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Congressional Petition To End The Giant Sucking Sound Known As TARP
Tim Geithner will have some explaining to do to his banker backers why Congress is not too happy with the ongoing Wall Street bailout known as TARP. Congressman (D-NH) Paul Hodes has sent a letter to Tim Geithner demanding an end to TARP at its properly scheduled end date of December 2009, instead of extending it well into 2010. The letter's message, which any rational human being would immediately endorse, especially now that even Bernanke has said that the economy is doing well, has the signatures of 28 members of Congress, both Republican and Democrat, including HR 1207 sponsor Ron Paul. Please notify your representatives and ask them to sign this letter.
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No good deed goes unpunished...
Not if you are rich! You can always buy your way out!
Welcome to the fold Vlad.
We can always use a tad more villainy around here.
By the way did you receive my order for the 535 impaling poles I sent last week?
I need to add to that order, let's see, Bernanke....., Geihtner....., both Houses of Congress...., hmmm, have I left anyone out here I wonder?
Oh well, send what you got, and the rest when you can, we have an awful lot of political ass reeming to get done, or should I say impaling to get done.
I like your style - you'd fit right in where I live.
Thank god, a little sanity. . . and endorsed by Ron Paul and my congresswoman.
Turbo Tax Timmy will immediately place this letter in the round file, the same place he puts all Congressional correspondence.
Amen
While in the camp that never thought TARP was a good idea, I doubt it will be ended. TARP has transformed into a general purpose milk fund, in fact I read that some CONgress members were fighting over portions that had been returned from the banks. Sorry taxpayers, just write that money off as another loss to you.
Thought experiment. What happens to the heat on "Audit the Fed" if this thing goes through? I hope it does not make Audit the Fed less urgent. In my most parinoid, someone is doing this, to head off that. I know, Ron is on this one, but others may have other motives. Just sayin'.
They'll have to come up with a new tarp if they don't extend this one b/c they need campaign funds & pork for their home districts. I'm so over it (blah). It's so last year (excatly a year, today, I think).
So anyways, my theory is that Barney Frank is hijacking the audit legislation in order to dilute it's effectiveness :::putting on tin foil hat::: but Barney NEEDS the fed to keep his entitlement programs going & the fed must exist in order to fund the coming entitlement tsunami Barney would love to put upon us. I've always thought Geithner was being set up to be the Fed's scapegoat in the mess and I wonder if Bernanke might not go with him. The reappointment was awfully silly otherwise.
For those who do not have their representatives e-mail address on file, you can find it here:
http://www.congress.org/congressorg/directory/congdir.tt
thanks for the link ....it's pretty easy folks.
i sent the email to my congresscritter asking him to support and sign the Rhodes letter dated 9-24-09 requesting the termination of TARP.
fwiw, my critter is on the Barney committee. interestingly, he is a Dem and is on the Audit the Fed bill.
That's Hodes, deadhead.
acknowledged.
you are the lucky one. the CONs in CA do nothing at all no matter how many emails I sent to them.
thank you and request was sent.
And they still haven't gotten past the bonus season yet.
A lot of politicians will need to run for cover as the bonus
news hits. Thats what this is in a nutshell.
These gubmint types are NOT really programmed to NOT blow the remaining billions already available on their pre-approved credit card limit.
I am hopefully optimistic, yet wary. The balance may end up in the Cash-4-Houses program at $20k per pop. The FDIC needs a big chunk too.
It'll get pissed back into the banking system somehow.
Slightly off topic, but I can pull it on topic by claiming this shows the power of Wall Street lobbying and the lack of any chance that an extension to TARP can be prevented, but that would make me guilty of the kind of non sequitur Matt Tiabi shows in his latest blog where he leaks GS "Fact" sheet to Congress on naked shorting. Its kinda hilarious until you realise that this is the economic wellbeing of billions of people they're playing these games with.
http://trueslant.com/matttaibbi/2009/09/29/sec-weighs-new-rules-for-lending-of-securities-wsj-com/
The arrogance of the lobbyists is a pretty good indicator of their power.
