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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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So does this make it official that it is now illegal to be bearish?
That's how it sounds.
Where's Joe McCarthy when you need him!
Just a matter of time before so-called "financial analysts and financial bloggers" around the USSofA show up in tomorrow's headlines as those "apparently committed suicide."
Let's get this show on the fuckin' road. I'm ready to shoot a couple of these twat's heads off. If my blood is spilt, fuck it. As long as I can take at least 2 down with me, it's on.
Yeah! Let 'em come!
ascistfay tatesay... itchezbay!
ig p nital, nezitchbatches!
WE should all email her to SPEAK the TRUTH !! for our own sakes !!
Kill the beast ...
Too much "truthiness"
Only way to go to jail is to tell the truth...all liars, cheats, thieves are immune so long as they hold protect their overlord brethren.
Too much "truthiness"
Only way to go to jail is to tell the truth...all liars, cheats, thieves are immune so long as they protect their overlord brethren.
She is a financial Terrorist. National security at risk. Lock her up and send her to Guantanamo.
Yo tongue in yo cheek?
Where are all the "free speech" and "no censorship" a-holes on this one?
This wreaks of pure, unadulterated political harassment and intimidation.
Methinks Rick was joking...otherwise....
Tahrir square bitchez, I'm channelling inglorious bastards this evening.
Of course I was joking.
I know, I know but I really do feel like channelling inglorious bastards this eve.
Is anyone else tired of wasting brain cells, drafting well reasoned logical points of discussion in a fruitless attempt to reason with perpetual adolescents suffering from a terminal case of stockholm syndrome?
Trolling is a far more satisfying and efficient way to confront nazis wherever one finds them.
You mean leftists? Does not fit the narrative..
Thanks for ATW..
Word on the hill is that a Mr. O'brien will be doing most of the questioning and "re-education." Also, the Capitol is being renamed "The Ministry of Truth." http://therookiecynic.wordpress.com/
I always hated CNBC,and the government goons.But this is damn hilarious.
They went bonkers.CNBC and the Godamn Government.
Whadya mean?! She violated, in brazen and public fashion, the Green Shoots Law of the land.
Sounds like treason to me.
tyler will be called next
Move over Martin Armstrong.
Bill Torquemada Gross has issued calls for inquisition, the lawgivers obey.
actually, yes. you're right. funny as that is.
in McCarthy's defense, it turned out that a lot of the people he was accusing of being communists did in fact turn out to actually have been communists when the files got released decades later
Carroll Quigley disagrees. In "Tragedy & Hope", he states McCarthyism pretty much was a complete failure, although of course, that wasn't decades.
Before it was a failure it was a success. Ditto Hilter, Tojo, Stalin, Kaiser, Napoleon, Czar Nicholas, Mubarak, Hannibal, PeeWee Herman, &c, &c, &c.
They all start out for the people, it's not until they gain power that you see them for who they really are.
Pee Wee Herman?
sure, look at some of the stunts he pulled once he got celeb status.
i like peewee. i guess (it's only a guess) the "stunts" weren't that new, just that people noticed. that was new. that and the overdose of police. didn't kill him like it did lenny bruce so that's something. probably doesn't belong on a list with stalin, hitler and napoleon though.
I couldn't wait for Saturday morning to watch PeeWee talk to the King of Cartoons, Chair-y and the gang. PeeWee's Big Adventure is still a favorite movie.
"Oh, silly. There aren't any basements at the Alamo."
Duhnt-duhn-duhhhhhh.
Loves it!
Here I thought I was the only one who got up early on Saturdays to watch Pee Wee... I loved Chairy.
Quigley was mostly wrong Trav is mostly right.. State was full of them, probably still is..
Anyone who justifies the good that McCarthy did in routing out communists as compared to the damage that he and his cronies did to innocents is smoking something. History has pretty much ruled that the collateral damage wasn't worth it.
Yes, it seems somebody learned a different lesson from that chapter in our nation's illustrious history.
