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After Yesterday's Victory For Paul-Grayson, Is Bernanke's Confirmation Now In Jeopardy?
After yesterday's debacle for the Fed, could even more grey clouds be gathering for the Chairman? As readers will recall Alan Grayson recently presented several questions, the response to which would serve as a gating factor to Bernanke's reconfirmation. Alas, that initiative never appeared to get much traction. In fact upon questioning Chris Dodd said that Bernanke's confirmation was a done deal.
"I've indicated I want to be supportive. I think Ben Bernanke's done a very good job, particularly in the last year or so. I think that view is embraced by a lot of people," said Dodd, a Democrat.
"The chairman's not going anywhere," Dodd said.
Yet a recent interview by Mike Stark indicates that Mr. Dodd may have had a change of heart about the certainty of Mr. Bernanke's tenure, and is now voicing much less certainty about the continued tenure of the fiat money printer.
As the clip demonstrates, Dodd may be reeling under increasing Main Street pressure to not seem like the Fed puppet that Mr. Barney Frank has disclosed himself to be.
Mike Stark: “Is it a foregone conclusion that he’ll be confirmed?”
Senator Dodd: “Not necessarily, not necessarily, we’ll see how members react.”
Mike Stark: “What do you think his chances are?”
Senator Dodd: “Well I don’t know, as Chairman of the committee I don’t want to speculate how other members feel about it, we’ll see what happens.”
As a reminder Frank stated the following: "“It’s going to be seen as weakening the independence of
monetary policy with consequent negative implications. People are going to be worried
about the impact on the dollar, on the interest rate.” Of course, in reality there is absolutely nothing factual contained in Frank's statement, which is merely another escalation of the Mutual Assured Destruction doctrine, so well practiced by Wall Street, and finally getting adopted by Washington. Should the final Paul-Grayson bill pass in its current form, we expect nothing less than a resignation by Mr. Frank, followed hopefully by the resignations of his "supervisors", Mr. Geithner and Mr. Bernanke.
In the meantime, keep an eye out on future commentaries by Dodd and other members of our ruling "elite" vis-a-vis Bernanke and the Fed. If yesterday is any indication, the opposition of the majority of the public's opinion, especially if its finally bears fruit in a Fed transparency outcome, will be equivalent to political suicide for all those who have been supporting the Fed's desire to maintain its unprecedented secrecy.
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Oh, God, please Yes! And take Dodd and Frank with him.
Dodd and Frank done deals.
cf 22 Nov 2009 DC EndFed Rally...
http://www.huffingtonpost.com/2009/11/20/dodd-muted-on-bernanke-re_n_365...
For that matter, take all of Congress (except Mr. Paul) AND the Senate AND the Whitehouse for good measure. And what the fuck, the CIA, the FBI, the SS, the Pentagon, all military contractors, their families, their pets, everyone. Fuck them all. Dig a big hole and fill it up with them, then pour diesel in the ditch and light a match.
I am Chumbawamba.
um... just maybe, perhaps a trifle too excessive,
but the general direction is right.
Lets hope the movement continues.
.
Is there a "Chumbawamba" exclusion to the Marla "Plausibly Threaten No Evil" doctrine?
My guess is because of the near impossibility of getting all of these parties into a great big pit all at once, it is not a plausible threat.
It makes me sad.
Not willingly at least.
+1
As all politicians do, #1 job, deflect, deflect, deflect. Spineless weasels...
The banks have bought the politicians, the politicians have sold the people to the banks, the people have surrendered their own rights and freedoms to the joy of being fat and stupid;
America I dedicate this tune of taps to thee.
http://www.youtube.com/watch?v=Wn_iz8z2AGw
Great, it could send him back to Princeton to teach.
Teach what? How to be a moron?
yep, "Introduction to Moronics 1101".
Is it a graduate school course?
Audit, no credit, doctoral level.
whaddyamean, no credit?
he's offering buttloads of credit, with no audit.
Funniest thing I've heard today.
The chairman isn't going anywhere.
Even when calls against EESA / TARP were running 300 to 1 against, that piece of garbage still passed.
Berskankie is 'In Da Club' and won't be going anywhere. I look for the Paul / Grayson bill to get torpedoed somewhere along the line. Paul is considered a 'kook' but I wouldn't be suprised if Grayson got suicided over this.
The FinServices industry owns this country.
Spot On...
your avatar is freaking me out!
+2 Best laugh I had all day!
Holy shit,,, The exorcist..
I see it has the desired effect. It's alright, Cheeky Bastard loves me..lol
yeah man, what the sh*t?
How could you be so mean??? I don't poke fun at your avatar's....;-(
For that your in a weak position..
It's the cancer that's killing /b...ie: shock art that fails yet succeeds...is it too much...does it not have the right cultural cue? CB's Avatar = doing it right. buuuhhhttt, I wouldn't take unwarranted attention to the priority of the state your Avatar...I mean it's just an avatar...alright?
stop whining!
I think the more people hear Dr. Paul, the less kooky his reputation becomes. He's painted that way by his opponents because they fear he is pointing too close to the truth.
I agree that it's an uphill battle though. Just that the slope is getting slightly less steep.
We need to listen to what the average person is being told and not let our understanding of the big picture influence what we think others already know or will do. For example, I flipped on NPR radio this morning and I listened to a conversation between the news reporter (a man) and the person talking about the Fed (a woman in this case). Both of these people are supposedly reporters and reasonable informed. This was the 10 minutes before the hour business report.
