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Geithner Loses It After Bair Refuses To Yield Power To Fed

Tyler Durden's picture





 

It seems the Secretary of the Treasury forgot to take his Xanax on Friday. The WSJ reports that "Timothy Geithner blasted top U.S. financial regulators in an
expletive-laced critique last Friday as frustration grows over the
Obama administration's faltering plan to overhaul U.S. financial
regulation." Presumably the source of Geithner's ire was Sheila Bair's (and probably Mary Schapiro's) unwillingness to yield power over to Bernanke.

Among those gathered in the Treasury conference room were Federal
Reserve Chairman Ben Bernanke, Securities and Exchange Commission
Chairman Mary Schapiro and Federal Deposit Insurance Corp. Chairman
Sheila Bair.

Friday's roughly hourlong meeting was described as unusual, not only
because of Mr. Geithner's repeated use of obscenities
, but because of
the aggressive posture he took with officials from federal agencies
generally considered independent of the White House. Mr. Geithner
reminded attendees that the administration and Congress set policy, not
the regulatory agencies.

If Geithner gets so worked up over a couple of powerless agencies giving up their turf to an already overlordish Federal Reserve, one can only imagine how JPM's SPY traders must dread any caller ID starting with 202 on one of those rare down days or why Wen Jiabao knows never to allow indirect interest in Tsy auctions to drop below 50% going forward.

On a more serious note, this begs the question: is the SecTsy finally losing it and why? Or, in a Machiavellian ploy of sinister brilliance, did Larry Summers orchestrate all of this by turning off CNBC access at the U.S. Treasury, in hopes of creating a brief but deadly Western standoff between his adversaries (all of them)? If nothing else, it would explain the cable station's increasingly declining viewership.

 


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Tue, 08/04/2009 - 06:03 | Link to Comment Apocalypse Now
Apocalypse Now's picture

And Bair informed him that depositories have turned into suppositories.

Tue, 08/04/2009 - 09:57 | Link to Comment Anonymous
Tue, 08/04/2009 - 14:49 | Link to Comment Anonymous
Tue, 08/04/2009 - 07:57 | Link to Comment SlowTrader
SlowTrader's picture

 

 

the paradox is that he may be able to sell his RE after this.If that happens Jon Stewart/John Oliver should get a commission

http://www.thedailyshow.com/watch/wed-july-29-2009/home-crisis-investiga...

 

 

Tue, 08/04/2009 - 12:13 | Link to Comment Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

Not if he still wants more $$ than he paid for it :p

Mon, 08/03/2009 - 22:56 | Link to Comment Gilgamesh
Gilgamesh's picture

Because as the head of the Treasury, setting tax policy wasn't enough of a side project for you Timmy?

 

Or maybe he had just opened that seemingly innocuous text, which turned into video of a burning owl.

Tue, 08/04/2009 - 12:25 | Link to Comment Anonymous
Mon, 08/03/2009 - 22:57 | Link to Comment texpat
texpat's picture

Sweet! The angry mob is now inside the treasury.

We all know Obama looks at HuffPo. Is it really so hard to believe Geithner gets emailed link to ZH when he's featured?

Fuck you Timmy! And your investment banker friends!

Tue, 08/04/2009 - 09:03 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

hahahahaha

Tue, 08/04/2009 - 10:36 | Link to Comment Anonymous
Mon, 08/03/2009 - 22:59 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:30 | Link to Comment Anonymous
Tue, 08/04/2009 - 00:31 | Link to Comment Anonymous
Tue, 08/04/2009 - 01:11 | Link to Comment Wilderman
Wilderman's picture

Maybe she wants more money than he can deliver, and he's terrified the fed won't be in charge.  After all, they're the ones with the power to the presses.  Is the Fed obligated to purchase treasury issuances? 

Tue, 08/04/2009 - 07:01 | Link to Comment Anonymous
Tue, 08/04/2009 - 07:40 | Link to Comment Arm
Arm's picture

You could raise their premiums to 100% of income and it still would not cover everyting that has been lost.  Banks have once again lost more than they ever made in their entire HISTORY. 

I am now understanding why the Israelites had a Jubilee every 50 years.  All debt outstanding was cancelled at the time.  Of course people would cut back before and there was little to forgive, but it also was a form of controlled deleveraging of the economy.  Also all those nice rules regarding usury (fractional reserve banking was considered usury, because you lent what you did not have).  I guess a couple millenia of monetary crises taught ancient people about economic order. 

