Kudlow gets hit crying over Wingnut Welfare for Wall Street
By John Amato Thursday Aug 16, 2007 5:10pm
via C&Ler email of the day:
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Hardy: Corporate Welfare. (later) When it comes to working people the government should get out of the way, but when it comes to the Wall Street people they should be the love monkeys...
Quentin Hardy, Forbes Silicon Valley, calling so called free market capitalist Kudlow on his hypocrisy in demanding a federal government bailout in the current credit/mortgage crisis essentially saying that when millionaires get in trouble it's time for the government to help. The look on Kudlow's face was priceless and he had absolutely no reply.
The government should only help out the rich and powerful---that's the Kudlow way...
Bonndadd takes a look at the market...
And then there's this on Margin Debt.
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Unfortunately this does nothing to resolve the real problems looming out their. It may resolve and appease the people who are in the market temporarily. But the hard working American will pay for it with inflation. This is an economic cycles and the inevitable will happen.
Nothing is free. ---------> http://www.youpolls.com/details.asp?pid=342
http://www.youpolls.com Keep them Honest
Nice to hear an economist with a brain in his head. These other guys..... makes you wonder how they would function as an everyday person.
F*cking supply siders got us into this mess and poor Larry bemoans the fact that one of his guests has the temerity to (mildly) criticize Laffer, Freidman and Voodoo Economics??? Off with their heads....Guillotine!!!
pretty sad when jim cramer is the sane one of the team.
These guys expect the fed to bail them out so they don't lose any of their money? This is US bailing out the friggin wall street glitterati?? Jeebus, this country is becoming more and more screwed. My wife and are have been seriously discussing where in the world we can move to.
So when do we get to eat the rich?
Cuz I'm sick of them eating me.
Quentin Hardy should be commended for telling the truth to those neocon money for nothing talking heads.. The average worker gets no bale out and forclosures are rampant. But Wall street wants to be saved from it's greedy illiquid investing, fraud funding self. Go Quentin!!!
If you want to "increase liquidity" for the working stiff so that he'll buy more stuff and keep the economy going, create a single-payer public health insurance system.
That in itself would save every American family hundreds if not thousands of dollars in insurance costs, give coverage to 45 million people who don't have any at present, drastically reduce bankruptcies, and increase consumer spending.
Are reich-wingers ever sick of being on the wrong side?
when i first read "hardy" i thought, OMG, hank hardy unruh (the yesmen) have done it again...
and, we tried the reagonomics, the piss on my head school of economics. the result? out sourcing--first manufacturing, then service, then IT, engineers, analysts, etc. etc. richer rich, poorer poor. a divided country. CEO making upwards of 750k/week, while the lower paid employees have to work a second job, a third job.
and i ask the "free market" myth believers, what gives? the rising tide? what happened to all your rhetoric (see, distortion)? did you guys ever really believe that bunk, or was it just a ploy to make mad cash?
and yet these rubes still are the predominant voice in media (being corporate controlled and all). i am still waiting for the national discussion on deregulation (see, enron) and privitization (see, halliburton). when is that conversation?
deregulation advocates and "let the market decide" charlatans, i have seen your model-country, it is china.
Yeah, NOW they care about the consumer. Kick some butt QH.
Lord, that host is a schmuck.
Yes, we DO want to abolish the "central bank" (read: the FED), we want our money printed INTEREST-FREE by the U.S. Treasury in guaranteed scrip as the Constitution mandates. If that puts me in Jackson's camp, I say boffo. He beat the shit out of these criminal bankers who want to rip our democracy out from under us, and maybe we oughta do that a second time to remind the corporatists who's boss.
You only incorporate with the permission of the people, and we can revoke that incorporation as well, so you damned well better treat workers and consumers alike with respect.
That one gentleman had it completely correct. These suits-for-brains will abandon working people in a heart-beat and deny THEM a rational safety-net to protect them from forces they can't control like changing markets, but the very SECOND it's the billionaires butts on the line, it's, "Boo-hoo, Daddy Government come bail me out of the miniscule loss in profits I just 'suffered'!"
The Feds bailed out the high rollers today because their 10 million dollar profit went down to 9 million this week and they were blowing calls into the Fed to get their 10 mil back to 11 mil. Boo-fucking-hoo!!
The worst thing though, something you might not know, is that the Fed rewrote the rules overnight and are now allowing these banks and funds to put up these shitty sub prime bundled mortgages – the same rotting depreciating assets that Wall Street and Main Street won’t touch – as collateral. Un-fucking believable!!
These loans are so toxic that they can’t even be priced in the market, yet Uncle Sam takes them as an equal to T –bills, the only asset that was allowed for collateral 24 hours ago. If these things keep sinking, the U.S Government – YOU AND ME – will be left holding this worthless garbage. It is sooo fucking wrong what they did today. They put in a false floor on the market for these fat cats, but allowed them to make bucket of money with sub prime trash loans for years with NO supervision. We got screwed big-time today. All the Fed did was buy time for these pricks to unload their garbage before the real shit hits the fan.
People like Kudlow and his corporate buddies always get bailout for something that is largely their own doing while people who suffered during Hurricanes Rita and Katrina get nothing. What a backwards world we live in.
So I'm guessing more tax cuts will fix everything: schools, roads, levees, mines, bridges, the ozone layer, and Wall Street.
