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Obama Asks NY Governor Paterson To Withdraw From Reelection Race, Paterson Refuses, Cuomo To Be "Promoted" Shortly

Tyler Durden's picture




 

Is a political scandal brewing in New York? A year and a half after taking over for a disgraced Spitzer, Paterson is now at war with everyone, but most notable the New York State Budget, and now, the President.

Reports the New York Times:

President Obama has sent a request to Gov. David A. Paterson
that he withdraw from the New York governor’s race, fearing that Mr.
Paterson cannot recover from his dismal political standing, according
to two senior administration officials and a New York Democratic
operative with direct knowledge of the situation.

The decision to ask Mr. Paterson to step aside was proposed by
political advisers to Mr. Obama, but approved by the president himself,
one of the administration officials said.

“Is there concern about
the situation in New York? Absolutely,” the second administration
official said Saturday evening. “Has that concern been conveyed to the
governor? Yes.”

The president’s request was conveyed to the Mr. Paterson by Representative Gregory W. Meeks, a Queens Democrat, who has developed a strong relationship with the Obama administration, they said.

Yet Paterson seems unwilling to pull a Perella-Weinberg just yet:

“The message the White House wanted to send — that it wants Paterson to
step aside — was delivered,” said the Democratic operative,, who spoke
on condition of anonymity because the discussions were intended to be
confidential. “He is resistant.”

What is the reason for this escalation? Simple - Bank Of America, and SEC-gate. Throw in some potential race issues, and you have one clusterfuck of a situation about to develop:

Now, Mr. Cuomo effectively has the blessing of the nation’s first black
president to run against New York’s first black governor. That will
probably neutralize any criticism he may face among the governor’s
prominent black allies, including Representative Charles B. Rangel of Harlem, who warned this year that the party would become racially polarized if Mr. Cuomo took on Mr. Paterson.

With Andrew Cuomo now elbow deep in the Merrill bonus investigation, and likely about to file criminal charges against Ken Lewis any minute, what better way to shut him up than to promote him immediately to the post he will obtain sooner or later anyway. If in the meantime, the Faustian bargain between Lewis and Paulson/Bernanke can be retained without Lewis actually going to jail for folding like a lawn chair to threats about his job security by the Chairman, so much the better. As for the simple matter of how and why the President can so blatantly interfere in State affairs, and specifically nudging the direction of popular elections, which ultimately are the domain purely of US citizens, it is likely that nobody will care.

 

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Sun, 09/20/2009 - 00:05 | 74694 putbuyer
putbuyer's picture

Giuliani will smoke Cuomo

I suppose Cuomo is the lefts best shot

Sun, 09/20/2009 - 07:32 | 74789 . . .
. . .'s picture

It is hard to see Cuomo wanting the NY governor's job under current economic conditions.  Might as well wait to run.

In current economic conditions, there is zero upside for an AG taking the job as governor of a state that is an economic trainwreck, like CA or NY.  The governor of such a state has to cut spending, raise taxes, and fudge numbers, which will hurt your popularity.  Conversely, in current economic conditions, there is tremendous upside to being the AG of a big state like CA or NY.  The AG of such a state has massive opportunities to increase their nationwide popularity by suing bankers, funds, etc.    Might as well wait until the public begins to accept the seriousness of their predicament, and is willing to make some real compromises on spending cuts and tax hikes.  And political competitors have weakened themselves failing to fix things before the public was ready.

Sun, 09/20/2009 - 10:50 | 74862 jedwards
jedwards's picture

100% great points.  I think you are right on the ball.  Cuomo can wait until 4 years from now to run.  He doesn't have to be the bad guy increasing taxes, leave that for the old governor.  Meanwhile he can be the hero that fought against the corruption on Wall Street.  If he leaves now, he has no real legacy.  At least he can establish something before going for the governorship.

Sun, 09/20/2009 - 13:28 | 74937 gmrpeabody
gmrpeabody's picture

+1

Sun, 09/20/2009 - 11:48 | 74893 Anonymous
Anonymous's picture

HAHAHAHAHA - all so true. Except for one thing. All these negative activities take place during a regular administration, too!!

The only difference is that today voters have been convinced by the left that politics IS Finance and Economics. As a result, doing these things puts you under a higher power microscope than usual.

Cuomo is egotisitical enough to want the job, even if he realizes the difficulties. I'm sure he's sitting there saying "I'm smart enough to FIX these things." This, of course, is the hubris that brings men low.

He is corrupt and extreme enough to push through absurdly ridiculous legislation and make things SEEM better, but in actuality will make things much worse.
Giuliani will sit this one out, unless HIS ego gets the better of him. 8 years until true economic revival - why take a chance?

Sun, 09/20/2009 - 13:29 | 74939 gmrpeabody
gmrpeabody's picture

Because he is running out of time.

Sun, 09/20/2009 - 00:07 | 74695 Anonymous
Anonymous's picture

Yeah, it would be different if the US President were actually a US citizen.

spit

Sun, 09/20/2009 - 01:33 | 74741 agrotera
agrotera's picture

good one Anony!

Sun, 09/20/2009 - 05:53 | 74780 phaesed
phaesed's picture

Oh Jesus Fucking Christ, are people still actually thinking that's a fucking topic worth mentioning?

 

- I.E. DO YOU REALLY THINK ANYTHING WOULD BE MATERIALLY DIFFERENT IF McCAIN WON?

Let's consider:

McCain would have:

  • Sided with big business, lowering consumer protection available (increase corporate protection against litigation) along with the destruction of current worker rights (i.e. pay for your own health care, pay for your own (or childs) education, no unemployment insurance despite paying for it for 10 years, privitization of social security moving future investment into woefully inadequate and unintelligent investment management services)
  • Increased investment in antiquated technologies (i.e. Big Oil), reducing investment in longer term projects and created product inflation in oil derived consumption products (plastic, travel, production costs, relative inflation effects)
  • Sided with large insurance companies continuing the trend of increased medical expenses and decreased availability of those services for those unable to provide the cost at the time of treatment, this will serve to allow existing medical issues to exacerbate at the same time the costs for those advanced services rise unabated.
  • Given greater power to the banking authorities (after all, the other 4 Keatings would be upset if he didn't) to decrease reserve ratios and remove regulation (even though that didn't work before)
  • A reduction of international credibility created by a flagrant disregard of the prior pitiful level of regard afforded to us by international community due to an inflated sense of self worth. (America's #1 even if we did fuck up and bring the world economic system to a half)
  • Continue to promote attention to social and religious differences with Islam and international society as a whole.
  • Inevitable military conflict with Iran due to increased hostility with foreign nations due to the bequest of the banks and personal preferences for conflict resolution through greater display of force (i.e. send us to war kiddies)

Obama

  • - Will decrease medical costs and reduce corporate profit margins, however this will come at an increase in tax revenue for higher income earners, who currently pay REDUCED MEDICAL COSTS due to the MEDICAL INSURANCE WHICH COMES STANDARD AT HIGHER PAY LEVELS, unfortunately this will also serve to decrease their net income, WHICH IS AT A GREATER LEVEL DUE TO REDUCED BORROWING EXPENSES AFFORDED BY NET WORTH VALUE calculations used to determine the rate at which said individual can borrow.
  • - Increase spending for infrastructure projects which may or may not stimulate demand and/or employment, but will most definitely increase the rate of taxation, a reduction in future earnings by an inverse ratio to income level, however this is mitigated by reduced borrowing costs and a lower ratio of required expenses to gross income. This does nothing but reduce consumption of the higher income classes, reducing expense ratios for the lower income classes and hopefully stimulating demand in intermediary income classes.
  • - Decrease future earning potential by the issuance of new debt and tax rate increases, however this effect is offset in an increase in intermediate future earnings potential by encouraging education, removing legal restrictions from innovation in various aspects, most explicitly medical (Stem Cells.... wonder how much more medicine costs are because of the advances that will inevitably be obtained were postponed due to ignorance)
  • - Continue armed conflict engagement in Iraq and increase involvement in Afghanistan, as well as an inevitable military conflict with Iran due to the bequest of the banks and personal preference to create employment opportunities for the structurally unemployed.

 

Dude,

   As far as I can see, we're fucked either way. So don't come around throwing idiotic fucking arguments based on the lowest common denominator. We're not in pre-school, we're in the fucking real world now. This nation has grown to maturity and the idea that immature arguments are logical bases of retreat in an inability to advance an argument is exactly the same type of fucking reasoning that promotes lobbying and the status quo.

 

Grow the fuck up.

 

Peace.

 

And let's fucking consider how far HR1207 would have gotten if Keatin.... errr, McCain had been in charge.

