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William Black: "If The Obama Administration Continues This Way, It's Going To Have A Record Disaster At The Mid-term Elections"

Tyler Durden's picture




 

In this must watch Real News Network interview with William Black, the outspoken critic of all that is wrong and broken with the current system spares no words to once again denounce the (purposeful) ineffectiveness of the administration, and rightfully predicts that with Obama's current track record of inactivity in dealing with the corruption and criminality at the nexus of finance and politics, there will be a massive loss for Democrats at the upcoming mid-term elections. In Black's words: "We knew as soon as we saw Summers and Geithner that the finance side of the administration would be a disaster, but we hoped that political side would be preeminent and say a) this is substantively wrong to continue get in bed with finance and b) it's terrible politics. The democratic party will be crushed if it does this. The political side has failed to get involved. This is one of those rare things where doing the right thing is really good politics, so support candidates that will actually do the right thing. And if the Obama administration continues this way, it's going to have a record disaster at the mid-term elections. There's going to be a massive loss of democratic seats."

Everyone should ask themselves the same rhetorical question that forms the basis of Black's conclusion: "What would it take if the greatest economic catastrophe in 80 years, if an epidemic of fraud by your top elites, if the corruption of your most senior professionals, in accounting, law, appraisal, rating agencies, isn't enough to make you fundamentally reconsider and say we are headed along a disastrous path. What will it take, because the next big one will be even worse."

Full five part interview below:

Part 1:



 

Part 2:



 

Part 3:



 

Part 4:



 

Part 5:



 

h/t Ian

 

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Sun, 04/04/2010 - 16:55 | 285896 marginnayan
marginnayan's picture

America's New Slogan - To Rob America, Own a Bank. Stupid.

LOL.

 

Sun, 04/04/2010 - 22:31 | 286105 caconhma
caconhma's picture

"And if the Obama administration continues this way, it's going to have a record disaster at the mid-term elections."

I don't think Obama gives a shit about democrats. He cares ONLY about himself. He always will get 95% of black votes and most of Latinos whom he will promise an amnesty.

As for Republicans, I think to many Americans have lost interest in Bush and his congressional clowns. After all, both major political parties are corrupt and intellectually bankrupt. I would expect very few voters will show up on the election day.

Mon, 04/05/2010 - 06:56 | 286292 Thorny Xi
Thorny Xi's picture

"...the US is not much of a representative democracy any more. It's more of a hokey-pokey-ocracy: in one election cycle, you throw your right bums out and vote your left bums in, and in the next election cycle, or the one after, you do the exact opposite. (And you shake it all around in the meantime.) The bums — the Republicans and the Democrats, that is — are perpetually locked in a loving embrace, for they truly complete each other." Dmitry Orlov

Mon, 04/05/2010 - 11:53 | 286461 cirrus
cirrus's picture

Actually, the US has and never was intended to be a democracy...regardless of the adjective in front of the word democracy.  The US was formed as a "Republic", pure and simple and there is quite a difference.  You can call the US a "democratic republic"...that would be accurate.

Mon, 04/05/2010 - 02:11 | 286210 Spartacus
Spartacus's picture

I have started doubting the true nature of this site. After years of reporting that the Banks have looted the public money in America, this site has failed to convince anyone about it. There has not been a single instance of popular protest  that would convince anyone that American blacks and whites are unhappy with "Obama The Great" . If "Baldy Blankfein is the true Bastard" as he has been projected ,he would have fled the country long time ago to escape from the marauding Americans(guns in their hands).  It seems that Banks have done nothing wrong .Thank You.

Mon, 04/05/2010 - 06:30 | 286281 Ned Zeppelin
Ned Zeppelin's picture

I can only guess that you are a semi-professional comedian in your native country.

Mon, 04/05/2010 - 09:43 | 286370 Ripped Chunk
Ripped Chunk's picture

"After years of reporting that the Banks have looted the public money in America, this site has failed to convince anyone about it"

Spartacus doesn't get out much.

Mon, 04/05/2010 - 07:18 | 286298 ToNYC
ToNYC's picture

Until the perps walk en masse; we are headed to the crapper once more..it's all blessings without vigorous prosecution and cauterization of the gangrenous wound to our system that can't be ignored for the persisent sepsis it constantly produces.

Mon, 04/05/2010 - 08:23 | 286327 tip e. canoe
tip e. canoe's picture

i don't know To, used to think that way but not any more.  have a feeling that the long arm of the "Law" will be used to selectively round up some goats to satisfy the proles into believing there is a sense of Justice.  of course, it will all be a ruse.  the only hope with that angle is that the goats will start singin dixie in a public forum and spill the beans.  this whole drama has been played before and it only turns the cycle of charades one more revolution.

it might be time to finally get off the merry-go-round and remix the age-old script (jumbled metaphors intentional). 

Mon, 04/05/2010 - 08:27 | 286331 ToNYC
ToNYC's picture

So the only hope is not dope. Be the hero you wish to rescue you.

Sun, 04/04/2010 - 17:12 | 285902 non-anon
non-anon's picture

William Black wrote a good book on the SnL Crisis and those that are Conman and Frauds runnings these institutions. Obama and the Dems are doing everything they can to push their failed policies that the majority of Americans do not want. I believe they know they are going to lose in Nov. and are doing everything to pass their socialistic agenda on American's before then.

Sun, 04/04/2010 - 20:42 | 286037 Bear
Bear's picture

Are they really that smart? I think arrogance has convinced them that they can do anything they want and then lie (as Obama did) to get elected. Don't be surprised if something really, really bad happens to America before November which will force Americans together to rally around their President and Leadership.

Sun, 04/04/2010 - 21:18 | 286067 Dirtt
Dirtt's picture

Not this time Bear. Something will happen indeed. Wouldn't be surprised if that "civilian force" is turned to face down Middle America.

Make no mistake there will be bloodshed. Not inciting. Not condoning. Just observing.

Mon, 04/05/2010 - 08:28 | 286332 tip e. canoe
tip e. canoe's picture

not if Middle America does nothing to justify the use of force.  this does not mean remaining passive.

there is something quite powerful in simply exclaiming like Bartleby "I prefer not to", especially when it's done en masse.

Mon, 04/05/2010 - 02:17 | 286212 Spartacus
Spartacus's picture

Wrong again! Timy The Dog is still the treasury head after  openly looting the american public( As has been reported on this site and in some mainstream reporting journals. He paid billions to his cronies in Banks against products which were structured to loot AIG and the american public,this is what I have understood after reading hundreds of pages of trash reportings). Americans are not that dumb to let a man run their treasury who has looted them. Stop this misinformation,please. Long live Obama and his team.Thank You.

Mon, 04/05/2010 - 02:41 | 286222 bruiserND
bruiserND's picture

It will be a police state and there will be no elections in November

 

Please listen to Judge Andrew Napolitano as to why the immediate exercise of state sovereignty at this time is critical to the survival of the Republic.
In my view Judge Napolitano is the most important political commentator  / leader of our lifetimes.
 
1}http://www.youtube.com/watch?v=Yjq-vyR4C2I&feature=related  
2} http://www.youtube.com/watch?v=OFijqnkJXz0&feature=related  
3} http://www.youtube.com/watch?v=FdXmprQ67Dk&feature=related  
4} http://www.youtube.com/watch?v=VZYemZp6oWI&feature=related  
5} http://www.youtube.com/watch?v=-8XczcxmjXk&feature=related  

Mon, 04/05/2010 - 03:47 | 286250 nathan1234
nathan1234's picture

Wanted to say the same thing but you beat me to it.

At any given minute the Patriot Act will be used in conjunction with other emergency powers to ensure that Americans will not have the chance to fight back.

The impending financial collapse or the middle east meltdown- which will be earlier is the question!

 

 

Mon, 04/05/2010 - 09:48 | 286374 Ripped Chunk
Ripped Chunk's picture

Alex thinks they will suspend elections eh?

Well now that would create a stir now wouldn't it.

They don't have the balls or the forces needed.

 

Mon, 04/05/2010 - 07:03 | 286293 Seer
Seer's picture

Socialistic agenda?  Clearly you're ill-informed.

Look at Wall Street and then at Main Street and tell me how this socialist agenda is operating.

There is ZERO - NADA - NO - thread of socialism going on here.  Socialism is centered around people (specifically the workers).

It's the mis-use of labels that keeps the masses confused and unable to figure out which way to turn.

Disclaimer: I do not belong to ANY political party.  I do not defend ANY political party.  My only interest is in defending the truth, and therefore justice.

For all those who still don't get it, this is all revolving doors crap that's designed to keep people in power so that they can serve the interests of the corporate sector (listen to what Black had to say).

Mon, 04/05/2010 - 11:04 | 286421 Winston Smith 2009
Winston Smith 2009's picture

The only socialist agenda I consistently see no matter what corporate owned party is in power is the rewarding of corporate failure with taxpayer money.

Here's the situation:

Where the People Don't Rule

http://www.lewrockwell.com/reed/reed139.html

Intro: "Common delusions notwithstanding, the United States, I submit, is not a democracy – by which is meant a system in which the will of the people prevails. Rather it is a curious mechanism artfully designed to circumvent the will of the people while appearing to be democratic. Several mechanisms accomplish this."

Mon, 04/05/2010 - 08:30 | 286334 ToNYC
ToNYC's picture

So wake up and start pointing fingers. It's just so fcuking hard to run for office with all those fingertips pointing at you from all sides.

Sun, 04/04/2010 - 17:16 | 285905 Johnny Dangereaux
Johnny Dangereaux's picture

From His lips to God's ears.

That still in the part 1 box makes me sick. I guess every generation needs it's Robber Barrons. Dimon looks like he just laid an egg.....on the face of the American public!

 

 

Mon, 04/05/2010 - 12:59 | 286691 Lord Blankcheck
Lord Blankcheck's picture

an egg sized diamond!

 

Looks like they are praying to the Lord as he sips his Holy water.

