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Time For Tim Geithner's Annual Top-Ticking Op-Ed, In Which We Learn That It Is Time To Panic About America's Banks
- Bank of America
- Bank of America
- Barney Frank
- Chris Dodd
- Commodity Futures Trading Commission
- Consumer protection
- Elizabeth Warren
- Fail
- Fannie Mae
- Federal Deposit Insurance Corporation
- Freddie Mac
- Great Depression
- Gross Domestic Product
- House Financial Services Committee
- Ohio
- recovery
- Richard Cordray
- Securities and Exchange Commission
- Tim Geithner
- Transparency
- White House
When just under a year ago, Tim Geithner penned "Welcome to the Recovery" he top ticked the zenith of the business cycle to the day if not the hour, with the economy finding itself in a straight line contraction ever since then, blissfully delayed by a 9 month QE2 detour. Now that the QE2 is no longer a factor, we are already seeing economists everywhere cut their Q2 GDP forecasts to sub 2%, an effective stall speed for the economy in real terms, and reducing their full year economic forecasts. Which is why we were delighted to learn that today Geithner has just released his latest iteration of a top-ticking missive, this one titled inappropriately enough "Dodd-Frank Has Made Our Banks Stronger" which is supremely ironic because not only has Dodd-Frank not made anything stronger as it has not even been remotely implemented, but as Bank of America, Goldman and Citi's Q2 results have just confirmed, the US bank sector is now the weakest it has been in years. Thus, when accentuated with a Geithner adminition to not panic our only advice is to do precisely the opposite. Oh yes, it took precisely 25 days between Geithner's heartfelt appeal to America's idiot class last year and Bernanke's Jackson Hole appearance. We wonder if this year it will be shorter.
From The WSJ:
Dodd-Frank Has Made Our Banks Stronger
By Tim Geithner
Two and a half years ago, with our country on the edge of a second Great Depression, we met with the president in the White House to discuss whether to move in those first months of his administration to legislate fundamental reform of the financial system -- or wait until we had put the crisis behind us.
The president made two key decisions. First, he chose to move forward, knowing that the forces of opposition to reform would grow stronger as the memory of the crisis receded. And second, he asked us to write draft legislation rather than propose broad principles. The president did not want the new rules to end up being written by those who brought us to the edge of catastrophic financial failure.
In June 2009, the administration submitted to Congress a proposal that would fundamentally reshape the financial system. It was designed to lay a stronger foundation for innovation, economic growth and job creation with robust protections for consumers and investors and tough constraints on risk-taking. We drew on ideas and insights from reform-oriented thinkers across the political spectrum.
As the Democratic Chairmen of the Senate Banking Committee and the House Financial Services Committee Chris Dodd and Barney Frank initiated negotiations on the bill, we expected backing from both sides of the aisle. Even after that proved impossible in the House, where reform passed initially without a single Republican vote, we remained hopeful that common-sense efforts would garner bipartisan backing. But senior Republican negotiators on the Senate Banking Committee were unable or unwilling to define a core set of reforms they could support. Ultimately, Dodd-Frank passed with only six Republican votes.
Where are we today, a year since the Wall Street Reform and Consumer Protection Act was signed into law?
By almost any measure, the U.S. financial system is in much stronger shape, not just relative to the depth of the crisis but also relative to conditions that prevailed before it hit.
We have recovered most of the investments the government made to put out the fires and avert disaster. While many misperceive the investment made in banks under the Troubled Asset Relief Program as an unfair and unjust gift to the financial sector, we have already turned a profit on these investments, and we may do so on all the government intervention programs. Moreover, these actions have helped to restart economic growth, increase the value of American families' savings by trillions of dollars, make it possible for businesses to borrow again, and prevent a second Great Depression.
All financial crises are caused by too much leverage, and by reducing leverage, we have taken the most important step toward diminishing the risk of future crises. We have forced the largest financial institutions to take less risk and to hold much stronger financial cushions against the commitments they make. Our banking regulators have reached global agreement on new capital standards that require the world's largest financial firms to hold roughly three times more capital relative to risk than before the crisis.
