This page has been archived and commenting is disabled.

Hank "3 Page Blank-Check Term Sheet" Paulson Issues First Mutual Assured Destruction Statement Since Retirement

Tyler Durden's picture




 

Earlier today, the man who first took Mutual Assured Destruction and converted it into an artform, former Goldman Sachs Treasury Secretary Hank Paulson, sat down with his materially more intellectually challenged successor over breakfast, supposedly to discuss the economy, but really to tell TurboTax how to really scare the briader Joe Sixpackery about what will happen should the kleptocratic status quo see a drop in its cumulative checking account or if, heaven forbid, "risk" is once again mentioned in the same sentence as "return." Stuttering Hank, sick and tired of not being able to threaten the general sheeple with fire and brimstone, has thus taken this opportunity to reinforce the end of the world scenarios so poignantly presented Tiny Tim and released the following statement (via the WSJ) following his breakfast:

“Now is the time for action on both raising the debt ceiling and
tackling the U.S. debt and deficits through significant and lasting
spending reduction, entitlement reform and tax reform. Our growing debt
is the single largest threat to our nation’s future. Real reform that
puts us on a sustainable fiscal path is critical to U.S. economic
competitiveness. This is not an easy task, and will involve tough
decisions on all sides. I am confident that this administration and
Congressional leaders in both parties are working in good faith toward a
solution. And the sense of urgency is clear – failing to raise the debt
ceiling would do irreparable harm to our credit standing, would
undermine our ability to lead on global economic issues and would damage
our economy.

Good old Hank: can always rely on him to stick to the script when his old friends from Goldman come calling. In other news: nobody gives a rat's ass.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 07/22/2011 - 10:45 | 1480612 JustPrintMoreDuh
JustPrintMoreDuh's picture

F. U. Paulson!

Fri, 07/22/2011 - 10:49 | 1480650 franzpick
franzpick's picture

Wonder who strong-armed him to issue this a**hole statement?

Fri, 07/22/2011 - 11:13 | 1480792 TruthInSunshine
TruthInSunshine's picture

Love the title, Zero Hedge!

Not only is humorous AND accurate, but it's just another example as to why I and many others literally come here for news rather than the Main Stream Tokyo Rose Media (ABC/NBC/CBS/CNN/FOX/LALALA/BLAHBLAHBLAH), which is a pussified proxy of deeply captured government agencies, and would literally report whatever they were told.

And it's why the Main Stream Yammerboxes are dying.

 

Fri, 07/22/2011 - 11:24 | 1480844 Needosh
Needosh's picture

Here here.

Fri, 07/22/2011 - 11:29 | 1480862 aheady
aheady's picture

You literally come here?

Fri, 07/22/2011 - 11:58 | 1481026 pods
pods's picture

Well Robo used to have pic posting privileges.

pods

Fri, 07/22/2011 - 15:56 | 1482227 TruthInSunshine
TruthInSunshine's picture
by aheady
on Fri, 07/22/2011 - 11:29
#1480862

 

 

 

You literally come here?

 

Virtually.

Fri, 07/22/2011 - 12:20 | 1481129 nodhannum
nodhannum's picture

Amen brother Truth!

Fri, 07/22/2011 - 15:10 | 1481890 zuuuueri
zuuuueri's picture

awesome doublespeak in just a few sentences distance: 

"Our growing debt is the single largest threat to our nation’s future."

"failing to raise the debt ceiling would do irreparable harm to our credit standing, would undermine our ability to lead on global economic issues and would damage our economy"

well, which is it?

 

Fri, 07/22/2011 - 11:28 | 1480857 Urban Redneck
Urban Redneck's picture

If the US defaults then Paulson's heretofore tax-free transfer of savings from GS equity to US Treasuries might experience increased price volatility (to the downside).  I don't think anyone had to strong arm him.

Fri, 07/22/2011 - 11:34 | 1480897 Boba Fiat
Boba Fiat's picture

Flashback, bitches: get your Hank Paulson commemorative coin

http://www.zerohedge.com/article/your-chance-own-tiny-3-piece-hank-paulson

Fri, 07/22/2011 - 12:58 | 1481323 Mongrel
Mongrel's picture

Hank Paulson looks like fuckin' Frankenstein . . . Just sayin'

Fri, 07/22/2011 - 10:50 | 1480659 nope-1004
nope-1004's picture

failing to raise the debt ceiling would do irreparable harm to our credit standing, would undermine our ability to lead on global economic issues and would damage our economy.

Translation:  "Listen peons.... me and my banker buds need to keep raping the public.  Let's get this done so we don't fall into a black hole where dragons and meat eating serpents await.  If we don't pass this deal, Jupiter and Saturn will start heading toward us.  Now, we need to add more debt to solve our debt problems.  Makes sense to me... why not you?"

 

Fri, 07/22/2011 - 10:52 | 1480669 Pladizow
Pladizow's picture

Give us what we want or we will "Oslo" your ass!

Fri, 07/22/2011 - 10:56 | 1480697 camoes
camoes's picture

too soon...

Fri, 07/22/2011 - 10:57 | 1480710 wsmith
wsmith's picture

How's your penis-pump working for you?

Is all OK with the Viagra?

Good for you.

Nice to talk to you again.

http://geraldcelente.proboards.com

Fri, 07/22/2011 - 10:58 | 1480712 camoes
camoes's picture

Translation alt version: "GOTTA KEEP THE PONZI ROLLING BITCHEZ, OR WE WILL CAP YOUR BITCHASS!!!"

Fri, 07/22/2011 - 16:14 | 1482345 Iam_Silverman
Iam_Silverman's picture

I zeroed in on that line too.  My interpretation was:

"If you don't indebt our nation, my portfolio may suffer!"

Fri, 07/22/2011 - 10:57 | 1480705 I am more equal...
I am more equal than others's picture

"failing to raise the debt ceiling would do irreparable harm to our credit standing, would undermine our ability to lead on global economic issues and would damage our economy."