Sun, 09/20/2009 - 05:51 | 74782 Anonymous
Anonymous's picture

re: "DO YOU REALLY THINK ANYTHING WOULD BE MATERIALLY DIFFERENT IF McCAIN WON?"
Yes, McCain is awful and the Repub Congress from 2000-2006 when the Dems gained control spent like drunken sailors.
But there's an argument to be made. The Obama Admin has spent like a fleet of drunken sailors. Taken over whole industries and put others on notice. Throw allies under the bus, kissed up to enemies.
So, yes, McCain would have been awful. Obama is worse. Measurably worse.

Sun, 09/20/2009 - 08:23 | 74801 Anonymous
Anonymous's picture

Dear Mr. phaesed. Your belief that HR1207 has any significance to the real world or can be advanced further by a particular political party shows overwhelming evidence of your nativity. Therefore I encourage you to reduce you postings down to the maximum Tweet size(140 Characters) as your thought will be summarily rejected by everyone anyway. Save your energy.

TIA.

Sun, 09/20/2009 - 13:46 | 74952 phaesed
phaesed's picture

Overwhelming evidence of my nativity? Interesting.

Sun, 09/20/2009 - 20:37 | 75038 Anonymous
Anonymous's picture

short comments are often the best... you should not say anything that is longer than 3-5 sentences. Keep it short!

Sun, 09/20/2009 - 09:17 | 74819 spanish inquisition
spanish inquisition's picture

I agree as long as the masses stick with the donkephant argument we are pretty screwed. It's all about fine tuning the Keynesian framework, for a more uber system. Sooo..guess who wrote the following for the forward of their German edition.....(my  bold)

http://mises.org/story/3693

The theory of aggregate production, which is the point of the following book, nevertheless can be much easier adapted to the conditions of a totalitarian state than the theory of production and distribution of a given production put forth under conditions of free competition and a large degree of laissez-faire. This is one of the reasons that justifies the fact that I call my theory a general theory.[i]

Sun, 09/20/2009 - 10:25 | 74849 phaesed
phaesed's picture

See I have to argue against a fine tuning of Keynesian economics methods and not in some inane rant about the inability to model temporal consumption and production preferences. For perspective I must disclose I'm currently writing my initial drafts of what will eventually become my dissertation about the ability of Keynesian theory to properly adjust economic fluctuations. This inability to properly compensate for economic factors stems from multiple sources, but I'll strike at the very core of it for the moment, but additional evidence and analysis will be presented shortly.

At it's very essence, the rate of interest is considered to be the cost of capital over a specific duration. I.e. I pay you $3 a year for 5 years, totalling $115. This cost is considered by two complementary forces, the buyer (a.k.a. demand) and the seller (a.k.a. supply). However, the seller provides a product at intermediary stages whether the good provided is viewed in terms of its successive and final production stage (i.e. a butcher who sells only smaller portions of meat is at a higher stage than a seller who provides bulk quantities) or in the relative consumption stage (a car is a good of higher order, or rather more stages are required in its production, than a television) mandated by specific price level compared to income available for consumption (aka expense ratio).

At it's very heart, Keynesian Economics, in treating increased employment as the desired ultimate effect of price increases, while it is simply a beneficial side effect, much like how viagra helps alleviate air sickness even if you have to have an underutilized erection for a specified duration. Keynes assumes that all price adjustments are distributed in proper ratios along the intermporal structure of prices due to "perfect"  knowledge by the appropriate participants in that time segment allocated to certain industries and that complementary industries will help to decrease time required for equilibrium. Therefore any misallocation of capital is ignored as their capital is absorbed by more informed market participants. This again assumes perfect knowledge of special individuals and imperfect knowledge of inexperienced individuals. This rate of price adjustment is then expected to be in proportion to the decrease in duration required for a return of invested capital (i.e. modified duration). Unfortunately the the change in price is imperfect in the majority of cases and consumption preferences of consumers are ultimately based upon the rate of change of prices (aka price inflation, I will describe this simply as stage specific inflation).

Since Keynesian economics denounces any business cycle due to various cycle durations being stage specific and a general assumption that individual fluctuations affect the price level in a bell-shaped curve (i.e. a central tendency of price stabilization between the stage specific goods allowing for a single measurement of this effect.... aka "Official" CPI).

However, this idea that there exists no business cycle is not consistent with economic theory prior to the "golden age of Keynesianism" and in fact, was disputed by the father of montery economics, Irving Fisher (who's pitiful fall from grace following the 1932 period sidelined any theory he created as unpopular.... nobody listens to a failure... even if he's right). In fact, the key to Keynesian economic theory lies in it's assertation that production fluctuations are unnatural and therefore it is proper to eliminate them to achieve a natural balance of unemployment. Intertemporal price adjustments do not exceed the length of time required by stabilization. However, given the length of our examination and forced acceptance of Keynesian economics, we have found this argument to be false. But considering how lazy the academic public is to accept new thought (despite how proudly they will promote any beneficial affect), old solutions are given a quick adjustment and then integrated without thought of the underlying structure and whether the assumptions in the original band-aid can be adjusted to promote perfect healing.

A better way to demonstrate this is a drug company that has been around for 20 years and find that the patent which has garnered them so much profit is about to expire. Said company examines its prospects for future innovation and determines the cost of future innovation is high in the present term and the income produced would be sufficiently in further in the future than income preferences. This company then decides to postpone future development by reducing resources allocated to generating future income and instead produces minor variations in its existing product, repatents said product and then quickly promotes this product as providing future value greatly in excess of its prior benefits. Attention is paid to future potential to enhance desirability and to quickly remove the focus on the real ratio of benefit experienced from this new product. Additionally, the status quo of the company is assured and the increased profits from the decreased production costs are diverted disproportionately among labor. Management is given greater credit for lowered cost and increased profit, increasingly smaller portions are allocated along the appropriate production components (i.e. the ceo gets a larger bonus at t=0 to minimize attention paid to the disproportionate salary increase and the scientist gets a greater salary increase than the factory laborer. This intertemporal misallocation of capital to the middlemen (i.e. the CEO does not innovate but rather guides the direction of innovation) of the intermediate and mature business stages rather than the actual late stage product producer (general laborer) and the early stage product developer (research scientist).

Switch back to economic theory. Due to this repackaging of an old product with minimal increased benefit, or in the case of money, with parity in nominal values at the expense of real value. They give you free money, but it's just worth less. However since you were desperate for capital at the stage which produced this "band-aid" repackaging, the nominal value acts in tandem with real value for a certain duration. Unfortunately, desired optimal sale prices remain upward sticky for retailers, desperate to increase profit irregardless of an increased benefit afforded by this product. This effect is exacerbated by the downward stickiness of wage prices at lower orders of service provided, i.e. due to the increased availability of labor at the lowered common denominator (current income is accepted at a lower rate than normally demanded due to extended periods of zero income) and the preservation of profit instincts by the retailer. As the number of band-aids provided eventually increases, the benefit of this treatment is reduced, and the harmful aspects increase in severity and regularity. At this point, the old methodology for treatment is no longer accepted or beneficial, structual effects of the problem require increased treatment or radical, untested procedures. If this procedure is just a modification of a prior procedure, the patient will be familiar with the benefit provided and it might not take.

In otherwords.... The Jig is up, the public understands inflation (or thinks they do) and price shocks will be consistent with an increased realization of the effects... i.e. full effect of treatment is assumed at t=0 and benefits over time have been discounted to negligible consequence. At this point, the rate of inflation has sped up through greater a priori knowledge and the current price level discounts future appreciation.... at this rate, inflation is unsustainable and begins to erode structural capacities.

At it's very core, Keynesian economics is a flawed system by denying imperfect knowledge of market participants and irrationally maintaining the assumption that all price adjustments return to parity in their temporal context, despite evidence to the contrary. Additionally, it discourages innovation by exacerbating the amount of profits available from increased and/or modified current production rather than a search for more efficient production processes or product development because its only the NEAR term capital structure which experiences observed price appreciation from the lower the rate of interest, the price appreciation of long-term assets is disguised as a stabilization in prices.

Additionally, I think it should be obvious that any capitalist economic system based upon a LABOR based economic system. should be doomed to fail. However, I do not fall completely within the Austrian camp of this debate, my research is focused on the foundations of monetarist economics (which are essentially identical despite the assertations of either side) and how this structure can be moved to an austrian theoretical framework. Of course, now that I said this, others will contemplate this transfer.... GOOD! We need an economic revolution now! I can't do it alone, but we can do it if we all put our minds to it. The flawed methodology of our system must be exposed and those who abuse the system at our expense for their profit must be removed forcibly! Their lies must be exposed, but only if you can remove the false assumptions from their web of lies and obfuscation of tangible deficiencies!