And for the first time, we have the ability to extend these types of limits on risk-taking to firms that may not call themselves banks but could still pose catastrophic risk to the economy were they to fail.
The Securities and Exchange Commission, the Commodity Futures Trading Commission and the banking regulators have outlined the major elements of reforms to bring oversight, transparency and greater stability to the $600 trillion derivatives market.
The Federal Deposit Insurance Corporation has developed new tools to safely unwind or break up large nonbank institutions that fail in the future, without exposing the taxpayer to any risk of loss. This framework, together with the tougher capital requirements, derivatives reforms, and the limits in the law on future bailouts will make our system more resilient in crisis. They will also help curb the expectation that taxpayers will in the future step in to save the financial industry from its mistakes.
The Consumer Financial Protection Bureau has already proposed new ways to simplify disclosure of mortgage and credit-card loans so that consumers can shop for the best terms and be protected from abusive and predatory practices. And the president has selected former Ohio Attorney General Richard Cordray to serve as the bureau's first director, building upon the powerful legacy that Prof. Elizabeth Warren has established in setting up the agency.
Finally, we have started the process of winding down Fannie Mae and Freddie Mac and reforming the overall mortgage market.
We are implementing reform quickly but carefully, and we are taking public input at each step of the way. Because this is complicated work, and because it entails extensive coordination with multiple agencies around the world, some rules are being written more quickly than others. Where we need more time to get the substance right, we will take the time we need.
There is still a great deal of work to do to repair the damage caused by the crisis, and to implement the full framework of reforms. Ultimately, success will depend on making sure that we can write sensible rules that promote the health of the broader economy instead of the interests of individual firms -- and that those charged with enforcing these rules have the resources and the talented people they need to do their job.
As we move forward, however, many of those who fought reform during the legislative process are now trying to slow down and weaken rules, starve regulatory agencies of resources, and block nominations so that they can ultimately kill reform.
We will not let that happen. Too many Americans are still suffering from the pain of the financial crisis. We owe them a financial system with better protections against abuse and catastrophic risk. As secretary of the Treasury, I will recommend that the president veto any legislation passed by Congress that would undermine these vital financial protections.
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Anything about how in 2003 Bush Jr told Greenspan
to go around telling all the banks to lend like crazy to support the
decaying economy because of the outsourcing by Clinton
through the false housing boom resulting in 60% of all jobs in
"America" being directly or inderectly supported by housing loan
money and how the banks need not worry because they would all be bailed out?
And as an aside, can we get at least a mention of how Bush Jr's
first act as pResident was to sign into law that any and all high paying
Tech jobs could be sent overseas saving the cost of H1B Visa's and
importation of Indian and Pakistani monkeys to the country?
As a further aside, can someone mention that Jeb Bush being
Governor of Florida during the 'hanging Chad' fiasco was just
ever so slightly a conflict of interest regarding investigation of
the
oh nevermind. It's not like any of you don't know this shit is rigged.
Hey Mob,
I think it is spelled "Amerika" now.
Anyway, Welcome Back!.. I guess you been hanging with Ted Williams' frozen head the last 8 years?
It's time to move on from the 2000 election perhaps? Yeah, that 2003 Bush-Greenspan conversation is a burning issue in 2011.
Nice how Geithner slipped the $600 Trillion into the discourse to nobody.
yeah, real nice.
-- 600,000,000,000,000 --
wow, look at all those zeroes.
Exactly: $600 TRILLION.
And when we actually achieve "transparency" on that $600 Trillion derivatives market, we will all get to look through the window at the ultimate horror show of $600 trillion worth of toilet paper wrapped around a core of pure bullshit. And then what?
The house of cards is so impossibly cosmic in scale that there is no possible way to "regulate" it.
