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Tim Geithner Says The Administration Will Offer A Fannie And Freddie Reform Package Next Year
Juts headlines for now, paraphrasing Geithner's comments in the House Budget Q&A. We are confident the package will be offered only if perpetuation of the Ponzi scheme is safe and sound. Should the incremental 50% in debt hit the books at the current run-rate, America will likely become a B2/B rated junk credit.
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Aaaaannnnddddd the dow rallies 60 on the news... ooops, make that 80... oh, uh 100 - there goes yesterday's losses, POOF!
I smell the stink from the cesspool pump. You didn't think Baby Ben was going in front of Congress without a little "support" did you? The news is immaterial to the pump and dump. It's all perception. Reality is whatever they say it is, until it isn't.
I'm sure when Tyler has the time he'll do a screen shot of fucking Dimon's whores running futures right out of the fucking gate. People won't remember that housing shit the fucking bed this morning, they'll just remember that the Dow was up 200 or whatthefuckever, and so everything must be fucking fine.
anyone have any idea what the shit is happening today?? gapping of everything everywhere, 100% correlation to dollar moves... question is, who keeps selling the dollar to push this up? who has the fire power to cause this (Im being rhetorical). and isnt it weird that it is happening RIGHT as Ben "I like to ButtF*ck the middle class" Bernanke is vomitting lies??
Its fucking criminal... absolutely fucking criminal what these fucking scumbags are getting away with.
Bernanke just told Ron Paul his allegations are bizzare. FUCK YOU BERNANKE.
"fuck you bernanke" - if I had to boil down all the good financial commentary
Yes, fuck you Berananke, banker shill!!! That asshole could not wipe the shit from Ron Paul's shoes, and yet he has the audacity to play dumb.
I don't think it's an act. Word is he was pitiful in his high school production of King Lear--totally unbelievable.
Ben is the ultimate dangerous weapon, a person who actually believes what he says. Turbo Tax Timmy seems to be the same. These people really do believe they are God's disciples. Or at least handmaidens for the Ponzi masters.
My point exactly that he believes what he says...not so sure about the disciple stuff, CD, since I'm betting he has a significant amount of intestinal troubles these days.
Ron Paul and Bernanke are both players of the same show. Unfortunately, both are reading the same script with different roles assigned to each one.
It is just as a good cop and a bad cop or Republican and Democratic parties.
First Republican party fucks up every thing and US electorate elects Democrats then Democrats do the same and fools elect Republicans then ...
Are there any differences between Bush and Obama? They both are puppets of different segments of the same ruling oligarchy.
Watch any suspect get interrogated when the cops have them cold. They say the same exact thing. "That's just crazy", "never head of it", "I wasn't anywhere near the place"
Offer it NEXT year? Woe there Sparky, why the rush, take your time as this deserves three or four years of careful contemplation, the hiring of a few oversight boards, and of course research contingent (maybe two at the cost of $17 million each).
That was my reaction. But nothing will happen with any of this stuff until after the mid-term election.
Heh...Sparky. Thanks for the chuckle.
Originally posted on Monday February 9, 2009, Don't Task Don't Smell:
My grandmother, who will turn 101 this year (add-on, this year will be 102! Go Grandma! -AM), eloped in 1928. Her father was a successful businessman in Chicago who owned a number of cosmetology schools. A year later she was back home ... a couple years after that her father went bankrupt. My father grew up in poverty on the South Side, his career choices were be a priest, be a cop or join the army. After halfheartedly attempting the first two he opted for the last.
When the Summer of Love hit Chicago, my Dad was one of those guys in the white short sleeve shirt from Sears with black-rimmed glasses. My parents bought their first home on the North Side and ran such a tight budget that they had to ration out the pieces of bread they used for sandwiches in order to make the loaf last through the week.
One of the main goals my father held to was that his children would all be able to graduate from college ... later on he too got his degree by going to night school.
I am a card-carrying member of the liberal 'establishment', wealthier than the aggregation of all my descendants since they came off the boat, but cognizant of the days when, in my struggles, I carried my net worth in my wallet and wondered how I could pay my bills.
Life has taught me that hardship breeds opportunities, that only in tough times can you determine your true character, and that the blessings of America give all of us the promise that you can accomplish anything if you set your mind to it.
My family story is partially written as a generational battle from 'rags' to riches ... hopefully to be continued by my children as my current financial stability should allow them to broaden their aspirations towards a more global stage.
To achieve my success, I was never given a hand-out, but I was at several times given a hand-up. The recognition that life comes down to a few moments and that when you are tasked the integrity of your response determines your ultimate success was a lesson learned through trial and error. I learned in a fashion sometimes 'vainful' and sometimes painful that embracing your failures whilst accepting your mistakes and resolving to learn from both separates the winners from the sinners.
The election of Barack Hussein Obama as President of the United States was such a potentially game-changing event that it was hard not to feel great optimism and admittedly joy at the promise of actually turning a page in reality as opposed to pablum narrative.
Unfortunately it appears that this page-turning window of opportunity is quickly closing.
Preliminary indications are that, despite the apoplexy of the arch conservatives, Soros isn't Barry's puppetmaster. The Soros plan would necessitate the doctor cutting off the patient's morphine and instead performing elective surgery. The Obama plan would appear to be nothing more than increasing the dosage.
