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Elizabeth Warren "We Have A Real Problem Coming"

Tyler Durden's picture





 

Elizabeth Warren, head of the Congressional Oversight Panel, which yesterday released quite a sobering report on the true state of the banking industry, explains what is really going on with the increasingly irrelevant balance sheets of the bailout banks (all of them). Once again underscores what a farce the stress test was, the complicity of the accountants in making the transparency initiative a sham, and why the banks are still as underwater as they ever were. Compliments of Shanky's Tech Blog.

 


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Wed, 08/12/2009 - 18:19 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:58 | Link to Comment Anonymous
Wed, 08/12/2009 - 21:31 | Link to Comment lettuce
lettuce's picture

no program that allows (invites????) pat buchanan on the air would qualify as the devil's spawn! i don't know if it's better or worse... but it just aint the same.

Thu, 08/13/2009 - 05:05 | Link to Comment Apocalypse Now
Apocalypse Now's picture

To the Zero Hedge faithful-

Many rumors of bank holidays starting 8/24 - see these two articles:

http://www.silverbearcafe.com/private/08.09/closures.html

http://www.marketoracle.co.uk/Article12253.html

I wanted to share this information.

All the best

 

Thu, 08/13/2009 - 07:53 | Link to Comment Arm
Arm's picture

Precisely because that rumor is so known, it must be false.  If there was any basis for it the markets would have already freezed. 

Banks are injured, but there is absolutely no basis for stating that a bank holiday is planned.  In fact, most bank holidays in history are not planned, they are the result of unexpected crisis.

Thu, 08/13/2009 - 09:34 | Link to Comment Anonymous
Sat, 08/22/2009 - 01:23 | Link to Comment Anonymous
Thu, 08/13/2009 - 05:30 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:21 | Link to Comment Anonymous
Mon, 08/17/2009 - 07:42 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:42 | Link to Comment bbbilly1326
bbbilly1326's picture

I thought so too, I thought she said "once the fucks changed the accounting rules", but it was folks...........fucks is more like it.

Thu, 08/13/2009 - 09:35 | Link to Comment Anonymous
Wed, 08/12/2009 - 20:38 | Link to Comment Anonymous
Thu, 08/13/2009 - 05:30 | Link to Comment Anonymous
Wed, 08/12/2009 - 20:59 | Link to Comment MinnesotaNice
MinnesotaNice's picture

The Great Debate over "folks" or "fuck"... too funny...

Thu, 08/13/2009 - 04:44 | Link to Comment Anonymous
Thu, 08/13/2009 - 04:44 | Link to Comment Anonymous
Thu, 08/13/2009 - 04:44 | Link to Comment Anonymous
Thu, 08/13/2009 - 10:56 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:50 | Link to Comment MinnesotaNice
MinnesotaNice's picture

Elizabeth Warren is a breath of fresh air... she resonates with her audience... you feel deep inside that she is right... and the other stuff that is blowing around is a bunch of hot air... Taleb is sounding the same type of alarms.  The recovery is an illusion that is being created by the government and the MSM... the stock market currently does not reflect the reality of the underlying economy... but it will at some point in the near future. 

An analogy:  a person has terminal cancer and they may look/act just fine with little appearance of illness during the first stages... we treat the symptoms as the cancer progresses so the patient feels as good as he/she can... but they still end up dying from the cancer.  If we were truly receiving a curative treatment for what is ailing this country... then it would have discomfort associated with the treatment much as chemotherapy does... but rather we are receiving narcotics in the form of a stimulus and bailout... and we are somewhat pain free... but we will not be cured.

Wed, 08/12/2009 - 20:25 | Link to Comment Bubby BankenStein
Bubby BankenStein's picture

This is administration of Palliative Care.

http://en.wikipedia.org/wiki/Palliative_care

It will become Hospice way too soon if these Fuck Ups don't derail this train to Hell.

Wed, 08/12/2009 - 21:07 | Link to Comment peterr (not verified)
Thu, 08/13/2009 - 01:45 | Link to Comment Anonymous
Thu, 08/13/2009 - 02:57 | Link to Comment Anonymous
Wed, 08/12/2009 - 23:51 | Link to Comment texpat
texpat's picture

It's worth noting that very little progress has been made on winding down a TBTF institution.

You'd think getting a plan together to do that and passing it (even as part of another bill) would have been a priority.