The man mentioned that the Ron Paul audit-the-Fed bill had overcome one Congressional hurdle and asked the woman why we wouldn't want to audit the Fed. He also asked about Ron Paul. At one point, the woman said "As crazy as this sounds, Ron Paul has been trying to introduce this type of legislation since the late 1980's" with a dismissive tone of voice, which tells you all you need to know about their point of view.
But it got worse when the woman was asked about Obama, transparency and why we wouldn't want the same at the Fed. She replied that of course it is already audited, the FMOC committee releases the minutes of the meeting much sooner than previously and it would hurt the economy if the Fed were subjected to Congressional influence. Facts damn you, nothing but the facts. Silly Ron Paul off in the deep end of the pool again.
No comment about anything else the Fed does or doesn't do. The average person has no idea what the Fed is, what it does, how it influences the economy, what damage it can and does do and so on. I've been talking about the Fed in general terms to my clients for years and they still don't get it. This is because I'm pushing against massive and deliberate misinformation and fear mongering by not only the Fed and banks but by the media as well.
At best, we don't have reporters any longer, we have repeaters, unquestioning servants who simply take the press release or "facts" as handed to them, reword it a little to make it appear original and then spit it back out to the public as fact. Just because we understand what's going on doesn't mean others do or even care to know.
The more concerned the average person becomes about the good ship USA, the more they tune out the details. Most people are frozen in place, desperately hoping things will get back to normal so they can retire like they planed to do a few years ago. People listen to (and want to believe) lies because they're being told what they want to hear, that things will be OK, that this is just a rough spot, we will eventually come out of this on the other side stronger than ever, that house prices will go back up etc etc etc.
Magical thinking at its worse.
ugh. You're a real party pooper you know that. ;-P
Thanks for the thoughtful comment. I'm guilty of my own type of magical thinking sometimes.
*edit: although I am heartened somewhat by the fact that Paul's book is a best-seller, for what it's worth. (Probably nothing, now that my parade is all rained out.)
We must all overcome a very large and uncomfortable hurdle and comprehend that most people would rather be lied to and told what they wish to hear than to seek out the truth and deal with it. You and I both know that with just a little effort, the average person could quickly become informed as to the condition of this so called recovery and the actions of GS and friends, the Fed, Congress and the rest of the rouges gallery.
That this isn't done by We The People speaks loudly to their desire to remain in denial about what's going on. This doesn't mean we are doomed, only that we, the informed, have an obligation as aware citizens to begin to overcome this natural confirmation bias the public has to listen only to info they want to hear and slowly bring them back to reality.
If not you and I, who? If not here and now, when? It's not the responsibility of ZH or Market Ticker or Calculated Risk or whatever blog or web site we wish to point people towards to fight this battle. It's our responsibility. It's about time we take our country back and fight our own battles.
I'm doing it in my community. Will you do it in yours? Will everyone do it in their community? When will we stop demanding someone else form a posse to round up these bastards and begin to take responsibility for our own little patch of ground. There is no savior coming. We either help ourselves or we go deeper down this rabbit hole.
The choice is entirely ours and it's the most personal decision we'll ever make, to get involved or to wait for others to fix this. Let's be brutally honest here. If we aren't willing to do something, why in God's name would we ever think someone else would?
CD - We are the people we have been waiting for.
+1000
Thoughtful, and beautifully articulated. This is leadership. The Butterfly Effect. Thank you!
+100
I needed that...thank you.
+1000
It's a game of inches, CD,
http://www.youtube.com/watch?v=myyWXKeBsNk
I agree with your sentiment, and have often tried to tell those around me what's really going on. Either they don't care, say the subject is 'too complex', or worse, repeat the nonsense they hear as gospel truth. It's almost akin to dealing with someone who's convinced gravitgy doesn't exist; you get to a point where if they refuse to see the charade--or even the possiblity of it--it's quite frustrating.
All that said, it is still up to each of us to be familiar with the subject, continue to read between the lines, and help others to see what's really going on. Only then can they (& we) have the capacity to make wise choices as it relates to our financial lives.
uhhhh, although I agree with you on principle; there is one little problem. According to modern physics, gravity doesn't exist. What we experience as 'gravity', is actually space-time being bent by the mass of an object, and is only the 'shadow' of a force that may originate from an extra dimensional source.
From Wiki:
Several decades after the discovery of general relativity it was realized that general relativity is incompatible with quantum mechanics. It is possible to describe gravity in the framework of quantum field theory like the other fundamental forces, such that the attractive force of gravity arises due to exchange of virtual gravitons, in the same way as the electromagnetic force arises from exchange of virtual photons. This reproduces general relativity in the classical limit. However, this approach fails at short distances of the order of the Planck length, where a more complete theory of quantum gravity (or a new approach to quantum mechanics) is required. Many believe the complete theory to be string theory, or more currently M-theory, and, on the other hand, it may be a background independent theory such as loop quantum gravity or causal dynamical triangulation.
http://en.wikipedia.org/wiki/Gravity
"Either what I am saying to you is very enigmatic, or you're just starting to feel the band-aid coming off." - Mackie
I flipped on NPR radio
There's your problem, just say no to radio Statism and its commu-fascist ideaology. It really grinds me when people slurp the "NPR is an unbiased, informed source for a balanced and throughful perspectice" lie.
