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Meredith Whitney Called To Testify Before House On Her Muni Call
According to Charlie Gasparino, the intifada between Meredith Whitney and the rest of the world just got uglier. According to the former CNBCer, the one-time Citi scourge has been called in to testify before the House TARP committee and explain her less than favorable position on munis.
From Dow Jones:
Meredith Whitney has been called to appear as a witness at an upcoming hearing by the U.S. House TARP oversight subcommittee, Fox Business Network's Charles Gasparino reported Thursday.
Gasparino cited sources as saying the financial analyst, whose prediction of potential defaults totaling "hundreds of billions of dollars" is widely blamed for the recent selloff in municipal bonds, has declined the offer to appear at the Feb. 9 hearing.
The Financial Services and Bailouts of Public and Private Programs subcommittee, chaired by Rep. Patrick McHenry, might subpoena Whitney and the report in which she apparently made the prediction, Gasparino said.
Attendees at the hearing will include "experts who disagree with" Whitney's call, according to Gasparino.
We are not sure how this will change the fact that most municipalities are, in a word, insolvent.
Those who are curious to read an abbreviated version of M-Dub's report, can do so here - link.
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"This might be just the excuse we need for a little get together in D.C."
Count me in.
@TopCallingTroll -
Sounds like the perfect springboard. Any takers on your generous offer yet?
No, ZH isn't followed by sheeple.
Ms. Whitney's mistake was going on CNBC and scaring the sheeple that the Fed, Cramer, and the U.S. Gov are all relying upon to up their 401(k) contributions, buy buy buy, spend spend spend, and borrow borrow borrow.
Stomp, Stomp...Stomp, Stomp....jackboots in the night.
These banks have to sell everything they can to suckers clients at top prices. Add ZIRP, and increasing fees to the mix of desperate measures in keeping these financial Titanics afloat. They're all insolvent and will be that way for a long time if not forever. TARP was the mother of all Hail Mary throws and if it fails - well... Regardless whether MW is right, wrong, or full of crap - You do not fuck with the banks publicly funded feedbag, or as MW is soon to find out "justice" (ha ha ha...) will be swift.
I would kinda like to fuck meredith. i like smart balsy blondes.
I didn't junk that, I think she's an attractive woman.
She stands for mating in the 8th floor stairwell.
fucking her only gets 5 junks. Punching her in the face (pricelesss) 8 junks!
Why are they wasting time on this when they should be (once again) grilling Canseco on steroids?
exactly what i was thinking (my comment above). or maybe we need to ask colbert about picking fruit again; it was an enlightening use of taxpayer time and money.
proof positive that most "investors" are cattle following a stampede...they don't invest on their recognizance nor od they have the slightest idea of what they are buying....
so, to protect the cattle, intimidate practitioners of free speech...
the need to quash free speech is a sign of a sclerotic revanchist totalitarian state....
did the stupid congressshits just discover that munis are trash? what a bunch of fucktards...
When's Blythe gonna get a call from Congress to explain her silver moves?
After all, that's been 100 times more financially desructive than muni's.
Not to mention CDS's.
http://www.guardian.co.uk/business/2008/sep/20/wallstreet.banking
The power of PIMPCO...congress the brownshirts of the banksters.
Municipal McCarthyism..
"are you now, or have you ever been a member of the Bearish Party"
Okay guys, I thought of the ultimate iron cage match up for ya'll:
Meridith Whitney
vs.
Blythe Masters
Masters naturally being one of the experts they would call in that would disagree on the Munis failing. After all, she knows Ben will print as much as we need which is why she is shorting the shit out of Gold and Silver.
Two girls in... one girl out.
How would we want as Master Blaster?
My apologies, I missed the obvious.
Blythe is Master Blaster.
Who run barter town?
Embargo!
Naked short the silver!!!
Naked short the gold!!!
Who's left shoveling the pig shit.
Two girls, one cup.
This should be fun. Kinda like a PhD giving a lecture and answering questions from a Kindergarten class.
