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Ratigan Rips Into Obama, Calls Him Out On His "Free Money" Doctrine And TARP Hypocricy

Tyler Durden's picture




 

If only there were more journalists like Dylan, the vast majority of America's population may well have been on its way to grasping the gravity and the real implications of our current unprecedented wealth transfer paradigm, which the President, despite increasing "political points" rhetoric and recent attempts, such as the Volcker Rule, to if not stop then at least delay (thank you teleprompters), has been instrumental in blessing. Between TARP, guarantees, direct cash investments, and the trillions in implicit benefits from the record steep yield curve, the only beneficiary from the existing financial environment is the banking system, period. That this money could be put to much greater use elsewhere is without question: if these trillions had been invested in education, tech and research, America could now be on the verge of another technological revolution. But it is now too late (and, yes, this does account for marvels such as the Kindle - now if there was only a cool looking gadget that would force more Americans to learn to read). Looking back many years from now, the sad legacy of this administration will not be some vaunted healthcare reform, but the unprecedented amount of capital that shifted away from the nation's working class to the nation's "financial innovation producing" class.

Ratigan's presentation:

The president continues to say in public that banks have almost paid Americans back. That is a lie. The fact is the TARP which congress approved is only 2% of trillions of dollars in free money being provided to our banks by the Federal Reserve and our Treasury. The American people know this. They know that they are subsidizing our banking sector. And yet the TARP lie continues to be spread by our politicians. Our problem, Mr. President, is either you don't understand it, which I doubt, I'm sure you do. You don't want the American people to understand it, which would be understandable, although I also doubt that. Or perhaps you are doubting no one will notice all the other support and the big spending from the Fed will make the whole thing go away, which I think is what is really going on. But I am here to tell you the problem will not go away until you actually fix it. You see, we know, the American people know, that the CEOs of the banks turned into casinos, like Goldman Sachs, JP Morgan, Citi and AIG have paid themselves hundreds of billions of dollars building the debt bombs I was just talking about and exploiting the zero percent money from the Fed and the free money they get from the Treasury. The rewards for this go to bankers in the form of compensation, particularly the CEOs who decide how much risk the banks can take. Meanwhile the risks those banks take, ultimately the losses on all their gambling, go to us, the people and are harvested from our labor in the form of taxes. And worse the extraordinary returns offered by the bankers' fraudulent practices are like a black hole for America sucking money that would otherwise be getting invested in our country, but why would I go to the trouble of dealing with the investment when I have a funny money machine legalized by the government that's done in secret at the bank. Adding insult to injury the same giant banks are using the free money access granted to them by the political body to lend to foreign countries that seek to compete with us. The banks do this because it's more profitable for the bank CEOs to lend to them than to go to the trouble to lending to America even if it's coming at America's expense. Why would we, the people, vote for you, the politicians, to do that to us. It's beyond my comprehension and I suspect almost every other American who understands it.

The real question is why is Ratigan the only person who not only sees this, but has the guts to say it on national television TV.

 

 

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Wed, 02/03/2010 - 09:54 | 215736 SWRichmond
SWRichmond's picture

Ratigan is spearheading left-wing MSNBC's efforts to get in front of populist rage, like Beck is for the right.  As such, I support his efforts to help expose the Wall Street / DC circle jerk, and I am willing to embrace "enemy of my enemy" for as long as it takes to rout out and crush the corporatist / fascist oligarchy that runs this country.  We can get back to arguing among ourselves LATER.

Wed, 02/03/2010 - 10:00 | 215741 docj
docj's picture

Amen, brother.

Wed, 02/03/2010 - 10:16 | 215761 Careless Whisper
Careless Whisper's picture

Aren't Rattigan and Beck on the same page?

Wed, 02/03/2010 - 13:40 | 216050 Master Bates
Master Bates's picture

No, Beck just draws goofy pictures on a chalkboard comparing Obama to Stalin.  Ratigan actually has something relevant to say.

Wed, 02/03/2010 - 14:03 | 216088 faustian bargain
faustian bargain's picture

hm, that's not at all partisan is it.

Wed, 02/03/2010 - 14:13 | 216106 Master Bates
Master Bates's picture

Actually, it's not partisan.  It's based on their newscasts. 

I don't even watch Ratigan, (I don't get MSNBC) but look at what he said.
I do however, watch Beck almost daily and the man is a joke.  He doesn't say anything of substance.  He just draws goofy bullshit on a chalkboard comparing Obama via Jeremiah Wright to Mao and Stalin.

So it isn't partisan, it's based on what they say.  I think that Beck would have a hell of a lot more credibility if he talked about real issues instead of saying that everybody Obama has ever known wants to turn the U.S. into the 1940's Soviet Union.

Did you see that stupid documentary Beck did a week or two ago that was aired on a Friday?  What a shitty piece of biased journalism that was largely irrelevant.

Look at what Ratigan says (Obama gives money to the banks) versus what Beck says (Obama is a Maoist Stalinist that wants to eat your babies and put them in Gulags) and you can see the obvious difference in their rhetoric.

Partisanship has nothing to do with it.

Wed, 02/03/2010 - 15:26 | 216240 Anonymous
Anonymous's picture

The best characterization of Beck I've heard is that "he's an idiot stumbling in the right direction." He's way over the top on his comparisons of liberals to totalitarian nazis (not that the liberals don't have a bit of a big government totalitarianism streak), but at least he seems to understand the Fed ponzi scheme and the unsustainability of federal spending and entitlements. The Fed and monetary and fiscal policy are boring topics for the American Idol crowd, but Beck has huge ratings so at least he's getting more people riled up and outraged about these things than otherwise would be.

Wed, 02/03/2010 - 16:19 | 216325 Master Bates
Master Bates's picture

I think that he more or less caters to people that would be riled up anyway.  It seems to me that the entire faction of his audience is focused on making emotional responses to problems that are far too often pinned on one side of a problem that has multiple sides.

