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Corker Vs Bernanke

Bruce Krasting's picture




 

 

There was an interesting exchange between Senator Bob Corker (R-TN) and Bernanke at the Senate confab yesterday. Corker was hostile, Bernanke didn't like it one bit.

Corker said that Bernanke was, "creating "faux" stock-market wealth that would be reversed as soon as interest rates started rising". Corker also said that Ben was, "throwing seniors under the bus" with his ZIRP policy. But it was Corker's accusation that Bernanke was subsidizing the banks that took Ben over the top. To me, the exchange sounded like a couple of kids at the playground:

 

Bernanke: "None of the things you said are accurate"

Corker: "Oh yes they are"

 

I say Corker's right; Bernanke's policies have lined the banks pockets. An example:

For the big banks, corporate finance deals are a meat-and-potatoes part of the business. This type of lending falls under the description of "leveraged loans". A good example is the $13B loan that BoA is making to facilitate the Dell LBO. Buffett's Heinz deal will also have some sweet loans for the banks. The Comcast deal for NBC will add to the banker's fat. By Friday, another deal will get teed up.

This chart looks at the pricing for these loans. Look at the spreads that the banks reaped in the post 2008 period:

 

BinaryDisplayData

 

A few observations from the chart:

 

- The green shaded area that starts in 2008 is Original Issue Discount (OID). This means that a bank made a loan for $100, but only loans out $95. The banks keep the $5; it's sort of like the fees for a Payday loan.

 

- The blue data is Libor. This is supposed to be a rate that represents the cost to the banks for the money they lend. But that is not the case. The basis for these loans is ALWAYS based on a minimum Libor rate (floor). The minimum has averaged 1.25% for the past four years while three-month Libor has been around .3%, so the banks picked up another 100BP of spread from their actual funding costs. Bernanke's ZIRP created this arbitrage.

 

- The spreads the banks got for lending in the post 2008 period are much higher than the average spreads for the years preceding 2008. Even after a sharp (100bp) drop in spreads so far in 2013, bank spreads are still higher than they were before 2008.

 

Leveraged Loans are just one example of where the banks got fat as a result of Bernanke's ZIRP money policy. The results for consumer loans and other credit extensions are no different. It was always an objective of the Fed to have the banks increase earnings as a way to offset losses on older loans. The Fed DID achieve this objective. The Fed gave the banks a free ticket to dig themselves out of a hole. I don't think there is any doubt about what was intended; ZIRP was a subsidy for the banks.

 

Notes:

I) Look again at the chart and focus on the run-up in Libor prior to the crisis of 2008. That was Greenspan playing catch up. It was a colossal mistake. The very sharp rise in short-term rates is what killed the economy in 2008. Yet the Fed says to us today that they have everything under control. No worries at all with unwinding a $4T balance sheet. Given the results of the 2004 - 2007 mismanagement of monetary policy it's hard for me to give the Fed any credibility with it's promise for a soft landing this time around.

II) Spreads for Leveraged Loans are down an incredible 100BP so far in 2013. This is why the "Big Deals" like Dell/Heinz are happening. This too is a Bernanke phenomenon. The cut in spreads is a function of QE4 that is pushing $85b a month into cash. When The Fed completes each POMO buy, the credit market has to find someplace to put the cash money to work. More Leveraged Loans are the logical consequence.

Some might argue that the collapse of spreads is a measure of Bernanke's "success". I see it differently. Bernanke is making rich guys like Mike Dell and Warren Buffett richer. There is no value added to that.

III) Today's round-two of the Bernanke grilling might be interesting to watch. I expect more clashes between Republican Congressmen and the "Fearless Dove".

 

bkanimalfight

 

 

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Wed, 02/27/2013 - 14:16 | 3282444 css1971
css1971's picture

Without the backing of the central bank, corporations would never be so large. The mergers and acquisitions wouldn't happen at anything like the rate they do. With more, smaller corporations there would be far more diversity and far more competiion. The economy would be more robust, faster responding and healthier.

