Geithner Loses It After Bair Refuses To Yield Power To Fed
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.
(42 votes)
on Mon, 08/03/2009 - 21:48
#23605
It must be the realization that the RE market in Westchester is not green shooting... Sucks to be Timmy.
on Tue, 08/04/2009 - 05:03
#23773
And Bair informed him that depositories have turned into suppositories.
on Tue, 08/04/2009 - 08:57
#23874
may I use this phrase in my bloggings?
on Tue, 08/04/2009 - 13:49
#24397
You may
on Tue, 08/04/2009 - 06:57
#23784
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-investigation
on Tue, 08/04/2009 - 11:13
#24044
Not if he still wants more $$ than he paid for it :p
on Mon, 08/03/2009 - 21:56
#23608
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.
on Tue, 08/04/2009 - 11:25
#24072
"tax policy" or "turbo tax policy"?
on Mon, 08/03/2009 - 21:57
#23610
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!
on Tue, 08/04/2009 - 08:03
#23832
hahahahaha
on Tue, 08/04/2009 - 09:36
#23918
Ya, but...noone reads the comments section.
"Fuck you Timmy! And your investment banker friends!"
With insight suchass this, why bother?
AnonFK
ps. Need moar poltic drama so eyes never get the desire to read the comments ever, ever again.
pps. Do you like rage?
on Mon, 08/03/2009 - 21:59
#23611
what a spoiled little whiny douchebag. F him. good for Sheila for actually doing her job and not letting that asshat boss her around.
on Mon, 08/03/2009 - 22:30
#23655
Doing her job???
Wait, I have to do it again:
Doing her job?????
on Mon, 08/03/2009 - 23:31
#23698
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.
on Tue, 08/04/2009 - 00:11
#23724
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?
on Tue, 08/04/2009 - 06:01
#23787
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.
on Tue, 08/04/2009 - 06:40
#23798
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.
on Tue, 08/04/2009 - 06:55
#23803
My toast is done. Shit, I burned it.
on Tue, 08/04/2009 - 09:04
#23880
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...
on Tue, 08/04/2009 - 13:26
#24346
Vampire banksters???
on Tue, 08/04/2009 - 07:17
#23814
"what a spoiled little whiny douchebag."
You called it, my friend.
on Mon, 08/03/2009 - 21:59
#23612
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.
on Mon, 08/03/2009 - 22:00
#23613
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.
on Mon, 08/03/2009 - 22:01
#23617
Timmay is the Dennis Kneale of government.
on Tue, 08/04/2009 - 00:05
#23719
Funny.
on Tue, 08/04/2009 - 01:13
#23742
Wait...
I thought Dennis Kneale was the TurboTax Timmy of CNBC??
on Tue, 08/04/2009 - 15:18
#24633
BRAVO!! Post of the DAYYYY!!
on Mon, 08/03/2009 - 22:01
#23618
"We let Timmy cry himself to sleep. He's had a big day."
- Timmy's Mom
on Mon, 08/03/2009 - 22:24
#23646
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".
on Tue, 08/04/2009 - 00:09
#23721
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.
on Tue, 08/04/2009 - 06:04
#23788
"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.
on Mon, 08/03/2009 - 22:02
#23619
been in government all of his career. figures.
on Tue, 08/04/2009 - 09:09
#23888
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.
on Mon, 08/03/2009 - 22:02
#23620
Fed Plans to Strengthen Bank Examinations With Teams of Experts
http://tinyurl.com/m6bdur
Another scam in the making.
on Mon, 08/03/2009 - 22:11
#23626
Direct line to Goldie.
"We have another bank to short"
"Which one?"
