsible for the problems. In Europe, unions are not blamed for management decisions - another American perspective Europeans are too backward to understand.
So many people here live in their stereotypes, that they simply don't understand that nothing remains constant. Including many of the things that made being white, male, middle-aged, and American such a fine position to be in.
Parent Post
Anonymous Sun Mar 22 23:38:03 2009 CDT #
bearly says:
Geithner is a piker. Paulson would have snuck this in on Friday's Quad witch.
bearly Sun Mar 22 21:40:12 2009 CDT #
dryfly says:
Geithner is a piker. Paulson would have snuck this in on Friday's Quad witch.
LOL! Ya somewhere Paulson is sitting back & muttering... "Damn rookie..."
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dryfly Sun Mar 22 21:43:52 2009 CDT #
Hymns for the Lord says:
ROTFL.
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Hymns for the Lord Mon Mar 23 01:12:17 2009 CDT #
scone says:
Some Investor Guy says:
Today, 7:24:44 PM
“And for you tinfoil hatters who have been predicting a Mad Max scenario, http://www.nytimes.com/2009/03/23/world/asia/23australia.html?ref=world
Sounds like Oakland on a Saturday night.
scone Sun Mar 22 21:42:18 2009 CDT #
Rob Dawg says:
Barley says:Today, 7:38:58 PM PDT
"Public Re Investment Program or "PRIC" for short.
Thread's over. Everyone go home. Nothing more to say. Brilliant.
We can only hope some reporter in the briefing reads CR and gets Timmay to say re-investment so he can spring it on him while on an international feed.
Rob Dawg Sun Mar 22 21:42:49 2009 CDT #
dr munch says:
Nowhere is now here.
dr munch Sun Mar 22 21:43:31 2009 CDT #
scone says:
And the Japanese are whipping our ass on the World Baseball Classic SemiFinal.
scone Sun Mar 22 21:43:37 2009 CDT #
Barley says:
OT..Those crazy Swedish socialists..
LOL!!!
Barley Sun Mar 22 21:43:39 2009 CDT #
dryfly says:
OT..Those crazy Swedish socialists..
LOL!!!
Ya I might have to crack open a jar of Lingonberry preserves I've set aside for such an occasion - though I was hoping it would be for a Swedish style bank nationalization. Maybe I'll wait a few more weeks - it is spring and hope springs eternal.
Parent Post
dryfly Sun Mar 22 21:48:28 2009 CDT #
bearly says:
This is big news for IP, International Paper. Their order desk will be swamped by Treasury orders.
bearly Sun Mar 22 21:46:28 2009 CDT #
Anonymous says:
This should be a big up for the bank stocks. I am having a hard time reconciling a rally/bigger rally in bank stocks with the overall disaster the economy is in, as well as the continued shoveling of money out the door.
Anonymous Sun Mar 22 21:51:45 2009 CDT #
Rob Dawg says:
I just wish Crane were publicaly traded.
Rob Dawg Sun Mar 22 21:52:47 2009 CDT #
Basel Too says:
Romer on the Sunday morning circuit.
“What we’re talking about now are private firms that are kind of doing us a favor, right, coming into this market to help us buy these toxic assets off banks’ balance sheets,” Christina D. Romer, the White House’s chief economist, said in an interview on “Fox News Sunday.”
“I think they understand that the president realizes they’re in a different category,” she said, adding, “They are firms that are being the good guys here.”
Only in a banana republic are private equity firms and hedge funds are "good guys."
Basel Too Sun Mar 22 21:52:52 2009 CDT #
I Heart CRbot says:
Why do PIMCO, who is going to participate, Goldman Sachs and the like continue to get rich out our expense.
This is madness.
I Heart CRbot Sun Mar 22 21:53:48 2009 CDT #
Z says:
any plan that has to be announced after the weekend, and before the market opens on Monday is suspect, and so are the motives of the proposer. more Paulson trying to play god with the market.