Sun, 04/04/2010 - 17:38 | 285911 Stevm30
Stevm30's picture

Not much new here... He's diagnosed some of the secondary causes of the crisis, and suggests some band aid solutions, generally speaking more interference in the market, that will probably lead to more problems, not a solution.

He fails to identify the ROOT CAUSE which is the existence of the FED and government control of our money, and he fails to argue for a real fix, which is dissolution of the FED.

Overall, this guy's reasoning is not very impressive.

Sun, 04/04/2010 - 18:22 | 285928 Rick64
Rick64's picture

He outlined everything to start fixing the system thats already in place. He knows the real problems, but short of a revolution you are not going to be able to just go in abolish the FED and tear down the system already in place. As he said if you wait on new laws to fix the system, it will never get done. Get rid of the key people that are appointed(not elected) and appoint some real americans that care about the country.

Sun, 04/04/2010 - 18:55 | 285959 A Nanny Moose
A Nanny Moose's picture

unfortunately the destroyers have come calling. Nothing short of restoring honest money will provide the long term fix. Anything else is just kicking the can.

Sun, 04/04/2010 - 19:18 | 285978 Rick64
Rick64's picture

In theory it could be fixed, but they will not give anyone with integrity any power so short of a massive uprising or revolution it probably won't happen.

Sun, 04/04/2010 - 22:59 | 286126 PD Quig
PD Quig's picture

"the existence of the Fed and government control of our money"?

WTF? Where have you been? It is the Fed that controls the money and the government goes along for the ride because without money printing they wouldn't be able to deficit spend--buying votes, collecting campaign contributions, rise & repeat.

By the Constitution, the Congress is SUPPOSED to control the money, but in 1913 a cabal pulled off the scam of the century and created the Fed. Maybe Congress would fuck it up worse than the Fed, but at least we can throw those assholes out. The Fed we can't even audit.

Mon, 04/05/2010 - 07:13 | 286295 Seer
Seer's picture

OK, let's hear from you how dissolving the FED would fix things.

I don't like the FED, but I tend to observe the words of Eric Sevareid:

The chief cause of problems is solutions.

Further, I don't think that you're understanding what "regulations" really means.  Our laws are ALL regulations.  Would you be willing to remove the regulations that state that it's illegal to rape children?  If you're sane you'd say "of course not!"  Well, regulations are meant to punish those who would lie, cheat, steal, murder etc etc.  What went on was that our enforcement was effectively non-existent, in many cases bought off- hey, go ahead and rape that child!

If on the other hand you really to wish to get rid of ALL regulations (fraud would then be essentially legal- no class action lawsuits [pushed by the same "no regulation" crowd]), then sure, why not.  It would be fine with be because it would just mean a quicker end to big corporations (trust would be gone, and further, since laws would be pretty much meaningless people could ransack the corporations).

But I agree, the entire system is rotten.  It's based on a grow-or-die mentality, something that cannot go on forever on a finite planet- my long position is a sure bet.

Mon, 04/05/2010 - 07:30 | 286303 ToNYC
ToNYC's picture

The chief cause of problems is solutions.

Bleeding idiocy; Eric Sevareid deserves more than one out-of-context remark.

Listen to Mr. Black, he was there and successful with a totally off-the-hook skill set that is being studiously ignored while the rape and pillage persists for just a bit more. No one is more inimical to the interests of the public than the FED. Whose asses get covered?..not the masses.

Sun, 04/04/2010 - 18:11 | 285921 Reflexivity
Reflexivity's picture

"What would it take if the greatest economic catastrophe in 80 years, if an epidemic of fraud by your top elites, if the corruption of your most senior professionals, in accounting, law, appraisal, rating agencies, isn't enough to make you fundamentally reconsider and say we are headed along a disastrous path. What will it take, because the next big one will be even worse."

How many readers here are themselves an accountant, lawyer, banker, consultant???

 

Sun, 04/04/2010 - 18:29 | 285938 SayTabserb
SayTabserb's picture

Be careful about identifying yourself as a "learned" person. Remember Pol Pot's killing fields.  :-), sort of.

Sun, 04/04/2010 - 18:46 | 285949 Reflexivity
Reflexivity's picture

Yes, be careful about admitting your profession: you may be subjecting yourself to all manner of ill will.

SayTab, I was saying something more along the lines of: "We have met the enemy, and he is us." (Pogo).

Sun, 04/04/2010 - 18:52 | 285956 SayTabserb
SayTabserb's picture

Right you are. A little slow on the uptake this rainy day in NorCal.

Mon, 04/05/2010 - 07:31 | 286304 ToNYC
ToNYC's picture

You should meet the comrade, he is the hero amongst us.

Sun, 04/04/2010 - 20:11 | 286021 Jake3463
Jake3463's picture

Internal Auditor, that profession is in the crapper.

They want everyone to be consultants with management instead of auditors right now, it is a little wierd, well they've wanted it for the past 7 years but it was being really pushed when I got laid off.

The external auditors I worked with from Big 4 over my career were all pretty dumb.  They dressed nice and had good manners but they weren't that bright.

Every conference I went to from 2006-mid 2008 the consulting firms were selling the banks risk management process as the most sophisticated and greatest way to manage risk ever.  They stopped selling it in the beginning of 2009.

 

Sun, 04/04/2010 - 23:30 | 286145 Cursive
Cursive's picture

Internal auditor here as well.  Everything you say is true.  The IIA is a sham organization.  I became a whistleblower at a small NYSE-traded utility.  If you don't have any alternatives to your current income, I don't suggest anyone try blowing the whistle.  It's career death and nobody's interested anyway.

Mon, 04/05/2010 - 01:34 | 286195 Hulk
Hulk's picture

 It's career death and nobody's interested anyway.

Serial whistleblower here, and you are exactly right...

Look how well WB'ing worked for Black, he has been bannished to Siberia too

FWIW

Mon, 04/05/2010 - 01:58 | 286204 Shameful
Shameful's picture

The masses appreciate it, at least hose that are awake.  The system is corrupt, but they are smart enough to demonize whistle blowers.  After all if your co-workers watch you get crucified for doing the right thing odds are they won't.  Take the fraud out of America and all that's left is porn and donuts.  I laugh when I hear about how corrupt other nations are when compared to us.  We put a better spin on it but I have heard nothing but tales of waste and extreme (sometimes criminal) negligence and theft from everyone I have ever known who worked for the government, and from my own experience working in a quasi government agency.  Friends who watched military equipment get stolen en mass, research dollars stolen and back doored, bribes openly taken, accounting tricks, and embezzlement.  In all the cases I can remember not 1 person was sent to prison.  I personally know one case where it was shown that more than 5 million was embezzled but the person was allowed to walk with no jail time, didn't even take them to court after doing the audit.  That person was asked to resign though... 

We may not be as bad as the 3rd world, but we are trying to play catch up.  Hell it's a wonder more people aren't corrupt with the total lack of enforcement or punishment for the looking.  One of my fav examples was a friend of mine was doing engineering work on a military research facility and heard that 1 billion dollars could not be accounted for over a 5 year period, signs pointed the the base commander, who then promptly retired and the matter was dropped.

Mon, 04/05/2010 - 03:32 | 286242 jeff montanye
jeff montanye's picture

"take the fraud out of america and all that's left are porn and donuts."  classic.

Mon, 04/05/2010 - 07:21 | 286300 Seer
Seer's picture

We may not be as bad as the 3rd world, but we are trying to play catch up.

Oh no, we're MUCH worse.  You point out illegal activities.  The "legal" ones dwarf everything else.

It's just that in the US the appearance, the polish, is so well done that it all looks legit (it's a sad thing to point out people in the third world countries who are stuck with third-rate hucksters [money always attracts the best, and the US has the most!]).

Mon, 04/05/2010 - 08:44 | 286342 tip e. canoe
tip e. canoe's picture

"The system is corrupt, but they are smart enough to demonize whistle blowers."

exactamundo...fear & control baby.   gotta make sure no more than 5% of the pyramid doesn't color outside the lines.

Mon, 04/05/2010 - 10:29 | 286397 Hulk
Hulk's picture

Its one thing to read about the waste, I remember doing that, pre fed employment,but to actually experience it is quite another. After 20 years in the private sector, joining the feds was absolutely mind blowing.Its a fucking countryclub.

I was mindful of the billions in waste you speak of, and I knew that did not bode well for my case, waste being less than 2 million dollars

But the most disturbing thing to me, is that no matter how high I took this in the system, I could never find anyone who gave a shit, which still gets me pissed off to this day.Everytime I harp on this, I get really pissed off, because no one gives a fuck...

Good response Shameful

Mon, 04/05/2010 - 12:40 | 286615 Shameful
Shameful's picture

No one cares.  I'm working for a place that has to do a lot of reporting to the state gov and is itself quasi gov.  Well my main project over the last few months has been to make a new piece of software to replace an old database.  The main problem they have with the old database is it's hard to commit fraud with it (by design I knew the developer).  I was told at a meeting (which I even recorded publicly) that I needed to make the system in a manner where reports and signatures digital signatures would be forged and rewritten by supervises after the investigators singed off on reports.  The state would then be provided with the "new" report but would be signed by the investigator. They can do it now, but it's a headache for them (again by design)

I approached the CIO about this (around the same time I had to attend mandatory fraud prevention training) and all he did was shrug and told me "Their legal probably looked at it, don't worry about it".  The whole point of my work is to provide a better system to falsify reports to the state, and a few other tweaks they want to make reporting easier.  I've been purposely dragging my feet on this project and I've been trying to talk them into buying a piece of software and talking a 3rd party vendor into allowing it to happen.  Lucky for me the CIO has not gotten me the security certs to finish the project and I'm hoping that I can get them to look elsewhere.

Sun, 04/04/2010 - 18:19 | 285925 mynhair
mynhair's picture

No handcuffs for BB and Tiny Tim?  Or does "get rid of" have a darker meaning?

Gotta luv these disenchanted OBummer voters.

What were they thinking?

Thanks A-holes!