Wed, 02/27/2013 - 15:52 | 3282903 decentralizedsc...
decentralizedscutinizer's picture

 

Did someone mention restrictions on corporate charters? As long as "corporations are people too, my friend" it will be impossible to exercise sovereign control over the nation's monetary system. It starts with the terms under which The People grant charters to incorporated entities. A "Free Market" is all well and good; but there has to be some basic rules. Our government has lots of rules (and 27 Amendments) but we allow bankers to write their own rules? How about putting some restrictions on banks; and pulling back the "corporate veil"?

28th Amendment

"Corporations are not persons in any sense of the word and shall be granted only those rights and privileges that Congress deems necessary for the well-being of the People. Congress shall provide legislation defining the terms and conditions of corporate charters according to their purpose; which shall include, but are not limited to: 1, prohibitions against any corporation becoming so large its failure would pose a threat to national security or harm the general economy; 2, prohibitions against any form of interference in the affairs of government, education, and news media; and 3, provisions for civil and criminal penalties to be paid by corporate executives for violation of the terms of a corporate charter."

Wed, 02/27/2013 - 14:42 | 3282550 walküre
walküre's picture

All true. The efforts of labor would be better recognized and received a fairer compensation as well.

But since the corporate side will not give, the labor side might have to organize and create a large nationwide union that could cripple the economy and therefore bring corporations to their knees. Ghandi had the right idea. National strikes or refusal of work are the last resort of a population that is oppressed and abused by their overlords, who happen to be corporate overlords in our age.

Wed, 02/27/2013 - 14:24 | 3282479 Orly
Orly's picture

And if you can't hang, you die, like it's supposed to be.

Wed, 02/27/2013 - 14:05 | 3282397 walküre
walküre's picture

The banks are making a killing since 2008 on the Fed policies under Bernanke. In the ever humble Jamie Dimon's words "That's why I'm richer than you" and of course humbly implying that he's smarter than all the rest of us. Sucks to be us that don't have access to a good buddy who gives us unlimited amounts of cash at virtually ZERO interest and with virtually ZERO accountability.

Yes, Jamie Dimon that's why you're richer than everyone else. But you're also the number 2 target when the reaping starts in ernest. Right behind Lloyd and Ben who are sharing the number 1 spot.

Jews making money for Jews on the backs of everyone else. Same as it ever was.

Wed, 02/27/2013 - 14:44 | 3282557 WillyGroper
WillyGroper's picture

A Chinese guy goes into a Jewish-owned establishment to buy black bra's, size 38. The Jewish store keeper, known for his skills as a businessman, says that black bra's are getting hard to find from his suppliers. He therefore has to charge $50 each for them. 

The Chinese guy buys 25 and leaves. He returns a few days later, and this time buys 50 bra's. The Jewish merchant advises him that now they are even harder to come by and raises the price to $60. 

The Chinese guy returns a month later and buys the stores remaining stock of 50. This time paying $75 each.

The Jewish merchant is puzzled by the demand for so many size 38 black bra's, and asks the Chinese guy, "What do you do with all of these black bra's?" The Chinaman replies, "I cut the straps off, cut them in two & sell yarmulke's for $200 each to some Jewish guy. 

This is but one example of how China owns the US. 

Wed, 02/27/2013 - 14:55 | 3282610 walküre
walküre's picture

It's funny but of course it's b.s.

The Chinese guy manufactures yarmulkes at a buck a piece in his sweat shop and adds two black straps for an extra 50 cents when the market demands that. Sells the cappies to the Jews at $200 and the bras for $50 through luxury retailers in NYC which the Chinese guy has added to his portfolio recently. Then Chinese guy promotes conversion to judaism to all Americans because they should get on with the program and join the club.

Bottom line is though, that China owns the US. Absolutely.