I do agree that it's a good thing that he gets people riled up, because many of these people would often know nothing about finance, or the federal reserve otherwise.  I was surprised when my mother was telling me about the currency revaluations in Venezuela.  "Really, you know about that?"

Still, I think that he needs to do a little bit more to be more consistent in who he levies the blame to.  He worships Reagan like a god, when Reagan was arguably the beginning of the government monetary policy that has led us to these deficits.  While there are certainly other factors to blame for our currency's demise that far precede Reagan, it seems that he only attacks Jimmy Carter, Bill Clinton, and Obama, when the Bush and Reagan presidencies are arguably just as much to blame.

He is an idiot stumbling in the right direction, sort of.  Still, his biases make him less than credible to me.

Wed, 02/03/2010 - 16:18 | 216322 A Nanny Moose
A Nanny Moose's picture

You might watch the Beck circus daily, but are clearly not listening. He frequently spells out, in no uncertain terms that that govt as a whole is the culprit, not just the Big O-Bot.

Yeah, He waxes tin frequently, rants about FEMA camps, but I see non-partisan glimpses, compared to Olberdork, and his clone Madd-cow

Wed, 02/03/2010 - 16:28 | 216335 Master Bates
Master Bates's picture

There aren't really other non-partisan glimpses.  He says he's an independent, and that "the rest of the government is responsible too", yet he says nothing about the "rest of the government that is responsible."

Further, he worships Reagan like a god, even though Reagan was the beginning of large government deficits in America.

He might mention "the others" aside from Obama VERY BRIEFLY, but he doesn't spend hours concocting bullshit on his chalkboard about anybody aside from Obama, really.

I listen to his show just fine.  I watch him compare Obama to Mao, to Stalin, and use a bunch of loose ancillary connections to make his case.

I can't say that I watch Olbermann or Maddow at all, although I know I couldn't stand what glimpses of Maddow I heard on the radio.  Still,  I have to say that I think Glenn Beck is just the same as them based on what I have seen of them.  You only are more likely to agree with him because of partisanship than you are likely to agree with them.

I mean, look at your comment.  Olberdork?  Madd-cow?  Gee, you sure hide your bias well.  There's no point in using silly names to make your case when there are obviously substantive facts you could be using to voice your disagreement.

As to Glenn Beck, when he actually says something worth listening to, I'll start listening.  When he stops comparing Obama to Mao, I might take him seriously.  When he stops running bullshit documentaries that show 20 million killed in the Soviet Union under Stalin and say that some guy that Obama hired is a Stalinist, so therefore Obama wants to kill 20 million Americans, I might listen.
Until then, I'm going to view him as a blatantly partisan cartoon that riles up pseudo-intellectual populists about issues that largely don't matter, when there are SO MANY other issues that he could talk about and be seen as reasonable or intelligent.

Wed, 02/03/2010 - 17:43 | 216420 Anonymous
Anonymous's picture

Pseudo-intellectual is being generous.

These are the people who for lack of a better way of putting it - supported GWB based entirely on what they were told (namely, via the 9/11 horse and pony show), and then realized they were caught with their pants down sometime in late 2007.

Opinions are irrelevant, and facts speak for themselves - provided we have the ears to listen.

This guy is a partisan hack - but as someone earlier mentioned (you?) - I'll stand with the enemy of my enemy so long as it takes to start moving pieces around the board. Our methods may differ but our goals are similar, and there is transference.

A close friend postulated that this country was on the verge of revolution just before the election. I tend to agree in a sense... We were thrown a bone, and now we're sitting back To watch. Can he do it? Will he do it? Maybe we don't have hope or change we can believe in, but we have perspicacity and retribution.

When BO doesn't/can't deliver - what's goona happen? It's anybody's guess but with thirty million out of work and off of State subsidy, you can bet it will involve firearms.

Wed, 02/03/2010 - 10:05 | 215744 john_connor
john_connor's picture

Agreed.  Ratigan, like Beck, is doing some good things.

Wed, 02/03/2010 - 11:06 | 215799 bugs_
bugs_'s picture

Ratigan and Beck following the Dobbs formula.

Point out whats wrong - rail about whats wrong.

That only gets us 1/2 of the way there I'm afraid.

How to stop it?  How to fix it?

Do we really need another weather man?

Wed, 02/03/2010 - 12:09 | 215872 gmrpeabody
gmrpeabody's picture

We need them to spread the word in as many venues as possible. Not too many Joe Sixpacks are readingZH, or would even understand it if they did. Radigan has a way of breaking it down, so the folks can understand. In that regard, let me buy Ratigan a beer.

Wed, 02/03/2010 - 12:13 | 215882 boiow
boiow's picture

+10

Wed, 02/03/2010 - 14:04 | 216092 faustian bargain
faustian bargain's picture

Judging by the complacency I see around me in daily life, I'd say we need lots and lots more weathermen. Most seem to think the sun is coming out, tomorrow, tomorrow.

Wed, 02/03/2010 - 14:17 | 216116 Master Bates
Master Bates's picture

You can't force people to pay attention.  You could have people shouting that we're fucked from every rooftop and as long as people's individual conditions are fine, they won't even blink.

Nobody believes the hype until it effects them.  Still, only ten to twenty percent of Americans have any reason to pay attention today.  The rest are either partisan hacks that would hate Obama no matter what he did, or partisan hacks that would love Obama no matter what he did.

Wed, 02/03/2010 - 15:46 | 216280 Dburn
Dburn's picture

+10

The only time anything will come of this is when a large majority north of 70% of the population is suffering. I have seen complacency on both sides. The biggest problem are the partisan economists amatuer and professional who tell everyone that things are getting better. That is a signal that says "don't do anything" which most Americans will eagerly accept. The ones affected are made to feel like scumbags. This is another major feature of feel good economics. We have an abundance of moralists on both sides which will show up on any venue to explain how perfectly they planned out their life including the sacrifices they made and then proceed to lump everyone together as credit addicts who can't manage money. Then they finish it up by saying "why should I help them". They are the banks foot soldiers whether they think that way or not.