Sun, 09/20/2009 - 10:38 | 74856 SWRichmond
SWRichmond's picture

Any economic system that tampers with or outright ignores price signals is doomed to catastrophic failure.  See Mises' 1920 essay "Economic Calculation in the Socialist Commonwealth".

http://mises.org/econcalc.asp

Sun, 09/20/2009 - 12:44 | 74908 phaesed
phaesed's picture

I absolutely agree. It is a system based on Fisher's earlier economic principles and beliefs which align closely to Menger and Bohm-Bawerk is a definite necessity to integrate into Economic theory rather than his later work, which served to apply patches to holes in his existing structure. This application of band-aids were exacerbated by his intellectually capable, but empathetically less sensitive, materialistically inclined students. Additionally I do not believe he was completely aware of a larger force pushing and pulling at economic forces in a manner to cause economic disturbances for the sole purpose of creating armed conflict, which is a definite personal belief.

On the other hand, Mises and Rothbard unfortunately continued moved away from attempts to demonstrate and quantify effects so that an actionable solution might be obtained, so much so that it created an outright condemnation of mathematical principles.... forever leaving the intellectually capable, but spiritually and socially bankrupt, to create and run our system. The success of the former lies in their ability to understand, their failure exacerbated the success of their counterpart simply due to their inability to convey their principles in a manner so that they might utilized by the general business community who don't desire to understand why or how, just know consumption and wealth. Their goals are personal goals, to be achieved at the expense of all others, exemplified in Objectivism and Geckoism... Greed is good. The intellectual pursues social goals at the expense of self, as long as consumption and security is moderately provided for, they are happy at their current incomes, their greed is unusually integrated with the level of regard placed upon the importance of their words and desire to promote their mode of thought. A businessman's greed is primarily integrated with his social standing with his peers, measured by his wealth. Both at their heart are fickle and their desires ultimately outweigh their convictions.

Note, in no place is the common laborers desires considered in any manner greater than simple employment to provide the minimum compensation for survival, for he is common and plentiful and his demand for work is always greater than the businessman's desire for increased profits... if the businessman can effect increased profit through either reduction of wages or the increase of prices, he will do so, blind to the larger aggrevations. Some unscrupolous entities will attempt to further this situation by affecting legal manipulations, quite often in the name of "the common man". But his ultimate concern is the increased and ever more rapid capitilization of future P&L. The academic will however claim the opposite, yet his greed motivates him in the similar counterproductive manner to society that the businessman's does, it is just the manner of affectation that has changed. Above all else, the academic wishes to be right. It is the veracity and authenticity of his proclamations that the public uses to guage the importance of his word. At times of great success the academic will proudly proclaim their methodology (a.k.a. Big Government, that's who. as swollen-chestedly proclaimed by Krugman).... but too often the academic will be wrong, however an irrational unwillingness to refute any factors creating cognitive dissonace will "harden" their assumptions and lead them to promote ideas that are obviously false upon any serious examination of the facts at hand. This is why both the forces of Big Government, Big Business, and Big Banking are all acting in concert during this general rise in prices. Unfortunately their actions are translating to a greater rate of price appreciation than they will be able to control and eventually the steering wheel will unhinge and the weight of truth will shatter the false expectations of the public, the dissonance created by this reversal of fortune will disseminate slowly at first, too much has been placed at stake for them to be wrong.... but it will accelerate in time. Question is, is that time now?

But most importantly....

- What can you do to help prevent this from occuring in the future?

Let's all be thankful ZH provides a forum for the disenfranchised and the unbeguiled to discuss their beliefs.

Sun, 09/20/2009 - 12:54 | 74918 Anonymous
Anonymous's picture

You mean the troops are not home from Iraq? Nice campaign promise.

Sun, 09/20/2009 - 21:26 | 75072 Project Mayhem
Project Mayhem's picture

@phaesed

 

Keynes was a pedophile and a child molester , not to mention a Fabian Socialist and intellectual lightweight (ie. Have the government bury fiat banknotes and have people dig them up?  Seriously?).

 

If Keynes is one of your intellectual heroes, I truely feel sorry for you.

"

Keynes and his fellow voluptuaries made numerous excursions to the resorts ringing the Mediterranean, where little boys were sold by their parents to bordellos catering to homosexual appetites.(14)

"

"Keynes always ready to guide others freely advised his fellow debauchees to go to Tunis, “where ‘bed and boy’ were also not expensive.”(17)"

 

Keynes at Harvard: Economic Deception as Political Credo

http://keynesatharvard.org/book/KeynesatHarvard-ch09.html

 

Nothing to Hide - Nothing to Fear - So Why Not Stand as the Fabian Party and Drop the "Working Man" Bullshit

http://centurean2.wordpress.com/2009/08/04/nothing-to-hide-nothing-to-fear-so-why-not-stand-as-the-fabian-party-drop-the-working-man-bullshit/

 

Sun, 09/20/2009 - 21:41 | 75080 phaesed
phaesed's picture

LOL!

Mayhem, you misunderstood what I wrote.

Keynes was a worthless fraud.

Keynes provided nothing except to tell everyone to break the one rule Irving Fisher declared must not be broken when designed central banking mechanics. Keynes contributed NOTHING to economics as a theory, he merely gave a bunch of mathematical fluff that reiterate the methodology of John Law... why he did this? The fame perhaps? Maybe the banks were blackmailing him? I'm not certain and frankly, I don't care... that he actually has an economic theory named after him when he contributed nothing is the biggest farce of our so called "academic" economic community. The monetarists and the keynesians are nothing but shallow puppets of the Fed. Austrian economic theory provides the only proper analytical framework, however the vast majority of students and practitioners are not mathematically inclined... effectively hamstringing austrian theories' ability to be utilized in a macroeconomic framework. Currently the only austrian I know of who has even made the attempt is Roger Garrison (Time and Money: The Macroeconomics of Capital Structure) and the attempt bridges nearly 70 years of Austrian theory in a modern context. Hayek's Pure Theory does provide the framework... it's merely waiting for our generation to provide the correct integration with existing frameworks.

In short, Keynes essentially won a nobel prize based on someone elses work, thanks to the Big Banks.

Sun, 09/20/2009 - 13:04 | 74923 Anonymous
Anonymous's picture

Phaesed I do not believe that the assumption that Keynes makes is at the heart of the problem with Keynesian economics because it doesn't function without fiat currencies. Imagine our economy trying to use the Keynesian model with Gold and Silver as our currency instead, it simply would not function.

The real dilemma is in what the medium of exchange is, not what policies you have. Gold and Silver do not need any form of regulation as a virtue of the very nature of things that are finite. Gold and Silver retain value because they take capital to produce, and are almost immutable.

So under Gold and Silver as a medium of exchange nations would have to have money before they could spend it. And the only way that governments could possibly do that is by taxation. I read somewhere a couple weeks ago that the average % of income that each citizen ended up paying to the government was 61%! Now I don't know if that included inflation but just think of the amount of theft that is, and people pretend to not know why the free market is not functioning well right now... its like gee maybe because free markets are a reflection of free societies! /END RANT

Sun, 09/20/2009 - 13:43 | 74949 phaesed
phaesed's picture

Hey Anon, in fact Keynesian economics can, and has, worked with commodity backed specie. It did so until the failure of the Bretton Woods system. However, modeling of an asset backed currency has largely been ignored due to the inability of the proponents of said system to devise a working model in the language compatible with both theory and application.. i.e. numbers and words, not just words alone. And I do agree, our market does not reflect freedom in it's current state.

Sun, 09/20/2009 - 20:30 | 75034 Anonymous
Anonymous's picture

you = fail math. 3 x 5 = 115?? um, no.

Sun, 09/20/2009 - 21:56 | 75091 phaesed
phaesed's picture

*sigh* 5% interest on 100 par over 3 years. I borrow 100 dollars, pay 15 dollars in interest... add those up?

And sorry, just been piecing together information and various analytical frameworks while performing a umpteenth review of my references, this has been running through my head for awhile.... And considering how the long gold/short dollar trade is about to get a huge smackdown at the same time as other various other cycles converge, there's a high probability we'll see a decent sell off. Anyways, enough said.

 

Sun, 09/20/2009 - 21:01 | 75051 Project Mayhem
Project Mayhem's picture

wow lay off the amphetamines man

Sun, 09/20/2009 - 09:18 | 74820 aurum
aurum's picture

the real problem is the fact that ignorant blind manipulated american citizens continue to vote in a manner that allows individuals such as obama or mccain or 95% of politicians for that matter to continously pillage our nation. until we collectively take action your words and mine mean absolutely nothing.

hyperinflation will be one of the few situations that will wake the sheeple and perhaps a revolution will ensue.....got guns?

