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Former Bailout Inspector General Neil Barofsky: "You Should Be Scared. I'm Scared. You Can't Not Be Scared. You Can't Look At What Happened In The Run-Up To 2008 and See How It's Not Going to Repeat Itself, Given What We've Done"

George Washington's picture




 


H/t: Orang

 

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Fri, 06/10/2011 - 17:43 | 1359643 PulauHantu29
PulauHantu29's picture

Three cheers for Dan Rather for continuing to tackle difficult issues that MSM media avoids. Thanks for posting this video.

Fri, 06/10/2011 - 11:45 | 1358088 gwar5
gwar5's picture

Barofsky is a warrior. He is not liked by TPTB.What's he doing with a corrupt, lying has-been Dan Rather?

Barofsky's scathing public report as IG of the GM dealership closings found the action to be nothing but a job killing, counterproductive scam.  He found it would not cost GM a dime to keep them all open and actually hurts GM's long term viability going forward to have fewer dealersips. And closing them cost 100,000 American jobs.

Black dealerships were off limits for closing. Virtually all of the closings were in red-state rural areas --- most in small towns that depended on the dealerships. This was the real reason for the closings as the openly socialist Car Czar Bloom admitted later -- it was "redistributive justice."

Additionally, a known collection of 8 lucrative dealerships that were owned by some investors were shut down and put out of business, flipped for next to nothing to connected Obama supporters, and then promptly allowed to be reopened. Justice much -- or just theft?

 

Fri, 06/10/2011 - 10:06 | 1357688 MrBoompi
MrBoompi's picture

When the assholes have created a shadow derivatives market well over $600 trillion, $20 trillion is just a drop in the bucket right?

Until we catch on this banking cartel will continue to be nothing more than a black hole.

Fri, 06/10/2011 - 10:51 | 1357882 Quinvarius
Quinvarius's picture

I, for one, am glad we chose the route of shoveling money into the black hole instead of making housing derivatives worth something by simply making all real estate loans principal only.  I agree that bankers are the economy and their minute to minute balance sheet crises are what we should be addressing instead of systemic issues.

Fri, 06/10/2011 - 11:20 | 1357971 TheBillMan
TheBillMan's picture

Sarcasm will not prevent your assimilation with the Borg Collective.  Resistance is futile.  ;)

Fri, 06/10/2011 - 09:53 | 1357646 P-K4
P-K4's picture

The title should read, "Dan Rather Barfs." 

The groundwork is being layed. "You never want a serious crisis go to waste" will soon be replaced by "when your re-election campaign ain't going well, create another serious crisis (at the taxpayers expense)."

Only a Greek default will stop the dominos from falling.

Fri, 06/10/2011 - 09:46 | 1357618 Seymour Butt
Seymour Butt's picture

The corporatists on Wall Street LOVE Barack Obama. He's the perfect Fascist with the smiling face.

Anyone who still embraces the D vs R, liberal v conservative meme has no chance of seeing the real political world.

Is them against all of us. The 1% against the 99%. 

ZH is one of the very few websites that has the balls to tell the truth. 

Fri, 06/10/2011 - 10:56 | 1357891 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Well said Seymour!

 

Tuco

Fri, 06/10/2011 - 10:09 | 1357708 JW n FL
JW n FL's picture

++++++++++++++++++++++++++++++++++++++++++++++

But it is fun to kick them in the teeth with the truth and watch them squirm under the weight of their faux world coming down on top of their small mindedness!

 

or better yet.. tell them the truth and they just scream NOOOOOOOOOOO! IT CANT BE!!!! NOOOOOOO!

Fri, 06/10/2011 - 08:37 | 1357382 Fiat Money
Fiat Money's picture

Bravo, GW!!!  

    This is my #1. REFERENCED article - bookmarked wa-ay back in JULY 2009, and  LINKED  in my comments 1,000 times since then:    bloomberg - "U.S. Rescue [BAILOUTS!]  May Reach $23.7 Trillion, Barofsky Says"

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aY0tX8UysIaM  

 The "bailouts" will COST American taxpayers TWENTY+  TRILLION dollars - that's nearly 2x the ENTIRE  U.S. GDP !!   and Barofsky's snap-shot estimate was BEFORE  The Bernank's "Quantitative Easing"  serialized  little timmy G's  $630 billion  "free Fed money to my bankster bosses"  'Liquidity Injection" from NY Fed to big  Wall St (and overseas!) banks...  http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a9MTZEgukPLY#

   That this insanely corrupt, bought, bribed, extorted, and owned con-gress (and pres-i-dent)  don't DAILY   give us  RUNNING TOTALS of ALL the "bailouts" billions (trillions!) of taxpayer extorted dollars just HANDED OVER to banksters   reveals a TREASONOUS  HIJACKING of America, by the bailouts grabbing wealthy 'elites' and their hired, bribed, & extorted legislators. 