"All of them them!"
on Mon, 08/03/2009 - 22:06
#23623
In other news:
Look for Timmy Geithner to "spend more time with his family" momentarily.
on Mon, 08/03/2009 - 22:29
#23654
Dead fish delivery from Rahm?
on Tue, 08/04/2009 - 11:29
#24086
maybe they should put rahm in charge of the treasury. he did such a great job of cleaning up fannie mae...
on Tue, 08/04/2009 - 09:34
#23916
Good. It'll give him some time to spiff up that tile in his bathroom. Good Gawd, Timmay!
on Mon, 08/03/2009 - 22:09
#23625
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.
on Tue, 08/04/2009 - 01:18
#23746
If he doesn't deliver the Fed the power they are expecting, a retirement will be a best case scenario.
on Mon, 08/03/2009 - 22:11
#23627
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.
on Tue, 08/04/2009 - 05:54
#23783
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.
on Mon, 08/03/2009 - 22:15
#23629
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.
on Mon, 08/03/2009 - 22:37
#23630
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. : )
on Mon, 08/03/2009 - 22:14
#23631
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.
on Mon, 08/03/2009 - 22:18
#23639
All that and more is necessary to obtain the extra funding from congress so the Fed can lever it up to enhance current operations...
on Mon, 08/03/2009 - 22:32
#23659
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.
on Mon, 08/03/2009 - 22:42
#23669
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......
on Mon, 08/03/2009 - 22:52
#23678
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.
on Tue, 08/04/2009 - 00:11
#23723
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.
on Tue, 08/04/2009 - 03:17
#23758
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.
on Tue, 08/04/2009 - 08:22
#23845
don't forget Guaranty Federal which is a biggie.
on Mon, 08/03/2009 - 22:14
#23632
Geithner yelling at the women, how pitiful. I doubt that's going to work, Timmay.
on Mon, 08/03/2009 - 22:31
#23656
true, it shows how insecure and immature he is
on Mon, 08/03/2009 - 22:43
#23670
and how afraid he is.
on Mon, 08/03/2009 - 23:22
#23696
What's wrong with yelling at women? I do it all the time...
on Mon, 08/03/2009 - 23:32
#23700
Charm works better in the long run, trust me.
on Tue, 08/04/2009 - 07:18
#23815
But when the women can out-think you two to one, the only thing you can do is yell at them. Listen to Rush Limbaugh.
on Tue, 08/04/2009 - 15:23
#24652
Or that he's been spending far too much time with Rahm.
on Tue, 08/04/2009 - 15:24
#24654
Sheila Bair could give a Fat Baby's ASSSS what Timmy thinks...she should take off her heel and pin his smarmy, Goldman bought and paid for dumb ass against the WALL!
Giving the FED more power over our money supply and policy would be like giving Jeffrey Dahmer a Cub Scout leader job.
on Mon, 08/03/2009 - 22:16
#23635
Aw, it's really stressful running a house of cards. Plus all that looking over your shoulder everywhere you go.
on Mon, 08/03/2009 - 22:17
#23637
Starring Will Ferrell as Sheila Bair:
http://www.youtube.com/watch?v=02572EyOIzQ
on Mon, 08/03/2009 - 22:24
#23647
800 billion goes a long way. Masterbate, rinse and repeat.
If one of these desenters goes deep throat on timmy it's all over.
on Mon, 08/03/2009 - 22:25
#23650
As in cover up
on Mon, 08/03/2009 - 22:25
#23651
Supepeon the white house tapes
on Mon, 08/03/2009 - 22:27
#23652
The facial similarity is suspect. I wonder if the transcript from the meeting has a resemblance:
http://www.youtube.com/watch?v=jP5OcQdxlSk
on Mon, 08/03/2009 - 22:32
#23657
Lasie, Lasie, Timmy's not doing the Well..lol
on Mon, 08/03/2009 - 22:32
#23658
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 ...
on Tue, 08/04/2009 - 01:25
#23748
Robert "What me worry?" Rubin, Levitt and "Crazy Chester" Greenspan...
What a bunch of limp dicks...
Born was the only one with nads in that room.
on Mon, 08/03/2009 - 22:34
#23660
Timmay say defang them before we get bit.
on Mon, 08/03/2009 - 22:45
#23672
Do Not Be Fooled
http://www.financialsense.com/fsu/editorials/mchugh/2009/0802.html
on Mon, 08/03/2009 - 22:54
#23681
Damn! All those waves made me sea sick.
on Tue, 08/04/2009 - 01:41
#23750
Your friend McHugh is smoking crack...
