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SIGTARP Calls Out Tim Geithner On Various Violations Including Data Manipulation, Lack Of Transparency, "Cruel" Cynicism, And Gross Incompetence
SigTarp Neil Barofsky has just released the most scathing critique of all the idiots in the administration, with a particular soft spot for Tim Geithner.
On the failure of TARP to increase lending:
As these quarterly reports to congress have well chronicled and as Treasury itself recently conceded in its acknowledgement that "banks continue to report falling loan balances," TARP has failed to "increase lending" with small businesses in particular unable to secured badly needed credit. Indeed, even now, overall lending continues to contract, despite the hundreds of billions of TARP dollars provided to banks with the express purpose to increase lending.
On TARP's sole success of boosting Wall Street bonuses:
While large bonuses are returning to Wall Street, the nation's poverty rate increased from 13.2% in 2008 to 14.3% in 2009, and for far too many, the recession has ended in name only.
On TARP's failure in general:
Finally, the most specific of TARP's Main Street goals, "preserving homeownership" has so far fallen woefully short, with TARP's portion of the Administration's mortgage modification program yielding only approximately 207,000 ongoing permanent modifications since TARP's inception, a number that stands in stark contrast to the 5.5 million homes receiving foreclosure filings and more than 1.7 million homes that have been lost to foreclosure since January2009.
On the Treasury's scam in minimizing publicized AIG losses, and on Geithner as a Wall Street puppet whose actions are increasingly destroying public faith in the government:
While SIGTARP offers no opinion on the appropriateness or accuracy of the valuation contained in the Retrospective, we believe that the Retrospective fails to meet basic transparency standards by failing to disclose: (1) that the new lower estimate followed a change in the methodology that Treasury previously used to calculate expected losses on its AIG investment; and (2) that Treasury would be required by its auditors to use the older, and presumably less favorable, methodology in the official audited financials statements. To avoid potential confusion, Treasury should have disclosed that it had changed its valuation methodology and should have published a side-by-side comparison of its new numbers with what the projected losses would be under the auditor-approved methodology that Treasury had used previously and will use in the future. This conduct has left the Treasury vulnerable to charges it has manipulated its methodology for calculating losses to present two different numbers depending on its audience: one designed for release in early October as part of a multifaceted publicity campaign touting the positive aspects of TARP and emphasizing the reduction in anticipated losses, and one, audited by the GAO for release in November as part of a larger audited financial statement. Here again, Treasury's unfortunate insensitivity to the values of transparency has led it to engage in conduct that risks further damaging public trust in the Government.
On the perpetuation of moral hazard courtesy of TARP:
Increased moral hazard and concentration in the financial industry continue to be a TARP legacy. The biggest banks are bigger than ever, fueled by the Government support and taxpayer-assisted mergers and acquisitions. And the repeated statement that the Government would stand by these banks during the financial crisis has given a significant advantage to the larger "too big to fail" banks, as reflected in their enhanced credit ratings borner from a market perception the Government will still not let these institutions fails, although the impact of this cost may be blunted by recently enacted regulatory reform.
On the "cruel, false hope" provided by a "cynical" (if not much harsher word) Treasury Secretary:
While it may be true that many homeowners may benefit from temporarily reduced payments even though the modification ultimately fails, Treasury's claim that "every single person" who participated in HAMP gets a "significant benefit" is either hopelessly out of touch with the real harm that has been inflicted on many families or a cynical attempt to define success as failure. Worse, Treasury's apparent belief that all failed trial modifications are successes may preclude it from seeking to make the meaningful changes necessary to provide the "sustainable" mortgage relief for struggling families it first promised. What Treasury deems a universal benefit, many homeowners, members of Congress, and a growing number of commentators describe as "cruel" and offering little more than "false hope."