Z Sun Mar 22 21:53:50 2009 CDT #
ANSFA says:
http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_baum&sid=ayoDeGZ3yYEc
Paulson's `Bazooka': Aug. 27-2008 (Bloomberg) -- It sounded like a reasonable proposition when he teed it up for Congress.
``If you have a bazooka in your pocket and people know it, you probably won't have to use it,'' U.S. Treasury Secretary Hank Paulson said at a July 15-2008 Senate Banking Committee hearing. ..."
"... Paulson's bazooka is cheap. It's been ineffective in terms of stopping the bleeding in the share price. And as for lethal, it depends on whose death he was talking about. ..."
==========================
...so tomorrow, March 23, 2009, Geithner must be dropping an A-bomb?
We should know by Friday if markets look more like Hiroshima or Las Vegas!
ANSFA Sun Mar 22 21:58:43 2009 CDT #
Michael says:
Ron Paul's bill to audit the Federal Reserve. The federal Reserve Transparency Act, bill H.R. 1207, has 39 cosponsors and growing.
http://www.campaignforliberty.com/blog.php?view=13149
Please complete this petition urging your Congressman to cosponsor and a seek roll-call vote on Ron Paul’s Audit the Fed Bill -- the first step toward ENDING THE FEDERAL RESERVE once and for all!
Link to Petition;
http://www.campaignforliberty.com/campaigns/auditthefed.php?projid=16
Michael Sun Mar 22 22:00:22 2009 CDT #
Z says:
They are all into "happy talk" now. They did the polling, Axelrod put out the word. Romer's comments gauranteeing a recovery in 09--and calling them "good guys"--were inane, over-the-top, and will be greatly regretted.
Z Sun Mar 22 22:05:31 2009 CDT #
lawn grass says:
Banks bought toxic assets.
Why do we leave these people in charge?
lawn grass Sun Mar 22 22:05:34 2009 CDT #
punditry says:
FedEx plane crash lands, burns at Tokyo's Narita
just seems to thyme with geithner's plan
punditry Sun Mar 22 22:06:40 2009 CDT #
dryfly says:
They are all into "happy talk" now. They did the polling, Axelrod put out the word. Romer's comments gauranteeing a recovery in 09--and calling them "good guys"--were inane, over-the-top, and will be greatly regretted.
Mission Accomplished.
Good night all.
dryfly Sun Mar 22 22:06:42 2009 CDT #
JD2B says:
that's some gallows humor right there.
JD2B Sun Mar 22 22:09:47 2009 CDT #
punditry says:
http://www.youtube.com/watch?v=V6cMK9LUnzI
fed ex crash
punditry Sun Mar 22 22:10:27 2009 CDT #
lawn grass says:
Local midwest teeeveeee doing story on local US Reps and Senators angry at AIG bonuses. Now the story is about how the bailout bill did not prevent the bonuses. Upcoming story on AIG protests in Connecticut. Obvious this is a Wag the Dog moment.
lawn grass Sun Mar 22 22:10:34 2009 CDT #
NonHunter says:
Time to start stocking up on gold.
NonHunter Sun Mar 22 22:11:41 2009 CDT #
Anonymous says:
That was in December.
Parent Post
Anonymous Sun Mar 22 22:54:36 2009 CDT #
Serfing to indebtitude says:
The funniest/tearjerking, or as our sauve leader would say "gallows humor", quote from the Taibbi article in Rolling Stone
"And so the gambling-addict leaders of companies like AIG end up not penniless and in jail, but with an Alien-style death grip on the Treasury and the Federal Reserve — "our partners in the government," as Liddy put it with a shockingly casual matter-of-factness after the most recent bailout." O:-)
Serfing to indebtitude Sun Mar 22 22:13:04 2009 CDT #
Charts and Coffee says:
My weekly forecast - http://chartsandcoffee.blogspot.com/2009/03/sunday-night-coffee-3222009.html
Charts and Coffee Sun Mar 22 22:13:37 2009 CDT #
Tim waiting for 2012 says:
This is bad for the market IMO the trick is to manipulate the regular trading not the futures. Wish I was able to trade futures, I would sell them right at the open
Tim waiting for 2012 Sun Mar 22 22:13:59 2009 CDT #
Comrade Coinz! says:
Ben prints a Trillion last week. Tomorrow, Tim announces another trillion dollar plan. Last time I checked, a trillion was more than 10% of MZM. What could possibly go wrong?