There not only won't be any discussion of a $13 trillion massive tax rebate...
The O boys are trying to sell a national sales tax to convince the Chinese we are serious about deficits and to keep buying those Bonds...
McHugh's paragraph 4 and 5 analysis is spot on.
on Mon, 08/03/2009 - 22:50
#23675
Game Over ?
They have until October.
Politics always trumps Free Markets and it's all calculated!
If this fiasco hasn't turned-around by then, the O-Team will send in "The Cleaner" and the Election Cycle will rein.
Result:
- misallocated Capital encouraged overcapacity and the Social Contract with Labor is null & void
- End of '09, Bargaining & Hope is lost and Anger causes heads to roll (i.e., B.B., L.S. and T.G. are out as the nation moves closer to socialism)
- 2010 will bring Depression and will end with Acceptance
- 2011 re-election campaign kicks in with promises to Labor of a "Road to Recovery"
- 2012 Capital gets the backseat, Labor is in the driver's seat. O-Team is re-elected with a majority in the House
The fate of capitalism as we know it, will forever have changed!
Election Cycles:
...note election year Novembers, the February following election year Novembers has been an excellent indicator as to whether the election year November would mark[s] an important top. In every case since at least 1968, when February following election year November moves to a higher high than the January following election year November, the market has proceeded to do very well.
Conversely, when the post-election year February is unable to move higher than the post-election year January, a significant market decline has always followed. This may be coincidence but it has proved prescient for at least the past 40 years.
on Tue, 08/04/2009 - 00:59
#23740
and by 2013, the Revolution begins.
on Tue, 08/04/2009 - 15:36
#24686
When will you tools wake up and realize we are not moving towards 'socialism' but Fascism. Socialism aims to help people, fascism to help corporations.
Where in the fuck do you see any of these programs helping 'The People'?
on Mon, 08/03/2009 - 22:51
#23676
and they'll be the administration in power while it happens. The Herbert Hoover Administration of the Second Great Depression.
Nope, Boris Yeltson 1991
The Yeltsin era was marked by widespread corruption, economic collapse, and enormous political and social problems. By the time he left office, Yeltsin had an approval rating of two percent by some estimates
http://en.wikipedia.org/wiki/Boris_Yeltsin
on Mon, 08/03/2009 - 23:05
#23688
I support Shiela from what I've read about her, but she needs to start walking the walk.
on Mon, 08/03/2009 - 23:08
#23692
It just needs a fart in the wrong room and the whole house of cards comes down.
on Tue, 08/04/2009 - 08:01
#23830
Well somebody get me in there! I can fart almost on command!
on Mon, 08/03/2009 - 23:09
#23693
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.
on Mon, 08/03/2009 - 23:52
#23713
That's what makes it so fun to watch the Colonial situation. Tick, tick, tick.... When the counter hits zero someone has to show their cards.
on Tue, 08/04/2009 - 04:22
#23768
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.
on Mon, 08/03/2009 - 23:07
#23690
From my experience... seasoned managers generally lose control when:
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).
on Mon, 08/03/2009 - 23:42
#23706
Well, it's not as if Bair or Shapiro are that voice in the wilderness.
I think it's simply a function of the fact that you can only beat math for so long.
But eventually .... math beats you.
THE FUNDAMENTALS WILL ALWAYS RULE. hence the fucking name.
I have a very bad feeling all this well end horribly. Although it might have been put off for a decade as our debt builds uncontrollably.
on Tue, 08/04/2009 - 00:36
#23735
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.
on Tue, 08/04/2009 - 06:41
#23799
second that.
on Tue, 08/04/2009 - 07:53
#23825
There is no "pay" in the "make payments" sense. There is default. We will pay in lifestyle.
on Tue, 08/04/2009 - 08:27
#23849
very well said capitalisa....accurate in my view
on Tue, 08/04/2009 - 15:39
#24695
Word.
on Tue, 08/04/2009 - 00:38
#23736
A possible ploy to consolidate Obama's power over the Fed. Get Timmy to collect as much additional powers as possible for Bernanke, but must be done soon, because Bernanke will be not be reappointed; Summers to take over in January 2010.
