Socialized Capitalism while CNBC laments regulations
By John Amato Tuesday Sep 16, 2008 8:00pm 
The Dow Jones industrial average fell almost 450 points on Wednesday as one of the most stunning government bailouts in American history failed to stem the runaway fears engulfing the global financial system.
Conservatives tell individuals to pick yourself up off the floor and do something with your life you welfare queen. Well, when it happens to Wall Street---the corporations come begging to us and get bailed out. This is all very complicated stuff, but it proves the fallacy of conservatism. There are times when the government should step in, but for conservatives that should never happen for the average worker. Only rich fat cats like Carly Fiorina should ever be graced with help.
The entire financial system is practically collapsing and they're lamenting the possibility of more regulation. I don't think the sports/referee metaphor is perfect, but it's probably good enough. People who prattle on about "the free market" are usually too stupid to have a clue how complicated and pervasive the "rules" had to be to to get a well-functioning modern market system: sophisticated concepts of contracts and enforcement, property rights, legal entities, proper accounting, bankruptcy, limited liability, etc... etc..., did not descend from the heavens but were, in fact, created.
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Thanks John.
Conservatives tell individuals to pick yourself up off the floor and do something with your life you welfare queen. Well, when it happens to Wall Street—the corporations come begging to us and get bailed out. This is all very complicated stuff, but it proves the fallacy of conservatism. There are times when the government should step in, but for conservatives that should never happen for the average worker. Only rich fat cats like Carly Fiorina should ever be graced with help.
Couldn't have said it better myself.
Hold on to your hats, this is gonna be a bumpy ride.
Might want to invest in a good firearm or two.
When the going gets tough the tough get going.
"Uhhhh, I dunno" isn't going to fix the United States.
I think the Republicans are doing a good job of distracting most Americans from even realizing this is happening.
[Commenting here is fine, blogwhoring is not. Thank you. Site Monitor]
L.A. Confidential @ 3:
When the going gets tough...the rich run to Washington.
cnbc still pumps "cramer the disclaimer"
phucque cee no business crisis.
"We're all socialists now!" - Wall Street CEOs
Privatize the profits.
Socialize the loss.
To be fair to CNBC, Dylan and Maria gave a good grilling to a Standard & Poor rep, on the question of why AIG had a AAA rating and why S&P's revised rating rationale should be any more valid.
matthews has a blast on the repugs who are not repugs this election cycle Enjoy!!
Liberal AND Proud @ 5:
Yeah all crooks do.
CoIntelPro for Pronktastic Victory Over SCLM, DIEBOLD, ESS and SEQUOIA! @ 10:
Tweety's lost his mind!! LOLOLOL!
And yet we dare to decry "autocratic capitalism" in other nations...
They are going to have to take my Social Security out of my cold, dead hands.
Which they probably will, the bastards.
"Have you seen our investment statements?!?! You have to talk to George and Alan. Where's MY cut?!?!" - Cindy McCain
You know, if conservatives ran a bakery, they'd always be talking about how yeasts are bad, and that it's always better if the yeast rates are lower, and when the bread failed to rise, they'd blame it on high yeasts.
Jon Lester @ 9:
people are fucking broke and losing fortunes. what the hell is fair about that when these millionaires are discussing a bond rating?
Hey C&L...it's just wrong to show John McCain's EKG in that graphic. Medical records are private!!!
Deregulating the market = repealing laws against theft.
For a free market, capitalistic society, we sure are nationalizing a lot of institutions.
Unregulated capitalism (READ: the conservative dream) does NOT work.
Spike @ 2:
More??
This was greatest Bank Job in the history of world.
So far.
Stayed tuned, there are many more crooks that may want to queue up.
George Bush, Swindler in Chief.
Liberal AND Proud @ 12:
they did something very wrong when they insulted Matthews by making dave gregory the lead up to the election. Matthews is on a tear. The last three days matthews simply can't stand the smell of boosh's aqua-velva.
Alice X - (Chomsky Nader) - status quObama - change you can pretend in - @ 23:
Ponzi schemes on the world market is not a free market.
CoIntelPro for Pronktastic Victory Over SCLM, DIEBOLD, ESS and SEQUOIA! @ 17:
I brought it up because it's all about the magnitude of the consequences of neglect reflected in what's supposed to be a sound an authoritative rating.
So are they gonna change the name of the country to the United Socialist States of America now? We own a bank and an insurance company, what's next? Well, we know for sure it's not gonna be oil.
And this quote i read earlier perfectly describes todays economy:
"profits are privatized and losses are socialized."