It would be great if we could develop a mechanism to achieve a similar effect with the current modern limitations.

 

Tue, 08/04/2009 - 07:55 | Link to Comment Anonymous
Tue, 08/04/2009 - 10:04 | Link to Comment Anonymous
Tue, 08/04/2009 - 14:26 | Link to Comment ZerOhead
ZerOhead's picture

Vampire banksters???

Tue, 08/04/2009 - 08:17 | Link to Comment SWRichmond
SWRichmond's picture

"what a spoiled little whiny douchebag."

You called it, my friend. 

Mon, 08/03/2009 - 22:59 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:00 | Link to Comment Daedal
Daedal's picture

I think a more apt description of Geithner's behavior is called a 'temper tantrum'. I say they bring Donald Trump into these meetings from now on.

Mon, 08/03/2009 - 23:01 | Link to Comment Quantum Noise
Quantum Noise's picture

Timmay is the Dennis Kneale of government.

Tue, 08/04/2009 - 01:05 | Link to Comment Anonymous
Tue, 08/04/2009 - 02:13 | Link to Comment Anonymous
Tue, 08/04/2009 - 16:18 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:01 | Link to Comment lsbumblebee
lsbumblebee's picture

"We let Timmy cry himself to sleep. He's had a big day."

 

- Timmy's Mom

Mon, 08/03/2009 - 23:24 | Link to Comment Anonymous
Tue, 08/04/2009 - 01:09 | Link to Comment Lets_Eat_Amen
Lets_Eat_Amen's picture

Let's be honest, "stressful" is what normal people may describe their jobs.  When you cheat on your taxes and get appointed to the Treasury the worst day of work can only be described as shanking your 9 iron at Congressional GC into the water.

Tue, 08/04/2009 - 07:04 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:02 | Link to Comment aldousd
aldousd's picture

been in government all of his career. figures.

Tue, 08/04/2009 - 10:09 | Link to Comment alpha charle
alpha charle's picture

Yup.  Timmy is getting a crash course on the dynamics of rubber meeting the road.  He's never held a private sector job in his life, like his boss, the President, so his view of things are colored by this.

Mon, 08/03/2009 - 23:02 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:11 | Link to Comment texpat
texpat's picture

Direct line to Goldie.

"We have another bank to short"
"Which one?"
"All of them them!"

Mon, 08/03/2009 - 23:06 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:29 | Link to Comment Jim_Rockford
Jim_Rockford's picture

Dead fish delivery from Rahm?

Tue, 08/04/2009 - 12:29 | Link to Comment Anonymous
Tue, 08/04/2009 - 10:34 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:09 | Link to Comment Anonymous
Tue, 08/04/2009 - 02:18 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

If he doesn't deliver the Fed the power they are expecting, a retirement will be a best case scenario.

Mon, 08/03/2009 - 23:11 | Link to Comment Anonymous
Tue, 08/04/2009 - 06:54 | Link to Comment zeropointfield (not verified)
Mon, 08/03/2009 - 23:15 | Link to Comment Miles Kendig
Miles Kendig's picture

Your question cannot be a serious one.  Can it TD?

Geithner has the responsibility to carry the water and not only is he is failing, he is flailing.  Sooner or later folks are not only going to inquire a bit more as to his calling patterns, e-mail trees and who he lunches with, especially while in New York he will be reminded of them.  You do remember the action earlier this spring don't you?

Without isolating the next wave within the Fed with the FDIC merely acting as the conduit for the leverage then all might still be lost for the market makers.  Things are still very precarious.  Especially with the media counter blitz currently underway questioning certain market enhancement techniques implemented to assist the market makers with staving off insolvency.  The lending primarily in China and the US is funding current operations.  This formula cannot continue without substantial advancement in the effects of the PSYOP that remain stubbornly absent here abouts.

Then there is the fomenting rebellion at the FDIC and the FASB with respect to accounting standards on hold to maturity & investment and loss provisioning for second mortgages.  All in all not Tim's or Ben's best week. 

I must call you to note how Tim, Ben and the hopeful warriors happen to be responding to the current level of stimuli.  I suggest it may well be time for an advancement of the level of attention certain aspects of current operations are receiving from high quality divergent centers of opinion.