Now the team is set: Barry, Timmy and Larry (with added powers won "in a rush" in October 2009).
Obama rules the Treasury and the Fed.
on Tue, 08/04/2009 - 03:53
#23763
Barry, Timmy, Larry ~ the 3 stooges.
on Tue, 08/04/2009 - 09:17
#23896
nyuk nyuk nyuk nyuk.
on Tue, 08/04/2009 - 06:00
#23785
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.
on Tue, 08/04/2009 - 09:14
#23894
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).
on Tue, 08/04/2009 - 02:38
#23755
Perhaps they have a better idea of what their position is worth
on Mon, 08/03/2009 - 23:17
#23694
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.
on Tue, 08/04/2009 - 01:45
#23752
My money has always been of Fat Larry to win.
on Tue, 08/04/2009 - 02:36
#23754
They both are canon fodder...
on Tue, 08/04/2009 - 11:36
#24102
if larry were to replace either timmay or ben, then we would regret ever complaining about either.
on Mon, 08/03/2009 - 23:28
#23695
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.
on Tue, 08/04/2009 - 09:29
#23910
Thanks, that made me laugh...
on Mon, 08/03/2009 - 23:40
#23705
Hey Tyler you should be nice to CNBC...it's like watching you pick on the retarded kid at school.
on Tue, 08/04/2009 - 06:01
#23786
Timmay!
on Mon, 08/03/2009 - 23:50
#23712
Behold!
Buy Gold!
But only when it falls below $800/oz.
When there is no more ink in the printing presses...,
the supermarket shelves are bare,
and Central Bankers have sold off their share,
the shift in wealth from the rich to the middle
will give us our only remaining dead cat bounce.
Matteo
on Tue, 08/04/2009 - 03:55
#23765
Fuck gold, what good is gold with nothing to buy. Buy Marlboros.
on Tue, 08/04/2009 - 15:43
#24707
And good whiskey. Good whiskey makes a helluva a barter currency in a post-currency-meltdown world.
on Tue, 08/04/2009 - 00:06
#23720
The only way to solve this is for Timmy G. to have a "beer summit" to regain face with the regulators.
on Tue, 08/04/2009 - 00:11
#23725
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.
on Tue, 08/04/2009 - 00:22
#23727
http://www.butthenwhat.com/?p=5780
on Tue, 08/04/2009 - 00:28
#23728
he was yelling about:
SAN FRANCISCO (MarketWatch) -- The Federal Deposit Insurance Corp. said late Monday that banks should recognize losses on home loans promptly and warned that failure to do so could delay efforts to mitigate the financial impact.
and FBI raids is my guess. (he was caught long when he shoulda been short.)
on Tue, 08/04/2009 - 00:30
#23731
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.
on Tue, 08/04/2009 - 00:32
#23734
Timmay's lips move but all Sheila can hear is "meep, meep meeeeep".
on Tue, 08/04/2009 - 00:38
#23738
FDIC’s Bair Opposes Single Regulator, Saying Plan ‘No Panacea’
Share | Email | Print | A A A
By Alison Vekshin
Aug. 4 (Bloomberg) -- Federal Deposit Insurance Corp. Chairman Sheila Bair opposes the merger of four existing federal bank regulators into a single agency, saying for the first time such a plan is “no panacea” for effective oversight.
Consolidating agencies would disrupt regulatory staffs and may overlook the needs of community banks that rely on state supervision, Bair said in testimony prepared for a Senate Banking Committee hearing today in Washington and obtained by Bloomberg News. Bair supports other aspects of Obama’s plan.