I wonder how long we're gonna be paying this off for?
Jon Lester @ 26:
Oh..it's the rating agencies fault. Now I get it.
Speculators and predatory practices had nothing to do with it.
Much, much more to come. We have Ford and GM lining up at the government trough soon, many more large bank mergers..before it's over a thousand banks will have failed, housing has much more downside to go....there is just so much coming. The consumer hasn't been hit hard yet..but that's coming fast, as unemployment rises, housing slumps even more, bankruptcies soar.....mass destruction of capital.
The republicans are the Party that Wrecked America.
BUT, this should give everyone confidence:
Senate Majority Leader Reid said today that no one knows what to do in Congress. (hey Helicopter Ben, it's almost time to launch the helicopters filled with freshly printed money!)
Of all the times I've commented on here, many times I've been told to "mind your own business Canadian...our politics don't concern you".....I can't count how many times I've been told that..........and YET.......take a good look. YOUR financial meltdown, is melting down the entire global community. It isn't just the US that is in financial hard times. It has been contagious and the entire world is going through the same thing.
Well folks, just got electricity back thanks to Ike, have two communities that were flooded... and I don't mean Houston OR Galveston, I mean Orange and Bridge City, Texas; I have a son, daughter-in-law and first grandbaby due in Dec. and they lost everything to the flood waters of Ike; and sister-in-law and her husband also lost most of their belongings courtesy of Ike, as well as my job being flooded and many other family and friends. Think McCain could run back to old D.C. and get his bi-partisan buddies to fork over a few cool millions to help out AMERICAN COMMUNITIES?????!!!!
no... I didn't think so.
FUCK THESE ASSHOLES!!! God Damnit.
If stupidity got us into this mess, then why can't stupidity get us out?..... Will Rogers
Tom A. @ 29:
Just remember who predicted the Ford-GM merger first.
More American jobs down the toilet.
Back in the U.S.S....A
read this somewhere today
welcome to the United Socialist States of America
well your government is already using the Chinese torture menu
So, I’m watchin’ the Hannity interview. Feels like a “Forex Made Easy” or “Better Trades” or "Carlton Sheets Method" etc infomercial. The mutual softball questioning and answers through the pasted-on faux-exuberant smiles, and Hannity’s anti-Obama loaded set-up “questions.”
Feel like taking a shower. Ugh.
Hannity looks like he’s gonna spooge.
Orangutan. @ 32:
Geez...all those Republicans. God's gonna have to work overtime.
Of course, no time and a half for him....it puts too much financial burden on corporations.
The shotgun weddings continue. Per NYT, Wachovia and Morgan Stanley are next to tango. Anyone want to take bets that Uncle Sam will bail Morgan out as well?
Financial Times recently reported that compensation for major executives of the seven largest US banks totaled $95 billion over the past three years, even as the banks recorded $500 billion in losses.
Isn't that the The Down Jones industrial average?
I got my degree in economics. But the scene in "Back To School" ( remember the 'triple lindy'?) where Rodney Dangerfield explains how the real world works in his first economics class was more valuable than ever lecture I ever sat through. The only people who believe that the "Invisible Hand" guiding capitalism has something to do with supply and demand are rubes. The invisible hand is the one stuffing envelopes full of money into politicians pet projects and re-election funds.
McCain's fortune comes from his mob-connected father-in-law. He fucking married Meadow Saprano.
But there will still be enough ass-clowns, dim-wits, bible-thunpers, for him to get elected. I'm waiting for the "you don't change horses in mid-stream" bullshit Bush used to get the mouth-breathers to re-elect him, to be re-tooled for economic mess and McCain.
L.A. Confidential @ 39:
Wow. Tough. Imagine how much they lost out on. If only they had actually turned a profit.
Liberal AND Proud @ 28:
I think you're projecting a little here. My entire submission was about a single piece in a large and sordid puzzle.
xoites defends Constitution @ 40:
Yeah, it's immolating my 0.401-KIA plan.
it had to end this way. the fact that it went on over 25 years is surprising. call it
republicanomics.
The Federal Reserve is OUT OF MONEY people. The US Treasury PRINTED $40 billion this morning to keep the banking system afloat.
If -- no, WHEN Washington Mutual folds later this week (Friday night?), their insured deposit base will WIPE OUT 100% of the FDIC insurance fund.
People, there is NO MONEY LEFT. It is gone. GONE. Wake the fuck up and call your representatives, or better yet, get in their face and DEMAND that the printing of money to hyper-inflate out of this crisis end today. They are responsible. They have oversight. And it MUST STOP NOW.