Thu, 08/13/2009 - 05:04 | Link to Comment Anonymous
Thu, 08/13/2009 - 08:52 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:24 | Link to Comment Dixie Normous
Dixie Normous's picture

This woman needs to do at least 2 things every day:

Have someone else start her car and keep testing the brakes.

Wed, 08/12/2009 - 18:28 | Link to Comment Miles Kendig
Miles Kendig's picture

Don't forget her food, gas lines and electrical connections at home.

Wed, 08/12/2009 - 18:32 | Link to Comment MinnesotaNice
MinnesotaNice's picture

I vote each day that Bernanke has to start her car and Geithner has to test her brakes...

Wed, 08/12/2009 - 18:57 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:12 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:18 | Link to Comment MountainHawk
MountainHawk's picture

Sad but true...

Thu, 08/13/2009 - 08:53 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:26 | Link to Comment molecool
molecool's picture

Besides her current gig in the oversight committee - she wrote a great book a few years ago titled 'The Two Income Trap' - fascinating read. She's a smart gal - but unfortunately she accepted a job that's set up to be a failure. However, with the limited power she actually has - she's been quite effective in getting the word out. Maybe that's the best we can hope for.

Wed, 08/12/2009 - 23:06 | Link to Comment Anonymous
Thu, 08/13/2009 - 07:31 | Link to Comment Chumly
Chumly's picture

She's on the public record for sure - we have the "I told you so," which is very important on the other side of the impeding implosion because the Ron Paul's of the world will not be marginalized any longer and we "negative" contrarians will not be either.  Maybe we'll actually have wisdom restored to its pinnacle?  Most of us here and and at other public forums worldwide, second her assertions.  We are on the record too.  This will end very badly and very soon.  Remember this started with the "$100 Billion Sub-Prime" crisis that would end, and what followed within months of ZB's confident proclamation, were the first phases of the liquidity crisis (2007) and then everything that followed.

Now we have RMBS X2 (this will be the worst year of foreclosures yet) plus the CRE crisis (which we have been talking about since last year) is ready to blow.  We know what's coming.  Do not be surprised by the speed of it.

 

Wed, 08/12/2009 - 18:27 | Link to Comment Miles Kendig
Miles Kendig's picture

Every seven seconds a loan to the household sector is defaulted.  Warren is in essence saying just wait for the real wave of destructive defaults of the commercial sector to catch up with the household sector.  The Fed & Treasury as been expending their efforts in all the wrong places.  The phoney phaze of the GFC cannot but come to its conclusion.

Wed, 08/12/2009 - 18:27 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:28 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:19 | Link to Comment MountainHawk
MountainHawk's picture

I've been thinking the same thing....controlled chaos.... "We can't handle the truth"

Wed, 08/12/2009 - 18:30 | Link to Comment rapier
rapier's picture

Warren is a liberal so many should craft their views accordingly.

 

How she got nominated is beyond me. This was a serious error.  She is despised within both the Beltway and The Street.

In some technical sense her comments often go beyond her brief, as TARP watchdog. This is usually the starting point you will hear when polite opponents and enemies criticize her.

 

Just some things to keep in mind.

 

Wed, 08/12/2009 - 18:39 | Link to Comment MinnesotaNice
MinnesotaNice's picture

I respect your thoughts but I think that a watchdog by definition should be generally 'despised' by those she is dogging... at least a boundary is formed that can't be penetrated by quid pro quo issues... thank god that there are a few dogs still out there... they are dropping like flies.

Wed, 08/12/2009 - 23:21 | Link to Comment Anonymous
Thu, 08/13/2009 - 06:42 | Link to Comment Anonymous
Thu, 08/13/2009 - 11:03 | Link to Comment Anonymous
Thu, 08/13/2009 - 11:15 | Link to Comment Anonymous
Thu, 08/13/2009 - 09:05 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:40 | Link to Comment D.O.D.
D.O.D.'s picture

Any attempt to make the truth partisan, is a success at making yourself irrelevant.

Wed, 08/12/2009 - 19:07 | Link to Comment Miles Kendig
Miles Kendig's picture

Partisanship is just one more way of saying that Gerber Banana is their preferred flavor. Left or right are just two sides of the same coin. Fighting for the scraps.

Wed, 08/12/2009 - 19:48 | Link to Comment Sqworl
Sqworl's picture

Dogfood....Its the verdict every Political entrepreneur dreads most: “The dogs aren?t eating the dog food” – which means that the Political (VCs) don?t like your pitch, and your campaign won?t get funded.....