I gave up for good last Spring when Steve Inskeep kept badgering an interviewee on why Obama had to deal with bankruptcy and couldn't just use his presidential powers to force a new GM agreement with the bondholders outside of the courts.
The interviewee was polite and cordial but finally pointed out that Obama is not a dictator and we live in what is supposed to be a democracy with the rule of law. That marked the end of the interview.
One of the ways I stay out of Alice's Wonderland is to constantly challenge my thinking and assumptions. Because I need to know what people are being told, I try to listen to contrary information, or at least information everyone else is listening to. I wasn't listening to NPR for the news but rather listening to what people are being told is the news.
We are being subjected to a psychological warfare operation of unprecedented proportions that is insidious in its scope, magnitude and detail. You, your neighbor, your friends, your enemies are all being lied to on a massive scale by people who do not have the publics' best interest in mind.
The thing I was trying to point out is to remember that even thou you are awake, the vast majority are not. Just because someone may say to you "Yeah, the government is screwing us" or "The banks control the world" doesn't mean in the least bit they really understand what's going on. In fact, many people will say these types of things as a way to feel better about their (at least in their minds) hopeless situation. Gallows humor or resignation doesn't mean they are informed, aware or even ready to take a stand and fight back.
Most people, when in possession of an ugly truth, will repress it, not metabolize it.
Yup, and thank god for the internet......and let's hope it's power continues to grow.
Yes, this is why I, too, make myself read/listen to the sources others trust for their "news," though often too painful and infuriating to stomach. It 's revealing, keeps me on my own toes, and helps me understand the psychological war being waged on those who do not yet comprehend.. helps give one ideas on how to reach them.
Yes and no, CD, yes and no.
While I avoid listening to NPR --- in a rare moment I turned it on last night (to two NPR stations with differing programs) and heard someone singing the praises about the Totalitarian Capitalist/Communist state of China, and on the other that neoliberal clown, Nicholas Kristoff (why does every clown always have either a Pulitzer or a Nobel in Econ?), pining away in his support of the corporations and the corporate fascist state.
But on Democracy Now this morning, Amy Goodman interviewed a self-aware student activist from U. of Cal. who cogently and correctly tied together those toxic derivatives the clowns of Cal. state government had invested in (interest rate swaps, CALPERS, and the toxic derivatives sold against the student loans and student fees' revenue streams, etc.) and laid the blame correctly where it should belong -- and definitely not on upping the students' tuitions!
Yes, few people are familiar with the Fed being a private entity (Lewis v. United States, 9th Circuit Court), and few understand the specifics, but more and more are comprehending the colossal enormity of the bankster scam being perpetrated on us.
All is not compleley lost yet, it just appears that way.....
Thanks for the feedback.
I do not think all is doomed at all. We have a very good chance if you and I begin educating our fellow citizens. We can't rely on "others" any longer. And I didn't say good information wasn't getting out there. But for every person who listened to Democracy Now this morning, I would hazard to guess 100 were listening to main stream media projectile vomit "the news" as scripted.
We are involved in an asymmetrical war of information dissemination to control the public mind. Worse, while the average person is beginning to suspect something is seriously wrong with their news sources, they still maintain a fundamental belief in main stream media's capacity to tell the truth on the really big issues. They would rather believe the media is being prevented from telling the truth by those lying bastard politicans and banksters.
The concept of the "Big Lie" supported by MSM is not taken seriously by either side of the political spectrum, for to question the idea we are not being told the truth by our "free" media would require we also begin asking basic questions about ourselves. Most people simply couldn't stomach the idea they've been played the sucker for decades and either didn't know about it or they suspected but did nothing. It intrudes to deeply into the national religion of the exceptional American fighting for truth, justice and the American way of life. People wish to think they are too smart to be lied to on such a massive scale.
Better to stay asleep than confront that cognitive dissonance.
Oh, yeah. Time to wake up, with Roddy Piper!
http://www.youtube.com/watch?v=LHaUgFKq8_g
NCO's must lead the way here. Your post is right on time, right on target.
Freudian serenity of Wish Thinking, false security in consensus..
Ron Paul is the man knocking on your door to tell you that your house is on fire.
Of course the "Congress Club Circle Jerk" boys call him a kook. He is an outsider.
Those who have know OBGYN Dr Paul since he first ran
for Congress and sat oin the Banking Committee know
he is rock solid and anything but kooky.
He helped legalize gold again in 1975 after a 42 year
confiscation ban, much of which became 22 karat coin
melt. And now some may be gold-plated tungsten...
Those who have known OBGYN Dr Paul since he first ran
for Congress and sat oin the Banking Committee know
he is rock solid and anything but kooky.
He helped legalize gold again in 1975 after a 42 year
confiscation ban, much of which became 22 karat coin
melt. And now some may be gold-plated tungsten...
Those who have known AF Flight Surgeon OBGYN Dr Paul
since he first ran for Congress and sat in the Banking Committee know he is rock solid and anything but kooky.
He helped legalize gold again in 1975 after a 42 year
confiscation ban, much of which became 22 karat coin
melt. And now some may be gold-plated tungsten...