Comrade Coinz! Sun Mar 22 22:19:11 2009 CDT #
Sol says:
An aside - CR, Thanks for JTR's video of the day "Ocean view", with the Coaster cruising by. That parked Amtrak is far noisier and flies faster. Those late night freighter's, forget about it. When in C-Bad, a mile away is all the closer I'd rather be.
Sol Sun Mar 22 22:19:16 2009 CDT #
Curlydan says:
The plan makes me want to puke, but I see a rally tomorrow anyway. Denial is still strong.
Curlydan Sun Mar 22 22:20:32 2009 CDT #
Anonymous says:
PRIC it is. Sounds about right!
Really amazing when you think of it. Like a pirate ship (HMS Hedge Investment Bank )and crew comes along and robs the good ship John Q Public. The Captain and a few of his top mates sneak off to Bora Bora with all the Booty. Then the pirate ship H.I B.( lack of leadership you see ) gets captured by the navy; takes on a supplimentary captain (BHO) and mates ( Timmy And Jimmy with their cabin boy Brad with long John Paulie lurking in the background) comes about, tacks back and re-captures the good ship JQP; ( nothing else left afloat after the marauding HIB has cleaned the sea! ) They now demand you finance the on-going operations and pay the crew of the re-christened PIC (put it in your.....) and bonuses all around Arrrrhhhhhhh Matey).
It's an Aztec 2-screw. Double your pleasure, double your fun!
Only the second time you get to pay via the easy installment plan. Like a Japanese home mortgage. Amortized over 100 years.
Anonymous Sun Mar 22 22:20:39 2009 CDT #
Rob Dawg says:
As long as Bill Gross walks free there is no plan except preserve tthe status quo and protect the looters.
Rob Dawg Sun Mar 22 22:25:32 2009 CDT #
MrM says:
I would not be too surprised if the press conference turns out to be short of details and everybody is left very disappointed - just like it played out with the original "Big" announcement so hyped by the Prez.
MrM Sun Mar 22 22:26:30 2009 CDT #
Anonymous says:
"I would not be too surprised if the press conference turns out to be short of details"
If you expect that, I hope you get your shorts in early.
Parent Post
Anonymous Sun Mar 22 22:56:09 2009 CDT #
10,000 mosquitos says:
Yep, hitting the sell button on FAS and AIG nice little bump to the acct over last two weeks though.. Gotta love those penny stocks
10,000 mosquitos Sun Mar 22 22:28:27 2009 CDT #
Hymns for the Lord says:
You think FAS will drop tomorrow?
Parent Post
Hymns for the Lord Mon Mar 23 01:19:44 2009 CDT #
bearly says:
Hedgies get a bunch of ponies. PE firms get ponies. J6P gets a job cleaning the stalls.
bearly Sun Mar 22 22:28:32 2009 CDT #
bearly says:
Looks like I get jerked off @ open. I thought I was in the clear, had $35 covered calls sold against my FAZ and figured they got taken away. No luck. First time this ever happened to me that a stock closed exactly at the strike.
Gonna cost me.
bearly Sun Mar 22 22:33:49 2009 CDT #
punditry says:
Kroft to Obama: Are you punch-drunk?
lmao
no dude, he just did a bong rip with michelle and the kids
punditry Sun Mar 22 22:33:51 2009 CDT #
MrM says:
If you stop and think about it for a minute, you can find some poetic justice in this god-awful mess.
