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Former US Assistant Secretary Of The Treasury "Geithner Works For Goldman"
Max Keiser: "Does the US Secretary of the Treasury work for the people or does he work for the banking system on Wall Street?"
Dr. Paul Craig Reports: "He works for Goldman Sachs."
Hat Tip EW, Max Keiser and Mish.
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Well there it is. We'll be hearing that refrain more frequently in the coming months, i'm sure.
Was it just me, or does he sound just like Jim Rogers?
Rogers is an ideologue that has not only lost his own ass but lost the ass of many others. He has developed an anti-American stance similar to Lindbergh who loved the Nazis. The only difference is Rogers loves the baby-killing, property rights butchering, dissent murdering communists in China. I like PCR but he has no voice in Washington because for years he has been hammering on their fraud. He's also very wrong about China developing his own economy. It's over.
If Jim Rogers has been following his own advice that he has been spewing on CNBC he has lost a ton of money. As far as I can tell you rode all the waves up and down the other side
1.) China/Asian stock market
2.) Commodities
3.) Agriculture
He believes in the Helicopter Ben and lost a ton if he has been doing what he claims.
Rogers has stated many times that he is short US equities, which at the very least is a hedge to the above mentioned long positions.
He barely ever mentions shorting US equities. There is no way any way a small short position he had on the US equity side could cover his longs on Asian stocks, commodities, and agriculture. He was short Fannie and Freddie for a while, I don't see how that covers everything he was touting being long in.
Most of his ideas were wrong or more like wrong timing. He basically went down with the ship on most of his calls over the last 2-3 years.
He believes in the Helicopter Ben is going to save the world story. He bet wrong. To be honest, there really are not going to be any winning hands by the time this is all done.
If you have followed Rogers then you have no doubt noticed that he says his investments are for ~10-20 years. When you are long without leverage, you dont have to cover anything or care much about short time market movements.
Long-term everything is toast see Japan they hit 1981 levels in March and they are far from done. Wait till the financial credit system actually goes negative, you haven't seen anything yet. Japan will be hitting 60s levels before it finally collapses the whole system.
I guess he will always be right, he could just say 20 years from now you will break even... sorry but that is bunch of nonsense.
I guess the people that invested in the Nasdaq only have to live X amount of years to be winners, nobody is ever a loser.
Jim Rogers calls have been very bad across the board, he believes in the Helicopter Ben will save the world story. It was one big fairy tale. Humans have absolutely no ability to supply exponential growth forever.
I am a bit puzzled about Rogers believing in Heli-Ben saves the world story. Could you point where he actually states that?
From what i have seen, Rogers believes in commodities/agriculture because supply in these areas has been declining and production growth can not keep pace with raising demand in future (mostly beacause of population growth).
http://moneynews.newsmax.com/streettalk/jim_rogers_bernanke_insan/2008/0...
Jim Rogers: Helicopter Ben Bernanke 'Insane'He believes in magical helicopters, there isn't a helicopter big enough in the universe to supply what is needed forever.
What he is saying is credit creation can expand at an exponential rate forever. Which is complete nonsense.
Credit creation is barely expanding at all.
I saw a video of Rogers recently where he said he's not short anything (which he said is rare for him). The reason he's not short is because of all money the U.S. is printing - it makes it too hard to know what will happen (paraphrasing on my part).
"the U.S. is printing"
All credit is printing, it's a global financial credit system been like that since civilization started
He believes in fairytale where Helicopters can make everyone rich. Sorry, that is not happening.
Total credit market debt: $52.9T
Total credit market debt Q1 2009: $371B (annualized $1.484T)
Q1 sounds like a lot until you go look at the Fed's Z1 report that shows the system was creating at a $5.2T annualized rate in Q3 2007. The system isn't even able to create enough credit to pay interest.
There isn't a helicopter in the known universe big enough to save the system.