I have to disagree with your statement, the more people hear mr. paul, the less kooky his reputation becomes. What people need to hear is OTHERS sayign the same thing. In general, Mr. Paul does come off Kooky when he speaks. THat has been one of his few flaws. Unfortunately, the ones that agree with him never get the air time. They have always allowed Mr. Paul his 2 minutes...because they knew the effect of him speaking would silence what he was saying.
If your could point to some video or audio clips of Dr Paul sounding kooky, I would appreciate it.
Granted there are plenty of commentators who mock him and his message.
I do not know what their credibility ratings are though. Apparently CNBC is having a worrisome time maintaining viewership.
I think he sounds different from the rest of these message playback tool boxes that are called Congressman and Senators because he speaks his mind and is not hedging with every carefully chosen word and phrase.
For that reason he does seem different from the rest of the crooks, because he is not like them.
ron paul reminds me of grandpa walton. he only sounds kooky to those who are not used to that homespun american drawl that has been filtered out of the american consciousness.
now, mike gravel, that cat is kooky...like grandpa simpson.
Dr. Ron Paul sounds kooky to 99.9% of Americans....because he is an educated intellect, he knows whats going on, and when he speaks, I listen.
OT
Everyone is aware that the federal US deficit is being funded by monetization by Fed. Since 50% or more of budget is deficit, and because the surpluses long generated by mercantilism by EMs are dwindling in this depression, foreigners are decreasing Treasury purchases. Even if they wanted they couldn't continue to fund USA.
Thus, you can factor how much the dollar is going to go weaker in an exponentially increasing fashion.
No fool country is going to continue to send good money after bad to fund the retirements, welfare, UE benefits, and foodstamps for USA.
Everyone's eyes are on the fire exits but all are frozen with fear between the disaster of oncoming fire or disaster of panic stampede.
I agree with primus... the Chairman isn't going nowhere.
Congrats, according to Vaja neither are you!!! Timmy...
Oh dear, Chairman Summers. Further Fiscal Policy in the Monetary Palace. Wasn't there once said something about the casting of Keynesians from the Temple?
a vote to confirm bernanke = a vote of approval for the current economic situation
a vote to confirm bernanke = a vote for more of the same
dodd is up for re-election in 2010. he may just throw bernanke under the bus.
the winds of change are blowing
One thing's for sure, these Beltway critters will be looking for a sacrificial lamb pretty soon. Those up for re-election in the mid-terms , including Dood, are climbing the wall of worry . The anti-incumbent crowd is getting louder. And the pro-Obama Independents have jumped ship.
They could propose a sacrificial two-fer......Ben and Timmy. Then profess their leadership in moving America's economy in a different direction. Other than down , that is.
Geithner is now a near-certainty. http://www.zerohedge.com/article/frontrunning-november-18-0#comment-137550
Turbo Timmy is on the menu for the December sacrifices.
The rest of the "economic team" needs to follow.
I think that our ruling "elite" are beginning to panic. I can just hear them chatting behind closed doors, " Gosh I long for the days when the sheeple were employed, now they all have too much time on their hands and the phone in my office is blowing up". "It's almost dangerous to go anywhere, and what's with the protests". " Can't these people just go back to sleep"?
Silly predators forgot about anti-predator behavior, the prey eventually evolve, with humans that evolution can happen alarmingly fast.
Very true. The sheeple have awakened from their slumber, and the Congress critters are worried.
Yup! Google is getting more and more hits on "digital guillotines"....
And yet the crawl on CNBS says, "Congress wants to control the fed". The smear campaign has begun. They want you to think that - heaven forbid - congress will control the Fed if this bill passes. No mention of the word "Audit". Liesman is in full spin mode.
Indeed, this is what the propaganda strategy is going to be, and why the vote was delayed.
I think there are a core constituency of citizens (primarily Democrat, if my sense is correct) who already believe Barney's "this will politicize the interest rates and only cause trouble" spiel.
The Paul-Grayson camp needs to go into full offensive mode.
"The Paul-Grayson camp needs to go into full offensive mode."
I think Grayson is putting on fatigues and face paint as we speak...er... type...
http://www.youtube.com/watch?v=dOM8wvMuOfg
What does Beardface sound like in the woods when no one is around to hear it?
Like the wind between two clapping ass-cheeks.
Random (idiot?) observation... please comment. Just went to my local BAC branch and asked the teller for a 5K withdrawal (75% of what's in there) and she muddled off to get the manager. They spent 10 minutes conferring over my license and ATM card and then comes back with cash in hand. Starts to put it on the counter and says, "Oh, I forgot to get your receipt." Comes back with the receipt and asks me to sign, so I do without looking at the total (I know, I know...), then she starts counting. All the way to 4K. I look at the receipt and see 4K so figure, whatever, fine, not worth another 10 minutes as I'm off to open up savings/checking at a local credit union.
I plainly stated 5K to her, but her and the manager come back with 4K. I could have made a fuss, but does that seem odd to anyone else? 1K difference is gonna hurt the branch on a Friday (and they do commercial/business accounts there with a dedicated line for such)?
Thoughts? I'm gonna run over to the ATM and see if I can get another 500 just for sh!ts and giggles, but I found it interesting and I'm sure they were relieved they pulled that wool over my eyes. I lied and told the teller I was going car shopping and cash was best to negotiate with. :-)
I have had trouble after trouble withdrawing amounts over 1000 from BAC. They consistantly search for any reason they can deny my withdrawl. Unlike you, I am a bit of a... how do you say...I tend to choose to press the issue, so I had a complete fit at the counter repeating the phrase...
