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Simon is a ponce.
Uh... who is this "we" he speaks of when he says "I don't think 'we' would let Goldman fail"?
I for one would certainly allow GS to fail, as would just about every reader here. So when he says "we", he must be speaking as a member of the class that protects banks at the expense of the public.
*WE* the *PEOPLE* would certainly let Goldman fail.
*WE* would make sure that shareholders were wiped out, executives charged with criminal acts, and assets liquidated to pay for the mess.
"We" the people vote for the politicians.
So if the politicians are not reflecting "we" the people, then perhaps it is time to fire them.
However, "WE" the people should probably understand that the $3B the presidential election is expected to cost the candidates, comes with a massive amount of quid pro quo. It is the latter, that buys a donor/sponsor the "we" in the "we the people" phrase that American politicians are so fond of tossing around.
Problem is, about 75% at least of 'We the People' are like Peggy Joseph and look at politicians as Messiahs that will pay for their gas, food, and mortgage. Really we're all just under total communism at this point.
Out of the mouths of...comedians: http://www.colbertnation.com/the-colbert-report-videos/392261/july-18-2011/colbert-super-pac---campaign-finance
I wanted to punch Sean Parnell (of the Center for Competitive Politics).
Denial ain't just a river in Egypt ?
"We" are called upon to absorb the losses. "They" collect the profits. Any more questions?
I think they call that Moral Hazard - except predator capitalists have no morals - they are Savvy Businessmen!
I believe I recall at the time about 90% of the american people said 'let them fail, screw bailouts'!
I'm getting tired of watching the can getting kicked down the road to delay the inevitable. With every day I question if I'm wrong and crazy with what I see - price of food up 50% or greater at the local stores, unemployed friends buying ipads and iphones, pre-foreclosures in the neighborhood with new cars...
Let's get on with the fucking crash already so we can rebuild this country...
CIT wasn't a bank, exactly. GS was not a bank, exactly that is.
There you have the nub of the issue. If you can morph with insider blessings to whatever "works", TBTF becomes a moot issue.
It's the characters that need attention paid to, not the institutions.
Perhaps its the scriptwriters that need attention paid to, not the characters.
Exactly, constantly changing entities ensures 'TBTF' a constantly available escape portal like a Star Trek transporter. Beam me up Scotty.
Corrupt legislation by
Glass Steagall - should never have been repealed
Bumbama Care needs to be repealed
Corruption has become common
we have a very common government
Maybe they are all still big and even bigger but they did fire tens of thousands of people and replaced them with software to "cut costs" and pay for the rest of their mishaps...
to "cut costs" and cause the rest of their mishaps...
to "cut costs" and cause the rest of their mishaps...
Simon is a Keynesian former IMF'r who, surprisingly, was one of the first to rail against TBTF, but he gets no love in DC from the captured pols; just another pissing in the wind.
"You never let a serious crisis go to waste. And what I mean by that it's an opportunity to do things you think you could not do before."Rahm Emanuel
The consolidation of power in the biggest banks was never as large and fast as it was in 2008-2009. What started as stupidity and greed in the mortgage securitization business, became an "Inside Job" as soon as they figured out how much power and money could be made from it. The question now is will the top six banks be able to digest all the toxic crap they swallowed?
The FED is the cartel of the biggest banks. Stockholder company. The remaining hundreds of small guys do what they are told for the sake of the 'too big to fail' ones.
LOL at the thought that there's a "line" somewhere. Sorry but it doesn't work that way. It's all about relationships.
Precisely. Here's some guidance. Positive correlates w/TBTF: Asset size over $250 billion; New York headquarters; Treasury primary dealer status; um, lots of "Lobbyists" and "Beanie Patrol" folks on the board. Negative correlates w/ TBTF: Asset size below $250 billion; Heartland city headquarters; lots of Anglo-Saxons on the board....
Bank, brokerage or insurer... Choose one.
Greatest post I have ever seen on Yahoo boards.
Remember that black chick from Nawlins' during election?
Who woulda thunk it? Only in America!!!!! Don't you people think it's about time we stop the corruption and greed????
[Don't you people think it's about time we stop the corruption and greed????]---jkruffin
Yes, I'm as sick of the corruption, greed, deception, etc. as you are. And growing impatient for resolution.
I believe, however, a corrupt system must collapse unto itself---under its own weight---when it's ready. At least at the beginning stages.
If a "hero" steps in and initiates the "correction" of this corruption we risk several important dangers.
First, the market/economy collapses---as it should and eventually will anyway.
Second, our "hero" gets blamed for the collapse instead of the real perpetrators (the Fed, TBTF, Wall St, Treasury, fiat currency, DC politicians, etc.)
Third, as a result of number two, the real causes of the collapse will not be identified and addressed.
Yes, email and/or call your congressman. Yes, vote on election day. Yes, prepare your family for the worst possible outcome. By all means take action you feel will make a difference.
