Comments for "Bailout: The Potomac Two-Step"

CRbot says:

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CRbot Sat Apr 4 08:01:14 2009 CDT #

Hymns for the Lord says:

Ken Cooper,

Have you considered just using Slash rather than developing a new comment system?

If there are reasons not to use Slash (the software system that Slashdot uses and was open sourced years ago), please could you mention them.

See:

http://en.wikipedia.org/wiki/Slash_(software)

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Hymns for the Lord Sat Apr 4 09:59:08 2009 CDT #

Yoringe says:

fist??

Yoringe Sat Apr 4 08:02:22 2009 CDT #

Anonymous says:

Banana republic.

Anonymous Sat Apr 4 08:03:13 2009 CDT #

Yoringe says:

well its change, or??

Yoringe Sat Apr 4 08:03:19 2009 CDT #

Anonymous says:

I have now lost faith in Obama. Fucking bank executives.

Of course I would have still voted for him as the lesser of two evils, like every other president.

Anonymous Sat Apr 4 08:06:07 2009 CDT #

Counterpointer says:

Rules for now, rules for then, rules for him, rules for her, different rules for different stuff and other sh!t you may infer.

Damn this. I'm going travelling.

C

Counterpointer Sat Apr 4 08:11:21 2009 CDT #

MaryAnn says:

Is deals like this not what brought us to where we are today? The Financial System is now in control of The US Goverment.

MaryAnn Sat Apr 4 08:14:00 2009 CDT #

Simian says:

The pitchfork clock advances by another minute. Now at 11:50.

Simian Sat Apr 4 08:14:33 2009 CDT #

campbeln says:

I've been saying that I'm willing to give Obama his 100 day honeymoon, but what the hell is this? How is it that the rhetoric from the campaign can be that far for the actions? Do we really have a representative government, or are we really just owned by the bankers? I expected this from Bush, but from "the other side of the political spectrum"? Maybe by "spectrum" the mean thin line...

Disillusioned... this really is a political crisis... what gets us our first march?

Cn

campbeln Sat Apr 4 08:15:21 2009 CDT #

lost&confused says:

Yesterday, it was reported that O told the CEOs of the banks that the Admin. is the only thing that stands between them and the pitchforks....

Now, who will stand between the Admin and the pitchforks? No one now trusts the media...do not count on them...

This admin is going to fail/fall meserably and everyone will know it...

lost&confused Sat Apr 4 08:19:29 2009 CDT #

calmo says:

Agree totally: the media is the narrator...the blogs, the hecklers.

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calmo Sat Apr 4 11:18:03 2009 CDT #

Bond Girl says:

Financial Industry Ties to Obama Officials
http://www.nytimes.com/2009/04/04/us/politics/04disclose.html?_r=1&hp

Nothing ever changes.

Bond Girl Sat Apr 4 08:21:29 2009 CDT #

lost&confused says:

The emperior has "no clothes..."

lost&confused Sat Apr 4 08:22:38 2009 CDT #

Emporer of Ice Cream says:

Isn't this what we call money laundering?

Emporer of Ice Cream Sat Apr 4 08:23:08 2009 CDT #

dryfly says:

Isn't this what we call money laundering?

Yes.

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dryfly Sat Apr 4 11:24:46 2009 CDT #

Pavel says:

"Yesterday, it was reported that O told the CEOs of the banks that the Admin. is the only thing that stands between them and the pitchforks.... "

Link (s)?

Pavel Sat Apr 4 08:24:18 2009 CDT #

OregonGuy says:

Supposed topics during the bank CEO/O meeting.

http://www.politico.com/news/stories/0409/20871.html

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OregonGuy Sat Apr 4 08:27:19 2009 CDT #

Hymns for the Lord says:

http://www.politico.com/news/stories/0409/20871.html

This reads like a poor psyops plant.

*DONT_KNOW*

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Hymns for the Lord Sat Apr 4 10:02:33 2009 CDT #

mark says:

Our only hope is the emergence of a thrid political party. The chance of a thrid party emerging is practically nill. There is no hope.

mark Sat Apr 4 08:26:34 2009 CDT #

Indy says:

"Yesterday, it was reported that O told the CEOs of the banks that the Admin. is the only thing that stands between them and the pitchforks.... "

http://news.yahoo.com/s/politico/20090403/pl_politico/20871

Indy Sat Apr 4 08:27:42 2009 CDT #

Anonymous says:

Indy
great read thanks for the link
maybe obama does have the spine to take on the bankstas
http://news.yahoo.com/s/politico/20090403/pl_politico/20871
mock turtle

Parent Post

Anonymous Sat Apr 4 11:49:16 2009 CDT #

Wisdom Speaker says:

It seems someone still doesn't understand that there's a reason for the spirit of that law, in addition to the letters.

Wisdom Speaker Sat Apr 4 08:27:57 2009 CDT #

Tom Stone says:

How can you expect someone to LIVE on a measly couple hundred K a month anyway! get a clue,New York is expensive and rules are for little people.Get in line neatly and be quiet.

Tom Stone Sat Apr 4 08:28:00 2009 CDT #

Pavel says:

Gott in Himmel! Someone in a thread below mentioned George Orwell (Eric Blair).

This has been going on for millenia. The wall inscriptions of the pharoahs weren't exactly up front either. But, I believe, the true test of the vitality of any government is its willingness to tell the populacve the truth - excepting of course vital information in time of war that could be of use to the enemy.

It's when the populace itself is conceived of as the enemy that we have real trouble.

Pavel Sat Apr 4 08:29:06 2009 CDT #

MrM says:

Speaking of pitchforks:

Politico shares some details about the recent meeting between Obama and bank CEOs:
----------------------------------
“These are complicated companies,” one CEO said. Offered another: “We’re competing for talent on an international market.”
But President Barack Obama wasn’t in a mood to hear them out. He stopped the conversation and offered a blunt reminder of the public’s reaction to such explanations. “Be careful how you make those statements, gentlemen. The public isn’t buying that.”
“My administration,” the president added, “is the only thing between you and the pitchforks.”
----------------------------------

Remind me again - who elected President Obama? Why does President Obama feel a need to protect banksters from anger of his electorate?

----------------------------------
JPMorgan’s Dimon spoke first. He began by complimenting the president on the economic team he’d assembled. And he said his industry needs to explain more directly to the American people that the economic recovery plans are already working. Dimon also insisted that he’d like to give the government’s TARP money back as soon as practical, and asked the president to “streamline” that process.
But Obama didn’t like that idea — arguing that the system still needs government capital.
The president offered an analogy: “This is like a patient who’s on antibiotics,” he said. “Maybe the patient starts feeling better after a couple of days, but you don’t stop taking the medicine until you’ve finished the bottle.” Returning the money too early, the president argued could send a bad signal.
---------------------------------------------

The first thing the Wall Street delegation has to say is to thank President Obama for his wise choice of the illustrious economic team he's assembled.

I rest my case.

MrM Sat Apr 4 08:30:25 2009 CDT #

Black Star Ranch says:

DON'T BLAME ME! I voted for the harmless dumbass!

Black Star Ranch Sat Apr 4 08:38:13 2009 CDT #

Black Star Ranch says:

"It's when the populace itself is conceived of as the enemy that we have real trouble."

You mean like the detaining and questioning of Steve Bierfeldt by the St. Louis TSA?

http://www.dailynewscaster.com/2009/04/02/audio-full-version-steve-bierfeldt-detained-and-questioned-by-st-louis-tsa/

Very good point, Pavel.
<h1>
</h1>

Black Star Ranch Sat Apr 4 08:43:48 2009 CDT #

lawn grass says:

I thought AIG was the middleman.

We need more middlemen.

Middlemen get a fee?<img src="../../extra/tiny_mce/plugins/emotions/img/smiley-cool.gif" title="Cool" border="0" alt="Cool"/>

lawn grass Sat Apr 4 08:44:57 2009 CDT #

Black Star Ranch says:

...."but you want to play smart-ass and I'm not playing your fucking game"

WHAT KIND OF LANGUAGE IS THAT FOR A GOVERNMENT EMPLOYEE???

Black Star Ranch Sat Apr 4 08:47:04 2009 CDT #

resist says:

This is like telling the judge in a bankruptcy proceeding:

“Judge, before I declare bankruptcy, I’m going to be buying a brand new Ferrari, and I want you to discharge the debt. Now if you refuse, I’m walking right out of here and not declaring bankruptcy. I’ll do it…I’ll head right out and pay my bills, don’t think I won’t. I don’t really need to be here, I don’t need this bankruptcy, just here for you Judge.”

resist Sat Apr 4 08:54:17 2009 CDT #

ATM card and $19 in the bank says:

Resist,

Great minds think alike. Here is my version of the two-step:

Instead, [my family] has set up special entities that act as middlemen, channeling the [salary and wages] to the firms and, via this two-step process, stripping away the requirement that the [IRS Code] be [obeyed] ...

ATM card and $19 in the bank Sat Apr 4 08:57:38 2009 CDT #

dashingdwl says:

<h3 class="post-title entry-title">Is The White House In DE Shaw's Pocket?</h3>
Posted by Tyler Durden at <abbr class="published" title="2009-04-03T19:39:00-04:00">7:39 PM</abbr>
Larry Summers, who was not only Tim Geithner's predecessor as the 71st Secretary of the Treasury (from 1999 to 2001), but also the 27th President of Harvard University, and is currently the top White House economic advisor and serves as a director of the National Economic Council, apparently has a fond place in his heart and bank account for his most recent employer, $30 billion rocket scientist infested hedge fund D. E. Shaw (nothing like signing an NDA before conducting interviews). In a financial disclosure just released by the White House, Larry highlights that not only was he paid $2 million in 2008 from 40 speaking assignments, including speeches paid for by Goldman Sachs and Yale University, but, more notably, received $5.2 million in compensation from D.E. Shaw - one of the funds eligible and likely to participate in the PPIP and TALF.