"It's MY money, NOT yours! Give it to me NOW!"
I think they thought about calling the cops once, and I wanted them to, nothing would have made me happier than getting arrested for withdrawing MY money out of MY account.
Bitxez...
+1
I'd love to see someone organize a day when everyone with account at BAC or any TARP bank walks into their local branch and withdraws their money and then deposits it into a local community bank.
Perhaps ZH could start this movement and the community banks can buy some SuperBowl ad time.
You know, that's one of the better ideas I've heard all day.
Forget protesting in the streets - organize a bank run, with press in attendance.
Just speaking hypothetically of course. (Hi Big Brother, nothing to see here.)
"Wait, let me get this straight.. you don't have enough money on hand for DEMAND deposit accounts? Fractional what? Hmmm..."
I'm pretty sure that organizing a bank run is illegal.
I fully support what you're saying but I assume you understand that anyone actually using the terms "organize a bank run, with press in attendance" will most certainly be considered a terrorist.
In fact, I thought I remember reading a section of the bailout bill passed last year that says anyone attempting to deliberately destabilize a bank (can't remember if it applied to all or just federally chartered) is considered to be violating national security laws.
What I'm really saying is the subservient press and many average Joe's will not show up once the FBI, NSA and the Department of Homeland Security remind everyone that there are still rooms available at Guantanamo and they'll leave the light on. Terrorism isn't just for terrorist.
It can be done. It just needs to be promoted properly such as "support your local bank" day.
The true intent can be passed on by word of mouth/e-mail/internet.
That's the ticket. To steal a page form another movement, think globally, act locally.
Isn't that Wall Street's motto? Or is that "think globally, steal locally"?
+1
You know the cliche, hit 'em where it hurts.
I did the very same at a PNC branch yesterday. I closed out a money market account, had to be done by a manager. I told him I don't want to leave money at a bank that took tarp. He said all the banks had to take the money and, anyway, PNC had paid all their's back. I corrected both errors for him.
Dood, please keep the volume down a bit. The banking system collapsed over a year and a half ago (or was it back in 2007?), it's just that hardly anyone realizes it yet.....
Amen. Or, if you prefer, "so say we all".
The ball is beginning to roll, we just need ZH to keep up it's job as the locus of this discontent. More specifically, as things escalate it need's to become Ground Zero for organization of the masses, or at least those leading the masses. Today's "Were you affected by the ICE Screwjob" post is a perfect example. A class action would be beautiful - what these people fear most is disclosure.
In all of this hubbub, I don't think the elites have in any way been able to understand and account for the power of the internet. Not that they haven't had glimpses (Iran), but they simply cannot understand, let alone stop, "the internets". I'm sure it's been uttered a thousand times here at ZH, but sunshine truly is the best disinfectant. Needless to say, the internet is the genetically-modified, steroid-fuelled disinfectant from hell for those seeking to hide the truth.
As others have mentioned, the tide can change very, very quickly. We've seen that the Fed can maintain the status quo at this level of unemployment/discontent/etc., but what happens when, as a commenter here noted, China decides it's time for economic armageddon and things get really bad? The US and EU have political and social chaos, while China rides outs the storm and comes out the other side the pre-eminent global economic power. From a geopolitical perspective, these are wonderfully intereting times for us, the hapless audience.
Cool!
And then some rookie cop tasers you and the next day you are entertaining offers from "60 minutes" etc. (Leslie Stahl does the "financial" stories right?)
Andrea Mitchell, Alen Greenspan's wife, would have been more, ah financial
...and you still have a bank account with BAC? Or any bank that took TARP?
Talk about being part of the problem.
OK Anon 137683
http://money.cnn.com/news/specials/storysupplement/bankbailout/
Here is the list of TARP recipient banks. As you may recall, many banks were warned to "go along" and take the money or face "consequences"
So folks we should only keep balances on deposit with banks NOT on this list. Hope none of you will have to drive more than 50 miles to make a deposit or withdrawl. And if you are used to full service online banking you might want to think about giving that up too.
wow...I've never actually looked at that list. There are several who have paid back, but most have not.
http://money.cnn.com/news/storysupplement/economy/bailouttracker/
This link appearing at the top of that CNN bank list is the total TARP outlays. Sure to induce instant vomiting.
I assume accuracy. It is CNN though. They could fuck up a 2 car funeral.
But it actually sounds fun to repeatedly bring the balance to zero by demanding a few thousand in cash. By closing the account, you only get that pleasure once.
I do have my checking account with BAC.
I'd yank it but my wife is the one that uses it so I haven't wanted to rock that boat (she loves the website features). But for a concerted effort at revolution, I'd gladly pull our funds.
I'm waiting for everyone to get fed up enough that we pull our money and crash the system
I had to make an "appointment", if that is the correct word to withdraw $20,000 from Northern Trust a couple of months ago. Had to wait a week to get the cash. Just saying.
Cash is in backwardation...? O,o
And NT was in relatively good shape. CRE exposure yes, but not the massive level of consumer and toxic asset garbage.
Sounds like arrogance to me? If any cocksucker made me wait more than 5 minutes for $20k I would demand it ALL right there on the spot in front of all the "cultured" cusomers.