Mon, 08/03/2009 - 23:37 | Link to Comment Comrade de Chaos
Comrade de Chaos's picture

Good Point TD, however is LS wise enough to be/remain a "grey general?" My bet is on Chief of Staff who is silent but ruthless. : )

Mon, 08/03/2009 - 23:14 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:18 | Link to Comment Miles Kendig
Miles Kendig's picture

All that and more is necessary to obtain the extra funding from congress so the Fed can lever it up to enhance current operations...

Mon, 08/03/2009 - 23:32 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:42 | Link to Comment Miles Kendig
Miles Kendig's picture

Without doubt.  Just remember these are the ones being discussed in the public domain.  It has been postulated that the FDIC has issued more than 300 letters of concern this year.

I repeat that what is building is another means to extract 500-750 billion in emergency FDIC funding.  Sure they will need 200-300 of it.  The remainder levered at 15/20:1 will be of great assistance to the Fed & Treasury at sustaining their current market arrangements.

There is more than one kind of cash for clunkers funding scheme going on right now......

Mon, 08/03/2009 - 23:52 | Link to Comment Anonymous
Tue, 08/04/2009 - 01:11 | Link to Comment Lets_Eat_Amen
Lets_Eat_Amen's picture

I think your numbers for residential and CRE are reversed, or at least i've seen numbers in the trillions for CRE but most of that spans about 3 years.

Tue, 08/04/2009 - 04:17 | Link to Comment Miles Kendig
Miles Kendig's picture

I suspect that after the summer recess we may well see an "emergency" measure co-authored by Carolyn Maloney and Darrell Issa, The Commercial Real Estate Emergency funding Program or CREEP to attempt to relieve the Federal Reserve and the FDIC of their squabble and "target" funding specifically to the CRE issue. I also suspect that in order to get the Blue Dogs and more importantly Senators Kent Conrad and Charles Grassley aboard they will add an additional 100 billion for Agriculture funding so farmers can be assured the funding is available to put the winter wheat in and to compensate California growers for the lack of water.  This will modify the program to C.R.E.E.P./AG.  At 10/15:1 it will need about 310 billion.

Then Paul Kanjorski and Marsha Blackburn will insure that the FDIC special funding measure, The Depository Stability Act is co-authored and sails through on a voice vote.  It will be discovered later that under exigent circumstances, the Treasury and the Federal Reserve can borrow against these funds to assist with their financial services stability and renewal program.

Tue, 08/04/2009 - 09:22 | Link to Comment deadhead
deadhead's picture

don't forget Guaranty Federal which is a biggie.

 

 

Mon, 08/03/2009 - 23:14 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:31 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:43 | Link to Comment e1even1
e1even1's picture

and how afraid he is.

Tue, 08/04/2009 - 00:22 | Link to Comment molecool
molecool's picture

What's wrong with yelling at women? I do it all the time...

Tue, 08/04/2009 - 00:32 | Link to Comment Anonymous
Tue, 08/04/2009 - 08:18 | Link to Comment Anonymous
Tue, 08/04/2009 - 16:23 | Link to Comment Anonymous
Tue, 08/04/2009 - 16:24 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:16 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:17 | Link to Comment Gilgamesh
Gilgamesh's picture

Starring Will Ferrell as Sheila Bair:

http://www.youtube.com/watch?v=02572EyOIzQ

Mon, 08/03/2009 - 23:24 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:25 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:25 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:27 | Link to Comment SV
SV's picture

The facial similarity is suspect.  I wonder if the transcript from the meeting has a resemblance:
http://www.youtube.com/watch?v=jP5OcQdxlSk

Mon, 08/03/2009 - 23:32 | Link to Comment Sqworl
Sqworl's picture

Lasie, Lasie, Timmy's not doing the Well..lol

Mon, 08/03/2009 - 23:32 | Link to Comment Jim_Rockford
Jim_Rockford's picture

The description of the meeting instantly reminded me of a meeting from several years ago.  Present were Rubin, Levitt, Greenspan, and a little lady named Brooksley Born ...

Tue, 08/04/2009 - 02:25 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:34 | Link to Comment JohnKing
JohnKing's picture

Timmay say defang them before we get bit.