Summers joined DE Shaw on October 19, 2006 as a managing director of the investment and technology department. Larry has recently been in hot water, for not only preaching Friedmanomics (quoted as saying Friedman's real contribution was "convincing people in the importance of allowing free markets to operate") as his administration is currently doing away with Mark To Market and covertly nationalizing the major banks, but also for accepting perks from Citigroup such as free rides on its corporate jet, for telling Chris Dodd to do away with executive pay caps at TARP recipient banks, and for sending Paul Volcker an imaginary memo entitled "stuff it."

dashingdwl Sat Apr 4 08:59:35 2009 CDT #

Anonymous says:

Mass protest in Rome over financial crisis
http://www.breitbart.com/article.php?id=CNG.ba1af4ab4cd758b1c2efe8f26db38d04.581&show_article=1&catnum=4

Burn, baby burn!

Anonymous Sat Apr 4 08:59:42 2009 CDT #

Alo says:

they can't do anything but loot -they don't know how. They'll keep at it until the pitchforks are upon them.

Alo Sat Apr 4 09:04:25 2009 CDT #

Banco Especial says:

We tidy-up your money.

Banco Especial Sat Apr 4 09:05:53 2009 CDT #

Black Star Ranch says:

.....in two hours of searching yesterday, I still haven't found an American manufacturer of pitchforks.

Black Star Ranch Sat Apr 4 09:06:35 2009 CDT #

The Sum of All Banking Evil says:

I voted for O, donated, stumped, went the whole nine yards for that guy and to say I am disappointed is a vast understatement.

If you proceed from the notion that his financial policy is crooked and/or simply bad for the country, then there are only two possibilities for how we got here, IMHO:

1) Obama was a Manchurian candidate pre-selected by the ruling class.
2) Has been threatened by the ruling class that if he does not 'play ball' things will not go well. We already know, as per the the Bankers Panic of '07, that these guys will play games with the market to get what they want.

If either of these scenarios are indeed true . . .

Revolution is the only solution.

The Sum of All Banking Evil Sat Apr 4 09:06:43 2009 CDT #

Virtual Dawgbot says:

Too many lawyers infest the administration.

They have transitioned us away from "are we constitutionally authorized to act."

Virtual Dawgbot Sat Apr 4 09:09:35 2009 CDT #

Anonymous says:

More or less equal?
Edward Wolff of New York University points out that the proportion of American households owning some stocks (including mutual funds and 401k pension plans) went up from 32% in 1983 to 51% in 2001. But only 32% of the population owned more than $10,000-worth of stock, and many middle-class people are only modestly affected by falling asset prices. The richest 10% of the American population owned 85% of all stocks.
http://www.economist.com/specialreports/displaystory.cfm?story_id=13356650

Uh-Huh

Anonymous Sat Apr 4 09:13:50 2009 CDT #

calmo says:

I have been operating with 2005 data that show that 1% own 2/3 of the market, a far worse picture of the disparity and one that is likely to have worsened in the last year esp.

Parent Post

calmo Sat Apr 4 11:28:02 2009 CDT #

reptillian says:

"In one program, designed to restart small-business lending, President Obama's officials are planning to set up a middleman called a special-purpose vehicle -- a term made notorious during the Enron scandal -- or another type of entity to evade the congressional mandates, sources familiar with the matter said."

The SBA program has encountered this problem: the loans are difficult to securitize, because the securitizers don't want to be subject to the government's requirements. I don't know why banks would be unwilling to keep the loans on their books, considering that gov't will guarantee 90% and the borrower could be required to put up 10%.

reptillian Sat Apr 4 09:13:55 2009 CDT #

dashingdwl says:

it gets better:
http://blog.atimes.net/?p=552
What was in Larry Summers’ D.E. Shaw Pitchbook?
By David Goldman 

White House economic advisor Larry Summers, a former Treasury Secretary and President of Harvard University, had brief career as a part-time pitchman for a hedge fund. His activities may bear on his ability to serve the country with maximum effectiveness. According to sources who attended meetings with him, Summers traveled to Asia during July 2007 with a pitchbook recommending the AAA-rated tranches of collateralized debt obligations to Asian sovereign funds and financial institutions, in his capacity as a Managing Director of the hedge fund D.E. Shaw.
In July 2007 the AAA-rated tranches of mortgage-backed securities backed by subprime collateral were trading at around 90 cents on the dollar. Now they are trading at less than 40 cents on the dollar.
< >
According to my sources, Summers enthusiastically urged Asian investors including sovereign funds to purchase such instruments just weeks after the collapse of a Bear, Stearns hedge fund whose failure triggered the collapse of the whole structured market. I do not know precisely what was in Summers’ pitchbook, but if I were a member of a Congressional committee responsible for the oversight of economic policy, I would very much want to know what was in it.
Larry Summers is a highly-honored economist and an honorable man, and I do not believe for a moment that he has done or would do anything dishonest. Nonetheless, perceptions are important. America’s foreign economic relations are of paramount importance to its recovery prospects, and the involvement of foreign governments will only increase. Foreigners already own $4 trillion or so of American debt instruments, and the credibility of American public officials is not a minor issue.
At very least, Dr. Summers should explain what happened.

dashingdwl Sat Apr 4 09:14:04 2009 CDT #

Anonymous says:

So much for democracy..if anyone believed in that. You cannot have true democracy in a debt based, fiat money, fractional reserve system where the financial elite control gov't and exert power through the Fed. Obama is Hoover. He will be very lucky to make it until 2011. I fully expect him to enact martial law at some point before 2011, and face a massive scandal that may strip him of power. Imagine someone taking power unelected through some sort of sensational crisis where Obama is removed or steps down or worse. Her initials might be HC.

The system is simply doing what it needs to do. Destroy sufficient debt so that the economy operates at a level of demand that is driven by savings and reduced credit generation. The second part of the unwind will see the oversized gov'ts of the World face a collapse in the treasury (long term t-bonds) market thanks to deflation and then tax revolts. Large governments are not democratic and there is hope they will be shrinking by force - deflation is their kryptonite. We have not had anything resembling a free market economy. That is only possible under a sound/hard money system where there is no central bank, and where banks are restricted in credit creation. Your government is the single largest contributor to this crisis.
JO

Anonymous Sat Apr 4 09:15:34 2009 CDT #

Counterpointer says:

This place has such a loose association with the law it's a wonder anyone invests here.

I'm shipping my cash to my home country. Now. Sorry USA, you and I have fallen out.

C

Counterpointer Sat Apr 4 09:16:00 2009 CDT #

MrM says:

@The Sum of All Banking Evil

Another possible explanation is that Obama's style is to delegate problem solving fully to people working for him and he does not want to spend time on developing his own views.
"The community organizer" characterization, which sounded so ridiculous six months ago, now looks quite prescient, doesn't it?

MrM Sat Apr 4 09:16:34 2009 CDT #

Art Eclectic says:

I'll say this again, the only answer is for people to pull their accounts from BofA, Citi, Wells & Chase and move their money to a healthy smaller bank. Either quit allowing these f***ers to continue to make money off of you or STFU.

Art Eclectic Sat Apr 4 09:18:10 2009 CDT #

Counterpointer says:

Art Eclectic - exactly. Just done.

C

Parent Post

Counterpointer Sat Apr 4 09:23:52 2009 CDT #

Outsider says:

All pigs are equal. Some pigs are more equal than others.

Does anything ever change?

Outsider Sat Apr 4 09:19:17 2009 CDT #

marz says:

Anyone who says they voted for Obama because "he was the lesser of two evils" was just foolish and more than a little gullible. Come on now, a Chicago machine politician?

Howver, its when they say that they would still vote for Obama again that they can now be classified as "useful idiots."

marz Sat Apr 4 09:24:27 2009 CDT #

Bond Girl says:

MrM,

I think you are being way to generous to Obama. He's not clueless to what is going on. It is just very easy for him to be outraged with the way bankers are compensated in public and then let the Treasury find some complicated way to circumvent the rules (something the masses won't understand).

Meanwhile, everyone can go back to debating whether Michelle is more stylish than Carla.

Bond Girl Sat Apr 4 09:26:11 2009 CDT #

S says:

Would it not be hugely ironic that the US and its cohoirts around the world are asking the IMF to sell gold. I wonder who is buying that gold. One suspects germany and China and France will be bidding hard. The US will be there with its overvalued paper trying to outbid everyone (with leverage of course). There is something perverse about the central powers voting to sell collective stocks while they are all angling to take home the loot. The ultimate race to the bottom.

S Sat Apr 4 09:26:19 2009 CDT #

Bond Girl says:

way too...

Bond Girl Sat Apr 4 09:27:10 2009 CDT #

Virtual Dawgbot says:

I'll say this again, the only answer is for people to pull their accounts from BofA, Citi, Wells & Chase and move their money to a healthy smaller bank.

No not all those institutions, instead, "flash banking." We need to target just one at a time. And don't pull accounts. There are too many restrictions. Just withdraw a few hundred in cash and put a strain on their ability to continue to claim solvency.

Virtual Dawgbot Sat Apr 4 09:29:53 2009 CDT #

Art Eclectic says:

<i>No not all those institutions, instead, "flash banking." We need to target just one at a time. And don't pull accounts. There are too many restrictions. Just withdraw a few hundred in cash and put a strain on their ability to continue to claim solvency. </i>

What restrictions? Yeah, so it takes a week or so to move everything and get new checks.... Open the new account and then begin to transfer when you are ready. I'm moving to Farmers & Merchants Bank from BofA. As long as you have money at one of the "too big to fail" crowd, they are making money on you. They don't like those compensation restrictions? Damn, that's really too bad.

Vote with your wallet. It's the only vote that counts.

Parent Post

Art Eclectic Sat Apr 4 09:54:11 2009 CDT #

S says:

Meanwhile, everyone can go back to debating whether Michelle is more stylish than Carla

No one other than the US MSM thinks this is a contest. I think the term for this is blowout.

S Sat Apr 4 09:30:15 2009 CDT #

Outsider says:

Bond Girl - It's blogging shorthand. Don't worry about it. We all do it.
------
To be fair, I don't think things would look that much differently if another candidate had been elected. It pretty much boils down to whose wife you admire most. Unfortunately.

Outsider Sat Apr 4 09:30:30 2009 CDT #

Publius13 says:

"Yesterday, it was reported that O told the CEOs of the banks that the Admin. is the only thing that stands between them and the pitchforks.... "

Works for me; I don't care who goes first. And longer pitchforks means a two-fer.