I would advise everyone to look at the Z1 report.
http://www.mathwarehouse.com/exponential-growth/images/formula_exponenti...
humans have no ability to keep exponential growth up forever... see chart above.. and when they don't it's time for chaos
first off, the link you keep posting just shows an exponential curve, it doesn't tie to any actual data, so doesn't help your argument much.
y=ab^x is exponential. no shit. i think most people on this site took Grade 9 math, even the liberal arts majors.
all your Z1 reports "prove" is that we have had an explosion in credit.
and from that you conclude "humans have no ability to keep exponential growth up forever" and "when they don't it's time for chaos"? That is a very interesting read on things.
if you look at your previous Z1 reports (and more specifically L.1, Credit Market Debt Outstanding), it has really only "exploded" as a percent of GDP since the late 70s, early 80s (and, since we have had inflation, the nominal value means little, the credit growth as a % of GDP is what is relevant).
which corresponds exactly with what a lot of commentators (including, I believe, Jim Rogers and KD) have said - we are facing the hangover of a 30 year credit market bubble, started mainly by Reagan. that was made possible by Nixon going to an all-fiat monetary system which allowed money creation like crazy.
what is the solution? as KD points out, we need to deleverage, as painful as it is.
JR is agreeing, that we should allow the debt bubble to deflate, but Bernanke won't let it happen, and instead we will get hyperinflation via a currency crisis.
effectively they are saying the same thing. KD thinks we will get deflation because he thinks that is what we need, and JR thinks we will get hyperinflation because BB won't allow us to get what we need. I happen to agree with JR - BB will stop at nothing to keep money creation rising. But I also agree with KD - deflation is not catastrophic, we should be deflating. But I don't think it will be allowed. It is all a matter of betting whether BB will allow deflation or create hyperinflation.
of course, BB is trying to walk the tightrope. i don't think he can do it, the delivery mechanisms won't allow it.
ghostfaceinvestah
You think credit creation is created without interest. What do you think the commercial banks do... loan you money at 0%.
Its very simple, you are either exponential growing the system at the rate needed or you collapse.
There is no deleveraging, show me in history where there is deleveraging of a complete system which is based on exponential growth. You can show me... its called a depression. The system doesn't run backwards you can go through all of the Z1 reports back to 1944, there is no reverse.
Of course, the system does get cleaned out... it's called a collapse and liquidation, why? because the books never balance.. the system always owes interest that has yet to be created.
"but Bernanke won't let it happen"
Ben doesn't have unlimited power to sustain the equation forever. Never did, never will unless the laws of the universe suddenly change
"There is no deleveraging, show me in history where there is deleveraging of a complete system which is based on exponential growth. You can show me... its called a depression."
You answered your own question - the Great Depression was a deleveraging. So it can happen.
And so what? I think a depression is preferable to the hyperinflation we are going to get. Deflation hurts debtors and rewards savers. Nothing wrong with that.
As it is, we are basically in a Depression, given the number of jobs destroyed. the only difference is we are softening the blow by printing money, but unfortunately most of the money being created is going to the political and financial elite.
And BTW, hyperinflation is NOT "an explosion in the money supply", it is a result of a run on the currency, which is where we are headed. if there were a viable alternative to the dollar, we would already be there, but once one is created, look out. And the run isn't going to come because "we print too much money", it will be because we are printing money and giving it to the corrupt financial and political elite. the Chinese only support the dollar so they can sell cheap goods to the masses, not buld mansions for the rich, they want no part of that kind of society because it does them no damn good.
you are looking the right numbers but drawing the wrong conclusion. Depressions do not lead to social unrest and chaos. Hyperinflation, a loss of confidence in one's currency, does. Bernanke is leading us down the hyperinfation road by his actions and enablement of the bad policies of BHO.
"you are looking the right numbers but drawing the wrong conclusion. Depressions do not lead to social unrest and chaos."
Sure that is why 7 million died in the US in the 30s from starvation and 100 million died worldwide the last time.
Without WW2 the US currency would have went to zero anyway for failure to fund their payments like everyone else... .it was slow death by 1937 it had again entered a depression... slow death. German hired Hilter to speed the process up.
The numbers I quote are right on the mark.
$52.9T at the end of Q1 2009
$371B of new credit creation in Q1 2009 ( of which $465B was federal government created)... without the federal government you would crying like a baby, why... system was generating -$95B for the quarter minus federal government. Once you enter a death spiral, you don't just call time out. You still owe the interest.
Based on 2007 Q3 - 2009 Q1, biggest slowdown in US history since 1944... credit is not expanding at a "FAST" rate, it's barely expanding at all... within time the federal government will be flatten by the oncoming train it stepped out in front of.
It's not a choice, there is nothing a human can do to supply that exponential equation forever... unless humans have become God or God like. There isn't anything anyone can do... other than slow the rate of decline somewhat.