On the Treasury's only real focus: bailing out Wall Street and letting Main Street to rot. Granted Hank Paulson is to be blamed here as well for being, what else, a former Goldman CEO, only intent on bailing out his cronies and receiving favorable quotes in books published by journalists known only for their legendary namedropping skills. In this case, it is also one Steve Rattner whose disastrous handling of the GM fiasco is finally coming back to haunt him:
At a time when the country was experiencing the worst economic downturn in generations and the Government was asking its taxpayers to support a $787 billion stimulus package designed primarily to preserve jobs, Treasury made a series of decisions that may have substantially contributed to the accelerated shuttering of more than 2,000 small businesses, thereby potentially adding tens of thousands of workers to the already lengthy unemployment rolls -all without sufficient consideration of the decisions' broader economic impact...That the automakers have offered reinstatement to hundreds of terminated dealerships in response to Congressional action without any apparent sacrifice of their ongoing viability further demonstrates the possibility that such dramatic and accelerated dealership closings may not have been necessary and underscores the need for Treasury to tread very carefully when considering such decisions in the future.
That's ok. There were record Wall Street bonuses to be paid in 2008, 2009, and, now, in 2010. Thank you TARP.
If after all this disclosure Geithner does not resign, well, America truly will have the Treasury Secretary, not to mention administration, it deserves. And while Timmy is packing his office, can Chris Dodd and Barney Frank please exit by the back door (no pun intended) as well, so this country can finally rid itself of the corrupt oligarchy that does everything to benefit banking and nothing to boost actual economic growth.
There is much more in the 388 page report, which we are combing through right now
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too bad nothing will come of it...
The ballooning police state has other preoccupations, like being granted access to every privately owned computer in America.
via google
http://www.dailymail.co.uk/sciencetech/article-1323310/Google-admits-Street-View-cars-DID-emails-passwords-computers.html
http://digitaldaily.allthingsd.com/20101025/schmidt-dont-like-google-street-view-photographing-your-house-then-move/
While interesting -- how is this related to the article?
Guess I will change to Bing, and dump this tool bar from Google ( Chrome is a bust). How come all the people I know that own Google shares are stock brokers?
No good for research anymore, all roads lead to eBay.
I've been deeply disappointed in the FBI for its absence in this mess.
Everybody's seen Goodfellows. I saw The Seige last weekend. The FBI used to mean something that people believed in, Hoover notwithstanding.
We know and even sort of understand the SEC's hands-off policy wrt the guys on the other side of The Street--but what about the FBI?
How about FBI Director Mueller?????
These guys were "warning" of "widespread fraud" in mortgage originations years ago. WTF have they been doing with that information since then?
Let us not forget that these are the same guys who dropped the ball with advance knowledge of 9-11 . . .
With friends like these protecting us from threats both foreign and domestic, who needs enemies?
Whose side is the FBI on?
According to the FBI, mortgage fraud is fraud commited by the lender, cannot possibly be the mortgage company:
http://www2.fbi.gov/pressrel/pressrel07/mortgagefraudwarning.pdf
More on this and the incestious relationship between the Mortgage Bankers Association (MBA) and the FBI, Department Comedy Capers: http://www.generationaldynamics.com/cgi-bin/D.PL?xct=gd.e101023
So they're nothing but publicly funded goons for the banksters?
Used to be that corporate warfare required private police forces like the Pinkerton Boyz:
http://en.wikipedia.org/wiki/Union_busting
So far it would appear that they've blown it on the largest orgy of organized crime in the history of mankind, after dropping the ball on the the largest incident of terrorism ever.
Thing is, you know that agents go into that work burning to do the right thing. Looks to me like they're being misdirected from the top. Anybody know how morale is among the agents these days?
JHC! I just got to this, TO. Dated two days ago. Looks like I'm in damn good company on this one.