I love you, man.
Where can I sign up to be one of McCarthy's former targets? It's a badge of honor.
Davos.
"Where can I sign up to be one of McCarthy's former targets? It's a badge of honor."
Especially if you weren't communist and were powerful enough to tell the guy to go pound sand. Talk about abuse of power. Fuck Joe McCarthy, I spit on his grave.
I don't think being a communist is or ever was actually illegal in the United States. How could it be?
not nearly as bad then as being a whistleblower today (cf. bradley manning, etc., etc.). then you just had your career ruined, were a pariah, and were bankrupted by legal expenses. now they got you in permanent solitary prior to trial and can tell you you're lucky you didn't get on the executive assassination list. are this country's leaders great or what?
It's still illegal to be a communist if you want to (legally) immigrate to the US. Snares a lot of Chinese who joined the party because it was the thing to do to get ahead.
cha,
and welcome back
Oh no, I won't junk you.
Why, you're merely stating the truth.
Granted Americans apparently "can't handle the truth", but then that's their weakness.. isn't it.
But let me ask this to you all out there
Would the U.S. be any more fucked if the commie gremlins McCarthy led a witch hunt against .... had in fact had an impact.
I mean, all the dark forces that Ike cautioned against in his farewell speech did in fact prevail. The Military/Industrial Complex and Wall St/Big Banks have a strangle hold on the U.S. government now. Fact.
Even standing U.S. Senators have acknowleded that publicly so there's no denying this. And let's not even break up the topic of wall streets nigger ...Obama.
Question:
would .. no, make that COULD ... the U.S. be anymore fooked now if commies had gained a minor toe hold back in the 50's?
what's worse ... a smign of communism or rampant, taken control facism?
In the words of JW from FL - Preach, Brother!!
Sadly, you make a powerful point. It's ironic that the risks of the decline of our quasi-Capitalist system into lawless neo-feudalism were obvious to the socialists.
Perhaps that is the real reason it was so desperately important to marginalize and demonize them.
Will the charge of "socialism" still be an effective defense against reform when 1% of the population owns 95% of world assets? It shouldn't be long now . . .
"Mrs. Whitney, are you now or have you ever been a bull?"
You will sinze zee papers old man. Well what do the say?
Merely that you have not been mistreated.
Cheech and Chong circa 1970
Joe McCarthy is both singing and doing cart wheels right now. The "red dream" officially died today!
Just prohibitively expensive (lawyer, plane fare, hotel, meals...) so some jerk off can ask questions about a report he obviously is incapable of understanding, otherwise he would just read it. Congressmen are just trained dogs.
that is a slur on trained dogs.
If they subpoena her, I hope it's on TV.
Too funny.
she will rip those idiots a new a hole.
She won't rip anyone a new anything. She has no facts! She might be right but she is shooting blindly and not smart enough or informed enough to pull this off. Munis will rally hard that day. Get some people who know details to fight the fight!!
No facts...riiiiiiggghhhtt.....just all those godawful securitized bonds, public-private partnerships throughout the country, and state and local pension funds absolutely empty thanks to their management by the very same private equity LBO firms which have been pillaging them.
Yup, no facts......
She is on the right track. Might even be right. Hell I hope she is. But she is superficial! She latched onto this to create noise. She is not an expert - hell, until this report she couldn't spell municipal. There are many more credible people. I've had dinners with her. I'd say, empty suit, but the bra is nice
Two years of research by her and a team, and your proof is that you had dinners with her so you know she doesn't know what she is talking about? I think I will go with her call.
the accusation is that her analysis moved the municipal market to reprice risk. decolletage rarely does.
oogs66
on Thu, 02/03/2011 - 19:47
#933176
"She is on the right track. Might even be right. Hell I hope she is. But she is superficial! She latched onto this to create noise. She is not an expert - hell, until this report she couldn't spell municipal. There are many more credible people. I've had dinners with her. I'd say, empty suit, but the bra is nice."