There are only two possibilities: It can get bigger and remain opaque, or implode via attempts to make it transparent. ... And the former will ultimately necessitate the latter anyway.
i dont think this is junk.
welcome to the pain bichezzzzz ® ™ ©!
"The president did not want the new rules to end up being written by those who brought us to the edge of catastrophic financial failure".
Jesus Christ. The Dem's were totally in power.
Ding,Ding, Ding!!!!!!!!!!!!!
You sir are 100% CORRECTOMUNDO!!!.
Not to mention, that Bush Jr, and Ron Paul, not only once or twice, but numerous times told Frank & Dodd that the loans being made thru FM/FM, were getting VERY risky, and to REIGN them IN.
Did they?.
Hell no.
( O.T )..........just like Katrina,five days before land fall Bush Jr. called the Governor, and Mayor Nagin..........telling them to get their PEOPLE OUT.
Did they listen?, Hell no.
Who got the BLAME for slow response?.
Don't get me wrong, I am NO fan of Bush Jr.,but let's call a spade a spade.
Truth hurts...............
IF they had listened to sound advice, the disaster in N O, would have been minuscule compared to what it was, in terms of human suffering.
The answer is obvious.
Most of those who remained during Katrina were those who rely on the government for all. Warnings were there days in advance. These people will never lift a finger to help themselves.
Welfare state. If the SHTF in any big way, that is were we are headed on a grand scale.
Compare the readction in New Orleans to the typical reaction to awful weather disasters in the Midwest. Night meet day. The welfare culture has created the, "I can't do shit for myself, and I won't do shit for others" culture.
precisely the point. here's another example:
http://theprojectveritas.com/node/9
I'm begining to think all this is directed to those who do not have the Neanderthal DNA update 2.0 patch. And that is Racist!
perhaps...but i happen to believe that epigenetics is equally as important as genetics, and no matter who's right & who's wrong, one thing is certain -- the kids are losing...
Tip I luv Ya Bro.. BUT!
"I Love how the Big Money Koch Brothers put together these high dollar productions showing only the worst of the worst.. out of 500 people at the Hotel 4 maybe 5 idiots ruin everything for everyone else? But it is the Union's? I wish the Union's would spend some Money following around the Koch Brothers!"
That was my YouTube Response!
http://www.youtube.com/watch?v=xd9OYJMX9t4
Tea Party..
Big.. NO! Huge!! Money! Koch Brothers Money, Baby!!
Spin anything so they can have no environmental laws put into place.
All we can do is Pray for "We the People" Wake Up! and decide they prefer Freedom over some Lobby Whore or some Lobby Whores Owner.
you're such a hippy JDub ;~) you're right though, best to look at all angles when viewing a piece of propaganda. but isn't that the overriding theme these days? the idiot 1% always ruin it for everyone else. why is that you think? been trying to wrap my head around this one lately, not yet successful.
What do you expect from niggers?
Good one DosZap!
I can't decide which is more offensive, Timmy's musings of his complete innocence in the whole sordid affair or his heralding consumer protection under a law named Dodd-Frank.
Both are a slap in the face.
As a rule, avoid using "Frank" and "protection" in the same dinner conversation. It's just brings up too many disturbing images...
Ew. "Stim" Geithner.
I love it when people use: "to be honest with you" in the midst of conversation.
I begin to think: 'you mean everything else you said might not have been true?...and,- I invested my money with you??!!
Oh! I thought he was talking about banker lobby influence..
Oh! I thought he was talking about banker lobby influence..
he sounds like oliver twist begging the sheep to buy bank stocks.
Please, sir, I want some more...
hey turbo: don't cry into your gruel lulz lulz lulz
After he leaves the disaster behind him at Treasury he can start playing the part of Fagan on Broadway. "It's a hard naught life......for me"
One thing you can say for the entire Obama Crew. They all have piss poor timing.
TG is as incompetent as the rest of the so-called "government" -- why waste ink on him in this blog, especially on his meaningless musings in press?
Little Timmah flip flopping from touting a rigged fake recovery to assuring the sheep there is no need to panic.