Sun, 04/04/2010 - 20:31 | 286030 SofaPapa
SofaPapa's picture

Speaking as a "disenchanted OBummer voter", I can tell you exactly what I was thinking.  What were our choices?  Obama or McCain, or earlier on Hillary.  Hmmm...  Great field to choose from, eh?  Obama had no record, and I didn't trust him far.  BUT his lack of record at least held out the lack of a negative history.  It was a crapshoot.  Had his rhetoric actually meant something, we would not be in the situation we are in today.  Because, however, his policy bears ZERO resemblance to his rhetoric, the crapshoot has turned sour.  Back to the beginning, though.  Do you honestly believe that McCain or Hillary would have done anything substantively different?  I seriously doubt that.  We were screwed long before the election ever happened.  This system's rot is very deep indeed, and neither major party will get my vote again ever, if they even REMOTELY resemble the forms they are in now.  As Black points out, one of the pieces that scares me most is the recent ruling by the Supreme Court codifying crony capitalism through personifying corporations.  We are deep deep in the rabbit hole at this point.  I only hope we get out without violent revolution.  Because the ingredients are here, and I'm not naive enough to ignore them.

Sun, 04/04/2010 - 23:18 | 286137 PD Quig
PD Quig's picture

If you had lifted even a finger to investigate the fucker, you could not have voted for him. Did you read David Freddoso's book? Didn't you wonder about Rezko, Ayers, Wright, Emil Jones? Why is so much of this guy's past a mystery?

Don't fucking tell me that you were fooled or that your other choice was no better. I loathed McCain-Feingold, Shamnesty, The Gang Of 14, etc., but anybody was better the Obambi. This prick is an arrogant, ignorant bastard and is a complete disaster, in both domestic and foreign policy. He is the first president whose parents both hated and fled the United States. Weened on communism with "Frank." An affirmative action loser who was the first president of the Harvard law review to never publish a fucking thing, an 'adjunct lecturer' who was found lazy and lousy by the faculty at University of Chicago.

Thanks to boobs like you, we're all stuck fighting tooth and nail to preserve what we can of this sinking ship. How about an apology?

Mon, 04/05/2010 - 00:29 | 286174 SofaPapa
SofaPapa's picture

No go on the apology.  Yes, I saw the slime on him.  No, I was not fooled into thinking he was the chosen one.  But of the options remaining at the end of the field, he was still the one I chose, because as you yourself point out, nobody was clean.  It was a race between three dirty players.  Did I think Obama was to be our "savior".  Not in a million years.  But did I give him the benefit of the doubt that he might be the best of the three options.  Yes, for all the crap he had, I thought his crap might prove to be the best of what we were going to get.  I repeat what I said above.  Do you really think anything substantive would be playing out differently right now with either of the other players in office?  It wouldn't.  I've already said that I will not be voting for either of the major parties again in the foreseeable future.  That is not an apology.  It is a lesson learned.

Mon, 04/05/2010 - 02:01 | 286206 Assetman
Assetman's picture

I had no less than 7 presidential candidates on my ballot in 2008.

Did you only have 3?

No need to answer... I learned my lesson in 2004.

Mon, 04/05/2010 - 06:38 | 286284 Ned Zeppelin
Ned Zeppelin's picture

I'm with you on this one SofaPapa. There was no good choice, and regrettably, Obama was as good as any presented (bad choice among several). The rhetoric against him (not American, secretly a Muslim, etc.) is over the top inflammatory. But to the other guy's point, Obama certainly has dropped the "reform" ball.  But we knew that as soon as we heard Geithner had the nod.  Apology no, eyes opened, yes.  But in sum, every bit as bad as Bush.

Mon, 04/05/2010 - 15:13 | 287096 Buckaroo Banzai
Buckaroo Banzai's picture

Sorry-- there is no excuse-- NONE-- for voting for Obama. Anyone who spent more than 5 minutes looking could have found enough horrible sh*t on him, ther was a mountain of it out there if you cared to find it... There were plenty of candidates on my ballot, and even if that wasn't enough for you, EVERY ballot has a space to write somebody in. Hell, a write in for "Daffy Duck" would be a better choice.

Nothing gets me steamed faster than a complaining Obama voter. Except, of course, for an Obama voter who is actually happy about his/her choice.

Mon, 04/05/2010 - 07:26 | 286301 Seer
Seer's picture

He is the first president whose parents both hated and fled the United States. Weened on communism with "Frank." An affirmative action loser

Spewing worthless crap like this does nothing for the cause.

Again, there is ZERO - ZIP - NADA - no fucking hint of anything closely resembling anything other than facism in what this guy is doing.  And, drawing his parents into this, yeah and your fucking mother too!  How childish!  Must be a tea bagger...

Mon, 04/05/2010 - 08:40 | 286339 ToNYC
ToNYC's picture

Wrong answer. Barack jumped over way more hoops than that dunderhead kept-man Senator from the desert. All the more credit to him. A savior? Not an option or expectation. I only bought around McCain-Palin. I'd do that trade all day long. He's curable if you point enough fingers and direct enough heat at the Rahm-man. They'll lie but have a brain underneath all the crud.

Mon, 04/05/2010 - 15:16 | 287101 Buckaroo Banzai
Buckaroo Banzai's picture

Anybody who is smart enough to spend time on this board, yet still insists that they only had two choices for President-- Obama or McCain-- is, prima facie, an irresponsible citizen. You were smart enough-- so there's no acceptable excuse for your ignorance.

Mon, 04/05/2010 - 08:59 | 286347 tip e. canoe
tip e. canoe's picture

the a question one must ask is whether the movie sucks because of the actors or because of the script.  a even better question to ask is why are you (you meaning me meaning us) continuing to spend our $16.50 (for 3D!) to sit in a darkened movie theater and bitch about how awful the movie is instead of getting your butt off the seat, walking out of the theater and going outside to enjoy the sunshine.

Sun, 04/04/2010 - 21:04 | 286057 Jake3463
Jake3463's picture

Yes because the other candidate in that election had Phill Gramm as his top economic advisor.  I was really confident in him restoring soundness to the markets after he gutted the regulatory framework in 1999.

Mon, 04/05/2010 - 07:29 | 286302 Seer
Seer's picture

I didn't vote for either of these clowns.  And, I don't run around saying that "that's all that was there to choose from" crap.  Campaign, vote in primaries.  I voted for Ron Paul in the primaries.

The finest candidates that [corporate] money can buy!  And thanks to the Supreme Court's nod we are now assured that we'll get Coke or Pepsi...

Mon, 04/05/2010 - 02:22 | 286214 Spartacus
Spartacus's picture

NIce post,yeh. As if, you are theonly enlightened one here. Long Live "Obama the Great" and Long Live American people(what is the IQ profile of American people as of now.) Any recent study?

Thank You.

Mon, 04/05/2010 - 08:46 | 286343 BoeingSpaceliner797
BoeingSpaceliner797's picture

The outcome of the '08 US presidential election was pre-ordained.  What, you think McCain's campaign selecting Palin (which is when the campaign began derailing) as running mate was an accident?  Like a good soldier, McCain did as he was told in '08.

Sun, 04/04/2010 - 18:21 | 285927 nonclaim
nonclaim's picture

They know it will be a disaster anyway, that's why they are pushing this far without shame. It'll take years to undo this crap but it will be undone and what will be remembered is that Obama was the worst president in history, a liar, a cheater that betrayed the good faith of the American people.

He already is the worst, beating the much maligned Bush's low approval rating and that is something to thing about. It'll get worse, just wait before you flame me.

Mon, 04/05/2010 - 03:49 | 286251 delacroix
delacroix's picture

you think TPTB might foment racial tension, as a diversion? nah   

Sun, 04/04/2010 - 18:24 | 285931 SayTabserb
SayTabserb's picture

For me this whole talk of "reform" has a kind of woolgathering quality to it. On one timeline are we talking about? Obama's Admin clearly has no interest whatsoever in fixing anything, nor does the Dem. leadership in Congress. As Black points out, once their majorities are eroded, they'll be able to do even less than they're inclined to do now, which is almost nothing.  Meanwhile, the clock ticks. There is a huge difference between the reforms brought in after the Great Depression and the current climate of opinion in Washington. There are actually were genuine reformers in DC who were IN POWER, and while I imagine corruption, as always, was bad, there was a countervailing force. There is NO countervailing force now, just a lot of idle chatter for the sake of electoral politics. So reform isn't going to happen. It's going to run into a ditch under its own power. The sensible thing to do is not to waste too much time on observing this display of corruption, but to plan for your own viability.  Exponential mathematics are the way they are, and the Klown Kollege in DC is not going to fundamentally re-write math. Way too late.

Sun, 04/04/2010 - 19:02 | 285966 Shameful
Shameful's picture

Reform was never in the cards.  We went past the event horizon years ago, just not many people noticed it.  I knew we were in a bad way in the public response to trying to step away from social security.  Now Bush's system was not going to be good, and would have just gave the oligarchs even more money to play with but there was no will to leave the ponzi.  There is no will at the top or at the bottom to fix the system.  Therefore the system will take us to it's end destination, complete poverty.

Sun, 04/04/2010 - 20:31 | 286028 mikla
mikla's picture

I agree with Shameful that "reform was never in the cards", but getting back to TabSerb, (e.g., "Obama administration has no interest in fixing it"), I assert:

Never underestimate the power of stupidity and bad management.

I agree the administration won't fix it, but IMHO much of that is simply because they have no idea what's going on.  I assert the majority of the "economics profession" similarly has no idea what's going on:  Their world view is fundamentally flawed, and they are fundamentally confused as to cause-and-effect.

We, the "normal" people, are merely watching bumbling elites that are color blind (they can't see what we're talking about).  Try to explain the difference between magenta and lime green to a color-blind person, and they just won't be able to understand it.

Of course, IMHO many of the central planners (not elected officials) *do* understand what's going on, and they realize that there's more money to be made in destroying a country to get in on the "ground floor" of the next system.