Ok, Mr. been on this site for twelve weeks, I'm calling you out. Offer solid proof that you even know this woman, let alone dine with her. You will be judged accordingly.
Tyler needs to start giving IQ tests to gain entry, three days on the front porch is not enough screening any more
She is an enemy to the Ministry of Truth. She and her like will be rounded up, neutralized and minimized. That's just how it works.
mr. peabody:
if they serve her, i'm sure it will be on TV. no pol in his or her right mind would want to miss those flashbulbs!
the House TARP Committee, what a fine institution! even the crimepuppies on the ethics committee couldn't avoid the smell when they questioned the TARP CEOs under barney frankenfurter's leadership. ALL the companies had paid so much PAC money to the Committee 'members', that the poor ethics committee had to work overtime to make everything seem sheep-dip ok. dammit janet, if we're gonna do a time warp:
peabody, let's go wayback, ok?
YouTube - Time Warp (Official Video) from the movie Rocky Horror Picture Show - HD
i never realized this song and dance fit our goobermint so well! & QE!! does ZH have a theme song? the dance is so easy, i can almost do it!
darryl issa has the gavel, now. not to worry, tho, he's enuf of a weiner. the show WILL go on!
oops, wrong committee. DI is the oversight comm?
tarp is the sub-committee?
mchenry it is!
that's what i get for trying to read an ORGANIZATION chart!
at my age, i should know better!
Nobody expects the TARP inquisition!
Their gonna make her listen to Schumer sing loves songs and then have Barny Frank water-board her by having him talk to her up close and personal
Lecturing of her by Barney Frank! Now that WOULD be rich! Maybe he thinks he can browbeat her into tearful remorse. I would pay for that show.
I get the feeling she can hold her own.
Surprise is our greatest weapon, along with a fanatical devotion to Ben Bernanke--one of our TWO greatest weapons!
I thought that tarp had a clause in it's three pages it could never be audited or challenged in congress.
Nah, that's old news. Clients (mom and pop) of firms like MS are not allowed to short or buy short etfs.) That is fact
+1
who wants to bet she back tracks?? she already has in the stuff I've read post tv
Will you provide links please.
Yea she screamed "Fire!" in a burning theater but they'll claim it was her match.
I would hope, and sincerely recommend to Ms. Whitney, that she bring along with her a copy of the recent report from the Financial Crisis Inquiry Commission to read to those bozos.
Someone has to........
patrick mchenry? are you kidding. he is just a little rich kid that has never balanced a book or had a job in his life.
his family business has a government contract to cut grass on the interstate.
He is not a lawyer that is a good start and he has never voted for a tax increase another good start and he is not for bailing out states or municipalities if you can believe what he says on cspan
you lost me at "if you can believe what he says".
haha I say that because just about every rep up there speaks with a forked tongue
Yep! Just like you cant question the holocaust. No one is alowed to question the chairsatan's veiw of the "recovery". Investigation either strengthens the truth or exposes the lie.
"Recovery deniers" will soon be thrown in jail!
Question the holocaust, question 9/11, question everything. That's why we're here. The truth usually boils to the surface. Problem is, it's not always the truth you were banking on.
Obama's Thought Police. But he has more then a few supporters on ZH who listen to NPR.
Here is a junk for hating free speech!
National Public Radio
Nice 'straw-man', but it doesn't fly. Whitney deserves to be called before Congress for her remarks. Her predictions with respect to the municipal bond market make no sense if you do the math.
which you've done. thanks.
No shit. We've got some guy saying he's done the math, another one saying she's backtracking on TV, and of course, there's dinner with the third. WTF is going on around here? Put up, or shut up. No disrespect intended.
Wow, does your mommy still wipe your ass for you?!? Do some research douche bag:
http://www.wasmerschroeder.com/uploads/newsfiles/file233.pdf
It's not that complicated. Oh, and don't forget she's close to launching her own rating agency. Don't believe the hype.