Alice X - (Chomsky Nader) - status quObama - change you can pretend in - @ 23:
At the rate we're going, "regular" bank robbery will soon be reduced to a Class 3 misdemeanor...
I finally watched the Tweety clip. Holy shit! That's awesome. Spread that one around!
29
Tom A. Says: The republicans are the Party that Wrecked America. Twice!
FIFY.
L.A. Confidential @ 39:
Does anyone have a total of our tax dollars going to these companies to bail them out? How much will it take to keep them afloat?
Chris Mathews wonders how many "hundreds of billions" of dollars have been lost in the market this week. Well, 4.5 TRILLION has been lost in worldwide markets total so far, and counting.
A happy talk relief rally to come in a few days, all's well....until the next, worse crisis after the elections. Will that one be the final nail in the coffin?
Jon Lester @ 43:
And we're worried about this single piece...why?
I got news for you. I worked for AIG for 10 years. I find it interesting that all this shit happened AFTER the old man was forced out. He was a maverick and maniac capitalist...but he was true conservative, and always protected the company from getting involved in questionable investments. He went into the FOREX trading very grudgingly back in the early 90s, and he kept it very limited. So...I am quite interested in knowing how much of this bad shit was brought on the books after his departure.
Is it time to bring back Lil' Bush yet?
http://www.youtube.com/watch?v=rd9YpIm6zdY
Jo @ 50:
More then we have
L.A. Confidential @ 55:
A bazillion dollars.
Liberal AND Proud @ 52:
I'll take you at your word about all of that but you did seem to presume an unstated reason for why I said what I said.
One of the most serious problems with all this is that the U.S. Gov't is now chasing its own tail and we're all going to have to pay for it with our tax dollars if they don't fix Freddie and Fannie or AIG can't pay back its loan. If all goes well, there's a substantial gain to be made from the high interest rate on the AIG loan. All depends on what happens in the next two years. That is to say, it all depends on who our next President is and if they can stop the exploitation of the markets and insider trading. Of course, McCain wasn't for it before he was for it. Just today in fact. How to steal votes 101.
Next up. . . .
NEW YORK (Reuters) - Morgan Stanley (MS.N), which saw its stock pummeled Wednesday on worries it may not survive the credit crunch, has held preliminary takeover talks with Wachovia Corp (WB.N), a person familiar with the situation told Reuters.
Keating Five McCain has 83 Wall Street lobbyists working for him. Change indeed! What a lying putz.
Phil Anderson: American Council of Life Insurers, Aetna, AIG, New York Life, MassMutual, VISA
Rebecca Anderson: Aegon, American Council of Life Insurers, Cigna, Barclays, Credit Suisse First Boston, HSBC
Stanton Anderson: The Debt Exchange
David Beightol: Allstate, Amerigroup, Charles Schwab, HSBC
Rhonda Bentz: VISA
Wayne Berman: American Council of Life Insurers, AIG, Americhoice, Shinsei Bank, Blackstone, Carlyle Group, Broidy Capital Management, Credit Suisse Securities, Highstar Capital, VISA, Ameriquest Mortgage, Fannie Mae, Freddie Mac, Fitch Ratings
Charlie Black: JP Morgan, Washington Mutual Bank, Freddie Mac, Mortgage Bankers Association of America, National Association of Mortgage Brokers
Judy Black: Colorado Credit Union League, Genworth Financial, Bay Harbour Management, Merrill Lynch
Kirk Blalock: Credit Union National Association, Financial Executives International, American Insurance Association, Mutual of Omaha, Zurich Financial Service Group, Fannie Mae, Federal Home Loan Bank of San Francisco
Carlos Bonilla: Financial Services Roundtable, Freddie Mac
Christine Burgeson: Citigroup
Mark Buse: Freddie Mac, Goldman Sachs, Manufacturers Life Insurance Company
Nicholas Calio: Citigroup, Managed Fund Association, Fannie Mae, Merrill Lynch, The Investment Company Institute, TIAA-CRE, Securities Industry and Financial Markets Association
Ben Nighthorse Campbell: Amscot Financial Corporation, Community Financial Services Association, Fidelity National Financial
Andrew Cantor: American Insurance Association, Merrill Lynch
Alberto Cardenas: Fannie Mae
James Courter: Goldman Sachs, Donaldson Lufkin & Jenrette, Investment Company Institute, Merrill Lynch
David Crane: Financial Services Roundtable, PriceWaterhouseCoopers, Deloitte & Touche, KPMG, Ernst & Young, Bank of America, Association of Corporate Credit Unions, Freddie Mac
Dan Crippen: Merrill Lynch, National Multi-Housing Council
Arthur Culvahouse: Fannie Mae
Bryan Cunningham: Arch Capital Group
Alfonse D'Amato: AIG, Freddie Mac
Doug Davenport: Federal Home Loan Bank of San Francisco, Goldman Sachs, VISA
Ashley Davis: Prudential Financial, American Financial Group, American Premier Underwriters, Great American Insurance Company
Mimi Dawson: MassMutual
Melissa Edwards: Freddie Mac, National Association of Real Estate Investment Trusts, Access to Capital Coalition
Chris Fidler: American Bankers Association, Milcom Venture Partners, National Association Real Estate Investment Trusts
Samuel Geduldig: American Bankers Association, American Institute of CPAs, America Gains, Berkshire Hathaway, Consumer Bankers Association, Ernst & Young, Financial Services Roundtable, Investment Company Institute, PriceWaterhouseCoopers, Prudential Financial, Sovereign Investment Council, Fidelity Investments, FMR Corp.