I don't know which e-mail address to send juicy links to, so I thought I'd simply post it in this thread.
New York Magazine article on ZeroHedge. Anyone else seen this?
http://nymag.com/guides/money/2009/59457/
http://www.zerohedge.com/article/another-amusing-media-interlude
Congress has long ago given up all moral authority on this issue. But, go figure. When you lay down with whores, expect to wake up with STD's.
Goldman and Bank of Amerika run the markets along with Geithner, and beagle boy Ben. There is no free markets, only welfare capitalism and socialism for capitalism.
good articles; good articles 4 slow news day ..http://www.. hat tip: finance news & opinion updated daily
Is it just me or are some of these signatures similar to 3rd graders with crayons? I guess the two that really did it for me were Ann Kirkpatrick and Steve Kagen, although Tom Perrielo ain't much better
How bout' a lil effort in that penmanship....this is Congress, not signing a check at the dollar store.
If you are going to nitpick, how about Gene Green signing in green ink? Pretty original, isn't it?
Penmanship has gone the way of grammar, spelling and punctuation. It also tells something about the signer: people who paint with a broad brush and are not mired in detail tend to have haphazard (or artistic) signatures, those who are obsessive tend to have neat handwriting and signatures.
I, of course, am obsessive. Some say, anally so.
Email sent. My vote hangs in the balance. It is about time sanity started prevailing in Congress. Not holding my breath though.
done and done...
London Banker explains it all in a comment on Roubini's blog:
Clearly a great deal of the easy money from QE in US, UK and EU has ended up in speculative momentum in asset markets (equities, commodities, bonds) as a new carry trade. Virtually none of it has gone to financing productive investment or increased retail/commercial lending that would promote consumption/growth in the real economy. The result is a bubble in asset prices blown up by the easy money, with no realistic basis in actual consumer, business or economic fundamentals. As a result, it is clearly unsustainable. When it will burst is anyone's guess.
I think it's a pre-meditated set up that will be burst to achieve a political agenda - just as with the Lehman failure/Reichstag Fire for the Paulson Plan looting. And I think the Fed and PBs are positioning things now to burst the bubble soon - if only to forestall the Audit the Fed Bill. The PBs are being recapitalised by coordinating actions with each other and the Fed, so that they can frontrun what they know will be seminal events in market direction.
The game here for the Fed is to export losses and import profits. The mechanism for this is margin calls on leveraged investors/leveraged markets. The reason for pumping up the asset classes globally has been to benefit from the foreknowledge of this on the upside, and the foreknowledge of this on the downside. GS and buddies will all profit handsomely. The failures and major losses will all be targeted at foreign competitors and domestic competitors so that those left standing get a larger percentage of a shrinking pie.
The power to call margin is the power to destroy. In leveraged markets, the withdrawal of leverage necessitates collapse as forced selling wipes out value. Those destroyed on the downswing lose all their assets as collateral to the creditor bank. Those assets are held and then sold on the next rally. Lather, rinse, repeat = perpetual motion profit machine for a more and more concentrated and powerful financial elite.
We no longer have market capitalism. We have state capitalism which depends on the liquidity of the central bank to drive momentum in markets and determine change in direction. The Fed is about to stop QE, withdraw liquidity through reverse repos, etc., and that will force the change in direction which will justify the PBs calling margin on all the leverage extended earlier this year. A trigger even (foreign bank failure/state or municipal government default/attack on Iran) will destabilise markets. The margin calls into the uncertain markets will force liquidations, crash global markets, destroy weaker players, and create a political opportunity to force more bad legislation and bad policy through a frightened Congress.
It worked before to expropriate taxpayers of trillions of dollars. Same again, please?
Of course, this is a conspiracy theory, but some conspiracies can be very profitable and last a long time. Control fraud is always a conspiracy by those holding power, and is always very profitable and quite low risk.
