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Lie Du Jour: "No More Taxpayer Bailouts"
Barack Obama: "No more taxpayer funded bailouts of Wall Street Institutions"
Reuters: "Increased housing
commitments swelled U.S. taxpayers' total support for the
financial system by $700 billion in the past year to around
$3.7 trillion, a government watchdog said on Wednesday."
We are happy to know that the government's support of bankrupt Fannie and Freddie ends today, as per Obama's promise to the entire nation.
End the lies now!
As for the truth, the full SigTarp report can be found here.
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Know Obama, know rhetoric.
No Obama, no rhetoric.
Awesome. *raspy Marlboro cigarette laugh*
On BBC the announcer just said that this was the most sweeping financial legislation since the great depression and that it would prevent the American taxpayers from ever having to bail out a bank again. Amazing how the "educated elite" can't stop believing in fairies and unicorns.
are his lips moving again?
we all know what that means...
He just reads the words selected for him on the teleprompter. There is no more reason to impute personal responsibility for words that flow from his lips than from any marionette.
Vous êtes brillant P Rankmug!
Obummer est une marionnette de Wall Street...
I could say that the Obamanation is a filthy, lying sack of excrement, but I wíll not. Truth is he is nothing more than a teleprompter reader, a meat puppet for the vested interests that pull his strings. What the hell did the USA do to deserve this clown?
Let’s call it $2 Billion a month in benefits paid out... just for conversational proposes...
$750 Billion (TARP) =’s 375 Months… or 31 plus years of benefits?
I think we all can agree that the stimulus Packages… or monies being poured into the AAA Rated Corporations coffers exceeds the trillion dollar mark in multiples…
So, is the burden of debt really a bunch of couch potatoes milking the system? Or is the real problem or the real burden the amount of monies being poured into Wall Street?
The real problems are belittled daily by a bunch of wanna be Republican Conservatives… who pontificate about people pulling themselves up by their own boot straps or abortion... while the Country is Robbed Blind!
Drill Baby! Drill!!
Austerity Measures! For / or Against the un-employed / fellow American Country Men and / or Women… while we (as a Country) offer Tax Breaks to Companies who move Jobs Offshore / out of the United States.
The Democrats continue on the same path as laid by Bush… The Lobby controls our Government in Total! The Lobby owns US! ALL!! No exceptions!
The un-employed benefits being paid is NOT! the drag that is holding US! As a Country! Back…
I think the people on this website just want extend and pretend to stop and bring forth the day of reckoning.
As for "The Lobby controls our Government in Total! The Lobby owns US! ALL!! No exceptions!" 100% agree.
+100
My coworkers swear it's the lower class people receiving welfare, my dad thinks it's the blacks.
How many American citizens don't realize that this is a corporate welfare state?
Probably about 299 million.
Agreed. The total amounts of welfare to the poor is insignificant compared to to the welfare given to the rich.
The wealthy benefit from whites and blacks (now with Mexicans too!) yelling at each other about the crumbs left over from the elite. Divide and pillage.
The total amounts of welfare to the poor is insignificant compared to to the welfare given to the rich.
Please send me $1000. It's insignificant compared to what the banks received.
I would, if I had any money left. The banks have it all.
JW
Agreed, and they avoid taxes...
The U.S. loses $60 billion in tax revenue thanks to companies' international income shifting, according to a study published in December in the National Tax Journal. Bloomberg estimated American companies amassed at least $1 trillion in foreign profits not taxed in the U.S. as of the end of last year. The total – based on filings by 135 companies – increased 70 percent over three years, up from $590 billion in 2006.
http://www.inc.com/news/articles/2010/07/small-businesses-fight-offshore...
They pay local taxes don't they? Why would the money be taxed twice? Do you want American companies to survive or not?
All taxes are, in the end, paid by working people. Corporations simply pass on the tax burden to customers.
Duuude,
Thanks for the Great! Reading material...
