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Wall Street "Reform" For Neanderthals, Or Donk Goes Full Retard
The White House has released a video (in HD cause its so damn cool, and with subtitles for those immigrants among you who don't quite understand the Enlgish) for idiots who still don't grasp that Wall Street reform is nothing but a farce almost as unabashedly idiotic as the early Friday release of the Farce Test coming out of a thoroughly bankrupt Europe, which will find that of 91 banks on the old continent, only 10x bankrupt Hypo is undercapitalized, and all the Greek banks are perfectly solvent. Right. Whatever. And in keeping with the tradition of Keynesianism for Kretins (sic) released previously by the Goldman HoldCo better known as the New York Fed, the administration has now realized that the only way to touch its intellectually challenged constituency is by summarizing its achievements in cartoon format, easily viewable on an iPhone. Coming soon - "Why Shutting Down Tendentious Blogs Is Great For The Children" in 3-D IMAX. The explanation provided by the "White House" for this pathologically moronic cartoon is: "A quick and simple animated explanation of how Wall Street Reform will
work and what the strongest consumer protections in history will mean
for you and your family." And yes, this comes from your ruling elite.
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"FOUR LEGS GOOD, TWO LEGS BAD"
- George Orwell, Animal Farm, Ch. 3, pg. 29
I can't think of better examples than Nancy and Barry and Biden and Bawney and Daley of just how much "more equal" some are than others.
==!!!
Graph Proves Stimulus Caused Rise in Employment
http://www.moonbattery.com/archives/2010/07/graph-proves-st.html
It's always a matter of perspective.
Yeah, well Boxer and Clover never did think too hard about much.
Wow. That's awesome!
I had no idea that my government was doing so much on my behalf.
That's some real change that I can believe in. :)
if only this video were true
Agreed and wait until you read the Federal Reserve comic books (seriously) they want teaches to hand out to school children. Have to brainwash the masses early and speak in simpleton terms and all that.
NEVER underestimate the stupidity of the American sheeple.
FRANK AND DODD
(Frank and Diane, Mellencamp)
WilliamBanzai7
Little ditty about Barney Frank and Chris Dodd
Two American Congressmen on the take in Bankstaland
Dodds gonna be a hedge fund star
Frankie debutante backseat of a Banksta car
Suckin on chilli dogs outside the NYSE
Dodd sittin on Frankies lap
Hes got his hands between his knees
Frankie say, hey Dodd lets run off
Behind a corrupt Wall Street tree
Nibble off those lobbyist branches
Let me do what I please
And Frankie say a
Chorus:
Oh yeah the Banksta con goes on
Long after the thrill of legislating is gone
Oh yeah the Banksta con goes on
Long after the thrill is gone Wall Street just keeps on
Frankie sits back reflects his thoughts for a moment
Scratches his pin head and does his best james dean
Well you know Dodd we oughtta run of the city
Dodd says, Barn you aint miss no-thing
Frankie say a
Chorus:
Oh yeah the con goes on
Long after the thrill of legislating is gone
Oh yeah the Banksta con goes on
Long after the thrill is gone Wall Street just keeps on
Gonna let it rock
Let it roll
Let Obankstas Beltway army come down
And save my financial soul
Hold on to your cash as long as you can
Changes comin round real soon
Make us subprime weaklings borrowers again
Little ditty about Frank and Dodd
Two american congressman on the take in Bankstaland
Thanks, that was nice. It will be interesting to see where Dodd lands next year. In the meantime, here is one for the Banksters to watch:
http://www.youtube.com/watch?v=yge311sFhC8
Yes, let's all sing "Beasts of England" and then get back to work.
Hey Tyler,
Care to shed some light on why that POS Countrywide propaganda was posted on ZH earlier?
I really think you owe your readers at least some explanation for something so out of line with what ZH usually is.
So, you didn't agree, therefore it was junk. Let it go. I see lots of stuff I don't agree with but I don't advocate censorship. That's un-American! ZH uses a panoply of tools to keep the readers stirred up. Good move, Tyler!
It's not whether I agree or not. It's that it's blatant propaganda. Left, right, don't matter; blatant propaganda is not what ZH has ever been about.
Propaganda is in the eye of the beholder, of course. Had you agreed with the thrust of the article you would not have singled it out for being biased. Name one article that you agreed with on ZH that was propaganda but was aligned with your point of view. You can't, because it would not have been, by definition, propaganda. So, there.
@BlackSea
Rock (RR) is right (+1)... There's a subtle difference between "propaganda" & "inCITEfulness" (a bastardization, but effective use of the homonym)...
In italiano se dice... "POLEMICA" (which, as often happens with other languages, expresses the sophistication of the difference in an elegantly subtle manner)...
In any case (in ogni caso)... The idea here is to spur "emotion" (not "hatred")... TD does that quite well with his prose...
If you're a sports fan (and watch ESPN), there was a show on today in which they dealt with this directly... They were discussing the HOWS & WHYS of how KOBE BRYANT just joined TIGER WOODS at the top of the "most respected athlete" category... Without getting into detail, a lot of ideas were tossed about, and at one point, the name DREW BREES came up...
