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Guest Post: Obama's Speech: The Good, The Bad and The Missing
By Dylan Ratigan
The Speech: The Good, The Bad and The Missing
The Good: The president had strong language for backing real derivative reforms.
The Bad: Vague language about the "Volcker rule" will not stop Too Big To Fail; but a plan like this (or even one like this) for breaking up the current mega-banks and limiting their liabilities will.
The Missing: NONE of this matters while our cops still work for the crooks.
To wit:
Our main form of protection against these kinds of financial criminals, the SEC, remains woefully underfunded. The revolving door between government regulators and the high-paying banks they supposedly regulate remains as fluid as ever. And does it get any scarier than White House Counsel jumping
from President Obama's side one day to Lloyd Blankfein's the next?
Actually, I guess it does when institutions that should fear the
government instead now just declare all-out war.
Meanwhile, the complicit ratings agencies remain a government-sponsored cartel paid by the banks for their favorable grades.
But what is the final backstop that is supposed to protect us next
time around under this new plan? Well, Secretary Timothy Geithner explained today on Morning Joe
that they would be able to stop the next bailout if only they had the
authority to do so. Then finally, they could do things like wipe out
equity holders, replace management... you know, kind of like the same
steps that they were somehow magically able to do with GM.
But we all know the truth -- no one will do that to the banks until
they are no longer Too Big To Fail. As William Black so eloquently told Congress this week, Mr. Geithner and Chairman Bernanke already had that chance to do this to the big banks last time around and they chickened out.
The only way to keep this from happening again is to break up these big banks now and it is up to us to find people with the guts to do so. Hopefully, one of them will be our current President.
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Judging from AAPL stock today he must have promised everyone a free iPad too.
i don't believe mr. obama could make changes to the white house menu without asking his capos.
Fuckery, fuckery, fuckery.
Where are the god damned cops. These motherfuckers have destroyed America.
Lol......well said foo!
Whether it's true or not, TPTB "will" decide when the party is de facto, over. The crazy thing is, that as the evidence against the market bid piles up, the worst the momos and phonos look. How does that compute for the future of governmental integrity? Worst than ever so gear up!
Hey, Dylan. Thanks for everything.
Now, if I may make an aside comment with regard to Mr. and Mrs. Average Joe Six-pack:
You know, they're really not as dumb as they seem.
On Meet the Press this weekend, the phucknut was aboard to spew the admin line about how fine and dandy everything is. He mentioned the derivatives market and...
"Whoa, whoa, whoa," says Gregory. "We don't want to get too technical here..."
What a load of horseshit. Like we can't explain what a derivative is? Only Lord Blankfein could possiby comprehend. Please. I like how you have been able to make this crisis accessible to others who would not have had the inclination to try to understand it, but dumbing down the public even further is not the best route.
Perhaps you should request that MSNBC give you an hour time-slot to educate the general public on exactly what is going on. You can bump that asshole Olbermann. Get Matt Taibbi as a guest. (Doesn't his old man work for you guys, anyway?) Forget the censors and just you guys talk.
If you do get the shot, remember these are your parents and teachers, too, and they are not as thick as everyone supposes.
Best of luck to you and welcome to ZeroHedge!
Goldman still long on their government position.
Give me ONE good reason why anyone should give a f**k about what this puppet "President" is saying. Do you seriously want me to believe that a servant is going to rein in his masters?
Racist! Oops I mean racy comment.
+100 GG spot on.
ORahmaRod is a ventriloquist dummy. If you look closely, you can see Lloyd's "invisible hand" up his ass during speeches regarding Wall Street.
Not a chance in hell he is going to do anything about Wall Street.
"Give me ONE good reason why anyone should give a f**k about what this puppet "President" is saying."
EXACTLY.
I have a special "Voting Foot" for Mr. Change...
Come 2012 I am going to VOTE my FOOT in Obummer's ass...
What possible benefit is there to either a Dem or a Rep in the flippin white house? They're the same animal in different costumes. Wait, their costumes are even the same...
Now, if we're talking new guys who are less entwined in the status quo, then we're talking.
All incumbents must GO. They've done absolutely NOTHING to help their constituencies.
"All incumbents must GO..."
That is absolutely correct.
And keep voting incumbents out until you affect change. If even the gullible fucking Brits can come up with a 3rd party... If it is any different than the other two remains to be seen...
But please allow me the pleasure of putting my Voting Foot in Obummer's ass on election day 2012.
Maybe my foot will get stuck in that $1 million in Goldman campaign bribes or that $23 million in Wall Street Banker bribes... or maybe my foot will get tangled up in Jamie Dimon's puppet master strings...