Pretty good post, didn't deserve 5 junks.
Well said. There isn't a single rational arguement against what you are saying hence the junking. Unemployment and benefits aren't the disease. They are the smaller visible symptom of the disease.
For a bunch of "enlightened" "people" who consider themselves above the "sheeple" they sure do get whipsawed around by the catch phrases and party line of the day.
2 legs good four legs bad today. 4 legs good 2 legs bad tomorrow.
Unemployment and benefits aren't the disease. They are the smaller visible symptom of the disease.
So you hate syphilis, but you think that the chancres on your penis should be encouraged?
+100
you are absolutely correct JW and those that junked you need to wake up and smell the coffee. the banksters looted bailouts are a hundred times bigger than the UE handouts. I'd rather remove both, but the oligarchs who are looting this nation love to divide and conquer - they also love tea in the afternoon.
It's amazing how much venom was given to "unemployed sh*tboxes" over $33 Billion in unemployment extensions, but where is the venom over $700 Billion in Wall Street bailouts for millionaires?
Priorities in this country are extremely messed up.
it could be argued that it's not priorities but rather general comprehension and/or effectiveness.
most americans still have no idea what *really* happened (TARP, etc.)
7 to 1, those that saw it happening were against TARP. Still passed. Healthcare, still passed. FinReg, nobody cares when you know it doesn't matter to care.
so, outside pitchforks, etc. what exactly does the will/priorities of americans have to do with anything...
and if one were to *really* listen to the positions, the problem with extensions was *not* whether to have them, it was how they were to be paid for (cuts vs debt). Mao-Bama and his MSM shills would effectively have you believe otherwise. (bad repubs... bad bad repubs)
no, i'm not a repub.
(2 cts)
It's amazing how much venom was given to "unemployed sh*tboxes" over $33 Billion in unemployment extensions, but where is the venom over $700 Billion in Wall Street bailouts for millionaires?
Ninety-nine percent of Americans opposed TARP. Did you miss that somehow?
They could be telling the truth here. The next bailout will be when the Dow is at 3000 and the Treasury Dept just hands out monopoly dollars in lieu of taxpayer dollars.
Just sayin
"They could be telling the truth here."
jd, i prescribe 10 more grams of dietary fiber a day.
They're not going to be funded by taxpayers. They're going to be funded by selling Treasuries to foreign buyers and then defaulting, and by printing loads of cash.
"They're not going to be funded by taxpayers. They're going to be funded by selling Treasuries to foreign buyers and then defaulting, and by printing loads of cash."
= Funded by taxpayers who are now exchanging labor for Monopoly money.
Yes, I should have added a </sarcasm> tag.
I smell desperation.
He's more disingenuous than most. I'm not a dem or a repub but he speaks out of both sides of his mouth. Just yesterday - 'we're going to get aggressive on debt reduction'. While I don't think the average citizen knows the details of these bills (who does), I do think they are getting the sense that it all is a sham.
trader,
"While I don't think the average citizen knows the details of these bills (who does), I do think they are getting the sense that it all is a sham."
Wait till we ALL find out what's (Hidden) in these bills.
Most of America thinks Congress was responsible for the STIMULUS bills,( to whom, and where they went)the Health Care bill,the Cap & Crap bill,not so........
SEIU,and their supporters(SOROS), had the bills ready with very little input from Pelosi/Reid, all done in back door dealings.......
Folks are fooling themselves, not to see their Agenda.
Just priming the pump! Those new green jobs are gonna produce trillions in returns!
Huckster Bubba Clinton: "Schucks, that all depends on what your definition of "is" is..."
Barry Obummer: "Well that all depends on what your definition of "bailout" is. I'm outraged."
ONLY A MORON CAN TRUST WHAT OBAMA SAYS!!!!
TheSoloK,
"ONLY A MORON CAN TRUST WHAT OBAMA SAYS!!!!".