 

"failing to _________ would do irreparable harm to our _______, would undermine our ability to ______________ and would damage our _________." Fill in the blanks and test this logic.

 

"failing to have sex with me would do irreparable harm to our relationship, would undermine our ability to spend time together and would damage our affection for each other."

 

this is fun.

Fri, 07/22/2011 - 11:16 | 1480809 nedwardkelly
nedwardkelly's picture

failing to revive the global pirate population would do irreparable harm to our environment, would undermine our ability to combat global warming and would damage our childrens future.

http://www.venganza.org/images/spreadword/pchart1.pdf

Fri, 07/22/2011 - 11:48 | 1480918 AlaricBalth
AlaricBalth's picture

"failing to raise my credit limit would do irreparable harm to my rating with Classy NY (my favorite escort service), would undermine my ability to copulate with women who are way out of my league and would damage the economy by not allowing me to pay overinflated prices for 'champagne'."

Fri, 07/22/2011 - 11:45 | 1480955 Agent P
Agent P's picture

"failing to masturbate would do irreparable harm to our testicles, would undermine our ability to reproduce and would damage our species' chances for survival."

Feel free to use this if you're ever interrupted.

Fri, 07/22/2011 - 12:05 | 1481060 pods
pods's picture

"failing to extract the gerbil would do irreparable harm to our little friend, would undermine our ability to go spelunking in the future,  and would damage our relationship with the pet store."

Fri, 07/22/2011 - 16:13 | 1482337 Iam_Silverman
Iam_Silverman's picture

Wow!  Political Mad Libs TM !

You should copyright that immediately.  Very funny.

Fri, 07/22/2011 - 18:15 | 1482794 Random_Robert
Random_Robert's picture

 

 

"Failing to drink water would do irreparable harm to our kidneys, would undermine our ability to cleanse our bodies of toxins,and would damage our physical health." 

 

 

Fri, 07/22/2011 - 10:59 | 1480726 Placerville
Placerville's picture

Just say it!

 

Fuck You Paulson!

 

Corrupt Bastard!

Fri, 07/22/2011 - 11:08 | 1480765 aint no fortuna...
aint no fortunate son's picture

Hank, go suck dogballs

Fri, 07/22/2011 - 13:16 | 1481404 dracos_ghost
dracos_ghost's picture

.... would do irreparable harm to our credit standing, would undermine our ability to lead on global economic issues and would damage our economy. -- Hank the Tank Paulson

 

And he should know about destroying the US economy -- POS.

 


Fri, 07/22/2011 - 13:54 | 1481544 masterinchancery
masterinchancery's picture

Anyone got a rope?

Fri, 07/22/2011 - 14:16 | 1481619 Gold...Bitches
Gold...Bitches's picture

I think you meant to say "Fuck you, Paulson.  Fuck you!"

Fri, 07/22/2011 - 10:46 | 1480617 scratch_and_sniff
scratch_and_sniff's picture

you cant say he dont have a point.

Fri, 07/22/2011 - 10:49 | 1480651 nowhereman
nowhereman's picture

yes, I can.

Fri, 07/22/2011 - 10:54 | 1480685 scratch_and_sniff
scratch_and_sniff's picture

Of course you can, you're a fucking moron, you can say anything you want and no one will give a fuck either way. All you have to say is "Ive got some gold chortle chortle, and i got beans too".

Fri, 07/22/2011 - 10:54 | 1480686 nope-1004
nope-1004's picture

The point he have is that the economy can't support itself.  It's an admission of a failed system.  We need a reset button, so who cares about "credit standing" amongst worldwide over-indebtedness.  Every country is in the same boat, because they've all be corrupted by Wall Street banks.

Global reset button baby!

 

Fri, 07/22/2011 - 11:15 | 1480800 Chief KnocAHoma
Chief KnocAHoma's picture

Agreed.

Here's a question - What do you get when you cross a muslem from Kenya with a crazy slut from Kansas?

I am The Chief

Fri, 07/22/2011 - 12:46 | 1481268 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Commander in Chief, chief.

 

Tuco

Fri, 07/22/2011 - 11:16 | 1480808 scratch_and_sniff
scratch_and_sniff's picture

there is no one hitting any global reset button - the global rest button remains a figment of your imagination, sorry about that. lol the global reset...yeah like after you spunked 14trln lmao. For everything a price dude.

Fri, 07/22/2011 - 11:25 | 1480849 Spastica Rex
Spastica Rex's picture

What are you talking about? Revolution happens all the time. Same as it ever was.

Fri, 07/22/2011 - 11:44 | 1480951 scratch_and_sniff
scratch_and_sniff's picture

No, no you're wrong, it doesn’t, and when it happens, it happens for a clear and undeniable reason - all this is still clearly up in the air, there are many, many avenues still open to the US, defaulting on that debt is just flirting with the unknown(alright for those with gold, and who are probably cheering this on, but severe for those without…the overwhelming majority). What most revolutions have in common is that there is usually some minority (or majority) that has been brutally treated, and has come to the point of no return so has to act with equal or greater brutality...thats where my trouble is - the US will never fit that bill in my eyes.

Fri, 07/22/2011 - 12:24 | 1481150 Doyle Hargraves
Doyle Hargraves's picture

Yeah maybe those without gold should have learned to be self sufficient and taken the opprtunity to learn real economics not this claptrap macroeconomics taught in econ 101 or econometrics (yet another useless class required for me to earn a degree from the kaleefornya university system). If you remember the revolution was fought by a minority in number of colonists and few supported it (it's hazy but I wanna say 30% in all). It was fought over taxes of @ 3%. It was fought over lesser crimes than are occuring today in the US inflicted on a far fewer number of people than are being affected with this nonsense today. Where does it stop? Do we borrow even further into oblivion? How about we cut it off now and deal with the pain before it gets worse. The US has been irresponsible in the use of credit and just like a consumer should have it's charge privileges revoked. We can work from there.