Priceless.
It's just so special when the Treasury Secretary tells you "not to panic". Oh, brother. passport, Check. Airline ticket, open, check. New Zealand, no entry visa required, check. don't panic. that's what they tell you just before the sound sputters and goes off.
New Zealand? Try Canada. One day's driving distance for about 50% of the US population. (Cranking, Indy style.) A 1% movement of US residents (3m) equates to a 10% hit to Canada's support infrastructure. (Their total population is less than California's.)
I specked it out last year; Canada will be the new Texas. Sheer free market mayhem - and the Canadian government won't be able to do a thing. Not that they'll want to. Look to California to portend the future - politicians & businesses love, love immigration. All those new constituents to be representing, you know, and all those new housing tracts & infrastructure projects (power, water, sewage, transport, etc.) to be building to house all those refugees.
A little OT: Does anybody recall 2, 3 years ago the lament that no one understood what was occurring? Or the claim that Bernanke didn't know what he was doing (LOL)? Or that the general public thought that those who did understood where 'gloom & doomers"? Anybody get that kind of pushback anymore? Not me. Shit, I've got people volunteering all the time about what they think is going down.
Once the politicians lose the will of The People, it's all over except for the crying. Prepare my brothers, prepare. The real show is going to be starting any day now. (Btw, I still think one of the generals, indeed, perhaps Petraeus, is going to have to execute the foreign & domestic enemies clause.)
In my fantasy, I imagine the order going out to round up around 10,000+ bankers and assorted criminals, including our current crop of "leaders".
All together now ... QE3, QE3, QE3!!! Yes we can!
QE is T minus 5,4,3,2,............
"The Securities and Exchange Commission, the Commodity Futures Trading Commission and the banking regulators have outlined the major elements of reforms to bring oversight, transparency and greater stability to the $600 trillion derivatives market."
Gotta watch that INSIDE JOB movie again, I think I misunderstood something.
$600 TRILLION (bitchez). Oh, btw, Steve Liesman says "derivatives serve a very valuable function...." (SquawkBox 7/18/2011)
The exponential function.
Yeah - the derivatives market serves to keep "TBTF" alive and well.
Shuck this fit.
The first sign of reform would the day we see Geithner, Hank Paulson, Bernanke, Blankfien, banksters, Wall Street capos, and Congressional and Executive branch co-conspirators arrested, handcuffed, and perp walked into jail for the greatest financial crimes in U.S. history.
Wee Tim needs to be gang raped by Bwarney Fwank, his boyfriend and 2 gerbils for all the lies and worthless work he has done since entering office!
I dont think he would get that message (i.e. punishment)
Declare victory and go home.
Get outta Dodge.
Exit stage left.
(Black) swan song.
Dead cat's been tossed.
I'm not going to stand here and let you bad mouth the United States of America!
Yours, Timmay
"All financial crises are caused by too much leverage,..."
And your job at the NYFR was to supply that leverage wasn't it Timmy?
All financial crises are caused by too much leverage, and by reducing leverage, we have taken the most important step toward diminishing the risk of future crises. We have forced the largest financial institutions to take less risk and to hold much stronger financial cushions against the commitments they make.....And for the first time, we have the ability to extend these types of limits on risk-taking to firms that may not call themselves banks but could still pose catastrophic risk to the economy were they to fail.
but not when it applies to the .gov or the fed
thanks timmay!!! i needed a good laugh
...and by reducing leverage, we have...
...we have forced the largest financial institutions....
And for the first time...[in my adult life...?]
DANGER, WILL ROBINSON! DANGER!
So tell me, how does anybody really know how leveraged the banks are when nobody knows the true value of the collateral on the non-performing loans?
Remember, we're in Timland. No need to bring in that GAAP or fair valuation stuff. Ponzi on, Garth.
Take the Principal balances, cut em in half; and you are getting close.
Close enough for Gubmint work.
answer; yes. YES, Sir. Yes, sir. well then you understand why we have this firing squad here today, don't you? Yes, sir. Good.