 

Sun, 09/20/2009 - 10:45 | 74859 JohnKing
JohnKing's picture

By the time it reaches that point the dept. of media and propoganda will have fully indoctrinated the populace into thinking all the problems with the system are racial, so the guns won't be pointed at the evil-doers, they'll be pointing at you and your neighbors.

Sun, 09/20/2009 - 10:52 | 74863 garyfla1
garyfla1's picture

What a brilliant display of intelligence and command of the english language - a few more f... words would really put it over the top. A product of our public education system no doubt.

Sun, 09/20/2009 - 11:57 | 74896 chumbawamba
chumbawamba's picture

Oh, shut up, you sweaty vagina.

I am Chumbawamba.

Sun, 09/20/2009 - 12:47 | 74912 phaesed
phaesed's picture

yep, public education all the way, even more impressive is how it occured in the poorest neighborhoods of whatever town my single, teenage, unwed, high school dropout, minority mother moved to in an effort to survive! Thank god she married drug dealers so they could pay for her education and ultimately assisted mine!

I would hate to think what might have happened if she tried to take the honest route!

Sun, 09/20/2009 - 11:06 | 74869 Anonymous
Anonymous's picture

The Daily Kos called. They miss you.

Sun, 09/20/2009 - 15:55 | 74953 Anonymous
Anonymous's picture

Uhh and I guess I'm sorry for cursing so blatantly, however when I hear naive arguments, I prefer my euphemisms to be completely free of ambiguity. I'm just blue collar at heart and love my country. *shrug* I blame the banks for providing the god which our politicians worship, the dollar. If you want to read how far back the conspiracy really goes, you should read "The Curse of Caanan: A Demonology of History" and then take a minute or two and read the bible again, both new and old testaments.

I'm not saying that there is any actual conspiracy theory or that the individual pawns even require any knowledge of the inevitable results of their actions, I'm saying that the system is rigged from the start. Bits of information have been hidden in random places and with a society that has grown up expecting to being told what to think and what to do by their thinking machine (i.e. the television) that they give no weight to events of yesterday or more importantly the events shaping our history and society. Knowledge has been recycled and rebranded a thousand times over and most of our new discoveries are really the actualization of concepts from thousands of years ago. What has faded into "magic" and "lore" has now become technology, devoid of the true nature of our reality. And as long as nobody with a desire to change bothers to learn the system and attempt to fix the apparent structural flaws and instead attempts to "gloss" it over, provides no benefit in the short or long terms.

Hell, everything I understand could be absolutely flawed... but I'm willing to keep learning and modifying my understanding to produce something useful (hopefully). And in the meantime my P&L is fine and dandy.

I guess one could say I am most definitely jealous of the sense of accomplishment that must be present in the contributors of this website. I hope to experience that one day, I hope you all do too. Anyways, too much research has made me overly pensive.

Peace.

Sun, 09/20/2009 - 21:33 | 75076 Project Mayhem
Project Mayhem's picture

+1

Tue, 09/22/2009 - 02:24 | 76111 MsCreant
MsCreant's picture

Get an Name and Avatar. We want to talk to you. We are all one. That is the real shame, we don't FUCKING know it.

Sun, 09/20/2009 - 09:42 | 74834 ToNYC
ToNYC's picture

Barack Obama was born on August 4, 1961, in Honolulu, Hawaii.

The state was admitted to the Union on August 21, 1959.

Being born in Alaska or Hawaii after August 20, 1959 establishes that one is a native born US Citizen. What am I missing with these birthers? Intelligent design is a way more an open question: I am thinking Ironic design.

Sun, 09/20/2009 - 11:28 | 74881 Anonymous
Anonymous's picture

The Obama team released a Certificate of Live Birth (COLB) document.. NOT his birth certificate. What is a COLB? It is simply a document that a hospital gives that you were born alive, for babies that are stillborn (born dead) .. they get one as well.. but in the COLB, they are prounced stillborn. A COLB can be provided by a hospital even if they were NOT born at that hospital

So, Mr. Obama spends over 1 million dollars in atty's fees to NOT have to release his birth certificate NOT release his college records to Occidental and Columbia.

So, why is this? Mccain was sued that he was not born an american citizen (the NYT, propaganda for Mr. Obama put this story on the front page).. Mccain released his long form birth certificate, 3 independent people concluded he was a natural born citizen.

So, the only explanation is... he was not born in Hawaii, but in Kenya... came back to the states.. his mom got a COLB from the hospital.. but they never release the birth certificate from Kenya. Then when Mr. Obama lives in Indonesia (when his mom remarries), he is adopted by his indonesian step-father, his US citizenship is revoked, and he becomes an indonesian citizen... then he again sent back to Hawaii to live with his grandparents. When he applies to Occidental and Columbia... he applies as A FOREIGN STUDENT... which is why he will not release ANY of his college records.. he applied for foreign aid.. he never signed up for selective service...

All these questions can be answered by 1) releasing his birth certificate 2) releasing his college records. Why is he spending over 1 million dollar (so far) to block all this requests.. when Mccain or any other candidate was NOT afford the same? Mr.Obama can shut down this entire "birther" thing by showing us this information.. why won't he? Because he will be found out.

(Another piece of information.. the DNC when certifiying a document that says Mr. Obama was the Democratic nominee had Howard Dean and Nancy Pelosi sign 2 pieces of almost identical documents--> 1 says "Mr. Obama is qualified under the US constitution to be president" the second one.. this one line is missing. Guess which document was sent to all the states so that these states can then allow a candidate on the ballot? It was the second document, where the line about being consitutionally qualified to be president was missing. Now, the Sec. of State of New Hampshire has agreeed to investigate the DNC as to why there is a deception.

At some point, all these things add up... and especially when all can be resolved with a simple release of the documents. We ask that can kind of transparency of the Fed.. can we not expect a simple answer on whether Mr. Obama is consitutionally qualified to be president? Are we not allowed to ask to see his records? People have to show their birth certificates to get their drivers licence or passport.. should Mr. Obama be held above a law that the rest of us have to follow?

Mon, 09/21/2009 - 12:30 | 75408 Anonymous
Anonymous's picture

Too bad McCain's ability to be president is questionable. He was not born in the country or on US soil. Born on foreign territory on a US military base is not acceptable.

The status of the land upon which a military base is located is governed by international treaty, law and what are known as Status of Forces agreements.

If he had been born at an embassy then its all good as those are considered to be US soil and all the laws and rights pertain there as they do in the 50 states.

However, in the present case, there is nothing to indicate that under the constitution McCain would have been eligible.

Sun, 09/20/2009 - 11:33 | 74884 Anonymous
Anonymous's picture

The Obama team released a Certificate of Live Birth (COLB) document.. NOT his birth certificate. What is a COLB? It is simply a document that a hospital gives that you were born alive, for babies that are stillborn (born dead) .. they get one as well.. but in the COLB, they are prounced stillborn. A COLB can be provided by a hospital even if they were NOT born at that hospital

So, Mr. Obama spends over 1 million dollars in atty's fees to NOT have to release his birth certificate NOT release his college records to Occidental and Columbia.

So, why is this? Mccain was sued that he was not born an american citizen (the NYT, propaganda for Mr. Obama put this story on the front page).. Mccain released his long form birth certificate, 3 independent people concluded he was a natural born citizen.

So, the only explanation is... he was not born in Hawaii, but in Kenya... came back to the states.. his mom got a COLB from the hospital.. but they never release the birth certificate from Kenya. Then when Mr. Obama lives in Indonesia (when his mom remarries), he is adopted by his indonesian step-father, his US citizenship is revoked, and he becomes an indonesian citizen... then he again sent back to Hawaii to live with his grandparents. When he applies to Occidental and Columbia... he applies as A FOREIGN STUDENT... which is why he will not release ANY of his college records.. he applied for foreign aid.. he never signed up for selective service...

All these questions can be answered by 1) releasing his birth certificate 2) releasing his college records. Why is he spending over 1 million dollar (so far) to block all this requests.. when Mccain or any other candidate was NOT afford the same? Mr.Obama can shut down this entire "birther" thing by showing us this information.. why won't he? Because he will be found out.

(Another piece of information.. the DNC when certifiying a document that says Mr. Obama was the Democratic nominee had Howard Dean and Nancy Pelosi sign 2 pieces of almost identical documents--> 1 says "Mr. Obama is qualified under the US constitution to be president" the second one.. this one line is missing. Guess which document was sent to all the states so that these states can then allow a candidate on the ballot? It was the second document, where the line about being consitutionally qualified to be president was missing. Now, the Sec. of State of New Hampshire has agreeed to investigate the DNC as to why there is a deception.