Looks like even HuffPo is all over it (courtesy of our own Geo Washington):
http://www.huffingtonpost.com/william-k-black/post_1115_b_772820.html
Let us not forget that these are the same guys who dropped the ball with advance knowledge of 9-11 . . .
i look at it like a dog you raise from a pup. maybe you teach it commands in another language that a would-be attacker would not have any knowledge about....your dog who obeys your commands no matter how much they want to go after that obvious aggressor.."sit boy".."stay".."down boy"..easy, no?
The Motion Picture Industry of America and The record companies. 24 armed agents bust into a church senoir center showing a film to 13 alzheimers suffers. No money paid.
This is important work and it has time honored priority over Wall Street messes.
Something will come of everything, on a long enough timeline! And this timeline is very short now, I just checked in on all the canaries, theyre lying on the bottom of their cages with their feet sticking up.
Sheep you can be a real cunt!
Nothing will come of it because you refuse to do anything to stop it; except bitch on ZH.
When is enough enough? Need they literally rape you and your family before you stand?
The “catalyst” … gold & silver is money.
Do something. Get some.
i got so G A N G raped three years ago. not just one rape but multiply times and multiply men. i tell you to read this article just makes you utterly sick to your stomach. who can possibly take down this type of mafia? i don't think it can be human.
Send the jerk to jail.
Your avatar is but a mere pipe dream.
Don't you know big gov rules all?
He is a CFR member...if he goes they just plug another one in and the circus continues.
They should put in Angelina Jolie...at least she'd be easy to look at.
What does my avatar tell you?
Timmay needs a comb?
Ha, larger image was key.
Jail? All he's done is enhanced his resume in the political world. You have got it backwards, Jail is for the private sector /sarc (but in reality, that's how it is now-a-days)
This is the "New America". Only Neil Barofsky will be jailed.
Sorry, but Gross Incompetence should be first on this list.
Holy smokes! "Scathing" is an understatement!
However, no outrage will ensue, no changes will be made.
Business as usual continues on Wall Street and "K" Street.
Hopefully in 8 days the American people will express their outrage at the polls. And a Republican House will start holding hearings on this whole mess. Strictly for political points, mind you, but I think some changes will ensue. Not enough, not soon enough, but it's a start.
May I assume you mean the mess 10 years of GOP policy got us into? At least the GOP majority in the house, courtesy of millions of $s pumped into key races by "black pools" of anonymous corporate contributors (thank you Justice Roberts), will give Boehner and Cantor an opportunity to prove they know how to say anything other than no... if you think these clowns are going to clean up this mess, I suspect you live in CA and will vote yes on Prop 19!
Not ten years of Republican policy, 100 years of Republicrat policy.
It's just about the worst policy there is, and it took us from an industrial superpower to a nation of economic cannibals in just a few brief decades.
Dude, you need to lay of the hopium. That shit's fatal.
I wish I could summon fairer words, but fuck the Democrats and the Republicans. I have vowed never to vote for either ever again. Two sides of the same debased coin. I refuse to participate in virtual disenfranchisement. I would literally rather be shot than vote for, or have a hand in, the criminal monopolistic actions of the two headed syndicate.
+10 The brutal truth.
Ha ha ha ha ha ha ha ha ha. Funniest thing I've heard all week.
BLINDFAITH speaks.
Mark my works, regardless of which bunch get in the real winners will be the corporations, not political parties, the FED, Timmy, or America.
What all these saviors of the people haven't caught on to yet, is their UNPRESENTED liability to corporation who shoved the checks under the door.
On Zerohedge we have all read how the corporation own government, the FED, Timmy etc. But, the real hidden meaning to all this is that now, thanks to our Supreme Court, corporations can elect congressmen, be it state or federal, to wage WAR on their competitors. Think about what that means, take the oil companies...they can now use full force to defeat any green movement by LAW. Could Version get a law through that makes CDMA the only approved cell phone transmission standard? How about a law that makes any school not offering Coke vending machines in schools ineligible. How about FOX and the Wall Street Journal the only media that has access to government information for distribution. How about patent and copywrite changes that make it possible for a company to userp inventions in the "name of GDP prosperty and the national good".
