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Elizabeth Warren "We Have A Real Problem Coming"

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Wed, 08/12/2009 - 18:19 | 34629 Anonymous
Anonymous's picture

It sounds like she says the F word at 3:11

Freudian slip?

Wed, 08/12/2009 - 18:58 | 34682 Anonymous
Anonymous's picture

I thought MSNBC was the devil's (GE's) spawn?

Wed, 08/12/2009 - 21:31 | 34865 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 | 35041 Apocalypse Now
Apocalypse Now's picture

To the Zero Hedge faithful-

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



I wanted to share this information.

All the best


Thu, 08/13/2009 - 07:53 | 35067 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 | 35126 Anonymous
Anonymous's picture

Unexpected? You mean like Argentina's bond default crisis? Or Zimbabwe's unexpected money printing crisis.

Yeah ...

Sat, 08/22/2009 - 01:23 | 44604 Anonymous
Anonymous's picture

This rumor is all over youtube and other sites with
zero proff only connections, friend of a friend,
un-manemd source & ect. lends me to think it won't
happen. But I guess we will see if people start
hitting the ATM this weekend.

Thu, 08/13/2009 - 05:30 | 35049 Anonymous
Anonymous's picture

http://www.youtube.com/watch?v=AYUmCj4yud4&feature=related awsome guy, awsome speaker!! MUST WATCH....WATCH THE FULL VIDEO TO MAKE SENSE..

Wed, 08/12/2009 - 19:21 | 34699 Anonymous
Anonymous's picture

It sounded to me like she said "folks"

Mon, 08/17/2009 - 07:42 | 38567 Anonymous
Anonymous's picture

Sounded to me like she said FASB as a single word instead of F.A.S.B.

Wed, 08/12/2009 - 19:42 | 34729 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 | 35128 Anonymous
Anonymous's picture

I thought she said c*nts?

Wed, 08/12/2009 - 20:38 | 34790 Anonymous
Anonymous's picture

She says "folks".

Thu, 08/13/2009 - 05:30 | 35050 Anonymous
Anonymous's picture

http://www.youtube.com/watch?v=AYUmCj4yud4&feature=related awsome guy, awsome speaker!! MUST WATCH....WATCH THE FULL VIDEO TO MAKE SENSE..

Wed, 08/12/2009 - 20:59 | 34820 MinnesotaNice
MinnesotaNice's picture

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

Thu, 08/13/2009 - 04:44 | 35033 Anonymous
Anonymous's picture

How did they allow her on and say what she said? Saw her on a comedy show and there she was also frank and open. What a relief!

Is there still some hope?

Thu, 08/13/2009 - 04:44 | 35034 Anonymous
Anonymous's picture

How did they allow her on and say what she said? Saw her on a comedy show and there she was also frank and open. What a relief!

Is there still some hope?

Thu, 08/13/2009 - 04:44 | 35035 Anonymous
Anonymous's picture

How did they allow her on and say what she said? Saw her on a comedy show and there she was also frank and open. What a relief!

Is there still some hope?

Thu, 08/13/2009 - 10:56 | 35228 Anonymous
Anonymous's picture

She said "folks"

"Once the folks changed the accounting rules"

Wed, 08/12/2009 - 18:50 | 34633 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 | 34774 Bubby BankenStein
Bubby BankenStein's picture

This is administration of 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 | 34829 peterr (not verified)
peterr's picture

So the banks are misstating asset values on their books, which in turn allows them to report false profits which in turn allows them to pay themselves outrageous bonuses.We just

good articles;

target="_blank">my newest bookmarked finance site ..http://www..

Thu, 08/13/2009 - 01:45 | 35012 Anonymous
Anonymous's picture

Hey Marla, this "Pet Error" is the same guy that keeps poping up trying to advertise his silly site. Doesn't he realize we're all getting pretty tired of his crap, and his site is becoming despised, and associated more and more with spam? Spammers suck.

Thu, 08/13/2009 - 02:57 | 35028 Anonymous
Anonymous's picture

for sure the most intelligent post I've read in awhile. Thanks.

Wed, 08/12/2009 - 23:51 | 34981 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 | 35040 Anonymous
Anonymous's picture

I just watched Taleb on CNBC and he said the same thing that me and my friends have discussed - the root cause has not been addressed, and they should have allowed these assets to go down a ton. POeople would have adjusted, and the taxpayer wouldn't be footing the bill for the rescue of GOldman Sachs, Geithner's buddies. This is such straigh p bs. Geithner and GS stooges are going to have to emigrate when this explodes...