When they're done with us we won't even have our 401k money, not to mention the already vanished pensions that so many accepted as part of their pay structure. And with health care moving out of reach, well I guess we'll all just sit back and die. (As many are already doing.)
But we could always eat the rich. Yummy, yummy.
1. Loan $200,000 to newlyweds with a baby on the way, using money generated out of thin air.
2. Collect a few years of payments
3. Foreclose.
4. Get title to a $200,000 house
5. Claim of a loss of $600,000
6. Get the gov to reimburse you with a welfare payment.
7. See $800,000 in pure profit by screwing a young family.
And do it risk free. Ask me how!
Yeah, how about "injecting some liquidity" by underwriting all these bad mortgages? That would "free up" money that will be spent elsewhere to boost the economy.
Oh, right, that's just ordinary people and their homes. Nowhere near as important as cokehead derivatives traders and their portfolios.
Carry on. It's not welfare, it's "liquidity management."
Burn. Burn. Burn.
Dr. Matt @ 9:
The Republiborg collective expressly forbids any Republidroids from acknowledging a dissenting opinion or conflicting point of view since the Collective's viewpoint is always right and superior to other lifeforms. This programming is permanently burned into every neocon droid memory chip to insure a uniform and satisfactory response. In short, if we said it, it's a fact. Resistance is futile.
Or to paraphrase the robot on Lost in Space, your opinion does not compute.
Where are these "big government" advocates when the little people are being told to bend over and grab their ankles?
If Joe Six-Pack loses his home and retirement, that's tough shit, he shoulda made better choices. If Rich N. Shameless is gonna lose his second home in Aspen, that's a catastrophe and Uncle Sugar should rescue him.
the sick part is that they say American citizens should not be able to declare bankruptcy because a few bad apples (less then 15%) use it to try to erase credit card debt, but really most people file for bankruptcy because of an unforeseen event or illness or something. but I am willing to bet not a single mortgage and credit companies have NEVER EVER filed bankruptcy because of an unforeseen event, except maybe that they were too greedy to see that the NINJA Loans (no income no job) wouldn't get paid back because the people they lent the money too had no income and no job!!!
Oh these people piss me off!!!
Samson -- you hit it out of the park!
I don't watch this show. Is Hardy a regular? I can't belief Cramer will want that kind of freewheeled truthtelling to be a regular feature.
I'd like to probe the cover story more. It's true that the Fed was created to be a lever on the economy in large measure through affecting the money supply. How is the way the Fed is supplying money in the current liquidity situation a give away to moneyed interests more so than this function usually is? And what does it mean that the 90 day bond is "illiquid"? That implies no market at all, doesn't it?
gangsters right outin the open for the world to see. So gangster then have super hero caps on and tights. People look up to these people. They never spend a day in jail for their suspect underwritting and predator lending hussles. Bend over backward to give you a loan but won't lift a pinky toe to help you keep the home and then go running to the feds to buy their loses.
WHY isn't one underwritter, lender, broker, or bank rep in jail yet!???
Off topic, but HOLY Crap, is anyone watching Hardball right now? I think Melanie Morgans face is melting on national television!
Sheesh!
Scary shit man!
Oh man,
If Gort is right. I guess I got my answer. . . .
We should stop paying our taxes since the bulk of our tax money is going to pay off debt. This debt was accrued making the war industry rich. What about the trillion dollar taxpayer bail out of the thrift industry. Maybe two of the most egregious of the shysters involved in that theft were sent to jail. Not Neil Bush though, one of the principles of that scam.
Every one of these bailouts is to prop up a system of millionaire welfare. When are people going to get sick of being robbed right out in the open. These asshole talking heads make me sick. " maybe you should be a lord instead of just a sir" blueblood inbred aristocratic buffoon knows the Brits royalty has made a business of getting the peasants to pay for their excesses.
What the Fed did this morning is nothing but band aid therapy for an emotional market. It does abolutely nothing for those who are losing their homes or trying to buy one, nor does it do anything to bring down inflation which is running over 10%.
This is nothing more than a bail out for the banks that have made billions in profits at the expense of the economy and middle America. It will be a one day wonder, maybe two, but it won't last long and the markets will continue to drop in the weeks to come.
If Hurrican Dean makes it into the Gulf of Mexico, you can expect to see a barrell of oil heading past $80 again. As the CEO of Wal-Mart stated yesterday, people are just tapped out and there is no end in sight.
Kudlow is a dyed in the wool Republican through and through and felt that Reagans trickle down economy was the way to go. It just doesn't work as human nature being what it is, the greed factor always shows its hand.
Our economy helped along by the banks is a mess and getting worse. The best thing that could happen here is for the Federal Reserve to be shuttered so that this once great nation can return to a constitutional form of banking run by the US Treasury. No more printing of funny money just to keep the banks afloat. Screw them. They have made trillions in profit since 1913 in interest that our country should never have paid them. This situation has no other option but to end very badly for the majority of whatever is left of the middle class. The time is long past due to return to sound money policies and start backing new US Treasury notes with gold and silver as the Constitution calls for. Not worthless fiat with nothing but hot air to back it. No wonder the Chinese and other nations have virtually stopped buying our debt. It literally isn't worth the paper it's printed on.
Don't watch CNBC (hell, don't watch TV, just clips from here, OneGoodMove and YouTube as pointed out by astute posters), so I'm not familiar with the people in this discussion.
Who's who:
Big dude on left: Is that the Kudlow this refers to?
Top row, left: Doug Kass, short seller dude
Top row, right: Quenton Hardy (funny guy!)