So the question was... Drew Brees is nothing else than a model character, at the top of his game, & his team just won the Superbowl... Why isn't he discussed in these terms (most respected athlete)?...
Answer: That to effectively MAKE IT TO THE TOP, you need to be somewhat "POLARIZING"... People need to have strong and passionate feelings (good or bad) about the personna of the athlete (or author) in question...
That's POLEMICA... TD has it in abundance... So, talk about anyones stance on "the message" is irrelevant...
MOB RULES
Sincerely,
Francis
Grazie signore.
I understand Polemica, but allow me to respectfully disagree that Polemica is what makes ZH great.
Dictionary definition:
Propaganda: ideas, facts, or allegations spread deliberately to further one's cause or to damage an opposing cause; also : a public action having such an effect
'Nough said.
Lies:
Falsehoods intentionally conveyed via statements offered with the intent to decieve.
See Barack Obama and the entire 'progressive' crew.
Lies and government propaganda started long ago. Here is one from the 1930's how inflation is good(!).
http://www.businessinsider.com/henry-blodget-inflation-will-save-us-inflation-will-save-us-1933-propaganda-film-2009-6
That might be 'nough, but it won't stop the ZH denizens from discussing it!
Thanks for the daffynition.
Right on, Rock...you da rockin-est racoon, smarter than the average bear...
Deal is though that ZH hits the 'money' over and over. Credibility is the new money cause the old = nothing but elitist propaganda. ZH does push the envelope, but since the old paradigm is clearly broken, why bang on the Newbie for the occasional false strike?
Are you so shocked that ZH occasionally swings a miss?
At least they don't intentionally rape you via lies and games like the old 'boyfriend'.
Time to step into the brawl baby.
Tyler is the shit & I seriously miss Marla.
It's all about thinking, and a view that is contrary to one's own will certainly cause that.
"Better that many be tolerated, rather than all compelled."
John Milton 1644
Just wait until we post "Why Echo Chambers Are The New Killing It" - we are confident you will be delighted.
Looking forward to it Tyler. Because I'm still scratching my head for now <g>
@blacksea
Here you go...
http://www.amazon.com/dp/0195366824/ref=rdr_ext_sb_pi_hist_1
Looks like there isn't an audio version, so you might have to wait until next Christmas.
How very dealbreaker-esque.
So that means pro forma NYMag/Elle-esque?
Oui...
No man. I was referring to "XYZ is the new killing it" which you can read often on Dealbreaker.
I still like the movie that Kumar did where he gets high, rides a cheetah through the woods of New Jersey only to find Neil Patrick Harris driving drunk on US 1 on their way to White Castle. But this is just as funny.
Who issued that gem?: http://www.youtube.com/watch?v=9ZlBUglE6Hc
The White House thanks God a majority of Americans do not discern any difference between fact and opinion, regardless of whether or not the message is animated. Did my tax money pay for this campaign message? I am sure it did. Fuck.
If the creators of South Park are reading this, please make a sequel to this cartoon that stars Fannie, Freddie, Franklin Raines, Barney Frank, and Chris Dodd.
forget the stress tests it already has been priced in as a joke
the market is more worried by this:
"ECB lending to the banking systems of Portugal, Ireland, Greece and Spain rose by ?126 bn ($162.45 billion) in the first half of the year, accounting for almost all of an overall increase of 141bn, accounting for 42% of the ECB's total lending of 870 billion, up from 33% at the start of the year. By contrast, those countries contribute only 13% of the ECB's capital."
in other words the ECB will have to start printing very quickly to plug BIG holes. europe will still become a deflationary deadzone as the whole EU banking syetm will leech/suck up the liquidity
please explain to me how printing like you're on fire equates with deflation?
easy. you're a EU bank most of your transaction/s have become illiquid, your assets are mostly toxic, you have a small % that are quality. your income will depend on the small % say 5%, the rest 95% is a depreciating hole. your financier the ECB will pour funds into your bank that keep the 5% liquid, your net profits will suck, but you will stay in business.
but just like the swiss national bank discovered recently is central banks take hits, the ECB is going to take a big hit.
inflationists have missed this point, that wiemar republic scenarios don't take into account the completely (global) insolvent private banks (include central banks like the SNB and ECB) are huge financial sinkholes.
the people won't see that much 'dead' money
Because it's a response to debt deflation.
Thug politicians love inflation because it lets them spend us into oblivion on vote-buying, dependency-creating handouts, while paying back those funds with worthless money. Since they couldn't care less about pesky things like the Constitution, and nearly all limits on government are gone, they usually win in the short (medium?) term.
But eventually no one can borrow any more, people realize it's a train wreck, and the bubble pops. Individuals, companies, and local goverments deleverage, pay down debt, quit borrowing, and flat out default.
Yes, we could go all Zimbabwe and literally add zeroes to the currency, but we're not that far along. As long as Nancy and Barry have to come up with cutesy ways of renaming their trillions in government union payoffs and political kickbacks, debt deflation can outrun them. They're trying to reinflate a popped tired with a bike pump.