Sun, 04/04/2010 - 20:59 | 286053 SayTabserb
SayTabserb's picture

It's hard for me to believe that Summers, Geithner and Bernanke do not understand the consequences of an unregulated, super-powerful financial sector. There was a reason that Summers worked with Rubin to make sure that Born was not able to regulate derivatives. Now maybe a lot of people prefer the Wild West of a completely unregulated financial market, and even go so far as to agree with Greenspan that not even fraud should be controlled. Just let the market take care of it. Or, many believe that the US financial system cannot compete globally with too many rules, such as separating commercial deposit bank functions from investment banks. But back to the point, maybe they're all just incompetent, or maybe they prefer maximum latitude for any kind of financial innovation, or fraud, conceivable. I come down on the side of a referee being essential; not having one was a big part of the problem with relying on the ratings agencies to tell us that the investment banks & others were packaging junk mortgages and calling it solid gold. No SEC control, no CFTC control, no self control. And the system went nuts and crashed. So where does Obama fit in? I have a bad feeling he's what the Commies call a stooge, a useful, naive figurehead who fronts for the manipulators behind the scenes without really having any clear idea what he's doing. He's all over the map, calling the fat cats one day and "savvy businessmen" essential to the Republic the next. Calling their bonuses obscene or outrageous, and then kneecapping any idea of controlling them.

Mon, 04/05/2010 - 07:34 | 286307 ToNYC
ToNYC's picture

So let's school the stooge through his Rahm tool. At some point the hook gets deep in the gut and the fish is in the boat.

Sun, 04/04/2010 - 21:11 | 286060 suteibu
suteibu's picture

By saying the majority of the "economics profession" has no idea what's going on, you are both condemning the profession and giving them a pass on this whole mess because they are stupid.  The reality is that the majority of the "economic profession" is all about theorizing and proselytizing for big government debt and huge stimuli which feeds both the monster fraud and the politics.

The Obama administration will do nothing against the banks because the same crisis that feeds Wall Street provides cover and funding for their own agenda.  The SHTF when the politics of Washington cross purposes with the interests of Wall Street.

It sounds like you are trying to walk a thin line between the perpetrators and the victims.  They all know, elected and appointed.  Nobody gets a pass on this.

Sun, 04/04/2010 - 22:15 | 286093 mikla
mikla's picture

By saying the majority of the "economics profession" has no idea what's going on, you are both condemning the profession and giving them a pass on this whole mess because they are stupid. 

I do condemn the profession, and I do call them stupid.  However, I don't give them a pass:  I assert economists hurt people, are unaccountable, and should never have been given "central planner" power.  I recently wrote about that (with some colorful venting):

Economists are morons who should never have had this power.  (e.g., link to:  <http://www.zerohedge.com/article/long-periods-drought-%E2%80%A6-followed...)

The reality is that the majority of the "economic profession" is all about theorizing and proselytizing for big government debt and huge stimuli which feeds both the monster fraud and the politics.

We agree.  In the comments after the article above, I assert that economists are merely mercenaries, hired by governments, to rationalize forced looting.  I further assert that as mercenaries, they are still morons (i.e., not very smart).

It sounds like you are trying to walk a thin line between the perpetrators and the victims.  They all know, elected and appointed.  Nobody gets a pass on this.

Agree that no one gets a pass -- I'd be happy if they were all "taken out back" for corrective action.  I don't walk the line -- the central planners are completely at fault.

However, I assert the central planners are made up of two groups:

  1. Unwitting morons.  This group is HUGE, with GREAT IMPACT.  They just "go with the flow", not understanding what's going on, but they are in privileged positions that ensure they personally get rich.  This is most elected and appointed officials.  There's no end to the political appointees over Fannie & Freddie, that skim millions, have no idea what their job is supposed to be, but nevertheless ensure the public suffers.  I also include most economists in this category -- the profession fundamentally lacks any semblance of a real discipline (or science), and thus most practitioners are color-blind and brain-damaged.  They literally get dumber with increasing years of higher education.
  2. A few that understand, control, and manipulate the system.  This is almost never an elected official, and most typically is evidenced by that small group that "wins" on both sides of the transaction, no matter how things play out.  (It's a fairly small group.)

So, we agree:  They are all guilty, we are all screwed, and no mercy is deserved.  My original comment in this thread is to NOT underestimate the POWER of group (1).  Obama is in that group (in terms of economics, he has no idea what's going on, and no ability to manage.)

 

 

Sun, 04/04/2010 - 23:02 | 286131 suteibu
suteibu's picture

Thanks for the reply.  And apologies for misunderstanding a little.  However, I do not believe that the elected officials are the useful idiots of the crowd.  I think Barney Frank and Chris Dodd and the like (on both sides) understand it all too well.  Even guys like Jim DeMint who say all the right things really do nothing to expose the corruption.  A pox on on all their houses.

Sun, 04/04/2010 - 22:05 | 286089 Shameful
Shameful's picture

Some of the goons are ignorant or blinded by ideology.  However I totally agree that the big boys know exactly what is going on.  They are pillaging us.  In the past this level of pillage would have to happen through war, they are pulling it of without even a shot and even praising themselves through their media arms.  This is arguably the greatest looting in recorded history, all without a real struggle.  A masterful play.

Mon, 04/05/2010 - 07:54 | 286312 Seer
Seer's picture

I agree.  And I very much appreciate the great comments in this sub-thread.  But... I think where the idiot/moron angle could come into play is this: and what do they see as the endgame?  All these folks are going to cart up their worthless fiat money and go where?  And if they acquire all the McMansions?  It's all worthless stuff!  Going into the future the value of all this crap is going to be less and less.  Which, come to think of it, might not be such a stupid strategy- sell it all to the Chinese? (the automotive sector is dead w/o cheap fuel- better to have gotten something out of it than to have held on to it)

Perhaps the best reason that I could think of for why these people look like they are doing really stupid things is that they know that the grow-or-die system is finished.  And think about that, just how would you be able to confront everyone with this?  Excuse me ipod people, but all that crap is basically dead, it's based on unsustainable infrastructure and we've got to come up with something else, now please turn over all your toys (most of which you don't own, the bankers' collective does).

Mon, 04/05/2010 - 09:14 | 286351 Shameful
Shameful's picture

It's all about control. You think it's coincidence that these people are buying real assets with their paper money?  They buy oil, companies, land, and at least some gold (Soros), and of course overseas assets.  They buy governments and insitutions, they are consolidating power.  They know what they are doing.  Now if the people rose up they might have a problem holding onto their pillage, but I doubt that will happen in any serious way.

The world is changing.  They will do their damnedest to corner the resources so while we live in a world that no longer has these cheap resources they will keep them all.  Oil in the future may become to expensive for the serfs but not the oligarchs.  I'm sure it must anger then that we ae congesting their roads anyway.

Mon, 04/05/2010 - 09:17 | 286352 tip e. canoe
tip e. canoe's picture

sorry, but i don't think the bankers give a crap about disposable depreciable 'assets'.  those were simply the candy to feed the babies and get them fat on debt.  besides you could sell that stuff on craigslist way before they can get their greasy fingers on it.

now if push comes to shove, what would they own that has enduring value?

here's a hint:  "The _____ of the Free, the _____ of the Brave."

Sun, 04/04/2010 - 22:08 | 286090 Shameful
Shameful's picture

Double post

Sun, 04/04/2010 - 21:24 | 286074 Dirtt
Dirtt's picture

Reform is never in a house of cards. Reform is the joker in the deck.

Shameful it doesn't have to be "Therefore the system will take us to it's end destination, complete poverty."  Of course if we all just take that for granted and fall on our faces in November then God save the children.

That would spell the Mother of Shame.

 

Sun, 04/04/2010 - 22:02 | 286085 Shameful
Shameful's picture

How could Nov help us?  Best case we kick out most incumbents, because both parties are totally compromised.  In fact we don't even have 2 parties we have 2 sides of 1 party.  So we kick out incumbents, that only buys us a few more months, maybe a few more years.  After all the new congress critters will belly up to get their payouts.

That is also assuming that the incumbents get kicked out, I doubt they will.  Sure the blues will lose a lot of seats but the crooked reds will stay in for the most part.  I'll believe the reds are serious when either they put Lindsey Graham's head on a pike or pick Ron Paul as the next pres candidate. Does anyone here think the reds are for limiting the rape the banks are doing to us?  The blues will at least talk about it, even though it's just that pillow talk.

There Is no political will to fix the system, no one wants to fix it except for a tiny minority.  Go tell a retiree that you will need to cut their medicare and social security and they will call for your skull.  Sure the wars and the banking bailouts are killing us but the unfunded liabilities hang over us like the sword of Damocles, that 100T+ will not be payable without unheard of taxes that will force the productive to flee the nation and force a default or hyper inflation.  There are no other choices to fix those liabilities without the old folks agreeing to give them up.  Even if we stopped the bailouts, the TBTF, and the wars we still lose because of the unfunded entitlements.  Math says that we cannot fix this unless he old folk agree to take a hit, and they won't.  You see the Tea Party people screaming to keep their medicare?  Not gonna happen.  We already lost, get used to the taste of ashes.  Protect yourself and your family because the system is going to come down.  If it makes you feel better this battle was decided in the 60s.  We lost this fight before I was even born, we have just been living on borrowed time.  LBJ delivered the final deathblow and we have just been bleeding out since then.

For the children we have been selling the future for decades.  They and we will suffer for the sins of our fathers.  Pain falls on the just and unjust.

Mon, 04/05/2010 - 08:02 | 286316 Seer
Seer's picture

+1000

I'd add that there is the ever-present hordes of lobbyists there just chomping at the bit to work over greenhorn pols.  Yup, the "kick out all the current bastards" mentality can actually make things worse, as much as that doesn't seem possible: usually it's a propaganda push by the party that's currently "out of power."  It keeps us from actually forcing the issues to come out.  New pol in: "well, I'll need to gather more information on that" as Rome burns... (and as he/she has lobbyists' hands dropping money into his/her pockets)

Mon, 04/05/2010 - 10:14 | 286393 JW n FL
JW n FL's picture
by Shameful
on Sun, 04/04/2010 - 21:02
#286085

 

How could Nov help us?  Best case we kick out most incumbents, because both parties are totally compromised.  In fact we don't even have 2 parties we have 2 sides of 1 party.  So we kick out incumbents, that only buys us a few more months, maybe a few more years.  After all the new congress critters will belly up to get their payouts.