Fri, 07/22/2011 - 12:37 | 1481226 scratch_and_sniff
scratch_and_sniff's picture

Maybe you can work from there, but what about the poor fuckers who bought all your debt? No? Any thoughts about whats going on outside US borders? No? I suppose they are just suckers who got caught up in the "global debt ponzi" that made you all fat as 14trln fuckers? Tell me where the 14trln went again? What was you debt before the “banker” crisis? oh it was the bankers and their prostitutes and cocaine that made you all spend it on housing markets and shit…ummm im with you, this is fucking revolution material, how dare the globalists make you do that debt serfdom jig.

 

Fri, 07/22/2011 - 13:10 | 1481312 Doyle Hargraves
Doyle Hargraves's picture

Well they, (the debt holders), trusted the ratings agency when purchasing it, right? We all know the ratings agencies reliability these days, right? Who cares about what is going on outside the US that is our main problem today. Since 1945 our leaders have taken it upon themselves to inject themselves into the world's affairs. In the process our leaders have done for us what all leaders have done when creating an empire throughout the history of the world. Bankrupt themselves to maintain empire. Meanwhile to appease the masses at home with bread and circuses that have been offered up at the empire's expense to keep the masses docile and subserviant (and continue to fight wars in defense and expansion of their empire). It ends soon. Not because I say so or any other reason than it has to. It is unsustainable. That is my argument and it is the truth none the less. Further I would tell you there is a large gulf between the americans and our political rulers. They are about to find out as well how large that gulf is. Perhaps this will put it all in perspective and bring many situations that have been festering finally to a head. The bankers did cause a good bit of this by knowingly making loans to those who could not afford to pay them back and then selling them to the government and the government issuing bonds in the name of Fannie and Freddie and selling them to the world as well (AAA rated by those same ratings agencies, and backed implicitly by the gubmint, you see). This is the reality of collusion between the political class and the corporate class at the expense of the people. Before the banking crisis the debt was @ $9T-$10T. I never said anything about globalists or bankers though...do you represent their interests? I never even brought them up and could care less except to identify them as part of the problem as they have helped widen the gulf between the american people and their leaders through their deep pockets and and lobbying connections. Of course it is only appropriate that you would comment on them in a thread having to do with hank paulsen's soon to be swinging from a lamppost ass. You see just this illustration alone demonstrates the crimes perpetrated by our present government are far worse than the crimes of the crown at the outset of the first revolution.

Fri, 07/22/2011 - 15:19 | 1481730 scratch_and_sniff
scratch_and_sniff's picture

Ummm America, the perfect political hegemony …when all the other parties fuck it up, all America has to do is invent a new party based on even more fundamentalist views than the founding fucking fathers wet dreams - perfect vomit educing lies. Its ok when you believe it though, isn’t it, as long as you believe it as an American citizen and all that nonsense? Jesus christ, where was everyone when the debt was 4, 5 or 7 trln? War on trembling terror needs financed, cant stop spending now, got to win this war on terror with more terror. Everyone seems to be yapping now that they might have to pay something back, surprise fucking surprise! Oh our politicians promised us, they are so corrupt, it was socialist Obumma the black man that made us do it and the evil bankers conned us with all the hope stuff in the TV and the computer markets. Now, jesssh we have this gold that will go to the moon if we default, but we are being forced into it by the globalists, yes we are sir, and we now declare this gold money!(chortle, we will even declare all the mining shares we hold as money too, shhhh dont mention Ron Pauls portfolio)

Tell me this and tell me no more, how much are you willing to pay back? Give me a figure, 4,5 or 6, 7 trln, the amount before the legendary obumma nigger spending on his fellow poor plundering escapades perhaps? How much of the worlds resources that you spunked, pilfered and wasted into killing innocents, the wealth that you scoffed into your fat fucking whinging greedy gobs, how much are you willing to pay back?

Nada, that’s how much, you fuckin leeching cunts - you’re global socialist recipients by proxy, you have spent all you can, gorged on peasant labour for decades, and now you want someone else to pay while you moan and digress about what money actually is? Typical spoilt fucking babies. You’re not debt slaves because of fraud, you are debt slaves because you spent all the money!

Fri, 07/22/2011 - 15:20 | 1481928 crazyjsmith
crazyjsmith's picture

Little lost subject of the Queen - the former holder of the "Empire" Title - you like throwing stones from your little glass house on that dreary island of yours?

Hypocricy is all around. 

 

Fri, 07/22/2011 - 15:34 | 1482025 Doyle Hargraves
Doyle Hargraves's picture

Ohh that's why you are so pissed, I scoffed at your crown! Piss on royalty! You fucks over there would be speaking german were it not for us. Please that arrogant asshole churchill would be dead in the streets from german bombs had it not been for our intervention. Not to mention the bloody loans we made your country before our involvement in the war. I am not willing to pay any of it back and have retained the counsel to help me fight any charges from the gubmint that says I owe them through theft of 'tax money'. I will be victorious in my quest as well. I never fell for that war on terror crap either. No money should be spent on conquest, especially conquest based on false flag attacks (anyone who believes otherwise is willfully ignorant can't get 20+million illegals out of the US but can identify alleged terrorists within minutes of the alleged attack), as far as Ron Paul goes, he is schooled in Austrian Economics as am I. 5,000+ years of history, not a whim, has declared gold is money. He just invests in real money. Lest you forget also how many world innocents your bloody crown has killed over the years, not to mention the vast resources pillaged and plundered (middle east, india, far east), it is real easy to throw stones but the british crown has killed more innocents than nazism and communism combined so it is real funny to hear you talk about depleting the world and killing innocents. Me thinks you resent the one that got away (the colonies).

Fri, 07/22/2011 - 15:46 | 1482156 scratch_and_sniff
scratch_and_sniff's picture

I am Irish you fucking prick. And if gold is money, why not Diamonds? Why gold, why not just any old commodity? I'll tell you why, because all the rich cunts holding gold want to propagate the lie...gold is not money, gold is just another scarce resource.

Fri, 07/22/2011 - 15:55 | 1482221 crazyjsmith
crazyjsmith's picture

As I said, Little Lost Subject of the Queen, no difference.  Same damp and dreary island.