That's it? I mean one source for your straw-man refudiation. Got to do better than that around here, my man. And mommy ass wiping/douche bag is especially weak. Take another shot, big guy.
See your user name
good one.
Fine, I do some additional work for you...
State Debt to GDP Ratios [Top 5 highest - lowest and select States that seem to be garnering all the headlines] compared to various countries:
Massachusetts 8.3%
Hawaii 8.1%
Connecticut 7.9%
New Jersey 6.7%
New York 5.4%
~~~~~~~~~~~~~~~
California 4.7%
Illinois 3.8%
Nevada 1.9%
~~~~~~~~~~~~~~~~
Japan 178%
UK 75.1%
France 60.8%
USA 53.1%
Spain 46.1%
Not saying there won't be issues in the muni market. But the cataclysm predicted by Whitney will not happen. Darn those facts and numbers...
Thanks for putting up something more than just naked opinion. MW elicits strong support on this site because she is perceived as on of the few who is out there telling it like it is. You may be right, but don't be surprised at the fact you are being called out. And brush up on your name calling. Cheers.
Very misleading, is GDP(the market value of all goods and services produced within a certaian time frame) to debt really a relevant way to measure. I believe debt to revenue would be more relevant, and not debt servicing but total debt including debt obligations.
I hope she does start her own ratings agency. One that actually does what it supposed to.
It appears that very shortly only government approved "analysts" will be allowed to comment on the state of the US economy and to make predictions. Everybody else will be considered an unpatriotic and Al Qaeda sympathetic individual.
R.I.P. the American Constitution, the Bill of Rights, and the Freedom of Speech.
In just 10 years, America has made a giant step to a totalitarian society.
More likely, being bearish will be regulated and called "economic terrorism."
meredith -repeat after ben - munis are fine, the recovery is on track, hope and change
PIMCO having her hauled in so she can say nice things about Munis ?
meredith -repeat after ben - munis are fine, the recovery is on track, hope and change
"These are not the bonds you've been looking for."
M. "Your Fedi mind tricks won't work on me, O.B.Bernank"
Now she has to go before congress because she sees a muni failure? How normal is this?
It's the "new normal".
Message: Do what you're supposed to or you'll be called before the overlords.
i am as cynical as anyone, but its simpler then that. congress always drags people in to make political points. look at the whole baseball fiasco, just done so some klowns could get all high and mighty. for whitney its gonna pts scored for either "see, states are going bankrupt, we must bail them out!!" or "see, states are going bankrupt, they have to cut spending." bread + circus= congress
Good point and to step off from your point, we should all remember that absolutely no frigging member of the US congress ever called Mark Klein to come testify before them when he discovered those Narus boxes*** at the commercial switching centers.
What was that about warrantless wiretapping??
***Narus, now a subsidiary of Boeing, is used in semantic analysis at the packet level (Deep Packet Inspection) and allows The State (as in Egypt, where they have also been used quite recently) to track and follow online Web users. Also, a Boeing subsidiary is Jeppesen Dataplan, known as "Extreme Rendition Airlines" -- thus giving Boeing a synergy of global terrorism. See Packet Forensics for indepth research of total invasion of all privacy.
yo, sarge...the congo did not put klein on the hotseat b/c the nsa claimed responsibility; i guess they thought it was their job. communication/encryption dept.
not defending it, just presenting the skinny i got.
doya think klein knew or knows something else? something more?
same-same in egypt; i guess the brass figures they are our ally or something, so they may be using The State of Egypt to mine intel. or, maybe it is just egypt. i am not familiar w/ your source. again, this is nsa job description: cypher & encryption.
kinda weird havin israel AND egypt and allies, but carter and vance got the handshake in '79.
and wasn't there a rumor that one of the bin ladens was concerned abt. the military/nsa thingy getting into saudi arabia abt. 10 years ago? msm reports. here's a wikipedia link which goes into the US mil., at least, getting onto saudi turf in 1990, "because" of Desert Shield (iraq/bushI) and leaving in 2003.