Timmah is a closet Austrian! Who knew?
You are a Human " Waffle Iron 1.45"
Say it.
Timmay!!!! At least he is getting practice on writing the BS client letter for his next Wall Street employer. Unfortunately for us, he can't leave soon enough.
loodlelouw timmy!
http://www.youtube.com/watch?v=zUJK5wIE4H8&feature=related
LOL timmah does not capitalize President
he only pays tribute to his masters
not necessary in this context, as he is spaeking of that moron occupying the office of.... but, wait a minute - maybe I'm wrong...let me call one of those fuckin' lawyers ^TM
"As secretary of the Treasury, I will recommend that the president veto..."
see, he does the same thing to himself. this way he is not insubordinate. LOL he is gonna recommend the sweetest deal the banksters could dream up. again.
it's only the 19th. protect yer head.
i capitalize [Wookie]... best wishes YEN!
Well, despite our lousy economy and more layoffs, apparently Linda Green still has a job as just reported by the AP.....
"
County officials who are responsible for keeping land records, including property deeds, say that they have received thousands of robo-signed documents filed in their offices since October.
In Essex County, Mass., the office that handles property deeds has received almost 1,300 documents since October with the signature of "Linda Green," but in 22 different handwriting styles and with many different titles..."
Perhaps Linda has multiple personality disorder which accounts for the same name but different handwriting?
Lord have mercy; if you wrote a novel with this kind of stuff in it it would be panned, as "not credible"; things like this can't occur in the real world. Uh, huh.
Any credible publisher would kick you out of their office in a heartbeat.
++++++++++++++++++++++++++++++++++++++++++
No.. no! it is a work of non-fiction!
wait?? wait??? give me a minute.. noooooooo! it is true to life!
I sware! I have sworn testimony! just look!
no.. no... no need to call security I will go. I understand it could be viewed as some what outside of what conceivably would be called normal behavior.
IQ 145 /-(145)~0
Douchebaggery on parade. GODDAMN IF THAT GUY DOES NOT SEND ME INTO A FUCKING RAGE EVERYTIME HE OPENS HIS MOUTH, i gotta calm down, blood pressure ya know! Dr. said I should just pray about it, so here goes; Dear God, I have not been the best person in the world, anyway, please send a flock of ravens to swarm that FUCKING BASTARD LIL TIMMAY AND PLUCK HIS FUCKING EYES OUT!!!
amen
And all of God's children said 'Amen'.
can some one say hocus pocus?
http://theopeningrange.blogspot.com/
http://theopeningrange.blogspot.com/
http://theopeningrange.blogspot.com/
Go home.
can some one say hocus pocus?
http://theopeningrange.blogspot.com/
http://theopeningrange.blogspot.com/
http://theopeningrange.blogspot.com/
you are not fight club material
Doing his job. And millions of idiots will believe this work of fiction to thier own peril. It just becomes more and more of a tragic comedy watching someone claim all is well while flames and sparks dance all around. Normalcy bias is an amazing thing folks. Is a perfect description of too many baby boomers. Later generations have the added benefit of being progressively numbed from the neck up by an overload of information...attention spans reduced to that of fruit fly.
i can think of no person who deserves to be hanged more than geithner
http://eleninandbankers.webs.com/
This link was posted by herecomess&p666 and was diappeared, just thought I would repost it for the giggles and see if it gets wacked again.
know your enemy
Oh can't we hang Robert Rubin instead?
Sorry but Greenspan still beats out Geithner.
What about Jabba the Hutt Summers?
He'd snap the rope...
when have they been in the same ring?
And Timmah throwed in the towel (about to).
sarc off/
Oh, I can.
Timmy's controllers in the fed and the banks, especially those who wear a hat in both camps.
I just wanna know one thing: has Timmah got a law degree? Or does he come by his stupidity naturally/genetically?
You simply cannot learn this shit, you have to be born with it!