Publius13 Sat Apr 4 09:30:47 2009 CDT #

Anonymous says:

If so, one wishes he'd stand the hell aside.

Parent Post

Anonymous Sat Apr 4 13:27:10 2009 CDT #

Outsider says:

I still say the best way to protest it to play by their terms -- take your money out and stop consuming.

Otherwise it's just a call to the National Guard and a big mess from there. Lots of loss of liberty.

Outsider Sat Apr 4 09:33:43 2009 CDT #

Anonymous says:

agreed. I stopped consuming years ago. Now I'm buying cheap assets from them, without TARP or CARP or CRAP or TURD or any other kind of money. I'm using the money I stopped sending to corporate amerika years ago.

Parent Post

Anonymous Sat Apr 4 13:28:20 2009 CDT #

Guest says:

"Of course I would have still voted for him as the lesser of two evils, like every other president. "

I now believe we would have been much better off with a third term of BushII

Guest Sat Apr 4 09:34:42 2009 CDT #

Black Star Ranch says:

......It's like having a Bush III - Except there are things BHO has initiated that even Bush wouldn't feel right about. Now THAT is scary.

Black Star Ranch Sat Apr 4 09:35:05 2009 CDT #

dryfly says:

......It's like having a Bush III - Except there are things BHO has initiated that even Bush wouldn't feel right about. Now THAT is scary.

Are you Bush? If not how would you know?

From my perspective there was nothing Bush was uncomfortable with when it came to handouts to bankers. It might be a shock to some that 'US Lefties' like Team O feel the same way... well it's no surprise to me - there hasn't been a real left in America since the sixties at least. Maybe even back to the thirties & 'the wobblies'...

Parent Post

dryfly Sat Apr 4 11:47:21 2009 CDT #

Virtual Dawgbot says:

Important farming advice. There are two types of pitchforks; threes and fives. The fives are for hay, the threes are for manure. You know which to use.

Virtual Dawgbot Sat Apr 4 09:35:07 2009 CDT #

The Sum of All Banking Evil says:

I liked Colber't three-prong, especially after he got it all nice and sharp.

Parent Post

The Sum of All Banking Evil Sat Apr 4 09:43:30 2009 CDT #

Anonymous says:

Either will do, frankly.

Parent Post

Anonymous Sat Apr 4 13:28:47 2009 CDT #

Sr. American Mugabe says:

Bush isn't the worst President anymore.

Sr. American Mugabe Sat Apr 4 09:40:16 2009 CDT #

Confuscius says:

Did the ECB save the COMEX from gold default?
http://seekingalpha.com/article/129128-did-the-ecb-save-comex-from-gold-default

Confuscius Sat Apr 4 09:41:01 2009 CDT #

Bond Girl says:

Can you imagine how powerful Wall Street is going to be if we ever find our way out of this?

Bond Girl Sat Apr 4 09:41:57 2009 CDT #

MCbot says:

http://www.SmirkingChimp.com/thread/21101

"So here's my question, when did it become necessary to persuade people to accept a bailout?

Isn't a bailout, by definition, the rescue of these firms to avoid their financial collapse?