United States withdrawal from Saudi Arabia - Wikipedia, the free encyclopedia
...its SHOWTIME....they want her there to boost their press presence...I here they had been considering calling Pamela Anderson until some of the younger aids pointed out she is passe.....
...its SHOWTIME....they want her there to boost their press presence...I hear they had been considering calling Pamela Anderson until some of the younger aids pointed out she is passe.....
So now citizens can no longer give their OPINION , without being subpoena.......
only if that opinion expresses an uncomfortable truth.
if you tell a cheery lie...they make you Ambassador to (insert name of puppet dictatorship nation here).
"experts who disagree with" Whitney's call, according to Gasparino.
timmy, ben, rahm, SEIU
Yes, think of all those municipal employees whose lives will be impacted by...truth. Someone has to stop it! What about their retirements?
LOL and the possible impact on cruise lines, ferrari dealerships, botox - you name it
Ouch! Good comment.
+1000
roflmao
LOL +31.10
Actually I think it would need to read "Swedisch man" as other Scandinavian countries do not have equally crazy laws.
mega lulz
Salem 1692: called to testify about 'spectral evidence' of telekinesis and telepathy, seductions and heresy by word.
Does she get to bring her bodyguard, errr, husband, to keep the CONgress Jackals at bay?
So no one can say anything negative that might tank a market without getting accused of manipulation. All you analyst types out there-- Shut Your Fucking Mouths. If you don't have anything nice to say, just don't say any fucking thing at all or we will haul your ass in.
THIS BLOG IS CLOSED FOR BUSINESS.
Agree!
And while they're at it, why don't they subpoena NJ Gov. Christie.
He basically stated the same thing as Meredith.
60-Minutes "Day of Reckoning" link:
http://www.youtube.com/watch?v=nP3b0_fnPxQ
~Misstrial
oh they got somethin better planned for him. could be a hot argentinian babe planted in his office or a handsome body guard. who knows, but they'll try somethin.
Krispy Kreme Challenge
Somewhere a Moody's analyst is having an uneasy sleep tonight...
Shockingly, no analyst/strategist (Dick Bove-LEH, Jim Crammer-BSC)) has ever been called before congress for bullish calls.
Oddly, men like Bernanke, and Geithner who both missed, and aided the greatest financial crisis in the world, got PROMOTIONS.
Anyone see a visual of congress chanting: Going on a Bear Hunt.....I'm not afraid.
The Peter Principle in action, ""In a hierarchy every employee tends to rise to his level of incompetence".
or stated another way, shit rises to the top. beware floating turds!
at this point shouldn't one stop calling it a "financial crisis" and use the more accurate "public/private control fraud"?
That just means that Bernanke and Geitner will be joining Tommy Franks, Paul Bremer, and George "Slam Dunk" Tenet in the Hall of Shame. They got the Medal of Freedom from Dubya in 2004 for their actions in Iraq. In 7 years, we'll be looking back at promotions for Tim & Spanky the same way.
And don't forget about Hank Paulson!
~Misstrial
Of course. Hank was recommended for the Congressional Medal of Honor by the Wall Street Journal (http://blogs.wsj.com/deals/2008/10/15/mean-street-hank-paulson-national-...), but his real reward for going through the revolving door of gov't service was the chance to wash the taxes out of all those GS capital gains.
"Well Behaved Women Rarely Make History."
- Laurel Thatcher Ulrich
Another sign of how close to the end we are. You don't return to normalcy from this engineered cluster-f**k. This is all going down big time.
+ 10.
LMAO. They trying to pin the selloff in Munis to her?? Wow the regime is looking anywhere for a scapegoat.
They do realize that the Build America Bonds program was not extended right?
Congratulations America, you've now officially entered the realm of fascist police state, where speaking the truth is a revolutionary act.