For a minute when I read the headline that Geithner commented on banks, I was scared he had bottom ticked it and all my shorts were beyond hopeless. his belief they have solved or fixed or changed anything is comical. I will agree that if all the rules of Dodd Frank are implemented (15% chance) and Basel III is fully implemented (30% chance) and the banks all make it till 2018 (40% chance) then we will be in better shape than ever in 2018. So I the likelihood that we are in better shape in the future is low, and we are definitely not materially better today!
Delusional Fuck Wadd
Dodd-Frank needs to be repealed and so does the CFPB. Those are horrible bills.
We need to bring Glass-Steagall back, break up the TBTF, end the Fed, go back on a gold standard and get our gold deposits away from the FRBNY, under armored escort, and over to our depository at West Point.
+1
Couldn't be said better ... + a lot
Yes.
Can someone please point me in the general direction of the pea-eating competition?
Sincerely,
Joey Chestnut
Don't call my bluff!
Please.
ROTFLMAO!!!!!!!!!!
Gah! Boilerplate!
That can be typed by any High School Hottie with half a brain in Business 101.
She was quite the up and comer:
http://www.youtube.com/watch?v=RRNwUhf4JM8
"common-sense efforts would garner bipartisan backing."
I'm so fucking tired of hearing both sides say "common sense". It truly saddens me to know that people in this country believe their what their side says is common sense. Open your god damn eyes those of you on the far right and far left. Please! Your politicians are killing this country and you refuse to see it.
And this bears repeating:
http://dotsub.com/view/5782d237-ab0a-41bc-a35b-d8b34d886b7c
I keep having that very same recurring scream in my head. Sadly they don't want to know. One side wants to tell you who you can and can't sleep with, the other side wants to tell you what you can and can't drive or eat. The financiers and politicians laugh all the way to the bank.
The dissemblers are proding the parasites to nudge the hypocrites to tell the public to buy stock
Good Food Chain Pyramid.
+1
Tyler nailed this on the head, as usual. When the talking heads come out and claim strength, it means exactly the opposite.
http://www.youtube.com/watch?v=WbrjRKB586s
Timmah will resign after everything is in place. Family matters will be spun.
Look Greenshoots-
CISCO
http://in.finance.yahoo.com/news/Cisco-cut-workforce-15-reuters-23615743...
CSCO increased the layoffs from 10K to 11.5K. Chambers should join the Obama Admin just like GE.
Lets not forget Borders
DEL.
The president did not want the new rules to end up being written by those who brought us to the edge of catastrophic financial failure.
That was before he was shown that one camera angle of the JF Kennedy assassination especially reserved for newly minted, wet behind the ears presidents who think they have the luxury to want.
And then the banksters lived happily ever after.
The End.
Do you believe the Bankers killed Kennedy?
I did see the new Bill Hicks documentary.
It's past your bedtime.
Goodnight
Well of course not. Who would suggest such a thing?
Very good, sir!
"a stronger foundation for innovation, economic growth and job creation with robust protections for consumers and investors and tough constraints on risk-taking"
They actually believe this? Priceless
Somebody robbed his Exchange Stabilization Fund.
Testie. Reader for a year, first time poster...bitchez!!
I don't think the Bernank can implement QE3--no matter how fucked up the banking system is.
Last time, he exported so much inflation that he brought on the Arab Spring.
Look. I know what I'm fucking talking about. I live in Asia.
You can't begin to imagine the inflation QE2 brought on. I'm paying 8 dollars for a gallon of gas.
No fucking shit.
Is he stupid enough to start a revolution in China?
I'm seeing severe deflation in the future.
But what the fuck do I know?
Anyway, so long.
And God bless all you Marxist cocksuckers.
http://geraldcelente.proboards.com
Finally, we have started the process of winding down Fannie Mae and Freddie Mac and reforming the overall mortgage market.
Is this supposed to be Red Meat or does this actually mean anything? In the Days before credit scores, (when actual underwriters reviewed the loan application package) Fannie guidelines were the benchmark for the best practice in loan approvals. Most everything else was what became Sub Prime.