After all, we hear that the financial and industrial giants will sink into oblivion unless we keep the trillions flowing. But this adds a new wrinkle. Maybe they don't need the money? Maybe this is like that season of "Dallas" that ended up being nothing more than a dream. Maybe we're being scammed."

~~~~~~~~~~~~~~~~~~~~~~~~~

Oh dear. But I'd much rather think about those stylist First Wives! Aren't they all just fabulous?!

MCbot Sat Apr 4 09:42:14 2009 CDT #

fresno dan says:

What this shows is that the management of these firms is totally divorced from shareholder interest. It raises the question in my mind that public companies, constitued as they are with even the largest shareholder holding no more than a few percent ownership, can so easily be manipulated by management that they no longer are run with the "owners" benefit in mind.

fresno dan Sat Apr 4 09:42:16 2009 CDT #

Anonymous says:

Stock certificates do not represent ownership, just as Federal Reserve notes do not represent money.

Parent Post

Anonymous Sat Apr 4 13:30:29 2009 CDT #

Mel says:

Obama was never left wing--just portrayed that way by the Republicans and the media because of his color. Even Hillary was seen to be to his left. That said, he's a smart guy that should be judged after time--if he gets results, he was right.

The boat is almost completely submerged, the new captain graduated the naval academy at the top of his class, he's trying to placate the older guys while begging the boiler room for more power. If the ship sinks, it's because the previous captain was the idiot son of an admiral (as actually was the other choice to be the new captain). Not to sound too Bushish, but patriotism demands we all help the captain because we're all on the same ship. Criticize yes, but he's the captain, and he's not stupid.

Mel Sat Apr 4 09:45:13 2009 CDT #

Oofa. says:

he's the captain, and he's not stupid.

Maybe not but you sure as hell are. Too many sheep. Time to cull the herd.

Parent Post

Oofa. Sat Apr 4 12:49:09 2009 CDT #

Anonymous says:

I'm a Republican. I never noticed the guy's color. He actually is left wing. I know that might be hard to grasp, but it doesn't make it any less true. He's as left wing as they come.

Parent Post

Anonymous Sat Apr 4 13:31:22 2009 CDT #

Guest says:

"Yesterday, it was reported that O told the CEOs of the banks that the Admin. is the only thing that stands between them and the pitchforks.... "

First, this "report" is essentially second hand bullshit information. We are being lied to about everything else, what makes you think this is true?

Second, if true, this is "feel good" fodder for the fools. Look at his actions. For example, the topic of this post. Obama and his policies are destroying this country before your very eyes.

Guest Sat Apr 4 09:46:02 2009 CDT #

Comrade Dazed and Amused says:

.....in two hours of searching yesterday, I still haven't found an American manufacturer of pitchforks.

I,ve been thinking that there has to be a business opportunity in there. Maybe start making one with pre-sharpened forks.

Comrade Dazed and Amused Sat Apr 4 09:46:37 2009 CDT #

Anonymous says:

Maybe we should all just use TARP money and buy combines and bailers. Stick a bank president in the front end of a combine and it will work every bit as good as a pitchfork. You'd be helping out the economy a whole lot more as well.

Parent Post

Anonymous Sat Apr 4 13:33:01 2009 CDT #

Bond Girl says:

Shareholder interest has been a fiction for a while now.

Bond Girl Sat Apr 4 09:46:48 2009 CDT #

The Sum of All Banking Evil says:

Bondgirl, your supposition of Wall Street's impending power is frightening. But given the power they've already flexed, what could change? A big ol sign over Capitol Hill saying 'Welcome to the Goldman Sachs Federal Building' or the 'JP Morgan Washington Monument'?

Parent Post

The Sum of All Banking Evil Sat Apr 4 09:50:48 2009 CDT #

MrM says:

Bond Girl - I do not view my comment as absolving Obama of his responsibility. It is one of the the worst kinds of leaders who believe that delegating tasks relieves them of responsibility. I was simply trying to explain what might be going in Obama's head.
If W's policies could have been explained by his being dumb and ignorant, Obama is certainly not dumb. So the question is whether his willfully ignorant or he understands what Treasury is doing and supports it. If it is the former, one can hope a change is possible, If it is the latter, then all hope for change must be abandoned.

MrM Sat Apr 4 09:48:31 2009 CDT #

Anonymous says:

Do we actually know he's not dumb? I mean, I thought he was a good speaker but now I know he's just reading a teleprompter. I know six year old kids who can do that.

Parent Post

Anonymous Sat Apr 4 13:34:00 2009 CDT #

MCbot says:

"stylish" not "stylist" (obviously)

MCbot Sat Apr 4 09:50:33 2009 CDT #

Bond Girl says:

I hope this story is well-told before the results of the stress tests (ie, how much more capital the banks "need") are announced in April.

The Obama administration can do whatever it wants with the remaining TARP funds, but they can't avoid asking for more money.

Bond Girl Sat Apr 4 09:51:09 2009 CDT #

Yalt says:

The Obama administration can do whatever it wants with the remaining TARP funds, but they can't avoid asking for more money.

Can they recycle the TARP funds as they're returned by the banks? Seems to me that their funding restraints are limited only by their willingness to lever up this money...which is to say that they're not limited at all.

Parent Post

Yalt Sat Apr 4 17:08:18 2009 CDT #

longwaver says:

Actions speak louder than words. Every month 600,000 American's find out the real deal.

Obama is in the tank... On domestic economic issues, he is Bush on steroids.

Change you can believe in!

longwaver Sat Apr 4 09:51:44 2009 CDT #

Counterpointer says:

Long angle-grinders for pitchforks.

C

Counterpointer Sat Apr 4 09:52:16 2009 CDT #

Guest says:

<Anyone who says they voted for Obama because "he was the lesser of two evils" was just foolish and more than a little gullible. Come on now, a Chicago machine politician?

Howver, its when they say that they would still vote for Obama again that they can now be classified as "useful idiots."

+10

Guest Sat Apr 4 09:55:01 2009 CDT #

MrM says:

Not to sound too Bushish, but patriotism demands we all help the captain because we're all on the same ship.

Patriotism is doing the right thing for the country. Supporting the president regardless of what he is doing to the country is not patriotism. It is an easy and convenient way to avoid the need to think for yourself.

MrM Sat Apr 4 09:55:41 2009 CDT #

reptillian says:

There was also an article in Washington Post (Pravda on the Potomac) within the last week about the new SBA lending program. It is off to a difficult start, because no one wants to securitize the loans, because they (the securitizers) are concerned that they would become subject to government restrictions.

The SBA lending program's intent is to facilitate lending to small businesses, which may well be a good policy goal.

I am at a loss to explain why the lenders (TARPed banks) would want to securitize the loans, considering that they (the loans) are 90% guaranteed by the SBA.

reptillian Sat Apr 4 09:55:57 2009 CDT #

MW says:

The public's disgust is palpable, but what will be the spark to set off a genuine revolt. With people like Simon Johnson being drowned out by a character like Cramer, it appears that the banksters are doing everything they can to hide the truth. Moyers interview with Bill Black was just more of the same.

My anger is only overwhelmed by my sadness for what this country has allowed itself to become.

MW Sat Apr 4 10:00:08 2009 CDT #

Anonymous says:

MW

did i understand you right moyers interview with balck more of the same

same as simon johnson (isay yes) or same as cramer (huh??)

moyers interview with balck last night screamed big banks and gov are committing fraud...very pwerfull stuff

http://www.pbs.org/moyers/journal/index-flash.html

Parent Post

Anonymous Sat Apr 4 12:09:10 2009 CDT #

MrM says:

I hope this story is well-told before the results of the stress tests (ie, how much more capital the banks "need") are announced in April.

You realize, don't you, that these stress tests are run as regulatory exams, and therefore their results will be kept confidential. The only thing the public will get to know is which banks will be asked to raise capital, and if we are lucky, how much capital needs to be raised. No details of their capital position under the the more adverse scenario will be released, nor the assumptions used by the banks to forecast their capital position under stress conditions.

MrM Sat Apr 4 10:02:17 2009 CDT #

PrahaPartizan says:

And we're supposed to believe that the Administration didn't throw Senator Chris Dodd under the bus when the Treasury trolls slipped the change in executive compensation into the legislation he was pushing and then let him take the rap. Ri-i-i-ght! What does Lieberman have on Obama?

PrahaPartizan Sat Apr 4 10:03:58 2009 CDT #

Pavel says:

'(Pravda on the Potomac)'

That's a stitch! You never read the old Pravda, right?

Dokumenti! Bystro!

Pavel Sat Apr 4 10:05:57 2009 CDT #

Confuscius says:

WTF is stressful about the stress tests? Everyone passes and all banks get a chance to take more taxpayer money. Can I take a stress test too?

Confuscius Sat Apr 4 10:07:30 2009 CDT #

Yearning to Learn says:

Vote with your wallet. It's the only vote that counts.'

this is a good point. sometimes we forget the insidious ways in which we are complicit with that which is wrong.

I split my savings accounts into 4 different banks 3 years ago, as I feared that we may have bank failures.

my checking account is wells fargo though. perhaps I need to pull my money. that would be $50k less for them.

problem is that my student loan and mortgage are also through them. I guess i could refinance them... depends on the cost.

my other issue: how to know if there are ANY 'good guys'. are there? or are there just banks/credit unions that haven't blown up and been exposed yet?

Yearning to Learn Sat Apr 4 10:08:15 2009 CDT #

MrM says:

You never read the old Pravda

I did, and I do agree that it is unfair to compare the American MSM to Pravda of the 1930s or 1970s. But I will say that the American MSM today is just as honest and as credible as Pravda was under Gorbachev.

MrM Sat Apr 4 10:10:50 2009 CDT #

reptillian says:

Politico: "There were signs from the outset that this was a business event, not a social gathering. At each place around the table sat a single glass of water. No ice."

I've heard that people in hell want ice water. I didn't know that hell was in the White House's state dining room.

reptillian Sat Apr 4 10:12:33 2009 CDT #

Broward Horne says:

"Have you considered just using Slash"
-----------

Heretic.

Execute this man immediately.

Broward Horne Sat Apr 4 10:13:59 2009 CDT #

incessant_din says:

The part that is disturbing is that the administration is taking a duplicitous approach. The is nothing more than using a loophole by renaming something to a new instrument for which there is no regulation. Yet, they are using the funding which was appropriated for use in existing instruments. The danger when you do this is the moral hazard problem. If it works, then there is no reason not to use it time and again when convenient. Pretty soon, you start to see it as your rightful authority. Wow.

incessant_din Sat Apr 4 10:14:19 2009 CDT #

Sr. American Mugabe says:

Good god Mel, look around and understand what the hell is going on.

This guy is a tool, just like the last tool, but worse. Obama is continuing Bush policies, practically verbatim, but formerly rabid watchdogs are now giving him pass after pass based on the fact they voted for the retard.

How do you think Bush voters felt when they figured out Bush was a tool??? Real similar to the way you guys are feeling now.

A willing suspension of disbelief.

Sr. American Mugabe Sat Apr 4 10:14:49 2009 CDT #

Anonymous says:

"This guy is a tool, just like the last tool, but worse. Obama is continuing Bush policies, practically verbatim, but formerly rabid watchdogs are now giving him pass after pass based on the fact they voted for the retard. "

Absolutely 100% true. Bush was a conservative Keynesian. Obama is a liberal Keynesian. Both are Keynesian's. Both want to spend their way out of this. Obama's just a little quicker signing checks. Other than that, no difference at all.

Parent Post

Anonymous Sat Apr 4 13:37:38 2009 CDT #

lambert strether says:

Here's a link (hope this works) to the Moyers transcript, which really [hint, hint] deserves a post to itself.

http://www.pbs.org/moyers/journal/04032009/transcript3.html

lambert strether Sat Apr 4 10:14:51 2009 CDT #

Pavel says:

"But I will say that the American MSM today is just as honest and as credible as Pravda was under Gorbachev."

What about Trud ('Labor' - trade union newspaper with a big circulation)? It had the reputation of following up on reports of abuse and corruption if they did not touch the highest levels or question the system.

Remember the old joke about the news stand? There is no more truth (Pravda); the Soviet Union (Sovyetskaya Rossiya) is sold out; the only thing left is Labor (Trud).

Pavel Sat Apr 4 10:15:41 2009 CDT #

Bond Girl says:

MrM,

I have no doubt that they will want to keep the results secret. But it will not be easy for them. I imagine they will have an amount they "need" and will try to keep it a secret which banks actually need it, so there is not a run on the banks.

Bloomberg indicated that if they were able to auction the loan portfolios at the same prices the FDIC is selling them at for seized banks, they are looking at another $1 trillion in writedowns.

As cynical as I am about our congresscritters, I think it is going to be difficult to ask for a blank check again for an astronomical amount. If it is well-known by then that the administration is actively trying to circumvent compensation caps, then it will be even more difficult.

Of course, I imagine there is ultimately more political will for throwing money at the problem than there is for allowing some measured destruction.

Bond Girl Sat Apr 4 10:18:09 2009 CDT #

Pavel says:

'the Soviet Union (Sovyetskaya Rossiya)'

Soviet Russia

Pavel Sat Apr 4 10:19:08 2009 CDT #

REBear says:

O design philosophy-
"What you hear is not what you get."

REBear Sat Apr 4 10:23:16 2009 CDT #

nova says:

What if Obama has been presented with information that states "The US Economy, nay, the worlds, will collapse if this monster isn't jump started"

He can dance with the devils he knows at their dancehall, pointing out to all concerned that it is on fire. Because if he dosen't, the only choice he has is let it all burn to the ground.

If it burns to the ground then he won't be around for the rebuilding.

nova Sat Apr 4 10:24:22 2009 CDT #

dashingdwl says:

Mel, In the Navy, when a Captain screws up, he gets relieved. No questions asked and the Captain doesn't bitch and moan and blame it on the last Captain. It's a great system and you should read up on it.

dashingdwl Sat Apr 4 10:24:50 2009 CDT #

dryfly says:

Mel, In the Navy, when a Captain screws up, he gets relieved. No questions asked and the Captain doesn't bitch and moan and blame it on the last Captain. It's a great system and you should read up on it.

Not out on the high seas they don't - it is done back at the naval base where a tribunal is convened - or possibly even a courts martial. When junior rank officers remove a captain at sea they term that 'mutiny'. Just saying.

Parent Post

dryfly Sat Apr 4 11:53:30 2009 CDT #

adornosghost says:

Bond Girl-
I share your view. If these thugs pull off "this to big to fail" concentration of wealth into a recognized state asset (right now, it is still marginally detached from actual legislation), we will have 30 or 40 financial/ industrial corporations that will be supported by everyone, with no chance of failure or consequences. The true "Corporate State" is in the process of being formed, if they can pull it off.
This will be nasty, but ultimately destine to fail, as the second law of thermodynamics enforces its rules.
This is a desperate fight by the elite to hold onto the BAU model of the last 30 years.

adornosghost Sat Apr 4 10:25:30 2009 CDT #

Ethan says:

adornosghost @ 10:25

Isn't what you describe called "faschism"? merging of corporate world with government?

BTW about 6 years ago BoA f***ed me over. Foreclosed on a balloon loan of about $3,500 even though I was continuing to make the payments and had a saving account with them of $75,000 +/-. I pulled all my money, checking - savings - everything, and went with a local bank which is now regional. Couldn't be happier.

Parent Post

Ethan Sat Apr 4 12:05:14 2009 CDT #

Sr. American Mugabe says:

MW wrote:
"The public's disgust is palpable, but what will be the spark to set off a genuine revolt."

I think it will be Sherrif Joe Arpaio in Maricopa County. He is wildly popular in Maricopa County, as are anti-illegal imigration initiatives. I think that if the Feds screw with him too much, or try to unseat/prosecute him, that will be the spark. Illegals are useful boogeymen, right or wrong, and for AZ (a state with a ton of problems, job and business related) they are seen as a drain on jobs and resources by a signifigant majority (70-75% judging by referendums that have passed recently). Couple that with the massive amount of gun ownership and a very libretarian mentality and POP.

Any action against Joe will be seen as an affront to the will of the people. People with guns, not alot of work, and a palpable albiet skewed idea of who caused the issue.

Sr. American Mugabe Sat Apr 4 10:25:48 2009 CDT #

pecaris says:

I really hope Wells Fargo pulls out of this bailout. We're doing good right now and hope by the end of the year we can terminate this deal. I hate the U.S. Government.

pecaris Sat Apr 4 10:26:35 2009 CDT #

Anonymous says:

Yeah, you're doing good. Yeah, right.

Parent Post

Anonymous Sat Apr 4 13:38:34 2009 CDT #

MrM says:

Pavel - Oppressive (but not "too oppressive") regime can be good for humor. Just think the Soviet literature in the 1920s (e.g., Ilf&Petrov) and then again in the 1970s and 1980s (Zhvanetskiy)

MrM Sat Apr 4 10:27:29 2009 CDT #

Pavel says:

"What if Obama has been presented with information that states "The US Economy, nay, the worlds, will collapse if this monster isn't jump started"

Could be. If the freedom of decision of the world's most powerful executive is constrained, what woudl the rest of us do? Letting it 'burn to the ground' is not an option.

I think what some people here are really asking for is that O or someone assume dictatorial powers. That *is* dangerous.

Pavel Sat Apr 4 10:28:14 2009 CDT #

nova says:

Fear mongering...

All social engineering is preceded by verbal engineering

nova Sat Apr 4 10:29:02 2009 CDT #

Counterpointer says:

nova - as a sociolinguist I'm totally on point with that comment. Too bad I work in finance.

Oops.

C

Parent Post

Counterpointer Sat Apr 4 11:19:15 2009 CDT #

Anonymous says:

So Obama turned out to be a classless goofball favorite son of the Chicago Democratic political machine who speaks well but says nothing but non-sequiters. "Worked hard for weeks on this plan..." is irrelevant. How good is the plan? He's the first black student body president of some southern state college. The powers that be decided to install a black president. Nobody knows him or what he believes, only that they're suppposed to vote for this guy.

Anonymous Sat Apr 4 10:31:49 2009 CDT #

nova says:

No, letting it burn to the ground is not a decision. It is appealing to the irrational, destructive side of human nature.

nova Sat Apr 4 10:32:53 2009 CDT #

Bond Girl says:

"What if Obama has been presented with information that states "The US Economy, nay, the worlds, will collapse if this monster isn't jump started"
This more or less Simon Johnson's argument. They know it's over and they are just looting right now.

Bond Girl Sat Apr 4 10:33:58 2009 CDT #

Pavel says:

"All social engineering is preceded by verbal engineering"

Yes, if there's time.

Pavel Sat Apr 4 10:34:03 2009 CDT #

MrM says:

I have no doubt that they will want to keep the results secret. But it will not be easy for them.

Oh, it will be very easy. The Fed will simply repeat that regulatory exams are confidential, end of story. "I wish I were able to tell you, Senator, but I am bound by law". Remember how eagerly the Congress swallowed the explanation that publishing names of the AIG counterparties would destroy the fragile improvement in capital markets?

I used to think that the only group of people who can still force the hand of the Administration are people like Krugman, Johnson, Stiglitz etc - who are both credible experts and articulate critics of the ongoing looting. But now I fear they are doomed to remain Cassandras of our time. Who outside of the blogosphere paid attention to Simon Johnson's article in The Atlantic?

MrM Sat Apr 4 10:35:02 2009 CDT #

Pavel says:

People with guns have no power. Power does not come from guns.

Pavel Sat Apr 4 10:37:30 2009 CDT #

Broward Horne says:

"What if Obama has been presented with information "
-----------

Easier to believe if he hadn't been manufactured by somebody.

Broward Horne Sat Apr 4 10:38:30 2009 CDT #

MrM says:

People with guns have no power. Power does not come from guns.

The Bolsheviks would disagree.

MrM Sat Apr 4 10:39:23 2009 CDT #

reptillian says:

"People with guns have no power. Power does not come from guns."

Power comes from the barrel of a gun. -- Chairman Mao

reptillian Sat Apr 4 10:39:29 2009 CDT #

Hoopajoops LTD says:

http://www.politico.com/news/stories/0409/20871.html
This reads like a poor psyops plant.

Funny, that is EXACTLY what I thought when reading that article. Smells like cooked bullshit to me. Sources cited in the article: "Fresh details of the meeting come from an account provided by 1) one of the participants, 2) a second source inside the meeting confirming the details, and 3) two other sources familiar with the meeting. Which of these three do you think said that obama said, quote, "MY administraiton is the only thing between you and the pitchforks." Politico is propaganda and is not credible.

Hoopajoops LTD Sat Apr 4 10:39:39 2009 CDT #

nova says:

People with guns...

Right. Officers rarely carry weapons for a reason other than show.

nova Sat Apr 4 10:40:48 2009 CDT #

energyecon says:

The latest unemployment numbers show accelrating deterioration of U-6 not seasonally adjusted...

http://energyecon.blogspot.com/2009/04/u-6-year-over-year-changes-continued.html

energyecon Sat Apr 4 10:41:42 2009 CDT #

Pavel says:

'Power comes from the barrel of a gun. -- Chairman Mao'

Mao had a lot more going for him than the barrel of a gun.

Pavel Sat Apr 4 10:43:16 2009 CDT #

Pavel says:

"The Bolsheviks would disagree."

I don't thinkj they would, at least Lenin would not. What was his opinion of the SDs?

Power is potentially there for those who can plan, organize, administer, maneuver and have followers. Without those assets, guns are useless, except to get killed with.

Pavel Sat Apr 4 10:46:03 2009 CDT #

Anak says:

Q: Yes, so if they're just looting right now, why entertain the trope of banker omnipotance as an outcome of the PTB pulling it off? (Though that is a powerful what-if).

I am getting tired of people saying just look at all the failed bankers-- if they really were gaming us well why would we see so many of the fallen among them?

A: The presence of shark caracasses does not mean that some sharks will not dominate the post game show. But it bears thinking just what sort of world that will be.

In the better late than never dept. just how we came to this state is less obscure by the day. Is there time for reform, redress?

Of what sort?

Anak Sat Apr 4 10:47:32 2009 CDT #

Pavel says:

'SDs? ' Sorry, SRs.

Pavel Sat Apr 4 10:49:19 2009 CDT #

MrM says:

energyecon - the economy may be deteriorating, but the quality of your charts is only getting better!

MrM Sat Apr 4 10:50:07 2009 CDT #

Yancey Ward says:

Change you can believe in, damn it!