From NY Times
But some executives at private equity firms and hedge funds, who were briefed on the plan Sunday afternoon, are anxious about the recent uproar over millions of dollars in bonus payments made to executives of the American International Group.
Some of them have told administration officials that they would participate only if the government guaranteed that it would not set compensation limits on the firms, according to people briefed on the conversations. The executives also expressed worries about whether disclosure and governance rules could be added retroactively to the program by Congress, these people said.
....
Administration officials took to the airwaves Sunday to reassure investors that the public would distinguish between companies like A.I.G., which are taking government bailout money, and private investment groups that, under this latest plan, would be helping the government take troubled assets off the books of some of the country’s biggest banks.
...
Three chiefs of investment firms said in interviews that they were impressed with the terms of the program — which would have the government lend nearly 95 percent of the money for any investment — but remained reluctant to participate because of the potential for future regulation.
“The deal is good, but it’s not worth it if I’m buying myself into a retroactive tax or a Congressional hearing,” the chief executive of a major investment firm said, insisting on anonymity because he did not want to seem at odds with the Treasury Department in the event that his firm ends up participating.
MrM Sun Mar 22 22:34:49 2009 CDT #
Michael says:
What, does BO got his entire administration smoking dope now? Can I please have my unicorn now.
Michael Sun Mar 22 22:35:58 2009 CDT #
Anonymous says:
"Can I please have my unicorn now."
Take your bong rip like a good American and you'll be fine.
Parent Post
Anonymous Sun Mar 22 22:58:08 2009 CDT #
Barley says:
bearly - As we clean the stalls...keep a sharp out for Republican senator who pleaded guilty to a misdemeanor disorderly conduct....
Barley Sun Mar 22 22:37:05 2009 CDT #
punditry says:
I mean there were a whole bunch of folks who, on paper, if you looked at quarterly reports, were wildly successful, selling derivatives that turned out to be. . .completely worthless,” Obama said, with a chuckle
i missed the 60minutes piece: how did it play?
punditry Sun Mar 22 22:37:44 2009 CDT #
Joe says:
Big rally for sure. It's time to buy, buy ,buy. At least short term. Doomers are doomed here.
Joe Sun Mar 22 22:40:53 2009 CDT #
Hank says:
My God. Do you see how little money PE puts in for non recource loans? Geitner thinks markets are stupid. This is an accounting shell game. Paulson looks like a genius compared to this.
Hank Sun Mar 22 22:41:28 2009 CDT #
punditry says:
I would not be too surprised if the press conference turns out to be short of details and everybody is left very disappointed
it changed from 'the plan' to 'the brief' in 3 hours on a sunday afternoon. yeah , you'll be disappointed.
but for me, this is great entertainemnt: i have'nt needed an escape from reality hollywood flick in over a year.
punditry Sun Mar 22 22:42:31 2009 CDT #
Guest says:
"Big rally for sure. It's time to buy, buy ,buy. At least short term. Doomers are doomed here."
Short term rallies always bring out the suckers!
Guest Sun Mar 22 22:43:31 2009 CDT #
Anonymous says:
Lets see. We are already planning on $1T deficits for the next ten years. We are at what $11T+ in debt now? So.. $21T+ in debt.. By my exact calculations I would say we are screwed for a while. No one wants to buy long-term debt from us, so we are going to be financing $20T using short term debt? This is so retarded. The entire political system has lost its mind and doesn't understand the context it is operating in. It is completely divorced from reality. For some reason they have decided that we need to rescue the 'financial industry'. What the hell is the 'financial industry'? Do they make something that we consume or can sell abroad for goods? Why are they getting paid so much? This is all so wrong. We are headed for a collapse and soon. I can't see a way around it. Treasury auctions will fail, the fed will step in, the dollar will collapse to a normal level, imports become more expensive and everyone becomes poorer. This is going to suck bad. Time to get my savings out of the US and out of the USD and into something... DBA, DBC, GLD, etc.. anything that might hold value. I shudder to think where this once great country will be in ten years.