Bottom row, lft: John Browne
Bottom row, right: Jerry somebody, wait, he's John Browne too? spoken name is different than the name they flashed below.
baby jesus just saw some silly chick melt down on Hardball
silly humans
Quentin is the only one who attempted to tell the truth. These fuckers have been raping everyone for years, now in the last 10 years they have blown out the whole economy with their greed.
ABOLISH the FEDERAL RESERVE, IRS, VOTE RON PAUL.
Check out http://video.google.com/videoplay?docid=-1656880303867390173&q=fascism&t... if you want to know what the Fed and IRS is all about.
squiggs @ 23:
Did it look something like this?
Is this free market capitalism? Prop, pump and taint then want a bail out?
matt greer @ 2:
You are entering the twilight zone.
The government should leave the hard working people alone because the only thing they are doing is trying to bring food to their table. They should be worrying about the gangsters out in the streets because they are the one causing most of the problems.In my own personal views i think that we should allow a middle class because that way we wont have bigger problems. But in other words I actually think that we have bigger problems to be aware of for example the war with Iraq.
Blue Buddha @ 30:
I saw it too, holy crap is right! That was quite a tantrum!
Back to the topic, Kudlow is an idiot. A couple of months ago he said Putin is worse than Stalin.
This is how it works. Kudlow wants a BIG GOV bailout because the victims of this downturn are his millionaire cocktail party monkeys.
Larry's Logic: If the middleclass needs gov't assistance, it's called welfare. If the top 1% need a bailout it's called a necessary financial strategy.
Hey, Larry Kudlow, you suck.
these pricks are pissed because the people that are in jeopardy of losing their homes are out spending monies they dont have. the middle class is finally showing some spending restaint and now their mad.
Seems to me the only one really worth listening to was Kass (first guy). Yea, the others were entertaining, and I do see the argument Hardy put forward as the ugly truth...
But Kass was the one guy giving non-politically charged analysis. He's the guy that told you the hard truth, and how to deal with it. All this other stuff is...as I said, entertaining and all, but it isnt valuable in a practicality sense.
I went and read some more of his stuff. The best thing he says is coming is that the market nastiness we are about to live through is going to hand the Dems the '08 election on a silver platter. Here is hoping Clinton gets the nod. Those two have already shown us they know what they are doing regarding the economy, and keeping America competitive.
http://www.thestreet.com/s/were-in-a-bear-market/markets/activetraderupd...
Just so you guys know we have NEVER had FREE-market capitalism, however the first 100 years were close. That is why the US became so wealthy, so fast. It all ended in 1913 with the federal reserve and income tax.
The personal income tax that we all pay ONLY pays interest to the Fed (private international bankers). Not one penny pays for running the government. The ONLY thing that can save our economy and country is realizing the system is rigged and fighting to abolish the Federal reserve and income tax.
Actually since there is NO LAW (the constitution actually forbids it) that requires us to pay income tax we should all stop paying. That will slow them down. They can't come after all of us, in fact, about 40 million people already don't pay. If you include the illegals there are millions more.
Don't support your own slave masters, stop paying them, NOW.
Jo-Ann @ 7:
With you!
How hypocritically convenient for Kudlow et al to brush aside the very simple fact that the recent market losses have been brought on by excessive risk taking by (ultra wealthy) investors.
The reason we are witnessing a liquidity crunch is because suddenly people stopped buying these toxic, mispriced pieces of paper -- so the Fed and ECB in Europe stepped in, to the tune of over $200 bn!
Call it whatever you like, but this one sure walks, talks, and stinks like a bail-out. Period.
Ya know whats funny? If I rob a bank, I'm a bad person, a criminal who should be locked up... If I defraud someone and gain financially, same thing...Same with any crime I might commit singly or with a handful of associates.. But if the banks and the financial industry in whatever form rakes me or anyone over the coals, when they rake huge numbers of average people over those coals.. Changes rules and regs mid-stream to cover their asses at my expense because they overextended themselves due to their own poor management and decision making.. ... If they lock me out of my accounts over banking mistakes and poor fudiciary decisions in corporate boardrooms, when they go begging to Uncle Scam for a bailout on these poor managerial decisions and he goes along with it.. Again at mine all the rest of the 'little' peoples expense.. Well that's just market forces at work... What's so different about this shit and a typical mafia confidence scheme??? Is this whole fucking system just a huge private industry fronted government backed pyramid scheme???? JD
Bit NOLA @ 15:
Yep, the usual Republican logic.
Step 1: Reduce Taxes
Step 2: ???
Step 3: Enjoy new infrastructure!
Even a person with basic accounting principles in their mind can figure out where this is all headed...just look at the Fed's balance sheet...where are they getting all this money to dole out to banks...oh that's RIGHT...they don't HAVE it...smells awful fishy to me, boys and girls.
READ ALL ABOUT IT...
Did that guy say "Andrew Jackson and Martin Van Bureau"?
Weaseldog @ 16:
Man, you hit it just right.
...
Ummm, I wish I understood some of that.
AConfederacyofDunces @ 44:
You forgot a step between 6 & 7: Sell $200k house several years later at an inflated price of $350k.