Wed, 02/27/2013 - 13:55 | 3282354 rlouis
rlouis's picture

Love the picture of the croc getting 'it' - question is, do the hippos represent elected government representatives or the masses. My $ would be on #2

Wed, 02/27/2013 - 14:29 | 3282436 blu
blu's picture

You probably lost your bet, then. The prols are unlikely to mount a spirited defense anytime this century. However Congress could -- in a self-serving spasm of populist fervor -- nationalize the banks outright, making them operate as utilities under charters, do it next week and earn a standing ovation across the world.

The bankers it seems have not the first clue what awaits them at the end of the empire.

Wed, 02/27/2013 - 15:53 | 3282901 Transformer
Transformer's picture

I wonder if any of them have ever studied history?  I can't help but think of 1791 in France.  That was when the real deal,  "The Terror" started.  In a nation of less than 5 million persons, 450,000 were beheaded.  It sucked to be rich aristocracy in France for a few years.  The only way many survived was to leave the country.

Interesting that has left the French with a tradition of rioting and overthrowing whatever they do not like in the government.  All you have to do is take a taxi ride in Paris and ask the driver about politics.  He'll tell you that the bastards better get it together, or we'll get the guillotinies out of the basement at the Bastille, and cut their heads off. 

I understand they have almost no GMO crops in France, cause the other farmers burn the fields of any farmer who tries it. 

"When the people fear the government, you have tyranny.  When the government fears the people, you have liberty."  Some old dead guy said that.

Wed, 02/27/2013 - 13:50 | 3282335 azzhatter
azzhatter's picture

Mr. Corker you were impolite to the Fed thief. You should have praised him like all the other jizz swillers in DC do.

 

Bernanke is a perfect example of a mad scientist who has lost all touch with reality. Hang the fucker from the nearest lamp post

Wed, 02/27/2013 - 14:32 | 3282504 Bandit und Buster
Bandit und Buster's picture

azzhatter said:

Bernanke is a perfect example of a mad scientist who has lost all touch with reality

OR is it because,

Our leaders are not chosen for their intelligence or achievement but rather because they are able to win the peoples’ trust and are willing to betray it. They are chosen by a small satanic cult – cabalistic bankers and Freemasons – that controls the world’s finances and media. Our ‘leaders’ are junior members of this international cult, called the Order of the Illuminati.”  Henry Makow, Ph.D, “Illuminati – The cult That Hijacked the World”

Wed, 02/27/2013 - 14:05 | 3282399 blu
blu's picture

You can hang him if you want, but his undead monster will still be loose roaming the mean streets and haunting the dark forests of our collective frozen souls.

We're soon enough going to have to unwind something far larger and scary than a man. Quite frankly I don't think we're up to it.

Wed, 02/27/2013 - 13:49 | 3282328 HoofHearted
HoofHearted's picture

Bernanke: "None of the things you said are accurate"

Corker: "Oh yes they are"

HoofHearted: "Fuck you, Ben Bernanke."

 

Just had to get my two (pre-1982 copper) cents in.

Wed, 02/27/2013 - 13:47 | 3282318 Hedgetard55
Hedgetard55's picture

That balloon going down over Luxor with everyone on board is a good metaphor for where the financial system is headed.

Wed, 02/27/2013 - 13:46 | 3282313 steve from virginia
steve from virginia's picture

 

 

Fees, Bitchez!

 

The ol' Treasury spread game stopped working for the banks back around QE 2 or so there is nothing left but lending to kids for an 'education' and lending to larger sharks to devour large sharks. Banks play the spread but the fees are where the action is.

 

Fees, Baby, Fees!

 

 

Wed, 02/27/2013 - 14:02 | 3282302 blu
blu's picture

They'll find a reason to get Bernanke out of the spotlight soon. He's clearly too close to the real action, too much truth is leaking out through his "performances". They need a good looking, granite-chinned stand-in who can take heat and field hard questions with handwaving and -- if useful -- threats.