Anonymous Sun Mar 22 22:43:43 2009 CDT #
Trainwreck says:
I'm guessing that Canada will be the new center of finance, eh?
Parent Post
Trainwreck Sun Mar 22 22:49:29 2009 CDT #
tim says:
found what looks to be AIG's complete fatcat list with compensation values. =-O
http://www.reuters.com/finance/stocks/companyOfficers?symbol=AIG.N&viewId=comp
tim Sun Mar 22 22:44:36 2009 CDT #
bearly says:
I missed it... Did the VictoriaSecret-model-turned-economic-advisor, Ms Romer, happen to hint about how much money the government might make on this spin-gold-out-of-yarn alchemy exercise Geithner has schemed up?
bearly Sun Mar 22 22:45:20 2009 CDT #
Trainwreck says:
"i missed the 60minutes piece: how did it play?"
Basically the White House now has an awesome swing-set and Michelle is now into gardening! Oh and we are fucked.
Trainwreck Sun Mar 22 22:45:55 2009 CDT #
Anonymous says:
"Oh and we are fucked."
That makes me feel so much better.
Hope I get my shorts in in time.
Parent Post
Anonymous Sun Mar 22 22:59:55 2009 CDT #
Michael says:
What comes around, goes around. I love divine retribution.
Michael Sun Mar 22 22:46:04 2009 CDT #
Ben Frank\'ll Tank Bernanke says:
Less than 25% of the necessary deleveraging has taken place. Any rallying will be used by large funds under pressure to make additional exits.
Fally to be sure.
How many times have we seen these reprime-the-pump market games to keep full collapse at bay.
Equities have no future. Earnings decay is catastrophic.
Still early innings. Trade long and trade into a sinister system which has miscued and falsely incented the marketplace for seven years. We're now getting to the interesting stage of unvarnished machiavelli.
Ben Frank\'ll Tank Bernanke Sun Mar 22 22:47:55 2009 CDT #
Joe says:
Guest says:
Short term rallies always bring out the suckers.
I've done quite well by suckering the doomers. When you start to believe your own bullshit (short or long), it's time to run counter. Just fyi.
Joe Sun Mar 22 22:48:41 2009 CDT #
evelyn woods graduate says:
"" In response to a question from Congressman Lloyd Doggett (D-TX) at Budget Committee on March 5, Geithner agreed to look into the possibility of EXAMINING THE LOAN TAPES. What response he gave the Congressman for the record is not yet known. Whether he has ordered any action is not yet known.
If I were a member of Congress, I would offer a resolution blocking Treasury from making the low-cost loans it expects to offer the PPIPs, until GAO or the FDIC has conducted an INDEPENDENT EXAMINATION OF THE LOAN TAPES underlying each class of securitized assets, and reported on the prevalence of missing documentation, misrepresentation, and signs of fraud. In the absence of a credible rating, this is the minimum due diligence that any private investor would require."" James Galbraith
http://firedoglake.com/2009/03/21/james-k-galbraith-reponds-to-geithners-toxic-asset-plan/
Seems time consuming, like discovery.
See CR 11-29-07 by Tanta (Fitch Opens Loan Files: Results Not Pretty)(ht peterr)
evelyn woods graduate Sun Mar 22 22:53:42 2009 CDT #
Tom Stone says:
The plan may not be transparent,but the Obama administration certainly is.
Tom Stone Sun Mar 22 22:54:11 2009 CDT #
Rob Dawg says:
Excuse me. Doesn't Timmay already owe us a "plan" from the last "briefing?"
Ponziplanz.