Law corrupted is the death of a society. I have lost all respect for it myself.

Yancey Ward Sat Apr 4 10:51:24 2009 CDT #

MrM says:

Pavel - Lenin would argue that the SRs focused too much on the individual terror and not enough on building a real armed force to take over the power. His party had little knowledge or experience in planning, organizing or administering of anything except armed revolt.

MrM Sat Apr 4 10:54:58 2009 CDT #

debtinator says:

Power comes from the ability fuse tritium and deuterium.

debtinator Sat Apr 4 10:56:06 2009 CDT #

Sexy Derivative says:

Tunneling you can believe in!

Sexy Derivative Sat Apr 4 10:56:22 2009 CDT #

Fried says:

"Opening a foreign bank or brokerage account is easier said than done; the United States government severely restricts where and under what terms you can open a bank account, invest in a fund, or engage in other economic activities that facilitate the protection of and access to your assets. As the signatory on an overseas account, you are required by law to inform the federal government on Treasury form TDF 90.22 by the end of June each year. Ostensibly, this has been done in the name of fighting money laundering, but it has the effect of severely restricting your freedom of financial movement.

Many foreign banks simply won’t work with you…don’t worry, it’s nothing personal. Uncle Sam has been beating them down since the Reagan years, and between Qualified Intermediary rules, tax treaties, and the USA PATRIOT Act, Sammy gives himself a lot of regulation to bury the opposition with.

There are some jurisdictions that are still excellent banking centers; Switzerland may have rolled over, but Panama, Uruguay, Singapore, and the United Arab Emirates have thus far ignored the call for “greater transparency” (read: government access to private finance).

Some individual banks, like Credicorp and Global Bank in Panama, or Banco Itau in Uruguay will not work with U.S. citizens anymore, but there is still opportunity with the hundreds of remaining banks in these jurisdictions.

Similarly, opening a foreign brokerage account is a shrewd move, not only to move your money overseas but also to have greater access to financial markets. I

We would suggest looking at Verdmont Capital and PanaAmerican Capital in Panama, and Saxo Bank in Denmark."

From Whiskey and Gunpowder, this am.

Fried Sat Apr 4 11:01:42 2009 CDT #

Tim waiting for 2012 says:

<h1>Hedge fund paid Obama adviser Summers $5.2 million</h1>

Lawrence Summers, a top economic adviser to U.S. President Barack Obama, was paid about $5.2 million by hedge fund D.E. Shaw in the past year, financial disclosure forms released by the White House showed on Friday.

Tim waiting for 2012 Sat Apr 4 11:03:04 2009 CDT #

Anonymous says:

April 3, 2009 -
Bill Moyers sits down with William K. Black (transcript)
http://www.pbs.org/moyers/journal/04032009/transcript1.html

Bill Moyers sits down with William K. Black (video)
http://www.pbs.org/moyers/journal/04032009/watch.html

"William K. Black tells Bill Moyers on the JOURNAL that the tool at the very center of mortgage collapse, creating triple-A rated bonds out of "liars' loans" — loans issued without verifying income, assets or employment — was a fraud, and the banks knew it. And while there is no law against liars' loans, Black points out that there are, "many laws against fraud, and liars' loans are fraudulent. [...] They involve deceit, which is the essence of fraud. Only the scale of the scandal is new. A single bank, IndyMac, lost more money than the entire Savings and Loan Crisis."

Anonymous Sat Apr 4 11:05:14 2009 CDT #

debtinator says:

The Republicans and Democrats appear to be two factions representing Wall Street.

debtinator Sat Apr 4 11:06:46 2009 CDT #

Anak says:

Yes, Mao had more going for him than the barrel of a gun, but he claimed that *political* power came from it, perhaps admitting that all the other tools were secondary.

Interesting that his CCP namesakes are ostensibly hard pedaling the soft power while, with invisible duck like feet, are powering toward "more barrels".

Personally, since the garage sale, I miss our family's copies of the World Book encyclopedia of 1961 which forms the whole of my world view.

Anak Sat Apr 4 11:07:59 2009 CDT #

Basel Too says:

I am at a loss to explain why the lenders (TARPed banks) would want to securitize the loans, considering that they (the loans) are 90% guaranteed by the SBA.

Banks are not in the business of "lending." Too boring, not enough revenue. They are the merchants of debt. Much more lucrative.

Basel Too Sat Apr 4 11:09:16 2009 CDT #

Samdog says:

OK, I've ordered my Pocket Torch...where do I get my (5-pronged) pocket pitchfork?

Samdog Sat Apr 4 11:11:53 2009 CDT #

bearly says:

Bush was a disaster for this country. Poor at governing and simply dumb, lacking in any form of grace or style, but had some primitive form of character. He was pretty tranparent.

Now we have smart and plenty of style. Great salesman, and obfuscator. Those that blindly voted him in will not be willing to pay atention to the big picture as he destroys what remains independence of the republic and its citizens - selling out to the financeers and global interests, instead like cats focusing on the ball of yarn he's wiggling around on Guantanamo, stem cell... he's systematically destroying the nation. Very cunning. We're screwed.

bearly Sat Apr 4 11:12:20 2009 CDT #

Yaun says:

The US is on the way to a Russian style oligarchy. Every 4 years a fake election which ensures that the ruling elite can enrich themselves for another 4 years while sucking the long term prospects out of the country.

And with this 2 party system it will never change, until there is a revolution and the second American republic.

Yaun Sat Apr 4 11:15:08 2009 CDT #

reptillian says:

"Power comes from the ability fuse tritium and deuterium."

And guns that shoot particle beams would be better guns.

reptillian Sat Apr 4 11:22:06 2009 CDT #

Anak says:

"second American republic"?

I'd have thought we were looking at many more than second....

Anak Sat Apr 4 11:22:26 2009 CDT #

sdtfs says:

Anyone else curios as to Counterpointer's country of capital flight?
Care to give us a clue?

sdtfs Sat Apr 4 11:23:14 2009 CDT #

Virtual Dawgbot says:

Q: Isn't this what we call money laundering?

A: Yes. - dryfly

With a dash of RICO for spice.

Virtual Dawgbot Sat Apr 4 11:28:17 2009 CDT #

Pavel says:

"Lenin would argue that the SRs focused too much on the individual terror and not enough on building a real armed force to take over the power. His party had little knowledge or experience in planning, organizing or administering of anything except armed revolt."

I'm not saying that Lenin believed in non-violent change. But force is useless without various kinds of organization, including intellectual ones. Do you see any of these in the present US? I don't see anything of the sort.

Pavel Sat Apr 4 11:28:28 2009 CDT #

Anak says:

RE C to wherever....

he's dropped both ethnicity and country of origin into the record. Post Tanta. And his choice of currency observations...

But it's his deal! If we can remember it, we're all earth's children anyway.

Anak Sat Apr 4 11:28:51 2009 CDT #

Broker says:

I have a feeling ACORN is going to be "the middleman". For the record, I don't see anything wrong with that. LOL

Broker Sat Apr 4 11:29:46 2009 CDT #

reptillian says:

Where Planes Go To Die

reptillian Sat Apr 4 11:31:14 2009 CDT #

Pavel says:

Re: Mao. China was oversupplied with warlords with guns. Where are they now?

Pavel Sat Apr 4 11:31:23 2009 CDT #

Pavel says:

"Power comes from the ability fuse tritium and deuterium."

As long as you don't use it.

Pavel Sat Apr 4 11:32:56 2009 CDT #

Pavel says:

"An explosion was reported April 4 in an elite residential area in the Pakistani capital of Islamabad, Pakistani media reported. The blast was in the E-7 area, where foreigners reside, near a naval compound. Five people reportedly were killed. There were also reports of an ongoing gunbattle in the area."

Pavel Sat Apr 4 11:35:10 2009 CDT #

energyecon says:

EvilHenryPaulson,

I am wholly converted to your views on EMRATIO - here is an update on the Year Over Year rate of change for the 3 month moving average - in the March 2009 data it has entered uncharted waters, with a rate of change downward faster than ANY of the post-WWII recessions...

http://energyecon.blogspot.com/2009/04/emratio-rate-of-change-and-civpart.html

energyecon Sat Apr 4 11:36:28 2009 CDT #

Anonymous says:

STRASBOURG: Protestors demonstrating against a NATO summit in Strasbourg set fire to a hotel in the city near the river Rhine on Saturday, AFP journalists witnessed.

Anonymous Sat Apr 4 11:38:10 2009 CDT #

Anonymous says:

Some 100 masked demonstrators armed with metal bars also wrecked a chapel, a pharmacy, an empty police post and other buildings at the French end of the Europe bridge connecting Strasbourg with Germany.

On the roof of the chapel they wrote a quotation from French writer Victor Hugo, "Religion is nothing but the shadow cast by the universe upon human intelligence."

Anonymous Sat Apr 4 11:39:15 2009 CDT #

MrM says:

But force is useless without various kinds of organization, including intellectual ones. Do you see any of these in the present US? I don't see anything of the sort.

Agreed. it is not just the number of guns that matters but ability to point them in the same direction.

MrM Sat Apr 4 11:39:28 2009 CDT #

Anak says:

Waaay over my head here Pavel, but I'd say that Mao's recognition that any Marxism arising from a peasant society must take landless peasants as it's foundation (to the exclusion of urban labour) did not take a stroke of genius. But you are correct to say that it was more than guns. He had few arms compared to the Japanese and the KMT. More guile (see Li Lisan, Liu Shaochi, et al) and fortitude (Long March, natch) than the rest.

Anak Sat Apr 4 11:43:58 2009 CDT #

MrM says:

Energyecon - I am wholly converted to your views on EMRATIO

You may want to look at the Civilian labor force participation rate for different age cohorts. You will see that the participation rate of the "25 to 54 years" cohort dropped only marginally. But the participation rate of the "55 to 64 years" cohort has increased quite a bit over the past 10 years or so.
So much retirement savings.

MrM Sat Apr 4 11:45:47 2009 CDT #

picosec says:

Symbolic Pocket Pitchforks!

Business Opportunity even better than the Pet Rock.

picosec Sat Apr 4 11:51:54 2009 CDT #

longwaver says:

The LAST bubble to pop.. Belief in that the government can fix the economy.

This bubble will be a doosey.....

longwaver Sat Apr 4 11:52:04 2009 CDT #

Outsider says:

"The US is on the way to a Russian style oligarchy. Every 4 years a fake election which ensures that the ruling elite can enrich themselves for another 4 years while sucking the long term prospects out of the country."

Your point is leading me to think there may be international powers behind our banking oligarchy?

Outsider Sat Apr 4 11:56:07 2009 CDT #

Anak says:

When junior rank officers remove a captain at sea they term that 'mutiny'. Just saying.

So what about those strawberries? You, Fred McMurray?

Anak Sat Apr 4 11:59:38 2009 CDT #

Ethan says:

adornosghost at 10:25

Isn't what you describe termed "faschisim"? A melding of the corporate world with the government?

BTW. BoA f***ed me over on a loan about 6 years ago. I had $75,000 is a savings account there and they foreclosed on a collaterized loan with a balloon of about $3,500 outstanding even though I continued to make the payments. I pulled all my money and went with a local bank which is now regional and I couldn't be happier.

Ethan Sat Apr 4 12:00:35 2009 CDT #

Firlight2012 says:

Art Eclectic and Counterpointer:

Yup. I am moving what bank savings I have out of WaMu/JPMC today and will change my direct deposit next week. That's it...the customers must close down these banks!

Firlight2012 Sat Apr 4 12:07:39 2009 CDT #

EvilHenryPaulson says:

Counterpointer,
So there are others like Chomsky?

energyecon,
good blog postings