If I were a bank manager, the last thing I would ever want to hear was someone loudly proclaiming "Give me my money! Where is my money! Why don't you have my money!"
Making someone wait for a withdrawal, especially a large one, is just foolhardy.
EXACTLY my sentiments. A prudent thing to do too - who knows if they might go bust tomorrow?
I would start screaming, I want my fucking money, Give me my fucking money, someone please call Fox News..lol
Sqworl, you are one hot mama. And I am sure that an on air personality at Fox thinks so as well even if your bank manager is a bit shy.
Thanks Miles..Polar ops...It was not an easy task finding this avatar. Even at a glance, I start lol...x
You sound like a very nice person,,Keep the damn thing!! I'll adjust.
Cheers
Depending on the size of your local branch, this may be (if not reasonable), understandable. I work at a smaller financial institution, and we occasionally have to have people wait for large cash withdrawals because we need to order additional currency.
So what is the problem? Ben has the presses going full blast night and day.
This is normal, even when we are not in recession. Banks usually keep only 20k-50k on hand to meet withdrawals. It is just good manners to tell them a few days in advance if you want to withdraw more than $2k or so at a single go.
I believe I might speak for a few others when I say, if you're withdrawing from a bailed-out or backstopped bank, fuck good manners.
Yeah man. These bank minions forget that some of us haven't accepted slavery as our fate yet. In fact, I'd try to make it AS INCONVENIENT AS POSSIBLE for them assholes if it were a TARP bank.
Right. So you mean to say I should inform some unknown individuals in advance that I plan to withdraw a large amount of cash from a particular location on a particular day. "Good manners" you said? No thank you. I'm more concerned about the safety of my money than f--king "good manners". BTW, are you at all familiar with the concept of privacy?
Really depends on the local customer base's transaction flow. I have seen branches (resort areas, NYC etc.) that keep well over $100k on hand.
As far as manners go, mine were all done around 2002 so I would just say "give me my fucking money now bitch" They should have known I was coming.
Withdrew $50,000 from Wells.
It took a very long time to count 500 Ben Franklins.
And of course Uncle Sam gets a report...
Sam gets a report on any cash over $10k even if you had it on deposit for 30 years? What kind of bullshit is that?
When who knows how many members of congress, lobbyists, pageboys and sole lickers have an account at UBS????
WTF?
I think 10 grand is the trigger for notifying the Gov. Was enacted years ago to help curtail money laundering. But FYI - it's the same with purchases of gold. Why you buy slowly over time when acquiring the physical specimens. Wouldn't want to advertise to loudly...
Man, I say go to the bank and get it ALL out - right the f--k now. Does not pass the smell test. Think about it - would you want to be standing in line - or worse, in court - with a thousand other people trying to extract your money from a dead insolvent bank. What if there is a bank holiday? What if they begin imposing withdrawal limits? And worst of all - what if the currency is devalued overnight like they did in Argentina (in which case merely withdrawing cash would do no good - you would have to convert it to precious metals)?
forget about your local credit union, buy gold and silver with the cash.
They have some nice rifles, shotguns, and pistols over by where the ATM I'm heading to is (Bass Pro Shop). In fact, I was in there hanging out by that section pretending to look like I knew what I was looking for and a guy who was buying a handgun was told by the clerk, "All we have is for personal protection - $25/box of shells." Don't know what he was looking at, but another guy had bought a rifle and they were loading it up. I did see all kinds of various birdshot available on the shelves, but not sure what they had for the rifles behind the counter. It looked 80% stocked to me, whatever was back there.
I'll report back in a bit to see if the ATM lets me withdraw or if I've "maxed out" for the day.
Yeah, 'personal protection' - the good stuff is easily more than 1 U$D per round (shell + gunpowder + bullet = 'round'). That would be the hollow-points. Which is not so healthy for the assailant you are 'stopping' and much healthier for the innocents in the background. The hollow-point expands the bullet to transfer all energy ('knockdown' power) into the assailant - instead of passing straight through and hitting someone/thing in the background. So hollow-points are actually better for society - law enforcement uses them - the intention isn't to kill as much as it is to stop the individual from whatever felony they are committing or about to commit. I would question the judgment of anyone packing heat that didn't have high quality hollow-points in their magazines. But you would be an idiot to practice with it at the range ($$!!). So all the FMJ (full metal jacket) ammo is probably gone because: 1) it's less expensive to stockpile 2) that's what they will be using at the range.
Ever walk into a shoe store these days and they have a table full of shoes on sale? You get a little excited and you start mulling over what they have in your size. After seeing a bunch of 8's, 9's, and a coupla 13's, you finally see something that should fi. But it's a hiking boot.! Or it's a ******* blue glitter basketball shoe.
Eh!
Other than being on sale it's the same with ammunition - the odd calibers are a plenty. And anyone stocking up knows it's more important to have what someone wants than the other way around. Your best bets are 9mm, .45 ACP, .40 (popular with law enforcement and mall ninjas), .22, .223 (5.56 NATO), .30-06, .308 (7.62 NATO), 7.62x39 (for AK-47's), and buckshot (not birdshot, which is really inexpensive compared to buckshot).
This may seem like a long list, but it's not in the world of guns. This is like saying: U$D, Yen, Euro.