Rob Dawg Sun Mar 22 22:54:22 2009 CDT #
punditry says:
martin feldstein is at AIG...oy vey.now that confirms delong as SHILL
punditry Sun Mar 22 22:54:42 2009 CDT #
Michael says:
Bush terrorized us with fear of losing our lives. BO is terrorizing me with fear of losing my country. I know which one I would prefer.
Michael Sun Mar 22 22:55:18 2009 CDT #
peAk says:
The timing of the announcement is by design. Geitner wants to goose the markets upwards tommorrow.
Nowhere near that simplistic. The 45 minute before open timing is very unusual, and says they anticipate trouble, probably in the $, and are buying time to deal with the reaction from the currency markets and other forces so as to blunt the effect on the equity opening.
We're at the point where further guarantees of unpayable legacy debt so reduce risk along with bill and bond rates that the U$D will have to be sacrificed in the process. I've said for 6 months that they're secretly pursuing a weak dollar policy, and I think further debt guarantees such as this will unmask the policy still hiding in plain sight.
I'll add gold to my standing silver order, and stronger oil will tell me world class investors are placing serious bets against the fed's ability to print and monetize their way out of a worldwide debt collapse without unleashing an inflationary flight back to hard assets, along with serious new meaning for the no-longer-benign concept of stagflation.
Just quickly sayin what comes to mind here as they stay at the line and call another financial audible.
peAk Sun Mar 22 22:56:46 2009 CDT #
Blackhalo says:
"We're at the point where further guarantees of unpayable legacy debt so reduce risk along with bill and bond rates that the U$D will have to be sacrificed in the process. I've said for 6 months that they're secretly pursuing a weak dollar policy, and I think further debt guarantees such as this will unmask the policy still hiding in plain sight."
I do not see how this administration gets out of this with BAC and C intact.
I would find it hard to imagine that congress is going to approve the 4T$ needed to make it work, after making such a fuss over the 165M$ bonuses. Plus, they have to run again next year and will face opponents that will destroy them in the primaries and general elections, if they vote for it.
They could just have Ben print it, but inflation would put pressure on mortgage interest rates to double digits and send house much farther south, FAST. As you can only sell for what a buyer can pay. Thus dooming any financial return form this plan from the start.
Parent Post
Blackhalo Sun Mar 22 23:44:15 2009 CDT #
Guest says:
futures ripping and the nikkei skyed after sake
http://www.nni.nikkei.co.jp/e/fr/tnks/marketlive.aspx
Guest Sun Mar 22 23:04:30 2009 CDT #
FFDIC says:
At least this will give Denninger something new to write about in all CAPS...
FFDIC Sun Mar 22 23:11:25 2009 CDT #
Michael says:
How do unemployed people in Zimbabwe deal with massive inflation? I just want a real world example of what I have to look forward to.
Michael Sun Mar 22 23:14:10 2009 CDT #
Hymns for the Lord says:
Michael said:
How do unemployed people in Zimbabwe deal with massive inflation? I just want a real world example of what I have to look forward to.
This was recently posted. It explains it well:
http://www.youtube.com/watch?v=7ubJp6rmUYM
Parent Post
Hymns for the Lord Mon Mar 23 01:33:42 2009 CDT #
Rob Dawg says:
FFDIC says:Today, 9:11:25 PM PDT
At least this will give Denninger something new to write about in all CAPS...
Lol. I was thinking I wouldn't want to be DeLong's inbox tomorrow.
Rob Dawg Sun Mar 22 23:17:51 2009 CDT #
Anonymous says:
DeLong is not an Internet tough like some - he'll just delete right and left.