Bad example. The kindergartners would stump the PhD without much effort.
I was looking for membership of the committee and came across this site - at first I thought it was a scam site but it's a dot gov
http://financialservices.house.gov/
It doesn't look like any .gov site I've been to.
Maybe the .house before the .gov means something.
Just who.is the site came up as part of the United States House of Representatives website.
Hmm. Merideth Whitney versus keynsian experts. She'll slaughter them.
Guess she didn't have the government's blessing to publish her professional opinion. Which branch of the Department of Homeland Security handles economic propaganda anyway?
The Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs
http://oversight.house.gov/index.php?option=com_content&view=article&id=...
More on McHenry
He even has a comment section on his house.gov page -
http://mchenry.house.gov/Blog/?postid=218465
McHenry is dangerously stupid. Putting that little douchebag in charge of anything is flabbergasting.
Truth sayers are subpenissed.
Liars walk....Pass Go...Collect 200 (billion)
Truth is treason in the Empire of Lies.
Yes the whistleblowers on Madoff were ignored for 6 years now they're going one stage further with Meridith and fuking persecuting them!
Nice one.
very nice.
i'm sure the first question will be from mr. gross :)
Genius - truth gets a forum, and Congress gets to look stupid on TV again. Howabout watching the dazed look of disbelief of the Congresspeople when she talks about how cities, municipalities, and states are insolvent around the US. You just know some of those smart Congressmen are going to poo-poo that and retort "not in my district they aren't"...
Intifiada :DDDDDDDDDDDDDDD
1) Whitney is grossly overstating the problem in municipals and her call is more wrong than right, but
2) her call has almost nothing to do with the selloff late in 2010, Congress should actually look in the mirror for the answer to that question. Problem is that amounts to Congress accepting responsibility, which we know isn't going to happen.
there's no flies on Whitney especially compared to the vast sacks of shit hanging off Washingtons... every opportunity she gets she should say "Muni debt looks unstable like Washingtons" and "the debt to income ratio like the US Govts is approaching unsustainable" and slowly cook the incompetent crones on the Senate Committee in their own insolvent juices
crones it is!ty 4 the clarification.
very succinct analysis, too!
some of my wiccan friends might object, but that's their problem!
probably not, tho, since they're not incompetent...
She's overstating the problem with municipals... how...
Seriously, how can it be overstated? If anything it is the opposite. Anyone who buys muni bonds given the current environment is worse than a compulsive gambler; at least gamblers stand to gain substantial yield. Muni bonds providen crap and are likely to default or
Be inflated into irrelevance.
Where do you get this stuff? Living in the state of Illinois, which is stiffing vendors everywhere and failing to make required pension contributions in the billions, it is clear that default is approaching fast. Maybe you live in N.Dakota?
lol, I live in Chicago and I'm acutely aware of the embarrasment this state has become.
FYI total expenditures for IL is about $35 billion per year. Debt service? About $1 billion or 3%. The point is that there is plenty of room for more debt service, and upcoming maturities can be rolled. They have about $30 billion outstanding in debt, IIRC.
Yeah, the pension issue is huge, it's underfunded by anywhere from $60-80 billion but it doesn't all need to be monetized today, that liability occurs over many years. So the state will cut spending, raise taxes and cut benefits long before they miss an interest payment. They have no choice: if they default or restructure they'll be locked out of debt markets for years, which is unacceptable because of the need to roll maturities.
Defaults around the country will occur, but they'll likely be confined to smaller, weaker municipalities (the ones that were always junk credits) that have lost large portions of their tax base. They'll continue to do the things you mention until spending is cut and benefits restructured, but the bondholders will be protected because the legislature must be protected. I'm not saying it's right or fair, that's just the way it is.
Tyler,
Do you still think she is Bernanke's mouthpiece/henchwoman? Is this all drama to give him cover on that?
Not sure where you got that impression. Our only statement w/r/t Meredith is that the only reason equities have seen inflows in the past 4 weeks is due to the outflows from munis over the same period. End of story. And yes - Bernanke does benefit from the current status quo since he will be monetizing munis (first, before stocks) eventually regardless.