“Proposals to create a unified supervisor would undercut the benefits of diversity that are derived from the dual banking system,” Bair said. “Political capital could be better spent on more important and fundamental issues which brought about the current crisis.”
http://www.bloomberg.com/apps/news?pid=20601103&sid=as1rWAoTESnU
on Tue, 08/04/2009 - 04:49
#23772
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.
on Tue, 08/04/2009 - 09:30
#23911
They are negotiating power share!!!!
http://www.youtube.com/watch?v=3oKwg6W05MU&feature=related
on Tue, 08/04/2009 - 06:42
#23801
I don't know why Sheila Bair gets so much credit from some of the people who post on this site. You have to remember two things: she was a banking regulator during a collapse (yes that makes her accountable) and she's a government employee (if she is so competent, why is she working for the government?). Sheila Bair is totally insignificant in the policy discussion. As TD has pointed out, the FDIC has no money. They're tapping a money line from the Treasury. So Bair is requesting money from Geithner, he has the legal responsibility for the funds requested.
Government employees loath agency consolidation because they fear (rightly) that a lot of them are going to get fired. They hate over-arching plans and major overhauls. This is the parasitic class of society. They have no real talents or skills and they're lazy as shit.
I'll give Timmy the benefit of the doubt on this. The political stooges that run the other agencies probably came to him with some fucktard plan. DC still doesn't know what's going on.
on Tue, 08/04/2009 - 08:06
#23834
Anybody that gives Timmy Tax Cheat the benefit of the doubt on this is clueless beyond clueless.
on Tue, 08/04/2009 - 15:50
#24720
" . . . if she is so competent, why is she working for the government?"
Oh, gee, I don't know. Maybe she was raised by good parents or went to Catholic school, has children, grandchildren, gives a damn and actually has a conscience, cares about her country?
Of course, we know who Timmy really cares about, now don't we? I mean, besides himself.
on Tue, 08/04/2009 - 00:40
#23739
Don't know if any of you saw this from the Daily Show. Timmy can be the butt of many jokes.
http://commoditybullmarket.blogspot.com/2009/08/hilarious-daily-show-clip-reveals.html
on Tue, 08/04/2009 - 01:00
#23741
Turbo Tim is the Patsy and he doesn't even know it. Rahm already has him measured for a body bag and will use it when the pitchforks and torches are visible on the horizon.
on Tue, 08/04/2009 - 15:52
#24723
Really? Just like that, Rahm (and by extension, Obama) is gonna be able to fire the bankers' boy?
Grow up. The president of the United States is a puppet and does what he's told; he is not a 'firing' manager except when it suits his bosses' whims.
on Tue, 08/04/2009 - 01:14
#23744
Sheila, who the fuck do you think you are?
Don't cross Timmay!
http://www.youtube.com/watch?v=ThtQTIK3UFw
on Tue, 08/04/2009 - 01:14
#23745
Tyler, why didn't you include the video of the meeting?
http://www.youtube.com/watch?v=bNmcf4Y3lGM
on Tue, 08/04/2009 - 01:21
#23747
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.
on Tue, 08/04/2009 - 03:17
#23759
Is it just me, but when you watch Mr. Geithner don't you get the feeling that in college he played too much Dungeons & Dragons instead of studying economics? Now he finally has his shot, after all those years of being just head of the New York Fed to finally be Dungeon Master and no one will cooperate.
I suspect that he was a female half-elf, 17th lvl mage.
on Tue, 08/04/2009 - 15:57
#24731
I'll wager he was more a gnome illusionist type.
FWIW, Geitner "attended Dartmouth College, graduating with a B.A. in government and Asian studies in 1983.[4] In the process he studied Mandarin at Peking University in 1981 and at Beijing Normal University in 1982.[5] He earned an M.A. in international economics and East Asian studies from Johns Hopkins University's School of Advanced International Studies in 1985.[4][6] He has studied Chinese[4] and Japanese."(Wiki)
Not much of an economics background for the TSOTUS.
on Tue, 08/04/2009 - 03:55
#23764
FUCK YOU LARRY. 30 X Leverage is healthy.
on Tue, 08/04/2009 - 05:29
#23774
Sheila was a philosopy major in college. Therefore she understands the epistemology of valuation, which economists and MBAs certainly do not understand.
on Tue, 08/04/2009 - 05:29
#23775
Bair was trying to take his Lucky Charms.
on Tue, 08/04/2009 - 05:42
#23776
Do philosophy majors study the declensions of the word " fuck" - eg. if timmay said "fuck that, i fucking dont give a fuck what you think about the fucking regulations - its just a fucked up piece of paper" - would she be able to decipher it appropriately?