Nicely put Ragnar/Chump
However,
"... eventually no one can borrow any more, people realize it's a train wreck, and the bubble pops. Individuals, companies, and local goverments deleverage, pay down debt, quit borrowing, and flat out default."
aside from the defaults, and they themselves may result in the lender acquiring a hard asset with intrinsic value (admittedly that nominal value could be less than the original loan, but what else is new?), the deleveraging and debt payments all go to their respective banks' black columns and can be employed in turn to deleverage, repay debt, or invest in hard assets and lend to viable borrowers; so this 'money' is not destroyed. What the deflationists miss is that anywhere there is a debt being repaid, there is a creditor receiving payment.
Credit is not 'money', its function is soley to create more 'money', so ceasing to lend only arrests or slows the inflation of the new 'money' supply it creates and has created.
Add to that the ubiquitous, unending but ever more surreptitious international stimulus programs and you have a True Money Supply that is rapidly approaching escape velocity.
Sure, the creditors that are receiving the repayments are sitting very tight and not lending to mainstreet or small/medium size businesses, so 'velocity' in that sense is waning. But IMO that is just all their artfulness and cunning to maintain the illusion that all this fiat is actually worth something. I mean they can get it for free anyway, with their game of 'loan to me for next to nothing and then I will loan it back to you at higher interest and you can pay it back to me with a loan for next to nothing that I will loan back to you...and so on and so forth' all the big banks play with printing presses worldwide. So what reason could they possibly have for not lending (or otherwise investing) the free windfall they receive anywhere and anytime they like other than trying to bleed the middle class of whatever hard assets they might have left after their last orchestrated takedown in 2008 which left millions unemployed and so extraordinarily susceptible to such malevolence?
On the other hand, confidence in fiat currencies have collapsed almost instantly in the past for reasons unrelated to the arguments above, also resulting in hyperinflation. I mean everyone could more or less simultaneously experience the epiphany that their fiat currency is actually a horrendous fraud perpetrated on them in order to appropriate their wealth and simply refuse to use it at all. Which is much easier to realize when you don't have much of it left and technology has advanced communications to a point where you can converse with anyone anywhere in the world practically instantaneously. Also a possibility deflationists seem to avoid considering.
Letters to the usual address...
Regards
Credit is indeed treated as money in some cases. If a bank gives you a mortgage for $100,000 is can turn around and lend x% of that (determined by whatever the reserve ratio is) based solely on your promise to repay. Physical dollars can be multiplied many times over in this manner. Physical dollars are M1, dollars multiplied by lending are M3.
When calculating the money supply (and GDP lol) both M1 and M3 count as money. If they didn't the US would probably not have posted any economic growth whatsoever in the last 20 years.
Where did the $100k come from? The void!
That is inflation.
Where did your plastic credit come from? The void!
That is inflation.
Just because you default on it does not make it go away.
Right, an increase in the money supply is inflation. By this definition, we have had substantial inflation for a long period of time. However, I am not sure that in the present environment, the money supply is as large, nor the money multiplier. Further, I believe the trend is against lending money in the same amounts and fashion as prior to the onset of the depression.
What Ragnar is saying is that the deleveraging process set to occur is large enough to offset the combative stimulative efforts of the monetary magicians. Look at it this way, albeit simplified, if Bank lends to John Doe $1,000,000 in 2006 to build a McMansion and in 2010 John is broke (no deficiency judgment nor ability to pay anyway) and the McMansion is worth $200,000, then what happened to the $800,000 difference? It went back home to the void... and, further, what does the hickey do to capital reserve ratios and the ability of the lender to dole out more money?
I would hope everyone can agree that we've had substantial inflation for a very long period of time (decades)... the question is whether or not it will continue in a world filled with nonperforming assets. My guess is no, for a myriad of reasons, including but not limited to, political will, ineffectiveness of stimulus, and lack of demand for additional indebtedness by creditworthy borrowers.
As I see it, anyone with any fiscal prudence has been increasing cash position waiting for the spoils of deleveraging (think record bonuses, too big to fail, etc.). Think of it like the rope bridge/alligator scene on Temple of Doom. Of courrse, a PM hedge, arable land, and durable goods never hurt either...
Also well stated Macho.
Your homeowner in dire straights scenario is certainly the case because real estate is the bubble that began bursting in 2007, not commodities; they were sold off in late 2008 in a massive forced deleveraging event that resulted from that bubble. Yet anything that can be considered essential for daily living has recovered in the sense that it such things are at least back to, if not above, pre2008 price levels. And here I think we can agree that your example of a bank taking an 80% haircut on such a loan was an exaggeration for the sake of making a point.