Tyler,
ass-u-me-ing that "muni's" includes state debt, won't he want that first, before the municipal?
then the FED will not only own all the scrambled eggs in the RE clustermarket and the biggest piece of the nat'l debt, the Creature will have the debt of the "sovereign" states, as well. The idea that states can default will be snuffed like a candle on the altar after the satanic ritual and sacrifice are complete, gross as that may seem.
if we the sheeple are to be totally enslaved by the "wealth" of debt to the nth generation, it seems the state debt is the 'lynch'pin of the deal. full faith and credit. no vaseline.
Well, I read on my favorite German website that she couldn't come up with numbers on her allegations of municipal default. Regardless of whether that might turn out to come true or not, she just can't make up that subjects as if she "knows" (or not, freedom of speech, whatsoever, can she?).
Her defense was she had to keep information limited to her $$$-subscribers. Turns out, her report didn't contain any legitimate numbers at all.
So, after all, publicity is good for everyone, I think. Just try to keep people/sheeple chatter about you, no matter if you have something important to tell or not.
Perhaps this is over simplistic, but all you have to do, like any business and household, is look at your income vs. your expenditures.
Employment down, house values down, businesses contacting, commerce contracting-->Tax receipts down.
Govt. deficits increasing, borrowing increasing, services for unemployed and poor increasing, retirements and folks tapping their pensions increasing--> Out flows up.
They were out of balance before the financial crisis started. It is all worse now.
I agree you need to see the real numbers to have specifics, but this can't be too hard to find. There is no save here. It's going down.
Maybe I should go testify?
There is no obligation to publish a quantification of your call... obviously it helps with credibility... but, my guess would be she'll claim some proprietary source/method for her data collection... that she doesn't want revealed, hence why she didn't include it.
I mean, she has all the anecdotal evidence in the world to make a case... have some of her monkeys crunch numbers on the top 100 municipalities or something and call it a day... it's all public info...
Wile there are a wide variety of opinions about her, you be hard pressed to find anyone that thinks she is stupid, uninformed or lacking in detail.
The suggestion that she has no numbers to back up her claims seems, to put it kindly, unlikely.
Her credibility is on the line, and I seriously doubt she would gamble that away just to make some "outrageous" claim.
She'll back up her claims. With numbers.
I am fully familiar with her and aside from admiring her assets, fully expect her to be able to quantify her assertions. My perspective was giving her naysayers the benefit of the doubt, that she is simply shooting from the hip... simply put, she need not stick her neck out very far nor use much elbow grease to prove her thesis...
if you crunch the numbers her 100 billion in one year defaults is dumber than the tooth fairy
We would need 8 billion in january to reach her annualized goal. NOT GONNA HAPPEN SHES STUPID, And yes she triggered a bond event, wich when let to burn out of control destroys a group of people the ability to carry its debt.
You call her stupid, yet you cannot even spell "which"...
I was gonna say he was stupid for mischaracterizing her thesis, by requiring there to be a certain number of defaults each month, when her call was for the year... chill out, relax, and wait for the year to roll around... then jump her case. A lot can change by tomorrow... you never know where contagion may lead.
"have some of her monkeys crunch numbers on the top 100 municipalities or something and call it a day... it's all public info..."
Yes.
SCUM........
its NAZI Germany...speak out and and be prosecuted.....
Some Palinite tea sipper is going to get in a discussion with Ms. Whitney about municipal bond risk? Thats rich beyong words.
Why the condecension? It seems to me that the Dem's and the GOP insiders seem to be having a hard time grasping the concept of "we're broke", not the TEA party or Palinista's.
Well said.., well played.