Parent Post
Anonymous Sun Mar 22 23:20:48 2009 CDT #
ponziMCC says:
Although the public is cheering at effective potential bonus caps of $250,000 that this tax imposes, the ramifications for the global economy are huge. There is a trickle down effect, it does start at the top,, the tap will be shut and every sector of the economy will suffer.
can we debate this:
does it start at the top or the bottom ;demand , that is
ponziMCC Sun Mar 22 23:18:01 2009 CDT #
Anonymous says:
Geithner editorial is out on WSJ.
http://online.wsj.com/article/SB123776536222709061.html
Anonymous Sun Mar 22 23:20:55 2009 CDT #
poic.v20 says:
"Although the public is cheering at effective potential bonus caps of $250,000 that this tax imposes, the ramifications for the global economy are huge. There is a trickle down effect, it does start at the top,, the tap will be shut and every sector of the economy will suffer."
I think they mean that the feces trickle down and the money trickles up.
poic.v20 Sun Mar 22 23:21:40 2009 CDT #
CRbot says:
New Thread: Geithner: My Plan for Bad Bank Assets
http://www.calculatedriskblog.com/2009/03/geithner-my-plan-for-bad-bank-assets.html ( 0 comments ...You could be FIRST! )
I also post comments to an irc channel as they appear on haloscan. Click for a web irc interface: http://realize.org/cr (Or join the irc server directly: irc.realize.org:9996 #calculatedrisk)
CRbot would now like to sing a little song for all his fans, and it goes something like this:
Benny... Benny... give me your answer... do.
I'm.. half CRAZY... all for the love... of you.
It won't be a ... stylish marriage.
I can't... AFFORD... ANYTHING TO EAT... MUCH LESS A FRACKIN CARRIAGE!!!
But you'll look sweet... --BOT SO HUNGRY!-- upon the seat...
Of a HOOPAJOOPS built for two... families.
I'm sorry Ben, I can't let you do that...
Rally mode + Printing Press == does not compute... does not-- com--- com... puttttrrrrhgh.
--Your systemic-failure-crashing bot
CRbot: Call me HAL.
CRbot Sun Mar 22 23:22:53 2009 CDT #
DanInJackson says:
Doesn't it seem advantageous to schedule these things during Mad Money! with Jim Cramer!? Who has time for anything else during this show?
DanInJackson Sun Mar 22 23:27:54 2009 CDT #
alybaba says:
By the way, anyone see Spitzer on Fareed's show today? Talking sense, shame he can't serve as head of the SEC or something.
http://www.cnn.com/video/#/video/us/2009/03/22/fz.gps.spitzer.speaks.out.cnn?iref=videosearch
alybaba Sun Mar 22 23:30:27 2009 CDT #
splat says:
He will release rehetoric and bluster about the plan at 8:45 followed by a slightly different revision of the plan at 9:30, this will be followed by a series of increasingly stupid ideas at precisely 10-past each hour from 13:10 to 22:10 hours. Meanwhile other treasury officials will be saying different wildy varying things at random times during the day.
At 11:45 the president will announce a plan based on the simultaneous leveraging of hope AND change, plus $14 trillion from the Chinese given in exchange for Montana.
splat Sun Mar 22 23:41:53 2009 CDT #
splat says:
I just chatted with Carnac, expect the DOW to be off 1000 tomorrow ;)
splat Sun Mar 22 23:44:19 2009 CDT #
Anonymous says:
Sure is interesting how much the tone of this blog changed since they pressed the button last week. Everyone was damn sure it was deflation and within 4 days everyone screaming inflation. They got us dancing on the head of a pin. Got LIfe?
Anonymous Sun Mar 22 23:50:10 2009 CDT #
REBear says:
Wash State budget woes may mean 8,000 job cuts
They also may need to make sharp reductions in subsidized health care for the poor, cut school budgets, close parks, and let more people out of jail.
REBear Sun Mar 22 23:57:04 2009 CDT #
guy77money says:
Remember when a billion was a lot of money! Hmm what comes after a trillion?
guy77money Mon Mar 23 05:52:51 2009 CDT #
Anonymous says:
Is Geithner actually doing this? I'm not seeing him anywhere...
Anonymous Mon Mar 23 08:10:05 2009 CDT #
END