 

Wed, 08/12/2009 - 21:37 | Link to Comment Miles Kendig
Miles Kendig's picture

Melamine won't help the flavor of that Alpo, eh.

Wed, 08/12/2009 - 19:47 | Link to Comment bbbilly1326
bbbilly1326's picture

"She is despised within both the Beltway and The Street."

 

roflmao, and you really think that says something BAD about her ?  au contraire, it's a 24 carat  recommendation  !!!

Wed, 08/12/2009 - 19:59 | Link to Comment Anonymous
Wed, 08/12/2009 - 20:39 | Link to Comment Anonymous
Wed, 08/12/2009 - 21:17 | Link to Comment Anonymous
Wed, 08/12/2009 - 21:36 | Link to Comment Anonymous
Thu, 08/13/2009 - 08:58 | Link to Comment Anonymous
Wed, 08/12/2009 - 22:49 | Link to Comment Anonymous
Wed, 08/12/2009 - 23:30 | Link to Comment Anonymous
Thu, 08/13/2009 - 04:32 | Link to Comment Apocalypse Now
Apocalypse Now's picture

Excellent points, along with those responsible for the repeal of the Glass-Steagall act below which allowed banks to act like hedge funds and over-leverage with derivatives.

These derivatives/swaps are the poison in our financial system, or as Warren Buffett called them, weapons of mass destruction (despite turning around and using them).  Companies are using them to avoid taxes, manage earnings, avoid leverage restrictions, and make huge directional bets that are compromising the entire system.

Those responsible:

Respective versions of the legislation were introduced in the U.S. Senate by Phil Gramm (Republican of Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001.

The House passed its version of the Financial Services Act of 1999 on July 1st by a bipartisan vote of 343-86 (|Republicans 205–16; Democrats 138–69; Independent/Socialist 0–1),[3] [4] [5] two months after the Senate had already passed its version of the bill on May 6th by a much-narrower 54–44 vote along basically-partisan lines (53 Republicans and one Democrat in favor; 44 Democrats opposed).[6] [7] [8] [9]

When the two chambers could not agree on a joint version of the bill, the House voted on July 30th by a vote of 241-132 (R 58-131; D 182-1; Ind. 1–0) to instruct its negotiators to work for a law which ensured that consumers enjoyed medical and financial privacy as well as "robust competition and equal and non-discriminatory access to financial services and economic opportunities in their communities" (i.e., protection against exclusionary redlining).[10]

Treasury Secretary Lawrence H. Summers (Democrat) rushed back from a trip to China to huddle with lobbyists representing Citigroup, Goldman Sachs, Merrill Lynch and other financial giants. The meeting was closed to the media and public, but one participant told the New York Times that Summers lectured the lobbyists on how to spin this bill so it appears to be in the public interest. "He said it would be very unfortunate if any financial institution were to suggest that they do not see the broad public purpose of this legislation," the lobbyist reported.

Paul Volcker vehemently opposed this! He's a hero along with all the individuals both democrat and republican that opposed this bill pushed by the lobbyists.  The rest were in the pockets of the banks.

Thu, 08/13/2009 - 00:30 | Link to Comment Anonymous
Thu, 08/13/2009 - 09:37 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:34 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:34 | Link to Comment Anonymous
Wed, 08/12/2009 - 21:33 | Link to Comment Anonymous
Wed, 08/12/2009 - 23:16 | Link to Comment Oso
Oso's picture

Amen.  The "truth" has no political affiliation.  I would vote for her in a second.

Wed, 08/12/2009 - 23:31 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:36 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:41 | Link to Comment MinnesotaNice
MinnesotaNice's picture

I would expect that they have a whole list of 'do not invites' to come on CNBC... except when the market is plunging and they need to present a bearish view for the day...

Wed, 08/12/2009 - 18:47 | Link to Comment Howard_Beale
Wed, 08/12/2009 - 18:52 | Link to Comment MinnesotaNice
MinnesotaNice's picture

Hi Mr. Beale...  and you proved my point exactly... the market was way down yesterday... 

Wed, 08/12/2009 - 19:02 | Link to Comment Howard_Beale
Howard_Beale's picture

But she was on before the market opened and as I recall, the S&P was down just a smidge at that point from fair value.