Give it another quarter and you'll not see him again.

(I like the picture. I've always noted that the belly-crawling oligarches are no real match for the political animals at the top. The banking class is at best minor lords next to to the snarling, barking sociopaths at the top of Congress. From the latter, we shall someday elect a king.)

Wed, 02/27/2013 - 14:03 | 3282389 Orly
Orly's picture

Mark Carney was already snapped up by the Bank of England.

http://www.google.com/imgres?imgurl=http://www.bankofengland.co.uk/about...

Maybe we can get George Clooney as a stand-in?

Wed, 02/27/2013 - 14:09 | 3282410 blu
blu's picture

Dammit, I was thinking about Clooney (if only as a face model) even as I wrote that.

If we get Clooney I'm saying it was your idea.

Wed, 02/27/2013 - 14:22 | 3282469 Orly
Orly's picture

Okay.  He's from Kentucky, so it's cool.

:D

Wed, 02/27/2013 - 13:35 | 3282244 Encroaching Darkness
Encroaching Darkness's picture

corker's a politician so it's hard to give him any credit, but even a blind hog finds an acorn sometimes -

Once the rest of the world figures out why Bernanke is so disheveled it will be too late to do much about it, probably too late already. If your worldview and ideology don't fit within reality, which should change? Has Bernanke changed? Looks more like double down, one more roll, I can win it all back and then some if I just roll 'em one more time....

We have ideology driving the government over the cliff, and the rocks at the bottom aren't getting any softer as we watch.

"Give me one minute more, give me one, give me one minute more, It's gonna be all right .. It's gonna be, all right..."

<Alan Parsons Project, "Snake Eyes http://www.youtube.com/watch?v=qs4svkNZZXc >

(Edit: wrong song originally)

 

Wed, 02/27/2013 - 21:56 | 3284134 WmMcK
WmMcK's picture

+1

even a blind hog finds an acorn sometimes --

I've heard it as

even a blind squirrel gets a nut sometimes

but prefer your version

 

Wed, 02/27/2013 - 14:10 | 3282427 11b40
11b40's picture

Corker is a fairly independent soul, as far as politicians go.  He was a very successful business man and he is pretty well versed in finance, but IS a big buddy of Wall St.

However, like most politicians, he will turn with the tide, plus he has a safe Senate seat.  If he senses that the tide is moving against the FED, could be among the first leading the charge against Bernake.  I would not hold my breath, though:

"On May 20, 2010, despite his initial role as the key Republican negotiator on financial regulatory reform, Corker voted against the Senate Financial Regulations Bill that if passed would increase scrutiny of financial derivatives traded by major U.S. banks and financial institutions.[51] Senator Corker does not believe that the government should regulate markets more carefully, but rather that they should be regulated by current laws already on the books. Senator Corker supports the view of many conservatives that the Glass Steagall Act should not be reimplemented.[52] Senator Corker has been a vocal opponent of financial regulations passed by the Senate in 2010.[51]He also opposes limits to credit card fees imposed by banks on merchant transactions.[53] The main critique of financial reform offered by Corker on June 10, 2010 at the joint House and Senate conference on Financial Regulation was that it would hurt industry and jobs if passed. Corker offered no evidence for his contention that regulating derivatives would impose constraints on the financial recovery of the United States.[54]""

Wed, 02/27/2013 - 14:28 | 3282484 WillyGroper
WillyGroper's picture

The licking of "I'm richer than you" Jamie Dimon's boots by Corker was enuf to make me hurl. Politician he is. Effective? Pishaw. Just more theater.

Wed, 02/27/2013 - 14:36 | 3282523 Bandit und Buster
Bandit und Buster's picture

Speaking of 'licking'...