Or is this about getting the toxic garbage out of the GSEs.?
Think bigger. Lehman Brothers and Bear Stearns. BAC is the next systemic risk.
Derivatives - Product + Chain Rule + Factoring
http://www.youtube.com/watch?v=cngzQ5xIOBY
Bork and Hayek on so-called "Intellectuals"
http://www.youtube.com/watch?v=km0-La2gGt4&playnext=1&list=PLFE68B589461CA91F
Hayek on The Road to Serfdom
http://www.youtube.com/watch?v=3r4vFnPCCjU
We have recovered most of the investments the government made to put out the fires and avert disaster. While many misperceive the investment made in banks under the Troubled Asset Relief Program as an unfair and unjust gift to the financial sector, we have already turned a profit on these investments, and we may do so on all the government intervention programs...BWAHAHAHAHAHA!!!! If that is so then why raise the debt ceiling? Just take some of those 'profits' you and owebama and all the other administration hacks are talking about and put it in a rainy day fund for just this occasion, oh wait you're a lying son of a bitch! There are no profits just a bigger tax bill for me! Fuck you timmay I hope you burn in hell bitch!
Dude. TARP money gone the way of Robert Mugabe's political opponents.
Didn't the banksters get their hands on the loot and start loaning it out to each other?
I'd like to take this opportunity to intoduce a new index. I like to
call it the RPI. The Rate of Rampaging Pillaging index.
No applause please, just send money.
In Washington today (Capital Hill and WH), there was a serious risk that reality might have to be faced.
And that is a risk we simply can not take and won't accept.
If at any time reality were to enter the discussion, there's a chance that new ideas and new energy might not be stifled and suppressed. That we cannot have. There's a chance that meaningful competition could reinvigorate the economy and lead to a new era of innovation and growth. That would be like facing death. At least to the cartels of special interests that own politicians from both parties lock stock and barrel and drink from the eternal fountain of corporate welfare.
"...cartels of special interests that own politicians from both parties lock stock and barrel and drink from the eternal fountain of corporate welfare."
Hats off, Caviar. Well turned.
A bas les aristos!
Brilliant. I like your stuff, but you've outdone yourself this time.
I think I am going to be sick. No way Goldman gives this twit a job.
Yes way.
Flies gather in abundance on piles of shit.
When someone in the PTB claims a problem is contained, you can be sure the SHTF is right around the corner.
What's on store for today?
First, I'm going to take a nasty shit. Then I'm going to drink coffee and smoke cigarettes.
I need to take a shower. I'm itchy all over.
After that, I'll probably watch Prison Break. I'm on season 4.
Tonight, I'll give CNBC a try.
Anyway, so long.
And God bless all you Marxist cocksuckers.
http://geraldcelente.proboards.com
He knocks the Republicans in one part and praises the Democrats. I couldn't care less if that is his view but isn't his position supposed to be non partisan? Why is he taking sides in a political debate?
We have recovered most of the investments the government made to put out the fires and avert disaster. While many misperceive the investment made in banks under the Troubled Asset Relief Program as an unfair and unjust gift to the financial sector, we have already turned a profit on these investments, and we may do so on all the government intervention programs.
Odd that Turbo Timmy is unable to do math. Odder still that nobody (present company (ZH) excepted) bothers to call him on this simple fact.
From the ProPublica website the total net outstanding under TARP is as of JULY 19, 2011....wait for it..... $239 billion.I would love to see the model that TIMMY is currently using to get his "profitable" number. My guess is it is similar to the one Moody's used to rate housing in 2006.