Hide reply Reply to this comment By London Banker on 2009-09-29 01:09:54
A further thought which came to me when I cross posted to Zero Hedge:
I should note that the reason for choosing this thread is the connection to US dollar revaluation. Virtually all margin under global standard derivatives, prime brokerage and securities lending agreements is in US dollar. The result of a margin call by the prime brokers and major investment banks is therefore a sudden, sharp demand for US dollars to prevent default.
Foreign assets are sold and the proceeds swapped into dollars to meet the margin call. Foreign assets and currencies crash, dollar strengthens.
Look at October 2008 for the template. Prime brokers discreetly raised margin on PB clients from an average of 15 percent to an average 35 percent. Because all PB is unreported bilateral business, there was no public announcement of this and no public record of this. All the public saw was the crash of global asset markets and a rapidly strengthening US dollar. And, of course, Congressional caving to pass the Paulson Plan looting.
Hide reply Reply to this comment By London Banker on 2009-09-29 02:11:08
http://www.rgemonitor.com/roubini-monitor/257731/rge_monitor_-_the_g20s_...
Ok....But here is what is missing....
Let's call it justice....
Is it not appropriate to penalize those who have caused
both untold financial demise and emotional harm ?
Is it not now clear that it is not who might cause it again
tomorrow ....but to make those that have caused economic
and emotional damages pay up ?
This is a yes /no question....
To date....these parties have not only been financially rewarded...they are allowed to carry on business as usual....
People that are responsible for the world's biggest calamity
do not have to pay a price ?
This is not acceptable.
All of the managers of said firms who have money in the
bank have done what the SEC labels as "failure to supervise"....
No names are exempt that are causal....and it does not matter that they no longer work or currently work in responsible positions...and does not matter where they are now....and it does not matter that they do or do not hold a
current/past govt. corp office....
They were causal and do not get to be exempted....
To date...the Presidential response has been that these people are not to be taken to justice....we will get the next ones....
Think of the logic of this....
Those that benefitted brokered off economic hardship as well as emotional on a grand scale.....millions of people....
Seems to me there is a lot of justice to be performed....that so far the current President feels like the next best move is to just get over it...we will pursue the next batch....
This is not cool....and not the way to run a decent country....A banana republic is light years of this nonsense....
"Good luck with that." - response from senator's staffer.
Congress won't put down the money until you physically take it from them. Let's wake up, friends.
I truly wonder if this letter will even be read by Geithner. It seems like he would rather have even more money to waste, let alone give some back.
I am still perplexed by the fact that they got $700B to buy mortgages and to this date exactly zero dollars worth have been bought.
The banks don't need to buy Mortgage securities since the Fed is doing that for them (at full face value) to the tune of $1 trillion+.
The TARP is and always was nothing more than a CDS settlement "slush fund".
It's so god damn funny. These guy's are central planners, believe in New Keynesian Economics. They will set the tone, it's their "god-given duty". They know, through their year's of study, what's best for hundreds of millions of people.
C'mon people. This is Turbo Tax Tim-may we are talking about here. If he didn't bother to pay his fucking taxes what makes you think he gives a rat's ass about a few Congressmen?
He will do exactly as his masters tell him for as long as his masters need him. Then, he will retire in luxury, with the US taxpayers and the GS kickbacks footing the bill. Great work if you can get it, and you don't have a soul.
Timmay won't let go of his 700 bil. slush now or in 2010, this is a permanent revolver for him and his buddies.
The first thing they did was fractionaly reserve it and lever it up. They took 100 billion and turned into 900 billion of leverage.
Tyler, see John Crudele NY POST 3 part series on Paulson/Fed wall Street connection.
Updated: Tue., Sep. 29, 2009, 2:04 AM
The secret to Goldman Sachs' good fortune
By JOHN CRUDELE
Last Updated: 2:04 AM, September 29, 2009
Posted: 2:04 AM, September 29, 2009
SO, is this how Goldman Sachs does it?
"It," of course, is making gobs of money even when nobody else on Wall Street can.
And those profits then go into outrageous bonuses to employees, which cause rancor on Capitol Hill and on Main Street.