I bet timmay never got to say stuff like that around his male buddies earlier in life- he probably did'nt have the "cred" - ya know. But Now - he can try it out - hey he's the queen for the day.
on Tue, 08/04/2009 - 05:46
#23777
probably doing wonder for his sex life - better than viagra.
on Tue, 08/04/2009 - 05:50
#23779
Does Timmy's mommy know that he threw a temper tantrum and used bad words?
Sigh... how I long for adults to be in charge.
on Tue, 08/04/2009 - 05:53
#23782
"If nothing else, it would explain the cable station's increasingly declining viewership." ??!!
Oh no! Did one of CNBC's two viewers stop watching?
on Tue, 08/04/2009 - 06:20
#23792
Video from 25 years ago:
http://www.youtube.com/watch?v=7fMI5NYwyTQ
on Tue, 08/04/2009 - 06:30
#23794
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.
on Tue, 08/04/2009 - 06:42
#23800
It is a mistake to nominate Timmy for Treasury Secretary. When history looks back, Timmy and Benny would be scoffed at.
on Tue, 08/04/2009 - 07:04
#23807
Pathetic Fools
http://www.reuters.com/article/newsOne/idUSTRE5732GJ20090804
http://www.nypost.com/seven/08042009/news/regionalnews/goldman_princes_told__spend_like_paupers_182904.htm
http://dealbook.blogs.nytimes.com/2009/08/04/blankfein-said-to-order-staff-to-keep-low-profile/
Now I would expect this behavior from a band of bandits who want to lay low till the crime has faded from the minds of people
on Tue, 08/04/2009 - 10:35
#23968
"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
on Tue, 08/04/2009 - 11:07
#24032
Excellent.
on Tue, 08/04/2009 - 07:12
#23809
NO, CNBC's declining viewership can be explained by the simple fact that the sleeping giant is finally waking up. The American people, even with a public education can add 2+2 and are realizing how much the MSM has been LYING TO THEM!!
They realize that networks like CNBC are merely a tool of the government to keep the masses at the card table.
AND...
They are no longer buying it!
on Tue, 08/04/2009 - 08:10
#23837
The death of CNBC and liberal media is almost upon us.
The next time the market crashes while these turds are declaring the recession over and dow 36,000 and trying to say continuous claims are x% when actual unemployment is xx% will be the last time anybody with a clue pays any attention to the BlowBama media.
on Tue, 08/04/2009 - 07:14
#23813
The FDIC tells banks to "Stop cooking the books"!!!
For those of you that haven't read the latest rant by Denninger, it is highly reccommended!!
http://market-ticker.denninger.net/
on Tue, 08/04/2009 - 10:54
#23998
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?
on Tue, 08/04/2009 - 07:22
#23817
I absolutely love hearing about Leviathan eating itself. Keep the pressure on, folks!
on Tue, 08/04/2009 - 08:31
#23853
swrichmond...big bonus points from me for using the word "Leviathan". Kudos to you!
on Tue, 08/04/2009 - 07:26
#23818
Timmy is screaming about Lasie's "Fat Tail"...he did the same at the NYFED...
on Tue, 08/04/2009 - 07:26
#23819
Bair's outta money anyway, gonna have to start using the Treasury issued Visa card.
on Tue, 08/04/2009 - 07:40
#23821
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.
on Tue, 08/04/2009 - 07:44
#23822
It is just a turf war amongst crooks. Every one is a scoundrel in the cesspool of politics and power.
on Tue, 08/04/2009 - 07:46
#23823
Until we have true grassroots outrage, on a grand scale, nothing will change. How did Timmy the multiyear TAX CHEAT ever be allowed this position? We need a voter revolution, tell Congress what they must do, or they WILL lose their jobs. I sent this e-mail to friends today...