Wed, 08/12/2009 - 19:46 | Link to Comment MinnesotaNice
MinnesotaNice's picture

Point taken... I've forgotten what the futures did in the overnight into the morning... but she was likely scheduled ahead of time  :-)

Wed, 08/12/2009 - 19:05 | Link to Comment Sqworl
Sqworl's picture

Wait, I thought you left us???

Wed, 08/12/2009 - 19:49 | Link to Comment MinnesotaNice
MinnesotaNice's picture

Cut it out  :-)     I like Mr. Beale... he is my only "I like Jon Stewart" ally on this site.   

Wed, 08/12/2009 - 20:35 | Link to Comment Sqworl
Sqworl's picture

Wait, I love Jon Stewart and his brother who runs the NYSE...

Wed, 08/12/2009 - 20:51 | Link to Comment MinnesotaNice
MinnesotaNice's picture

I am thinking that the holidays at the Leibowitz house must have some interesting conversation... the NYSE isn't Larry's first gig... he has some career history that is similar to Cramers... love to be a fly on the wall.

Wed, 08/12/2009 - 20:58 | Link to Comment Sqworl
Sqworl's picture

The Club requires that you have extensive goneff experience to carry the water can to GS...

Wed, 08/12/2009 - 21:05 | Link to Comment MinnesotaNice
MinnesotaNice's picture

You stumped me... usually I have to look up some of the obscure financial concepts that TD puts on his website... but it is the first time I have had to look up a non-financial term... "goneff"... but it is quite fitting... a "master thief who robs banks and steals everything in the world of Pokeman"... love to learn something everyday... thanks...

Wed, 08/12/2009 - 21:18 | Link to Comment Sqworl
Sqworl's picture

My pleasure...;-)

Wed, 08/12/2009 - 18:38 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:44 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:47 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:57 | Link to Comment MinnesotaNice
MinnesotaNice's picture

I hope you mean that "Cassandra" reflects positively upon her great insight into things that others can't see.  Because in Greek mythology Cassandra was actually given the gift of prophetic insight by Apollo... but when she did not return Apollo's love he placed a curse on her that no one would ever believe her predictions.  She is generally thought of as someone whose great insight was not revealed until after the fact.   So yes, I agree that five years from now her photo will be next to the entry for "Cassandra" in the dictionary.

Wed, 08/12/2009 - 21:07 | Link to Comment peterr (not verified)
Thu, 08/13/2009 - 09:39 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:47 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:19 | Link to Comment Anonymous
Wed, 08/12/2009 - 20:03 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:49 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:50 | Link to Comment Milton
Milton's picture

Why isn't Mr. Dean LeBaron on our radar screen?

Harvard University. Harvard Business School. Years on Wall Street. Published three noteworthy books.

He makes videos from his kitchen table that are more informative than any of those hearings on C-Span.

http://www.deanlebaron.com/index.html#video

Scroll down a little on his site.

I recommend his video "CriminalBehavior:Goldman Sachs" for a nice taste of calling a spade a spade on frontrunning.

And "La Fraternite de Goldman Sachs" for a really good big picture analysis of how this will go down in history.

 

Wed, 08/12/2009 - 20:57 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:51 | Link to Comment SloSquez
SloSquez's picture

Too big to fail ended Sept 15th?  Huh, is that what he said?

Wed, 08/12/2009 - 19:27 | Link to Comment Anonymous
Wed, 08/12/2009 - 20:00 | Link to Comment djchill2
djchill2's picture

That guy is obviously a clueless, talking head, dumbshit, to say something so illinformed and, well, just plain fucking stupid.

Wed, 08/12/2009 - 21:07 | Link to Comment bbbilly1326
bbbilly1326's picture

uh, former congressman...........figures........

Thu, 08/13/2009 - 08:43 | Link to Comment Anonymous
Wed, 08/12/2009 - 23:42 | Link to Comment Bob
Bob's picture

That's right.  What an asshole . . . had to do a little slight-of-hand reframing to undermine the entire presentation.  Wonder what the average viewer thought.

Wed, 08/12/2009 - 18:55 | Link to Comment Icarus
Icarus's picture

I think the best indicators of sentiment are from laymen (people with prior knowledge always spin a bias), so the male anchor's comments at the end "I'm glad that too big to fail world ended on Sept. 15" leave me a little confused.

Either it was unfortunately worded, or it shows just how unreceptive everyone is to the truth outlined a mere 30 seconds earlier.