What do you think most of the sheeple are?.
Ostriches..................
Everything this man say's is a riddle, and a lie/misdirection.
All you have to do is pay attention, and then wait for him to do the Obama 360, soon there after, and contradicts himself 100%.
Clinton was a pathalogical liar.............
Omama, is an ideologue................
Home Ownership and President Bush
http://www.youtube.com/watch?v=kNqQx7sjoS8
December 16, 2003. The American Dream Downpayment Assistance Act authorizes up to $200 million annually for fiscal years 2004 - 2007.
http://www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/
HOME is the largest Federal block grant to State and local governments designed exclusively to create affordable housing for low-income households. Each year it allocates approximately $2 billion among the States and hundreds of localities nationwide. The program was designed to reinforce several important values and principles of community development:
http://www.hud.gov/offices/cpd/affordablehousing/programs/home/
Which was part of: HOME is authorized under Title II of the Cranston-Gonzalez National Affordable Housing Act, as amended. Program regulations are at 24 CFR Part 92.
Which Daddy Bush pushed thru...
Now, after pumping all of these dollars in... Bush cut funding, never mind the shit head idiot dems v. reps...
When Bush pumped the housing market, with the magic, un-written Federal backstop clause and then cut the funding... all of that 50 to 1 leverage took on a new sheen... 50 to 1 leverage for an ongoing Federal Program, or as I would call it... The big boys feeding from the public trough of tax dollars... was safe, safe enough that how many absolute return funds bought into the rated, magic Federal funded and back stopped debt machine / vehicles? LOTS!
But, when the Federal monies where cut... and the magic backstop was found to be a lie... the domino's fell, one after another... Goldman, being smarter than the rest bought shorts and insurance? how many different ways did Goldman profit from the failure, per deal... in the plainest of terms... for every one dollar in failed debt Goldman earned $2 dollars? Short + Swaps? I am guessing there just for the fun of it... sorry.
But the failure was brought on by Bush pumping and then de-stabilizing the Federal dollars (really tax payer dollars) that where assumed to be safe by Bear, Lehman and so on... Don't get me wrong, Barney is an idiot Lobby whore just like Bush... but there is no difference between Barney, Bush, Obama, Clinton and so on... they are all moved by Lobby dollars... the song and dance is strictly for the public's entertainment.
Obama is Bush part duex.. he is not a commie, he has taken every Bush program and ran with it... not run from it. Dont get caught up in the public spin machine.
I offer... http://www.opensecrets.org/ see who owns your favorite representatives and then for fun look at the dem's side who should be against the reps push... and see how the dollars move the votes, not the party affiliations.
Barack Obama: "No more taxpayer funded bailouts of Wall Street Institutions..... (until after the midterm elections)"
If Obama were asked to explain how the financial system works, starting with the Fed, do any of you think he could do it? Barry, explain how our money is debt. He'd be lost.
He'd blame Bush for not telling him.
Is ANYONE surprised by this guy?
When TARP proved to unpopular, they just used AIG then QE.
All of this to prevent BANKS from going under which would mean BANKERS would be out of jobs. Fuck this, burn it all down.
I just want to point out that TARP and AIG happened under Bush.
' true but the Rs in Congress voted against it almost unanimously. Why? Its political theater. We need to get past the R vs D or Liberal vs Conservative argument. Once in power its all the same shit only with slight tweaks to the special interests served.
i read recently the phrase "semantic deception'" which succintly describes this asshole of a traitorous bitch, so-called president.
Of course MSM will not link his comments to his actions, that would be treasonous...if you didn't like bush your going to hate obummer...
The no bailouts "...funded by taxpayers." Ultimately every penny the government spends/invests/etc. is funded by tax payers now or in the future. But I'm sure they will try to use "other funding" next time.