Benjamin Ginsberg: Massachusetts Mutual Life Insurance, AIG Technical Services
David Girard-Dicarlo: American Financial Group, American Premier Underwriters
Juleanna Glover Weiss: RJI Capital, American Institute of CPAs, BNP Paribas, Ernst & Young, PriceWaterhouseCoopers
Slade Gorton: Allstate Insurance, Hannan Armstrong Capital
Phil Gramm: UBS Americas
John Green: Laredo National Bank, Alternative Investment Management Association, AIG, Blackstone Group, Carlyle Group, Citigroup, Credit Suisse Group, Fannie Mae, Icahn Associates, FMR Corp., AFLAC, VISA
Janet Grissom: American Institute of CPAs, NYSE, Merrill Lynch
Kristen Gullott: San Diego Credit Union
Kent Hance: Stanford Financial Group, Municipal Capital Markets Group, Inc.
Vicki Hart: American Financial Services Association, Citigroup, Investment Company Institute, Lehman Brothers, Merrill Lynch, New York Stock Exchange, VISA, Carlyle Group, Credit Suisse, Federal Home Loan Bank of Indianapolis, Goldman Sachs, National Association of Government Guaranteed Lenders, Stanford Group, Lloyd's of London, National City Corp.
Richard Hohlt: Capmark Financial Group, Fannie Mae, JP Morgan Chase and Co., Student Loan Marketing Association, Washington Mutual, Guaranty Bank & Trust, Peachtree Settlement Funding, Dime Savings Bank of New York
Gaylord Hughey: Heartland Security Insurance Group
Kate Hull: Credit Union National Association, Fannie Mae, Federal Home Loan Bank of San Francisco, Zurich Financial Services, American Insurance Association, Financial Executives International
James Hyland: American Insurance Association, Seattle Home Loan Bank, Self Help Credit Union, National Association of Bankruptcy Trustees, Merrill Lynch, Mortgage Investors Corp., Federal Home Loan Bank of Indianapolis, Freddie Mac, New York Stock Exchange, Citigroup, VISA
Aleix Jarvis: Credit Union National Association, Fannie Mae, Federal Home Loan Bank of San Francisco, Financial Executives International, Mutual of Omaha, American Insurance Association, Zurich Financial Services
Greg Jenner: American Council of Life Insurers, JG Wentworth, UBS, VISA, PriceWaterhouseCoopers
Frank Keating: American Council of Life Insurers
Steven Kuykendall: California Bankers Association
William Lesher: Chicago Mercantile Exchange, Commerce Ventures, Rabobank International
Thomas Loeffler: Citigroup, Fannie Mae, Investment Company Institute, World Savings and Loan Association, United Services Automobile Association (USAA)
Kelly Lugar: RJI Capital Strategies
Peter Madigan: Arthur Andersen, Bank of New York, Broadridge Securities Processing, Charles Schwab, Deloitte and Touche, Goldman Sachs, International Employee Stock Option Coalition, Mastercard, NYSE, Fannie Mae, Merrill Lynch, PNC Bank
Mary Mann: MassMutual
Paul Martino: Morgan Stanley, Baker Tilly
Jana McKeag: Venture Catalyst
Alison McSlarrow: Fannie Mae, Hartford
Mike Meece: Georgetown Partners
David Metzner: Ernst & Young, Harbinger Capital Investments, Prudential, Public Financial Management, Western Union
Susan Molinari: Freddie Mac, American Land Title Association, Association of Consumer Credit Unions, Beacon Capital Partners, College Loan Corp, Coventry First, E-Trade, Financial Services Roundtable, Rent-A-Center
John Moran: Cerberus Capital Management, American Council of Life Insurers, Accenture
John Napier: Freddie Mac
Susan Nelson: AIG, San Antonio Credit Union
Paul Otellini: Ernst & Young, Financial Services Forum
Steve Perry: Charles Schwab, Hoover Partners, HSBC, National Stock Exchange
Nancy Pfotenhauer: American Land Title Association, Mortgage Bankers Association