But allow me the placement of my Voting Foot.
I just want to know which Wall Street/gov't computers today decided to buy up so much crap that the DJI turned from -100 to positive territory after Obama's speech.
The Principal scolded the school yard bullies for taking the lunch money of the weak..Then demanded they cut him in on their Loot!!!
+100 pitch perfect.
Maybe we can put the gov't on ebay and buy it back.
RESPECT MY AUTHORITI!!!!
Beats Department of Injustice with a club.
The only way to keep this from happening again is to break up these big banks now and it is up to us to find people with the guts to do so. Hopefully, one of them will be our current President ~ Dylan Ratigan
If this is giving Obama an opportunity to change everything he has established for his financial program since he took office, this is providing a benefit-of-the-doubt that this president does not deserve. And Mr. Ratigan needs to take this statement back and explain that he’s sorry he said it.
The point is we all know beyond a shadow of a doubt that because Obama and all his people work for the banking cartel, there is absolutely no chance that he’s the one who will provide hope.
Ditto.
I think you answered your question Tyler, when you said "Hopefully". If your hoping then it is pretty obvious that nothing will change.
Tyler, I think you got one small part wrong.
You should have said the Wall Street/D.C. crooks are masquerading as cops while pretending that no crimes have been committed.
Cops usually make arrests when they see crimes being committed, as of yet we have not seen any arrests.
I knew Andrew Jackson.
Andrew Jackson was a friend of mine.
Mr. President, you're no Andrew Jackson.
The speech was a clear victory for Wall Street.
"There is no dividing line between Wall Street and Main Street": This indicates that the administration makes no distinction between the needs of the real economy and that of financial services. What is good for one by definition is good for the other. Even a junior high school level understanding of economics tells it different.
This is a clear signal that the administration's guiding principle for monetary policy will remain unchanged until banks have covered their losses from the crisis. And this is a recipe for disaster on Main Street, but the Administration doesn't want to see it. By pursuing this course they are feeding what I term The Double Whammy Economy: while incomes, real assets, employment and retirement assets deflate inflationary forces are driving up the cost of living and doing business. As evidenced by today's PPI report which showed a dramatic rise for food prices by the most in 26 years. And we all know about energy costs, looming taxes, the high cost of consumer credit, health care, insurance, education and transportation to name a few.
The outcome is worse than deflation alone, worse than 70s style stagflation.
Every point you made: absolutely right. These people are crooks—they’ve created one of the greatest travesties against a free people in history. The point is it’s no longer the Dow Jones Industrials: it is the Dow Jones Banker Index.
One of the fallacies in this developing ruthless dictatorship is the Fed fantasy about inflation. Why has the cost of an ice cream cone gone from 5 cents in the 1940s to $3 today? Banker inflation!! And just because these people are huge liars is no sign we have to work with their governmental figures. The Fed has been milking the American system since 1913 and particularly since WWII. But not at today’s pitch where almost anybody can see it. This economy can’t be recovered or even sustained when its potential is removed to pad the pockets of the oligarchs.. The economy can’t last when a government gives a small elite this kind of power; it’s going to break.
And President Obama, elected by the people, is not going over to the side of the bankers, he has become their patron in chief.
"There is no dividing line between Wall Street (LLC) and Main Street, (Inc.)":
don't know about anyone else, but the only person i know who lives on Main Street is my Grandma. and Grandma is sick & tired of Walmart. Grandma's enough of a dividing line for me.
"This indicates that the administration makes no distinction between the needs of the real economy and that of financial services"
The All Seeing Eye Knows ALL
Confidence and Hope in My Country has been restored.
Now, shove Chris Dodd out of the way and put some teeth in the Financial Reform Bill.
Zzzzzzzzzzzzz
ZZZZzzzzzzzzzzzz
ZZZZZZZZzzzzzzzzzzz
Will someone wake me up when the jabber jawing stops and some REAL and TANGIBLE action, including the filing of CRIMINAL charges, are done.
Singed,
Rip Van Winkle
That's mean. They are pretending as hard as they can. Blankenfein might have a stroke trying to summon the kindness bullshit into his eyes for a photograph and Hilary Clintons eyeballs could pop out trying to get enough excitement into the immediate area to make her not be a boring stupid fuck.
Now let's get out there and make this the best pretense at change ever!!!
"As William Black so eloquently told Congress this week, Mr. Geithner and Chairman Bernanke already had that chance to do this to the big banks last time around and they chickened out."
Bill Black is the man.
sigh, and the screw job continues.