Johnny2Bad @ 3:
26+ years of trickle-down, credit and debt-dependent economic policies, eviscerating our manufacturing base, outsourcing, offshoring and downsizing of our work force, shifting of the tax burden away from corporations and the wealthy on to the middle class has got us here. The supply-siders are right about one thing though; the consumer needs credit or this house of cards economy comes crashing down sooner rather than later. I fear that only an economic catastrophe will finally put a stake through the heart of Reagonomics
Oh hell no, it's not about their own disgusting excesses. Blame the WHOLE PROBLEM on loans to people who kept up their payments until they socked them without warning with a monthly mortgage payment THEY KNEW they couldn't manage. Bunch of fuckwads.
Larry Kudlow is the biggest of the supply side, free market rah rah boys. And like all of them, he lets his intellectual dishonesty fly when the shit hits him and his rich cronies.
He's the first to bitch and moan about poor people getting in financial trouble and not showing PERSONAL responsibiliity, but when Wall Street brain surgeons undermine their companies with half baked ideas at best, and embezzlement of public funds at worst he's the first one screaming for GOVERNMENT HELP.
It's the free market, you bald headed hypocrite. You and the rest of the cheap money assmonkeys that destroyed the dollar with your advocation of outsourcing and roaring about the "power of the free market" now take your medicine like men. You freakin' crybabies. You gambled...you LOST. Suck it up and deal with it, you elitist dirtbag.
Yeah, but, but...
The Economy is great, everyone is buying Flat Screens and I-Phones? All paid for with MasterCard and Visa?
Watch what happens with all the appreciation in their houses they THOUGHT was going to be their when they retired goes away?
House prices plunge, and suddenly, the middle class is dirt poor in a hearbeat.
Who cares if f***ing 1% of the population owns 50% of all the wealth, and pays ZERO fricking Taxes!
The dumb-ass Red State Poor keep voting for Republicans, cause they keep them safe from Gays....
sam @ 29:
Ah, the Ron Paul shiney little fishing lure. What about all of RP's other, more disturbing agendas?
Blue Buddha @ 46:
Ah, what's that I smell? Ah, the fecal end of the Capitalist stick. I continue to hope that the 21st Century is the one in which Capitalism and Corporatism are restrained to strengthen and maintain our republican and democratic values (note: small r, small d).
It seems like the whiners are ready to jump out a 50th-story window. I could never understand WHY a rich human would commit suicide when the depression happened (in 1929) -- just from losing money. Now I see -- first hand.
Grow up, ya babies.
Pudlow is a hypocrite. We just got another dose of moral hazard perfected by the miestro Uncle Al Greenspud.
Tell the insiders it's coming yesterday when we were down 350...front run the market into the close....then pre market open the discount window the day options expire to blow out short sellers ....
Larry Lines idea of "free market" capitalism is more like legalized theft. He's a repulsive man.
As predicted the chosen path will be circulating dollars of depreciating value as opposed to complete seizure of the monetary system followed by domino defaults of ALL net debt holders. The debt based monetary system is morphing into a Banana Republic fiat printing system that will have a very short half-life. The FED is providing dollars in return for almost any worthless asset (MBS, CDO etc) and lowering the interest rate. This is just sham; these instruments are not collateral so essentially we are entering a phase of US Reich Marks. In preparation for this the Cartel started bombing gold on Wednesday August 15, 2007. Does that ring a bell? Nixon closed the gold window on August 15, 1971. That ushered in the unbacked debt based monetary system. Exactly 36 years later the morphing to an unfettered fiat money printing system has commenced.
Gold is one of a few protections from the accelerated monetary debasement we shall now witness. Forget "deflation’, you won’t even need to know how to spell it!
Shell5960w @ 53:
But Kudlow tries to make it sound like he's concerned about the integrity of the banking system, and the effect it will have on the great, unwashed masses who are up to their marbles in debt with over-sized houses, 8 MPG leased SUVs and enormous credit card debt. At first glance, it sounds remarkably like the argument the airlines used to beg for federal bailouts after 9/11. They claimed it was a matter of national economic and security interests. They conveniently overlooked their awful business practices of their de-regulated and bankrupt idustry.
Here is an honest question: if the feds help to bail these investors out, will it come at the expense of tax payers? Because if it's so, IT'S WELFARE!!!!!!!!
When Kudlow says illiquid - he means that access to credit is not easy as it once was. He wants the fantasy world back where interest rates were below the rate of inflation. He always tries to use fancy econo-babble, but when you get right down to it, he wants the U.S. government to keep printing money.
Access to credit is supposed to be difficult. When access to credit is too easy, besides diluting the money supply, you direct money into inefficient endeavors. Its against the long term interest of the nation to allow easy credit. Easy credit is like being high on heroin - it feels great for a little while but the crash is eventually worse than the high was to begin with. Our whole economy is based on easy credit. Asking the fed to keep infusing cash is much like feeding more heroin to the addict. We have to let the crisis bleed through the system and not infuse more cash (i.e. Fed bailouts). If we let this charade go on forever, you may start needing a wheelbarrow to do your shopping.
Mr. Quentin is spot on. This is pure corporate welfare buried and hidden in MBA speak that the average Joe Sixpack doesn't even understand. Liquidity to him means Budweiser. These supply siders are the same type of people that will piss and moan endlessly when a poor family seeks a little help with food stamps. When is the last time Uncle Sam bailed you out when you made a foolish penny stock investment? The concept that banks can't loan money now to people with good credit because they made too many loans to people with bad credit is ridiculous. Let them suffer their losses like we have to do when we make bad decisions. This is all Milton Friedman, School of Chicago, Reagan supply side at its worst. A glaring example of the class elitism and hypocrisy of Republican supply side economic theory.