"Our race is the Master Race. We are divine gods on this planet. We are as different from the inferior races as they are from insects. In fact, compared to our race, other races are beasts and animals, cattle at best. Other races are considered as human excrement. Our destiny is to rule over the inferior races. Our earthly kingdom will be ruled by our leader with a rod of iron. The masses will lick our feet and serve us as our slaves."
— Israeli Prime Minister Menechem Begin


Wed, 02/27/2013 - 21:52 | 3284129 Andy Lewis
Andy Lewis's picture

Bullshit quote from a sackashit troll.

Wed, 02/27/2013 - 14:58 | 3282629 Toolshed
Toolshed's picture

Yes, well Isreali's obviously seem to think they are a special breed of human. They are quite wrong. They will be shown this in clear terms in the not too distant future I am quite sure. When the USA becomes unwilling or unable to continue funding their mis-deeds.......what then?

Wed, 02/27/2013 - 13:25 | 3282237 pslater
pslater's picture

"...that Bernanke was subsidizing the banks".

Bernanke: "None of the things you said are accurate"

Corker: "Oh yes they are"

Bernanke WORKS for the banks.  Of course he's subsidiizing them....

Move on.  Nothing new here.

Wed, 02/27/2013 - 13:27 | 3282249 LawsofPhysics
LawsofPhysics's picture

Exactly.  For the sharehodlers/owners of the Federal Reserve, things progressing just fine. Nothing changes until the supply lines break and accountability and real consequences for bad behavior returns.  be it by guillotine or otherwise, hedge accordingly.

Wed, 02/27/2013 - 12:38 | 3282036 Orly
Orly's picture

All's I know is that the man looked bad.  One's appearance says a lot about their inner being.

He was disheveled, gaunt, wan and appeared annoyed, tired and, yes, hungry.  Fonzannon notes he is losing his hair and his beard was not laser-tuned as it normally is.

The question would then be: what's eating the man up so badly that he would go into a national forum clearly perturbed?  Are things not going his way?  Is the unfolding of this period not to his liking- or, more to the point- to his expectations? 

If he is bothered by such unexpected turns of events, doesn't this call into question his smug belief that he was the all-time king of understanding economic Depression and having the ability to scientifcally control the outcome?  Wouldn't that, then, call into question his inner existential paradigm and leave him groundless in the face of his belief system?

Put more simply, is the Chairman losing it? If so, where does that leave us?

:D

Wed, 02/27/2013 - 20:53 | 3283806 SofaPapa
SofaPapa's picture

.

Wed, 02/27/2013 - 17:10 | 3283228 Kayman
Kayman's picture

Gosh almighty Orly... what if... what if bankers had to make a living the honest way- by earning it.

Wed, 02/27/2013 - 14:28 | 3282485 walküre
walküre's picture

Put more simply, is the Chairman losing it? If so, where does that leave us?

One man should have never been allowed to wield this much power over the entire world's financial system.

How's that for perspective? The Fed has way too much power and their "Chairman" is right there at the center of the controls. They run the show across the globe. Their ficticious money is supposed to be our currency and regardless of who we are voting for, their control always supercedes any political power that we the people might have had one day.

Ben is the world's dictator without the pomp, glory and fanfare that other dictators typically request to be bestowed upon them by the poor people of their nation. He is a dictator without a sword.

The stroke of his pen however IS mightier than any sword. It is a scary concept and it is long overdue to be corrected.

Wed, 02/27/2013 - 14:06 | 3282402 the grateful un...
the grateful unemployed's picture

maybe he got one of those flu shots that were supposed to be 50% effective, but are only 9% effective for people in his age group. i got my flu shot for free, that is i pay several hundred each month, and for that i get a free flu shot which doesn't work. sounds like the economy to me

Wed, 02/27/2013 - 13:50 | 3282330 eclectic syncretist
eclectic syncretist's picture

All the fed can do is enrich banks at the taxpayers expense, and somewhere in that clueless gourd of his he is beginning to sense the truth of it, although it doesn't appear to have crystallized into a lucid epiphany yet.