What is called for here is a program I've called the Mendacity of Hope and the Urgency of Not.
Failure to liquidate the insolvent banks through adjusting their capital structure so that they can be viewed as fairly valued by the free markets will end up liquidating a majority of the productive economy.
It's the demand stupid. You cannot fix a dam with more water. In a debt crisis only debt destruction can take you to the promised land.
The Obama plan will rely heavily on guarantees, which in the end will only guarantee that there will be more 'emergency' measures needed down the road.
The Obama plan will neither have the desired effect nor be implemented in such a way that it doesn't result in both gaming by the pirates and hedgies as well as covering as opposed to discovering the true folly of rich folks' bad speculative bets.
The Federales have determined that they don't want to take the risk of putting assets on their books so instead they will take the same risk by writing a put and give any potential return to the same folks that are causing the taxpayers to bear this burden. Heads they win ... tails we lose ... and unless the coin lands on its' side we'll be back to the bailout well in short order.
What is needed is simple. Dip the banks in the acid of price discovery. Let the chips fall where they may. Governments role here is to provide a safety net for capitalism's excesses. For the financial system, I call genius in the Soros 'side pocket'. For the household balance sheet, strengthen existing unemployment programs to mitigate the damage and offer a 'tax holiday' that will spur demand by restoring balance sheets. Demand won't be restored tomorrow ... it will take time and price. But unless we pay the price NOW all we're going to do is extend the time ... but make no mistake the devil will be paid his due.
Don't task (take your medicine) and don't smell (price discovery) is doomed to fail.
Simon (Johnson) Says
"Obama Shooting Banks"
http://www.tnr.com/article/politics/shooting-banks
Show biz
Damn. And to think that I hadn't seen any of your posts in recent weeks (not that I was looking for them, but they do stick out like sore thumbs- really, really, really sore thumbs)...
Well since 'reform' means cutback by this administration, then it seems we'll cut back?
I mean if health reform is all about taking your healthcare away because it's too much money, and it's outcome based research, or a couple of other nonsensical ways to trust statistical models telling you aren't killing grandma, you just aren't providing her with a treatment that won't work anyways (except it does work).....
So if this fannie mae and freddie mac 'reform' is anything like health reform, or credit card reform where they raise your rates, among some loopholes they can screw you further, or 'financial reform' (that doesn't do anything)
Just perhaps this new reform means cutbacks for fannie and freddie? Nah. It'll just be another bailout that won't work, but trumpeted up like it's the 2nd coming of the 1980 U.S. Olympic Hockey victory over russia.
I need Obama's 'reform' and 'change' like I need Bush's 'compassionate conservatism'. All of the above were b.s.
How about some real change Obama?
Will Timmay be there next year?
Are all my reform packages so small?
"Geithner: US Needs Growth Before Attacking Deficit"
no, it's not an Onion headline, it's CNBC
It's only a matter of time before CNBC puts The Onion out of buisness...
The only proposal i want to see is a shuttering of fannie and freddie.
are Fannie and Freddie screaming buys? here they are sitting on a rather nice portfolio of mortgage debt, in absolute terms, the real problem being how to service this debt and make some money? should interest rates click higher, would that make it easier? it would sure make those loans more valuable. whadywhadyawhady gimme for a 5% fixed rate loan, 8%?
the financial crisis was bullshit, a political poison pill
if that's true buying this stuff makes a lot of sense, and everyday the stock market and economy return to more normal activity it appears that premise A is true.
Is there another, or perhaps the real financial crisis is still out there? you're out a dollar and a penny.
Regulatory Reform is Neither
Don't listen to the words look at the actions. Actions speak louder than words. They can say anything as we know.
Tim Geithner can choke on a big prison dick.
+1000000
There appears to be no hope for the financial system to reform itself with meaningful regulatory oversight and transparancy.
Its too corrupt. Crital mass is here.
Only The People can change the system now as those elected to do the job are participants in the crimes leaving nothing but debt, misery and ruin on the people.
And the only way to do it is to fully, completely and totally repudiate the Federal Reserve Note - the fiat dollar - and buy the Constitutional Money of the United States - Gold and Silver. Period.
Hard to believe people are still holding their wealth in USD.
I still have plenty of gold and oil, but have started to diversify into copper and base metals now.
Holding USD is pure fiscal suicide. As always, watch the moves in the housing market - Fannie and Freddie will never be dealt with, leaving Bernanke the Enabler to buy the debt no one else wants.
The dollar is dead for all intents and purposes. Sure it may fluctuate relative to other failed fiats, but forget about the dream that it will ever buy a barrel of oil for $30 again, or gold at $300. Even microchips have doubled in price from last year.
Of course, because the value of McMansions continues to drop, the Fed claims there is no inflation. LOL. what a bunch of suckers in this country, no wonder the middle class is dying.
Good luck with that.
Gold and silver don't stand a chance against the bull market lead is poised to embark upon.
You want "financial security?" You got it, now may I please see your papers?
Has Timmy paid his taxes yet? Right.
I hear they also have a program that allows Dick Fuld to take a dump on a 150 dollar dirty toilet too. But it's not getting rolled out till next year also. So many advances in behavior modification lately.
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