Online (cabelas.com, midwayarms.com, ableammo.com, etc) you can still find a lot of good stuff; and even if it's backordered you can get 'in line' by placing an order. I know that Cabela's won't charge you until it ships - but in local gun shops, etc you may be out of luck - first come, first serve (unless you are an inside trader). It would be very, very wise to have a couple boxes of high quality 9mm, .45, and .223 sitting with your precious metals collection - even if you don't own the guns to shoot them with somebody is going to be very, very happy to trade with you. And if it gets really bad, where the hell are you going to get full value for your gold during the next 2 or 3 years while the system stabilizes and reputable dealers emerge?
Just about anybody will want your silver and gold (what's palladium?), but a lot of people will tell you: "Look, mister, I like that shiny stuff, never seen that much in real life, but my family has to eat, ya hear? I frankly don't have much to offer that I can part with. Ya got any ammunition?" Pistol ammo (9mm, .40, .45) is a lot smaller so you can store/transport more of it with ease. My bet is that will be the coveted stuff in the cities because anyone carrying around a rifle will either be shot by opportunists or law enforcement. Yes, pistols are not for hunting four-legged animals (not effectively, anyway) - they are for equalizing any sketchy situation you may encounter with two-legged critters. Why use judo, karate, jiu-jitsu, etc when you can flash your piece and end the conflict without any physical contact! And statistics show that opportunists are far more likely to leave you alone once they know you are armed - without a single shot fired. Now in a post-collapse scenario it would be wise to keep knowledge of your Springfield Armory XD subcompact extended-mag 9mm to a very limited number of trustworthy individuals - if you have to tell them at all! No need to frighten the hens. And if schemers find out you have one they'll find some way to get the drop on you and kindly remove it from your possession - that's when it would be good to know some weapon retention tactics.
Has anyone ever done a piece on ammunition as an investment? Is that 'allowed'? Better to ask for permission than forgiveness? I know you'll make the right decision, Marla.
love it.
So, considering all that, would it make sense to have a firearm that shoots ammo that is not in high demand? Or is that taking the logic too far; i.e. the demand is there for a good reason.
It'll be like anything else out there: it'll be out there somewhere, but probably hard to find - having to search out for what you need will eat up various, limited resources: time, energy, barter items you could use for something else, like toilet paper. Plus, if you ever wanted to trade/sell the gun the buyer would probably want a discount. Shooting is a perishable skill, like any other. That's a lot of ammo. You can never have too much of a common caliber. Apparently DHS becomes interested in purchases over 1,000 at a time - but like all freedoms they think it is bestowed to us. If I had bought 10,000 rounds a decade ago I'd be able to sell it for 2-4 times what I bought it for. Compare that to gold. The only reason you would want to own gold is to use in exchange for what you really want down the road, right? Save yourself some time and figure out a ratio based on your needs.
If you are thinking a Mad Max scenario, you will easily be able to acquire gold if you have gunz n ammo - the converse will not be nearly as reliable an assumption.
I'm just hoping Tina Turner's on my side.
Yes, psychopaths will have a clear advantage in the hunter-gatherer sense. They won't be worried about duvets and ******* Martha Stewart. They will take what is 'theirs'. These are the people us good (quasi-good) peeps will have to keep watch for and 'restrict'.
Mad Max? I'm thinking middle of the road; like a long-term Argentina 2001. But since we are witnessing a global collapse and possible war I wouldn't bet on daisies and pumpkin pancakes. I mean, people actually think they'll still be able to get everything at the local supermarket.
Hahahahackhackha!
Ya think those truckers are going to fill their gas tanks with $3.00 petro forever? Whaddya think the US will use to pay all the container ships sitting off the coasts when the U$D isn't accepted anymore? Spray-painted tungsten! Oh wait, we'll have solar-powered ice cream trucks for everyone! Yay! We'll innovate - just like always! We're Americans! We're the bestest!
I love the Constitution as intended by the Anti-federalists, Thomas Jefferson, and Ron Paul. For these things I hold hope for the future. But our country doesn't have a chance at saving itself from our current form of government (whatever it is) until televisions are shut off nationwide.
Truer words were never spoken. Loved your commentary, BTW.
This has to be one of the things that keeps 'them' up at night: An actual widespread run on the banks. Can you imagine the chaos and havoc this could cause with 20% unemployed?
Unfortunately, I think before it is all said and done with, that's what is going to happen. I don't think Timbo, Lloyd and Berskankie will be able to channel Jimmy Stewart's 'It's A Wonderful Life' performance to instill confidence in the system this next time around.
Martial law, here we come!
Wamu: $9 billion in 10 days. Sounds like a run to me or at least a fast trot!
I went to w/d $300 from my ATM. They have changed the software on the device to make it very very slow. The menu is completely rearranged and unlogical. The $300 option was removed from the "fast cash" choice. I entered $300 manually. The machine whirred and clicked for five minutes. It printed and dispenced a receipt for $300 withdrawl. Then it whirred and clicked longer and a full minute later it displayed "unable to dispence cash".
There is no reason to alter efficient software in an ATM to cause it take over five minutes to not complete a transaction. I believe this has been done to discourage people from withdrawing cash.
Pertinent response: FAIL
Yes!
In the past 6 months, I have had two large CD's mature at Chase, which I have promptly wired out to a small, long-standing, risk-averse community credit union.
Took me over an hour each time to get them to release my money. They tried every trick in the book, all the while trying to disguise their panic.