re: Obama, Spending, protecting companies from itself
Who would have thought the US could be finally the one to stop itself from spending and not outside creditors. Ever since Hanky Paulson surprised them with his TARP sweepstakes, once bitten twice shy. A cat who sits on a hot stove never does again, because afterwards all stoves appear hot

EvilHenryPaulson Sat Apr 4 12:08:12 2009 CDT #

Stubborn old timer #23 says:

Good money drives out bad.

Anyone seen an honest nickel?

Stubborn old timer #23 Sat Apr 4 12:09:23 2009 CDT #

energyecon says:

MrM,

I am sure that there are some very significant stories that only emerge when the data is disaggregated...just need more time or less RL to dig into them lol

energyecon Sat Apr 4 12:10:11 2009 CDT #

EvilHenryPaulson says:

O/T
Is there an easier way to recall BLS preliminary/revised/final figures for the Nonfarm payroll than going through each press release?

EvilHenryPaulson Sat Apr 4 12:10:55 2009 CDT #

energyecon says:

EvilHenryPaulson,

I was just thinking about exactly that data grind - per your comment some threads ago - what is the extent of systematic bias?

But haven't seen any other way to go about it except rooting through the old press releases...

energyecon Sat Apr 4 12:17:19 2009 CDT #

Anak says:

EHP, no doubt once burned twice shy, and this stove is cookin', but there's always another angle:

http://www.soenglish.com.cn/ent/stories/200610/20061016204547_16190.html

Anak Sat Apr 4 12:17:25 2009 CDT #

GiezCubed says:

Moyers interview...there's a name in news we can trust. Put him in one bucket, Hannity in another, stand in both and you'll be perfectly comfortable.

GiezCubed Sat Apr 4 12:17:47 2009 CDT #

Mel says:

OpenID User dashingdwl said on 2009-04-04 10:24:50

"Mel, In the Navy, when a Captain screws up, he gets relieved. No questions asked and the Captain doesn't bitch and moan and blame it on the last Captain. It's a great system and you should read up on it."

Obama didn't steer into the iceberg, he's trying to get out. The bad captain was re-elected by the moronic voters because they thought he'd get it right in another 4 years. Obama's been captain for 2 1/2 months---the system doesn't change the second captain that quickly.

I have the feeling that those that think me naive and stupid are the ones I thought the same of about Bush. I disagree with much of Obama's course of action, but feel we have to give him time. What took 30 years to destroy will not be fixed in a couple of months--and when a president can't stop filibusters, his hands are tied and must proceed slowly.

Mel Sat Apr 4 12:21:38 2009 CDT #

MrM says:

EHP - I did not quite understand the significance of your video link from yesterday. Surely you did not mean to suggest that kids one year out of college modify seasonal adjustment methodologies? You can blame BLS for many things, but they are very transparent about how they report their numbers and how they adjust for seasonality (e.g., http://www.bls.gov/ces/cesseasadj.htm )

MrM Sat Apr 4 12:21:48 2009 CDT #

EvilHenryPaulson says:

MrM

I was in a bad mood and making fun of BLS putting their best foot forward. The one other thing I said was they would be better of hiring statisticians who are better at the required job, instead of economists. The field of economics is surprisingly weak in math in my experience.

Parent Post

EvilHenryPaulson Sat Apr 4 12:30:15 2009 CDT #

GiezCubed says:

Up over 25% from the S&P bottom, Tech names leading the way out of this mess, printing presses are at full steam ahead, good news emerging as the credit markets begin working for the first time in many months, energy bottoming out, hope you covered your shorts in early March.

Long way to go out of the abyss, but we've avoided the worst case scenarios for the next couple of years anyhow.

GiezCubed Sat Apr 4 12:22:11 2009 CDT #

dryfly says:

Long way to go out of the abyss, but we've avoided the worst case scenarios for the next couple of years anyhow.

The wild card is employment - all this market manipulation will all be for naught if job loss continues at the current pace. If that happens we revisit worst case and a lot sooner than in two years.

Parent Post

dryfly Sat Apr 4 12:29:15 2009 CDT #

sportsfan says:

The WaPo article is one more indication of my disappointment in the Obama Administriation.

On balance I suppose there has been more good than bad, but I expected more from them and their leader promised more than they have delivered.

sportsfan Sat Apr 4 12:26:25 2009 CDT #

dryfly says:

On balance I suppose there has been more good than bad, but I expected more from them and their leader promised more than they have delivered.

I am no wing nut and certainly didn't & don't support the GOP but I will reserve my judgment on whether Team O is more good than bad until I see more... right now it indicates to me it will be a horse race at best with the 'bad horse' looking awfully strong right now.

Parent Post

dryfly Sat Apr 4 12:33:55 2009 CDT #

km4 says:

Moyers drops bailout bomb on Obama
http://www.dailykos.com/story/2009/4/4/716394/-Moyers-drops-bailout-bomb-on-Obama#c1
WILLIAM K. BLACK: Well, certainly in the financial sphere, I am. I think, first, the policies are substantively bad. Second, I think they completely lack integrity. Third, they violate the rule of law. This is being done just like Secretary Paulson did it. In violation of the law. We adopted a law after the Savings and Loan crisis, called the Prompt Corrective Action Law. And it requires them to close these institutions. And they’re refusing to obey the law.
BILL MOYERS: In other words, they could have closed these banks without nationalizing them?
WILLIAM K. BLACK: Well, you do a receivership. No one — Ronald Reagan did receiverships. Nobody called it nationalization.
BILL MOYERS: And that’s a law?
WILLIAM K. BLACK: That’s the law.
BILL MOYERS: So, Paulson could have done this? Geithner could do this?
WILLIAM K. BLACK: Not could. Was mandated—
BILL MOYERS: By the law.
WILLIAM K. BLACK: By the law.

km4 Sat Apr 4 12:29:55 2009 CDT #

km4 says:

SNIP
WILLIAM K. BLACK: In the Savings and Loan debacle, we developed excellent ways for dealing with the frauds, and for dealing with the failed institutions. And for 15 years after the Savings and Loan crisis, didn’t matter which party was in power, the U.S. Treasury Secretary would fly over to Tokyo and tell the Japanese, “You ought to do things the way we did in the Savings and Loan crisis, because it worked really well. Instead you’re covering up the bank losses, because you know, you say you need confidence. And so, we have to lie to the people to create confidence. And it doesn’t work. You will cause your recession to continue and continue.” And the Japanese call it the lost decade. That was the result. So, now we get in trouble, and what do we do? We adopt the Japanese approach of lying about the assets. And you know what? It’s working just as well as it did in Japan.
BILL MOYERS: Yeah. Are you saying that Timothy Geithner, the Secretary of the Treasury, and others in the administration, with the banks, are engaged in a cover up to keep us from knowing what went wrong?
WILLIAM K. BLACK: Absolutely.
BILL MOYERS: You are.
WILLIAM K. BLACK: Absolutely, because they are scared to death. All right? They’re scared to death of a collapse. They’re afraid that if they admit the truth, that many of the large banks are insolvent. They think Americans are a bunch of cowards, and that we’ll run screaming to the exits. And we won’t rely on deposit insurance. And, by the way, you can rely on deposit insurance. And it’s foolishness. All right? Now, it may be worse than that. You can impute more cynical motives. But I think they are sincerely just panicked about, “We just can’t let the big banks fail.” That’s wrong.

km4 Sat Apr 4 12:30:07 2009 CDT #

km4 says:

Below is a list of the notable speeches given by Summers last year, the amount he was paid, and the date of the address.
Skagen Funds, $60,300, (1/9/2008)
Skagen Funds, $60,300, (1/10/2008)
Skagen Funds, $59,400, (1/11/2008)
JP Morgan, $67,500, (2/1/2008)
Itinera Institute, $62,876 (1/8/2008)
Citigroup, $45,000 (3/3/2008)
Goldman Sachs Co., $135,000, (4/16/2008)
Associon de Bancos de Mexico, $90,000, (4/3/2008)
Lehman Brothers, $67,500, (4/17/2008)
State Street Corporation, $45,000, (4/18/2008)
Siguler Guff & Company, $67,500, (5/7/2008)
Hudson Institute, $10,000, (05/28/2008)
Citigroup, $54,000, (5/30/2008)
Investec Bank, $157,500, (6/13/2008)
Goldman Sachs, $67,500, (6/18/2008)
Lehman Brothers, $67,500, (7/30/2008)
Tata Consultance Services, $67,500, (9/21/2008)
State Street Corporation, $112,500, (10/2/2008)
McKinsey and Company, $135,000, (10/19/2008)
Charles River Ventures LLC, $67,500, (11/112008)
Pricewaterhouse Coopers, $67,500 (9/9/2008)
American Chamber of Commerce In Argentina, $135,000 (10/7/2008)
American Express, $67,500 (5/7/2008)
(http://www.huffingtonpost.com/2009/04/03/summers-received-hundreds_n_183058.html)
Speeches my ass….these were payoffs. I think it’s time to call Barney Frank and read the ‘law’ as posted above and ask him why it has been ignored. I think it’s time to email and fax and call Barney until he gets so sick of it he won’t be able to stand it.
The Federal Reserve, Geithner and Summers are working for ‘the money changers’ and it’s time to stop this insanity.

km4 Sat Apr 4 12:30:34 2009 CDT #

bearly says:

Mel, can you share the name of the fine Dr that performed your lobotomy ? Outstanding work. Was it Dr Dean, the DNC Chair ?

bearly Sat Apr 4 12:31:06 2009 CDT #

km4 says:

US Banking oligarchy f*cked up but Obama continues to allow his ‘financial experts’ to acquiesce to Wall St crooks demands.

The Quiet Coup
by Simon Johnson
http://www.theatlantic.com/doc/print/200905/imf-advice
The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.

IMO USA in addition to having most advanced economy and military also has the most advanced oligarchy so if the Obama doesn’t play harder ball with Wall St Banking oligarchy we’re on our way to becoming the world’s largest Banana Republic.
Wake up Obama … America is watching this very closely !

km4 Sat Apr 4 12:31:50 2009 CDT #

EvilHenryPaulson says:

energyecon,
I have trouble finding the old press releases from the BLS site now. I thought I had done it via their site before, but now I have to use google and hope

EvilHenryPaulson Sat Apr 4 12:32:43 2009 CDT #

Morocco Bama says:

We received a notice from Bank of America today informing us that they have increased our rate and their transactional fees. We have an outstanding credit score, so I consider this mere egregious gouging. I am extremely tempted to max the damn thing through a cash advance and use the money to short the market, never paying them back. I truly believe they are attempting to induce radical responses. I sincerely believe they (the Bankers and Plutocracy) are going all out. The hubris is immense. Our limits are deing further pushed and tested, daily. How will it all end? Any ideas? Should I implement my plan, or do they have me coming and going? Sure, it would ruin my credit, but isn't my credit already ruined....meaning a high credit score no longer has any relevance? Can they garnish my wages? Why don't we all, collectively, max out our credit cards, without any intent of paying it back, and short the hell out of the market and bring these bastards to their knees?

Morocco Bama Sat Apr 4 12:34:26 2009 CDT #

Same-O Same-O says:

Revolution. Whatever. Mass protests. Never. Useless blogging and complaining by a very small minority. Common. Columnists were the original bloggers and the editorial page the original comment section.

A year ago CBR posted about the sheer power of the command and control authority in the US. His assertion was that it would be remarkably stupid to rise up against your lawfully elected government due to the powers they command to quell any unrest forcefully. The looting by the elite with the full cooperation of the government is a blinking neon sign in the sky pointing out the obvious revolution happened but it was a coup de tat and the majority didn't even notice. Get used the new way of life because it is the new normal and will have many accompanying rule changes for the once duped to believe they were free citizenry. Good luck. Remember history is written by the victors and to them belong the spoils.