So, as long as banks are allowed to mark these malinvestment losses to 'sky-pie', the 'great unwinding' will be postponed. Do you see that changing anytime soon for the largest holders of this bad debt? And if Gov'ts with the ability to print their own fiat happened to go so far as to relieve the banks of such bad debt products, still at prices marked to 'sky-pie', then the banks got 100% return on their investment, and the Gov'ts are highly unlikely to default on what they purchased when fiat is so easy to print. So that 'money' did not go back into the void. It lies in wait until the myth of deflation is firmly entrenched, with intent to suck up any hard assets left from those who weren't considered TBTF. And thanks to any 'never say default' Gov't purchases of bad loans or their derivatives, they get a 2X multiplier to boot courtesy of your friendly neighbourhood Federal Reserve printing press.
"...the question is whether or not it <inflation>will continue in a world filled with nonperforming assets."
I disagree. The real estate market and its derivatives are filled with nonperforming assets due to the egregious bubble that burst in that sector, every other market still has its usual mix, more or less. In fact, the more 'essential to daily living' the asset, the more likely that it is performing better every day. World population hasn't taken any 80% haircut.
Your credit card limit might be less, but I doubt your interest rate on it has dropped to prime, so you might not be able to corner the egg market in your town as easily as pre2007, but you can, and are still being encouraged to, use it to buy ever increasingly expensive food and fuel.
"My guess is no, for a myriad of reasons, including but not limited to, political will, ineffectiveness of stimulus..."
My guess is the exact opposite, and for those same reasons. Politicians will almost always take the easiest route. The only reason, and this is not a completely unlikely one either, I can see them not going the easy route and printing their respective currencies into oblivion is because, as I have stated before and you have implied, they want to make absolutely certain all their cronies who do still receive easy credit/free money are in a strong position to finish off the last of the wealth transfer from poor to sickeningly rich via deflationary hocus pocus. To me, that is the strongest case for deflation: a vicious austerity program imposed on you, but not them.
"...lack of demand for additional indebtedness by creditworthy borrowers."
Only because real interest rates for smaller loans haven't dropped, despite the 0% rate for the banks. Day to day, though, businesses must still use their credit lines to operate. As I've stated before: this sort of behavior only slows the rate of new credit being issued (ie slows the rate of credit induced inflation) it doesn't implode it.
As I see it, anyone with fiscal prudence is very wary of holding large positions in fiat currency because of the ever mounting inherently malevolent counter party risks. Your PM 'hedge' suggestion negates those risks, historically; not to mention that in the aftermath of 2008, and largely thanks to the internets, the entire world is slowly waking up to the fraud being perp'd on them. Your arable land reco' is high on my list of wise choices too; we got that all covered.
Best Regards
My guestimate is that the R/E losses are more than enough to offset rises in other areas. Loss of a couple hundred thousand bucks on a house pays for a lot of groceries and gas... my guess is that the divergence is temporary and the consumer staples will eventually begin deleveraging in earnest. Without jobs and wage growth, I'm just having a hard time biting the inflation weenie. I suppose that it is possible the rising input costs could simply cause producers/manufacturers to go out of business, skipping the longer deleveraging process altogether, given they cannot pass on those cost increases... but I'm not sure how that is sustainably inflationary...
I posit that their liquidity tsunami will run out before they can extract enough transactional costs (refi, market volatility, front running, etc.) to reflate the requisite number of dominoes.
The political winds in this country are for deflation. I think we should be able to agree that TARP was not remotely accepted by the american people. That leaves us in two camps, the first expecting our congress critters to be hamstrung and impotent to newer, larger QE given their last experiment was an obvious bust (americans dont need statistics to tell them the for sale signs on their streets and friends and family without jobs are not positive results), the second expecting congress to do as it pleases and continue to cater to their benefactors, despite public sentiment to the contrary. I'm firmly in the former camp. By releasing statistics of positive change and claiming recovery, the administration and congress have completely painted themselves in a corner. To claim differently at this time would be to admit to lying... the time is too fragile for such an admission. Further, the republicans will be running the mid terms with an iron austerity fist. Do not expect another round of QE... this is what ben told us yesterday.
In addition, the reflation race was a limited time event. It was basically the alarm bell for everyone to get aboard the ships before the earth's crust shifts and we get a giant flood. Some will be left to the cold... but remember, you have to separate the individual owners and operators of massive corporations from the entities themselves... the entities can be jettisoned when need be without little consequence... their liquidation is already baked in... just like the FED's and GSEs'. They were designed to blow up (or ended up that way). Their best non performing assets are going to get auctioned off for penies on the dollar to the top 1%. Maybe we can get some crumbs. But the reflation race was just a test to see whether we were at the top of the credit bubble and if the depression had begun in earnest... and, had the added benefit of bolstering club members' balance sheets for the coming deleveraging process and subsequent firesales.
@Machoman:
Respect. Carry on.
Or even simpler, replacing the shrinking supply of M3 dollars with freshly printed M1 dollars.
++ Nice and concise. Noted.
Wow!
Ummm ... I think a guillotine would have been cheaper, quicker and probably more entertaining. And, the government could have cut into the debt by selling concessions.
Thank God everything is alright again! We're back in Kansas.
it's fucktastic.
LOL. Nice retort Stick Man...