Thu, 08/13/2009 - 08:52 | 35083 Anonymous
Anonymous's picture

She only exists to make people like you think that someone cares while nothing of substance gets done about our overwhelming problems.

Wed, 08/12/2009 - 18:24 | 34634 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 | 34639 Miles Kendig
Miles Kendig's picture

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

Wed, 08/12/2009 - 18:32 | 34645 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 | 34679 Anonymous
Anonymous's picture

My thoughts exactly.

Wed, 08/12/2009 - 19:12 | 34694 Anonymous
Anonymous's picture

Dixie Normous, thank you for the best laugh of the day.

Wed, 08/12/2009 - 19:18 | 34696 MountainHawk
MountainHawk's picture

Sad but true...

Thu, 08/13/2009 - 08:53 | 35084 Anonymous
Anonymous's picture

She is in absolutely no danger. It's all a stage performance.

Wed, 08/12/2009 - 18:26 | 34635 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 | 34952 Anonymous
Anonymous's picture

Isn't the best we can expect from any politician is that they tell the truth?
Kudos to her and all other public servants that understand and can face reality.
All who read here, besiege your public contacts (we all have them, in any industry) to read this site, and to post their grievances here, that we can further pull back the curtain. The electorate listens when you provide them with specifics.

Thu, 08/13/2009 - 07:31 | 35061 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 | 34636 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 | 34637 Anonymous
Anonymous's picture

haven't you thought all along that all these dramas were exercises in managing expections and avoiding riots and bank runs? ...

Wed, 08/12/2009 - 18:28 | 34638 Anonymous
Anonymous's picture

haven't you thought all along that all these dramas were exercises in managing expectations and avoiding riots and bank runs? ...

Wed, 08/12/2009 - 19:19 | 34698 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 | 34642 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 | 34655 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 | 34963 Anonymous
Anonymous's picture

It isn't the problem that she's despised. The problem is that she brings so many biases to the table. You could find the most compelling case of a fraudulent no-doc mortgage borrower who knew exactly what he was doing, for purposes of flipping condos in a known bubble market. Warren would still place 100% of the blame on the lender. Like many in academia, she's never encountered a problem that can't be blamed on the big, bad corporation.

Thu, 08/13/2009 - 06:42 | 35054 Anonymous
Anonymous's picture

Isn't it the lenders fault for giving a fraudulent no-doc mortgage to someone?

Thu, 08/13/2009 - 11:03 | 35244 Anonymous
Anonymous's picture


Thu, 08/13/2009 - 11:15 | 35262 Anonymous
Anonymous's picture

Yeah. All 100% of the blame goes to the lender here. If you're counting on a bubble (that your own actions are serving to inflate) to save a borrower in a bubble. You deserve to lose every single penny of your ridiculously risky investment.

Thu, 08/13/2009 - 09:05 | 35095 Anonymous
Anonymous's picture

actually Warren mentions individual failure frequently, but she generally focuses on systems that failed us. Is that the correct emphasis? I agree with her on that focus.

I think the individual idoicy that occured during housing bubble is already well-understood by average folks and well-documented in media, but average folks have only the vaguest sense of the overall corruption and failure of our government and private businesses, "free" market systems (mostly due to their corruption of our government by money) This is what she speaks to.

Going up-river to see where the bodies are coming from seems like a wise course of action. Let CNBC and Oreilly rag on the awful subprime people or fraudulent individual investors, Warren will talk about the rest of the problem. 30 years ago, shoot, 10 years ago, crazy indvidual speculators would have never been able to risk other peoples money they did in 2005 but since it made huge money for much bigger entities than the indvidual speculator, this behavior was encourage. In fact, getting individuals excited enough to act as the "advanced infantry" straw man for the MBS bundler, fraud exporters of Wall Street was needed for their success. All those risky individual investors and over-stretched sub-prime house buyers have crashed and burned and are generally way worse, well-pusished for their greed/stupidity, wish I could say same about banks, wall street.

We can fix this problem on person at a time, or we can put systems in place that serve us, expose and avoid fraud, let our markets act as the free and fair markets they should, take away undeu influence and advantage of big money muscle so everyone can compete, protect themselves financially.

I'm with Warren, fix the system and the indviduals will follow. People want/need better systems and big money to suffer for bad acts, as indviduals do/have; big money wants/needs systems to stay corrupt and indviduals to suffer, so big money does not. Funny thing is, just like subprime, at first this attitude brings them short-term big profits, but eventually they kill the goose that laid the golden egg, and end up with egg on thier face. Just not sustainable economy.

Wed, 08/12/2009 - 18:40 | 34657 D.O.D.
D.O.D.'s picture

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

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