If we do not re-take our country back from the elite plutocracy, we may end up like the book 1984 ( George Orwell- a must read or re-read ). There is an on-going coup d’etat from within. We have to ignore labels like Democrat and Republican, and some leader needs to come up with a voter manifesto:
- No one in Congress is exempt from any laws they pass, they need to have the exact same health care plan as everyone else; their pensions have to be scrutinized, no advantages, etc. They must be subject to the laws they write. Their children should not be allowed in private schools, etc. They need to live in the country they create. Same for Executive branch.
- All “Czars” must be eliminated, now and forever. These czars have been given super-ordinary control, with no oversite- their creation is outside the Constitution.
- All bills must be posted on a federally created web-site 30 days ahead of any vote; an interactive map of each state should allow people easy access to contact each representative with feedback, once per registered voter.
- All bills going forward will not have “riders”, one topic if you please. Eliminating riders eliminates most pork barrel spending.
- Representatives must balance the budget, period. We cannot afford to increase the national debt. This will entail extraordinary painful, huge cuts to scores of things we now take for granted. Tough. Do it now; no more kicking the can down the road.
- We want on that same website where every bailout penny has gone; what the rationale was for each handout, per recipient; current status of the money; expectations of return, with timeline;etc. We want to monitor our trillions if you please.
- Every Congressperson needs to be audited by the IRS, every year. It’s just part of the job.
- The Fed must be audited, in order to get the information need on the bailout website.
- Serious consideration be given of eliminating the Fed ( which is NOT a government entity ). Why do these bankers have so much power? How can we allow TRILLIONS to be unaudited?
- Any other ideas?
There are a lot of existing blogs out there, once we come up with a complete Voter Manifesto. Maybe someone like Glenn Beck. We the citizens can take back this country tomorrow, if people become educated, non-apathetic, and let elected officials know they WILL lose their jobs starting in 2010 ( irrespective of party ) unless they follow the basic precepts of the Manifesto.
Yes, I am really pissed off.
on Tue, 08/04/2009 - 08:01
#23829
Bravo.
Unfortunately things have to get ALOT WORSE (which they will , for the reasons this blogsite covers on a daily basis) before the masses get off their fat , lazy asses and do something to help themselves which will help society.
Its sad but true. Until the critical mass has in their mind nothing left to lose , they'll be the silent majority , grumbling to friends and family but going back to their miserable existences without so much as a whimper.
What is the tipping point? Losing cable tv? X-box? ability to gorge on food and drink whenever they so please? Cigarettes? Gasoline/car ? Losing ones job? Home? Family?
Its going to take ALOT of pain to get the much needed reaction unfortunately. But its never too late.
on Tue, 08/04/2009 - 08:19
#23842
There's more righteous middle class anger out here in the hinterlands than many of you can comprehend. It is as yet unfocused. The middle class knows it's doomed. TARP I was the wake up call; its passage over well-known popular objection served as notice to "citizens" that their "elected representatives" don't really represent them. Socialized medicine guarantees that that genie won't be put back in the bottle.
What are the odds that the Social Democrats will stop their push to takeover what's left of the economy? The tipping point you seek will be crossed. The alternative is for this government to become fiscally responsible. See the inevitability?
Think nationally and act locally.
on Tue, 08/04/2009 - 09:22
#23902
I don't know if many here saw the youtube clip of Dem congressman Lloydd Dogget being jeered out of a town hall meet at a shopping center in South Austin, TX. To me thats a sign that the middle class rage is palpable. For all the notions of Texas being a gun-totin right wing state, Austin is our version of Berkeley. It is a liberal haven. And when the constituents in this liberal haven boo the congress critter, the worm may have turned.