As I said to one, "we aren't talking about the way things ought to be, we are talking about the way things are. It's nice to know you have better fortune than most, but it doesn't do a thing for those who are in deep shit".

Unless someone has a mid 7 figure liquid net worth , they are one series of catastrophic illnesses away from seeing the perfectly planned  life turn into a nightmare unless of course they work for the Govt. 

There was an  example of such a person on locally. He and his family lived the perfect life of no debt, growing small business good liquidity and what they thought was good insurance. Their daughter developed a hole in her heart. The Dr's in N. Carolina tried everything, then Riley Hospital in Indianapolis promised the couple they could fix her daughter. So he sold off his small business and they moved to Indianapolis for a year of pure agony. At the end, they were handed their dead daughter and a $758,000  bill after he paid everything he had to them.

Apparently they didn't understand what a Insurance cap was . Their cap was 2 Million. They went over by 7 figures plus . The $758,000 was the balance due. The hospital was absolutely ruthless in it's collection efforts. They couldn't file bankruptcy if they hoped to get their business back off the ground.  The couple had no income, no assets left and no business to generate income and most importantly their daughter was dead. This is just one lesson in how bad luck can strike anybody at anytime if they make one slip up. If they had known about Caps they could have easily gotten 5 Million. That's all an Insurance company will pay in a lifetime for the entire family. One slip up and the perfect life was radically changed forever.

 

That was before the great recession. There are many perfectly planned lives that are living nightmares but not enough to make the politicians fear for their job security.

 

Wed, 02/03/2010 - 17:01 | 216364 Master Bates
Master Bates's picture

That's why I think that health care reform is so important.  I don't agree with the current proposals, which are basically a giveaway for insurance companies, but SOMETHING needs to be done.

Health insurance premiums have increased 300% in the last decade, while many employers refuse to even carry coverage for employees.  At the same time, have wages increased by 300%?  Not even close...

Wed, 02/03/2010 - 10:06 | 215747 Anonymous
Anonymous's picture

you have to ask why did MSNBC pull this from their Jan 29 video archive (the segment before and the segment after are both still there, but the above is no where to be found)

If it wasn't for the person who captured this on You Tube this rant would be lost forever. Also I am not sure there are many even on FOX who would dare to call the president a liar.

Wed, 02/03/2010 - 12:05 | 215865 Sancho Ponzi
Sancho Ponzi's picture

Censorship is here en masse. An article on the Administration's back-door taxes on the middle class got pulled earlier this week. 

From the CSM:

http://www.csmonitor.com/Money/new-economy/2010/0202/Obama-to-use-backdoor-taxes-to-hit-middle-class-Oops-not-true

Wed, 02/03/2010 - 13:42 | 216055 Master Bates
Master Bates's picture

Perhaps you've never watched Hannity or Glenn Beck.  They call the president a liar daily.

Wed, 02/03/2010 - 10:06 | 215748 Anonymous
Anonymous's picture

+11

Whether left or right, we can sort out our own issues. Provided nosy politicos get the hell out of the way.

Wed, 02/03/2010 - 12:13 | 215884 Anonymous
Anonymous's picture

"Whether left or right, we can sort out our own issues."

absolutely. thing is we may be closer in agreement to each other than we may think.

Wed, 02/03/2010 - 10:11 | 215754 Miles Kendig
Miles Kendig's picture

+!.

Wed, 02/03/2010 - 10:11 | 215755 basehitz
basehitz's picture

+1

Wed, 02/03/2010 - 10:56 | 215793 Hephasteus
Hephasteus's picture

And that's just normal. You have to have the really really really strong stuff to be able to start calling into question some of these things. I had no freaking clue until it all start crashing and then started paying attention to it. There is no quick abandon the old boat and get on the new winning boat offense or defense. Ratigan is looking for answers trying to kick in any sort of sense and sensibility he can derive from this century long screwup. I'm not even going to rip on GE that hard. Just because you contributed to a massive screwup doesn't mean you don't want to find some better way.

Wed, 02/03/2010 - 13:13 | 215985 Jefferson
Jefferson's picture

The globalists are channeling populist outrage against the bankers, politicians and unions in order to eliminate what remains of national financial oligarchs. The solution the globalists, controlling the editorial direction of both NBC and FOX, have in mind is much worse than anything the US has experienced to date.

The globalists are clearing away any remaining opposition to the radical financial system "reforms" that will eventually be administered by the IMF/BIS/FSB cabal.

Simon Johnson recently wrote an article that describes the basic nature of IMF strategy in the process of destroying local financial oligarchs. On numerous occasions, the IMF, on behalf of the globalists, have whipped up populist outrage in order to whack financial and political oligarchs in underdeveloped countries so the globalist can take unfettered control.  The globalists are now applying these strategies against the financial elites in the US and other developed nations.

Wed, 02/03/2010 - 13:52 | 216047 P Rankmug
P Rankmug's picture

Jefferson, how have you developed your views on the globalists and their plans?  First hand knowledge or disassociated observation?

Can you provide a link to Simon Johnson's article on IMF strategy?

Wed, 02/03/2010 - 17:07 | 216371 velobabe
velobabe's picture

 

here is simon johnson's blog the baseline scenario. comments are really informative too!

http://baselinescenario.com/financial-crisis-for-beginners/

i would like to add amy goodman, Democracy Now tv show on PBS.

she was the only american journalist to report live from copenhagen.

she was the only reporter exposing the truth coming out of haiti.

she reported from sundance film festival, interviewing film maker's of

interesting indie films. a lot of people think she is second tier reporting but she covers

real global issues.

 

Wed, 02/03/2010 - 13:43 | 216057 SWRichmond
SWRichmond's picture

Are you suggesting the IMF has the horsepower to run one of its bailout theft scams in the US? 