 

Wed, 08/12/2009 - 18:56 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:58 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:41 | Link to Comment Anonymous
Wed, 08/12/2009 - 18:58 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:03 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:03 | Link to Comment Tripps
Tripps's picture

Anyone see this SHAMELESS pump by Gasparino and CNBC on BAC AH?

 

they are reporting on john paulson buy like it is "new" news or purchases

 

this man bought over a billion of bac shares at 10. was widely reported

 

CNBC pumped the stock up 5% AH from a terrible close on MISLEADING news.

"Among the buyers: Mr. Paulson, who made a fortune with his 2006 bet 
that housing would tumble and snapped up $1 billion of Bank of America 
shares, a person familiar with the situation said Wednesday. A 
spokesman for Mr. Paulson's firm declined to comment." 

this was from May 2009 WSJ. also reported by cramer on his site. now he's pumping it tonite. he even was fooled as i was

http://online.wsj.com/article/SB124286483924941471.html

Wed, 08/12/2009 - 19:37 | Link to Comment deadhead
deadhead's picture

Tripps....excellent post, thank you.

Question, which is probably best answered by the ZHers with experience/knowledge of hedge fund operations: could the paulson BAC purchase just be a flip on his part? i.e., could he have rolled the dice big time knowing that once it was reported there would be a certain group of lemmings who would follow and, naturally, the corollary is could the shares have already been dumped at 16 or whatever?  thanks for any insights.

Wed, 08/12/2009 - 19:42 | Link to Comment Anonymous
Wed, 08/12/2009 - 20:10 | Link to Comment Tripps
Tripps's picture

of course he could have flipped already. he could have sold have. he's up 65% in a few months. its not easy to flip that many shares so he would be selling into strength along the way, or scaling out

 

the bottom line is cnbc fooled me and many others. i was ignoring people's posts that sid it was old and then I realized...christ. they are right. I was buying bac back at 11 on this news in MAY!!!!!!! scumbags

 

 

 

Wed, 08/12/2009 - 23:18 | Link to Comment Milton
Milton's picture

Blue Horseshoe loves Anacott Steel

Wed, 08/12/2009 - 19:08 | Link to Comment Anonymous
Wed, 08/12/2009 - 20:02 | Link to Comment MinnesotaNice
MinnesotaNice's picture

I was thinking the same thing... she cuts right through the BS... but people like her are too smart to run... she probably wakes up everything morning asking herself "what was I thinking accepting this position?". 

Wed, 08/12/2009 - 23:45 | Link to Comment Bob
Bob's picture

She'd go over a hell of a lot better than Hillary, too.  Move over, Barry Obama!

Wed, 08/12/2009 - 19:09 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:51 | Link to Comment cougar_w
cougar_w's picture

It's probably up to the historians a decade hence to decide if he escaped or not. My guess is you are probably correct, history will give him a bye. I'm not sure right now who *would* get the blame. We may never get around to figuring it out. For example, who do they blame today for the fall of the Roman Empire in 471AD? There are about as many theories on that as there are theorists.

History has a hard time keeping track of the playerz when the information about who they were and what they did becomes lost in the general destruction they brought down upon themselves. If they felt bad about it all, they didn't manage to pass that information forward for our benefit. We repeat history at least in part because history likes to murder most anyone who could talk about what went wrong.

cougar

Wed, 08/12/2009 - 20:07 | Link to Comment Anonymous
Wed, 08/12/2009 - 20:26 | Link to Comment cougar_w
cougar_w's picture

Hah. Well if the people running things now still do so in a decade, then I'd say they earned the right to pose history however suits them. To the victor the spoils.

Failing that, I hope someone later still cares enough about the subject to give them a sound thrashing. It would be a shame indeed to lose such a great teachable moment, as they call it.

cougar

 

Wed, 08/12/2009 - 19:17 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:55 | Link to Comment Milton
Milton's picture

When middle-class (soon to be povery-class)America realizes that the Federal Reserve Bank, Goldman Sachs, and the Politicians have destroyed their lives.>

http://www.youtube.com/watch?v=QOTZ7dn_gsg

 

 

Wed, 08/12/2009 - 20:40 | Link to Comment Anonymous
Wed, 08/12/2009 - 20:58 | Link to Comment Anonymous
Wed, 08/12/2009 - 20:49 | Link to Comment Hephasteus
Hephasteus's picture

Hey it's only fair. When your deep seated dream is complete control, complete domination, everyone is trying to destroy your dream so it's only fair that you destroy everyone elses dreams. RIGHT!!