But talking about "Wall Street firms", technically, Fannie and Freddie aren't headquartered on Wall Street, and they are GSEs. In fact, any company not housed on "Wall Street" could fall through that gaping hole in his rhetoric
Good point. How many banks and brokerages are actually located, with a physical address, on Wall St.? Goldman just moved to 200 West St. I smell loophole!
you guys win the gold(man) star of the day...
Technically, does it count if we are in the midst of a bailout? Kinda like the double dip recession?
Correct, one never-ending bailout - no new ones though. Just one more lie amongst the many. Does anyone in government ever tell the truth anymore? It's all spoiled pablum. I'm disgruntled and want a bailout. Who do I call?
"Bailout"... I do not think that word means what you think it means.
The key word is taxpayer. The bailouts are from the fed. And the fed doesn't pay taxes. So no more taxpayer bailouts. Done and done.
Political capital please.
Time to bail out.
The walls are coming tumbling down. Burn baby burn.
Is it a bailout if the government buys destressed equity at bargain basement prices with the intent of making a profit?
Is it a bailout if the various troubled banks are nationalized?
All Obama really did was remove the term "bailout" from the government's lexicon. Everything else remains the same.
Guest list at the signing ceremony was interesting.
-President of UK bank Barclays (Bob Diamond)
-Chairman of Barclays America (Archibald Cox Jr., who is the son of the special prosecutor in the Watergate investigation)
-CEO of Citigroup (Vikram Pandit)
-President of Bank of New York Mellon (Gerald Hassell)
-President and CEO of National Council of La Raza (Janet Murguia)
-Vice Chairman of Federal Reserve under President Clinton (Alan Blinder)
Like to pass this along...do you have a link?
http://www.cspan.org/pdf/wh072110_signing.pdf
CNBC says CALPERS chief investment officer was invited, too.
Let's not pile on BO. He's doing all he knows how to do. Truly....does anyone really think that he knows what to do?
Talking his way through the next elections, hoping for the best.
Every day I see, with more and more conviction, that we may actually be smarter than "them".
Obummer IS Truly Outstanding!
As a Wall Street puppet, corporate health insurance welfare shill and BP toady...
Of this his talent is beyond reproach...
The Oil is capped also and the Gulf has recovered. The economy is fine. TARP was not stealing. Goldman Sachs is an ethical institution with ethical employees who want to help humanity and money is not the main focus of the operation. Nigeria is being cleaned up as we speak. The Federal Reserve is really, really honest and cares about all life.
Humanity as a species sucks. Period. We just have to admit we are a nasty crappy species. As for the cutting on Obama - what is he going to do? What can he do - he is driving a broken car that keeps running out of gas and getting flat tires and losing belts and gaskets.
The Oil is capped also and the Gulf has recovered. The economy is fine. TARP was not stealing. Goldman Sachs is an ethical institution with ethical employees who want to help humanity and money is not the main focus of the operation. Nigeria is being cleaned up as we speak. The Federal Reserve is really, really honest and cares about all life.
Humanity as a species sucks. Period. We just have to admit we are a nasty crappy species. As for the cutting on Obama - what is he going to do? What can he do - he is driving a broken car that keeps running out of gas and getting flat tires and losing belts and gaskets.
I voted for the prez. I gave him my money. I carried his petitions. I got the vote out for him.
In the scheme of things that contribution meant nothing. It meant something to me. It is had to describe my disappointment at this point.
When all is said and done the Government's losses will be concentrated on Bear and AIG. Bear was a Geithner muck job it should not have cost the taxpayers a cent. AIG was a massive regulatory problem. Their only regulator was Eric Dinalo of the NYS Insurance Comiss. These folks had no clue what AIG was up to. If they did and tried to stop it AIG would have told them to pound sand.
This biggest loss we will take(+$500b), the biggest systemic risk ($3 trillion) we face is in the GSE's. For the President to crow of his success while these (3) piles of waste smolder is just a sham.