Not possible you say...stay tuned, corporations are just learning to walk.
Think I am kidding?
... Guillotines for $100 Turd!
I think we are not giving Obama enough credit.
He put Geithner in that place in order to take the focus off of him.
LOL
Our Janitorial President had nothing to do with the decision about Geithner in the Treasury post. The immediately preceding cabal had to ensure one of its own was in in that post so they decided to stick Dumbass Timmah in there. Obama was never asked, since under his employment contract - same as his predecessor Bush - he had no right to appoint anyone other than Undersecretary to Excremental Affairs.
Cleanup in Aisle 4, Mr. President. Bring the bucket.
Anybody else notice the secret, unscheduled visit to China by Mr. Dumbass yesterday to go kiss some Chinese ass, in advance of the unveiling of QE 2.0.
Pick me up some dim sum, dickweed.
Give Barofsky a bonus. Give Geithner the big bone.
too bad Timmy and the big "O' are double dutch rudder buddies...O will never let go!
spot on, here's the visual for those not familiar:
http://www.youtube.com/watch?v=xPB4gTuQGxY
POW! Right in the kisser.
Newsflash: Neil Barofsky found dead of apparent heart attack / drowning / self-inflicted papercuts. Foul play is not suspected.
small aircraft malfunction/shot from behind with rat pellet gun.
Heart attack while drowning in hot tub, bitchez...
Yes, Homeowners were given Modifications which most faithfully paid every month with the hope of keeping their homes. Then after 3 to 6 months they were told they no longer qualify and have to come up the the total amount due or the Bank would forclose ASAP. Once in Forbearance the Foreclosure process is excellerated. To the Banks advantage.
It was like the Banks were renting to the people until they decided the time was right to Foreclose and put the house on the Market.
If the people were paying on time with the Modification why wip the rug out from under them to sell the house to someone else for less?
But you will be happy to know that the banks did collect their HAMP $1,500 in up front payments from taxpayer dollars before kicking the homeowners to the curb.
when do they cancel the summer of recovery
Obama changes the vision to: One-thousand Points of Fright.
Clever; NWO biatchez!
I'm pretty sure the Fall of Recovery has commenced
Tim-Tim, Timmay!? Timmay!
Why's everyone so down on Timmy?
I mean sure, he had a bad relief appearance in Game 6 of the NLCS--giving up two singles before getting yanked--but really, he had an AWESOME September and has been dealing in the post season otherwise. Give the kid a break!
Neil Barofsky: I don't answer to the Treasury Secretary. I answer only to the President.
So far, Bernanke, Geithner, LLP have acheived the impossible:
1) Rally stocks in the face of the worst economy in a generation
2) Print money, run infinite POMO's, accumulate gargantuan deficits, yet U.S. Treasuries remain the investment of choice worldwide.
3) Cap gasoline prices under $3.00/gal indefinitely, and provide virtually "free energy" to those heating homes with natural gas this winter. All done while the Fed's foot is stomped on the Infinite Fiat Accelerator.
4) Create and run the world's first "Perpetual Motion Machine" where monetizations and POMO's crash interest rates and keep Animial Spirits levitated to get investors to chase risk assets and provide the illusion of increasing consumer confidence.
5) Permanently correlate all asset classes together, so that any hiccup, problem, convulsion, explosion, or financial earthquake will result in an immediate and urgent rush into U.S. Fiatscos and U.S. Treasuries, which places a permanent floor under stocks.
Did I miss anything?
LOL.....
Oh, by the way, I assume Obama is still the boss?
Which again brings me to the point of who in their right mind would even think of shorting this market?
Also, when coupled with stories like this: http://www.bloomberg.com/news/2010-10-24/markets-smell-recovery-gaining-as-consumers-drive-retail-sales.html it becomes more apparent that we are heading to new highs by EOY - easily.