Apparently he still hasn't figured out what the true purpose of the Fed is, and what it is designed to do. 

Or perhaps he does know and is becoming worried that the politicians are starting to figure it out (and might begin to speak out against it) too.

In either case he is caught between the differing concerns of the banks and the politicians, and he is powerless to improve the economy now, so he should look worried.

Wed, 02/27/2013 - 14:36 | 3282529 walküre
walküre's picture

All the fed can do is enrich banks

Of course. But a bank is a corporation. Who are the most relevant stakeholders of these corporations? Who exactly is owning the banks and who is personally benefiting from the recapitalization efforts and wealth buildup of 2008 until present?

There shouldn't be any conspiracies about this stuff. It is about time we identify the names of individuals and families who are the biggest beneficiaries of these policies. We need the names to build the case against our enemy.

When the Nuremberg trials went underway, it didn't matter that Nazi Germany had written and rewritten its own laws to sanctify the actions of the corrupt government. There was no international court at the time but there was universal law which superceded the laws of Nazi Germany and which allowed to try and convict the Nazis of their crimes.

The laws under which the Fed is operating and has been operating are odious. The debt and therefore the wealth is odius. There is a crime being committed and just because Wall Street banks and lawyers own Washington, does not mean that their crimes are enshrined and protected by any law.

This is the case that Americans need to build. A case against their own government and the central bank that dictates the government. Tough case to build but not impossible.

 

Wed, 02/27/2013 - 16:42 | 3283107 Renfield
Renfield's picture

Walkure, Walkure, don't start your post with italics, OK? b/c now I can't upvote you! And I would upvote this thought early and often if I could.

<<Upvoting my reply to you instead and handing that upvote to you in a virtual manner>>

Wed, 02/27/2013 - 17:37 | 3283298 akak
akak's picture

Everyone here should know by now, NEVER begin your post with a direct quote from another post, or in italics in general --- it short-circuits the ability of others to up or down-arrow your posts (unless that is your intention).

Instead, all one has to do (as I always do when I quote another poster) is to put an empty, unquoted line at the beginning of your post, THEN put in the quoted material --- you do not even need to type anything into that initial empty line, but just make sure that the quote button (on the tool box at the top of the comment box, the double upside-down-looking comma sign) is not engaged for your empty line.

Wed, 02/27/2013 - 17:41 | 3283315 Renfield
Renfield's picture

Shh, don't tell. The trolls will catch on! I think of it as a sort of CAPTCHA...

Wed, 02/27/2013 - 13:47 | 3282323 Awakened Sheeple
Awakened Sheeple's picture

I was thinking it'd be really funny if he flipped a switch and started rubbing his face in peanut butter or clucking like a chicken. Epic crash and burn on a public stage.. Oh well

Wed, 02/27/2013 - 16:28 | 3283064 akak
akak's picture

I'd settle for seeing him, during televized congressional testimony, nervously scratching his cheek as the fake human skin starts to rub off and the reptilian scales underneath are finally exposed.

Wed, 02/27/2013 - 17:52 | 3283338 tip e. canoe
tip e. canoe's picture

HAHAHAHA

nice one ak

Wed, 02/27/2013 - 17:05 | 3283211 lasvegaspersona
lasvegaspersona's picture

akak

WAY too much YouTube browsing for you. Only those with much available free time (and no life)  know of the Ananuki. I know of the Ananuki.

Wed, 02/27/2013 - 13:43 | 3282304 Ned Zeppelin
Ned Zeppelin's picture

I'd venture the thought that following the orders of his masters is eating away at his soul.  If he had a soul. 

Wed, 02/27/2013 - 13:58 | 3282358 Orly
Orly's picture

Your idea is closer to the conclusion that I would draw, with a sharp dose of toolshed.  He was chosen for his academia in this arena but he got played.