I'm proud to say that I voted 3rd party all the way down the line, and have done so since 1996. Libertarian, Green, it doesn't matter just as long as it isn't Democrat or Republican. Both parties are committed to saving Wall Street at the expense of Main Street.
Whatever you do, don't stop voting. That's what they want you to do. Just don't vote for the two major parties.
"They" don't care about your vote as they circumvented the need... if the system is corrupt and every winner may be bought, or at least a sufficient number of them, who cares who actually wins?
I would say the opposite. They want you to continue voting and utilizing the existing political structure. This helps ensure the status quo is perpetuated. "People" have not been captured so much as the system as a whole... its complexity, rules and regulations, incentives... you're missing the forest for the trees.
"They want you to continue voting and utilizing the existing political structure."
I can't disagree more. If people who have a clue about what is going on don't vote, who do you think benefits? The people who are abusing the system, that's who. They don't care about low voter turnout. If people aren't paying attention then that makes it all the easier to sell out and steal. They don't want people who are engaged. Lots of people looking and understanding makes it harder for them to steal.
It's possible that some of the 3rd parties are also sell-outs, but I doubt it. Why do you think the Democrats blamed Nadar for Gore losing in 2000, rather than Bush stealing the election? They would rather keep it to just two parties, instead of sharing all the power.
Look no further than Brown... even the most noble of men with the highest of intentions gets corrputed by the system (not that brown was). In large part, I think a huge problem is the self nomination process... it's kind of like people who always end up dating a certain type of woman and can never understand why... it's because those are the only women you see!
The act of voting is purely and completely a waste of time. We all vote. It's just with our wallets and, as you know, some of us have bigger wallets than others (hell, some of us get to steal from others to vote! E.g. see the return on TBTF's campaign contributions post TARP). We do not need to engage the political process to effectuate change... we need to engage the economic process. The political process has been captured for decades... and the capture of the economic system is nearing completion. Although a long shot, it is our last bastion of hope.
Denial isn't a river in Egypt.
Just out of curiosity, did you read the Blueprint for Change prior to doing all that work and voting for Obama? (it scared the shit out of me).
The real salesmen, confidence men, sell concepts and generalities. (e.g. hope; think of preachers). I can smell a sales pitch a mile away... sometimes the product works, but that's the exception and not the rule.
based on this and your other writings, you give me much hope, Bruce.
honesty and balanced assement of situations, even when they hit us in the ego are the exception these days.
truly a breath of fresh air.
as an independent, i've always seen the folks 'they' give us to vote on as usually being a "lesser of evils" sort of situation, and as my dad would say, "you vote for the lesser of evils, you still get evil". out of 300 million, McCain and Obama were the best we have? I think not.
when obama and dem congress won, i was actually bemused and thought, "well, they've got the reigns, let's see what they do with 'em".
dam.
Can we institutionalize these people yet? You have to become insane for any of this to make sense. We need to rubber room these people and get on with living a real life at some point.
Tyler Tyler, you overlooked everything. Fannie and Freddie aren't ON Wall Street...you have to give it to him he plans his rhetoric.
This is just unfucking believable!!! I have now REALLY come to believe that the America that I grew up in is totally gone and probably totally irreversible!
It is amazing to me how far this once great nation has sunk in my short life. I am a child of the 70's and 80's, so my zoom lenze into the past doesn't go back that far. I grew up in a middle-class family that respected values such as honesty, manners and fair play. I have only been in this business for a very short while (less than 15 years), but it is remarkable to me how fast in my short career this business resembles a dirty whorehouse! I started my career at a large, bulge-bracket firm and have moved several times to smaller boutique firms. The one defining difference I see (one which I happen to like) is that the smaller boutiques have a far lesser ability to fuck their clients than the big firms! Call me old fashioned, but I still believe in things like eating a trade if you fuck up and being straight with my clients.