Elise Pickering-Finley: Credit Suisse, DE Shaw, Hartford Financial Services, Research In Motion, Retail Industry Lenders Association, URL Mutual
James Pitts: Advanced Association for Life Underwriting, AETNA, American Council of Life Insurers, AIG, Council of Insurance Agents and Brokers, Debt Advisory International, Financial Services Coordinating Council, GE Financial Assurance, Hartford Life, Jefferson Pilot Financial, Kenwood Investments, MassMutual, Mutual of Omaha, New York Life, UNUM Provident, VISA, PMI Group
Tim Powers: AP Capital, Genworth Financial, Retail Industry Lenders Association, E-LOAN, General Electric Mortgage Insurance
Walter Price: Wachovia
Sloan Rappoport: Friedman, Billings, Ramsey Group, Inc. (FBR), Trafelet Delta Funds
Hans Rickhoff: Capital One, Investment Company Institute, United Services Automobile Association (USAA)
Kathleen Shanahan: New York Stock Exchange
Andrew Shore: Accenture, Retail Industry Lenders Association, Barclays, Bond Market Association, Credit Suisse, TPG Capital
Katie Stahl: Alliance for Investment Transparency, Ares Management, Fairfax Financial Holdings, Uhlmann Financial Group
Milly Stanges: TIAA-CREF
Aquiles Suarez: Fannie Mae
Don Sundquist: Freddie Mac, The Hartford
Peter Terpeluk: JP Morgan Chase, Ernst & Young, Prudential
Fred Thompson: Equitas
Jeri Thompson: American Insurance Association
John Timmons: National Association of Federal Credit Unions
William Timmons Sr.: American Council of Life Insurers, Citigroup, Dun & Bradstreet, Freddie Mac, Vanguard Group
Vin Weber: Agstar Financial Services, AKT Investment Corp., American Institute of CPAs, Ernst & Young, Freddie Mac, Louis Dreyfus Corp, PriceWaterhouseCoopers
Jeffery Weiss: JP Morgan
Tony Williams: Russell Investment Group, American Life Inc., Northwestern Mutual
David Corn, Jonathan Stein, and Nick Baumann
alcoholocaust @ 46:
Do you have a link to the 40 billion printed this am story?
L.A. Confidential @ 59:
The pathetic spectacle of the giants of capitalism drowning in debt piled up over decades of reckless speculation.
how smart is the transfer of our manufacturing technology to china looking now? we've got a messed up financial model, no more technological lead, no real manufacturing base, and a seriously dumbed down population. we are in big trouble and so are the elites that caused the downfall.
Jo @ 61:
Since they're printing money...can I have a spare $3 or $4 hundred thousand that may have fallen on the floor.
Better yet...how about just forgiving my credit card debt.
Republicans believe in Corporate Welfare but not welfare for the elderly, injured, sick, or poor. I think Baby Jesus should come down here and put a smack-down on all those bastards on the right for using his name in vein.
Anyway, this is pretty scary stuff. From what I understand, there was a backdoor bailout of Lehman Brothers through Morgan Stanley even though the public was lead to believe that the government was going to let them fail. So, let's count ... Bear Sterns, Fannie and Freddie, Lehman Brothers, and now AIG. Also, Meryl Lynch was swallowed by Bank of America.
The vulchers on Wallstreet smell blood, so they are attacking these corporations with bad debt so that they get down graded and when they do, those troubled corporations cannot come up with the capital to remain solvent and prevent bankruptcy. That's when they ask the Fed for loans which is controled by the "Big Money" elite, so of course they make the loans with the tax payers money because it didn't cost them anything. The American People were just screwed for over a trillion dollars! Everyone gets screwed except the rich! They are stealing America's wealth right out from under our noses!