Wed, 08/12/2009 - 19:25 | Link to Comment Anonymous
Wed, 08/12/2009 - 20:00 | Link to Comment Anonymous
Wed, 08/12/2009 - 21:07 | Link to Comment peterr (not verified)
Thu, 08/13/2009 - 02:18 | Link to Comment Anonymous
Thu, 08/13/2009 - 04:46 | Link to Comment Apocalypse Now
Apocalypse Now's picture

It's the same spammer using multiple login names linking to the same ridiculous site

Wed, 08/12/2009 - 19:32 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:41 | Link to Comment MountainHawk
MountainHawk's picture

Great link...thx!

Wed, 08/12/2009 - 20:40 | Link to Comment Sqworl
Sqworl's picture

My friend Nassim was spot on...Roubini sat there like a dope on Hope! 

Wed, 08/12/2009 - 20:55 | Link to Comment MinnesotaNice
MinnesotaNice's picture

Roubini is playing to the masses and is trying to be as non-commital as possible... ruling every possibility in so he can't be wrong... I used to read the info on his site everyday... but haven't been there in months... 

Wed, 08/12/2009 - 21:21 | Link to Comment Sqworl
Sqworl's picture

His facebook has more action than his RGEmonitor...daily kills by his students trying to pass....

Wed, 08/12/2009 - 21:33 | Link to Comment MinnesotaNice
MinnesotaNice's picture

He does think a lot of himself... he is up to ~$5000 for a subscription now... not quite sure he is worth it at this point...

Wed, 08/12/2009 - 22:46 | Link to Comment Anonymous
Wed, 08/12/2009 - 23:14 | Link to Comment MinnesotaNice
MinnesotaNice's picture

I agree... he drank the kool-aide that was spiked with lithium...

Wed, 08/12/2009 - 19:34 | Link to Comment MountainHawk
MountainHawk's picture

This lady is 'hope.'

Wed, 08/12/2009 - 23:29 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:36 | Link to Comment Miles Kendig
Miles Kendig's picture

Did I hear this correctly that Pat Buchanan and Elizabeth Warren are in agreement?

Wed, 08/12/2009 - 19:38 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:42 | Link to Comment Miles Kendig
Miles Kendig's picture

Because it is impossible to be rational with the irrational.

Wed, 08/12/2009 - 19:44 | Link to Comment Anonymous
Thu, 08/13/2009 - 00:49 | Link to Comment Anonymous
Wed, 08/12/2009 - 19:42 | Link to Comment Anonymous
Wed, 08/12/2009 - 20:18 | Link to Comment cougar_w
cougar_w's picture

At the begining of a crisis you lie. In the middle of a crisis you say nothing to call question to the lie you told at the begining. At the end of a crisis you stick to the story you told at the begining and privately congratulate yourself for displaying leadership, and the world rolls on much as it did and soon forgets that you said anything at all.

But if instead you find yourself at the *end* of the world -- if instead the crisis grows and consumes all and the way forward is utterly lost -- then you finally tell the truth.

This is how we bargain with the historians, who tend to focus on last words above all. The last words of the soon-to-be-lost are sometimes all that goes forward.

cougar

Wed, 08/12/2009 - 19:53 | Link to Comment Anonymous
Wed, 08/12/2009 - 20:05 | Link to Comment Anonymous
Wed, 08/12/2009 - 21:11 | Link to Comment Miles Kendig
Miles Kendig's picture

Indeed.

The more the kleptocrats keep folks fighting over the crumbs the longer the powers that be can continue the great robbery.

Thu, 08/13/2009 - 04:53 | Link to Comment Apocalypse Now
Apocalypse Now's picture

I like your comment, but you might want to think about how you identify yourself.  You are not a slave to a party, you are not the car you drive, and you are not your job.

From your comments you have the intelligence to be more and transcend above party affiliation - to think for yourself.  You could still appreciate republican concepts as well as borrowing ideas from libertarians and perhaps even a few ideas from the democrats whose hearts are in the right place looking out for the little guy (not the limo liberals).

Thu, 08/13/2009 - 09:24 | Link to Comment Anonymous
Do NOT follow this link or you will be banned from the site!