It's a flawed equation, it will fail every time.
"Sure that is why 7 million died in the US in the 30s from starvation"
LMAO! You have lost all credibility, you really are a true tin-foil head. You know where that "estimate" comes from? A Russian researcher, quoted in Pravda. Life expectancy increased during the 30s. The birth rate went down, that's about it. Do some real research.
And BTW, we also had a severe drought during the 30s which decimated a lot of our farmland, because we didn't have modern farming methods and irrigation techniques.
There would be nothing like that happening if we get deflation.
And I wouldn't be crying like a baby if deflation happened, since I have no debt. Those with massive credit card debt would get hurt, and their lifestyles would be crimped, but that is the price you pay for living beyond your means. But nothing a personal bankruptcy filing wouldn't cure. Banks would get crushed, which is why BB is printing like crazy, since he, after all, represents them.
Go back to your bunker.
Yes and 23 million Russian death is tinfoil too.. it's all tinfoil, one big conspiracy... germany didn't go in there and liquidate them... nor did they throw people in ovens... it's all a bad dream. Yes, 1 million American boys didn't get liquidated, they are still in Europe living the good life. Yeah, they didn't need to destroy Europe, and parts of Africa and Asia... it was all for fun.
http://books.google.com/books?id=pyj5pq1JaSgC&pg=PA28&lpg=PA28&dq=forecl...
"one third of all farms lost to foreclosure" Oh my that can't happen but it sure did, I am so wrong... my god... and the farms that didn't get foreclosed were basically shutdown.
My parents and deceased grandparents lived on blood soup, many were not so lucky. My parents tell me of the stories of whole families walking from town to town looking for food and jobs. Of course, people back than could mostly take care of themselves. But that didn't happen, it was make believe.
And I wouldn't be crying like a baby if deflation happened, since I have no debt. Those with massive credit card debt would get hurt, and their lifestyles would be crimped, but that is the price you pay for living beyond your means. But nothing a personal bankruptcy filing wouldn't cure. Banks would get crushed, which is why BB is printing like crazy, since he, after all, represents them.
Yeah, I am sure. When there is no credit system you will just be fine going to the store to get food that doesn't exist. Everyone just file bankruptcy. Hahahaha. How about we just do it now... decree all debt no longer collectible, and then sit back and see what happens... chaos.
"BB is printing like crazy"
Sorry you are the tinfoil wearer... there is not one piece of data you are going to show that supports that statement. What is "printing like crazy"? Give me a number, where did the number come from?
I love it when people pull out the M0, M1, M2 charts... they are lucky if they are talking a trillion in a $53T US credit system and they think... oh my look at the printing... I laugh, those charts are about like fly on the backside of an elephant.
All credit is printing, tinfoil wearer... go see Z1 report. Where exactly do you think credit comes from if it is not printed? Where is it stored if that is the case, I want to see it?
Sorry but the Z1 report shows for a FACT that credit creation is at the lowest level since at least 1944... the only one wearing a tinfoil is you. We'll just call time out like you say, everything will be fine... it's cool when the credit system blows up. Right now credit expansion is back to 1996 levels but is support credit at 2009 levels... the system was only $20T in 1996. Yeah, that will work.... when it starts to fully collapse.. .we'll just magically call timeout... man, I wonder why the world didn't use this timeout last time?
Go back to school and learn basic Math, you think exponential growth is sustainable yet you can't tell anyone how... curious minds would like to know. You never did show me where a complete system has been deleveraged... oh, yeah, I forgot the last time people were starving to death and killing each on a worldwide scale.... wow, thats great. Which is exactly My point. Thank you for proving my point.
You don't have a choice, you either supply the system with what it demands which is to be serviced or collapse and liquation is next.
Only a moron would say the credit system is expanding "fast" or "very fast" Karl. Idiot. The is in FACT at it's slowest rate since 1944... wait till it goes negative, than eventually all the banks go belly up, oh, but somehow you think you are going to go to store and use your ATM card or something. Oh, forgot, everyone just file bankruptcy... no problems... it will work out just fine. HAHAHAHAHA
Hi Mako,
Thanks for the insights,
"Ben doesn't have unlimited power to sustain the equation forever. Never did, never will unless the laws of the universe suddenly change"
What are the laws of the universe that constrain BB? I understand deflationists like KD think a constraint on BB is that other countries will dump the dollar and thus we would have a currency crisis (hyperinflation) that kills the USA, and KD thinks BB will recognize this as the worst outcome.