Wed, 02/03/2010 - 14:32 | 216150 Hephasteus
Hephasteus's picture

Let's see. Who's the governor for the US branch of the IMF.

http://en.wikipedia.org/wiki/International_Monetary_Fund

Timothy F. Geithner. Sounds german. Wonder who he is.

Alternate Governor.

Ben Bernanke

Um. What was your question?

Wed, 02/03/2010 - 16:24 | 216329 SWRichmond
SWRichmond's picture

Money.  Do they have the money?  What would they loan us?  SDR's they printed, that are really just printed dollars/Yen/Sterling?

Wed, 02/03/2010 - 13:36 | 216042 Anonymous
Anonymous's picture

Ratigan has been on this anti-financials crusade for well over a year and it's probably at least half of what got him run from CNBC. He was out in front of this before you, more than likely. In doing so he's been a rare credit to the journalism profession. If MSNBC is using him you can bet that relationship is symbiotic.

And his true concern for this country goes well beyond Beck's. As does his comprehension of the problems.

Wed, 07/14/2010 - 16:17 | 469099 CPJ13
CPJ13's picture

+1 Couldn't have said it better myself.

Wed, 02/03/2010 - 10:02 | 215742 Joe Sixpack
Joe Sixpack's picture

Too bad he did not say something in 2008 like Joe Sixpack did:

 

http://www.joesixpack.me/orig_letter.html

Wed, 02/03/2010 - 10:03 | 215743 ReallySparky
ReallySparky's picture

Deep very deep.  I challenge all readers to forward link to their distribution lists.

Wed, 02/03/2010 - 11:52 | 215841 Anonymous
Anonymous's picture

Deeply stupid. The big move, here, was to cover Central Bank dollar positions. This move allowed the dollar to continue as the world's base currency.

The risk is minimal. Costs either way are also minimal.

The real news is that we are light $1.5-trillion in savings for the period 2003-2008. Government actions, today, are aimed to fill in for that missing savings/investment flow.

Savings =feed= Investment =feed= Job_Creation.

Basic macroeconomics. google [ richard koo balance sheet ] for more. Or read his "Holy Grail" book. There's sensible annotation and links to powerpoint slides and an audio presentation at the dailykos web site.

Finally, our feudal rich do not save money. Once upon a time but not now, not recently. Add ZIRP and you've got a self-inflicted disaster on the way.

inlinethumb08.webshots.com and /43719/2539024090102267853S425x425Q85.jpg -- from Slide # 13 of the Koo powerpoint presentation. The "normal" savings dips of 1999-2000-2001 were forced toward Hell in 2003-2008.

Wed, 02/03/2010 - 12:02 | 215858 Anonymous
Anonymous's picture

Just did.

Wed, 02/03/2010 - 10:05 | 215745 Daedal
Daedal's picture

Ratigan, +Mad Props.

Even more impressive is that Ratigan's thoughts are allowed to be aired.

 

Wed, 02/03/2010 - 12:03 | 215855 Winston Smith 2009
Winston Smith 2009's picture

His thoughts will be allowed until they are a real threat.  Then, they'll either find or manufacture a skeleton in his closet to get him off the air or he'll have an "accident."  And, yes, I really believe that's how bad things are.  Whatever the criminals in charge think they can get away with, they will try.

Wed, 02/03/2010 - 10:09 | 215749 smalltownlawyer
smalltownlawyer's picture

Ratigan, zerohedge contributors, Barofsky, Denninger, Warren, Volcker: these people and a very few others are voices of sanity in an insane world. Later, in 2013 or so, as we try to understand the Collapse, those most responsible will try to say that no one could have predicted the unintended outcome of their policy decisions. Then we will cite sources such as this Ratigan broadcast to impeach them. 

Wed, 02/03/2010 - 10:09 | 215750 deadhead
deadhead's picture

Thank you very, very much Mr. Ratigan.

Please keep pressing this matter so that Americans gain a better understanding of what is transpiring.

Rahm....it's past time for you to advise Barry to get out in front of this, not with populist rhetoric, but with a truthful explanation and education to the American public about what the banks and Fed are really up to.  Americans know they are getting screwed, as Mr. Ratigan correctly indicates, it is just that some of them don't understand the operational details (fed toxic asset purchases from banks, banks borrowing at the window and trading, etc, etc, etc).

The problem with the banks is unchanged from what became apparent in 2008; there is a huge capital problem caused by defective assets and as opposed to a plan to cure those assets to ultimately clean up bank balance sheets, we have simply let the source of needed capital, i.e. the profits of 2009, go directly into the pockets of a small number of people wherein those profits should go to the capital accounts to reserve for past, present, and future losses.  This is a failure of the fiduciary responsibilities of senior bank managers and an epic fail on the part of the US bank regulators.

Wed, 02/03/2010 - 13:46 | 216063 Master Bates
Master Bates's picture

I disagree.  I don't think that the majority of Americans have any concept of fractional reserve lending, the Federal Reserve, or asset bubbles.

People should have easily been able to see this coming for years (since anyone with a brain knows that if you need a 1% mortgage to afford a house, you can't really afford the house!) but they were too busy wanting to be the next "flipper" or whatever.

Still, people have no idea what is truly going on, although the belief is becoming more mainstream that we're getting screwed.  I still believe that most Americans are too selfish to see beyond their own noses, and as long as they and their family are okay, they really have no concept of the scope of this downturn.

Wed, 02/03/2010 - 13:48 | 216068 Shameful
Shameful's picture

Why on Earth would Rahm do that?  Really think about it from their perspective.  Obama and crew knew what they were getting into and GS and company knew what they had purchased in him.  They know what they are doing is wrong, so to come clean now means to admit that fault.  Politician admitting to being a party to massive crime to the American people, not going to happen.  They also know they will be found out, no big deal.  In America we don't prosecute the real criminals so no problem.  By not admitting it in public have a free hand to loot till at least 2013 minimum, and then it's a quick jump to a country with no extradition treaty if things are hot.  Why on Earth would they stop robbery when they are in process and have a a clear get away plan?