+1
that bitch shoulda stuck to 9th street hooking. She stepped in water way to deep for her to swim. And there are BIG Sharks waiting to eat her alive messing with EVERY CITY in the USA
messing with america just isnt smart,
all those dipshits on cnbc need the gitmo special and see if they sing god bless america EVERY FUCKING MORNING after that
Hey Mr Anus , does your Boss ever fuck you whilst hes waiting for lost souls or something interesting on the tv? Does he make you feel special?
come on gay boy, God is my boss and he isnt sexual
Right, and sexuality is a mistake by nature... oh, wait, evolution doesn't exist. So whose was it?
(And I don't give a sh*t if you are homo, hetero, bi, or practice celibacy.)
If God IS your boss..., boy, you better run!
LMAO!
Satansanus, we have good news for ya. God is trying to like you.
I believe equity homo is a FUCKING FAGGOT
anusface, you are by far the most worthless commenter on the site. the brainless bullshit you post has no real or even any entertainment. i can't tell if you are a angry 12 y/o who gets beat up everyday and acts tough on here or a complete moron with an IQ below 50.
if you are an angry 12 y/o- bad anus, bad. go make some friends at school and leave us alone.
otherwise, just killyourself; here are some instructions http://howtohangyourself.ytmnd.com/
GO AWAY
Satunsanus ...."messing with america just isnt smart"
Isn't that precisely what the parasites of the Dem and GOP Parties are doing? Have you noticed the devastation wrought by the US Govt in US property, US energy, US banking, healthcare, Big Govt and Little Govt debt levels... I could go on and on couldn't I?
Do you not think it's a good thing Merdith warned investors to get out of collapsing State debt, rather than the usual paid establishment fraudsters at the Credit Ratings Agencies who don't tell you their triple A rated sacks of shit are bankrupt until after they blow up in your face?
Which part of representing America do you crusade for, the 1% of parasitical bankrupt Govt scum and their crones or the 99% who are being billed for these out-of-control nationwide wrecking balls?
Hey alienated serf. I would hate me If I was you too. Lesbian feminist jews usually dooooooo!!!!!!!!!
deleted.
Satans Anus? Did I just get puncked? come on!
Ive never seen this piece of trash satananus before, is he new just today?
reincarnation. or alter ego. it's a game.
seven JUNKS !! Fucking Faggot works everytime like a paycheck
Not a problem, the big cyclone in Australia, was predictably followed by the Goldman Sachs appointed noddys blaming it all on global warming, and the need for the global carbon trading scam to start up sooner then later. Of course, GS would be in heaven if this were to come to pass, as they would be running the est 70 trillion dollar CT Exc, that was originally put together and patented by Cantor Fitzgerald and Aon Corp, who were taken out when the WTC got whacked.
Naturally the northern hemisphere's big blizzards and record low temps are not discussed in the same breath...
Anyone for Haarps weather control? ....Ferris...? Anyone?
America is now a police state...
I think this might just be the craziest news item i have read on ZH. Thats saying something.
We are officially in la-la land. Stop the ride i want to get off.
that's no fun. i want to see ZH got subpoena!
I love this woman but I do not understand what is so difficult for Congress to see here. States and cities are already broke and have expanding pension payments due, falling property tax assessments and falling tax receipts because the Wall Street free money bonanza is isolated in only a few cities.
When the jobs are being shipped elsewhere, the gasoline costs and food costs are rising we have more going out or owed than coming in so layoffs are necessary which further depresses expenditure at small business establishments which leads to more small business layoffs which leads to avoidance of taxes at every avenue by asking for cash only payments at places like restaurants..it is a cycle.
I think they simply want Meredith to come in..paint the doomsday..and then use her record to usher in muni bailouts via QE4. QE3 will by a hybrid of Treasuries and MBS. I am telling you Ben has no idea what to do now that 2 years of ZIRP and record low mortgage rates have not returned housing to previous levels..it is incomprehensible to him. He truly believed he could reflate a bubble in housing and have that momentum go forward for two years so he could liquidate that underwater MBS at breakeven levels.
Not happening and when the next economic shock comes the Fed is insolvent and so if the FDIC.All this and rates will skyrocket bking America via interest payments on debt. From 2009 March on it is ZIRP and QE for ever + rising commodity costs. Deflation is the ONLY thing which will save us as the elites go broke and housing becomes affordable.