Mon, 08/03/2009 - 23:45 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:54 | Link to Comment capitalisa
capitalisa's picture

Damn!  All those waves made me sea sick.

Tue, 08/04/2009 - 02:41 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:50 | Link to Comment Anonymous
Tue, 08/04/2009 - 01:59 | Link to Comment Anonymous
Tue, 08/04/2009 - 16:36 | Link to Comment Anonymous
Mon, 08/03/2009 - 23:51 | Link to Comment Undertaker (not verified)
Tue, 08/04/2009 - 00:05 | Link to Comment Anonymous
Tue, 08/04/2009 - 00:08 | Link to Comment texpat
texpat's picture

It just needs a fart in the wrong room and the whole house of cards comes down.

Tue, 08/04/2009 - 09:01 | Link to Comment Anonymous
Tue, 08/04/2009 - 00:09 | Link to Comment SV
SV's picture

But alas, she can't.  Timmaw has to fund that action if she is to "do her job", per Karl she's plum run out of funds.  She can't take down many with only ~800 in the kitty.  I expect that was a component in the situation in that room.

Tue, 08/04/2009 - 00:52 | Link to Comment Anonymous
Tue, 08/04/2009 - 05:22 | Link to Comment Lothar the Rott...
Lothar the Rottweiler's picture

Yes, sir, tip of the iceberg for Southeastern banks.

These mofos are all overlevered like every other bank.

They can't foreclose on all the nice homes and other properties they own b/c they don't have enough people.

Poof!

Or, Puff the Magic Dragon.

I just saw another sign looking to "rent" out a 200K house in the hood next to mine.  Their mortgage has to be around 1,500/mo.  No way they are getting that - the bagholder of the loan is going to get it.

 

Tue, 08/04/2009 - 00:07 | Link to Comment MinnesotaNice
MinnesotaNice's picture

From my experience... seasoned managers generally lose control when:

  1. they have been outmaneuvered
  2. things are going bad really quickly

I would expect a combination of the two... Timmy is used to getting his way... and Bair and Schapiro are not interested in playing the game that he and Bernanke want to play (and need to play). 

Tue, 08/04/2009 - 00:42 | Link to Comment Anonymous
Tue, 08/04/2009 - 01:36 | Link to Comment capitalisa
capitalisa's picture

I wish people would stop talking about "decades" or "kicking the can down the road".  For Pete's sake people, government's been kicking down the road for decades already.  There is NO MORE ROAD.  WE are the children and grandchildren who have to pay.  WE are the ones they were talking about decades AGO when they started this crap.

Tue, 08/04/2009 - 07:41 | Link to Comment Anonymous
Tue, 08/04/2009 - 08:53 | Link to Comment SWRichmond
SWRichmond's picture

There is no "pay" in the "make payments" sense.  There is default.  We will pay in lifestyle.

Tue, 08/04/2009 - 09:27 | Link to Comment deadhead
deadhead's picture

very well said capitalisa....accurate in my view

Tue, 08/04/2009 - 16:39 | Link to Comment Anonymous
Tue, 08/04/2009 - 01:38 | Link to Comment Anonymous
Tue, 08/04/2009 - 04:53 | Link to Comment theadr
theadr's picture

Barry, Timmy, Larry ~ the 3 stooges.

Tue, 08/04/2009 - 10:17 | Link to Comment texpat
texpat's picture

nyuk nyuk nyuk nyuk.

Tue, 08/04/2009 - 07:00 | Link to Comment agrotera
agrotera's picture

It's the other way around.  Both Obama and Geithner had long deliberations about what direction to take and it took them til about a month after the inauguration to announce that they supported the paulson/bernake plan--which made them accomplice to that whole heist.  And during the deliberations, they both spoke in a way that made them sound suspect of the actions taken by bernake/paulson, then all of a sudden they were on board...the Fed runs the country and our elected officials period, except for maybe Rep. Paul, Grayson and a few other representatives.

 

Tue, 08/04/2009 - 10:14 | Link to Comment Gilgamesh
Gilgamesh's picture

The Bankers will never forget the lesson of the creation of the Fed.  Get the Banks and Bankers (and eventually Congress) to publicly "oppose" the plan, whilst knowing that it's a sweetheart deal that they want/need to enact.

 

They have taken it a step further; don't stop bashing it when it passes.  Keep coming up with instances where the Banks were "harmed" by the terms of the deal (like the BAC distraction yesterday).