Harry let me ask you at what level of the S&P should we be trading? Also, what were your sentiments at the 2007 top?
I believe the market is fairly valued right now based upon current S&P earnings. I also think the market will overshoot to the upside as they always do to close the year at the highs.
In 2007 I was holding mostly gold purchase in 2003/2004. I was trading in and out of equities daily long and short with no long term exposure. I thought the SPX was a bit rich but again, I just played what the market was giving me up or down.
The latest data I have for the S&P 500 is a P/E of 18 which frankly is rich unless of course one thinks the world economy is in growth mode. As for the dividend yield we are at almost 2% which by any stretch is very low compared to the bear market bottoms of 1932 (11%) and 1982 (6%). Time will tell how the market plays out and if Bernanke has one more bubble in him before the whole thing pops.
What is fairly valued? The as reported number for the S&P was 16.92 while the Q3 earnings estimate is 70.17. Pretty big discrepancy considering that most of the corp write downs (due to cutting staff (adding to unemployment and therefore consumption) have been taken).
I think that either further accounting tricks will have to be employed, which will have to later be revised, or magical thinking are the only ways that earnings meet or exceed expectations.
Given the tendency of the markets to regard any news as good news and to continue "partying like it's 1999", there is no difference between "magical thinking" and accounting slight of hand.
P/E doesn't matter; P/D does. You don't get paid by investing for earnings, unless you're speculating that the bots will drive the price up because "earnings beat estimates".
We're all speculators now, thanks to easy money. Ben blows bubbles.
" P " is a known. " E " remains a mystery.
My earnings could look pretty good to if I didn't have to tell the truth. No one's been forced to mark down their losses.
The only way equities, commodities and the value of the dollar can go up at the same time is if the U.S. economy is a thriving, innovative, net-exporter.
In nominal terms the Zimbabwe stock market really kicked ass for awhile too, but the currency was toilet paper.
Ben, Timmy and company have created a nominal recovery, not a real one.
Wanger, you keep repeating the same mantra.. Why don't you put your money where your mouth is. I want you to buy AAPL right here right now in size. (And for the 4th time, why did you sell it in the first place?)
I sold AAPL at 289. I was trailing it with a very tight stop up from 240 at the time. It dropped back and I sold it. I will purchase it again or short it depending on where the market is later this week. I think we need to test the yearly highs before any pullbacks.
Wanger reminds me of JB/Master Bates.
by HarryWangeron Tue, 09/14/2010 - 09:33
#580937
Gotta clear 1130 area for the upside to continue. If it does, it'll move extremely fast up to 1175 area. If that happens, it's the best time to short via SDS IMO.
Picture caption:
Is he showing him the money supply?
You are jesting, I presume!
O has never been the boss. He and his cronies (as have several administrations before his) serve at the pleasure of the WS, corporate and international power elite.
It looks like Ben might be saying something about the JFK assassination.
"Hey O!
Did I ever tell you the one about JFK and Executive Order 11101? You're going to love this. See, hahaha, Kennedy got it into his mind that he was going to abolish the Fed..."
+1963
Look at Barry backing away like a cowering child.
Did Bernank-ster just make Obummer come in via the kitchen service entrance?
They just exited the Mens room...that's why Ben is smiling...
It's not just a smile. The man is aglow with love.
I can't quit you, Ben!
Make up sex is the best.
Stock market rally is due to sellout traitors such as yourself and others here who play along, justify it by saying you can make a buck. Accomplices in fraud and destruction of the US, youre no better than any of them.
Couldn't have said it better myself!
Carl Fox: I don't go to bed with no whore, and I don't wake up with no whore. That's how I live with myself. I don't know how you (Harry Wanger) do it.
to sheepdog. A heart felt "thank you!" I closed my shop. Will not work for dollars, Personal integrety, honor is precious to me. Will not take government dole either. Rather starve or die.
"This the line for the men's room?"