You've heard the old saying, "it's not what you know, but who you know."
Goldman Sachs knows lots of important people. That fact is indisputable, mainly because former Goldman employees are scattered around the country, and the globe, in important, decision-making financial positions.
But I'd like to make an addendum to that old saying, which I'll explore for you today: Who you know is only important if you can get them on the phone anytime you want.
Today's column is about Thursday, Sept. 18, 2008.
It's also about the unparalleled access that Goldman Sachs had to Treasury Secretary Hank Paulson, whose mission -- according to his own words -- was to bring Wall Street and market regulators (not to mention decision makers) together, so that they were "seeing the same issues, the same problems and working toward the same solutions." On Wednesday, Sept. 17, 2008 -- the day before the one I am writing about -- the stock market performed horribly.
By the end of the session the Dow Jones industrial average tumbled 449 points as investors worried about the nation's financial system. The next morning, Sept. 18, Paulson placed his first call of the day at 6:55 a.m., to Lloyd Blankfein, who succeeded Paulson as CEO of Goldman. It's unclear whether the two connected because Blankfein called Paulson minutes later.
And then Blankfein placed another call to Paulson at 7:05 a.m. for what looks like a 10-minute conversation.
After that Paulson called Christopher Cox, Securities & Exchange Commission Chairman twice; British Chancellor Alistair Darling and New York Federal Reserve head (and now Treasury Secretary) Tim Geithner two times.
Then Paulson took another call from Goldman's Blankfein.
It wasn't even 9 a.m. yet -- 30 minutes before the stock market was to open -- and Paulson and Blankfein had already exchanged three phone calls.
This wasn't particularly unusual.
On Wednesday, Sept. 17, the day the stock market was in trouble, Paulson spoke with Blankfein five times, including a pair of calls at 7:20 p.m. and 8:45 p.m. One of the earlier calls -- at 12:15 p.m. -- is listed on Paulson's log in the same five minute interval as a call to Geithner, which could indicate that this was a conference call.
If Paulson did set up a conference call, it would have been an extreme instance of putting someone who wielded a lot of power -- Geithner -- together with someone -- Blankfein -- who could profit from that connection.
And all of this doesn't include possible cell phone calls. The Treasury turned over to me Paulson's official schedule and phone records after I made a request under the Freedom of Information Act.
There's no way for me, or anyone else, to know what Blankfein and Paulson talked about during those first three calls on Sept. 18.
But it would be reasonable to assume that the conversation, coming as it did in a period of market turmoil, had something to do with what was happening on Wall Street.
So no matter how you slice, dice or excuse it, Blankfein by 9 a.m. would have had information that was not available to anyone else who makes their money trading securities. And, as you can imagine, there is a whole lot of value in that kind of inside access.
Robert Scully, a co-president of Morgan Stanley, called Paulson at 8:50 a.m. on the 18th.
But he appears to be the only Wall Street-type who was in contact with Paulson until Larry Fink, head of the private investment firm Blackrock, called at 12:40 p.m.
By then the stock market was going down again. But the decline wouldn't last long.
Stocks began a miraculous recovery at 1 p.m. on Sept. 18, when rumors started to spread that Paulson was considering a "government entity to bail out troubled banks" and that a meeting was going to be held that night on the matter.
At 1:05 p.m. Blankfein called Paulson again. Paulson would call Blankfein for the last time that day at 4:30 p.m. when he "left word."
That was the sixth time these two men called each other on Sept. 18.
That's one time less than Paulson spoke with Federal Reserve Chairman Ben Bernanke, arguably the most important person when the fin ancial markets are in trouble. But Bernanke didn't get his first call from Paulson until 9:30 a.m. -- and it included Cox and Geithner.
President Bush only spoke with Paulson twice that day. To be fair, on the afternoon of Sept. 18 Paulson did call John Mack, head of Morgan Stanley (at 1 p.m.) and Merrill Lynch's John Thain(at 1:10 p.m.).