Gold is money when nothing else is, that is where we are heading.  To say such a general, over confident statement that Gold isn't money, is well, ignorant and just stupid Irish Pride. 

Gold has been for centuries hoarded by the Rich and Elite, and we have lost our way thinking that using Gold is going to detach our dependence to Global Bankers, you are right there, again probably by accident. 

Erin Go Bragh

Fri, 07/22/2011 - 16:45 | 1482516 Doyle Hargraves
Doyle Hargraves's picture

Ok Ireland is more or less a satellite...you guys really played your economy well didn't you? On yer knees begging Germany and France for your salvation along with those other PIGS in Europe I am glad you cleared that up, I actually thought you may have been from somewhere that had room to talk. Why not diamonds? Why not any commodity? Again I will defer to the fact you have very little knowledge of economic history. Gold is scarce, it cannot be artificially produced, and is not used industrially on such a large scale as to take away from other industries or destroy them altogether.

http://www.youtube.com/watch?v=2sBmUszhP_Q

 

Fri, 07/22/2011 - 17:06 | 1482591 scratch_and_sniff
scratch_and_sniff's picture

umm ok

Fri, 07/22/2011 - 20:03 | 1483328 madbomber
madbomber's picture

 

everything is fresh.   how does it become rotten?

 

 

 

 

 

Fri, 07/22/2011 - 14:36 | 1481674 crazyjsmith
crazyjsmith's picture

Scratch n Sniff - broaden your perspective, ignorance of history is clouding your brain. The Global bankers have done this for Centuries. It started in Europe, and has been perfected here in the States.

U offer the public below market interest rates, something human beings can't refuse, start a crisis where asset prices drop, call all loans knowing they cannot and will not be paid back, opens the doors for foreclosure and to buy back assets at pennies on the dollar. American Bankers Assoc back in the late 1800's have written documents of this exact strategy.

Same old trick, this is NOT a new crisis and is has been done many times, just insane how the media plays this as somethin unprecedented, total bullshit. Our failure to learn from our past will destroy us.

Andrew Jackson, Abe Lincoln, Grover Cleveland, John Kennedy All tried to get away from debt based currency, all assassinated, except Jackson, the two guns jammed on his assasination attempt and he survived.

Those who control the currency, control the interest rates, control man. Simple as that.  They create money out of thin air, then direct Trillions of dollars in interest payments their way, unbelievably simple concept.

Doesn't matter if it is fiat or not, gold/silver, doesn't matter. Who is in charge of the quantity?  We don't know who they are, where they are, and we can't audit their books.  If that sounds like an evil cartel, it is because it is.  We wage war on "Terrorists", and Drug traffickers but fail to go after the biggest threat to our country.  That is the one correct statement that Paulson does make.   

Fri, 07/22/2011 - 14:43 | 1481757 scratch_and_sniff
scratch_and_sniff's picture

go and have a good wank.

Fri, 07/22/2011 - 14:51 | 1481789 crazyjsmith
crazyjsmith's picture

Is that all you have?  Very telling response. 

Have fun on your little swampy, dark, damp, dreary little island you most likely are living on. 

Fri, 07/22/2011 - 19:56 | 1483295 Milestones
Milestones's picture

Article 1, Section 8 (5) To coin money , regulate the value thereof,--. It is not just the quantity of the money but the Value also.

Congress passed that right onto the Fed, which it never had the authority to do AND President Wilson did not have the authority to sign that legislation. According to one of the landmark decisions of the Supremes was "Marbury v Madison 1803 said ---Any law repugnant to the Constitution is VOID. I have been beating the drum over this siiue for over a year here on Z.H.

Milestones

Fri, 07/22/2011 - 12:32 | 1481206 Spastica Rex
Spastica Rex's picture

There's plenty of cake to go around? Soma for all? Take a look at the GINI index. Good luck.

Fri, 07/22/2011 - 12:42 | 1481249 Chief KnocAHoma
Chief KnocAHoma's picture

Please explain GINI index to this ignorant farm boy.

I am The Chief

Fri, 07/22/2011 - 12:43 | 1481258 scratch_and_sniff
scratch_and_sniff's picture

Oh you're into the variables man? good for you, why don’t you take up fucking weather forecasting while you're at it.

Fri, 07/22/2011 - 12:46 | 1481272 Spastica Rex
Spastica Rex's picture

Jesus. Lame.

Fri, 07/22/2011 - 16:18 | 1482365 Iam_Silverman
Iam_Silverman's picture

"There's plenty of cake to go around?"

The cake is a lie......

Fri, 07/22/2011 - 12:44 | 1481259 Sambo
Sambo's picture

Wait till gas hits $15/gallon, a loaf of bread is $25, unemployment is at 51%...and cake is 50 cents a pound...then the straw that will surely break the camel's back is a comment from Washington DC or NY that sounds like "go eat cake!"

Then you will have a revolution..and a violent one at that. People dont change.

Fri, 07/22/2011 - 12:53 | 1481302 scratch_and_sniff
scratch_and_sniff's picture

Gas will be $15 a gallon because there is little gas left, bread will be $25 because the weather has gone completely apeshit, and you're unemployment will be at 51% because you’re education system is fucked! You can revolt all you want, violently too for that matter, but how many petrol bombs will it take to make you realise that the glory days are well behind you? Wake up fool, you're in debt because you cant pay for yourselves, not because others are ripping you off - you are in debt because others trusted you to come through, but you didn’t….sorry.

Fri, 07/22/2011 - 12:57 | 1481322 Spastica Rex
Spastica Rex's picture

Talk about weather prediction.

Fri, 07/22/2011 - 15:04 | 1481862 scratch_and_sniff
scratch_and_sniff's picture

thats an observation actually, not a prediction.

Fri, 07/22/2011 - 14:49 | 1481777 crazyjsmith
crazyjsmith's picture

Wrong again Scratch, those who lent the money didn't trust anyone to pay it back - as quick as they made the loans, they simply sold that crap to someone else, over and over again, then proceeded to short the very loans they knew were not going to be paid back.  This is a well orchestrated, strategic plan.  It has been done before many many times. 