That is also assuming that the incumbents get kicked out, I doubt they will.  Sure the blues will lose a lot of seats but the crooked reds will stay in for the most part.  I'll believe the reds are serious when either they put Lindsey Graham's head on a pike or pick Ron Paul as the next pres candidate. Does anyone here think the reds are for limiting the rape the banks are doing to us?  The blues will at least talk about it, even though it's just that pillow talk.

There Is no political will to fix the system, no one wants to fix it except for a tiny minority.  Go tell a retiree that you will need to cut their medicare and social security and they will call for your skull.  Sure the wars and the banking bailouts are killing us but the unfunded liabilities hang over us like the sword of Damocles, that 100T+ will not be payable without unheard of taxes that will force the productive to flee the nation and force a default or hyper inflation.  There are no other choices to fix those liabilities without the old folks agreeing to give them up.  Even if we stopped the bailouts, the TBTF, and the wars we still lose because of the unfunded entitlements.  Math says that we cannot fix this unless he old folk agree to take a hit, and they won't.  You see the Tea Party people screaming to keep their medicare?  Not gonna happen.  We already lost, get used to the taste of ashes.  Protect yourself and your family because the system is going to come down.  If it makes you feel better this battle was decided in the 60s.  We lost this fight before I was even born, we have just been living on borrowed time.  LBJ delivered the final deathblow and we have just been bleeding out since then.

For the children we have been selling the future for decades.  They and we will suffer for the sins of our fathers.  Pain falls on the just and unjust.

 

+1,000,000,000

 

and Thank You!

Mon, 04/05/2010 - 07:58 | 286313 Seer
Seer's picture

Do people demand a really just system? Well, we'll arrange it so that they'll be satisfied with one that's a little less unjust ... They want a revolution, and we'll give them reforms -- lots of reforms; we'll drown them in reforms. Or rather, we'll drown them in promises of reforms, because we'll never give them real ones either!!

- DARIO FO, Accidental Death of an Anarchist

 

Silly wabbit!

Mon, 04/05/2010 - 09:28 | 286357 tip e. canoe
tip e. canoe's picture

Dario Fo rocks (nobel notwithstanding).

Mistero Buffo should be performed in wallymart parking lots all across the country.

Mon, 04/05/2010 - 10:16 | 286395 JW n FL
JW n FL's picture
by Seer
on Mon, 04/05/2010 - 06:58
#286313

 

Do people demand a really just system? Well, we'll arrange it so that they'll be satisfied with one that's a little less unjust ... They want a revolution, and we'll give them reforms -- lots of reforms; we'll drown them in reforms. Or rather, we'll drown them in promises of reforms, because we'll never give them real ones either!!

- DARIO FO, Accidental Death of an Anarchist

 

+1,000,000,000

 

and Thank You!

Mon, 04/05/2010 - 06:41 | 286285 Ned Zeppelin
Ned Zeppelin's picture

Agree, unfortunately. the wolves have a firm grip.  And for those who would single out Obama to roast, the wolves were clearly in charge for all 8 years of Bush. And before that, and before that. . . this is beyond political affiliation, and polarizing politics are being used to reduce the effectiveness of opposition to the wolves.

Mon, 04/05/2010 - 10:18 | 286398 JW n FL
JW n FL's picture

Got a Lobby?

 

http://www.opensecrets.org/

 

The Wolves are the Lobby(s)...

Sun, 04/04/2010 - 18:25 | 285933 mynhair
mynhair's picture

"Support candidates that will do the right thing."

Yep, vote for anybody but a Dim.

Sun, 04/04/2010 - 21:27 | 286075 Dirtt
Dirtt's picture

Slight variation....for them ALL out.

The RNC played fiddle too. And Senator McCain...we know the blood is on your hands too.  Do yourself a favor and take your victory sitting down and go sit in the corner while the Second Revolution gives you a pass.

Sun, 04/04/2010 - 23:38 | 286150 Shameful
Shameful's picture

Blues are bad too.  But at this point about the only chance we have to delay the day of reckoning is vote out incumbents.  Neither party will save us, by trying the swap them out we might by some breathing room but that's about it.

Mon, 04/05/2010 - 10:30 | 286403 JW n FL
JW n FL's picture
by mynhair
on Sun, 04/04/2010 - 17:25
#285933

 

"Support candidates that will do the right thing."

Yep, vote for anybody but a Dim.

 

mynhair,

and the Republican's have done a much better job handing out Trillions? Both parties are puppets of the Lobby.

 

Banking Dollars to the Lobby…

714 client(s) lobbied for specific issues containing the word 'bank' (See all)

Here's the Top 50 (by number of bank mentions)

· American Bankers Assn

· Federal Home Loan Bank

· National Assn of Realtors

· Credit Union National Assn

· Process Handler Et Al for Hire

· Brassell, Robert J Jr

· Estate of Robert James Brassell

· Bank of America

· Goldman Sachs

· JPMorgan Chase & Co

· National Assn of Federal Credit Unions

· Securities Industry & Financial Mkt Assn

· Self Help Credit Union

· Independent Community Bankers of America

· Loews Corp

· Morgan Stanley

· Mortgage Bankers Assn

· Estate of Delois Albert Brassell

· HSBC Holdings

· Citigroup Inc

· US Chamber of Commerce

· Delta Airlines

· UBS AG

· United Services Automobile Assn Group

· ACA International

· Consumers Union of the US

· Council of Federal Home Loan Banks

· Credit Suisse Group

· National Assn of Bankruptcy Trustees

· Delphi Corp

· National Assn of Home Builders

· Financial Services Roundtable

· International Council of Shopping Cntrs

· Advanta Corp

· Deere & Co

· National Cooperative Bank

· US Public Interest Research Group

· American Council of Life Insurers

· American Veterinary Medical Assn

· Clearing House Payments Co

· GMAC LLC

· Principal Financial Group

· American Insurance Assn

· Cerberus Capital Management

· Coalition for Employment Through Exports

· Zions Bancorp

· Ameriprise Financial

· General Motors

· Air Line Pilots Assn

· Arab Bank

 

 

Really? The Banks are using profits to pay for their Lobby? not the 0% Fed Window?

http://www.wired.com/threatlevel/2009/08/bank-lobbyists/


**** "In the first three months of 2009, the financial sector spent $104.7 million to lobby Congress and the administration, down 8% from the same period last year" ****

http://online.wsj.com/article/SB124640640747376775.html

So that I am clear... 2008 was a vintage year for Banks? they made soooooooooooooooooooooo much money on 2008 that in the first 3 months of 2009... they could drop $104.7 MILLION DOLLARS?

http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008

 

Sun, 04/04/2010 - 18:26 | 285936 knukles
knukles's picture

Mere mortals not meant to feast upon their Deities.  Tisk tisk...

Mon, 04/05/2010 - 10:33 | 286404 JW n FL
JW n FL's picture
by knukles
on Sun, 04/04/2010 - 17:26
#285936

 

Mere mortals not meant to feast upon their Deities.  Tisk tisk...

 

knukles,

             Absolutely! This is not Junk and whomever junked it.. is an Idiot!

Sincerely, JW

Sun, 04/04/2010 - 18:27 | 285937 Rick64
Rick64's picture

Absolutely the most practical way to go about changing things short of a revolution. Black lays it all out in a precise and simple way. We would be wise to have him in any position of financial authority.

Sun, 04/04/2010 - 18:35 | 285941 mynhair
mynhair's picture

I will concur in that.  Just keep him way away from policy.

Oh, for E. Warren at FDIC!

Sun, 04/04/2010 - 18:35 | 285942 Heroic Couplet
Heroic Couplet's picture

What exactly, in 1, 2, 3, order, is going to change after "Republicans or Tea Partiers" regain office? NOTHING.

 

Sun, 04/04/2010 - 18:39 | 285944 mynhair
mynhair's picture

1. Tiny Tim in handcuffs.

2. AIG gone

3. GS on the dock.

 

(2 and 3 because they give so much to Dims. 1 because the trial lawyers give only to Dims.)

 

If you think nothing is changeable, why are you here?

Sun, 04/04/2010 - 19:30 | 285983 seventree
seventree's picture

4. Nothing else changes.

Obama and the "Dims" missed the chance of a lifetime by not standing up to the banking oligarchy, and deserve to be dismissed from power for that failure. But they will be replaced by members of a party not famous for opposing anything big business wants, and Wall St banks are the biggest business going right now (if not especially productive).

Change is always possible but at this point unlikely. Politically there is no one left for voters to turn to. So they will keep on throwing out one set of bums in exchange for the other.

BTW I am here because I choose to be. Like everyone else.

Mon, 04/05/2010 - 06:45 | 286287 Ned Zeppelin
Ned Zeppelin's picture

1. Tiny Tim in handcuffs. (Head of NY Fed while Rethuglicans in power)

2. AIG gone (Unregulated monster that thrived under Rethuglicans - Paulson, Geithner pumped in billions under Rethuglican rule)

3. GS on the dock.  (GS tentacles reach into both parties - where have you been and indeed, why are you here if you don't know that?)

Rethuglican or Demoncrat - get the picture, dude, they're both corrupt.

Mon, 04/05/2010 - 10:42 | 286410 JW n FL
JW n FL's picture
by mynhair
on Sun, 04/04/2010 - 17:39
#285944

(2 and 3 because they give so much to Dims. 1 because the trial lawyers give only to Dims.)

 

mynhair,

              You are drinking the koolaide... Wake Up! http://www.opensecrets.org/lobby/

There is "NO" difference between the two (2) parties... The "Lobby" controls the votes. You want to believe there is a differnece becuase they are selling you a difference 24 hours a day, 7 days a week but there is no real difference between the two (2).