At some point, all these things add up... and especially when all can be resolved with a simple release of the documents. We ask that can kind of transparency of the Fed.. can we not expect a simple answer on whether Mr. Obama is consitutionally qualified to be president? Are we not allowed to ask to see his records? People have to show their birth certificates to get their drivers licence or passport.. should Mr. Obama be held above a law that the rest of us have to follow?

Sun, 09/20/2009 - 13:46 | 74951 Anonymous
Anonymous's picture

Orly, don't you have some motions to prepare and file. Come to think of it you have a great start above on a motion that is sure to impress the court.

Go git 'em girl!!

Sun, 09/20/2009 - 19:30 | 75008 Anonymous
Anonymous's picture

RFLMAO

Sun, 09/20/2009 - 21:39 | 75079 Project Mayhem
Project Mayhem's picture

Sun, 09/20/2009 - 00:09 | 74696 Hephasteus
Sun, 09/20/2009 - 00:10 | 74697 SWRichmond
SWRichmond's picture

Will Cuomo sell out for a seat at the table?  That is, after all, the purpose of a "career" in banking, politics or the media.

Sun, 09/20/2009 - 00:41 | 74724 Howard_Beale
Howard_Beale's picture

My stomach is very upset about all of this. I want Cuomo to stay the course on BAC and that idiot Lewis. I don't believe he is a fallguy. I think Kennie boy's ego was TBTF and he needs to get served. I mean, what a douche Lewis was/is. "Lewis always wanted Merrill", quoted by more than a few in the know -- to complete his idiotic purchase round of Countrywide and Wachovia. He is the epitome of "shit floats to the top" and I want him reamed, hopefully by a guy named Bubba in cellblock 3. $29 a share and billions in bonuses, courtesy of you and me. What a moronic asshole.

OK...Gnight all. I'm mad as hell as usual and on a rant. Going to go and snuggle with my honey. At least there's comfort in a warm body that loves me no matter how crazy pissed I get.

 

Sun, 09/20/2009 - 00:53 | 74730 putbuyer
putbuyer's picture

Chocolate if you stay up longer. Let not your heart
be troubled. Ben and Timmy want to fry it for sandwiches
after playing the back nine. Love ya brother

 

http://www.delafee.com/images/delafee/chocolate_gold_eat.jpg

Sun, 09/20/2009 - 02:26 | 74742 agrotera
agrotera's picture

Ken Lewis ultimately acted like an idiot, but he had one of the several  paulson/bernake bazookas at his brains every step of the way, so it isn't so simple--but he can't be culpable without paulson and bernake going down for instigating the dirty deal--BAC valued the deal at half what was paid and that alone makes the deal as rotten as it can be.

Tyler you say no one will care...and i know you're kidding because you are doing a fine job of getting the news out!!!

Sun, 09/20/2009 - 07:51 | 74794 Anonymous
Anonymous's picture

I agree with you, Ken Lewis is more of a scapegoat than anything else. Paulson/Bernanke instigated the "deal". Why is everybody so angry at Lewis? He is a diversion, keep the eye on the ball folks.

Sun, 09/20/2009 - 13:45 | 74929 Howard_Beale
Howard_Beale's picture

Because he is a mental midget, that's why. He bought Countrywide at the TOP. He bought the seething with toxicity Wachovia, and MER--$29 a share---you think Hank couldn't have gotten the deal done at $13--the market price? Thaine saw what was going on and he had hours, not days to do a deal. That's why Lewis is a jackass. I am also all for gunning down Hank and BB--I just think the way to them is through Lewis.

Sun, 09/20/2009 - 00:11 | 74698 rayen36
rayen36's picture

Fucking assholes...

Sun, 09/20/2009 - 00:14 | 74700 Cursive
Cursive's picture

Would be awesome if the Daily News ran the headline:

 

Patterson to Obama:  Drop Dead Bitch

Sun, 09/20/2009 - 03:36 | 74769 MsCreant
MsCreant's picture

Honesty in government. New campaign slogan. I think this can work.

Sun, 09/20/2009 - 08:10 | 74795 Anonymous
Anonymous's picture

What is our regal president thinking?

Do we now have a King ruling the fiefdom?

King of kings and Lord of lords with no respect for the shiny metal that the kings of past coveted the most.

The goldbugs need to hire Jay-Z to do a rap about gold complete with booty shakers and fist bumping then our king will awaken to the fiat reality.(and run it on BET)

http://3.bp.blogspot.com/_kULyk5g_g1I/SRmKeyyozgI/AAAAAAAADWw/pjelFhhPMy...

Sun, 09/20/2009 - 12:05 | 74901 Anonymous
Anonymous's picture

+1000

Sun, 09/20/2009 - 00:16 | 74704 Anonymous
Anonymous's picture

They probably offered him a position at Goldman but the Gov is either too honest or too stupid, depending on your point of view.

Sun, 09/20/2009 - 00:19 | 74705 Lothar the Rott...
Lothar the Rottweiler's picture

What country am I in again?  Someone please tell me?

Best laugh:  the talks were intended to be confidential.  Harhar.  That's how they ended up in the NYT, innit?

Thug criminals rank and file, the lot of them.

Sun, 09/20/2009 - 03:34 | 74767 Anonymous
Anonymous's picture

there was as much intent to keep it confidential
as there was to keep paris hilton off the
celebrity circuit....

Sun, 09/20/2009 - 21:12 | 75059 loki
loki's picture

+1

Sun, 09/20/2009 - 00:19 | 74709 Anonymous
Anonymous's picture

How about an AG that just focuses on solving massive crimes in New York and serving his term? Too much to ask I guess.

Sun, 09/20/2009 - 00:26 | 74717 Anonymous
Anonymous's picture

Occam's razor would dictate that Obama simply doesn't approve of Paterson's leadership. It's clear Paterson has had many embarrassing incidents since taking over for Spitzer. Also, it's far from clear that Paterson stepping aside in the reelection race would lead to a "detente" between the State of New York and the big banks. In fact, the contrary may be true. From Cuomo's bully pulpit as governor, he should be able to shed a lot of light and bring quite a bit of heat to the banking industry.

In my opinion, this should be viewed not as a conspiracy, but an opportunity to force honest banking practices, punishing the malefactors of past and present.

Sun, 09/20/2009 - 01:16 | 74738 SilverIsKing
SilverIsKing's picture

Are you really that stupid Anon #74717?  Really...I am asking in all seriousness.

My guess is you are just a comedian working your trade.

Sun, 09/20/2009 - 10:27 | 74851 Sqworl
Sqworl's picture

LOL..forgive him, he has the IQ of room temp!

Sun, 09/20/2009 - 23:38 | 75169 Anonymous
Anonymous's picture

OK, you guys are right: I'm the dumbest commentator ever in the history of Zero Hedge for thinking that for once, there may be one example of something happening that won't lead to the apocalypse. If I wasn't so dumb that I sold my car for gas money, I'd enjoy this food for thought about the end of the world being nigh:
http://www.religioustolerance.org/end_wrl2.htm

Sun, 09/20/2009 - 01:39 | 74743 taraxias
taraxias's picture

Two solutions:

1. Uncle Ben can print the $900 million they need in a nanosecond, or

2. The IMF can sell more gold

 

Sun, 09/20/2009 - 08:32 | 74806 Anonymous
Anonymous's picture

The planet could do with a million, maybe a billion less people.

That solution notwithstanding, my nieghbor has been a nurse for some time and she said we had the Swine flu in 1978 and there was no pandemic.

Sun, 09/20/2009 - 00:30 | 74719 Pizza Delivery Man
Pizza Delivery Man's picture

First of all. Patterson is an asshole. The only thing worse than an asshole, is a blind asshole. Seeing as he is i. blind, and ii. an asshole, it's looking bad. He shits all over everything because he can't see the pot he has to crap in.

Second of all. There is no second of all.

Sun, 09/20/2009 - 00:39 | 74722 putbuyer
putbuyer's picture

Love the extra cheese. Well said!

Sun, 09/20/2009 - 10:30 | 74852 Sqworl
Sqworl's picture

Lets not forget the mess Cuomo left at Freddy? The GOP is going to paint him as Sub-prime mascot???  Besides, if he drops the ball on Lewis, he just becomes a spinless coolie for WS.

Sun, 09/20/2009 - 00:39 | 74720 orange juice
orange juice's picture

clearly paterson is 'blind' to the full situation....

 

that joke was in bad taste and i know it.