I can't stomach more than two minutes of Kudlow, especially since Kramer left the show. Kudlow's solution to everything is "tax cuts". He constantly criticizes the democrats as big spenders who will raise taxes & criticizes Edwards for promoting "class warfare". Yet he has no problem with tax credits to oil companies, corporations, etc. If he is opposed to government welfare & social programs, but has no problem with the mortgage deduction, which greatest benefactors are the the owners of large homes (and large mortgages). Of course, tax-paying renters, who are the bottom of the economic ladder get nothing. Kudlow speaks for the benefit of the wealthy elite class!
Ben will bail them out .
Melanie Morgan on Hardball was hilarious.
nyguy @ 57:
Not necessarily. A government bailout usually involves the government guarantee of loans or some similar variation. A taxpayer takes on new liabilities but probably no direct payouts. However, what is happening is the Fed is under a lot of pressure to lower interest rates ealier than they want to causing more future inflation than would have occured otherwise. Inflation is a tax.
nyguy;
Bingo.... Corporate welfare.. On our backs... But heaven forbid the infamous corporate 'they' should give us peons a break on ANYTHING!...
I don't know all the finer details and I can't talk at length about the inner workings of the fed or economic models and whatnot, but I know this much as a private citizen with a piddly little checking and savings account... They have fucked us without a kiss....They've fucked the whole country via that whole global economy thing... And when the nation finally tanks completely due to their inept financial decisions, the industry heavyweights will just take their marbles, (created with our tax money and the nations hard wealth in gold) and set up shop in some other part of the world.. Hey, global economy, no recognition of soverignty, no need to show any kind of national loyalty now, wouldn't be prudent fudiciary business practice in a world devoid of soverign responsibility... just a big global neighborhood.. To get rich off of.
In the interest of being competitive in a global marketplace, it's become a drive to the bottom....across the spectrum of employment and manurfacturing.. From toys, right on up to financial institutions.. to ensure maxed profit regardless of who or what gets hurt in the process... My blogging friends, we have allowed ourselves become the ferengi... managed by corporate vampires sucking us dry with no loyalty to anything save the corporate principle... and only so long as it's putting money into their pockets...
When that stops working, they will move along to some other paradigm in some other place that they can sell to an uneducated mass of people... I hate them and everything they purport to stand for as regards their ideology rooted in greed and control......of everything and everyone... rendered subserviant to their every whim.... They see themselves as international globalists responsible to noone but themselves.. Entitled to this sort of control and power... Ego and greed drives it all regardess of whatever pretty face they try to paint on it....
Reaganomics was the cute phrase used and that prick was the most successful con/front man for this shit. It is nothing more than wealth redistribution... Except, unlike the right likes to portray 'fair' taxation being; which we don't have any such thing, this real wealth redistribution IS NOT from the wealthy to the supposedly underserving underclass who don't deserve any help for their poor choices so the meme goes.. No the real deal is a massive and long running wealth reditribution from the middle and lower class to the upper class.... In short, the rich thru institutional fiat and any number of other mechanisms,are taking what little the rest of us ever had... Even more short discription, The rich are stealing from the poor... And that is why the country is on the verge of financial callapse.. That's the real reason why the middle class, whatever is left of it is evaporating before our very eyes.... Does this reality constitute class warfare? Would one strata of a society wage financial warfare on another strata of society just to get a little bit more ahead?? You tell me.....JD
Mike @ 60:
I know, it's nauseating. At the end of the day, he's just parroting what his target audience wants to here anyways. You could have a robot do the same thing. Maybe he knows its all a joke and he's just laughing all the way to the bank.
How much you want to bet that dissenter will NEVER be seen on that network again?
Kudlow has absolutely got to have the most fucking annoying voice I have ever heard!
Listening to him was like having nails driven into my ears...Jesus!! And on top of that he's
a stupid asshole!
my old man used to say, the wealthy are true capitalists when they're making money and all out socialists when they're losing money.
Corporate whore NBC is panicked but Ben came to the rescue.
KO just called for the arrest of Melanie Morgan.
She had a bad night.
Geez.
It's amazing anyone listens to this cocaine-brain alcoholic. Oh wait, he coulkd be President!
Visit here for additional thoughts.
jesus zimmerman @ 67:
True. But they always couch their begging for "Republican welfare" as part of some higher goal. Saving the airlines, banks, car companies, etc. from the "free marketplace" they worship.
He makes an excellent case of "love monkey" for wall street. If Government helps with liquidity then its helping the economy and jobs.
But if Government helps with say, Health care to keep me from losing my bootstraps its wealfare.
Where is the money going to come from. The President has been borrowing from China for the last few years to pay for an occupation that he calls a war. You don't win or lose occupations.
I see some Haliburton war profiteers in the clip. hate Government hand outs. But take there company to the corporate government trough and pig out on the little guys that you wiped out of their investments. So you don't lose yours.
If you agree with their argument for government bail out. Then when I lose money on bad investments or at the black jack table. Shouldn't the government step in and assist ?
The market will take care of everything. Those that lose, lose and end up with NADA. including the big players and CEO's.
And to think Bush wanted to hand over our Social Security to this PRIVATE sector that does so well (for themselves).
Quentin for president!
Question is, how tight are some of these folks with Bush, that need the bail out ?
And if there is a bail out (assist with liquidity), Who will get the Golden parachutes ?
