- advertisements -
Hey, the party is going just fine. Don't take away the punch bowl.
Senator Shelby to Maria B: "Volcker rules! Dat's for the birds. We gots a regulator who will take care of this."
nevermind that this regulator just missed the biggest bubble of all time. Or didnt catch LTCM until it threatened the system. Those errors will never happen again - screw Volcker and his so called "protecting the system".
(5 minute video)
The Responsibility Party needs your help
1) No more too big to fail
Let savers win and gamblers lose
2) National Sales Tax of 12%
Get it done with these funds or don't do it
3) End the corporate lobby capture of Government
4) Exchanges for trade of all financial instruments that are truly regulated
Who's with me?
They are all whores, with the exception of Paul, Kucinich, Sanders and Grayson ...
I thought the same bout Greyson. But then I signed up to receive his emails and now realize hes just another crummy congressman. Dont get me wrong, long the fact that he rips the Fed a new one everytime but that comes from the fact that hes a EuroPac Client (Peter Schiffs Company) and found it an easy way to raise large sums of money from the anti-fed crowd.
Goddamit, sometimes I'm just so naive i want to hit myself in the face with a shovel ..
At least it'll keep you from punching yourself in the dick...
And the problem is???
Whj dignify them by classifying them with whores?
Whores are saints with a ticket to heaven compared to what passes for a bureaucrat, our politicians, who are really our enemies, to be smote with extreme prejudice.
i dont even consider them bureaucrats, but little, insignificant, shit-for-face aparatchicks, easily replaceable, easily forgettable.
I totally agree. Paul, Kucinich, Sanders and Grayson.
These hearings expose the interrogators more than the interrogated.
Congress is a bought and paid for shitshow.
"We The People" are on our own.
And now Lanche Bincoln calls herself an independent fiscal conservative.
Ladies and gentlemen, boys and girls, we got some world class horse manure going on here.
Where in heck is John Wayne when you need him.
Dealing with another Angie at Rio Bravo..
Understand, John Wayne was a character who played characters in movies. In real life, Marion Morrison was no hero. He was a right-wing racist wacko coward who, amongst other things, avoided going into WWII under a sham pretext so he could further his career while his competition was in uniform. Some, like Stewart and Gable actually seeing action.
Of course, Marion had no problem with others dying to protect his hypocritcal hide.
thanks for the needed clarification.
Maybe a revised Volcker Plan could just put an end to basis trades.
You know what puts an end to bad trades:LOSSES owned by the entity who took the risk in the first place.
as volcker's nyt oped makes clear he wants to do.
Nothing but net! WhoT!
Money is the lifeblood of politics. Corker is getting plenty from the banksters and SCOTUS is more than happy to open the spigot wider. I think it will backfire, anyway. You can only beat a dog so long until he fights back.
The cowards and traitors are at least predictable. All for sale.
America needs a 21st Century Constitutional Convention. First order of business is to move the Nation's Capitol to Des Moine, then convert all D.C. public buildings into museums ....so we can visit often and never forget how fukked up it all got.
Politicians perched in halls of taxpayer-owned opulence while they steal us blind is obviously not a good idea.
Wouldn't Detroit be more appropriate?
The Mohave from May to Sept. No A/C. Tents and Flying Red Ant Protection (hah). $100 extra pay if they can hit a sidewinder rattlesnake from 100 Yards with a .22 derringer. Gives them something to do if they don't die of a heart Attack.
"First thing you boys have to learn out here is ;
don't pick nothin' up. Ya hear?"
Des Moines? Lovely. Next you'll be wanting Larry Dickman for be President.
I think your on the right track. Let's change those buildings in D.C into prisons. Let me check my calendar...ok...Monday is good for me. You in?
Maybe not. Considering the rampant greed and corruption on display today, don't forget that once a constitution convention is opened, the ENTIRE constitution is up for revision. You can't restrain the convention to certain parts.
If the powers that be want even more power, this would play into their hands. Once they get the changes they want, they will use the corruption to ram it through the state houses, under martial law if need be.
Don't underestimate these guys.
His performance makes me sick, the bankers (GS/MS/JPM...) should be proud.
This effort has left me better informed, refreshed, entertained and reflective of the current state of modern American conservatism. Or what passes as such from the mouth of Senator Corker.
Wealth without labor is dangerous. And the worst part is the middle/lower working class have lost their influence on the government.
Citi just raised my AA advantage cc balance interest rate by 400 basis points. I have been citi card holder for 20 years, with no bad days.... I called the bastards yeseterday to understand, said had to raise rates to keep loaning money in this environment. I said let me get this right, your bank is one of the primary crooks in the crime of the century and now you borrow money at .5% and want to charge me, a loyal, profitable customer 18.99%???