1. By buying them outright.
2. By buying them outright.
3. By allowing the price of gold to go up (see FOFOA for how this is done).
4. Feedback loop of frontrunning. Nothing is perpetual.
5. All assets trade together against cash in a deflation. All they added was monetization.
Poor Timmy, that beeping sound you hear is gonna be Obama's bus backing up over you to finish you off.
Timmay's dad gave Obummer's mom a CIA front company job way back when...
Timmay and Obummer will ride off into the sunset together...
Obummer on a jack-ass...
Lil' Timmay on his pony...
As I recall from over a year ago Timmy was selling his house in D.C. Did that ever transpire (sale) and what did his loan mortgage look like? Things on the up and up so to speak? Maybe Mr Washington could enlighten us on that little "tale of woe" (dough) or this gentleman poster. Milestones
Gee all these fucking problems and no one gives a crap. I think ill go eat something
Try an Inflation Protected Sandwich?
Oh, You mean a Shit sandwich? Yes, Its a huge shit sandwich and were all going to have to take a bite.
that would be a Sandwich Hedged In Treasuries in a general sense.
Yeah, but the more bread you got the less shit you gotta eat!
Nice avatar change - the junking stopped, eh?
Obama and the markets will very soon be serving up shit sandwiches for all, enjoy.
Upon learning that Obama insisted on placing a blatant tax-cheat in charge of the UST and hence the IRS, I knew Obama would be a failure as POTUS and that the country was fucked. Obama could not at that time have exhibited weaker judgement or set a poorer example.
+1
I saw it as O giving Americans the finger saying "Welcome to your future bitchez."
Ohhh please, Dearest Leader and its gnome Timmy, they are not going anywhere until 2012.
Besides, who will make anything of this??
the best paying jobs always attract the least mentally and morally qualified people.
timmys citi "disclosure"
http://www.bloomberg.com/news/2010-10-25/u-s-treasury-shielding-of-citigroup-with-deletions-make-foia-meaningless.html
"On the failure of TARP to increase lending:"
You must whip it!
"On TARP's sole success of boosting Wall Street bonuses:"
You must whip it!
"On TARP's failure in general:"
You must whip it!
It's not to late.
To whip it good.
(sorry, couldn't resist)
The beatings will continue until morale improves
It is nice to read intelligent and truthful analysis from outside the blogsphere once in awhile.
timmy isn't going to resign! he's got the market now at major highs!!!!! and everyone who actually matters is going to get a big christmas bonus!!!!
i mean, really, you guys!!!! what do you want!!!!
Claim: timmy isn't going to resign! he's got the market now at major highs
Fact: The market below where it was in October 2007 and April 2010
http://stockcharts.com/charts/gallery.html?spx
Major highs my ass, what are you looking at to conclude that? Its COST us $26 trillion to achive a market level of 12 years ago? Gee wow big deal.
think burnett will interview neil? LOL
is SIGTARP a right wing blog
hey erin, show us your titties!
Barofsky FTMFW.
While it's nice to see Barfosky's words, I'll point out that's all they are, merely words.
Wow if TARP is this bad I wonder how TALF is doing?
Resignation can now only be in the timing. IMO ---post next week's elections. Probably having a hard time finding anybody who wants the job
are all my cruel cynicisms so small?
listen to this lying fed head - blinder; upset theres not more fraud and stimulus; says its the fault of republicans saying no to fraud.
Having failed at every post he's ever held, it's time for Timmy to get kicked upstairs agin.
Can you say President Timmy?
Late afternoon selloff, just means we rally overnight. The stock index futures rise 90% of the time overnight.
Current administration performing below inflated expectations.
Prior administration revised downward.
Consensus expectation for next administration subject to market conditions.
Stay tuned America!
Awesome not we have regulators fingering themselves in public basically saying - we could have done it better- its our turn to save the world....let em go bust fuk this
And a Week Before the Elections...