Wed, 02/03/2010 - 10:15 | 215760 Ajaxromeo
Ajaxromeo's picture

The facts that need to get out to hoi polloi are these: the banking cabal owns both parties. Their zero interest rate policy does not put money into public circulation but only into the pockets of those who own banks. Though we get none of the money the debt the policy creates will be fall on us and our children.

Wed, 02/03/2010 - 10:22 | 215765 Anonymous
Anonymous's picture

"Looking back many years from now, the sad legacy of this administration will not be some vaunted healthcare reform, but the unprecedented amount of capital that shifted away from the nation's working class to the nation's "financial innovation producing" class."

Not quite accurate. It should be "...the sad legacy of every administration from Reagan on..."

Wed, 02/03/2010 - 13:35 | 216041 viahj
viahj's picture

Still not quite accurate.  It should be "...the sad legacy of every administration from 1913 on..."

Wed, 02/03/2010 - 14:12 | 216102 faustian bargain
faustian bargain's picture

+1

Wed, 02/03/2010 - 14:21 | 216122 Master Bates
Master Bates's picture

You could say that it was from Nixon on, or from 1913 on as well.

I do agree that Saint Reagan started the "borrow from tomorrow to pay for today" en masse, and that his supply side monetary policy is greatly responsible for the GOVERNMENT deficits and problems.

But I also think that the larger problems in our currency started well before that, with Nixon, or even Wilson... pretty much with giving our monetary system to a cabal of banks.

Wed, 02/03/2010 - 16:28 | 216336 A Nanny Moose
A Nanny Moose's picture

Civics class. President only signs/vetos the bills, and proposes budgets.

Look to congress for the source of the vote buying ponzi.

Wed, 02/03/2010 - 10:24 | 215766 Anonymous
Anonymous's picture

The line length of your posts are too long, making reading difficult.

Wed, 02/03/2010 - 10:24 | 215767 Anonymous
Anonymous's picture

It will suck to be a American anytime soon.

Wed, 02/03/2010 - 10:26 | 215769 Miles Kendig
Miles Kendig's picture

I owe Dylan an apology folks.  If you read this thread, Dylan, I challenged you to actually stand and say it.  You have.  Admirably.  With strength and certitude.  I stand amazed and with gratitude for your efforts.  Welcome to the club.  The party is in the Second Room.

- Layne

Wed, 02/03/2010 - 12:06 | 215866 besodemuerte
besodemuerte's picture

Second.

Wed, 02/03/2010 - 10:35 | 215775 Anonymous
Anonymous's picture

Our descendants will always remember Obamavilles.

Wed, 02/03/2010 - 10:44 | 215780 Anonymous
Anonymous's picture

Last year I earned 33K on my money market. This year I earned $9k. To me, that is a $24,000 tax, but nobody in Washington seems to count that. Thanks to Ratigan for making the point.

Wed, 02/03/2010 - 10:51 | 215785 Anonymous
Anonymous's picture

Rattigan is wrong about one thing. The American people do not know that these banks are also borrowing from the Fed window. They think the TARP money was all that was given to the banks. They also fail to realize that the TARP money that was repaid was mostly repaid with money from the Fed Window. These banks borrowed from Peter to pay Paul....or Satan to pay Lucifer.

Wed, 02/03/2010 - 10:55 | 215791 Roy Bush
Roy Bush's picture

Rattigan is wrong about one thing.  The American people do not know that these banks are also borrowing from the Fed window.  They think the TARP money was all that was given to the banks.  They also fail to realize that the TARP money that was repaid was mostly repaid with money from the Fed Window.  These banks borrowed from Peter to pay Paul....or Satan to pay Lucifer.

Wed, 02/03/2010 - 13:52 | 216074 Mark Beck
Mark Beck's picture

It is really difficult now in 2010 to make any real blanket statement about TARP, other than perhaps that it was extended. The infusion of cash for Bank of America, for example, came in many forms, or TARP flavors. But one way to pay back loans is to sell equity, albeit at the dilution of outstanding shares, like B of A did in December;

http://www.businessweek.com/investor/content/dec2009/pi2009124_463141.htm

A lot of the actions for the big bailout banks must be looked at on a case-by-case basis in order to see what is really happening. Each company is a little different. What is interesting is that without accurate accounting, all that we can say is that money went into BofA to handle legacy bad debt (also from Merrill) and cover guarentees from AIG, and to, well just keep the lights on. The question is one of loss exposure when recognized on the books. It is a solvency game played by arranging the financial statements.

Mark Beck

Wed, 02/03/2010 - 10:57 | 215794 velobabe
velobabe's picture

his prime sidekick, eliot spitzer = paul revere and the raiders.

Wed, 02/03/2010 - 11:06 | 215800 CB
CB's picture

Every journalist should be critical as hell of every damn thing they report.  Reporters rarely ask good questions or require complete answers.  I rarely watch the news nor do I often listen to programs like NPR anymore because it is so irritating.

Wed, 02/03/2010 - 11:35 | 215823 Anonymous
Anonymous's picture

Right on, NPR has been 100% disappointing as all other main steam media. Worse, as the one that is perceived by the public as the somewhat the liberal side of the media, it is setting a delusional left-sided boundary. IT IS NOT WORKING ANYMORE AS PEOPLE ARE SLOWLY REALIZING THAT. Listen to Tom Hartman!!!

Wed, 02/03/2010 - 11:07 | 215801 Anonymous
Anonymous's picture

In the meantime the banks pay us zero per cent on our savings, while the govts other policies rapidly destroy the value of the principal. Why is the public not outraged? Or are we just beaten down by and in fear of our government. We need to call on the military to protect us from our most mighty and deadly enemy, our federal government.

Wed, 02/03/2010 - 11:08 | 215804 Anonymous
Anonymous's picture

Attaboy Dylan, it is encouraging to not hear a lie forwarded by the media. Was this actually on TV? Anybody know what time(EST), he is on?