But Fink is the only one who seems to have gotten through to Paulson anywhere near the time the market started rallying.
By the end of the day, the Dow was up 410 points in an astonishing comeback.
john.crudele@nypost.com++
Updated: Thu., Sep. 24, 2009, 10:49 AM
Paulson's rate-cut telethon doesn't ring true
By JOHN CRUDELE
Last Updated: 10:49 AM, September 24, 2009
Posted: 1:19 AM, September 24, 2009
IT'S clear that former Treasury Secretary Hank Paulson considered himself a vital intermediary between Wall Street and Washington -- a job description that not only doesn't exist but which is also fraught with potential conflicts.
Paulson, the former head of Goldman Sachs, who lobbied strongly for interest rate cuts as well as controversial bailouts of financial institutions, admitted that he saw himself as a conduit.
"I think it's my job to talk regularly to market participants, but also talk regularly to key regulators and make sure we are seeing the same issues, the same problems and working toward the same solutions," Paulson said during an Aug. 21, 2007 television interview.
In my last column I laid out what occurred on Aug. 16, 2007, the day Paulson lunched with Ben Bernanke and likely tried to convince the nation's leading central banker that interest rates needed to come down. That was a week after the Fed had already decided that they didn't.
It was also the day when the Dow Jones industrial average did a sudden 328-point reversal, turning what was going to be a horrendous loss into one that was barely noticeable. Soon after the Bernanke/Paulson lunch a rumor started spreading on the Street that the Fed was going to act.
I also explained that after Bernanke and Paulson lunched, Paulson made a couple of ordinary phone calls, which took place 30 minutes before the actions that have been deleted from his official schedule.
Later that night Paulson called Robert Rubin, another former Treasury Secretary, who was then leading Citigroup -- which owned a brokerage firm. The two men probably shouldn't have been talking, especially if Paulson had learned anything substantive about Bernanke's thinking at the lunch.
The next day -- Aug. 17 -- the Fed made Wall Street very happy with a surprise interest-rate cut that was an extremely unusual about-face on policy.
Today I'm going to look at who Paulson spoke with the day before his lunch with Bernanke -- Aug. 15, 2007 -- and also on Aug. 17, the day rates were cut. It's interesting to see the "market participants" and "regulators" that were using Paulson as a go-between.
Wednesday, Aug. 15: First thing in the morning -- at 7:05 a.m. -- Paulson called Jean-Claude Trichet, head of the European Central Bank, and left a message. Then, at 7:15 a.m., he reached Bernanke by phone. After that he called Tim Geithner, who was then head of the New York Federal Reserve Bank and is now Paulson's successor as Treasury Secretary. Clearly, Paulson wanted to get the lowdown on what to expect when the already jittery financial markets opened.
Then, in rapid succession -- and remember, this is after speaking with Bernanke for five minutes and Geithner for 20 minutes and presumably getting important information -- Paulson placed calls to the heads of numerous Wall Street firms -- Jamie Dimon of JPMorgan, Dick Fuld of Lehman Brothers, Ken Lewis of Bank of America, John Mack of Morgan Stanley, and Stan O'Neal of Merrill Lynch.
Paulson called Mack again, who he hadn't reached the first time, and then phoned Lewis for a second time within an hour. After that he tried Trichet again, this time apparently successfully. That call lasted 10 minutes, according to Paulson's official schedule.
By 8:40 a.m. -- or 50 minutes before the stock market was to open in New York -- Paulson had reached the bulk of Wall Street's elite.
Wall Street's elite could have gleaned important information just by knowing that the head of the Treasury had spoken with Bernanke that morning and was subsequently making calls around Wall Street.
Lloyd Blankfein, who took over as head of Goldman when Paulson left, didn't get one of those earliest calls, at least not from Paulson's office phone. But Blankfein did get three calls from Paulson that day, starting with one that lasted 10 minutes between 9:40 a.m. and 9:50 a.m.
At that point, concerns about the credit market and the situation in housing had caused stock prices to decline 8 percent in a matter of weeks.