They actually claimed they needed to cut me a physical check, and that I FedEx it to the Credit Union in another state, rather than releasing the wire!
Had the feeling they'd been asked to collect and report back detail about those who were closing accounts and moving funds, therefore bit my tongue to remain nonchalent as they wasted my time...
I quietly watched, observed, gathered information, while refraining from revealing any about myself. None of their business.
I'm keeping one, FREE checking account open at Chase with a $5 balance, just for grins.
Same issues here. Also, an epayment from BOA to my cc co was delayed...by TWO WEEKS!
Needless to say, I closed out ALL of my BOA accounts. Really beginning to wonder if stuffing the mattress isn't a bad idea.
Anyone have any idea when hearings for Bdernanke's confirmation will be scheduled?
December 3rd first hearing, final vote in 1-2 months, it's in the clip @0:35.
It's looking more and more like it just might require another bout of "financial panic" to secure Zimbabwe Ben's re-appointment.
I wouldn't be at all surprised to see a lot of shit hit the fan between now and the end of the year.
The non-believers need to be reminded of how clearly indispensible he is.
In last few days, I wired several 100K from BAC to an overseas location(s). No problem.
Something doesn't feel right. It's unsettling.
Got gold yet?
Mother should I trust the government?
Hush now baby, baby, dont you cry.
Mother's gonna make all your nightmares come true.'
-Pink Floyd
'A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship. The average age of the world’s greatest civilizations from the beginning of history, has been about 200 years.'
-Alexander Tyler
'The nation is of age and it can do what it pleases; it can spurn the traditions of the past; it can repudiate the principles upon which the nation rests; it can employ force instead of reason; it can substitute might for right; it can conquer weaker people; it can exploit their lands, appropriate their property and kill their people; but it cannot repeal the moral law or escape the punishment decreed for the violation of human rights.'
-William Jennings Bryan
'We all want to believe that the key to making an impact on someone lies with the inherent quality of the ideas we present. The size of the crowd in the theater has a big effect on how good the movie seems.'
-Malcolm Gladwell
'Some people without brains do an awful lot of talking.' -The Scarecrow
Imagine Dorothy as the beguiled American public, the scarecrow as representing indebted consumers, the tin man symbolizing industrial workers, the cowardly lion as the Masters of the Universe and the Wizard as the Oracle of Eccles.
And the yellow brick road as the debasement of the sovereign scrip where Dorothy can return home to prosperity by following this path.
A rhyming version of what many folks think was a hidden message within the Wizard of Oz.
Back then, the United States was on the gold standard. When there was malinvestment causing overproduction, prices fell.
William Jennings Bryan, represented by Baum as the cowardly lion, argued for the right to coin money and issue money as a function of government. He contrasted his platform of legislating to make the masses prosperous whereby their prosperity would find its way up and through every class that rested upon them with his opponents' platform that Bryan derisively opined held fast that if you just legislate to make the well-to-do prosperous, their prosperity would leak through on those below. His opponents argued for sound money.
Today's cowardly lions ,or Nancy Capitalists, are the Masters of the Universe that have literally been given the right to coin money (saved by zero, money for nothing) and issue money (FDIC guaranteed debt, the chits are free.)
Today's Wizard of Oz, the Oracle at Eccles, argues for sound money. Hiding behind the 'I Can't Beleive it is not Capitalism' curtain, he too has been shown as a fraud.
Today's malinvestment cannot and will not result in prices falling, says the Wizard.
Pay no attention to the marks behind the curtain. The operating levers secretly lubricated by the debasement of the scrip cannot be disturbed, discussed or disclosed lest the Emerald City be laid to waste.
Bryan said 'You shall not crucify mankind upon a cross of gold.'
Sorry Bill, the cross has been sold, leveraged, rehypothecated, and is being leveraged again. Sound money is now found money. For the masses? The Dark Side of the Rainbow.
Oh, and in L. Frank Baum's original novels, Aunt Em and Uncle Henry find a refuge in Oz when they are unable to pay their mortgage on the new house that was built after the old one was carried away by the tornado.
'Nuff said.
Bernanke is guilty of treason. All those who confirm him will be labled as the traitor's friends.
I was thinking YES on that
Perhaps the bigger threat is an attack on the White House by the House of Rothschild (War of 1812)?
On 20 November 2009, thousands of emails and other documents, apparently originating from the Climate Research Unit (CRU) at the University of East Anglia were published. If true they will deal a serious blow to climate change advocates. The following link is to a site that has organized these emails into searchable directories:
http://www.anelegantchaos.org/
Whats the best bank in Canada to buy physical gold from? Fort erie/ buffalo area?
Wait till they find out that the 1/2 trillion did not go to any foreign central bank. The "I do not know" answer will make perfect sense then.
I thought it all went to SocGen and DeutsheBank...
To all of you asses that were bashing Project Mayhem's H1N1 piece the other day check this out.
http://www.who.int/csr/disease/swineflu/notes/briefing_20091120/en/index...
http://www.who.int/csr/disease/swineflu/notes/briefing_20091120/en/
Here's the link
Oh by the way...
666 years ago , according to the narrative of Gabriele de’ Mussi the medieval Black Death apparently got its start at the Black Sea Port of Kaffa, a Crimean trading post.. an area now located in modern day Ukraine