A couple of things:
First, why would you assume they were trotting merideth out there to spell gloom and doom in support of QEnfinity? Apparently, the deck has been stacked against her and she is going to face a firing squad of sorts from numerous professionals attempting to discredit her. The only way they would have her testify is if they knew they could poke holes in her arguments... if they thought she would be able to sufficiently defend her thesis, then they would not make idiots out of all her counterparts (and thus decrease whatever credibility is left of their mouth pieces).
Last, why do you think the elites will go broke from deflation and that it will lead to more affordable housing? That only works when the principal actors literally have no hard assets. I think the statement is somewhat accurate for their vehicles of oppression (limited liability entities), but that is why they give themselves record bonuses... they are withdrawing the spoils and converting them into assets that may lose value in nominal terms, not real terms. After the dust settles, the wealth gap will largely be unaffected... possibly enough to reinvigorate some semblance of a middle class, but not enough to cure the imbalance and, therefore, the subsequent and familiar inevitable collapse. About the only way the imbalance is cured will be through confiscation... and that carries its own risks...
Further, there are a few assumptions in there... the most notable being that wages will decrease at a slower rate than price deflation... and I am not firmly convinced of this fact.
Well let's be completely honest for a second if they were concerned with having people in the spotlight that were contradictory so they could poke holes they would have have Peter Schiff appear but since he would attack the Federal Reserve that could not be permitted. Since Meredith has never as far as I know been a staunch opponent publicly of the Fed I believe her Citi record would allow for who is ever to pull the strings trot her out and cite her an expert who is not blaming the Fed policies but simply forewarning of what will occur and course she is and will be correct. This will allow the pols to showcase how the government can save us, pensions and the world all at once. Essentially I think they are trying to use Meredith in a shadowgame. She will as always speak the truth and be correct and they may splash media headlines to acclimate the populace with the idea of a muni bailout with things along the lines of "Star Analyst Who Predicted 08 collapse, Citibank troubles says Pensions may be wiped out"
They may try to use her solely for fear tactics or M.A.D. as we call it on ZH. She is in no way complicit.
Perhaps broke is a harsh word but everything enacted has been to prevent armageddon in housing and more importantly prevent Americans from being able to purchase homes at debt/income ratios that are rationale since the whole game is contingent on extracting wealth from a nations middle class and small business that actually produces the wealth. As you say I wish only to invigorate the middle class and let them know hard work and savings is rewarded as opposed to the system we have now that rewards failure solely because of previously existing wealth. The balance is not meant to be cured. It is meant to be a fair playing field through a just court system which severly penalizes those who commit fraud, deception and bribery.
In capitalistic America it is crucial for the ability for one to rise through their own hardwork, intelligence, production and inevitably their risk HOWEVER they must know that their risk is just that..a chance..and one that is not backstopped with taxpayer money solely because of their connections.
That is all I speak ok. A system that begins to reward fraud and protect fraud while simultaneously punishing the prudent is nothing short of a complete breakdown of the justice system. What wage deflation and housing prices will be is upto the market to decide. Personally I believe that wages will increase if our sellout corporations begin to produce domestically because it would be a necessity. It is impossible for them to believe they can continue to create goods outside our nation and sell them to the same people who used to have manufacturing jobs that are now purchasing their products not via savings and wealth but via loose credit collateralized by both a reserve currency and service sector job completely contingent upon the loose credit for the temporary existence of the "job" they temporarily have.
The problem is, you have people making predictions and these predictions are real and, thus, falsifiable. On the one hand, we have meredith stating we will have X defaults in Y year and, on the other, presumably, there will be a panel of PhDs (recognized mouth pieces) trotted out to state otherwise. The problem, of course, is that only one side will be correct. If Meredith is correct, then the mouth pieces lose what little credibility they have remaining... Not to mention, it will completely undermine the summer->spring+ of recovery meme and make a complete joke out of the administration... They're making a gamble here... and these people don't gamble, they only win.