Sun, 09/20/2009 - 00:42 | 74725 Anonymous
Anonymous's picture

so if Cuomo keeps his boot on Lewis' neck regardless of running for gov does said boot end up concrete and into the Hudson?

Sun, 09/20/2009 - 00:43 | 74726 dark pools of soros
dark pools of soros's picture

so if Cuomo keeps his boot on Lewis' neck regardless of running for gov does said boot end up concrete and into the Hudson?

Sun, 09/20/2009 - 00:49 | 74729 lizzy36
lizzy36's picture

Rahm Emanuel devotes his most concerted messaging efforts  to the NYT.

Clearly this story was leaked by the WH to put pressure on Paterson to step aside. Its secondary purpose is for the WH to get feedback on Cuomo as a probable candidate for the Governors office. 

As for the simple matter of how and why the President can so blatantly interfere in State affairs, and specifically nudging the direction of popular elections, which ultimately are the domain purely of US citizens, it is likely that nobody will care.

I fear that Tyler will be the only one to actually ask this question (in the media), and thus his answer is likely self evident.

Sun, 09/20/2009 - 01:00 | 74733 putbuyer
putbuyer's picture

Lizzie Borden took an axe
And gave her mother forty whacks.
And when she saw what she had done,
She gave her father forty-one.

http://www.trutv.com/library/crime/notorious_murders/famous/borden/index...

Don't be one-upped. Too many Obamabots

Sun, 09/20/2009 - 11:30 | 74882 deadhead
deadhead's picture

Rahm Emanuel devotes his most concerted messaging efforts  to the NYT.

absolutely....spot...on

Sun, 09/20/2009 - 13:40 | 74947 gmrpeabody
gmrpeabody's picture

+1

Sun, 09/20/2009 - 01:18 | 74739 Assetman
Assetman's picture

Cuomo may gain more political mileage in the long run prosecuting bankers over the next 6 years than governing a state mired in deficits.

Sun, 09/20/2009 - 01:41 | 74745 agrotera
agrotera's picture

I hope so and that he will agree with your view!

Sun, 09/20/2009 - 08:51 | 74811 SWRichmond
SWRichmond's picture

Interesting...how does one do this economic calculation?  It's clear that the unwashed masses (me included) genuinely are pissed off about the bailouts, lying, cheating, etc. The anger is based on a simple revelation: why can they get away with it and we can't?  Why do we have to pay taxes and Timmy doesn't?  Why does Wall Street get a bailout at Main Street's expense?  It's a fairness issue.  The looting is happening in plain sight, as we've discussed here many time. 

The socialist left continues to try to paint the resistance as racially-based.  Having been at numerous affairs, I am convinced it has virtually nothing to do with race.  The subject never comes up.  If the left genuinely believes it is racial, they will continue to misunderstand it. Perhaps they are merely trying to use the charge to energize their base.

J6P is wise to the tactic of suppressing dissent by playing the race card.  It's an obvious tactic; too obvious.  Joe is tired of being told to shut up because he is too stupid or too prejudiced to know what is good for him.  Political correctness is widely understood and refuted.  The race card thing just doesn't work anymore.  In fact, it just pisses Joe off even more.  We've all seen the sign from the Tea Party that said "It doesn't matter what this sign says, you'll say it is racist".

So while the left continue to shriek about racism, they reveal their own agenda, piss more people off and into the resistance.  So be it.  There's a great deal of anger out here in the unwashed masses; many of the DC Tea Party attendees would love to see some Wall Street heads roll.  Is this a viable political wave for some aspiring politicians to ride? 

What do you think?

Sun, 09/20/2009 - 09:18 | 74822 JohnKing
JohnKing's picture

The insertion of race into the political discourse is designed to polarize groups into tribal factions, at some point the real issues will simply disappear and it will only be a Bosnia type thing, race against race while the elite run their agenda unscathed.

The racism meme needs to be firmly rejected by all.

Sun, 09/20/2009 - 09:23 | 74825 Gordon_Gekko
Gordon_Gekko's picture

It's the age old strategy of divide and rule.

Sun, 09/20/2009 - 09:45 | 74826 JohnKing
JohnKing's picture

Yes, we are experiencing a bi-partisan awakening and this is scarey to those in power, their response is to shift into a lower gear to keep traction, forget political affiliation, just go tribal.

The health care debate is no longer about health care, it is about tribalism, and that is just the way they want it. Everyone needs to wake up.

 

Sun, 09/20/2009 - 11:41 | 74889 deadhead
deadhead's picture

yep!

Sun, 09/20/2009 - 22:16 | 75105 DrPsycho
DrPsycho's picture

 

         racists never think they're racists.......

Sun, 09/20/2009 - 23:25 | 75155 JohnKing
JohnKing's picture

Existential racism?

That's just stupid.

Mon, 09/21/2009 - 07:19 | 75253 SWRichmond
SWRichmond's picture

A perfect position to take, leaving all racism to be diagnosed by the more enlightened?  Namely, whoever flings the charge first, leaving the other to prove they're not?  First rule of politics: change the debate and place any opponents on the defensive.  We are not impressed; is this the best you can do, call us racists?

Witch!

Mon, 09/21/2009 - 08:39 | 75271 JohnKing
JohnKing's picture

Exactly. Racism is the charge against which there is no defense. We're back in Salem.

Sun, 09/20/2009 - 02:20 | 74755 Xibalba
Xibalba's picture

Saturday Night Live skit anyone?   

Sun, 09/20/2009 - 11:50 | 74894 Anonymous
Anonymous's picture

ya it worked for Palin / Tina Fake - so demonizing Paterson should be a piece of cake. Sammy Davis (if he's still alive) or maybe the onetime alleged rapist Bill Cosby would offer his services.

Sun, 09/20/2009 - 02:35 | 74758 Anonymous
Anonymous's picture

Wasn't Cuomo instrumental in designing the subprime FHA program? He is in part responsible for the housing mess so who is he to investigate?

Sun, 09/20/2009 - 12:53 | 74916 deadhead
deadhead's picture

the other side of the coin is that Cuomo was in charge of HUD....their investigation unit (woefully underfunded) was in fact going after sub prime abuses, mortgage brokers, the title companies, etc.  maybe that is why they were underfunded, but they did strike some fear into the hearts of that tier of players.

Sun, 09/20/2009 - 03:53 | 74771 MsCreant
MsCreant's picture

Tyler, Marla,

Call Paterson and invite him to guest blog about it on ZH. The NYT is clearly not his friend. I mean, it's not like he can see where the actual hedge where ZeroHedge is hidden is...

Is there a ZH mobile?

We can clearly see the poll/pole.

Sun, 09/20/2009 - 09:35 | 74829 SWRichmond
SWRichmond's picture

Wow!  I can't comment on the legal ramifications for his case(s) of such an act, but I'd love to hear directly from him, given a chance to pen well-organized thoughts.  Hell of an idea!  He certainly has been on financial news programs already.

Sun, 09/20/2009 - 08:33 | 74807 E pluribus unum
E pluribus unum's picture

I guess my tin foil hat fell off but this site is really getting weirder by the day:

"As for the simple matter of how and why the President can so blatantly interfere in State affairs, and specifically nudging the direction of popular elections, which ultimately are the domain purely of US citizens, it is likely that nobody will care."

I guess because "the President" is also the head of the Democratic Party. He's getting rid of Paterson for the same reason he worked hard to get rid of Blagovich - they are both losers. That's a capital offense in politics. You can be blind, black and an asshole but you better win. All sins are forgiven if you are a winner. 

BTW - What makes you think that Cuomo (or his replacement) won't work twice as hard to put Ken Lewis (et al) behind bars if he runs for Governor. He would still be AG and what better way to ride a populist wave than put one or all of these asshats in jail.

 

 

Sun, 09/20/2009 - 10:37 | 74855 Anonymous
Anonymous's picture

Sorry dude, the President is NOT the head of the Democratic Party.

Read a book.

Sun, 09/20/2009 - 19:33 | 75011 Anonymous
Anonymous's picture

Wash your neck. The president is the head of the party he is a member of schmuck

Sun, 09/20/2009 - 10:56 | 74864 zeropointfield (not verified)
zeropointfield's picture

I guess it would be much simpler (and cheaper) to just do away with these bought and paid for elections and just let a bought and paid for president name the governors.

That would then assure some consistency in policies and get this ugly thing called federalism under control.