No one heard the Barofsky report because:
The MSM busied themselves reporting on:
As the ignorant Amerikan public once again failed to read, guzzled beer and like their president gazed blankly at ESPN as they sailed on the raft together down the river of oblivion...
+100
Well Done
You forgot to mention that Soro's magic tool, Chuck Schumer, also needs to retire.
Sweet. Should add a cracked plate on the ground labeled "American Taxpayer".
You know what, William? The spinning plate is a special "rigged" construction, and they look like they are spinning whether they are or not. A superb metaphor you have chosen.
Dollar at Risk of Becoming 'Toxic Waste'
http://www.cnbc.com/id/39828427
It cost them $600 million to get Obama elected in 2008. The will spend $1.2Bn if necessary in 2012 for the same purpose. To have your political cover for you bank robbery standing and steadfastly "looking forward" as the statute of limitations expires behind him is what this is all about. All the rest is merely windowdressing. They need the eight year so the theft goes completely cold.
Why pay to have him elected again? Wouldn't it be cheaper and more effective to buy another candidate and run him/her from the red team? Get to come in to probably a majority and some good will to once again abuse the hell out of the suckers. That's the whole point of the two headed one party system to swap them out when one of them sustains to much looting fatigue. The other side steps up and continues the looting and the team out of power gets to whine and regain strength.
Meet New Boss. Yes, same as Old Boss.
I will e-mail my congressman!!
Yeah, kids! And after that let's go over to Andy's house and put on a show!
People in the United States have been ignorant and complicit with the actions of the Federal government and Fed central bankers for long enough.
For generations the people have been getting robbed and even participated in their own fleecing by voting in imbeciles for "programs," "policies," "beliefs" and "stances" that align with their social, religious and economic beliefs but all they have to do instead is ask is it legal. Is it in the Constitution or not? Is there Rule of Law or not? You can't make it up as you go. And the legal system has been usurped by weaklings that will not stand up for what is right but are also complicit in the undermining of the taxpayer to feed the machine.
To those generations who have watched and done nothing or aided and abetted in the criminal coup I ask what has the government done for you lately? Is depreciating your income and savings enough? Or crashing the value of your home? How about lying about WMDs to start a war and kill hundreds of thousands of people? And do you feel safer while living out of your car? And is your social security enough to help anymore? Do you have enough to cover your medication and health care costs, the same system that you paid into for your whole working life? And how much does college cost now that Uncle Sam loans the money to all comers? Did you want education debt to surpass credit card debt? Are you happy that your government makes your children debt slaves? Are you happy that your government created GSEs like Fanny and Freddie and paid executives millions upon millions of dollars and politicians like Frank and Dodd among many others benefited immensely before and after destroying the real estate market and now your government owns 70-95% of all mortgages (have heard both numbers). Are you happy that your government bailed out Wall St. bankers who bundled mortages into derivatives MBS, CDO, CDS and crashed banking systems around the world with "products" they didn't understand or even knew to be complete garbage? Does it make you happy that your government wants to arrest and jail someone for smoking pot in their own home but will allow scammers and global criminals to walk free for small fines? Is it really ok with you that the government is either masterminding or participating in the raping of your wealth and freedom?
Very good! Now, post it on CBS.com, and CNN.com -- pay close attention to the asinine rebuttals -- 'cause you KNOW they'll be asinine!
Woo-hoo! Now I have someone to write in on the next presidential election ballot as VP for William Black. Go Neal!
I think William Black would make a great Treasury Secretary in a Ron Paul administration...we need people with some balls to make things happen.