Ah yes, an Idiots guide on How to get draft shafted in the America. To call this a reform is another lie by MSM, our president O'Liar and clowngress, its a tax and regulatory bill. It doesn solve the actual issues of derivatives, transparency, HFT, Frontrunning, Dark Pools, or other Conflicts of interest. It clobbers the small to medium Fin Serv business as it layers regulation, monster increase in taxes, initiate peek-a boo audits...on top of the healtcare taxes this will shut down hiring and maybe force fin serv business to lay off additional people.
Carried interest is now taxed at your ordinary rate. Long term capital gains go to 20%.
Its time to batton down the hatches until our anti-american/anti-consitution president is impeached for treason.
So the government is going to "protect you from the irresponsibility of others?"
Too funny. The government exists for no other reason that to loot your earnings to pay for the irresponsibility of others. If they really want to protect you they should just close up shop. Mission accomplished.
Oh come now. The gov't exists to loot everyone for the benefit of the elite who run it. Ther're not ALL irresponsible.
Where is this revolution I ordered?!?!?! If it's not here in the next 30 minutes, it's free.....right?
Huh...not a single word about the Feral Reserve.
God forbid they take a little blame themselves too.
Nope. And did you notice how they blamed the banks for bailing out the banks. That was a hoot.
Disappointing. I thought Peter Sellers would show up in a cameo.
They're saving him for next spring...
It's frustrating when there are no words left that can adequately express one's loathing and utter contempt for the times one lives in.
Take comfort in the fact that you are surrounded by people constantly trying to articulate the same thoughts. They understand your struggle (and contempt).
The voiceover has to be the PlanetMoney NPR guy.
I hear that shithead everywhere
...either that or they're totally copping his shtick.
Everything in this either makes no sense (random, facty sounding pronouncements) or is just plain not true: how big does a bank have to be before it's "so large that it puts the entire economy at risk"? Citi, Wells, BofA size or bigger?
What a joke....I mean, forget about gambling with my IOU I want to know if credit is still going to be a de facto civil right in this country and if so who is expected to bear the reciprocal risk and under what conditions exactly?
I'm pretty sure that voiceover was done by Kal Penn (of Harold and Kumar fame). Who left show biz to join the "Office of Public Liaison."
So maybe you can rest a little easier knowing that your home is worthless, your family is broke and your future belongs to the bank.
Beyond words.
Actually, it is full retard.
I believe that is Kal Pen (From Harold & Kumar) doing the voice over.
Like totally...fur shur. It all...like...makes, like total...ya know...sense...ya know...yeah!
Meanwhile back at the ranch;
"Please note that this was not a typical case in which suspension and notification would be the norm," BurstNet wrote to Blogetery's operator. "This was a critical matter brought to our attention by law enforcement officials. We had to immediately remove the server."
"But on Sunday, a spokeswoman for ICE said "while ICE's Internet piracy enforcement efforts are still very much ongoing, we were not involved with the action."
A spokesman for the Recording Industry Association of America said Sunday that the trade group for the four top record labels had nothing to do with Blogetery's shut down. A spokesman for the Motion Picture Association of America said he had never heard of Blogetery."
http://news.cnet.com/8301-31001_3-20010872-261.html
Move along...move along.
SeeYa
"President Obama has said his administration is going to get tough on piracy and counterfeiting."
True, the State hates competition.
No mention of the two holy cows, Fannie & Freddie. All fairness, the first half was accurate & good. But to simplify things, you had to write a 2000 page bill into law? Sounds like computer code for the Matrix.
It's going to be alright cause the Teleprompter says so.
This country is replete with scumbags pretending to be politicians. Not a single one will describe what has gone on the last 20 years as being illegal thus requiring prosecution.
I have to admit that I was too scared to watch this. I also feel that watching anything like this that the government puts out immediately reduces your IQ.
You're right. I feel dumber for having watched it.
It's a new drinking game. Every time you hear "Big Bank" you have to take a shot (or hit, for Kumar).
I was too, but I overcame my fear. Of course, overcoming one's fear often leads to tragic mistakes. This was one of those times.
When's the sequel coming out and will it be available on Blu-Ray?
Voice is Kal Penn - Kumar goes to the White House to misinform the sheeps.
What a fool. He is parroting the lies about TBTF to the public. The bill did nothing to reform anything, derivatives, TBTF...
This truly is a "National" Lampoon.
+100 - Great insight on Kal-Penn Kumar - voice sounded familar - Couldn't place it - thanks for the quick assessment, nhsadika - it was bothering the h$ll out of me...
And yes, this comes from your ruling elite. <-- LOL, that really did make me chortle.
When you have a population that grows up watching cartoons instead of reading books, is lead to believe life is a cartoon, actually lives life like it is a cartoon and only understands what it sees on TV and u tube, Is it any surprise that cartoons are the universally accepted method of global indoctrination? Remember Mickey Jihad? I think Zero Hedge should mount an information counter offensive. This kind of propaganda cries out for citizen action. We can have a cartoon hero named Zero the mouse. He can spray paint the sign of the Z on all of this garbage we keep seeing.