At this rate the dollar won't be worth fake dogshit in a year or two, and fake dogshit will cost $100 each.
While most here on this thread can't stand or stomach the sight of Kudlow, the answer we all look for is relatively simple. The founding fathers knew the strangle hold that a central bank could exert. This is why the Constitution called for a US Treasury with money to be in gold and silver coin.
The federal reserve is a cartel of private banks that have stacked the deck not only against individuals but the country as a whole. The system is riddled with rot from top to bottom and every congressman as well as Senator knows it. The reason we keep electing these fools is simple. They bring home the bacon to their respective districts and we as a people keep sending them back to office year after year.
We the people are just as much to blame for the financial situation we're currently facing. Societal pressures in the form of advertising to wanting to keep up with the Jones's cause us to do some really stupid things. How many plasma t.v.'s does a household require? How many cell phones and Ipods are needed? As a kid, if I had to call home to tell the folks I was running late for dinner, I found a pay phone and dropped in a nickle. Today, your hard pressed to even find a pay phone, let alone one that works.
We as a society have become addicted to easy credit which the banks were more than happy to provide with some of the most rediculous lending standards and that's being generous.
Rather than acting like addicts requiring another financial fix, it's long past the time to bite the bullet and end this insanity. The Federal Reserve should be abloished and society must begin to rein in their spending habits. There never was a free lunch, though we all lived as if the party would never end. Guess what? It did and it's going to take a bit of time to get the train back on the tracks. It will be a bitter pill for many to swallow, but if we don't do it now, there is no future other than becoming a slave to those whose intent is to controll all we do for the rest of our lives, our children and for many generations to come.
If we the people are taught not to live beyond our means, then perhaps government should do the same.
I wish Media Matters would monitor Kudlow more
So Andrew,
What of the guy that works his whole life. Retires with a paded 401K and some extras. But his spouse has medical problems that aren't covered. Its life and death serious. Bush changed the law as not to be able to file bankruptcy and be excused from these bills.
The guy loses his entire life savings. This has nothing to do with living in ones means. And there is always the risk of stretching your means to get ahead. Its called picking onself up from their bootstraps.
I agree there are those that live above means. I think these wall street folks in this clip are some of the. And they live above on our means.
The subprime venture was a deal to get those to sign on the mortgage dotted line knowingly they would be above their means when the rates went up.
They forsaw this and ignored it. For money was rolling in then.
And remember allthe hype over loan companies targeting illlegals to provide home loans to? Well those loans are in hear as well.............................
Just FYI.....contrary to disinformation, you CAN still file bankruptcy. The law that the republiscum passed makes it more difficult, requiring as I recall additional documentation and paperwork, but the legal protection is still there.....for now.
V V
I see the Fed somewhat between a rock and a hard place. Right now, the myopic focal point is on the sub-prime mortgage problem, which is mumbo-jumbo for saying that lenders lent money to people who couldn't afford to pay it back. The Fed has lowered interest rates.
This issue I see here is, as other people have noted, that this may be inflationary. The dollar has already lost value against other currencies. I think north of 40% of our national debt is financed by foreigners. These foreign countries, such as China are developing Sovereign Wealth Funds to pursue investments in stocks, as opposed to treasuries. I don't see foreign countries rushing in to buy our mounting national debt at artificially lower interest rates concocted by the Fed, considering the dollar's slide against other currencies. So, I think the sub-prime issue is a problem, but the Republican's desire to run up the national debt will be the 800 pound gorilla that will cause the economy to tank. If the auction markets drive up the interest rates on treasurys regardless of the Fed's interest rate reduction, then the Fed will have lost control of interest rate control, and this economy will have lots of problems.
Of course, maybe Jesus will miracle away the national debt.
Technically, all the Fed did today was lower the discount rate -- a move which is really more symbolic than anything.
However, the symbolism is quite powerful, and the message it sends is quite disturbing.
I'm much more fiscally conservative than most posters here (also fiscally conservative in the traditional sense -- I have zero debt and believe in a truly free market), but this move by Bernanke today has really got my goat.
Apparently, it bugs a more than a few other financial commentators as well.
http://money.cnn.com/2007/08/17/commentary/sloan_enablers.fortune/index....
I'm glad this site has been taking notice of Larry Kudlow of CNBC. That guy is one of the most sociopathically heartless bastards I've ever heard on television. Behold his cold, reptilian eyes. *shudders*
I had to get that off my chest. Thankyouverymuch.
Gort @ 13:
Gort, I would like more info on this...have a link? Thanks!
Cat Atomic @ 41:
I don't understand. We get new infrastructure...everytime an auto clogged bridge collapses, we get a new one. I can't wait until the Whitehouse, Capitol Building, and Supreme Court Buildings collapse.
Here's an overly simplified explanation of how we got to where we are:
http://salon.com/tech/feature/2007/08/17/wall_street_panic/
HTH
Artie Dash Lange @ 85:
Many thanks, HTH:)
Well, Bushco is always telling the middle class and poor that we have to "tighten our belts" to sacrifice for Bush's war...but that doesn't go for millionaires! They got TAX CUTS!!! THEY didn't have to "tighten their belts"!
When anyone from the Bush administration or any Republicans say we need to "tighten our belts", they strictly mean the poor and middle class!
If a Republican says "WE", they mean "YOU"!
Be wary of Republicans using the word "WE"!!!