   (of course the Hank Paulsons & Wall St. hedge fund loan-sharks TOLD Con-gress that  "we need the bailouts to PRESERVE PENSIONS and 'investor' funds":  But in reality, in 20+ years of "DEREGULATION," the Wall St. big boys LOVE NOTHING BETTER than RAIDING, pumping, dumping, & squeezing dry,  worker/family/savers  invested pension fund billions.)     

Fri, 06/10/2011 - 09:03 | 1357480 topcallingtroll
topcallingtroll's picture

Attention all food service personnel.

Please spit or jizz on any food served to known bankers, senior bondholders, and all members of the treasury and Fed.

Fri, 06/10/2011 - 11:33 | 1358032 hedgeless_horseman
hedgeless_horseman's picture

Jeepers, the next thing you know, someone will be calling for everyone in healthcare to swap out the anesthetics and pain meds with placebos for bankers, lawyers, and politicians.  That would be terrible and unethical.

Fri, 06/10/2011 - 09:34 | 1357563 rsnoble
rsnoble's picture

One time in high school an asshole teacher made the mistake of going to the new pizza shop.  My friend spit under each pepporoni and watched him smile the whole time he was eating it.  People never learn.  I never make a scene in a restaurant and then eat the food.  If it's that bad just leave. 

Fri, 06/10/2011 - 10:39 | 1357228 BlackholeDivestment
BlackholeDivestment's picture

Barofsky ...the Dude, where's the White Russian Mustache? Like, you know man, you're just confirming the prophetic strong delusion of the man ...man.

http://www.youtube.com/watch?v=cz2ET5K6zY0

Fri, 06/10/2011 - 04:38 | 1357162 mannfm11
mannfm11's picture

Bail them out hell? Shatter them into a million pieces. The bondholders should take the haircut this time.  The shareholders should bite the big one just like the shareholders of WCOM did, AIG did, FNM did, FRE did and GM did

Fri, 06/10/2011 - 03:11 | 1357096 Dirtt
Dirtt's picture

The trick isn't how to manage the information.  The game is how to manage the misinformation.

Dan Rather?  Go Away.  You haven't heard?  The MSM is dead.

Fri, 06/10/2011 - 07:08 | 1357244 duo
duo's picture

Kent Brockman: Reporters used to expose corruption and corporate greed. Now, like toothless babies, they suckle at the teat of misinformation and poop it into the diaper called the six-o'clock news.

Fri, 06/10/2011 - 03:26 | 1357101 Michael
Michael's picture

We call it the 'Deadstream Media" now. The "DSM" if you will.

Fri, 06/10/2011 - 02:12 | 1357073 Oppressed In Ca...
Oppressed In California's picture

Too bad the interview was done by Dan "Death-warmed-over" Rather.

Fri, 06/10/2011 - 09:42 | 1357602 e_goldstein
e_goldstein's picture

"Kenneth, what's the frequency?"

Fri, 06/10/2011 - 01:24 | 1357033 nuinut
nuinut's picture

2008 won't repeat itself exactly the same... Everything's Turning To Gold

Watch gold rise with the dollar this time, before the dollar drops away like a spent booster rocket.

In reality, everything deflates against gold. Big time.

Fri, 06/10/2011 - 09:41 | 1357579 e_goldstein
e_goldstein's picture

What is this "reality" of which you speak, and where can I find it?

Fri, 06/10/2011 - 07:14 | 1357249 I think I need ...
I think I need to buy a gun's picture

gold revaluation......

Fri, 06/10/2011 - 04:24 | 1357148 Reptil
Reptil's picture

I agree a 100%. Since 2008 was not the end of the rope, but now, it is, a huge deflation after an implosion will take out the financial system as we know it. Just "pooof", followed by pinstripe clad nondescript persons trying to fly off high buildings and soldiers dressed in black running towards or from the city (center). At that moment everybody will look up from whatever the hell they're doing and see something glittering on the horizon. That'd be me, covered in gold head to toe, illuminated by the innocent morning light. MWOAHAHAHA ;-)

Fri, 06/10/2011 - 02:32 | 1357083 nuinut
nuinut's picture

Physical gold, that is.

Paper is for burning.

Fri, 06/10/2011 - 11:44 | 1358079 SeanJKerrigan
SeanJKerrigan's picture

If the UN and the US set up standards to stop "speculators" in commodities markets, they might just try to force the price to remain artificially low.  Obviously the physical market will be (mostly) undetered... but things will still be screwy.

EDIT: Great video by the way... also, enjoy the apparel of the revolution!

http://uleak.it/?3c5

 

Fri, 06/10/2011 - 02:00 | 1357058 CrazyCooter
CrazyCooter's picture

For those who have families and skill sets ...

http://allthefederales.blogspot.com/2011/04/why-alaska.html

Not saying you should/shoudn't, but just a logical framework to think about.