Banks are a souless entities. At what point do the people break into the bastille?
You must have been a very profitable customer - Citi raised mine to 29.99 - and then cancelled me a few months later (probably because I would pay in full every month and still get the 1% cash back)
They raised mine to 18.99% too. I called and told them to cancel my card, so I was shunted to a supervisor to get me to change my mind. "Tell us what you want us to do to keep you as a customer," the lady said. "Hear that noise?" I replied. "That's the sound of your credit card getting scizzored up. There's nothing you can do." Oh yeah, I said something too about how they were able to get money for nothing at the Fed discount window, and then turn around and charge me 19%---outrageous.
I now have two new cards--Chase and Discover--with 0% introductory that I transferred the Citi balance to. 0% for 8 months, enough time to pay it off.
Exchanged many emails with Corker and his kid banking staffer. He's a financial services shill and has not only lost my vote, but will make sure my Tennessee bretheren know he is one.
Here in the Shelby County portion of Marsha Blackburn's TN-7 district there is already an excess of 100K ready for Corker's opponent in 2012 due to Corker's total conflation of conservatism with kleptocraticism. Too bad that whoever is opposite Corker on the ballot will most likely be an identical shill for the financial services industry.
if you are looking for a credible opponent in
the dem or repub parties you are wrong wrong
what is the answer? what kind of law or constitutional amendment would take the money whoring (somewhat) out of politics? this seems like the root of the problem. since major contributions seem to pay off 100 or 1000 to 1 the corporations and rich won't stop. and since the politicians need enormous funds to finance campaigns they can't stop. what stops it? don't say pitchforks or beheadings because that's not happening and if it did it would be worse by orders of magnitude.
As long as the music is playing we must continue to dance - Chuck Prince, CEO Citi
Ya, too bad the concept of self restraint is lost to those in the public & "private" sectors who rely upon the policy of judicial exclusion to do their work.
Credible? ROFLMAO. There is no such thing as credibility or loyalty to the Constitution to be found among the political class of the United States, a couple of noteworthy examples excepted. Still, one must do what one can until more of society catches up.... Especially those whose oath to the same Constitution is actually considered binding.
its a shame too that the guy spearheading the effort is like 90... its easy for his opponents to scream "crazy old man".
another epic piece though.
The great enemy of the truth is very often not the lie, deliberate, contrived and dishonest, but the myth, persistent, persuasive and unrealistic.
Treasury should clarify-- if Geithner Really is In favor of the Volker proposal (wink, wink--not). Larry and Timmy thought crazy uncle Paul was safely locked up in the White House attic until the WH political spin doctors found the key--can you say "focus group"?
Just out of curiosity, what was the answer when Corker asked the question? Was it just a dumb look or did the interviewee fire back with some evidence?
Dont forget about the 40bb of Resi CDO exposure they had on their books at the end of Q2 2007 - Guess it was one of those custy trades that became a prop trade.
whomever survived that prop desk made a fortune in bonuses while some folks were thrown under the bus.
why isn't the public outraged that those guys are taking home giant paychecks at their expense after taking outsized risk?
We are being completely and utterly SCREWED by people like Corker--the very people we elected to protect our interests!
VOTE this self-serving SCHMUCK out the first chance you get, Tennesee!!
Tyler, if the "Volcker rule" is that the regulators will enforce a prop trading ban, and that they will know "prop trading" when they see it, does the Volcker rule really have any teeth at all? I am asking seriously, as you seem to think this is a big deal. Won't GS claim its hft is really just market making, ie. "customer facilitation"? Won't the same logic be applied to all its debt and derivative business, and to the extent regulators do think prop trading is going on, won't the fact that they always make money be used to argue for very lenient capital treatment?
Volcker doesn't need to "fire back" at questions posed by transparently corrupt and ignorant Senators. Just sitting there, looking back, with his gravitas, is enough.
Now that we live in the third world, y'all need a crash course in third world politicians.
I don't think Volcker is going to save this sinking ship. He might slow it down, that's all. Personally, the US is in a major Depression. That's the good part. But, when you include all the debt, gov., public, private, as well as no mfg'ing in this country, 70% of GDP is based on the consumer. Two bogus wars. The real national debt is around 80 trillion. Then add this to the mess: http://www.siliconvalleywatcher.com/mt/archives/2008/10/the_size_of_der.php - not to mention the mass corruption going on in this country. - we're SCREWED! Seems to me the only way to fix it, is for a complete collaspe. That's the direction we're headed in anyway.
Realistically, when we know it'll take several years of disciplined austerity to get out of the hole, we know that's just not politically possible, right? So the only alternative is to junk the system and start over. Let it go, then, I say, and get it over with.
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Advertise With Us
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
How to report offensive comments
Notice on Racial Discrimination.