"WE" have to tighten our belts, means YOU have to tighten YOUR belts while "WE" get tax cuts!
the depression is coming
and god, these money fucks make me sick
look at me, i have a big fiscal vocab
i use big words to say absolutely nothing
its very simple
in this administration, the wealthy had nothing to worry about...and still dont
the middle class and poor got fucked and are about to get fucked even more
so bend over and take it like men (or women)
bend over america uncle larry wants to be your love monkey
Hardy is right... the estimates are that 14 million people will lose their homes through foreclosures this year and these fat-assed Wallstreeters will indeed be out there bellowing how it is their own fault and tough luck, suck it up... and so on.
But now that it looks like they are going to have to take a lose on their bad investments it is indeed "Uncle Sugar... be my love Monkey!"
My nomination for largest jackass was the guy who said, "I don't know what that means."
Weaseldog@16
Ok! How? I'm all ears!
Isn't this all just the American way? Everybody in the US does this. If we make money, we keep it. If we lose money, we run to Uncle Sammy to bail us out. Farmers do it. Corporations do it. EVERYBODY DOES IT. Then everyone cries about their taxes being so high. Maybe it is time to rethink government completely and to hell with that constitution crap. It is just a piece of paper written by elite rich people anyway. They didn't give a tinker's damn about the poor or middle class then and they don't now. Everyone wants less taxes, but more and more government bail outs.
Isn't that the republican way? Corporate welfare is A-okay, but screw the little people. I was listening to a show several weeks ago. The guy being interviewed said that now many of the Wall Street folks are begging for govt regulation. The problem is that without it, there's just too much temptation to cut corners and push the envelope to turn a profit. And the only way for them to stay competative and in business is to do what everyone else is doing. It's a vicious cycle.
I didn't know who Quentin Hardy was until this moment, but he's my new hero.
I'm so tired of BULLSHIT! And he's the NO-BULLSHIT kind of person we need telling us what's going on. Everybody else on that program was screaming "clap harder! clap harder!"
Hilarious.
The American people enjoy being dominated by the fascist bankers. They enjoy pain. The stupid should suffer, and they have been very, very stupid. As long as they insist upon being stupid they deserve to be lorded over by the Kudlows of the world.
AWESOME F*$King POST SAMSON. Your words sum up the frustration of so many of us working/thinking people!!!!!
Samson- Says: when i first read “hardy” i thought, OMG, hank hardy unruh (the yesmen) have done it again…
and, we tried the reagonomics, the piss on my head school of economics. the result? out sourcing–first manufacturing, then service, then IT, engineers, analysts, etc. etc. richer rich, poorer poor. a divided country. CEO making upwards of 750k/week, while the lower paid employees have to work a second job, a third job.
and i ask the “free market” myth believers, what gives? the rising tide? what happened to all your rhetoric (see, distortion)? did you guys ever really believe that bunk, or was it just a ploy to make mad cash?
and yet these rubes still are the predominant voice in media (being corporate controlled and all). i am still waiting for the national discussion on deregulation (see, enron) and privitization (see, halliburton). when is that conversation?
deregulation advocates and “let the market decide” charlatans, i have seen your model-country, it is china.
i got on his saturday morning radio show.
asked him an initial question whether he sees a need for legislation to prevent this from happening again 3 months down the line
he spun my question into how legislation will freeze up credit for 10 years and how i wouldn't want that. i tried to rebut. but found i had already been cut off.
and Kudlow went on about the Goldilocks economy for a good 2 minutes. the greatest story never told malarkey...
You know, it really bothers me to have been RIGHT about what was going to happen over 26 years ago. I'm a professional musician, not an economist of ANY kind, and I saw this coming the INSTANT Reagan proposed it. I looked at it and said "This is all built on paper, it's unsustainable. It will lead this country into a disaster it can't even imagine". And I was told I had my head up my ass, I didn't know what I was talking about, and all sorts of other really clever things. Where the hell are all those who said that to me now? Losing their asses, if they haven't lost them already.
Well, you stupid Reagan lovers, I WAS RIGHT. And that is proof that you don't need to be some kind of serious math wiz to be able to see when you are going to get fucked seriously. You just have to be slightly cynical, and you've got it. Just don't buy everything that the "leeaders" tell you, because they tend to lie to get there.
The basic premise of business is this: You offer a good or a service for money. Without one of those two things, you got NOTHING. You certainly don't have a business. Republicans want to put as many middlemen in the loop as possible, that is how they get their money. Look at the proposed piratization of social security. Take that money, which is doing just fine at being administered for 2% of it's gross, and move it into a sector where you won't EVER get away paying less than 15% for the SAME service, and tell me how much MORE money you will have when you retire.
Come on, folks, this is basic 6th grade arithmetic! Why the hell is it that all these "economists" can't get that basic thought through their thick skulls? Because they are RICH, that's why. And they keep getting richer every time they screw us for more money.
Reagan was the WORST thing to happen to this country until W stole 2 elections. Period. May that old bastard rot in hell.
You know, we can fix all of our problems with a couple of whips of the pen (disgorge war profits and apply to the debt, raise the top marginal rate over 200K to French levels, reinstitute the estate tax @ 75% over 10 million....hell we could even do this retroactively , institute single payer healthcare and generous social programs, raise the minimum wage to a level where one who works full time can afford to live and has discretionary income.......basically just transfer the money back away from the theivin' rich and into the peoples hands)
All that it will take to do this is the will of the people....unfortunately, it's going to have to get WORSE before we wake up and come to understand that neocon supply side crap does nothing but make the rich richer and the poor poorer.