The next step is for them to propagate this bullshit on Facebook.
There's nothing wrong with cartoons per se. It doesn't seem like the Japanese read/watch much else and they aren't exactly incompetent.
Then again, given their national fertility rate they may have given up actual sex for hentai tentacle porn. (insert Goldman Sachs joke here).
The main difference is Asians have not supplanted their education systems with cartoons. We have allowed our education system to fall apart and cartoons, pseudo news and reality TV has filled the void.
A well informed citizenry is not encouraged.
But photoshop mashups are still okay, right?
http://williambanzai7.blogspot.com/2010/06/bam-bam.html
This is the most mendacious bullshit I think I've ever seen.
these idiots keep thinking the economy is collapsing because "small businesses" can't go deeper into debt. WTF. If the fucking business has cashflow, it doesn't have a credit problem.
Banks "gambling"? WTF, I thought they were going to describe CDOs and synthetic debt, but no. "All is well, we've saved the world." Where is Stalin to liquidate these mfers?
@Trav (the finger guy)
"This is the most mendacious bullshit I think I've ever seen."
Harvey 'Big Daddy' Pollitt: You won't live with mendacity? Well, you're an expert at it! The truth is pain and sweat and payin' bills and makin' love to a woman that you don't love any more. Truth is dreams that don't come true, and nobody prints your name in the paper 'til you die.
I thought you were joking TD - When I saw the embedded YouTube player my jaw dropped - As I watched I became more dismayed - I can hear my former college professor screaming in the background, "Who is your audience?" - Though I was somewhat disappointed that there was no use of Anime - Considering the significant holdings from the Far East, 'Obama Speilberg', could have made an accommodation for our Far Eastern creditors - Additionally, No Product Placement - I mean Wynn would have paid BIG $$$ for the Casino spot! Kudos to Testicular Cancer - reference to Fannie & Freddie - Spot on, Chief - TD & team - Great job as always!
I was somewhat disappointed that there was no use of Anime...
Cheer up with some FLCL featuring the Pillows:
http://www.youtube.com/watch?v=KT1yv6rm-rQ
Always a pleasure to meet a fellow Jedi.
I want to laugh, but it's terrifying to know that's what they of us.
'Merka
Fuk Ya!
That video needs more cowbell!
+100 - ROFL - Thank you I needed that!
...
I dunno, this cartoon helped me understand a lot about our government when I was a kid: http://www.youtube.com/watch?v=mEJL2Uuv-oQ
Oh, never mind...
Remember this one? Makes me wanna cry.
http://www.youtube.com/watch?v=p0LmYEjXNIg
Biden for President.
He's just Biden his time.
i have to keep somewhat detached when i see this kind of propaganda crap...shame on everyone in Washington who isn't speaking out about the lies, and deceit of our captured government....i wish they would all go to jail for treason for the rest of their life....
In essence this is once again telling us all, well, aint it a shame we had to give that money to the banks since our life depends on them ( i said sarcastically)--but it won't happen again (they say as they lie with every ounce of their lives) ...anyhow the banksters got their heist and are long gone and we are left with the gutting of our country to pay for it with the tax revenues of generations to come going into the hands of people who should have dealth with bankruptcy and some who should be in jail.
Tyler, is this the same ruling elite you supported earlier by allowing scumbag David Fiderer to post on the site?
You know, when flipping houses was like totally cool, I don't remember lots of forms. They just handed me a mirror and said to blow on it. I didn't see any blow on it, so I laughed and got it all fogged up. I said sorry, cuz now the mirror was damp and liners get gunky on damp mirrors, but they thanked me and gave me a set of keys. Is it gonna be EZer than that now that the government cares about me?
Kumar talks about the big pile of incomprehensible documents associated with taking out a mortgage. Meanwhile, the government signs off on one massive bill after another which no one has read.
Is that irony or hypocrisy?
Its as simple as this:
One side of the fence knows what is possible and what is not in a Fiat System. The other side does not. Therefore we are treated like children. The fact that so many people have bought into survivalism (really surrendering) is an indication that Fiat operations is a complete mystery to them.
Here it is in less than a minute, and much funnier (IMHO):
http://www.youtube.com/watch?v=7GSXbgfKFWg&videos=HyXmA9EnDYE
Like Feudal Lord and Vassal, consider yourself "Protected" from the hoards of barbarians. In return, you will be tithed at 1 month of free labor on the Lord's property per year. And you must share 50% of what you produce. Hey, isn't that roughly what we pay in taxes (fed, state, local, sales, gas, phone, cable..........)??
The Wall Street Reform Company PR Song
http://www.youtube.com/watch?v=lfQseUDQB2o&feature=related
My youtube comment on this atrocious video:
So let me get this straight...your video basically lays out the fact that these "big banks" completely destroyed the United States economy, torpedoed the housing market, & obliterated millions of jobs. And yet your fancy reform package does ABSOLUTELY NOTHING to punish them, nor does it remove any of them from power! Are you kidding me with this nonsense? Do you expect us to just go? on our way, & say "well, I sure hope they don't screw up again!"