Detailed Breakdown OUTFLOWS: $573,082,422,440 Disbursed Banks and other Financial Institutions $245,155,693,547 Fannie and Freddie $162,400,000,000 Auto Companies $79,697,855,706 AIG $67,835,000,000 Toxic Asset Purchases $15,839,984,774 Mortgage Mod Program $1,342,127,956 State Housing Programs $393,615,005 Small Business Loan Aid $368,145,452 FHA Refinance Program $50,000,000 INFLOWS: $334,093,506,149 Refunds $272,878,657,269 Money returned to Treasury by bailed-out companies. Dividends $40,794,173,451 Revenue Treasury has earned on its investments through dividend payments. Interest $1,198,358,390 Revenue Treasury has earned through its loans through interest payments. Warrants $9,038,848,788 Revenue Treasury has earned from selling stock warrants it held on companies that have paid back its investment. Other Proceeds $9,730,471,478 Revenue from selling off equity or other assets. Fees $454,000,000 Revenue Treasury has garnered from special fees. Net Outstanding: $238,988,916,291 http://projects.propublica.org/bailout/main/summaryThank you Lizzy. Perfect post
Lizzy, your rebuttal is excellent. Kudos.
Thanks Lizzy for the update. I haven't looked at Pro-Publica for a while. I wonder how much Timmah's gonna get from "The GoldmanSachs" for such a profitable financial track record. Why he's makin' the US Citizens "nothin' but money."
" we have already turned a profit on these investments" ... translation we have made a profit on those funds that were actually returned ... potitical speak and regular communication are different
Lizzy gets the hard hit award of the week ... tee 'em up and LIGHTS OUT
http://youtu.be/XD03ut-iUzg
Obama on the TV every day, and now Geithner writing articles. If this is not a red flag sign of the imminent Apocalypse I don't know what is.
I just can't take the ignorant masses walking around in a fog of bliss anymore. The shell-shocked look on their faces when it comes crumbling down will be sad, yet priceless at the same time.
The article will be a "knock-off" of the Green Shoots article.
These guys are Super-Spinmeisters. i have learned alot from them, for free. No need to attend Spin Masters any more...or subscribe to the ten DVDs "How to Spin your Own Mother" anymore...they have taught me everything, for free.
I thank them.
The Art of Speaking, While Saying Nothing
One the lighter side...
Here's Rupert Murdoch being attacked with a pie...
http://www.geraldcelente.proboards.com/index.cgi?action=display&board=other&thread=1483&page=1
Brings a smile to my face.
Peace.
Oops! Timmy with a Freudian slip! Read 'stronger' as 'more powerful' and you'll see what he's really getting at.
I've never read such a huge pile of tripe in all my life...what a lying sack of shit!
It never ceases to amaze me that every time he opens his mouth nothing but shit comes out.
Ron Paul Floor Speech on Debt Ceiling July 19 2011
"We Will Default Because The Debt Is Unsustainable"http://www.youtube.com/watch?v=xqfm0zrRs9Q&feature=youtu.be
Holy financial clusterfuck doublespeak Batman! Every time Turbo Timmy speaks, the needle on the Batmobile BS-O-Meter just bounces off the limiter.
Larry Summers on How to Save the Rich: "No Big Financial Institution in Any Country Should be Allowed to Fail"; Pure Idiocy at its Finest
http://globaleconomicanalysis.blogspot.com/2011/07/larry-summers-on-how-...
Meanwhile get out your microscopes to see the share prices of the Banks in Europe :
http://www.acting-man.com/?p=8995
Whoever junked everyone of my posts: speakout pussy.
I didn't junk you, pussy.
Standing right here for you, baby. Come and get it...
Next...
signing off...you go, girl.
Let's break this down:
Moreover, these actions have helped to restart economic growth, [U-6, 16.2%,]
increase the value of American families' savings by trillions of dollars [home values down, interest rates at negative real returns]
[make it ] [possible for businesses to borrow again] [and prevent ] [a ] [second ] [Great ] [Depression].
http://www.thestreet.com/story/11190113/1/goldman-sachs-targets-1000-lay...
Goldman CFO sees up to 1,000 job cuts globallyhttp://www.marketwatch.com/story/goldman-cfo-sees-up-to-1000-job-cuts-gl...