Can you comment on delevergaing v collapse? I gather you don't think they can print new money and funnel it to debt service and retirement, and that the only outcome is a massive collapse in debt, not a "slow" deleveraging. Can you expound?
"What are the laws of the universe that constrain BB? I understand deflationists like KD think a constraint on BB is that other countries will dump the dollar and thus we would have a currency crisis (hyperinflation) that kills the USA, and KD thinks BB will recognize this as the worst outcome."
Well, to supply the exponential rate equation you would have to have unlimited power plus X% percent.
If you can't expand at the exponential rate the system collapse, end of story.
Sure you could have a "hyperinflation" event where the currency goes to zero, it never produces credit growth though. If it is on a worldwide basis the whole system goes. Than hyperdeflation will show up but what youa re deflating are human beings. Oh, but everyone loves this exponential growth... yep, it's great until the final Act.
"Can you comment on delevergaing v collapse? I gather you don't think they can print new money and funnel it to debt service and retirement, and that the only outcome is a massive collapse in debt, not a "slow" deleveraging. Can you expound?"
There is no delevaging global system wide, you are either expanding at a rate that fuels compounding interest or you are collapsing. If you fail to feed it what it demands it eventually goes into a death spiral. Last time the system entired death spiral... 100+ million perished. The exponential equation is not sustainable at any pecentage long term.
There is no retiring of the $52.9T of total credit market debt without collapsing, although individual components can retire there debt if someone else is picking up their slack. All you can do is service it, ok, you want to pay off $52.9T, ok, create $52.9T new credit and now you are up to $105.8T.
The system can't pay with what doesn't exist, and if it exist it has interest that must be created to pay it back. The system is based on a flawed equation been like this since the being of civilization.
Ben has no power to fuel the system indefinitely with the power it needs to meet the demands of that graph, and once you enter the death spiral you just don't call time out all is better. I would image well over a billion will be liquidated this time but nobody wants to talk about the end result of this.
That equation has NEVER been sustainable. You can't demand or supply at an exponential rate forever, and when you don't it's, "good night folks thanks for playing".
What ghost is saying is complete nonsense... he is saying there is some level of exponential growth that is sustainable. Ok, go graph 1%, oh no, graph goes bascially vertical there too, oh my.
http://upload.wikimedia.org/wikipedia/commons/thumb/5/53/Exponential.png...
There is no beating that chart.
Thanks for the reply Mako,
"There is no retiring of the $52.9T of total credit market debt without collapsing, although individual components can retire there debt if someone else is picking up their slack. All you can do is service it, ok, you want to pay off $52.9T, ok, create $52.9T new credit and now you are up to $105.8T. "
The hyperinflationists would disagree, because they think Central Banks can print money and buy assets, thereby monetizing debt. Banks don't need to roll over debt if a Central Bank simply prints the money and buys leveraged, underwater assets for "purchase price" (despite the fact the asset's fair market value is at a huge haircut to "purchase price"). Central banks essentially printing money and giving it to banks to retire their debt.
Its through this process that the hyperinflationists do not believe debt serve requires exponetially more debt. They believe you can retire debt via monetization (or sham loan progams backed by insufficient collateral, like the FED's alphabet soup of programs).
======
An example:(http://www.ritholtz.com/blog/2009/07/a-dubious-foundation/)
“As we’ve also written, the Fed can’t possibly lose the battle against credit deflation. Its trump card in this game has always been monetization (for every dollar of credit organically extinguished in the marketplace, two dollars of assets can be monetized by the Fed). The Fed can drop even more money from helicopters directly to debtors if need be (not just give high-powered money to banks with the objective of replacing dying credit with newly-born credit). The Fed has the explicit endorsement of virtually all US politicians, homeowners, business people, banks and consumers to create enough money and credit to ensure nominal output growth and it is openly telegraphing its intentions to do so. Everything else, as H.L. Mencken might have said, is moonshine.”
Life is a series of waves. Don't get too caught up in the inflation and deflation stupid heads. Life has both.