The Powers That Be picked him and he was elated with that.  As an academic and probable certifiable economic "genius," he was only too eager to test his theories on economic Depression.  He is perhaps only now realising that he played directly into the hands of a sinister scheme to defraud the world of trillions of dollars.

What probably frustrates him more is that whatever he does, TPTB are going behind his back to carefully unwind his machinations, only to put more money in their pockets.

Equally frustrating, he can't say anything about it, lest, a.) he appears to be a conspiranoid or b.) he would be terminated in a quick fashion if he did.

But at the bottom of it, I do believe the man does have a soul.  He is from Carolina, after all; a hometown boy, despite his isolation in a rare sect growing up.  The values are still there.

I am starting to feel bad for the man.  He looks like he has seen the writIng on the wall and it says, "Death," while this other smug jerk up the megalopolis is taunting everyone about how rich he is...thanks to none other than Dr. Ben S. Bernanke.

;/

Wed, 02/27/2013 - 16:58 | 3283189 lasvegaspersona
lasvegaspersona's picture

Orly...Yes

Ben is doing his duty...that's all. He probably does not know that many believe he is evil (though he must have some concerns about being Jewish and knowing that Dr. Rudy Havenstein of Germany CB 1920 to 1924 fame was too.)

Wed, 02/27/2013 - 15:29 | 3282785 Clowns on Acid
Clowns on Acid's picture

Are you suggesting that the "values that are still there" were instilled "while isolated in a rare sect growing up" ?

What values might those be?

Wed, 02/27/2013 - 16:09 | 3282938 Renfield
Renfield's picture

Clowns, this rant isn't directed at you, but just inspired by all the discussion here about 'poor Ben he's looking so unkempt these days, does he have a conscience'.

Personally, I don't give two shits what Bent Bermonkey's fucking background or "values" might be. His actions speak louder than any "but it's so HARD to be him!" excuses for why he is such an abysmal, treasonous failure at his job.

Millions of people have a future of desperate poverty in their old age, directly because of him. Actually for millions that is their present situation.

Millions of youth will have no career, and will be damn lucky to have a minimum-wage job where they are slaves to their employers for fear of losing even that. Because of HIM.

Millions of people owe more debt than they will ever repay, on a house that they will never truly own. Because of HIM. Millions more will NEVER own a house free and clear. (If it can even be said to be 'owned' in a country that submits to peasant tribute, pardon me, 'property tax' on land.) Millions of people will not be able to afford to raise - RAISE - a family. Millions more will be shut out of a career they might have been very good at, b/c of exorbitant education costs.

Blind Freddie could see what these policies would do. The blogosphere has been lit up with the truth for 15 years, at least, to educate even those who teach at Harvard or Yale and are a bit slow to catch on. The treasonous government and banksters needed a dupe, an easily corruptible patsy, some over-educated under-wise fool so busy being a legend in his own mind that he would never do his JOB which is to protect the ordinary people of the country. It was in HIM they found this perfect, evil, puffed-up volunteer, this sorry excuse for an 'academic'.

I have no sympathy for this piece of garbage whatsoever. I don't give a flying fuck how his background might make some bleeding soul feel sorry for him because he looks a tad wan these days. Feel fucking sorry for his millions of victims, how about.

What kind of background could he possibly have that would excuse his blindness, his shocking incompetence, his easy corruptibility and willingness to be 'fooled'? (If indeed he is fooled at all.) What? Grew up Amish? Battered spouse syndrome? Unhappy childhood? Forgot to take his paranoia medication?

Pity for this pustule is a waste of time. Let's look into Dimon's background next and find out how even bankster whores have a spark of good next, shall we.

He took the fucking job. He took the fucking salary, the perks, the protection, the fucking power. Let him take the fucking heat, ALL of it, that his treasonous performance deserves. No fucking pity.

Wed, 02/27/2013 - 16:13 | 3283006 akak
akak's picture

+16,000,000,000,000

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