Folks this is nothing more than propaganda BS!
Denninger? Is that you? It's me! Bob!
The banksters got $5T and the rubes got a condescending cartoon video. Well, at least we won't have ratings agencies to kick around anymore.
A poster dubbed this the FRank dODD bill as the "FRODD" bill....
What are the chances of THAT happening?! LOL!
http://truthingold.blogspot.com/2010/07/i-had-to-post-this-comment.html
Oh, and this video was put out to show the efficacy of the gov'ts ability to stop the banksters going forward.
http://www.youtube.com/watch?v=fUq9hynzCVo
I'd like to meet the smug-ass commentator and spit in his fuckin' face! Then I'd kick him in the nuts. Then I'd take a "Wall St." sign and imprint it on his forehead. I bet the guy is obese too! Well they use the word "reform", so it MUST be the opposite.
It's Kumar. He works for the Ministry of Propaganda now.
Come on Zeros, don't you know Kumar is a big Obama guy? Considering how many "stars" loved OB, I would have expected more from this epic! I guess Hollywood is preoccupied with their own races...now lets see
We've got Speilberg supporting Jerry Brown. Of course the Barbara's are in alignment, Streisand and Boxer. But Boxer has plenty of support from all the big Dems including...Geffen, Katzenberg, Robin Williams and Don Henley. Considering California's problems Team OB is lucky they got Kumar
I went to town with Grandma to get my recovery and all got was this stupid tee shirt, I mean, video telling me The Mess Is Fixed.
This video reminds me of those $10,000 American Recovery and Reinvestment Act of 2009 signs scattered along the nation’s byways saying this is an example of stimulus at work—reminding those of us who didn’t get any of the $787 billion stimulus on how good it was. The $10,000 sign on the way to the D.C. airport is just part of the $20 million spent on similar ARRA "campaign" signs for the Democrats posted throughout the nation.
No eighth grader, let alone a Zero Hedger, would fall for this video. The music is tense!!! until finally the big casino sign falls off the Big Bad Bank and then.... the music becomes soft… Some grad student in psychology probably made it. The White House should ask for its money back.
What’s happening is the reputation of the government is in freefall. Obama’s wound up like the Energizer Bunny; he just keeps on telling us that the mess is all better, that it’s fixed…and then it isn’t fixed... and later he says it’s fixed and it isn’t fixed, and then he says now it's fixed. And it isn’t fixed…
The problem is, the Pelosi Democrats have got a serious election coming up shortly. And these are all campaigns.
The White House has been involved in 187 political events since Obama took office, i.e., campaign events. Obama got elected on promises, and now he’s trying to govern on promises. He’s on Air Force One more than he’s in the Oval Office.
Obama is a talker, a speech giver, a video maker, a promise man. He’s the it’s-gonna-get-better future man. It would be bad enough if he promised all these things and then didn’t deliver. But what makes it worse is, he’s making it worse--hamstringing small businesses and rewarding the government sector. Every move he makes enhances their unions. And on top of everything else he’s done, come January 1, most Americans are facing tax increases that are going to hit small businessmen right in the teeth.
And do you know how the Democrats describe those Bush tax cuts that the Democrats want to eliminate? They are called “paying out money to people…people your government can’t afford to pay any longer.”
The Democrats aren’t paying these people anything; these are the people paying them the taxes and, now, the Democrats are going to make them pay even more.
And, oh yes, Obama’s going to sue Arizona…
+1
Yep. Sue. AZ is no longer bordering a warzone, it is a warzone with a DMZ run by cartels:
http://www.youtube.com/watch?v=Hr_XyGsdomM
Reynosa (Mexico side of McAllen, TX) massive firefight:
http://www.youtube.com/watch?v=c8Q0_Hd0Vrc
It'd be a lot cooler if y'all on Wall Street and in DC just admitted that your lips are stuck to the money pipe.
My cousin works in the ER in Kerville. He won't ask any questions.
Avarice is a helluva drug!
"Change you can believe in".......was 10 years ago......you were just too dumb to see it! Sided with the oligarchy (Republican party for the handicapped) and they left you like an 18 year old seeing-eye-dog! It's ok, we still have the potential to payback the past/future debts of Afghanistan and Iraq!
The numbers NEVER added up.......making mad money from your home, 12% DOW average, easy credit, 24% underwater in their mortgage, big military, $13 trillion in debt, cushy public positions, 0% interest rates, volatile fuel prices, 17% real unemployment, obesity, GDP.........none of these logically add up!
When speaking about being employable, the ##### get worse! 1% is currently incarcerated (not to mention the have beens), 28% are baby boomers (supposed experience), 17% fail drug tests, 8% can't interview, 21% fail the background check and 12% fail the credit check! If the US was sooooo concerned about fixing things, why not start with these statistics!
Why blame the gubamint when "The People" have made Mr. Cartoon himself, Steve Jobs, the icon of the whole fucking country? Get revenge by chucking your fucking Apple toys in the trash can where they belong and shorting AAPL.
Yeah, switch to Bing and stick it to the man.