Wed, 02/03/2010 - 11:21 | 215813 Thoreau
Thoreau's picture

MSM is on damage control duty for all the erroneous BS they've been dishing out; hopefully more stories/voices like Ratigan's will hit the tube.

Wed, 02/03/2010 - 11:22 | 215814 Anonymous
Anonymous's picture

Interesting how I disagree with Ratigan on so many issues, but he's spot on here.

I sometimes wonder if there's more in common with the far left and far right than there is between either of them and the political center.

Wed, 02/03/2010 - 11:23 | 215815 Anonymous
Wed, 02/03/2010 - 11:42 | 215827 Anonymous
Anonymous's picture

I would like to see others TV hosts / media outlets expand on this blatant assumption that banks have paid back TARP.
Mish, O'Reily, Beck, Hannity, Rush, Greta, etc. should follow up on educating the masses (i.e. most readers would agree with that the majority of Americans are not wise to this).

Uncover the financial shenanigans and Enron accounting practices going here.

Wed, 02/03/2010 - 13:51 | 216071 Master Bates
Master Bates's picture

For Rush and Beck to educate anybody, they themselves would have to be educated in the first place.
All they are is a bully pulpit that is against anything democrat.  They really don't care if America gets better as long as their boys that they are paid to promote get into office.

Bush was a saint to them the whole time he did what he did.  If they truly cared about America, they would have said something long ago.  It's not like America's problems started with the crash in 2008.

They will never truly educate people.  They will only make insane rants to get Mitt Romney or Sarah Palin elected.  Then, if Mitt or Sarah did the same things Obama is doing, they'd defend them to the end, because that is what they are paid to do.

Wed, 02/03/2010 - 11:44 | 215828 Anonymous
Anonymous's picture

Ratigan for Prez in '12!!!

Wed, 02/03/2010 - 11:47 | 215831 Anonymous
Anonymous's picture

Yes the real question is WHY is he the only one to tell the truth to power?

He has to repeat this broadcast as many times and in as many ways as he can devise.

Wed, 02/03/2010 - 11:51 | 215838 Anonymous
Anonymous's picture

Might want to spell-check that headline.

Wed, 02/03/2010 - 12:04 | 215864 BoyChristmas
BoyChristmas's picture

Not that impressed, should have been done ages ago and like someone said, is only part of the equation (half is being very very generous).

Wed, 02/03/2010 - 12:20 | 215901 percolator
percolator's picture

Boy, Dylan could not have done "ages ago" because he was at CNBS and they would not have allowed it.  Also its better late than never.

Wed, 02/03/2010 - 12:20 | 215898 Obnoxio
Obnoxio's picture

The US Government thinks the public are fools who can't see the truth. When Paul Volcker put forth a possible longer term fix to the banking system Congress capitulated to their Banker masters once again and killed it. Congress and their aides all want jobs with the banks once out of office. What a bunch of whores with no integrity, putting themselves first before the country.

Wed, 02/03/2010 - 12:20 | 215900 Anonymous
Anonymous's picture

props to ratigan. his former interviews explained his belief that he left cnbc to have more ability to find issues and be a journalist. he is beginning to redeem himself. still though, the two words that never come up on the news: speculative attack. perhaps project mayhem can somehow slide this topic into the media mainframe.

Wed, 02/03/2010 - 12:25 | 215907 Anonymous
Anonymous's picture

Does Mr Ratigan note that his corporate parent, GE, is the largest single beneficiary of FDIC-insured debt?

GE's finance arm, GE Capital, issued more than $80 billion of debt guaranteed by the FDIC, about 25% of the total program size.

Wed, 02/03/2010 - 12:32 | 215920 cubanonradar
cubanonradar's picture

Of course, Dylan was removed from the 7 am slot on the left coast! They have their usual worthless "news" on again. They won't let anyone actually inform the sheeple during prime time.

Wed, 02/03/2010 - 12:53 | 215950 John McCloy
John McCloy's picture

This is an upgrade for Dylan cuban. He has an entire show now to himself and is telling Americans what they need to hear. I hope a 6pm is in the cards.

Wed, 02/03/2010 - 12:51 | 215934 John McCloy
John McCloy's picture

You make me very proud Dylan. This is why I was writing letters to MSNBC praising your journalism pleading with them to provide you with time slot that make you more visual. 8pm time slot here we come. Ignore all the noise of the anti- Beck gang. The man understands America as does Ratigan.

The blood of Irish revolutionaries runs strong in your veins. This is what America is about and we are slowly chipping away at the facade that these plutonomists and their bought & paid politicians have tried to stealthily construct as the "New America". The goal is to keep Americans in the trance as long as possible and hope everything recovers. I am still amazed people have not called this precisely what it is.. A Depression.

It starts as a whisper but grows into a hurricane. I spend half of my day educating co-workers, family, friends about how crucial it is to remove their deposits from the big banks since it us who provide them with the ammunition to use against us. The goal is to keep housing unaffordable for average Americans. If this government was so concerned about people affording homes than they should have been letting the economy finds its free market pricing for the past two decades. Instead they allow banks to mark homes up 1500% percent. The banks in turn lend you an insane some of money to buy an overpriced home so that you are a slave to your debt your entire life.

Your family suffers for generations. Familes are ruined because of infighting derived from money. Depression ensues, drugs and alchohol are abused (Which they are selling to you handily) and we have an America now with crass morals and standards and prime time television more inlign with "Tard TV". Our reward from the banking elite?

They allow 1 in 100k into their club and when they take too much too fast and the system collapses guess what...We get to pay for it to be rebuilt with them in a larger position of power. This was nothing short of a financial coup. We need to inform everyone. And as I have said before sites such as Zero Hedge need to move forward as focal point for those of a similar political view and vision of where they wish this nation to be a century from now. I have too much respect for the founders and every soldier who died to protect the liberty we have currently. Average citizens just do not understand that economic liberty is as important as individual.