I am so tired of hearing calls for fiscal restraint from the business and "gubment" tycoons of this so called nation. These people are ALL assholes. The list as I see it: Obama (douchebag!), Biden (Douchebag!), Barney's Frank (Creepy, Lecherous, Gay, Douchebag!), Dodd (Douchebag!), Buffet (Douchebag!), Zuckerman (Whiny Bitch Douchebag!), All of congress (Total douchebags!). Reasonable people can disagree for the need for such language to describe our current leaders, and to that I say FUCK YOU TOO! If not now, when is it ok?
I don't have to be a math wizzard, algo, or some other such market demon to know that I and everyone else out there is being totally fucked for the benefit of the very few! When does this stop? I have heard so much restraint in the call for some sort of "revolution." Revolution has no restraint, that's why it is a revolution. I personally believe that lessons learned in blood are lessons well learned. And you can say that, "oh that would be a very bad thing to have a violent revolution in this country." Well, to that I say FUCK YOU as well. That's just what these assholes in the government, business, and the MSM want you to think so they can run ever newer scams on you and you won't do shit! "Vote the bastards out," I hear all the time. What the fuck do you think you will get when the so called conservatives take over. I saw a post here where the person said that "Republicans are not the answer, they are half the problem." Whoever said that is totally fucking right and my hats off to you! What this country needs is for a couple of business tycoons and congress people to have their balls sawwed off with a butter knife on live TV, and then be strung up and left to rot in front of the Capitol! I'm pretty sure that these assholes would think twice about fucking everybody if they knew that their nuts were on the line.
The following quote from Bonfire of the Vanities says it best. This is when AG Weiss is directing a speach at his staff: "All the rich sons of bitches.
They still think they own this
city. They sit in their co-ops,
Park Avenue, Fifth, Beekman Place,
snug like a bug, twelve-foot
ceilings, one wing for them, one
for the help. They think money is
going to protect them? Stupid
sons of bitches. I'd like to
light a bonfire under all their
lily-white asses. Let them see
what this feels like. Let the
whole Third World see the smoke
and come after them. Let them
feel what it's like when every
Puerto Rican, West Indian, Cuban,
Korean, Chinese, Albanian,
Filippino, black man from every
corner of every borough -- you
don't think the future knows how
to cross a bridge? You laugh.
You laugh....If
we have to screw every white asshole
from Albany to Park Avenue -- that's
what we're going to do."
I have almost come to respect the leaders of the illegal drug cartels in that they are a giant fuck you to these above mentioned assholes. The only reason they catch the ire of the governments is that they make their gains tax free! If it weren't for the fact that they have no care about the innocents they kill in their day-to-day activities then these businesses would be great investments and should think about taking their enterprises public. What's worse dying quickly from a gang/drug drive-by, or languishing slowly in debt and bankruptcy hell while you watch all thos that you love suffer the same fate and Warren Buffet and Mort Zuckerman, etc. plead for fiscal restraint? FUCK THOSE ASSHOLES!!!
Now you can disagree if you like, and God Bless ZH for the opportunity for healthy debate! But, if you do happen to disagree with me, then you can GO FUCK YOURSELF TOO!!!
don't hold back now... what do you really think?
heh
"Republicans are not the answer, they are half the problem."
now that's a great way to put it.
great passion - it shows respect for 'guts', but it's hard to take you seriously when you promote debate and then tell those who would debate to "f--- themselves" in the same sentence...
BTW, i believe i understand your intended sentiment. good on you.
DOW chart update :
http://stockmarket618.wordpress.com
Love your work. It is exceptional. I have to disagree with the H&S though. I think it is a wedge for the first move south (of several). Support is coming from the bear market upper resistance line that was cracked. Take a peek.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3186525&cmd=show[s172807774]&disp=P
Mirror ball on - You can't stop the bailouts, nobody can stop the bailouts. Take the cold from snow, tell the trees don't grow, tell the wind don't blow, 'cause it's easier. - Mirror Ball off.