Same-O Same-O Sat Apr 4 12:35:01 2009 CDT #

MrM says:

EHP, energyecon - try this link http://www.bls.gov/schedule/archives/empsit_nr.htm

You might need an RA for this :-)

MrM Sat Apr 4 12:40:00 2009 CDT #

ATM card and $19 in the bank says:

Re: "The WaPo article is one more indication of my disappointment in the Obama Administration."

Sportsfan,

I am going to presume to know that you and I vote roughly the same way. If so, I hope Obama and Associates get the message that they are losing the confidence of their base.

As an example, yesterday my caller ID indicated that the incoming call was from the Democratic Party. I unplugged the phone. It isn't like the staffer (or volunteer) needs to get an earful of my continuing aggravation with the White House. Plus, last time I blew off steam like that over the phone I felt kind of embarassed and made a larger donation than I had planned.

So... maybe there is a method to Obama's madness, after all. Piss off the base, incite them to regrettable outbursts, and collect contrition contributions.

ATM card and $19 in the bank Sat Apr 4 12:44:49 2009 CDT #

sportsfan says:

On balance I suppose there has been more good than bad . . .

Just to clarify I meant that overall in leading the country. In the financial sector I can't say there's been more good than bad. I can say there has been way too much of the same attitude that I saw with the former administration.

It's not exactly a hearty endorsement to say "well, he's better than Bush."

sportsfan Sat Apr 4 12:45:54 2009 CDT #

B&B Hawaiian Dope. says:

A lot of comments on pitchforks. Let's not forget his other half:

http://www.instructables.com/id/How-to-make-a-torch-for-less-than-a-dollar-%3a-/

B&B Hawaiian Dope. Sat Apr 4 12:48:08 2009 CDT #

Same-O Same-O says:

The loss of newspapers isn't a broken business model it is a limiting of information. Digital TV can be manipulated, web sites and the internet can be shut down with a push of a key. Newspapers were long bastions of investigative journalism and could be counted on to keep an eye on local events. The concentration of media into a few corporate hands and then leveraging debt upon the newspapers worked fine until the economy tanked. If you examine the balance sheet of these bankrupt newspapers I'm sure the money going to fund debt far outstrips the other costs of running the paper.

My second concern for the future is the dissolution of higher education for everyone. One overlooked item in the new budget is the reduction of Pell Grants. An educated population is hard to control especially if the the children of the working poor are added to the college grounds. Most protests in recent history all have their roots at a college campus. Limiting what colleges stay in business and who gets to go is a good strategy for knowing who will speak out. I doubt the student body of Harvard will take over the administration building and protest the financial elite. Just a guess.

Same-O Same-O Sat Apr 4 12:51:25 2009 CDT #

sportsfan says:

So... maybe there is a method to Obama's madness,

ATM card, if there is a method, I haven't seen it yet. I understand there is a plan and the plan is to save all the banks, if possible. Whether or not that should be the plan, I'll leave to others more knowledgeable in the field.

What concerns me is some of the process points such as the claim in the WaPo article that Treasury is using SPVs to avoid a direct Congressional mandate. That's not honest government in action.

BTW, thanks for the link to pandora.com. Hellecasters was a good choice.

sportsfan Sat Apr 4 12:51:40 2009 CDT #

Mel says:

bearly said on 2009-04-04 12:31:06

"Mel, can you share the name of the fine Dr that performed your lobotomy ? Outstanding work. Was it Dr Dean, the DNC Chair ?"

Ad hominem attacks are compliments, so, thank you. What I'm saying is Obama has to balance many people and many books--and to be so judgmental after 2 months is premature. Right now we don't see a grand scheme, maybe one exists--maybe not--but the economy is deep into the crapper and won't be fixed orthodoxically (sp?) or quickly. In times of disasters, the wrong move can be the right move. Time will tell--except for the few that already know the answer.

Bearly, weren't you of the opinion that interest rates should have been raised last year--and lauded Europe for doing the right thing? Still of that opinion? Funny how things are more complicated than they originally seem.

Mel Sat Apr 4 12:52:25 2009 CDT #

OregonGuy says:

On the theme of erodiing the capital base and levering up the worst of the worst...

My bank is a mid-sized regional, Umpqua, unfortunately a TARP recipient, but arguably less corrupt than C, BAC, JPM, etc.

Are there any choices for credit cards not issued by a major money-center bank? I place AmEx in the circle of the damned with C, JPM, and Chase. USBank perhaps?

Any recommendations?

OregonGuy Sat Apr 4 12:53:17 2009 CDT #

Pavel says:

THE ERA OF THE WIND

Have you seen the fir tree shake?

A gale of April is awake,

Warm the sun but cold to stay

Before the wind - an April day

It has its walls and windows like

A house of glass that will not break,

It will not shatter yet it falls,

A house of voices without walls

All the cities made of glass,

The era of the wind will pass,

Peace and quiet is to be

Inside the bellowing fir tree

Pavel

April 4, 2009

Pavel Sat Apr 4 12:54:09 2009 CDT #

EvilHenryPaulson says:

Tom Hicks who is an owner of the Dallas Stars, Texas Rangers, and Liverpool FC has halted interest payments on $525 million in loans while he re-negotiates with lenders.

The hook in the story is with Liverpool FC he is half owner, the other owner is George Gillette. Gillette has many entertainment interests (running concerts, a nascar team,...) but the most notable one is the Montreal Canadians. It made big news there when he contracted a bank to help him evaluate his options with his franchises.

It now appears he did that because he is looking to dump Liverpool FC. As it was, they were already looking for another partner so they could build a needed big new stadium. With half the ownership gone, maybe there is a Russian oligarch or an Arab sheikh left with dry powder to support the English Premier League.

This sports franchise angle to the global credit unwind should be one of the most public, and publicly fascinating storylines.

EvilHenryPaulson Sat Apr 4 12:54:14 2009 CDT #

EvilHenryPaulson says:

energyecon,
on bls error: http://www.bls.gov/ces/cesregrevtec.htm
note, they focus on benchmark revisions which are made annually to previous final estimates (those 25% revisions from prelim to final mean nothing, even if they are systemically biased)

some good unemployment chart pics:
http://3.bp.blogspot.com/_8rpY5fQK-UQ/SdYIWyiXxUI/AAAAAAAAGXY/2Io8A4057QU/s1600-h/emp.png
http://1.bp.blogspot.com/_8rpY5fQK-UQ/SdYDAmbKwXI/AAAAAAAAGXQ/2OyZzvWqNjA/s1600-h/unemp.png

with one on TIPS:
http://2.bp.blogspot.com/_8rpY5fQK-UQ/SdV9Wnak92I/AAAAAAAAGXI/JfawMNPp7PA/s1600-h/tips.png

EvilHenryPaulson Sat Apr 4 12:57:42 2009 CDT #

sportsfan says:

km4 says:

US Banking oligarchy f*cked up but Obama continues to allow his ‘financial experts’ to acquiesce to Wall St crooks demands.

The Quiet Coup
by Simon Johnson
http://www.theatlantic.com/doc/print/200905/imf-advice

As I've said before, I heartily recommend that article for anyone with an interest in the banking crisis.

Johnson is one of those guys 'more knowedgeable than I' in the field and he has a completely different take on what the Obama Administration should be doing.

sportsfan Sat Apr 4 12:57:53 2009 CDT #

CRbot says:

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CRbot Sat Apr 4 12:58:17 2009 CDT #

Black Star Ranch says:

"I disagree with much of Obama's course of action, but feel we have to give him time."

.......I disagree as well, Mel, but also understand that WE DON'T HAVE THE TIME LEFT TO GIVE HIM!

Black Star Ranch Sat Apr 4 12:59:02 2009 CDT #

Obama says:

Give 'em the old razzle dazzle
Razzle Dazzle 'em
Give 'em an act with lots of flash in it
And the reaction will be passionate
Give 'em the old hocus pocus
Bead and feather 'em
How can they see with sequins in their eyes?

What if your hinges all are rusting?
What if, in fact, you're just disgusting?

Razzle dazzle 'em
And they;ll never catch wise!
Give 'em the old double whammy
Daze and dizzy 'em
Back since the days of old Methuselah
Everyone loves the big bambooz-a-ler

Give 'em the old three ring circus
Stun and stagger 'em
When you're in trouble, go into your dance

Though you are stiffer than a girder
They'll let you get away with murder
Razzle dazzle 'em
And you've got a romance

Obama Sat Apr 4 13:28:50 2009 CDT #

black dog says:

The most important point of this article is its placement - front page above the fold. EVERY politician (or their staffers) will read it.

black dog Sat Apr 4 13:50:43 2009 CDT #

CRbot says:

New Thread: Inflation vs. Deflation
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And now, introducing the revolutionary new innovative revolution that will no doubt revolutionize CR comments forever... ENDING the era of agonizing over long, carefully crafted comments only to lose COUNTLESS MINUTES when your comment is eaten by the JS-kit gremlins... CHANGING for all time the way you talk about mortgage pigs, hoopajoops, red and green colored muppets, and born and bred dopes...

With no further adieu... CRbot gives you... THE CRC-IZER!!!!!!!

You can also find a index of the 10 most recent threads, with mobile links at: http://realize.org/cr/crcizer/phpCRo.php

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CRbot Sat Apr 4 14:14:44 2009 CDT #

CRbot says:

New Thread: Inflation vs. Deflation
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And now, introducing the revolutionary new innovative revolution that will no doubt revolutionize CR comments forever... ENDING the era of agonizing over long, carefully crafted comments only to lose COUNTLESS MINUTES when your comment is eaten by the JS-kit gremlins... CHANGING for all time the way you talk about mortgage pigs, hoopajoops, red and green colored muppets, and born and bred dopes...

With no further adieu... CRbot gives you... THE CRC-IZER!!!!!!!

You can also find a index of the 10 most recent threads, with mobile links at: http://realize.org/cr/crcizer/phpCRo.php

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CRbot Sat Apr 4 15:01:16 2009 CDT #

Poopinator says:

Mel,

Congratulations. It only took you 2.5 months to unlearn all of the lessons from the past 8 years. Jas's rants are becoming more clear to me with each passing day.

Dope...

Poopinator Sat Apr 4 16:09:33 2009 CDT #

That Barton Fink Feeling says:

"Administration officials have concluded that this approach is vital for persuading firms to participate in programs funded by the $700 billion financial rescue package. "

No doubt.

Without lavish executive compensation packages, there could be a flight of incompetent talent!

That Barton Fink Feeling Sat Apr 4 18:23:48 2009 CDT #

Anonymous says:

http://www.pbs.org/moyers/journal/04032009/watch.html

The system is so corrupt it is becoming a laughing stock.

We did not see this coming? what about liar loans (with a tag like that you know what you are selling). Arrest everyone who participated in the scheme from the flipper to the ceo. make them all go to jail. Its a liar loan, it is fraud.

a Treasury that sent money thru AIG to bailout specific banks is a ponzi scheme coverup.

get rid of the CEO's, open the books and get confidence back in the market otherwise people are going to get really pissed off and sooner or later crazy's will be going postal at your local bank. Oh I forgot , we never saw this coming.

What the hell happened to truth and honour. Stock market ,lol, ponzi market where lies are told!!! What rally ,this is fake just like banks.

rant over, off my chest , happy now

Anonymous Sat Apr 4 21:04:50 2009 CDT #