Regards,

Cooter

Fri, 06/10/2011 - 09:53 | 1357648 LowProfile
LowProfile's picture

Global cooling over the next 50 years will kick your ass.  The Southernmost parts *might* be OK...

Fri, 06/10/2011 - 09:26 | 1357557 rsnoble
rsnoble's picture

My dad, being a trapper for years, had always mentioned moving to Juno.  If it weren't for my crazy fucking wife we'd be gone.  Really though......im sure many others have this plan and while you might think your remote the fact is this state is still attached to the bigger asshole US.  Only good thing it will be hard for the city folk in the US to raid your garden instead of making it to mine in 20 min. from town.  I live 15 miles to the nearest town, mostly small communities but only 50 miles from a major shithole.  That's the problem.  Been here 20+ years, wife all her life, sparse neighbors, do what we want I love it here.  I'll be making a stand right here, I target practice nearly everyday.

 

 

Fri, 06/10/2011 - 11:11 | 1357944 e1618978
e1618978's picture

Alaska's population will soon be dropping a heck of a lot - most of those small towns rely on diesel fuel generators for power, higher energy costs plus lower oil revenues means a lot fewer people can be supported there.

Fri, 06/10/2011 - 03:41 | 1357116 Lord Koos
Lord Koos's picture

OK for some, not for me -- too dark and too cold.  Also Fukushima radiation has been raining down on Alaska like crazy  and most likely will upon any future releases (and there will be some).  I'd prefer the southern hemisphere.

Fri, 06/10/2011 - 04:40 | 1357164 Reptil
Reptil's picture

I've looked at Uruguay, Paraguay, but also southwestern Turkey, and even Spain.

I'm too old (40 jr max) to migrate to New Zealand. Any other ideas?

Fri, 06/10/2011 - 10:00 | 1357658 Anonymouse
Anonymouse's picture

You can move to NZ up to 55 years old.  Even without a job, if you have the money to support yourself for a year or so.  Takes over a year to get a visa.  Took me about 1 1/2 years.  I love it here

Fri, 06/10/2011 - 09:34 | 1357564 Mach1513
Mach1513's picture

Panama.

Southern France:  Dordogne or Languedoc-Rousillion. Not as expensive as you might think. AND THE WINES ARE GREAT - DITTO FOOD.

Fri, 06/10/2011 - 08:42 | 1357405 EcuadorExPatriot
EcuadorExPatriot's picture

Ecuador. Everyone just ignores the government...

Fri, 06/10/2011 - 08:16 | 1357337 tip e. canoe
tip e. canoe's picture

i suggest the Great Pacific Garbage Patch.   all the debris from the tsunami is meeting up with it soon, so there should be some homes & barges ready to be inhabited.   best of all : tax free!

Fri, 06/10/2011 - 15:11 | 1359000 anonnn
anonnn's picture

BTW, no word yet on fate of 100-or-so concrete casks filled with spent-fuel from Fukushima Daichi?

 Some reportedly disappeared post-tsunami,  awaiting shipment to new Spent Fuel Storage facility under construction in NW Japan [penninsula near Aomori..another future calamity by ruling misleaders].

Fri, 06/10/2011 - 07:01 | 1357237 overmedicatedun...
overmedicatedundersexed's picture

reptil, something that rarely gets mentioned when people talk about safe havens in the WTSHF..a large yacht. prices are down and you are able to move as the need arises..I do not ascribe to the mad max future myself..small towns in America will be fine for me, keeping a low profile and blending in.

Fri, 06/10/2011 - 11:59 | 1358084 THE DORK OF CORK
THE DORK OF CORK's picture

I would name it Dignity.

 

 www.youtube.com/watch?v=LE_1X4tU3oY

Live Glasgow 2006

www.youtube.com/watch?v=NucJ5XC5OpI

 

Fri, 06/10/2011 - 10:02 | 1357684 tallystick
tallystick's picture

Done.  Currently restoring my ship to blue water condition.

Fri, 06/10/2011 - 11:55 | 1358113 living on the edge
living on the edge's picture

I have to laugh as a sailboat is what I am considering for a backup plan. Starting to take lessons now. What type of blue water boat do you have?

Fri, 06/10/2011 - 11:34 | 1358035 hedgeless_horseman
hedgeless_horseman's picture

+39'

Fri, 06/10/2011 - 07:44 | 1357291 mynhair
mynhair's picture

Sailing yacht, with large water tanks.

Fri, 06/10/2011 - 09:56 | 1357657 dearth vader
dearth vader's picture

For everyone considering to take sail, interesting post on Club Orlov

http://cluborlov.blogspot.com/2011/06/sailing-craft-for-post-collapse-wo...

Fri, 06/10/2011 - 03:45 | 1357106 Lord Koos
Lord Koos's picture

double post

Do NOT follow this link or you will be banned from the site!