It's never good to be the messenger, I suppose.
Anything vaguely resembling the truth must be screened by our masters.
However, all you lying, thieving fucking bankers and politicians- you fucks get a free pass. Go fuck yourselves.
<rant done> :)
Don't give them the pleasure of fucking themselves. Dog willing, that will be handled in the Big House.
This is absolutely disgusting....ok so she has stood by this call for some time now, more as a warning for investors than anything else. So now the govt is saying that it raises a flag how she called for the inevitable muni collapse?! The govt is promoting fraud by NOT letting opinions be heard throughout the financial community. Sound kinda similar to McCarthyism if you ask me. "You don't agree with us that the failing states and munis are just fine? You're a communist!"
A smart 2d grader could figure out that many munis will not have to cash to cover interest payments and redemptions in the near future, which means it is Bernanke/hyperinflation or nothing. And currently Ben isn't playing.
I obviously have no idea whether or not she is right about munis, but I can only hope she does testify and makes mincemeat out of the other "experts."
...along with mocking the joke of a Federal govt that we now have.
It's almost like the Red Scare or something...
.
Let's remind ourselves, Washington has a $14 Trillion debt hanging out its arse, has destroyed the US property market, strangled its own US energy sector, propped up Wall Street, GM and Chrsyler, fighting 2 false wars, its regulators are a clown show, its 2 healthcare programmes are both absolutely fuking bankrupt, as is its pensions and what have the 20 Committees, 260 sub-committees and 12 Senate Investigatory committees ever achieved to date while this clown show has been festering????????????
Wow, a Washington committee is going to pick on Whitney, they really know where the problem is!!!!
Answers on a Postcard to: Our Country is a Fuking Washington-Made Shambles, 300 Committees Rammed with Crones Really Working For Your Benefit Dept., Washington, USA, (Postcode. INSOLVENT)
Crones...lol
I don't know about that but we know they are full of shit... ;)
oh, doc-tor!
lol, indeed! that's a great post by zero, tho.
i'm goin: is that a typo? it shld be clones, right?
then: no, it should be drones.
then, i figured: clones w/ drones!
that's the ticket!
Congress got mad at analyst calls about an mbs cdo crash and demanded an investigation. Congress also got mad when mbs investors refused to be the bagman with the court settlement with country wide and demanded their clear right to putbacks. Sounds like every time congress demanded an investigation of investors and analysts they made it worse.
The beatings will continue until sovereign debt credit ratings improve.
The hearing will go a bit like this:
Mrs. Whitney.... Meredith, can we call you Meredith? Sure we can, we're all friends here, right?
Now Meredith... do you recognize the people on these pictures?
Is that your husband driving in his car and are that your children going to school?
Nice children you have Meredith
But accidents happen so fast...
You wouldn't want something bad to happen to them right Meredith?...
Are you a patriot Meredith? Do you love your country Meredith?
Meredith... we would like you to stop saying these bad things.
I think you understand us right Meredith?
People don't need to hear this things...
they don't want to hear these things...
People Meredith... people like to hear comfortable things.... you know what I mean Meredith?
They don't want to read about bad things, it upsets them.
Like schoolchildren comming from school and being run over...
A husbands car exploding...
Can we agree on this Meredith?
It's eery, expert, you in TSA or something?
Along the lines of Monty Python:
So, does this mean we will all be heading for Washington soon? I hear it's cold there this time of year.
Where are they going to put all of us? I don't think there are enough hotel rooms in DC for everybody who shares Whitney's views. Personally I figure by the time the default process is finished, the bailout, emergency funding, and total costs (including dollar devaluation and market selloffs) will exceed 900 billion, so does that mean I should go first instead of Whitney? I think she's being conservative with "hundreds of billions."
I wonder if the hearing be open to the public?
This might be just the excuse we need for a little get together in D.C.
I can bring my insolvent hometown's financial statements, and other supporting evidence.