Return2Sanity - I'm quite certain you were making a joke - but you know, as both major parties have demonstrated that they are lapdogs and the banksters are the masters, the growing public anger at their failures shows there truly is a unique political opening. Don't even talk about the Tea Party - a poorly defined movement that was easily co-opted by the Kochs. But a real party, one based on the rule of law and a commitment to reclaim the financial playing field, could potentially become a real player in U.S. politics. I know - I'm a hopeless dreamer but I have determined that the boyz in D.C. will NEVER wake up. I am reminded of the fairy tale - Sleeping Beauty. Only in the current version, the banksters remain awake and they steal everything, even the king's crown while everyone sleeps. Barofsky and Black, having escaped the evil ones' spell are running about wildly, trying to get others to awaken. But sleep is comforting. To wake up means knowing that we are being ripped-off. The banksters are doing everything they can to ensure that DC remains somnolent. And it is working. But Jamie, Lloyd, et al., are you sure they'll remain asleep?
I do wonder at the timing of this report and Bair's comments - maybe just a little desperate pre-election sound and fury?
Latest interview with Mr. Secretary:
http://fora.tv/2010/10/18/The_State_of_the_Economy_Timothy_Geithner#full...
I don't advocate violence, but it wouldn't be an altogether bad thing to remind them all that there are an awful lot more of us than them.
I think they know that. What else explains extended unemployment and growing roles of food assistance? It ain't the kindness of their hearts that prompts it; it is the gnawing fear that wakes them up at 2 AM of gathering hordes of common folk.
For pennies on the dollar.
Where is the surprise? HE WHO OWNS THE GOLD MAKES THE RULES, breaks the rules, ignores the rules and is exempt from the rules. Aways has been always will be.
Time to buy the dollar, just at the lows in the next week here.
i can't believe barofsky was allowed to publish this....my guess is that obama will order his assassination....
What would Alex P. Keaton think of Timmy?
They (banks and Congress) put a gun to FASB's head and got themselves bonuses from 2008 - 2016 while standing on insolvent rubble. We're not even forcing them to recap their own insolvent banks under a shadow old FASB regime, so that they may once again pay themselves bonuses when they're solvent under the old FASB rules.
We're not even doing THAT, which convinces me we're still in the bust-it-up-for-insurance phase of the meltdown.
Geithner needs a rope tied around his neck; hanging from a tree......
Why do we tolerate these fraudsters?
I think they know that. What else explains extended unemployment and growing roles of food assistance? It ain't the kindness of their hearts that prompts it; it is the gnawing fear that wakes them up at 2 AM of gathering hordes of common folk. watch winder |640-863 | 1Y0-A05 | links of london charms
They (banks and Congress) put a gun to FASB's head and got themselves bonuses from 2008 - 2016 while standing on insolvent rubble. We're not even forcing them to recap their own insolvent banks under a shadow old FASB regime, so that they may once again pay themselves bonuses when they're solvent under the old FASB rules.testking \ test king \ testkings \ a+ practice exam \ ase practice exam \ ccda practice exam \ ccent practice exam \ ccia practice exam \ ccie practice exam \ ccip practice exam \ ccna practice exam \ ccna security practice exam
They (banks and Congress) put a gun to FASB's head and got themselves bonuses from 2008 - 2016 while standing on insolvent rubble. We're not even forcing them to recap their own insolvent banks under a shadow old FASB regime, so that they may once again pay themselves bonuses when they're solvent under the old FASB Air Mass Meter
That explains a lot, thanks Tyler, that's one of the most interesting pieces I've read recently on ZH or elsewhere. From that you can pretty much see the character of the next criris as the moral hazard and imbalances are still there.That explains a lot, thanks Tyler, that's one of the most interesting pieces I've read recently on ZH or elsewhere. From that you can pretty much see the character of the next criris as the moral hazard and imbalances are still theretestking 000-119
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That explains a lot, thanks Tyler, that's one of the most interesting pieces I've read recently on ZH or elsewhere. From that you can pretty much see the character of the next criris as the moral hazard and imbalances are still therepass4sure 70-162 \ pass4sure 70-669 \ pass4sure 70-693 \ pass4sure 70-443 \ pass4sure 98-367 \ pass4sure 70-512 \ pass4sure 70-169 \ pass4sure 70-178