The system is credit based, nobody on this Earth has unlimited power to exponential expand the credit system forever. They certainly can play make believe, you certainly could have what is referred to as an hyperinflationary event, but by that time it's because of the failure of the credit system to expand at the rate need to service itself.
They certainly can destroy that which they wish they could fix, but they have no way of fueling the equation forever no matter what is done.
If nothing is/was done you already would be living in chaos, virtually no credit and certainly no credit system would exist right. Eventually, that will happen even though they are putting their fingers into the mix... the only thing that has been done is affected the rate of decline.
You have to love it when somebody actually speaks the truth.
We'll see whether there is any traction on investigating exactly what the absconded code does. I suspect Geithner isn't the only guy drawing a public salary who really works for GS.
People don't want the Truth and "can't handle the Truth".
The Truth is the financial credit system is unsustainable long-term. Why? The use of an equation that requires (DEMANDS) exponential growth. The problem is, human have no ability to fuel exponential growth forever.
http://www.mathwarehouse.com/exponential-growth/images/formula_exponenti...
Humans don't input the required fuel, system collapses into a mess. It hasn't even collapsed YET.
Mako
Your comments are interesting.
Can you explain the exponential growth of compound interest?
How does the 'new' money get accounted for?
What sites do you frequent?
Thanks, Dan
You don't need any sites, you only need common sense.
http://www.federalreserve.gov/releases/z1/
Federal reserve Z1 reports shows it all... do search in docs for TOTAL CREDIT MARKET DEBT.
This is the total credit of the US system. Currently stands at $52.9T, now you will get an idiot like Karl saying that number is "increasing at a very fast rate" (paraphrased)
That is complete nonsense, go through all the reports back to 1944, they are all right there.This is the biggest slowdown in modern history, not the "fast" or "fastest" rate.
The system only created at annualized rate of $1.484T in Q1 2009, how do you service $52.9T with $1.484T and in which the numbers are still going down... you don't. Of the new $371B created in Q1, $465B was federal government creation... without this the system would have imploded by now. Soon the federal government will get flatten by the train they step out in front of.
The problem right now is the use of an equation that is unsustainable long term.
The system is not money, it's credit... although people use the credit like money. The US system ran out of "money" in the 1920s to fund the needs of the credit system, and than in 1960s it ran out "money" to fund international transaction see Nixon 1971.
The system is credit based, the problem is humans have used and equation that is flawed... ie compounding interest that when used DEMANDS exponential expanstion forever or you collapse situation.
Paul can only pay back Peter, if Paula requests additional new credit from the commerical banks so that Paul can earn from Paula what he plans on paying back Peter. Of course, Peter owes the amount owed plus a compounding interest rate. Exponential growth. Well, eventually you run out Paulas or the amount of Paulas you need to fuel the exponential growth is not enough, why? Exponential growth is impossible for humans to do forever. When credit is created, the interest is not created... so someone must create it or the system starts feeding on itself.
Most of what these guys talk about is really them timing the market between collapses.
1929 - Great Depression
1873 - Was the Great Depression before the 1929 Great Depression
1807 - Was the Great Depression before the 1873 Great Depression
The system keep getting larger so the collapses get much larger. Exponential growth is impossible long-term, it's a lie. Now we are at the point where people will not be able to hide behind lies.
Go graph 15%, eventually line goes near vertical.
Go graph 10%, eventually line goes near vertical.
Go graph 5%, eventually line goes near vertical.
Go graph 1%, eventually line goes near vertical.
All unsustainable. Stupid financial experts will tell you of the power of compounding interest, yet they never tell you were this power comes from, or how it can be supplied forever. It's can't.
http://www.mathwarehouse.com/exponential-growth/images/formula_exponenti...
Humans would need unlimted power to keep that equation going forever.
http://2.bp.blogspot.com/_dtY0VOFMWMM/SI59KPw5MmI/AAAAAAAAA84/w-8heJGFZ7...
If the system were alright it would be generating at $5-7T a year instead of $1.484T rate a year... unsustainable long term
I saw a youtube video recently of Michael Hudson describing this very concept and how over 3,000 years ago the Ancient Babylonians arrived at the same conclusion. To avoid a collapse, a new King, in the begining of his rule, would decree a debt jubilee and cancel all debts. Don't have many details other than what I recall, I plan on doing some research into it.
The system is not money, it's credit... although people use the credit like money.........