Had lunch at The Tavern today;
"We are turning into a nation of whimpering slaves to Fear—fear of war, fear of poverty, fear of random terrorism, fear of getting down-sized or fired because of the plunging economy, fear of getting evicted for bad debts or suddenly getting locked up in a military detention camp on vague charges of being a Terrorist sympathizer." -HST
Tyler, please tell me you don't own a shotgun.
I have to admit, getting Kumar to narrate this pile of trash was icing on the proverbial cake. At least the potheads might believe this crap.
woah, and here I was thinking the Fed had something to do with it. silly me, thanks for straightening me out Kumar.
http://financialnewsexpress.blogspot.com/2010/07/obamas-innovation-gaffe..., July 21, 2010
Obama's Innovation Gaffe
Obama's Innovation Gaffe
Obama Signs Historic Dodd-Frank Wall Street
Reform and Consumer Protection Act
July 21, 2010
Today I'd like to contrast two paragraphs using the word "innovation". The first was used by our President this morning when he signed the historic financial reform bill.
The fact is, the financial industry is central to our nation’s ability to grow, to prosper, to compete and to innovate. There are a lot of banks that understand and fulfill this vital role, and there are a whole lot of bankers who want to do right -- and do right -- by their customers. This reform will help foster innovation, not hamper it. It is designed to make sure that everybody follows the same set of rules, so that firms compete on price and quality, not on tricks and not on traps.----Obama
The second is from the book, "This Time is Different" by Ken Rogoff and Carmen Reinhert.
...inadequate regulation and lack of supervision at the time of liberalization may play a key role in explaining why deregulation and banking crises are so closely entwined.....In the 2000s the United States, for all its this-time-is-different hubris, proved no exception, for financial innovation is a variant of the liberalization process.----Rogoff & Reinert
That was an astoundingly, unbelievably poor choice of words in the first sentence and paragraph of the speech announcing this historic financial reform bill on this historic day by the "great orator", President Obama. Perhaps it is an accurate representation of the bill which he is announcing, however, although I do sense a lack of his understanding of the terminology given his awareness of the discontent middle class voters he is supposedly trying to appease. Or, maybe not.
--Kalpa
http://financialnewsexpress.blogspot.com/2010/07/obamas-innovation-gaffe...
The Democrats have all those Hollywood connections and that is the best cartoon the come up with?
Ps. There's so many untruths and facts left out in that thing I almost pissed myself. I guess the entire section regarding the campaign donations and lobbying from the Finance industry over the years was left on the cutting room floor.
Good grief. I'll bet Congress found that video fascinating and that it's what convinced them to vote for fin-reg. Congress is probably convinced from that video that fin-reg is "the most important financial regulation in 75 years," as that douchebag Larry Summers told fading beauty Maria Bartolromo last night.
Susan Collins still has some questions
Maxine Waters says she prefers Road Runner cartoons
I understand they showed Nancy Pelosi a Sponge Bob episode to explain fin-reg to her. They probably showed her the one where Mr. Crabs ridicules pretty patties, invented by Sponge Bob, who then goes on to corner the market with them. Then Crabs buys him out, only to discover his customers change colors from pretty patties and now he's ruined! That's close enough to mortgage securitization for Nancy.
Bloomberg
Goldman Sachs Doubled Lobbying Expenses Amid Financial Revamp, SEC Probehttp://www.bloomberg.com/news/2010-07-21/goldman-sachs-doubled-lobbying-...
Politco
Modest lobbying rise for bankshttp://www.politico.com/news/stories/0710/40074.html
Didn't that Kumar dude kill himself eating White Castle burgers or something? Anyways, I like the casino scene. We're safe from big bad casino banks now. And they couldn't help themselves anyways, just like when I go to a casino...all the bright lights and sounds gets you very excited.
Finally, someone has explained why it's all the banks fault. And all this time I was thinking it was people who bought more house than they could afford, Barney & Co. making sure the gov't forced fannie and freddie to be the great enablers, investors AND the banks. This is some shameful sh!% - thankfully anyone smarter than a 2nd grader can see right through it. Sadly, most Americans aren't as smart as 2nd graders. Everyone gets everything and nothing is anyone's fault (unless you're a productive member of society, then in that case, you did it).
I missed the part where the video explains that the reason the banks lost at the "casino" is that you, the obligor, didn't pay your freakin' debt.
to me, the video is a mea culpa from the government. they didn't know this huge "casino" was operating under their noses...but they "know" if I underpaid my taxes by $5. Imagine that.
I like the fact that Kumar is narrating this. LMAO.
See Jane, Dick, and Spot.
See Jane flipping houses -- good Jane!
See Dick buying US bonds -- good Dick!
See Spot hoarding gold -- bad dog!
See Uncle Benny teaching Spot a lesson -- wise Uncle Ben!
what about the 'risky behavior' of the US Government?
wow! this is literally the biggest fucking joke I have ever seen
So much cheeeeeeezzzzeeee. Gawd I'm constipated.
Stupidest piece of propaganda I've ever seen.