Fool me once, shame on you.  Fool me twice, well ... that is where we need to grow up, and take this responsibility on ourselves.  You are right in that regard, but by accident.    

Fri, 07/22/2011 - 15:12 | 1481902 scratch_and_sniff
scratch_and_sniff's picture

Im not talking about your scummy deluded banker class, who gives a fuck about your 2nd rate banking wankers, thats your problem.

Fri, 07/22/2011 - 15:06 | 1481871 crazyjsmith
crazyjsmith's picture

The American Revolution started over Britains actions to strip the colonies from their ability to use their own currency.

A similar argument could be made today- our Federal Reserve is controlling the quantity of our currency, and that control is coming from overseas - again...

But in one aspect you are right, Americans are too fat and comfortable to do anything.  That comfort is eroding by the day though - to say that the US will never fit that bill, well, never say never. Things seem to be accelerating  

Fri, 07/22/2011 - 14:26 | 1481678 Popo
Popo's picture

Agreed.  EVERYONE admits that the system will collapse without the issuance of new debt.

That is an ADMISSION of a failed system.

One does not SUPPORT a failed system.  One scraps it and moves on.

 

 

Fri, 07/22/2011 - 13:55 | 1481547 masterinchancery
masterinchancery's picture

yes, the reality is exactly the opposite.

Fri, 07/22/2011 - 11:21 | 1480826 Sean7k
Sean7k's picture

Sure, he has a point, but it results in the continued transfer of wealth from Americans to bankers. Terrible point.

The US shouldn't lead on economic issues, if it is incapable of managing its' debt.

The US is irresponsible about credit and therefore, should be cut off.

There is a price to pay for being irresponsible- it happens to every consumer in America that acts in a similar fashion.

Finally, it is a terrible example to all Americans, to spend beyond your ability to pay and risk rupturing the global economy for the sake of a few well connected asshats.

I have a suggestion for what you can scratch and sniff...

Fri, 07/22/2011 - 11:38 | 1480922 Doyle Hargraves
Doyle Hargraves's picture

He doesn't have a point...we default now or later take your pick. Now is as good a time as any.

Fri, 07/22/2011 - 11:57 | 1481018 TruthInSunshine
TruthInSunshine's picture

Default would be the greatest advent in American History since 1776, and mark a rebirth of the nation.

We had our chance to set the right course, for the final time, in 2008, and those in power could have and should have let the forest fire burn (this would cleared all the scrub and dead brush that causes larger forest fires at future times), let shareholders and bondholders take their pain, rather than pledge trillions in taxpayer money to socialize the losses, and shackle the real, organic economy in the future (from which it will not recover at this point - the debt is a mathematically unresolvable problem now, unless 50% of government spending was eliminated, in real terms).

In other words, taking the full extent of the pain in 2008 would have put us in a deeper eonomic growth crisis, we would have had more contraction and defaults and loss of 'paper' wealth in the economy, but it would have allowed us to rid the system of artery clogging, toxic shit that had become the dope the economy had been getting high on, and that are now government propped-up, and are choking Main Street. We would have recovered at some point with solid feet underneath us, because the toxins would be out fo the system (unlike now, still full of heroin compliments of Paulson/Bernanke).

For all those who say "but the U.S. can't default," that's rubbish. The U.S. not only can default, it should default, but it's not enough - the structure that got us into this mess needs to be dismantled, and good structure needs to replace it.

Each head of the Hydra that is the Central Bank must be lopped off with a razor sharp blade, and a Constitutional Amendment must be enacted returning the coinage of money (not Federal Reserve Notes, as it won't exist any longer, but Greenbacks) to the Congress, never to be delegated again.

Finally, a simple yet concrete Balanced Budget Amendment must be put into place, whereby the U.S. Government may not spend a single penny more than the revenue it receives, over any time horizon that exceeds on fiscal year.

We also need to, as a nation, completely kill the idea that any institution is "too big to fail."

Bring back fiscal constraint, kill the Fed and its gross distortion of markets and 'crack dealing whoredom' ways, let Wall Street and banks know that they will live and die by purely by their own decisions...

...and gut the 50% of government that is useless, dead weight on productive Americans, and institute a flat tax not to exceed 12% in total (on a tax return no larger than a postcard, with a simple formula of Income x 12% = tax due).

 

Quite a wish list? Yes.

Do these things, and America will be unstoppable with a growing, thriving middle class once again.

Fri, 07/22/2011 - 12:16 | 1481095 scratch_and_sniff
scratch_and_sniff's picture

Nah, all this great nation building had one thing in common...there was an overwhelming majority of people willing to swallow any old patriotic shit, they bought into doing anything and everything for they're country no matter what. What have you got in the US now? A bunch of lazy informed cunts that want something for nothing - just like the rest of the west, join the club. Are you ready for the sweat shops again when you default? ha ha, dont make me piss myself.

The revolution does not start when you default, the kind of revolution you have in your imagination starts when you convince your population that they should work for buttons in shitholes, its not going to happen...but thats another avenue you will have to explore. If you ask me, the US has never been better positioned to take advantage of the world, but there seem to be many who wish to throw us all into the dark ages, only because they are positioned for that. (China gets $5 for making an Iphone, who gets the other $400?)

Fri, 07/22/2011 - 15:47 | 1482165 Spastica Rex
Spastica Rex's picture

No, just want to throw you into the dark ages. Quit projecting.

Fri, 07/22/2011 - 16:23 | 1482394 Iam_Silverman
Iam_Silverman's picture

"A bunch of lazy informed cunts that want something for nothing"

Informed?  Maybe if they get their news from Inside Edition or TMZ.

What was wrong with the dark ages?  Think about it, things could only get better from there!  No need to even try harder to make things better.

Fri, 07/22/2011 - 12:14 | 1481099 Moe Howard
Moe Howard's picture

Sounds good. I'm with you.