 

I am sorry to be the person who rains on your parade, I at one time... wanted to believe there was a difference... that not all would yeild to the $10k coffee brunches... the $25k a plate dinners. I was wrong and I am once again sorry to ruin anything for you... I know how I felt when I fugured out there where no honest men inside the Beltway.

 

Don't give up, JW

Sun, 04/04/2010 - 18:59 | 285964 SayTabserb
SayTabserb's picture

Heroic Couplet may be making the point that the origins of the crisis (current housing version) gained speed under a Republican Admin, so returning them to power probably can't help much, which is not saying that the current Dem administration has done jack either, because it hasn't. So thinking that neither of the two utterly corrupt political parties will do anything is a valid poltical position, IMHO. Or even if it's just an academic desire to understand exactly why we're totally screwed (my position, sort of), all still valid reasons to hang around ZH. I imagine even the passengers on the Titanic got very interested in the tensile strength of steel, altho a little too late.

Sun, 04/04/2010 - 19:14 | 285969 mynhair
mynhair's picture

You(he) confuse(s) conservatives with Repubics, a common error.

Sun, 04/04/2010 - 19:40 | 285992 seventree
seventree's picture

A valid point. But speaking as a voter, who are these conservatives, with a serious chance for election, not afraid of the new (presumably Republican) majority whip or the kingmakers of the RNC? Where are the brave loners who will, given a chance, actually audit and if necessary shut down the Fed? Palin? Brown? Don't think so. There are not many such on the political field any more.

Mon, 04/05/2010 - 06:25 | 286280 Crime of the Century
Crime of the Century's picture

And you confuse Neocons with Patriots, a more dangerous error.

Sun, 04/04/2010 - 19:00 | 285965 tom a taxpayer
tom a taxpayer's picture

Thank you William Black for your Corporate Crime Reporter interview in which you stated:

William Black’s Top Ten Ways to Crack Down on Corporate Financial Crime

Number ten: Hire 1,000 FBI agents.

Number nine: Appoint a chief criminologist at each of the financial regulatory agencies.

Number eight: Fix executive compensation.

Number seven: Target the top 100 corporate criminals.

Number six: Regulate first.

Number five: Bust up the FBI partnership with the Mortgage Bankers Association.

Number four: Get rid of Ben Bernanke as chair of the Fed. Replace him with Nobel prize winner Joseph Stiglitz.

Number three: Get rid of too big to fail.

Number two: Create a consumer financial protection agency headed by Harvard Law School professor Elizabeth Warren.

Number one: Fire Treasury Secretary Timothy Geithner, Office of Thrift Supervision chief John Bowman, Fed chief regulator Patrick Parkinson, and Office of the Comptroller of the Currency Chief John Dugan.

 

Black discusses each of the 10 ways to crack down on corporate financial crime in his interview at:

http://www.corporatecrimereporter.com/billblack030510.htm

Thank you William Black.

Rampant criminal activity must be attacked head on.   We need coast-to-coast arrests at Countrywide, the mortgage industry, the appraisers, Freddie and Fannie, Citi and the big banksters, the ratings agencies, Goldman Sachs and other Wall Street banks, AIG, the federal co-conspirators at U.S. Treasury, SEC, OTS, and the Federal Reserve, especially FRBNY, and any members of Congress who aided and abetted.

These overlapping criminal enterprises raped and pillaged the mortgage industry, ruined the housing market, destroyed the credit system, endangered federal/state/municipal financing, pension funds, and the banking system, caused massive unemployment, sent the economy into a downward spiral, endangered the world financial system, extorted the U.S. and the world to pay them billions in ransom or face the destruction of the world financial system and economy, and now are costing taxpayers hundreds of billions, even trillions of $.

The greatest financial crimes in U.S. history cry out for justice! We need Shock and Awe RICO prosecutions.

The only thing that has any hope of stopping the continual rape and pillage of investors, pensioners, city and state funds, and taxpayers is to see the entire Wall Street RICO crime syndicate along with co-conspirators in the mortgage industry, the Fed, Treasury, SEC, and Congress arrested and perp walked in handcuffs to federal and state jails. Now. Not 2 years from now. 

 

We need RICO confiscations of the hundreds of billions in illegal "profits" from the criminal enterprises of the banks, mortgage industry, and Wall Street Mafia. We need  20 years-to-life hard time prison sentences. 

And the prosecutor who leads the charge will become a national hero, like William Black. 

Sun, 04/04/2010 - 19:12 | 285972 mynhair
mynhair's picture

1,000 more FBI agents would just put more pressure on ZH commentators.

Mon, 04/05/2010 - 00:19 | 286050 Miles Kendig
Miles Kendig's picture

Remember to take care of those federal folks parked outside in the Crown Vic or Van.... With class  Advance to 1:30 mark.

http://www.youtube.com/watch?v=qNTPG-PeJDo

Mon, 04/05/2010 - 06:32 | 286282 Crime of the Century
Crime of the Century's picture

Heh - I was expecting Beverly Hills Cop, but Zeta-Jones was definitely easier on the eyes.

Sun, 04/04/2010 - 21:21 | 286069 Lux Fiat
Lux Fiat's picture

From the WSJ:  http://online.wsj.com/article/SB10001424052702304247104575162310777594370.html?mod=WSJ_hps_LEFTWhatsNews

"Federal prosecutors, after a two-year investigation, may soon decide not to charge American International Group Inc. executives for their role surrounding financial contracts that nearly brought down the company, according to people familiar with the matter.

Recently obtained evidence has prosecutors leaning against pursuing charges, though no final decision has been made by Justice Department prosecutors in Washington, these people said. A Justice Department spokeswoman declined to comment."

Incredible corruption and malfeasance (financial, personal, and political), and they are just going to keep sweeping it under the rug.  However, at some point, the hump in the carpet will cause someon to trip.  Given things so far, that will probably be a person who never had anything to do with sweeping the detritus under the rug.

 

Mon, 04/05/2010 - 09:32 | 286361 tip e. canoe
tip e. canoe's picture

they know too much.  the other they has discovered how much they know.  now they know that the most important thing is to make sure that we don't know what they know and that they know that they know.

Sun, 04/04/2010 - 19:46 | 285999 Market Man
Market Man's picture

I'm tired of these people, like Black, who want to regulate everything... IMPOSSIBLE.    Doesn't anyone believe anymore that the free market is the best regulator?  If these banks are "too big to fail" then break them up!   But the reason that they are not broken up, but now bigger, is that the Democrats want to run the banks through regulation.... as they want to run everything... after all, "Obama is really smart and knows best."   BARFFFF

Sun, 04/04/2010 - 20:20 | 286026 Greyzone
Greyzone's picture

Listen to you. How do you break the banks up if they are too big? There must be another entity, in this case a regulatory agency, that can do that task. Banks won't just dissolve on their own in an anarchic "free market". The key questions are how much regulation and what kind of regulation? Regulation that simply enforces the law is good. Regulation, ala Obama, that tries to actually run the banks is bad.

The primary honest role of government in the marketplace is to prevent fraud and to prosecute fraud to the harshest extent possible when it does occur. If government does that well, the market will take care of 99% of the rest.

Mon, 04/05/2010 - 07:32 | 286306 lookma
lookma's picture

Maybe if the G and the FED turned off the money lifeline, I wonder what would happen? Clearly nothing would change, right? OMG we would still need regultors, right?

Lol

Sun, 04/04/2010 - 19:46 | 286000 digalert
digalert's picture

Rock on Bill Black.

Sun, 04/04/2010 - 19:49 | 286001 Market Man
Market Man's picture

Plus Black is so naive.... doesn't he suspect that Geitner was given Treasury post as reward for screwing up the Bear Stearns/Lehman situation so much that it tilted the election to Obama!

Sun, 04/04/2010 - 20:27 | 286027 three chord sloth
three chord sloth's picture

He touched on the problem in the first video. In the past, the financial sector created about 5 percent of the profits in this country... now it creates 40. This is the root of the problem.

In a healthy nation, the financial sector exists to service the other sectors of the economy, like manufacturing, energy extraction, mining, etc. But because we have gutted our economy, shipping entire industries overseas, the financial sector grew to fill the void and became master instead of servant. Its profits became too important to fiddle with, its influence grew as other industries withered, and when talking wealth generation, it became practically the only game in town.

Sun, 04/04/2010 - 20:36 | 286034 swamp
swamp's picture

Obama is not inactive in dealing with corruption, he is complicit in it.

BFD. Mid term rigged elections. The Republic is past tense. 

The only viable grass roots 3rd party was marginalized until it no longer could be then it was hijacked by the other complicit party in corruption, the republicans.

It's a gone Rebuplic folks. Elections have done NOTHING n.o.t.h.i.n.g. to correct the structural corruption across the board.

Mon, 04/05/2010 - 00:55 | 286188 Assetman
Assetman's picture

+1... though it's a very uncomforting thing to say.

Mon, 04/05/2010 - 10:52 | 286417 JW n FL
JW n FL's picture
by swamp
on Sun, 04/04/2010 - 19:36
#286034

 

Obama is not inactive in dealing with corruption, he is complicit in it.

BFD. Mid term rigged elections. The Republic is past tense. 

The only viable grass roots 3rd party was marginalized until it no longer could be then it was hijacked by the other complicit party in corruption, the republicans.

It's a gone Rebuplic folks. Elections have done NOTHING n.o.t.h.i.n.g. to correct the structural corruption across the board.

 

swamp,

            +1,000,000,000 and Thank You!

Another swamp you may care to take in one day... https://my.sfwmd.gov/portal/page/portal/pg_grp_sfwmd_landresources/pg_sfwmd_landresources_recopps_se_hungry

My best to you and yours swamp, JW

Sun, 04/04/2010 - 20:48 | 286043 Paul E. Math
Paul E. Math's picture

Voting out the dems is a great idea.  Except, unfortunately, with a 2-party system, voting out dems means voting in repubs.