Tue, 08/04/2009 - 03:38 | Link to Comment Miles Kendig
Miles Kendig's picture

Perhaps they have a better idea of what their position is worth

Tue, 08/04/2009 - 00:17 | Link to Comment Milton
Milton's picture

Well whoever leaked that story to the WSJ knows how to play hardball. Looks to me like Timmy is being set-up to be the fall guy when everything collapses.

Tue, 08/04/2009 - 02:45 | Link to Comment Anonymous
Tue, 08/04/2009 - 03:36 | Link to Comment Miles Kendig
Miles Kendig's picture

They both are canon fodder...

Tue, 08/04/2009 - 12:36 | Link to Comment Anonymous
Tue, 08/04/2009 - 00:28 | Link to Comment My cognitive di...
My cognitive dissonance's picture

Whatta shake down.

Sources familiar to the meeting, meaning fourth party familiar, have added that, he also farted or at least someone or something did.

Fortunately, the windows could be opened.

Unfortunately, the stains were harder to remove.

Congrat's TD!!!

2999 Twitters!!!

Oh wait...now it's 2998 again.

Your first follower, Prospectus just bailed.

 

Tue, 08/04/2009 - 10:29 | Link to Comment Sqworl
Sqworl's picture

Thanks, that made me laugh...

Tue, 08/04/2009 - 00:40 | Link to Comment Anonymous
Tue, 08/04/2009 - 07:01 | Link to Comment agrotera
agrotera's picture

Timmay!

Tue, 08/04/2009 - 00:50 | Link to Comment Anonymous
Tue, 08/04/2009 - 04:55 | Link to Comment theadr
theadr's picture

Fuck gold, what good is gold with nothing to buy.  Buy Marlboros.

Tue, 08/04/2009 - 16:43 | Link to Comment Anonymous
Tue, 08/04/2009 - 01:06 | Link to Comment Lets_Eat_Amen
Lets_Eat_Amen's picture

The only way to solve this is for Timmy G. to have a "beer summit" to regain face with the regulators.

Tue, 08/04/2009 - 01:11 | Link to Comment duggenz
duggenz's picture

Geithner perfected the smoldering, red-faced glower from watching Dick Cheney.  He mastered the wide-eyed, head-tilting gaze of adoration after pouring over countless Lassie reruns.  Obviously, he watches Jim Cramer too.   

Tue, 08/04/2009 - 01:22 | Link to Comment Anonymous
Tue, 08/04/2009 - 01:28 | Link to Comment Anonymous
Tue, 08/04/2009 - 01:30 | Link to Comment ToNYC
ToNYC's picture

What could be better than knowing either he or his nexts-in-command

are staying up late reading our comments about how everybody knows they have no clothes on.

Tue, 08/04/2009 - 01:32 | Link to Comment Quantum Noise
Quantum Noise's picture

Timmay's lips move but all Sheila can hear is "meep, meep meeeeep".

Tue, 08/04/2009 - 01:38 | Link to Comment Anonymous
Tue, 08/04/2009 - 05:49 | Link to Comment e1even1
e1even1's picture

on the other hand, centralized regulation would be easier to corrupt and control than multiple 'independants'. i think that's the administration goal. dont forget to take your blue pill.

Tue, 08/04/2009 - 10:30 | Link to Comment Sqworl
Sqworl's picture

They are negotiating power share!!!!

http://www.youtube.com/watch?v=3oKwg6W05MU&feature=related

 

Tue, 08/04/2009 - 07:42 | Link to Comment Anonymous
Tue, 08/04/2009 - 09:06 | Link to Comment Anonymous
Tue, 08/04/2009 - 16:50 | Link to Comment Anonymous
Tue, 08/04/2009 - 01:40 | Link to Comment Anonymous
Tue, 08/04/2009 - 02:00 | Link to Comment Anonymous
Tue, 08/04/2009 - 16:52 | Link to Comment Anonymous
Tue, 08/04/2009 - 02:14 | Link to Comment Anonymous
Tue, 08/04/2009 - 02:14 | Link to Comment Anonymous
Tue, 08/04/2009 - 02:21 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

His puppet masters at the Fed must be cranking up the heat on Timmy.  If he doesn't deliver them the power they have been waiting on for decades, he is as good as dead.