Fri, 07/22/2011 - 12:23 | 1481144 sdmjake
sdmjake's picture

That is an excellent rant. +1

Fri, 07/22/2011 - 13:56 | 1481552 masterinchancery
masterinchancery's picture

much better now

Fri, 07/22/2011 - 12:22 | 1481134 oldmanofthesee
oldmanofthesee's picture

This is the same son-of-a-bitch that started the ball rolling with AIG and Tarp. We learn later that AIG writes the first check out to the squid, Paulson's former employer, and all the banks that "needed tarp bailout", returned the $ as soon as they learned that Timmy would dictate the level of their compensation. F#ck him!

Fri, 07/22/2011 - 14:24 | 1481669 Popo
Popo's picture

...that was a joke, right?

Fri, 07/22/2011 - 10:47 | 1480618 gulf breeze
gulf breeze's picture

tttttanks in the ssssstreets BBBBitchez

Fri, 07/22/2011 - 10:53 | 1480657 baby_BLYTHE
baby_BLYTHE's picture

yep. there is no avoiding that now.

All we have done the last couple years was hide the depression with government replacing GDP by about 11%.

We are not going to fix any of these problems nor the rampant malinvestment that has occurred since the 1980s, it is going to blow up in everyone's face

Personally, I believe China's bubble bursting will be the catalyst for the coming global depression

Fri, 07/22/2011 - 11:02 | 1480744 FEDbuster
FEDbuster's picture

The whole statement should have been written in "Stammerin" Hank verse, oh well. 

What rock did they lift to drag this asshole out into the light?  His round, bald head should roll like a fresh cleaned bowling ball when the guillotine is set up in D.C.

Fri, 07/22/2011 - 11:13 | 1480791 Confused
Confused's picture

Hell has a special place reserved for this guy.

Fri, 07/22/2011 - 11:48 | 1480968 Vendetta
Vendetta's picture

hell is for the 'little people'

Fri, 07/22/2011 - 13:21 | 1481433 baby_BLYTHE
baby_BLYTHE's picture

hell= other people

Fri, 07/22/2011 - 11:35 | 1480904 aheady
aheady's picture

What a great visual that is!

Fri, 07/22/2011 - 11:46 | 1480960 Translational Lift
Translational Lift's picture

FUCK YOU Hank....YOU already torpedoed the economy!!!

Fri, 07/22/2011 - 11:39 | 1480927 dark pools of soros
dark pools of soros's picture

i would love to see the sinkhole detectors..  i mean tanks, on the these streets

 

Fri, 07/22/2011 - 10:46 | 1480620 LawsofPhysics
LawsofPhysics's picture

Hank has a lot of paper in his porfolio on the other side of that "debt trade".  All this paper becomes worthless when the U.S. defaults.  Yeah, fuck you and your financial terrorism Hank.

Fri, 07/22/2011 - 11:51 | 1480994 Chief KnocAHoma
Chief KnocAHoma's picture

He also owns an island just off the coast of Georgia. Ironically, not far from Jekyll, where all this shit got started in 1913.

 

I am The Chief.

Fri, 07/22/2011 - 15:00 | 1481844 TruthInSunshine
TruthInSunshine's picture

Ever have blackened grouper at a lil' ole hotel on a privately owned island in Georgia called St. Simons Island?

Where the elite meet to greet and beat

Fri, 07/22/2011 - 10:47 | 1480631 oogs66
oogs66's picture

now that Europe took up Tarp he feels the urge to speak again?

Fri, 07/22/2011 - 11:00 | 1480731 augie
augie's picture

He's clearly been drinking unicorn piss.

Fri, 07/22/2011 - 10:47 | 1480632 SeverinSlade
SeverinSlade's picture

Will never stop laughing at Paulson being questioned about ethics.  "I didn't violate the ethics agreement because I got a waiver."

Fri, 07/22/2011 - 10:47 | 1480634 Everybodys All ...
Everybodys All American's picture

Hank Paulson should have a prison mate right now and be waiting on the gallows for the crimes against our people and currency.

Fri, 07/22/2011 - 10:57 | 1480703 unununium
unununium's picture

Apparently, prison is for Navy procurement officers who take kickbacks from vendors.

Handing $200B to AIG so they can pay off their losing bets to Goldman Sachs, Inc. -- that's heroism.

Fri, 07/22/2011 - 11:13 | 1480786 Everybodys All ...
Everybodys All American's picture

Did you see where one of the Fed Reserve banker's William Dudley had a huge stake in AIG stock and was given a waiver rather than being told to sell it? Do you think he had any influence on the rescue?

Fri, 07/22/2011 - 11:16 | 1480806 Confused
Confused's picture

Don't for a second think that HP didn't have a vested interest other than common "history" with Mr. Dudley. This guy is sickening. A criminal of the highest level.

Fri, 07/22/2011 - 11:13 | 1480790 lunaticfringe
lunaticfringe's picture

No shit. The greatest theft of all time and the fucker has the balls to write a book about it like he saved us. He saved his bank account and his crony's. Gawd help this prick if I even see him at an airport. Fucker.

Fri, 07/22/2011 - 11:31 | 1480858 EscapeKey
EscapeKey's picture

I read "On the Brink". Predictably, it's an over-produced, committee-written, factually challenged, law-dodging piece of shite designed to protect the interests of insiders.

Not once is the cause of the crisis mentioned, it's one long description of fixing an endless amount of effects. AIG is hardly mentioned at all, and generally, why key decisions were made is virtually entirely left out. He also claims to be against the compensatory structure of Wall Street, yet pocketed over $700m during his own career.

Finally, when he left GS, they didn't have hedges in place with regards to the soon-to-be avalanche in "AAA" rated debt products. So his departure might very well have been a smart career move. Oh, and during his stay, the controversies were plentiful (laddering, representing both sides of the NYSE/Archipelago merger, ...)

The guy is a fraud.

Fri, 07/22/2011 - 11:44 | 1480952 magis00
magis00's picture

You should post this on Amazon. 

 

"I found this review helpful."