Which accomplishes nothing.

I'm afraid I don't see a way out for the American system. 

Outside of zerohedge and a handful of other blogs, there is very little political or economic enlightenment in this country and none in positions of meaningful power.

Sun, 04/04/2010 - 20:58 | 286052 hungrydweller
hungrydweller's picture

Double ++

Sun, 04/04/2010 - 21:19 | 286064 nonclaim
nonclaim's picture

There's a way but it's not top-down, it's bottom up.

Make the city hall accountable to spending only what it makes on fair taxes. Make no concessions to that. Accept the pain, whatever it takes. If you can't take your local community back you can forget about the country.

Mon, 04/05/2010 - 00:51 | 286185 Assetman
Assetman's picture

I pretty much agree with that sentiment.  Politically, you need to start somewhere... and the city/local sphere of influence is where one starts.

Unfortunately, that is NOT where the heart of the worst corruption is centered.  It is centered in Washtington, D.C.  Until an alternative grassroots-based political party is presented that effectively counters the corrupt 2-party system, the best we can hope for is unseating incumbents.  Until that time, I am voting for candidates who embrace reforming our political and financial systems.  And I'll likely give them 4 (or 6) years before voting for someone more reform-minded.

I do think our biggest hope come from sites like Zero Hedge, who have done a great job of educating the masses on how corrupt the system really is.  The only problem with ZH (and other like-minded sites) is that they have not suggested nor endorsed any political alternatives.  Let's face it, there is little political organization anywhere besides the Red Pill and Blue Pill parties... with the exception perhaps of the Tea Party movement (I'll call that the Brown Pill).   That's probably the most frustrating thing of all-- an American public willing to vote outside the 2-party system-- and no viable alternatives are being presented.

We might just deserve our own @ss-kicking.

Mon, 04/05/2010 - 08:27 | 286333 nedwardkelly
nedwardkelly's picture

The problem is that the bottom gets money all the way from the top. City hall gets state money, states get federal money etc.

If you've ever done any business with cities you'd see that trying to fix it 'from the bottom' wont really be any easier than fixing it from the top.

Here's how the budget process works at a city.

1) Major departments estimate their needs for the year. Typically based off last years needs, with an allowance for any new major projects. Across the board add a huge fudge factor (10-20%) because god knows you don't want to run out of budget money. Plus, you wont get it if you don't ask for it

2) Over the budget year, do what your department is supposed to do. Spend as you go.

3) End of budger year if you have ANY money left in your budget, SPEND IT. In fact, if you can somehow figure out how to spend more than you had in your budget DO IT. If you don't spend your budget, they'll give you less next year. If you can spend more than your budget they might give you more next year.

4) Rinse and repeat.

 

There is a complete disconnect from what comes in Vs what goes out. The highway department guy doesn't view it from a position of fiscal sensibility when setting his budget.

Another issue that you have is the city wages are going to be very closely related to state/federal wages/benefits. For what a lot of these people do, they're way over compensated, but what can you do about it? Here's a great example of how 'public' wages are screwed - Have starting salaries for any government (local/state/federal) gone down while unemployment has risen to 10%? Whatever happened to supply and demand? If anything, those salaries have probably gone up. How do you take your local community back with that sort of insanity?

Sorry for being such a downer, but I see the entire system as being screwed. You'll still need a mini revolution to take your local community back, hoping they'll balance their budget wouldn't be enough.

Sun, 04/04/2010 - 21:11 | 286061 vainamoinen
vainamoinen's picture

Democrats crushed?

It's all going perfectly according to plan dearies. Obama was put into office for left cover while the Oligarches run their routine. That's why nothing has changed. He is also a straw man set up to to take the hit for failed economic policies(along with his political party) in the forth coming electoral seasons. It's all managed for your consumption unless and until you "take the red pill" and wake up.

This is an Imperium, not a democracy or republic.

Get used to it. 

Mon, 04/05/2010 - 08:21 | 286326 Seer
Seer's picture

I'm always amazed that even some of the brighter people (like those that come here) can't understand this.

But, no matter what anyone calls it, it's destined, change, revolution, tea bagger takeover or whatever, it's doomed because its run out of fuel/fodder to sustain its growth.  ALL systems that occupy a finite environment and operate on a grow-only basis are destined to hit a point of collapse: I argue this point with people from all over the political spectrum, very few get it.

Someone else mentioned it earlier (not that it's the first time, just that it's available further up), that we're definately being set up to lash out at each other, blame each other (rather than the system or those in power- a good example is that people believe that corporations are good and need no supervision- WTF? corporations are made up of PEOPLE, people who have increased power and authority to leverage their human motives!).

Mon, 04/05/2010 - 09:38 | 286367 tip e. canoe
tip e. canoe's picture

"that we're definately being set up to lash out at each other, blame each other"

all the more reason not to fall into the trap yourself and denigrate your brothers & sisters who don't share your particular viewpoint, whether or not you are convinced that you have all the answers.  like 'tea baggers' for instance.

Sun, 04/04/2010 - 21:19 | 286070 gallowglass
gallowglass's picture

The American People need an Ombudsman to represent them. Oh yeah,that was supposed to be the President!

I like how he said the sky didn't fall when the HC Bill passed. You bought a cadillac,when you couldn't afford it, and you're crowing cause you haven't got the payment book yet! Ghetto.

Sun, 04/04/2010 - 22:17 | 286092 G. Marx
G. Marx's picture

 

Just because a person of note gets one half of the picture correct, it does not logically follow that he/she gets the other half. Why would it be such a disaster if the Dems lose big in November? Have they showed themselves to be any less corrupt than the Republicans? How about Obama, is he not your typical compromised politician out of Chicago? Say we give them the benefit of the doubt and just accuse them of incompetence or a misguided devotion to a failed economic and political model, has incompetence or stringent ideological beliefs made their machinations any more palatable? But realistically, how much of what the Dems have done is incompetence? Twice rejecting overwhelming public revulsion to legislation (bailout and health care) is incompetence? So I again ask, how is their corruption any better than Republican corruption? Even if we were to agree that Dem corruption is slightly less than repub corruption, how is the lesser of two evils a better choice?

Then we turn to two people Black desires to have roles in playing a solution to the problems the nation faces, Stiglitz and Warren. Too more Democrat "progressives" who are adherents to the failed economic and political paradigm known as Keynesianism. Now how is neo-Keynesianism better than the old Keynesianism? At its core, its still political management of the nation and its economy by a supposed enlightened elite (fuhrerprinzip) who claims to know what's best for us (just like Black believes he does).

Black's ruminations sound to me like a Democrat partisan attempting to save his party before it shots itself in the foot, now that it has regained near total power. IMO, Black is a partisan hack who's masked party devotion in the cloak of reformation.

We don't need anymore of the same old crew (have no doubts that both Stiglitz and Warren are DC insiders going way back), we need November to be a disaster for both parties. And even if the Republicans win big, just keep turning them over too. Until the two major parties are replaced, the best we can hope for is gridlock. So yeah, if my choice is a Republican congress with a Democratic president come this November, then I'll take it. We've had nearly a decade of one party rule in one form or the other, and that's been the real disaster.

To hell with the old hippie wanting to relive his old glory days. If they ever were glory days.

Mon, 04/05/2010 - 07:38 | 286308 ToNYC
ToNYC's picture

Stiglitz and Warren are light years ahead of your bro, Harpo, Mr. Marx...Don't Tase me bro.

Mon, 04/05/2010 - 08:24 | 286329 Seer
Seer's picture

So, just because there's some hint of partisanship you drop his message and are ready to toss out the baby with the bath water?

Pot calling the kettle Black?

Mon, 04/05/2010 - 09:26 | 286355 G. Marx
G. Marx's picture

 

Well, yes. For that tells me his true motivations. Again, listen to what he says and prescribes. He sees the Dems loosing the Congress as a disaster, that's his metric. He's placing political control by his party over everything else. The most optimum situation, given the corruption of the two major parties, is divided government in perpetual gridlock. Objectively, what else is there? One party rule by either of them? How can anyone conclude as much given the damage to the republic done when either party has total reigns on power? Any objectively look at the either party's respective leadership, should make one cringe.

Then, he turns to more Keynesians to solve the problems created by Keynesianism, Huh? Who cares if they are (possibly) the least compromised Keynesians out of the bunch? A failed paradigm is a failed paradigm. Utilizing another variant of the same problem that got us here is like solving the problems caused by easy credit and easy money, with more easy credit and easy money.

"The definition of insanity is doing the same thing over and over and expecting different results." - Albert Einstein

 

IMO, Black and his apologist, are insane.

Sun, 04/04/2010 - 22:32 | 286106 Double down
Double down's picture

Yeah,... but, but Stiglitz?

 

Sun, 04/04/2010 - 22:35 | 286108 been there done that
been there done that's picture

RE: "In a healthy nation, the financial sector exists to service the other sectors of the economy"

I saw this from Doug Noland years back. He quotes from a book of Herbert Hoovers memoirs:

"The credit system in all its phases should be merely a lubricant to the systems of production and distribution. It is not its function to control these systems. That it should be so badly organized, that the volume of currency and credit, whether long or short term, should expand and shrink irrespective of the needs of production and distribution; that it should be the particular creature of emotional fear or optimism; that it should dominate and not be subordinate to production and distribution - all this is intolerable if we are to maintain our civilization." (page 25/26)

I have been thinking a lot about the late-twenties financial and economic environment lately. I thought I would share a few excerpts I ponder from The Memoirs of Herbert Hoover - 1929 to 1941 that capture the essence of Bubble dynamics.