The scope of the prediction is noteworthy... given that if three figures worth of municipalities go tits up, it literally undermines the entire united states financial system... it draws into question whether states or the federal government have any chance of making it... it draws into question ratings agencies... not that they aren't already severely questioned. Essentially, if Meredith is correct, then the "fumes of confidence" we're presently running on will be exhausted.
If it were me acting, I would simply ask her to testify and, when she refused, keep my subpoenas to myself... and, instead, trot out all my mouthpieces to talk about how great the economy is... knowing full well that the less plates we have to keep spinning, the better.
If they in fact plan on using Meredith and presume she is correct (throwing her a softball), then there should be a contemporaneous marked change in the tone of the administration and our "planners"... they will have to admit that their assessments of the state of the economy were totally full of shit and we're facing armageddon... again, at the complete risk of whatever credibility is left.
"The only way they would have her testify is if they knew they could poke holes in her arguments...."
Man oh man, you certainly haven't sat through too many congressional testimonies, have you??????
I've seen more than a colossal amount of senators and reps reamed new ones over the years by those they were seeking to disembowel......
That's an argument from induction... I want an argument from deduction... what happened 23529055032958302x before will not necessarily happen again... the circumstances surrounding the nature of the visit matched with the impetus at this point in time may lead to a different result... Yes, I can fully acknowlede that "congress is like a circus, except with more clowns".
Wow. Funny - but sad.
There are going to be hundreds of municipal bond and local pension fund failures.
There - send my my fatwa - I mean my subpoena.
Pope Urban VIII invited Galileo to the Vatican to "explain" his views on a helio-centric solar system, where the earth orbits the sun rather than the other way around. While the old guy was there the Pope gave him a tour of the torture chambers.
Galileo later recanted his views.
However it is reported that he said after recanting, "But she moves nevertheless."
Fast forward. MW will recant her views on Munis as an act of self preservation. But on her way out of the chambers if you listen carefully you will here her mutter, "But they will bankrupt nevertheless."
We got your back, MW.
flag as true (1)
+1
We got your back, MW.
[emphasis added]
I'm not going to second guess the woman. I hope she lays it right in their laps.
"Congressmen are just trained dogs."
What? They are trained? I don't believe that.
I'm going to pitch a tent on Pennsylvania ave. and demand Obama and congress resign RIGHT NOW and leave the country.
....you'll need to evict the " stop the nukes " guy. He's been set up there center stage a couple decades.
Ill punch that bitch right in the teeth for lying about america. NOT A CHANCE IN HELL 100 Billion in muni defaults in 2011.
All you dipwads who think every city is going bk need to go all in short on PZA
Small towns here and there might. Large cities and states will double or tripple your taxes in order to preserve thier bond ratings. This is the only way they can raise money in the future and keep their welfare and pension system from collapsing.
zero sum game... every dollar taken in taxes just collapses the tax base that much more given the lack of discretionary income... if i have an extra couple hundo in taxes to pay this year, I'm not buying an ipad... etc. Presuming that people even stay around to get taxed... It only works for those cities that can generate/keep jobs... they might be able to suck people out of the burbs and surrounding areas, but only if they can generate/keep jobs and the relative conditions of surrounding areas deteriorate...
Further, you've got the whole UE/welfare issue to deal with... whereby the only jobs being generated pay worse than sitting at home... if I'm going to have to pay taxes out of my govt check, I'll go to the cheapest place possible...
This is actually happening now. The great state of Illinois had just raised my income tax 67%, fees for renewing my Drivers License 200%, My license plates 33% and many more. Most of it is to pay for the public employees pension. Even my property tax went up 5% even when my home value dropped 25%. How can they do it and why can't I move? I will as soon as I can but when you are tied down to a job and your home is under water you are stuck for a while. If the economy improves and I can find a job in another state I'm out of here but until then I have to suck it up and pay.
Your comment raise a question within; If large cities and states has the ability to increase taxes, then how can a bankruptcy judge allow a bankruptcy? Could they just demand the city/state to increase income? The judge has replaced the legislators on all budget issues.