When I feel mentally defeated by why what is occurring around us on a daily basis with even less believability than the day before it is people like Dylan Ratigan and Zero Hedge and the population of this site and the collective wit and intelligence that inspire me to not give up and to write Senators and Congressman and educate everyone who will listen without sounding like I am pontificating.

It takes so long to just get one person to swallow the red pill. OT: Its is evident all those 9/11 truthers are not as clever as we think if 2 years later now they do not have the perception to see a real intelligence operation performed right in from of their eyes. Now if President Bush were still in office I would expect much harsher rhetoric from the liberals posing as democrats. Solely because President Obama is in office has entirely too much leeway been provided for these events that are nothing short of unconstitutional.

Wed, 02/03/2010 - 13:59 | 216084 Master Bates
Master Bates's picture

Glenn Beck might as well be called the "fuck the democrats hour."
He raises some good points now and then, but most of his broadcast is just wiley conspiracy theories writing bullshit on a chalkboard comparing Obama to Mao or Stalin.

If he was truly objective, or independent as he claims, he'd do a lot more than draw silly stuff on a chalkboard and blame "progressives" (Democrats new word for themselves since liberal is now a pejorative) for the country's problems.

A good example of this is how he consistently makes Reagan into a saint, although Reagan started the whole "borrow from the future to make the present look good."
Reagan, Bush, and even Clinton were all complicit in the mess that brought this country down.  Yet, you'll only hear Beck say anything negative about Clinton.

Now he praises Sarah Palin?  America needs more intellectuals, not more Sarah Palins.  Unfortunately, Beck does not play to an intellectual audience, only an emotional one.

I'm not saying Obama is doing any of the right things, but neither has the right wing that Beck has vehemently defended over the years.
Beck is just a clown that plays to pseudo intellectuals that want to be "part of something."  He doesn't understand the real America, which is a lot different than his wacky daily rants.  He just plays to the conspiracy theorist that blames the democrats in any way possible, while leaving people like Reagan, who started this "supply side economics" bullshit alone.

Wed, 02/03/2010 - 18:23 | 216471 Ned Zeppelin
Ned Zeppelin's picture

You, are, right.  What is good about Ratigan is that he frames the discussion at a politically high (or is it simple) level: we have this beautifully well-designed, ostensibly wealthy, well-endowed country and system, let's ask: for the benefit of whom, exactly, is the system being directed?  Then ask, does it serve the common wealth, does it build common prosperity? Is it right and just? Big questions that will need answering.  I think we have wandered off track, and need to unlearn a lot of bad behavior. We need to start by enforcing the law.

Stay thirsty, my friend.

 

Wed, 02/03/2010 - 12:47 | 215938 Anonymous
Anonymous's picture

I fear the Corportist Kleptocracy will continue to 'extend and pretend' for a good while yet... The window of opportunity for change that came and went with the new President has closed and has now passed into history. (I knew nothing would come of this when Monsieurs Geithner and Summers were brought onboard)
I fear America is TOO far gone! The Beast is TOO powerful at this point. Tinkering toward collapse is NOT a remedy. Beheading the Beast and 'cleaning house' is the ONLY option, which I think America has no stomach for...

Wed, 02/03/2010 - 14:02 | 216087 Master Bates
Master Bates's picture

Obama: "I'm going to change America"

Man in shadows: "Here, Barack, I want to show you something.  It's a video of the Kennedy assasination from an angle that nobody has seen before."

Obama: "So, what can I do to enrich you and your buddies so that you don't do the same to me?"

Wed, 02/03/2010 - 17:14 | 216381 boiow
boiow's picture

gotta love bill hicks, if he was still alive he'd be on here  (as goatboy)

Sun, 02/07/2010 - 16:15 | 221353 Anonymous
Anonymous's picture

amen

Wed, 02/03/2010 - 12:59 | 215964 Forbes
Forbes's picture

I knew Dylan 15 years ago, when he first started in the reporting business with Bloomberg. Talked to him almost daily by telephone--took me to dinner once at Smith & Wollensky's to ingratiate himself with a new source (me). Clearly, he has emerged from his, then, halting and somewhat timid persona.

 

But at what point do these TV rants fail to engage the public due to the overloaded use. Cramer, Olbermann, Beck, O'Reilly, et al. incorporate the populist rant style to express their indignation--even outrage. Yet, these talking heads serve as entertainers, rather than the source of substantive information. When you talk to your neighbor or co-worker about bankers gambling at a casino with funny money that gets sucked down a black hole--aided and abetted by the Treasury and the Fed--what policy change have you advocated? Who have you put on notice?

 

Or have you just satisfied some emotional bloodlust by venting your spleen?

 

And now switch the channel to "Lost" or "American Idol" for some escapism and voyeurism.

Wed, 02/03/2010 - 14:05 | 216093 Master Bates
Master Bates's picture

Agreed.  No TV pundit plays to intellectuals that want real change.  They only play to pseudo intellectual populists that want to vent their emotions and base all of their actions on the belief that somebody else is getting more than they are.

Wed, 02/03/2010 - 13:04 | 215980 Anonymous
Anonymous's picture

My fellow Americans..........Do not believe your lying eyes and ears! Harken instead to the artful and honeyed words of our Dear Leader.

He, with his political, media and academic pimps, is conniving to suck your freedoms, heritage and livelihood into the same sink that they all so highly revere.

And tomorrow...............You will not realize nor care about the evil that has
been committed in your name.

Wed, 02/03/2010 - 13:21 | 216018 Anonymous
Anonymous's picture

All the president's men
Should change begin here?

WASHINGTON (MarketWatch) -- Too many people have already lost their jobs, but there's a few more that should probably be seeking new employment. In the face of the growing debacle in the White House, it's becoming clear that some top advisors are not performing very well.

One of the biggest problems, though, as this column has maintained from the start, is the economic team. Treasury Secretary Timothy Geithner has been a liability from the beginning and now has become a virtual albatross around Obama's neck. Why the president feels he has to be loyal to this compromised Republican-turned-independent is baffling.