Some would call that a normal correction and nothing that should have caused Washington to panic.
According to his official phone log, Paulson is the one who initiated all these calls. So it seems reasonable to assume that he was just doing the job he had taken on -- coordinating what "regulators" like Bernanke and Trichet were thinking with the reaction he wanted by Wall Street.
When the Fed announced a "surprise" rate cut early on Friday, Aug. 17, Paulson again went into overdrive.
But this time he waited until the stock market was trading and prices were up. Just as soon as a conference call with Bernanke, Geithner and a couple of other Fed governors ended, Paulson called Dimon; Charles Prince of Citigroup, where he left a message; Lewis; Blankfein, Jimmy Cayne, head of Bear Stearns; Mack; O'Neal; Ned Johnson of Fidelity InVestments; Larry Fink of BlackRock; Fuld; and Bill Gross of Pimco, the influential bond-trading firm.
Paulson received a phone call at 3:40 p.m. from Bernanke that lasted 15 minutes. Within five minutes Paulson was fielding a call from Blankfein, the third time that day.
So, my questions are: Was Paulson really the Secretary of the (U)nited (S)tates Treasury or the (W)all (S)treet Treasury. Was he looking out for our inter ests or those of his friends? Was there such a grave threat to the US economy that all the normal boundaries between Washington and Wall St. ceased to exist?
On Tuesday I'll have more leads investigators should follow. john.crudele@nypost.com
What did Hank know and when did he know it?
By JOHN CRUDELE
Last Updated: 2:00 AM, September 22, 2009
Posted: 2:00 AM, September 22, 2009
HANK Paulson has admitted that he kept in touch with "market participants" on Wall Street when he was Treasury secretary.
But did the former head of Goldman Sachs use his government position to enrich his friends during one of the most tumultuous times in US financial history?
Paulson's phone logs, which I obtained after a Freedom of Information Act request, show that the Treasury chief kept in frequent touch with a virtual Who's Who of Wall Street's power players.
But a half-hour block of time could prove to be the most intriguing bit of non-information in his schedule.
Let me start from the beginning.
I've written before that Paulson had lunch on Aug. 16, 2007, with Federal Reserve Chairman Ben Bernanke. The two men met from noon to 12:40 p.m. in the "small conference room," according to Paulson's records.
No one except Bernanke and Paulson know for sure what they talked about, but since the financial markets were under intense pressure at the time and there were loud cries on Wall Street for Bernanke to cut interest rates despite the Federal Open Market Committee's decision a week earlier to hold the rate steady, it seems logical to assume Paulson brought up that topic.
If Bernanke gave Paulson the slightest hint of what he was thinking, Paulson would have been in possession of very valuable information. If Paulson passed any of those thoughts on to people who could (and did) profit from it, then that would have been very illegal inside information.
So Paulson's admission that he spoke with people on Wall Street regularly is fraught with inherent danger. That's especially a valid question after Paulson meets with the Fed chief, as he did on Aug. 16, 2007, when a crucial decision needed to be made.
The Fed indeed did surprise the markets by cutting interest rates by half a percentage point the next morning -- Aug. 17. And since it was the first of what turned out to be a long series of rate cuts, knowledge of what was about to occur did turn out to be extremely valuable.
In fact, rumors that the Fed was about to do something -- again, information that Wall Street would kill for -- started spreading throughout the investment community by the middle of the afternoon of that day Bernanke and Paulson had that lunch. The stock market had been in a free fall all that day, but at around 3:10 p.m. on Aug. 16 -- less than three hours after the Bernanke/Paulson lunch, the stock market turned on a dime.
A 340-point loss in the Dow was whittled down to just a 16-point decline by the end of trading that day. The rumor was on the street, I was told back then and reported in 2007.
And then there was the rate cut the next morning. And anyone who was privileged enough to have gotten that information on Thursday afternoon was able to make a huge profit.
It was clear that someone knew about the Fed's move ahead of time and was trading stocks based on that information.