"The 'New Era' economic philosophy was due for a jolt." (page 15)

"One trouble with every inflationary creation of credit is that it acts like a delayed time bomb. There is an interval of indefinite and sometimes considerable length between the injection of the stimulant and the resulting speculation. Likewise, there is an interval of a similarly indefinite length of time between the injection of the remedial serum and the lowering of the speculative fever. Once the fever gets under way it generates its own toxics." (page 11)

"Nor was our financial system weakness solely in the banks. Throughout the whole business of providing capital for our economic life there ran a pollution - the habit of making money by manipulation and promotion of securities. And that promotion too often disregarded the merits of the goods it sold. In addition, the financial world, instead of providing merely the lubricants of commerce and industry, had often set itself up to milk the system. Worse still, instead of being financial advisers to commerce and industry, the financiers had, in many ways, set themselves up to dictate the management of it." (page 23)

"It was difficult for the public to believe that such griefs and tragedies lay hidden in so obscure a process as credit inflation when forced on an already optimistic people." (page 14)

The bottom line is that I cannot look at today's financial environment and rant about system illiquidity. But I can look to the U.S. Bubble economy and warn that the Financial Sphere is going to have an increasingly onerous task in both providing sufficient finance and intermediating risk. And lower mortgage rates and higher home prices might very well sustain the Credit Bubble blow off for a little while longer. Yet prolonging the Mortgage Finance Bubble is terrible news. Nothing imparts greater distortions or liquidity dependency upon the Economic Sphere than mortgage excesses. And, in the end, it is the risk of today and tomorrow's home loans (inflated prices, stretched buyers, and ill-conceived mortgage terms) that will prove the most damaging to the system. All eyes on mortgage spreads. The Mortgage Credit Bubble makes the GM risk Bubble look awful teeny-weeny.

Mon, 04/05/2010 - 00:46 | 286184 the grateful un...
the grateful unemployed's picture

i like Noland too, although he sounds as though he is vacationing from another galaxy. he is one of the first to mention mbs, cds, and now speaks exclusively about the government finance bubble. [of course this bubble cannot fail, because these guys have instant do-overs, they right their own bailouts.] he says it will take 2T in new credit just to keep the current system working. status quo! and while government may be overreaching a bit, imagine a world in which doctors live like the rest of us [MDs were middle class as recently as 50 years ago, but who is going to take away the toys?]

the rule has always been, if government is paying, then the sky is the limit. [that could change] otherwise the gov finance bubble will eventually collapse, and with it the institutions we take for granted [but don't always agree with] and somewhere the techonology exists to make housing, food and transportation, affordable, if not cheaper. in the depression farmers plowed under crops while people were starving, which was a financial failure of the worst kind. i don't think society will let that happen again.

Mon, 04/05/2010 - 03:07 | 286236 been there done that
been there done that's picture

RE: "in the depression farmers plowed under crops while people were starving, which was a financial failure of the worst kind. i don't think society will let that happen again."

That just happened in Florida. Farmers plowed Strawberries under due to collapsing prices. It was unprofitable to pick them, and that was after a water war where the farmers said they needed thew water or else. It all went under.

 

Mon, 04/05/2010 - 08:46 | 286344 Seer
Seer's picture

Thanks for providing something to the superficial "farmers plowed under crops" statement.

There ARE reasons.  And, unfortunately, there will be more instances of this until the model of huge mono-cropping for export out of a local producing area starts to go away, and it will.

Water rights are another issue...  But I'll say this, farmers never really know what the market is going to be like at harvest time.  Many might not be able to acquire additional funding from banks to finance a losing harvest, in which case they have to bail and write off their losses.  Farming is way more complex of a business than people understand/realize.  Oh, and on top of it all, there are the middle men who really control most of farming, they are the ones that squeeze the hell out of the farmers.  NOTE: we pay less for food than ever, and can assure you that this will not continue.

Mon, 04/05/2010 - 10:41 | 286409 the grateful un...
the grateful unemployed's picture

NOTE: we pay less for food than ever, and can assure you that this will not continue

 

another blog went into this in some depth, the rosy crop reports put on the FDA, ostensibly to suppress speculative premium, government interference in commodity markets, through margin rules, and position limits, and the realization, or hope, that should the crops reports be ultimately found out, that the global market will once more come the rescue.. so yes we are paying less for food, there is no logical reason to expect it to continue, and once a large portion of the american work force is on food stamps and the government is paying the bill, logic deems that prices should rise.

in the 30's government instituted price controls, to guarantee farmers a fair return, the current policy is somewhere around the direct opposite, driving farmers out of business, forcing small farmers to capitulate and corporate farmers to take over (nothing new part of a long long process). what advantages does government give the corporate farming enterprise, that small farmers don't have? part of it is the advantage that goes with scale of production.

but simple statements are sometimes true. are we going to have a repeat of events in the 30's?? strawberries by example? before people go hungry the social network will have a chance to smooth over the gaps. my prediction, this time we are better than that.

Mon, 04/05/2010 - 09:48 | 286373 tip e. canoe
tip e. canoe's picture

not only that, but people showed up wanting to pick the strawberries for themselves and were mostly turned away because the farmers (and/or their insurers) didn't want to be responsible for any "liability issues".

this is the system that we have in this country.   the celebrities on the playbill are only there to keep enough people in the seats.  but it's the same old story, over and over and over again...as long as enough seats are filled to keep the theater open.

Sun, 04/04/2010 - 23:46 | 286156 Mrmojorisin515
Mrmojorisin515's picture

His tone and message has changed, he's finally lost all faith in the system that exists,  nice to see him learning

Mon, 04/05/2010 - 00:31 | 286177 colonial
colonial's picture

No offense to RNN, but we don't need Canadians to tell us how screwed we are. 

The Reps may well take the House.  The Senate will be tougher.  Obama has been in campaign mode throughout his entire term; he is certainly not going to stop now.  His political team is naive.  His economic team is based on the belief that Washington answers are always best.  There isn't one adult (see ZH interview with James Baker,) around this guy other than at DOD where Obama is running a true centrist defense policy. People may get angry about this, but I don't see much out of State. 

The problem is the new Reps will be politicos who already had a link to the kinds of Reps who will not be much better at seeing the forest from the trees.  Many people who know the House far better than me say they're not sure the Reps are ready to lead up there.  Unfortunately, there is no "contract for America" in this cycle.   

Mon, 04/05/2010 - 00:40 | 286178 junkyard dog
junkyard dog's picture

It is too late for the Democrats. Obama has no credibility. With the election laws clarified by the Supreme Court allowing corporate money directly into the political process, the big corporations in this country will slaughter the Democrats on television in September and October. Billions will be spent reminding all of Obama's and the Democrat's failures and the danger to us all of his Treasurer and Fed Chairman and their lying about the budget.

Big money will scare the living hell out of the little guy and will blow the recovery party balloon into tiny pieces.

 

 

Mon, 04/05/2010 - 00:44 | 286183 Shameful
Shameful's picture

Big money supports both parties.  Remember Barry was the Wall Street candidate.  The simple fact is we only have 1 party. with two branches.  Hell we all know that the reds would have supported this health bill had Bush put it out.  Who knows if the Soviets had faked a two party system maybe the Soviet Union would still be around.  Fooling the masses into thinking there has been a change is always a great scam, one they always seem to fall for.

Mon, 04/05/2010 - 08:16 | 286324 nedwardkelly
nedwardkelly's picture

The simple fact is we only have 1 party. with two branches.

 

EXACTLY.

I can't believe people are still able to delude themselves into thinking that somehow these coming elections will be different, and that somehow if their guy gets in he'll actually fix everything.

Mon, 04/05/2010 - 00:42 | 286181 fUny1
fUny1's picture

All they need is an exponential rise in Major Earthquake based disasters and some more bank and warfare model conflicts and voila, the unemployment numbers go down.

and the administration is saved by major disasters from the disasters it created on top of inheriting the disasters of all administrations since the debt induced economic boom rally from the mid 80's.

http://funy1.blogspot.com/2010/04/earthquake-country.html

Mon, 04/05/2010 - 01:45 | 286200 laughing_swordfish
laughing_swordfish's picture

Thought For The Day -

As Mikhail Gorbachev was to the Soviet Union, Barack Obama is to the United States.

We are so fucked.

Mon, 04/05/2010 - 02:01 | 286205 Shameful
Shameful's picture

If only!!!!

If you were going to tell me that we were only going to have a dissolution of the union and a few years of economic turmoil I would be overjoyed.  At least it would mean we could pick up the pieces and duck what looks like police state locking down.  While I hope he is Gorbachev I have a feeling he is more Lenin, that is the beginning not the end.

Mon, 04/05/2010 - 06:42 | 286286 williambanzai7
Mon, 04/05/2010 - 08:14 | 286321 nedwardkelly
nedwardkelly's picture

Yeah things are really going to CHANGE when these mid term elections come around </SARCASM>

I can't wait to meet the new boss, surely he wont be the same as the old boss.

Mon, 04/05/2010 - 08:38 | 286340 Alexandra Hamilton
Alexandra Hamilton's picture

The democratic party will be crushed if it does this

Exactly. The left democrats, that is. The right democrats will just fit in well with the republicans.

Mon, 04/05/2010 - 09:41 | 286368 Ripped Chunk
Ripped Chunk's picture

It is a foregone conclusion that the mid-terms will be a vote of no confidence across the board.

Poorly funded independent is the wave of the future.

Some soft brainer's will latch on to the tea party movement. That is also a foregone conclusion and why they start stuff like tea parties in the first place.

Mon, 04/05/2010 - 10:03 | 286380 tip e. canoe
tip e. canoe's picture

yes, witness the attempts to centralize decentralization, e.g. the focus on calling out the "leaders" of the movement.  same reason why osama is being kept "alive", yes?

'The centre will not hold.  Things fall apart.'

Poorly funded independent is the wave of the future.

indeed. of course, 'poor' (like 'leader' & 'alive') is a relative term.  sometimes, poor is all the $ you need.

Mon, 04/05/2010 - 10:03 | 286387 wyosteven
wyosteven's picture

I can't wait for the president of the united states to get a bonus!

Really, the only thing lacking is bonuses in politics.   I mean, who else is left gourging at the public trough (besides the rich and poor welfare alike)??

Perhaps the quacks that lied on their mortgages will bonus for telling the truth this time.

Up is down and left is south in these times of punishing those that follow the law.

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