Tue, 08/04/2009 - 04:17 | Link to Comment Anonymous
Tue, 08/04/2009 - 16:57 | Link to Comment Anonymous
Tue, 08/04/2009 - 04:55 | Link to Comment Anonymous
Tue, 08/04/2009 - 06:29 | Link to Comment nhutchinson
nhutchinson's picture

Sheila was a philosopy major in college. Therefore she understands the epistemology of valuation, which economists and MBAs certainly do not understand.

Tue, 08/04/2009 - 06:29 | Link to Comment Anonymous
Tue, 08/04/2009 - 06:42 | Link to Comment Anonymous
Tue, 08/04/2009 - 06:46 | Link to Comment Anonymous
Tue, 08/04/2009 - 06:50 | Link to Comment Anonymous
Tue, 08/04/2009 - 06:53 | Link to Comment Anonymous
Tue, 08/04/2009 - 07:20 | Link to Comment Anonymous
Tue, 08/04/2009 - 07:30 | Link to Comment percyklein
percyklein's picture

What a dope Geither is -- and perhaps the whole Administration.  They do not seem to understand the basic structure of our government.  Sure, the Adminsteration gets to "set policy," but only by succeeding in urging the passage of new laws by Congress or by exercizing powers already granted by Congress.  After that, it's just whining about what it wants but doesn't have.  Congress, indeed, sets policy, but only by passing laws. Otherwise it's just individual members or senators,  or sometimes whole committees or subcommittees, honking their horns.  The independent agencies are and are supposed to be just that: independant entities that exercize powers already conferred on them by Congress and standing, as it were, in the stead of Congress as to the extent power has been delegated to them by it.   I know this is all simple-minded, but Geithner apparently needs to go back to class on the subject.  It is worrsome to have a Secretary of the Treasury who either does not understand this (or the Consitution either) or, worse, elects to ignore it. 

Tue, 08/04/2009 - 07:42 | Link to Comment Anonymous
Tue, 08/04/2009 - 08:04 | Link to Comment Anonymous
Tue, 08/04/2009 - 11:35 | Link to Comment Milton
Milton's picture

"Didn't I say not to go buy anything for a while. You gotta fuckin car?" "It's under my mother's name." "Are you stupid or what? Did you hear what I said. Don't buy anything. Don't get anything. Nothin big. Whatsa matta wit you? You gonna get us all fuckin pinched."

http://www.youtube.com/watch?v=_lgLaY9BiAo&feature=related

 

Tue, 08/04/2009 - 12:07 | Link to Comment Gilgamesh
Gilgamesh's picture

Excellent.

Tue, 08/04/2009 - 08:12 | Link to Comment Anonymous
Tue, 08/04/2009 - 09:10 | Link to Comment Anonymous
Tue, 08/04/2009 - 08:14 | Link to Comment Anonymous
Tue, 08/04/2009 - 11:54 | Link to Comment Wilderman
Wilderman's picture

Denninger's chart (nicely copyrighted, or i would have added an image) shows consumer debt at $2.5 Quadrillion.  I could beleive $2.5T, but quadrillions?  Is something out of whack, or is my head firmly in the sand?

Tue, 08/04/2009 - 08:22 | Link to Comment SWRichmond
SWRichmond's picture

I absolutely love hearing about Leviathan eating itself.  Keep the pressure on, folks! 

Tue, 08/04/2009 - 09:31 | Link to Comment deadhead
deadhead's picture

swrichmond...big bonus points from me for using the word "Leviathan". Kudos to you!

Tue, 08/04/2009 - 08:26 | Link to Comment Sqworl
Sqworl's picture

Timmy is screaming about Lasie's "Fat Tail"...he did the same at the NYFED...

Tue, 08/04/2009 - 08:26 | Link to Comment glenlloyd
glenlloyd's picture

Bair's outta money anyway, gonna have to start using the Treasury issued Visa card.

Tue, 08/04/2009 - 08:40 | Link to Comment Danz Gambit
Danz Gambit's picture

Why do people make so many assumptions? Assuming A is true, and B is true, then from that one extrapolates that C must be true. Its usually not.

People are funny.

Tue, 08/04/2009 - 08:44 | Link to Comment Anonymous
Do NOT follow this link or you will be banned from the site!