Sun, 09/20/2009 - 09:18 | 74821 Anonymous
Anonymous's picture

To suggest that this has ANYTHING to do with Bank of America/Merrill is rather absurd. Democrats and Republicans alike can't stand Patterson in New York. As the President, Obama is the de facto party head. It is well within the realm of normalcy for the President to seek out a popular solution for the governorship of one of the nation's most populous states, not to mention one of the most strategically important states for the Dems. Furthermore, attacking BAC actually BOOSTS Cuomo's credentials as a candidate for governor.

To throw in BAC as not only a reason, but THE reason behind this, actually hurts the legitimacy of the site. It's one thing to point out the absurdity of the stock market moving up in the face of bad fundamentals, it's a whole other to scream conspiracy at just about anything.

http://southpawpolitic.blogspot.com/

Sun, 09/20/2009 - 13:08 | 74927 deadhead
deadhead's picture

74821...

1. I agree that Obama is the de facto party head.

2. Your assertions, "To suggest that this has ANYTHING to do with Bank of America/Merrill is rather absurd" and "To throw in BAC as not only a reason, but THE reason behind this, actually hurts the legitimacy of the site" display an alarming degree of naivete in regards American financial and political interdependence.

 

Sun, 09/20/2009 - 13:38 | 74946 SilverIsKing
SilverIsKing's picture

Let me ask you all this question if you don't mind.

If Obama was white (i.e. a white President was in office), do you think there'd be a chance in hell that this white President would ever ask a black governor to step down?

In my opinion, this has everything to do with BAC and nothing to do with anything else.  Patterson is collateral damage but the key here is to rid the AG's office of Cuomo.

I have an idea, let's get Spitzer back in as AG and we'll see how they like that one.

Sun, 09/20/2009 - 13:44 | 74950 gmrpeabody
gmrpeabody's picture

+1

Sun, 09/20/2009 - 22:21 | 75108 DrPsycho
DrPsycho's picture

+ 100 anon 74821

 

As I've said before, the redneck right wing take over this site nights and weekends.......not a pretty site

Sun, 09/20/2009 - 22:35 | 75120 Anonymous
Anonymous's picture

Also in the mornings and afternoons too. WTF has happened to this website?

Sun, 09/20/2009 - 09:31 | 74828 Anonymous
Anonymous's picture

Please stop referring to Obama as a socialist. If he were a socialist he would be directing investment and production for the benefit of the working class (is that what you see him doing?), rather than shoring up the books of insolvent banks.

Obama is a mildly liberal corporatist - a far cry from socialist - who won the election with and continues to be the recipient of political support from FIRE. He is expanding our imperial adventure in Afghanistan (and will continue to maintain US military bases in Iraq, no matter what "agreements" may be publicized), has continued the transfer of wealth and power to Capital, especially finance capital. He is in the process of pushing a health care proposal that will benefit the insurers and Pharma, is attacking public education by pushing a forced march towards publicly-funded but privately-managed charter schools, and is highly likely to push for some kind of privatization of Social Security, in the ultimate "Nixon Goes to China" domestic scenario.

Wasn't it Warren Buffet who said we're in a class war, and his class is winning? And yet all these teabaggers, stewing in their ignorance, repression and racal panic, think he's a socialist. I guess we really shouldn't underestimate the stupidity of the American people.

Sun, 09/20/2009 - 13:26 | 74935 Anonymous
Anonymous's picture

A new word needs coined to exemplify, define and characterize the Socialist/corporatist.

Corporations are hardly thought of as Socialistic, but that is precisely what they advocate, and pay lobbyists to get thru CONgress for the masses. What corporations, besides
Health insurers, are NOT in favor of the government taking over the monthly Health Insurance payments of the corporations' own employees, but insist on employee-deductible premiums for private insurance for the Big Jefes?

Sun, 09/20/2009 - 19:23 | 75003 SWRichmond
SWRichmond's picture

A new word needs coined to exemplify, define and characterize the Socialist/corporatist.

The term exists: National Socialist.

Sun, 09/20/2009 - 10:04 | 74844 Anonymous
Anonymous's picture

Greetings, Zero Hedge Readers. In light of the present discussion, which has included some musings on the futility of our present political (non) choices, I'd like to invite you to American Revolution Today at

http://www.americanrevt.blogspot.com

Sun, 09/20/2009 - 11:09 | 74870 glenlloyd
glenlloyd's picture

I see this as just another in a long line of big government interventions. The President has no authority at the state level. Federal Govt. never has had any real authority at the state level, but because of taxation and the welfare state now we have the roles reversed. The states are now placed under the thumb of big government. It was never intended to be this way, it happened in small incremental steps over time and no one payed any attention.

When changes made are small and numerous over an extended period of time it's the sumation of all those changes that give you the big picture of where we're headed. It's unfortunate, but we all got distracted a long time ago.

On the upside however, there is an increasing population of citizens now who are highly suspicious of the Fed Govt. and are making a big stink about it, which is good.

Sun, 09/20/2009 - 11:10 | 74871 Anonymous
Anonymous's picture

A blowhard with an attitude then says peace...OB just showed his cards going ALL-IN. Down in front, I wanna watch this

Sun, 09/20/2009 - 11:11 | 74872 Stuart
Stuart's picture

Lewis is not the droid you're looking for.

 

Sun, 09/20/2009 - 11:35 | 74885 Anonymous
Anonymous's picture

+1

Sun, 09/20/2009 - 11:22 | 74876 Anonymous
Anonymous's picture

So if Obi wants to displace Paterson then where does the race card come in to play? I got the answer it's not about race it's about people with disabilities; Obi is discriminating against people with visual impairments. But that makes no sense eg. Mary Schapiro. Perhaps it's Patterson's beard; nope we got Benny with one of those. Maybe Obi is pissed that Teddy's niece didn't get appointed to the senate by Davey,or maybe it's because he didn't give the nod to Andy Cuomo. Then we have the fact that Davey was a strong supporter of Hillary and while he is an NYC lib he is also strongly independent. But with all the s**t going on for Obi to jump into this suggests there is an agenda - NY state - and as much as I would like to jump on the conspiracy train - I think it's all about Rudy and the fact that he would surely replace Davey and become a royal pain for Obi and even a potential threat in 2012 - and we all know that Obi's strategy is to clear the field of potential competitors.

Sun, 09/20/2009 - 11:44 | 74890 Groty
Groty's picture

Fox just reported the White House insists it did not ask Patterson to step down.  Somebody's lying.  It's getting interesting.

Sun, 09/20/2009 - 22:25 | 75110 DrPsycho
DrPsycho's picture

 

       haha Groty........more like "everybody's lying"..........they're politicians remember.....

Sun, 09/20/2009 - 12:02 | 74899 polizeros
polizeros's picture

Not sure I follow the scenario.

Cuomo as governor can order / strongly urge the AG to continue the Lewis investigation that he started. And how could the WH know now they could get a friendly AG in who could kill the investigation - if that was even politically possible, which it probably isn't.

Besides, isn't it just as plausible that they want Lewis as the sacrificial lamb to protect Paulson / Bernanke.

I think we'll get to see Ken Lewis do that funky perp walk.

Sun, 09/20/2009 - 12:02 | 74900 dcsos
dcsos's picture

Cuomo is a lightweight. He just accepted a 4.5 million settlement for billions lost in NY Pensions! by crooked managers (managers are still awaiting charges, tho'). Some of the mamagers chosen in NY state (prior to cuomo) had no money-managing credentials at all!!

Sun, 09/20/2009 - 13:43 | 74903 chumbawamba
chumbawamba's picture

Gov. Paterson (circa 2008/2009):

Over the past few days, I have closely monitored the current escalation of violence in Israel and Gaza. I hope and pray for a peaceful solution for both sides and I strongly condemn Hamas for breaking the current ceasefire. I believe the Israeli people, under constant attack from the Palestinian territories, have a right to protect themselves and I stand with them as they fight to defend the basic rights of humanity.

  <insert photo of Paterson wearing a yarmulke (otherwise known as a goy dunce cap) here...damn you Robot Trader!>

Here's a nice hat for you to wear, Governor!  Ay yay yay, bubbala, it looks quite nice on you!

I am Chumbawamba.

Sun, 09/20/2009 - 12:27 | 74905 deadhead
deadhead's picture

As soon as I saw the Paterson article in my local (NY) newspaper early this a.m., I too thought  the same as  noted by ZH, to wit: “What is the reason for this escalation? Simple - Bank Of America, and SEC-gate.” Clearly and undeniably, this could be the primary motivation, i.e. deal made for Cuomo to get the Gov’s seat in exchange for a backoff on the bac/bernanke/paulson matter. It could be the case and time will tell.

