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And Bair informed him that depositories have turned into suppositories.
may I use this phrase in my bloggings?
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
Not if he still wants more $$ than he paid for it :p
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.
"tax policy" or "turbo tax policy"?
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!
Ya, but...noone reads the comments section.
"Fuck you Timmy! And your investment banker friends!"
With insight suchass this, why bother?
ps. Need moar poltic drama so eyes never get the desire to read the comments ever, ever again.
pps. Do you like rage?
what a spoiled little whiny douchebag. F him. good for Sheila for actually doing her job and not letting that asshat boss her around.
Doing her job???
Wait, I have to do it again:
Doing her job?????
Well, think about it, maybe Bair's cool with winding down some banks but Geithner won't give her the money, he wants to just hand it over to them like the feds been doing. Could be.
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?
As TD has previously posted, it could prove very difficult for the FDIC to tap that $400-500B line of credit without causing serious disruptions to treasuries and the dollar. However, Chairperson Bair proposed raising FDIC insurance premiums to at least somewhat mitigate the FDIC's pending insolvency problem. She was fought tooth and nail by bank lobbyists on the Hill. I guess banks can have their/our cake and eat it too.
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.
My toast is done. Shit, I burned it.
superb observation. However, one needs *exceedingly* long lifespan (and no, written records wouldn't cut it) to observe such rare debt collapse events and determine them to be an inevitably repeating pattern. Now who has such long lifespan? hmmm...
"what a spoiled little whiny douchebag."
You called it, my friend.
it is all coming undone- just when the Fed thought thery had indeed fooled everyone that all was safe- suddenly it becomes apparant that they had not.
say good night gracie- pride goeth before the fall.
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.
Timmay is the Dennis Kneale of government.
I thought Dennis Kneale was the TurboTax Timmy of CNBC??
BRAVO!! Post of the DAYYYY!!
"We let Timmy cry himself to sleep. He's had a big day."
- Timmy's Mom
My friend's mom is friends with Timmy's mom (on Cape Cod MA). When asked how her son is doing, Timmy's mom replied (in July) that her son's job is a little "stressful".
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.
"stressful" is how people looking to re-obtain employment with something approaching their most recent wages would describe the process. i.e., if I had been successful in this regard, I would feel far less "stressed" right now.
been in government all of his career. figures.
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.
Fed Plans to Strengthen Bank Examinations With Teams of Experts
Another scam in the making.
Direct line to Goldie.
"We have another bank to short"
"All of them them!"
In other news:
Look for Timmy Geithner to "spend more time with his family" momentarily.
Dead fish delivery from Rahm?
maybe they should put rahm in charge of the treasury. he did such a great job of cleaning up fannie mae...
Good. It'll give him some time to spiff up that tile in his bathroom. Good Gawd, Timmay!
He'll be the first one out the door - to "spend more time with his wife and children". He'll implode by New Year's Day. That's a better bet than the S&P reaching 1200 - I do believe.
If he doesn't deliver the Fed the power they are expecting, a retirement will be a best case scenario.
You have to understand that these people are not stupid and they can look at a calendar. They KNOW they lose lots of seats next year if they don't have unemployment clearly cleaned up by then and as soon as that happens, Congress will let nothing at all happen. That's the ballgame for them. That will pin the eternal label of failure on them because things are going down sharply from then on and they'll be the administration in power while it happens. The Herbert Hoover Administration of the Second Great Depression.
they are not concerned too much with elections, since they own both sides of the aisle. it may be more about discrediting a world view.nothing like a giant mess to "prove" that government just does not work. even if the mess is fabricated and the people who have been put at the helm have never been supposed to succeed.
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.
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. : )
Dude, did you dump the math questions. LOL.
Fuck Timmy, perhaps we are going to get some serious looks. Shit, the FDIC has to absorb all this garbage as CNB is raided and Corus has negative Tier 1.
What the fuck is going on. That's about $50B of assets.
All that and more is necessary to obtain the extra funding from congress so the Fed can lever it up to enhance current operations...
Seriously though. Maiden Lane is coming due, the FDIC is taking serious hits on the BAC/Citi guarantees.
And now two HUGE FUCKING BANKS asset wise are failing. What kind of a hit did the FDIC take on Indymac, and that was before the higher limits of $250k and unlimited business limits.
Frankly, Indymac is a walk in the park compared to CNB and Corus. Guaranfuckingteed.
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......
Agreed, they have that $500B credit line from the Treasury and will be tapping it very soon.
Karl Denninger is absolutely correct. We have $2T left to go in residential and at least another $500B to go in CRE.
We'll see what happens.
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.
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