I don't think you can "demand" any entity to increase income.
In fact, it would be pretty easy to produce evidence that taxes in such a jurisdiction have reached "saturation"; that is, any further increase in rates would actually reduce income. Laffer(sp.?) curve, I believe.
I would have reservations about municipal bailouts on the coat tails of bankruptcy... depending on how it is structured, it would be akin to inheriting a substantial sum or having a giant trust distribution right after a bk... if fed.gov or imf.illuminati or whoever is the backside funding source (at cheaper than market rates of course, because towns have to eat and all) is merely a creditor, then probably kosher... [might be an argument for the difference between the market rate and actual rate]... otherwise, I've got some reservations....
but, practically speaking, bankruptcy will be molded into whatever they want it to be... if towns start going tits up, the panic will outweigh the rules of law and resonability.
I am the junk king!!!!!
8 junks for hitting women
14 junks for saying fucking faggot
47 junks for saying weasel Jews!
Thank you . Now that we all see you are not in the least serious we can ignore you going forward.
NOT if you want the HOTTEST trades
... what kind of HOT trades you got satan?
Exactly.
To anyone trying to analyze the ZH community, please do not interpret a lack of junk or number of junks as relevant measure of the opinions in the ZH community. Consider that the only reason to junk someone is if you think it may actually help to improve their future posts; whereas, I don't even waste time junking this level of BS. Not only are such posters unlikely to learn and improve, but they want any kind of attention they can get, they may even be trying to get junked - so why give them what they want.
11 junks for punch that bitch! slapping a nasty mouthed bitch around is getting more popular!
Does your mommy know you're still up?
DaddyO
|
I'm sure your mama is soooo proud right now!
So right. Probably a whole lot more than 100 Billion.
http://www.gallup.com/poll/145922/Gallup-Finds-Unemployment-Slightly-Jan...
hahaha... kill the heretic .... burn her!! The US of A just sunk to a new low......
"You can't take the truth!"
She needs a really good PR person....as good as The Bernank so she can publicise the obvioulsy insolvent muni bonds.Why don't they call back Hank Paulson? TurboTimmy? Larry Summers?
Why doesn't Obumble just declare her a ter'rist and stick her in Gitmo?
Don't Obumbles bounce?
Dear Citizens,
You now run the risk of getting hauled in front of congress if you recommend anybody sell anything*.
*Apart from gold or oil. Feel free to recommend everybody sell those.
Send me another one to keep me sharp. login question.
This is how the civilized folk but down a revolution. HOW MANY FINGERS DO YOU SEE?
yeh, that's right, all municipalities are insolvent, every last one, every single one, not an exception....what bullshit
They don't all need to be insolvent for her statement to be true.
so the fact that, like, the municipalities are totally insolvent is not a defense for her?
When in time of universal deceit, telling the truth is a revolutionary act. Or is it inter arma enim silent leges...
another genius who thinks cities are insolvent. Do you know the debt service ratios?
Bunch of dumb hookers need to stay in cash
"Bunch of dumb hookers need to stay in cash"
well, they usually laugh at me when I reach for my discover card...
Typical evil leftist totalitarian doublespeak. All these laws, czars and agencies are great examples. Obama, Pelosi and Reid passing laws with names that mean the opposite. Health Affordability Act, Dream Act and other lies. Orwellian BS.
Tone down your rhetoric, this is hate speech, stop the hate you racist hate monger, fairness doctrine, my state approved text book told me only right-wingers kill by the millions, mutter something unintelligble about the Koch brothers and Alaska.....bagger....
The congitive dissonance is so powerful that these sick fucks are incapable of seeing what they are ushering in.
Can you say XLF and C failing to find a foot hold above 5
She should show up with Reggie Middelton. That guy has more charts and stats than the 2,500 page obamacare bill is long. Bring an extra thick long pointer to rap some CONgressional knuckles too.
Maybe Maxine Waters will be asking the tough questions!
Duck, Meredith, duck!