Perhaps my political cynicism has waned a tad much like the VIX, but the other side of the matter is more compelling to me, which is the age old American historical standard that a sitting Democratic President cannot afford to lose a big Democratic statehouse as the risk of calls that his Presidency has been rejected would grow louder with a Republican sitting in the big chair in Albany (same argument was made over the recent fill in congressional election for newly appointed NY Senator Kirsten Gillibrand: the media tried very hard to position this as an Obama Presidency referendum).  Patterson is a liability, everyone knows it.  Cuomo can win it but as several others have noted in this thread, NY is such a fiscal mess right now there is much risk for the next Gov and perhaps Cuomo is recognizing that it would be better to wait on the governorship (or something else) and at the same time allow his star to continue to rise as the NY AG, particularly in light of his proven and aggressive attempts to go after the financial powers that be.   

Here’s the rub that I see….Obama and the Dem gang are deathly afraid of Rudy Giuliani’s ability to win the governorship.  If they can’t dump Patterson now, Giulani is much more likely to throw his hat in and he will definitely have a chance to win….on a Patterson v. Giuliani match, I’ll go with Giuliani. If Cuomo steps to the plate now and throws his hat in, Giuliani would be a fool to run for gov and would likely get his ass kicked. Obama wins big in this scenario. I believe the Rahm/Axelrod machine is pulling out all the stops to get Cuomo locked up as their candidate to forestall any possibility that NY goes to the Repubs.

As to the BAC/Bernanke/Paulson/NY AG Cuomo investigation/ Judge Rakoff/SEC/ FBI BAC investigation (phew, lots of players in this drama), that shit BETTER play out because there are way too many people watching that series unfold.  It’s not just those of us in the financial world, but perhaps more importantly, it’s the Obama worshippers who think he can do no wrong except for the fact that he is allowing the wall street cabal to run rampant throughout his administration and run ragged over the us financial system.

Sun, 09/20/2009 - 13:27 | 74936 ZerOhead
ZerOhead's picture

That is the play.

Sun, 09/20/2009 - 12:28 | 74906 Anonymous
Anonymous's picture

let's take it one step farther:

rahm knows what feed cuomo more than anything: adulation.
cuomo is a whore for it and will do anything, including going after HP/BB if needed, to keep it rolling in. and rolling in it will, on a national stage no less, if he keeps going.

what better way to give him what he fiends for and keep him in a safe place, away from pesky investigations and rising national popularity?

imo, this is not only about the governorship of NY, but also about pre-emptively taking out challengers to the throne in 2012.

Sun, 09/20/2009 - 12:36 | 74909 OrganicGeorge
OrganicGeorge's picture

"As for the simple matter of how and why the President can so blatantly interfere in State affairs, and specifically nudging the direction of popular elections, which ultimately are the domain purely of US citizens, it is likely that nobody will care."

Youse guys might know finance but your knowledge of politics is embarrassing.  The President is head of his party. That is why Howard Dean was replaced at the DNC, even tough he is an exceptional job building the Dems powerful grass roots machine.  As head of the party it's his, read Rahm's, responsibility to keep the state parties organized.  Patterson was a throw away as Lt Gov,  now he's basically Rolland Burris, which is not good for the 2010 elections.  It makes raising $ almost impossible so he has to go.

Sun, 09/20/2009 - 12:44 | 74911 Sqworl
Sqworl's picture

Youse guys might know finance but your knowledge of politics is embarrassing.

With all due respect, where the fuck do you think the money for the party comes from???? if not finance!

Sun, 09/20/2009 - 12:49 | 74915 zeropointfield (not verified)
zeropointfield's picture

State governments don't take orders from federal government or from the party head whether he be president or not. State governments are elected by the people of their state to which they are responsible.

In fact a president - or his entourage - conspiring to remove a s duly elected state government is blatantly unconstitutional and reason for impeachment. Unfortunately that wouldn't help as the issue is now with a corrupt and rotten system and not with a handful of greedy idiots.

Sun, 09/20/2009 - 12:58 | 74922 Silver Bullet
Silver Bullet's picture

They aren't "conspiring" to remove Paterson. Obama is the head of the Deomcratic party. He's fully within his rights to suggest Paterson to not pursue reelection or to back a challeneger in the race.

Sun, 09/20/2009 - 13:34 | 74945 zeropointfield (not verified)
zeropointfield's picture

Really? Where does it state that in the Constitution or the U.S.Code? I also couldn't find anything supporting such an assumption in the Federalist Papers.

Just because it has become custom doesn't mean it is legal or even right.

Sun, 09/20/2009 - 13:32 | 74942 Anonymous
Anonymous's picture

At least now he knows his options: lay off, and it's the governor's office; or continue to make trouble and get caught with a bignosed Jersey whore. Wonder what he'll do.

Sun, 09/20/2009 - 21:09 | 75057 Hrundi V. Bakshi
Hrundi V. Bakshi's picture

this is the only reason to re-elect paterson. this shit is funny.

 

http://www.nbc.com/Saturday_Night_Live/video/clips/update-gov-paterson/8...

Mon, 09/21/2009 - 01:55 | 75218 dot_bust
dot_bust's picture

Mike Ruppert (i.e. FromTheWilderness.com) once said that both political parties are like two mafia families in a crime syndicate. Perhaps if the public understand that, things could be changed. After all, it makes no sense to build on top of filth.

Mon, 09/21/2009 - 07:09 | 75250 Anonymous
Anonymous's picture

Cuomo could wait forever if there is another "Kristen" around.

Mon, 09/21/2009 - 13:11 | 75453 Anonymous
Anonymous's picture

Paterson's obesity tax suggestion is ridiculous. The tax is just to generate revenue after the power-elite and the politicians made a mess of things and sent all the money to the bankers. Then to scapegoat fat people and further rip off the public under the guise it is for their own good is shameful. Patterson deserves to get the boot!

Tue, 09/22/2009 - 02:40 | 76117 MsCreant
MsCreant's picture

I'm sorry about your weight issue. You are not alone. It would seem 2/3 of the US public is there. Good luck to you.

Mon, 09/21/2009 - 13:28 | 75473 Anonymous
Anonymous's picture

Why isn't the FBI preparing indictments against BOA's Ken Lewis?

Why wasn't the FBI sniffing AIG board room chairs instead of Spitzer's underwear.

Think about it. By blitzkrieg-ing Spitzer out of office, and avoiding an investigation of AIG, the FBI essentially phone tapped a guy for spitting on the sidewalk and ignored a billion dollar heist that took place right next to the lugi they had their magnifying glasses on.

Why go after Spitzer instead of AIG? Maybe because Spitzer says, 1) "Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’"

Whatever is going on in the US, the FBI is part of it. Research 2) FBI Agent John O Niel, whose body was mysteriously found in the WTC rubble. Research 3) FBI agent Dwayne Fuselier, the father of one of the members of the so called Trench Coat Mafia, the organization that the Columbine shooters were part of.

1)http://rawstory.com/08/news/2009/07/25/spitzer-federal-reserve-is-a-ponz...
2)http://www.judicial-inc.biz/Oneill.htm
3)http://www.judicial-inc.biz/columbine_killers.htm

We are drifting into fascism and the FBI is no longer adhering to their oath and protecting us. Do not go quietly.

Mon, 09/21/2009 - 13:30 | 75475 Anonymous
Anonymous's picture

Why isn't the FBI preparing indictments against BOA's Ken Lewis?

Why wasn't the FBI sniffing AIG board room chairs instead of Spitzer's underwear.

Think about it. By blitzkrieg-ing Spitzer out of office, and avoiding an investigation of AIG, the FBI essentially phone tapped a guy for spitting on the sidewalk and ignored a billion dollar heist that took place right next to the lugi they had their magnifying glasses on.

Why go after Spitzer instead of AIG? Maybe because Spitzer says, 1) "Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’"

Whatever is going on in the US, the FBI is part of it. Research 2) FBI Agent John O Niel, whose body was mysteriously found in the WTC rubble. Research 3) FBI agent Dwayne Fuselier, the father of one of the members of the so called Trench Coat Mafia, the organization that the Columbine shooters were part of.

1)http://rawstory.com/08/news/2009/07/25/spitzer-federal-reserve-is-a-ponz...
2)http://www.judicial-inc.biz/Oneill.htm
3)http://www.judicial-inc.biz/columbine_killers.htm

We are drifting into fascism and the FBI is no longer adhering to their oath and protecting us. Do not go quietly.

Mon, 09/21/2009 - 14:11 | 75533 Anonymous
Anonymous's picture

I live in New York and would vote for Spitzer he was to run

screw Barky hes got his own problems

let us new yorkers worry about new york

Tue, 09/22/2009 - 02:42 | 76118 MsCreant
MsCreant's picture

It does look like anyone who has the office is very vulnerable if they do not "step to."

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