Cant really add to what Mako has presented except that the consumer has been the driver of credit creation and now as the consumer has decided to refrain from spending(creating credit)which is as pointed out the bank system shrivels and is dying--long overdue and it certainly looks like a clean slate will be the only possible solution.
Many of my friends(all 2 of them) have asked about
loans etc--my remark to them has been, what is the interest rate? never concerning them with the principle as the principle serves only as an illusion that at one time existed and has now morphed into nothing tangible.-they say huh--is it real or is it memorex?
To the bond auction --the july 8 of ten yrs
62 billion tendered--19 billion accepted
Indirect bidder percentage is still running 50% but what I have been tracking as a confidence number is the treasury direct systems and a lowly 25 million were awarded--the public does not have confidence whatsoever especially the govnt.
Looks like post toasties to me.
or that number would be larger.
The Bush Kleptocracy continues under Obama, only on steriods.
Read Jackels at Jeykll Island. Read Rothbard's "The Case Against the Fed". The FED is controlled by bankers, so would it be so outlandish think that bankers think like bankers and hence would help the banking industry?
Griffin says the Fed ARE the bankers.
I believe it is "The Creature From Jekyll Island", but yes, in my mind that is a "must read" for just about everyone in the world. The guy does make some outlandish stretches in the book, but it is very thought-provoking...
BTW, this captcha system just does not work, at least on Firefox, only gives space for one character on the first go-around. The retry allows more than one.
Jackals at Jeykll is basically shorter version of "The Creature From Jekyll Island". I was going to say source that in my comment but that would be disingenous of me.
My take is that it pretty much takes the Rothbard's book one step further into the conspiracy zone.
Got it, didn't know a shorter version existed. the original isn't that bad, since you can skip the summary section at the end of each chapter.
is the Rothbard book worth a read?
is this a part of PPIP? tax evader Geithner gets to draw a Public&Private salary?
It is called post-office planning. What will this poor guy do after he leaves his position as treasury secretary ? He has a family to feed. He goes and joins the board of Goldman Sachs or one of its million subsidiaries. The guy has just 4 years to plan his retirement and it started with his appointment.
Poor poor wittle Timofy Geithner!!! It's for the CHILDRUN -- that's why he is stealing us blind!!
Wish there was a double play speed option on youtube... Maybe its too early in the morning.
Geithner? I'm happy just knowing that the *** of a ***** does any work at all.
LOLZ!
The richest one percent of this country owns half our country’s wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It’s bullshit. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own. We make the rules, pal. The news, war, peace, famine, upheaval, the price per paper clip. We pick that rabbit out of the hat while everybody sits out there wondering how the hell we did it. Now you’re not naive enough to think we’re living in a democracy, are you buddy?
Gordon Gekko
As true today as when those words were written.
Roberts -- along with Roubini and Mike Whitney -- is one of the few voices on the economy who has preached for years about the bubbles and predicted exactly what happened. To say he is pro China and anti-America is assinine. He's pro-America and speaks out against Wall Street's corruption and Washington's complicity. God bless him.
What about the Austrians? Hayek and Von Mises, Hazlitt and Rothbard?
AIG May Have Zero Value After Rescue, Citigroup Says (Update1)
Share | Email | Print | A A ABy Erik Holm and Hugh Son
July 9 (Bloomberg) -- American International Group Inc., the insurer bailed out four times by the government, will likely have no value left for private shareholders after repaying the U.S., Citigroup Inc. said.
“Our valuation includes a 70 percent chance that the equity at AIG is zero,” said Joshua Shanker, an analyst at Citigroup, in a note to investors late yesterday cutting his price target on the New York-based insurer by more than half.
we have no confidence in Citi's estimates.
Citi May Have Zero Value After Rescue, AIG Says (Update2)
Share | Email | Print | A A A
By Erik Away and Hugh Johnson
July 9 (Bloomberg) -- Citigroup, Inc., the faux-bank bailed out four times by the government, will likely have no value left for private shareholders after repaying the U.S., AIG said.
“Our valuation includes a 70 percent chance that the equity at Citi is zero,” said Willie Shanker, an analyst at AIG, in a note to investors late yesterday cutting his price target on the New York-based cesspool by more than half.