The sham programs adopted to protect bank executives (think stress tests), the steadfast opposition to any real bank reform, the loan modification programs that hardly helped anyone, the much-ballyhooed public-private investment program to remove toxic assets that has sunk into well-deserved oblivion - all these can be laid at Geithner's feet.

http://tinyurl.com/yjb5pqq

Wed, 02/03/2010 - 14:19 | 216119 Heroic Couplet
Heroic Couplet's picture

When the IMF meets in foreign countries, the IMF protesters always show up. Why aren't the IMF protesters not showing up in the US? when the jobs lost are announced monthly, when bonuses are paid at banks. The 'rest of the world' IMF protesters are completely absent from the US, when it seems like they should be a permanent core of protesters.

Wed, 02/03/2010 - 14:36 | 216156 arkady
arkady's picture

Unless Ratigan proposes a solution he is not really exposing anything particularly new, even to the masses.  Most people are quite aware that banks are swimming in taxpayer money and are extremely opposed to it, we know this by the massive opposition to TARP before it was signed into law. 

So while the lefty Ratigan may be compared to the righty Beck, it is the solution that really matters.  Our problems lie in our central bank, our fiat money, FDIC and other forms in federal intrusion that have turned the free market banking sector into an orgy of political special favors.  So if Ratigan wishes to hand more power to Congress, then no thank you. 

Wed, 02/03/2010 - 18:29 | 216484 Ned Zeppelin
Ned Zeppelin's picture

Well, Congress is the body vested with authority to make laws. Congress could revoke the Fed's charter and redesign our monetary sytem tomorrow. The buck stops there, not at the Federal Treserve. Tomorrrow Glass Steagall could be renacted, and the fusion of commercial and investment banking halted dead in its tracks.  Fannie and Freddie could have their charters revoked.  Dozens of federal agencies albatrossing (all rights reserved) our economy and citizenry could cease to exist with a voice vote and the stroke a few pens.  All by Congress. Do you have an "extra-constitutional" suggested course of action?

Wed, 02/03/2010 - 16:50 | 216347 carbonmutant
carbonmutant's picture

Ratigan sounds like a modern day Ed Murrow.
It's unfortunate that the MSM  has bought into the White House mantra "You can't report the true facts because it will damage our efforts to repair a fragile economy".  But under the pretense of helping the US economy, the media has gone from reporting the news to hiding the news. We now have a "burqa media" This Problem isn't going away until more networks start reporting it.

Unfortunatly the latest spin is "It's time to put all this behind us."
(Well maybe bad things were done but we've got it all figured out. Don't screw up the recovery.) And the message to the democrats is anybody who doesn't  support the White House version is a Republican.

Wed, 02/03/2010 - 17:52 | 216438 Anonymous
Anonymous's picture

------------DYLAN!!!!

How do we get you on to one of those "Q&A" sessions with the President???

You are one of the FEW journalists in this nation that are actually smart enough to ask the questions and demand answers in a way that they CANNOT SLITHER AWAY or sweep their trash answers under the carpet.

The comment above about the "BURQUA ECONOMY" couldn't be more true. The media has gone from reporting the news, to absolutely HIDING IT.

The truth is difficult, but the LIES are much more damaging!

We love you Dylan!! Keep fighting the good fight!

Wed, 02/03/2010 - 20:39 | 216601 Pinefox
Pinefox's picture

Even at CNBS Ratigan asked some hard questions in his interviews and did not gloss over tough subject manner.  Beck is trying to educate the masses. His style is flamboyant and sometimes the message gets overshadowed by that.  We all don't learn in the same manner, so Beck may be helping to educate in his own way.  I live in Washington State, a decidedly Democratic state.  The only way I have been able to capture someone's attention is to say that I am talking about economics that affect us all, not about politics.  Maybe if this distinction were used when the media is reporting on the deficits, the Fed., Fannie Mae, Freddie Mac, the bail outs, the TARP etc., more people would actually comprehend the information instead of becoming defensive because of their political persuasion.

Thu, 02/04/2010 - 13:36 | 217326 Anonymous
Anonymous's picture

Interesting. Not one comment on the 23.7 Trillion dollars Dylan Ratigan uses in his graphic.

Where does that 23.7 trillion number come from: probably here:

http://www.nytimes.com/2009/07/21/business/economy/21bailout.html

So Dylan Ratigan uses a number that was widely discredited when it came out, a number that even the source (Barofsky) backs up.

Shame on Dylan. In the video Dylan asks if Obama understands it and Dylan concludes that Obama does and therefore Obama is hiding the truth. Applying the same logic to Dylan, I have concluded that Dylan understands that that 23.7 trillion number is a sham, and Dylan just uses it to gain ratings.

Sun, 02/07/2010 - 16:14 | 221352 Anonymous
Anonymous's picture

These bankers literally need to be dragged out into the street by their hair and hung by the necks.

I am 100% serious, and it IS going to happen.

Sun, 02/07/2010 - 16:21 | 221364 Anonymous
Anonymous's picture

We argue, we debate, we postulate as to what all the problems are, whom should take the blame, who is presenting what side.... Does it matter? We are all impotent but the government and the 2-3% that control the majority of the power (money) in our country. How many of you who sit at your computers bitching about all this have made ANY effort to contact your Congressman or Senators? Not that it would make much difference (again the 2-3% ultimately make the decision), but at least its an active position rather than this passive whining and complaining. Kind of reminds me of the Haitians for 150 yrs of their recent history. They took their "freedom" from the French, than have sat on their fannies for all these years excepting someone (now that the French are gone) to take care of them. There was a reason why a Caribbean Island country was one of the poorest in the world (and at time the poorest) - lazy and expecting someone to do for them what they won't themselves. And now thanks to a Hurricane (not unlike what our Katrina did to us - and did you see any foreign countries coming to our aid), now the Haitians can be "taken care of." Guess waiting and whining has its advantages.

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