I always wondered what Paulson did after the meeting -- who he called, who he met. But until this week the information was unavailable. First, Treasury told me the phone records didn't exist, but then just as quickly they directed me to a part of the Treasury's Web site that had everything I needed.
That's where the gap in Paulson's schedule appears.
Paulson's official schedule says he returned from lunch with Bernanke between 12:40 p.m. and 12:45 p.m. on Aug. 16. Then he placed a call to then-Securities & Exchange Commission Chairman Chris Cox, which lasted 25 minutes. After that, there was a short call to someone who specializes in international matters.
Then from 1:30 p.m. to 2 p.m. -- just an hour before the stock market suddenly turned around -- Paulson's whereabouts aren't disclosed. In the space where there was once writing is now a black ink blot.
So-called redactions from FOIA requests are supposed to be used for private matters, such as medical or personnel issues. But Treasury couldn't tell me who screens these exemptions to make sure they are legitimate.
The schedule indicates that Paulson had left the office during the period in question because at 2 p.m. he returned and quickly makes two calls to Tim Geithner, who was then head of the New York Fed.
Those calls lasted from 2:10 p.m. to 2:20 p.m. and from 2:20 p.m. to 3 p.m.
Geithner probably didn't need Paulson to tell him what the Fed was going to do. Geithner would have had easy access to his boss, Bernanke.
After talking with Geithner, Paulson did something curious: He called Robert Rubin, the Treasury secretary under President Bill Clinton, who at the time was running Citigroup.
Paulson couldn't reach Rubin at 5 p.m., but Rubin called back at 5:25 p.m. and the two men had a 25-minute conversation.
By that time, the market had already had its massive rally. But mar kets around the world were open and money could be made if someone had in side information about the rate cut.
The records from Paul son's private cellphone were not available to me, although I did ask Treasury for them.
Paulson's last call on his log for Aug. 16 came from Bernanke at 7:45 p.m. and lasted 25 minutes.
Even if Bernanke hadn't made a decision earlier, by then the rate cut should have been locked down.
Should the Treasury secretary -- the keeper of lots of secrets -- be so easily accessible to people on Wall Street? Is that, as Paulson has contended, really "his job?" john.crudele@nypost.com
Off topic:
How to save CNBC: all simon hobbs all the time.(even though it appear that he has been slightly neutered since last weeks appearance on fast money).
Plunging necklines no longer work so now they're trying foreign accents and new faces. Combined. Still not giving up on the necklines I noticed.
Money honeys forever.
Thinking the same thing.
zerohedge in ny mag: http://nymag.com/guides/money/2009/59457/
Turbo will probably fold that letter into paper airplanes he'll throw out the window
No comment except...
Hey Timmy, keep up the villainy.
Gives the rest of us something to build our hopes and dreams on.
It's pretty much a year late and billions of dollars short, but since it's Ron Paul I will say it's a step in the right direction.
Congress has long ago given up all moral authority on this issue. But, go figure. When you lay down with whores, expect to wake up with STD's.
To TD:James Vellanti,a ceo of JNF)the Jewish national fund),dies in an escalator accident. While acidents do happen all the times,but what is the number of this obviously well financially connected person,in the string of deaths of big financier lately?
If they take the tarp off the infield will flood and we'll have to cancel the game. The storm will pass if we just keep waiting, nevermind the late hour.
Intelligent service provision to customers to ensure and improve quality of service around algorithm-selection, execution quality, market structure, technical advice etc.
Goldman and Bank of Amerika run the markets along with Geithner, and beagle boy Ben. There is no free markets, only welfare capitalism and socialism for capitalism.
good articles; good articles 4 slow news day ..http://www.. hat tip: finance news & opinion updated daily
Oh that nutty Ron Paul is at it again!
Good point here
Goldman and Bank of Amerika run the markets along with Geithner, and beagle boy Ben. There is no free markets, only welfare capitalism and socialism for capitalism.
good articles; good articles 4 slow news day ..http://www.. hat tip: finance news & opinion updated daily