No $hit!! The whole policy making consortium of the Federal Govt is set by, and for the benefit of a financial oligarchy whose prime constituency are themselves. Simon Johnson's "The Quiet Coup" is a direct insight into this. Geithner is a plant by Goldman et al as part of this... This is not a credible debate.
In other news, Warren Buffett is out throwing around erectile analogies for the economy. Maybe he could grant Becky Quick a private interview to discuss his Viagra related feelings?
lol
They don't call her Becky Quickie for nuthin'.
Ok, how has no one asked why Warren knows what a Viagra Candy Cocktail is?
Hey, who upped the skill set on the math questions? We are at risk of losing 9/10ths of the American population as contributors to this site! (The 3/5ths who graduated high school, that is).
I was just asked what the Jacobian determinants were for the following functions:
y1 = 2x1+3x2; y2 = 4x^2 + 12x1x2 + 9x2^2
haha
please fill in the proper coefficient for the quadratic iterator such that period doubling enters chaos
anyone have a link to that "bank holiday" article he is talking about?
Found it!
http://www.marketwatch.com/story/schultz-paints-bleak-picture-of-future
While he's probably correct about Giethner, Roberts is also a 911 Truther and Zionist conspiracy nut. Not the most reliable source.
'Conspiracy nuts' are the ones having credibility these days. The so called 'Patriots and public servants' are traitors who undermine this great nation.
The Patriots and Public Servants you mention are just following other conspiracies. And I think calling anyone in govt a "servant" is bass ackwards - they clearly act as if they are our masters - and the sheeple do nothing. This banking nonsense is clearly unsustainable in the long run - the question is just how long it will take to collapse. Faster, please.
I like Paul Craig Roberts. I am also a 911 truther.
We'll see who's right soon enough.
Tyler Durden- how do i contact you? My name is Pimm Fox - I host the Bloomberg radio program Taking Stock each day at 3PM on 1130AM. I want to invite you to be a guest. How do I contact you? Thanks, Pimm
How about you fart, light it on fire, and contact him by anal smoke signals.
Hi,
Tyler is contacted by projecting a giant Citigroup stock ticker on low clouds in downtown NYC. You may want to bring a knife, I heard he only sleeps 2 hours a day. Also I LOVE Bloomberg , can I have your auto graphs??
Running around naked in Battery Park screaming his name might be a good start.
It's a trap! It's really GS looking for your true identity!
"The Treasury Secretary works for Goldman Sachs".
Truer words have never been said.
Goldman Sachs is a giant vampire squid wrapped around the face of humanity, relentlessly jamming its blood-funnel into anything that smells like money.
Anybody want to satart a kitty to hire a really good lawyer to file an injuction ordering the Fed, Treasury, GS, JPM, MS, etc. to immediately halt any and all activities that have the effect of manipulating stock prices?
That should be start, not sarart. Sorry for the sloppy typo
I'm generally very disaapointed in all these guys
I cant believe he made those claims against Goldman on live television. He might as well have said the government is controlled by: bernhake, summers, orszag, geitner, bloom, rattner, feldman, shapiro, bair, laura tyson letkoff, cass summstein, chuck schumer, pelosi, barn frank. And wall street is controlled by rob rubin, hank greenberg, and l blankfein. You just cant say these things.
where's ludwig von fagg to set the record straight??
He made them on Press TV. Which is Iranian television. Yes.
sd
YES!!! I LOVE the idea of hiring a lawyer to sue GS, the Fed, etc. and force a complete transparency of all the dealings between the federal government and the banks!
Class action? Anyone who owns equities? Is this possible? Fuck, I'm down. I'll even drive.
(though I should stay away from the numbers, as I got the CAPTCHA wrong *twice*)
WTF is "Treasaury"?
"Dr." Paul Craig Roberts.
Jew-hating-conspiracy-mongering-America-bashing scumbag.
And I was just about to buy 0-hedge stuff.
Shame on you Tyler for even giving this jackass a platform.
Paul Craig Roberts wrote some very interesting pieces, including two books, about the Soviet economy and Marxist Alienation. Upon reading his more recent works, I realized he lost his cotton picking mind. I have no doubt at all that Geithner (and Paulson, for that matter) are Goldman devotees if for no other reason than the government married Goldman a long time ago and, as is the case with PIMCO, the government douches need Goldman more than Goldman needs them. However, a lunatic like Roberts saying it adds as much weight as me saying it.