Watch the video closely, you see familes, moms with strollers, elderly. These are not the typical moonbat/code pink professional ragers. These are people that work, pay taxes and then go home at night. For them to come out and protest must mean the fear is motivating.
on Tue, 08/04/2009 - 08:46
#23860
Would it be too much to ask that our elected brain trust in Congress should author the bills that they debate and vote on? I am sick of the lobbyists writing 1000+ page incomprehensible bills and our dumbass Congress trotting them out to the floor and passing them without reading them. It's quite obvious that they are just doing the bidding (so to speak) of whatever lobby group funnels the most money into their "re-election fund". Hell if we are going to have a bunch of high paid prostitutes running an endless shell game with money and legislation, I'd rather they all look like Ashley Du'pre.
on Wed, 08/05/2009 - 01:36
#25445
Genuine public campaign finance reform. A general fund of contributions, completely transparent to the public, and distributed to representatives on a formula according to population.
on Wed, 08/05/2009 - 01:37
#25447
Campaign finance reform -- 100% transparency, general fund with distribution based on population.
on Tue, 08/04/2009 - 07:55
#23826
I would like to think that a man in a leadership position such as Secretary of the Treasury would be more reticent by exercising self-control. This reflects poorly upon the Obama administration, ergo I don't expect Mr. Geithner to last much longer.
on Tue, 08/04/2009 - 07:57
#23828
Is Geithner some kind of a crazy homo?
on Tue, 08/04/2009 - 08:03
#23831
http://www.youtube.com/watch?v=MrTsuvykUZk
Those in attendance describe his reaction!!!
on Tue, 08/04/2009 - 08:13
#23839
Waste of my time youtube link.
Can we keep the links relevant please?
on Tue, 08/04/2009 - 09:43
#23920
What is relevant anymore? I am presently in at Coping with Disbelief Rehab!
on Tue, 08/04/2009 - 11:43
#24119
+1
on Tue, 08/04/2009 - 09:06
#23881
Tiny Tim, Bernankie, Rubin & Summers, the GS grads committee, who have screwed this nation, should never have been selected as Obama's economic advisors. They created this mess and now the US is in very big trouble. Obama lacks the courage to do what's right by abolishing the FFed and rebuild how this country manages money. Ditto on healthcare. He had a chance to make real change happen in the first month of his administration but he punted and now we will pay the price. Very sad to see.
As for Geither, he always is looking up but that's appropriate for the low dog in the pack.
on Tue, 08/04/2009 - 10:05
#23932
Timmy is like O'Douls: looks like beer, tastes sorta like beer, but he's got no kick. Useless.
on Tue, 08/04/2009 - 10:13
#23941
Geithner is an idiot. Larry Summers is an idiot. I can't believe WTF Obama is doing.
After the biggest financial collapse and the biggest transfer of wealth from taxpayers to Wall Street, these people continue to operate like nothing happened..They continue to be intimidated by the likes of Goldman Sachs and believe any BS they are fed
on Tue, 08/04/2009 - 10:15
#23945
Geithner is a weak personality. He doesn't have the guts to do anything important. He would look at Llyod Blankfein and pee in his pants
on Tue, 08/04/2009 - 11:10
#24042
That would be a best-case scenario... HandyWipes, anyone?
on Tue, 08/04/2009 - 10:30
#23957
What the press did not print was that Timmy "Eraser Head" Geithner entered the room covered in blood up to his elbows, holding a claw hammer in his left hand, and a dead economy in the right. He started screaming, "Do you want some of this you f&*ks!?!? Huh? You want some of this!?!?"
Geithner's handlers came into the room and removed the dead economy and claw hammer from his hands. One whispered to him, "We don't talk about killing the economy sir."
on Tue, 08/04/2009 - 11:14
#24047
Lloyd (Hide the Bling) Blankfein: sounds like the bar scene in "Goodfellas" when Jimmy's reading the riot act to Frenchy about the wife's fur coat so close after the heist..this one could be called "Goldfellas"..now about TimGuy's trying to fit four great regulators into one pair of short pants...no shot..they'll be going down on the good ship HFT
on Tue, 08/04/2009 - 12:37
#24241
This just in Tim Geithner is offering his home for sale as a short sale.
on Tue, 08/04/2009 - 12:38
#24244
I always get angry when I am afraid and can think of no other response cursing just makes me feel better.
on Tue, 08/04/2009 - 12:43
#24257
Who is the Sith Overlord?
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