I think off of the top of my mellon, BofA was the only sector stoct that finished up. Maybe it's my after hours chart.
As Bill Maher would say....
New Rule: The only certainties in life are death, taxes and daily new highs for the SPX
New Rule: You cannot yell "Fire" in a crowded theater, nor use "Muni" and "default" in the same decade
New Rule: If you cannot say "better than expected", then say nothing at all
New Rule: Opinions are like assholes: anybody's can be thrown in jail
HAHAHAHAH! #2 has got me weak!
good answer!
Bill Maher is a stooge for Obama and the people causing this destruction. Keep watching the propaganda on TV moron.
Freddie,
Why don't you ask Tyler for Contributor status so you can post the New Rules regarding whom we are allowed to consider funny? Grow up, for chrissakes.
Compared to what it once was, the intellectual horsepower of the comments section of this site is a Ford Pinto at altitude with bad gaskets. Thank you for deftly playing your part to contribute to that decline, Freddie.
"Compared to what it once was, the intellectual horsepower of the comments section of this site is a Ford Pinto at altitude with bad gaskets."
Brilliant.
and,
1. clogged exhaust
2. missing spark plug wire
3. bad rings
4. Pulling a Wimabago
5. with no shocks.
Don't forget the exploding gas tank.
I’ve never seen a stock or bond go up or down in price just because someone said it should. Prices move when people buy and sell.
Rather than call Meredith on the carpet, I’d like to see the House Tarp Committee call in all Goldman Sachs traders and ask them to disclose which way they have bet on Muni bonds lately.
The fact they even need her testimony is a joke. It just goes to show you how clueless they really are. Just look at the deficits in 47 of the 50 States. And these deficits were propped up over the past few years with stimulus and bond support. With these supports ending the States will be in even more hurt. This is just today's deficits, If you really want a discussion just scratch below the surface and look at the entitlement obligations. It is mathmatically impossible to payback the money that is owed. Just another dog and pony show to keep the prop under Bill and the PIMPS long enough to cash out before the whole thing comes crashing down.
Signs that the world is ending: We have a 'The Financial Services and Bailouts of Public and Private Programs subcommittee'
If she gets subpoenaed, Whitney should act like bernizzle and tell congress to f-off when they ask her a question.
I would bring in the city accountants/auditors/etc. for the top 50 worst offenders... how many city accountants have been on the news saying "this bitch is bankrupt"??? I've seen at least 3 and I try and avoid the news... Pennsylvania comes to mind...
I can't fathom it would be remotely difficult to come up with a hundred cities that are on the verge of bankruptcy... once you start to name a few of the worst offenders, the testimony will be largely duplicative anyway and they won't want to hear it...
then you go into, well, if X city is insolvent and their a, b, and c ratios are 123, then that means cities aa-zzz are also insolvent because their ratios are similar...
shouldn't be difficult...
All she has to do is tell the truth...
I'd just be worried that my company's proprietary information would be disseminated... other than that, she doesn't have anything to lose and is getting some good publicity... show up and beat them over the head with your previous call on the banks... tell them to each shit and die on your way out...
As long as she complies with the subpoena and answers her questions, I've got considerable reservations about how cordial she has to be... and I would definitely take my time chewing them out at every possible opportunity... they already dislike her... show up and kick ass... prepare for a month... and steal the show.
You said it! All joking aside, I really hope that things go well for her. Like you pointed out, the facts are all on her side. I can only hope that she lays into the shills who will be there to counter her.
Strive to be Like Googies? Cnbc is reachin HARD.
Goldmans Sachs. Just having fun. Urrr.
"Ms. Whitney, are you now, or have you ever been, bearish on Municipal bonds?"
They best hurry, as they are in some danger that she may be proven correct, sooner than later.
McHenry: Thought you were pretty funny on bubblevision? What's the matter now bitch, why aren't you laughing?
Whitney: Because there's nothing funny about a dickless moron with a bailout up his ass.
[/running man]
+1
made me laugh...
DaddyO