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

Tyler Durden's picture

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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.

Careless Whisper's picture

Aren't Rattigan and Beck on the same page?

Master Bates's picture

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

faustian bargain's picture

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

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.

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.

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.

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

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.

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.

john_connor's picture

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

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?

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.

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.

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.

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.

 

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...

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.

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

Master Bates's picture

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

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.

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.

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.

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.

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?

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.

 

SWRichmond's picture

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

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?

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?

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.

CPJ13's picture

+1 Couldn't have said it better myself.

Joe Sixpack's picture

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

 

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

ReallySparky's picture

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

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.

Daedal's picture

Ratigan, +Mad Props.

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

 

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.

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. 

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.

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.

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?

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.

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..."

viahj's picture

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

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.