Fri, 07/22/2011 - 12:02 | 1481052 unununium
unununium's picture

> So his departure might very well have been a smart career move.

Please.  Hank Paulson's installation at the United States Department of the Treasury in 2006 demonstrates plainly that the TPTB knew exactly what was coming.

Hank is a hero all right.  A hero of the neo-feudal uberclass.

Fri, 07/22/2011 - 10:48 | 1480643 fonestar
fonestar's picture

Of course, this always happens.  All the bums who caused the problem suddenly become part of the "we told you so" party.

Fri, 07/22/2011 - 10:48 | 1480644 the mad hatter
the mad hatter's picture

so he's trying to tell us that if we don't ask for a credit line increase to pay down existing debt already due we're going to default.

why not just start paying off the debt instead of borrowing more only to pay interest on it later?

Fri, 07/22/2011 - 11:27 | 1480855 Founders Keeper
Founders Keeper's picture

+1

 

Fri, 07/22/2011 - 10:49 | 1480647 SDRII
SDRII's picture

Is there a video clip of this?

Fri, 07/22/2011 - 10:49 | 1480648 Atomizer
Atomizer's picture

Did he speak coherently or stutter?

Fri, 07/22/2011 - 10:51 | 1480660 GeneMarchbanks
GeneMarchbanks's picture

 Hhee um... er... ah... was... errrrr... very... uh... articulate.

Fri, 07/22/2011 - 10:49 | 1480652 bill1102inf
bill1102inf's picture

Nothing of it. Nasdaq +4, Oslo's pms building blown to bits, mined libyan oil fields, whats the matter?

Fri, 07/22/2011 - 10:55 | 1480689 GeneMarchbanks
GeneMarchbanks's picture

Maybe you're confused. At this point the headline could read " World Depopulated Entirely" and the algos go....... bullish. Ramp Up!

Fri, 07/22/2011 - 10:50 | 1480655 GFORCE
GFORCE's picture

Failing to raise the ceiling will do irreperable damage to my self-imposed white knight status.

Fri, 07/22/2011 - 10:50 | 1480656 BurningFuld
BurningFuld's picture

How could he afford to retire?

Fri, 07/22/2011 - 10:51 | 1480661 Imminent Collapse
Imminent Collapse's picture

One way or another, this darkness has got to end.

-The Grateful Dead-

Fri, 07/22/2011 - 10:51 | 1480662 r101958
r101958's picture

Hey, Hank......too friggin bad. Spend no more than you take in, get it? We know what scares you....and that is that the general public doesn't buy the scare tactics you all serve up with such alacrity. Seems like a rerun of 2008. The following rule applies to the public in general too....'Once burned, twice shy' or 'Once; shame on you, twice; shame on me'.

Fri, 07/22/2011 - 10:58 | 1480716 Cdad
Cdad's picture

Since average Joe does not own stocks in any significant amount, and since average Joe suffers from banker generated inflation, and since average Joes by the millions have already lost their jobs as a result of the Hank Paulsons and Ben Bernankes of the world, WHY WOULD AVERAGE JOE CARE ABOUT THE MAD THREAT ASSEMBLED HERE AGAIN?

US downgrades, please.  Banker pink slips by the tens of thousands, please.

Capital will not form in a banking system as corrupt as ours, and so the Greater American Depression will role on until such time as these issues are finally and properly resolved.

Cue more stories about the weather over at the BlowHorn [CNBC]!

 

Fri, 07/22/2011 - 11:15 | 1480795 LawsofPhysics
LawsofPhysics's picture

"Capital will not form in a banking system as corrupt as ours"  Spot on, if anything we have been witnessing the destruction of capital (that had the potential to add real value) for years.  Instead of adding real value, what we have is a GDP that that is 30% dependent on the sale of financial "products".  Bullshit, crash the fucking system already.  The sooner we do, the sooner compensation will return to people who actually create REAL value.

Fri, 07/22/2011 - 12:18 | 1481119 Moe Howard
Moe Howard's picture

Crash away, I got my gold helmet on and my silver safety belt.

Fri, 07/22/2011 - 12:51 | 1481295 LawsofPhysics
LawsofPhysics's picture

Good, now line up some like-minded and well armed neighbors and you should be good to go.

Fri, 07/22/2011 - 10:52 | 1480664 HL Shancken
HL Shancken's picture

Communist representative Jim McDermott (C-WA) was on the Michael Medved show yesterday giving an hour-long interview. He said that a 1% rise in interest rates would amount to an extra $180 billion in interest payments over the course of a year. That works for me if holding out means cutting government spending by that much or more. Hold the line, Republicans!

Fri, 07/22/2011 - 10:56 | 1480690 Bay of Pigs
Bay of Pigs's picture

I never understood how Jimmy Mac survived that wire tapping scandal.

Shows the utter stupidity of those who live and vote in Seattle. Must be all the rain pounding on their heads.

Fri, 07/22/2011 - 12:02 | 1481048 ElvisDog
ElvisDog's picture

A democrat in Seattle (I live there) could literally kill his mother on live TV while at the same time rogering a sheep while accepting a payoff from a Mexican drug lord and still be re-elected. Seattle is without a doubt the most robotic, brain-dead electorate on Earth.

Fri, 07/22/2011 - 12:06 | 1481053 ElvisDog
ElvisDog's picture

duplicate

Fri, 07/22/2011 - 10:51 | 1480665 savagegoose
savagegoose's picture

he caant afford to retire if they dont raise the debt thingy

Fri, 07/22/2011 - 10:52 | 1480667 Bay of Pigs
Bay of Pigs's picture

What? Nothing about Martial Law and riots in the streets?

Come on Hank, lighten up.

Fri, 07/22/2011 - 10:52 | 1480671 slewie the pi-rat
slewie the pi-rat's picture

hanky panky paulson in Scene ii of "Casey At The Bat"

Fri, 07/22/2011 - 10:52 | 1480673 Dreadker
Dreadker's picture

lolz

translation:

We are at a point where we can no longer keep the status quo without further destroying the prosperity of future generations. Can't you all just let us rich folk enjoy our solid gold $3bn yachts at the price of your offspring a little longer. 'You people' are just so selfish.