V V
Collectively, pain seems to be the only thing that gets us thinking for ourselves.
After the dot.com implosion, the gov did a quick and dirty road repair, patching the leak with the housing bubble. The drones dutifully followed, nose to tail, right into the box canyon. Now that bubble has burst. "Grow the economy"? What economy? Who's economy? Americans do not have "an economy". Consumerism does not an economy make.
Call me a doctor! I cant stop laughing! US monetary policy for the new millenium
Actually, let me add one to the list-NATIONALIZE any and all companies, or at least divisions expressly in the business of making war. This includes Halliburton and Blackwater. A reasonable tender offer could be made for the outstanding shares of stock, and specialized retroactive income taxes could be used to get war profits paid out in income to the capital holders.
V V
The Fed lowered the Discount Rate, but not the Federal Funds Rate, by one half percent. This was a bank bailout, and the timing was coincident with options expiration date in order to bailout options writers who were about to get their clocks cleaned. They needed a huge rally and they got one, albeit the rally was insufficient to fully cover these derivatives positions. What the Fed is saying, is they want banks to borrow money from them aggressively, however, they don't particularly want individuals to borrow more. This is a bank bailout, whereby large financial institutions who are holding depreciated mortgage backed securities suffering from the subprime and spreading prime loan mess can now access dollar denominated cash cheaper. But it is something else. It is a green light for banks to borrow directly from the Fed without the normal scrutiny borrowing from the Fed entails. Financial Institutions cannot sell much of their mortgage backed securities to raise cash because the loss they would take is prohibitive. They are stuck holding the old maid card. They can play games to some extent on the value these deteriorating securities hold on the books, however to exchange them for cash is a reality check. They are worth substantially less than what they paid for them, as underlying mortgages default on payments. This is a liquidity rescue of financial institutions. A bank bailout.
There are a lot of problems in the economy right now. The subprime and spreading prime mortgage situation is just one. That will get worse next year as more of these marginal mortgage loans reset to much higher interest rates (higher mortgage payments) as the teaser periods, typically the first one to three years of the mortgage, give way to the final 27 to 29 years of interest rates reset at a higher than normal rate than had they grabbed a fixed rate to begin with. And that is where the problem lies for consumers. Many of theses teasers were obtained with the idea that the property would be flipped at a profit, under the assumption the property would rise in value. However, property values are falling, thus mortgages are in many cases greater than the properties are worth, ergo, property owners are stuck. If they default, we are talking foreclosures, and that is already happening. Pass through payments to securities holders fail, and the underlying holders of packaged mortgages end up with securities deteriorating sharply in value.
Another problem brewing here is the latest stock market plunge. The Wilshire 5000 index is essentially an index of all of the stocks listed on the NYSE, NASDAQ, and AMEX exchanges. At one point Thursday, August 16th, it had dropped from 15700 ($15.7 trillion) to 13800 ($13.8 trillion). This means the stock market had experienced a loss of $1.9 trillion in one month. In other words, the stock market saw 1.9 trillion of wealth wiped out in the past month. Some of that has been recouped the past day, however this decline is expected to continue for several months, so the damage could get much worse. This will no doubt trickle through to the economy. The loss this weekend sits at $1.2 trillion.
If we want to fix the problem.....get rid of the Federal Reserve and we go back to a sound money system as the Constitution calls for. Real money backed by real assettes that are no ones liability and that is both gold and silver.
Bit NOLA @ 6:
Their day is coming... faster than they think.
Plant those gardens and get that equipment ready; learn how to preserve your own food. The grocery stores won't be there.
Let's just get one thing straight right now.
THE FEDERAL RESERVE IS NOT PART OF THE GOVERNMENT
It's a privately owned bank. That's why it helps its banker buddies, not the little guy.
It was never intended to help the 'little people.'
That's not its job. That's not why it was created.
I wondered how long it would take to get someone on that show to tell it like it is. Now they will spend the next week or so trying to clean up the truth with the massive lie's they are so committed to telling American people of the real state of this economy
How sad
A lot of people got these no questions ask mortgages to buy property that they intended to flip for a quick profit, but the market changed. Many of them have been forced to turn these houses into rentals because they can't sell them for what they paid. Their upside down.
Here's another next ugly consequence. Renters living in those houses might see a big increase in their requested rent amount when the initial teaser mortgage rates of their landlords expire or are adjusted upward. I hope you own your home debt free now. Although your homes value or equity is probably going to take a big hit, at least you have a roof over your head. Some people that you thought were prosperous are going to end up living in a van down by the river before this all plays out.
anonymous @ 83:
I know this is an old stale thread, but if you are still checking, here is a link to Fortune Mag. that explains the Fed bailout for the big boys. I can't find the video of a Wall Street banker bitching about the Fed taking these sub-prime loans as collateral.
http://money.cnn.com/2007/08/17/commentary/sloan_enablers.fortune/index.htm
Someone says the government shouldn't bail out their fatcat buddies, and binary Republican robots like Kudlow and his backup copies on that panel hear only a demand to abandon the central banking system.
That confirms that to these fascists, the Federal Reserve that "working Americans" fund for our country to use is fit only to use for bailing out crony capitalists. When working people are mentioned, they literally don't even know what that means, as another fatcat talking head squawked on Kudlow's panel.
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