You can send out the entire US Navy to stop a hurricane, but it won't make a bit of difference. Better to prepare for land fall.
The aftermath is when you can affect real changes and make a difference for you and your children and your children's children.
Oh so really our only problem is banks maybe need a little Jenny Craig and get out for a walk once in a while...what total horse shit. This problem is morbid obesity in the banks and Wall St.
the banksters eventually get their way, Robert Rubin 2 term treasury secretary under the lying King, was getting under the fur of the King daily to repeal glass steagall, it just had to be one of the last details before leaving the oval lare, that gets not a wisp of coverage. as digestion goes, no way to digest a lethal dose, it is only a matter of time before the patient expires.
You sure Phil "TurtleBoy" Gramm didn't have something to do with it?
Exactly right about Rubin.
He jumped immediately from Treasury to CITI (raising eyebrows) right after the repeal of Glass-Steagall to cash in on it. And CITI turned into the most insolvent bank. Other banks were forced to take TARP $$ they didn't need just to hide and obfuscate CITI's insolvency and prevent a bank run on them.
Where are they now? Robert Rubin is now co-Chairman of the Counsel of Foreign Relations and has rockstar status at the Bilderberg meetings. How else do you reward a guy for little "mistakes" when they already have everything?
He also crushed the CFTC as Treas Sec and kept it from preventing the LTCM collapse, setting us up for more of same to this day. The former head of CFTC was shamelessly run out of town by Rubin, Summers, and Greenspan. The CFTC is still scared shitless and won't do their job.
So theres a 'money line' somehwere over $80 billion if youre a bank or do some 'banking-style activities' or can BECOME a bank overnite, OR if youre an insurance company....then you cant fail and get regenerated when you die. Oh I see.
History will label this the Klepto Era - an era of massive corruption, grift-n-graft, a very limited and "captured" press, and the biggest stealth transfer of wealth from Main St. to the uber-rich.
It is really quite amazing how many dumbed-down Americans don't have any idea what is going on.
when you say you want your country back, just what is it that you want to set it back to? To pre-2008? pre-WWII? or to pre-big business ca. mid 1800s? or to the Revolution 1773? Ther's no going back. No, we're going forward .
You know, I really hate being a doomsayer.
Im hoping some big unforeseen event happens and screws up all their plans! I hope 'The Destroyer' really is on its way! Enough of this elite BS illusion, hell 400 families control the world! WTF is this shit anyway?
Yes, there is a power even greater than these demon 400 families!
Tuco Benedicto Pacifico Juan Maria Ramirez
You are right, we only have the future:
You notice how it gets VERY quiet in times like these, we're at the end of the line, out of money, everyone waiting for the magical foregone conclusion we just pile on more debt, and free market money, so the broken machine can just keep chugging along for more days. No details of any plan just fluff, and dead quiet news.
And the markets are now chuggin on upwards, due to 'lack of news', HOORAY!
You forgot the answer of the Stupid Party:
8. "Hey, I've got an idea! Let's elect Mitt Romney. He's got a good head for business head and he had that really great track record at Bain Capital!"
By the way, there's no /sarc tag here because I read Republicans who post shit like what I posted above all the fucking time. I'm dead serious.
It's nice to see someone who clings to the two party, left-right viewpoint, it reminds me of simpler times like high school. "Your team sucks, we are the best."
I posted the five stages to get some feedback on which stage Zerohedgers think the Country is at in the process of accepting the death of the USA as a superpower?
The people I see appear to be still in denial. I have given up trying to educate these morons. If you bring up the FED etc., you tend to get a blank stare while they contemplate what reality show they will watch on TV that night. WTF?
We're just waiting for an event of some sort to come from somewhere and trigger the domino.
if the intent was to use the force of government to limit the size of banks, why not just dramatically raise the FDIC insurance rate incrementally for banks over a certain asset level? adding a $1 million+ regulatory compliance burden to the back of a strong regioinal bank or other TBTF incentivizes consolidation, not the opposite stated goal.
The FDIC insurance prevents bank runs. This is a bad thing, as bankers' impulses to lend recklessly is not curbed by fear of a bank run. We should abolish the FDIC completely, which will prevent any of these banks from getting too big (because they won't be able to grow rampantly by making stupid loans to anyone with a pulse).
If the ECB revs up the printing press and Bernanke doesn't does that mean dollar - euro parity?
The TBTF members of the FRBNY will always be too big to die. That's how they are defined.
aig is supposedly being 'wound down' , it won't happen. the financial products division encapsulates how the u.s. financial system has become deeply corrupted by the use of derivatives and cdos' to oversell to STUFF, debt through brokers to savers.
the ultimate unwind is not a bank busting, but the fall in purchasing power of the 290million americans (95+% of the population) that will result from the rampant money printing and selling of treasuries purchased by the federal reserve ( that prints money out of thin air to buy these treasuries from the treasury) ......in order to delay the banks from defaulting.
2008 = 44 BC. The end of republic and codification of Empire.
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