Fri, 07/22/2011 - 10:53 | 1480676 krispkritter
krispkritter's picture

Does anyone give a shit about this guy? Thanks for TARP you douche. Should have called it TRAP: Tell Real Americans, Piss-off...for all the wonderful things it did for us. Hell's not hot enough for you...

Fri, 07/22/2011 - 10:53 | 1480679 Silver Dreamer
Silver Dreamer's picture

"Tax reform" is bankster speak for raising taxes on us "little people" of course.  We have to make those interest payments after all!  har har

Fri, 07/22/2011 - 10:53 | 1480682 cuttlefish
cuttlefish's picture

Great can you beleive these f***ers? When it all comes down and it will let's hunt is wall street ass down and hang him! Oh yea and gold is not money....

Fri, 07/22/2011 - 10:54 | 1480683 The Grifter
The Grifter's picture

Speech therapists should use these phrases for future Paulson's.   Say them over and over again fast and maybe somebody will actually believe it.

"Our growing debt is the single largest threat to our nation’s future."

"failing to raise the debt ceiling would do irreparable harm"


 

 

 

Fri, 07/22/2011 - 11:00 | 1480728 digitlman
digitlman's picture

Hey, Hank?

 

Go fuck yorself.

Fri, 07/22/2011 - 11:01 | 1480737 docj
docj's picture

You've done enough, Hank.

No, seriously. You have. Trust us.

We can't miss you if you won't leave - so please STFD and STFU.

In other words, why don't you do us all and the world a favor; run along and enjoy your bankster-funded retirement. Asshole.

Fri, 07/22/2011 - 11:08 | 1480743 No More Bubbles
No More Bubbles's picture

Oh, and let me add -

 

Hey Hank - GFY!

Fri, 07/22/2011 - 11:06 | 1480756 No More Bubbles
No More Bubbles's picture

This fraudulent and shattered system DESERVES TO BE MUTUALLY DESTROYED!

 

LET IT FUCKING DIE!

Fri, 07/22/2011 - 11:06 | 1480757 slewie the pi-rat
slewie the pi-rat's picture

nobody gives a rat's ass.  ???

you talkin to me?
mom!  tyler's sayin that again!  mom!

Fri, 07/22/2011 - 11:08 | 1480763 ziggy59
ziggy59's picture

this FON* Freak Of Nature  should be in prison as Made-Offs butt bunk buddy with no interview rights. Ever wonder how and why the banksters themselves never have to give back their stolen booty? When a drug dealer or tax evader gets imprisoned, they confiscate their assets...one of the many hmmmm thingys, no?

Fri, 07/22/2011 - 11:09 | 1480767 WineSorbet
WineSorbet's picture

In the immortal words of Dick Cheney, "Go f-ck yourself!"

Fri, 07/22/2011 - 11:09 | 1480770 Dr. Gonzo
Dr. Gonzo's picture

Hank,
You've helped destroy the middle class so most Americans probably welcome your statement since they now don't have shit and want to see the fat cats like you squirm and suffer too. You'd better make your trades accordingly and the only sure trade if this outcome doesn't go your way is physical metal but since your markets have become so corrupt it's kind of hard to make huge physical deals at the last second so I hope you're not an insider on the outside looking in for the first time in your life cause that would really suck.

Fri, 07/22/2011 - 11:09 | 1480771 I am a ..
I am a ..'s picture

I don't get it.

Why not pay the coupon and then pay the other bills til there is no mo mulah in the account.  If Homeland Security, the DEA or someone's college grant get left out, so be it.

Fri, 07/22/2011 - 11:48 | 1480970 magis00
magis00's picture

Rule 1:  the Firefighters, Police and Schoolteachers must be fired first.

Fri, 07/22/2011 - 11:10 | 1480777 alien-IQ
alien-IQ's picture

Memo to Hank Paulson:

Go fuck yourself and please die a slow painful death.

Fri, 07/22/2011 - 11:10 | 1480780 SmoothCoolSmoke
SmoothCoolSmoke's picture

Banksters want a deal.  Too much to lose in a market crash.  They're starting to make the calls.  Cantor and Boner's phone s/b ringing soon.

Fri, 07/22/2011 - 11:12 | 1480785 Overflow-admin
Overflow-admin's picture

"Today is another debt day"

But you're going to experience another d-day soon. default-day.

Fri, 07/22/2011 - 11:14 | 1480796 PositivelyNegative
PositivelyNegative's picture

It should read: "We must raise the debt ceiling so we can continue to siphon money directly to myself, Goldman Sachs and the rest of the criminals at the top of this giant Ponzi Scheme, while your kids and grandkids pick up the tab."

Fri, 07/22/2011 - 11:16 | 1480807 Everybodys All ...
Everybodys All American's picture

Hank ... no one cares what you have to say and much less your little pawn Timmy.

Fri, 07/22/2011 - 11:16 | 1480812 lizzy36
lizzy36's picture

Break the Glass 2.0.

Fri, 07/22/2011 - 11:22 | 1480813 Tense INDIAN
Tense INDIAN's picture

Oh that "Tanks in the streeets" Guy ... i think we all will hear more of him as time comes

Fri, 07/22/2011 - 11:18 | 1480818 DavidC
DavidC's picture

I had a verbal altercation this morning with someone who queue jumped me at a petrol station (being English, I take this lack of consideration for others badly). So, I don't feel like mincing words.

Hank Paulson, shut the fuck up.

DavidC

Fri, 07/22/2011 - 16:34 | 1482448 Iam_Silverman
Iam_Silverman's picture

"I had a verbal altercation this morning with someone who queue jumped me at a petrol station (being English"

My God man!  And you didn't end up in prison, or worse?  Hopefully you didn't use cross words or point your finger.  Wouldn't want to bugger the poor blokes self esteem!

Do NOT follow this link or you will be banned from the site!