This crash is not even close to being over, don't think that for a moment. They want to destroy our economy so that they can force the American people to accept what is to come Now, the Federal Reserve, a privately owned bank, is printing notes which will drive hyperinflation and destroy our economy. Throughout history, every country that has done this has destroyed itself. It was their plan all along! Bush is going to invoke martial law and suspend the election! Coup d'état, It's over! Say goodbye to USA and say hello to the North American Union and more wars, big ones this time.
John Bird and John Fortune - Subprime Crisis (Southbank Show)
subprime derivatives 101 confusing but funny
My business could use a boost right now. Wonder if I can get a bail out. I'll make a call to the PA 6th Congressional District Representative, Jim Gerlach, Republican and request some government funds. I'm sure everyone here is willing to buy bonds so that I can keep my shop operating. And by the way, it is a shop of one person, me.
McPale's Navy @ 58:
AIG was nationalized it wasnt a loan, its that simple, the government bought 80% of AIG.
CoIntelPro for Pronktastic Victory Over SCLM, DIEBOLD, ESS and SEQUOIA! @ 10:
THANKS FOR THIS! I think... I could not watch the whole thing. When that Repugnican said - "We can't raise taxes. We can't redistribute the wealth of this country..." WTF do they think is happening now!? They're taking money from the middle class and poor and giving it to the wealthy every time that they fuck up.
As a matter of fact - there's more money in fucking up these days than there is in running a successful company. The taxpayers can foot the bill, right?
alcoholocaust @ 46:
Actually, because of the incredible buying of Treasuries in the market this week, bringing yields down to, oh, 0.2%, the Fed has the Treasury borrowing money, in effect, for free. They use this for their "bailouts". When "they" stop buying Treasuries (other central banks, corporations, individuals, etc..) as the Treauries debt load increases exponentially, the printing presses will be on day and night. Watch 'em smoke....coming to a theatre near you in the near future.
But the US is bankrupt, for all intent and purposes.
see, what you gotta do every time the neocon trolls show up and cry "socialism" is remind everyone that the neocons consider fdr, the president who won ww2, a socialist.
you also gotta remind everyone that fdr seized prescott bush's assets because of his business with the nazis, hence the intense contempt from the neocon quarters.
mary @ 60:
Thanks, Mary. I'm posting this as a thread on my blog and giving your recognition for your hard work.
CoIntelPro for Pronktastic Victory Over SCLM, DIEBOLD, ESS and SEQUOIA! @ 17:
Well, it is also true that hell froze over and Larry Kudlow said we should reinstate the uptick rule today. And of course Cramer was yelling that Cox should immediately ban (again) naked shorting. Lo and behold that did in fact happen a few hours later. CNBC is nearly always predictably anti-regulation, but today was a departure. Finally.
L.A. Confidential @ 39:
A crime is defined by law as an act that shocks the conscious, an act that causes harm to person or property of a non-consenting other. The degree of shock determines felony or misdemeanor. This is more than a shock to consciousness. I am more than stunned. These are the criminals and their wealth should be taken from them like the cops do when someone who posses reefer (not shocking in any way) gets busted by them. The unfortunate peons have their property confiscated for bullshit while these fucking asshole get away with their malfeasance. Is this why we have the second amendment?
If government won't step in and take the stolen wealth from these pricks, then let us remind them of Marie Antoinette and the fate of the gilded baroque French.
Tom A. @ 70:
“A lot of people in America think there is a trust — that we take your money in payroll taxes and then we hold it for you and then when you retire, we give it back to you,” Bush said in a speech at the University of West Virginia at Parkersburg.
“But that’s not the way it works,” Bush said. “There is no trust ‘fund’ — just IOUs that I saw firsthand,” Bush said.
And that, kiddies, is how much George W. Bush and John McCain know about finance and economics.
ferrofluid (Obama + Biden = 2008) @ 68:
Yes, it owns 80% stake
. . .Start the printing presses we need to make more money for the "Hole in the Wall Street" Millionaires! Oh, BTW, let those common citizens live in the streets we can't help the poor when the wealthy are in a self made mess! Who is going to help those starving executives and their $140,000,000 annual bonuses! Go away kid you can't have a school! Also granny go die in the street you can't have medical services on the government what does this look like some sort of social state?!? What AIG only needs $80,000,000,000 it's in the mail!
. . . what a screwed up society we have become
Got food, got water, got weapons I'm ready. . . long live the fighters!
Global Economic Meltdown (gameshow)
Private profits, public debt. It's good to be king.
txlvn @ 31:
Bummer to hear you lost stuff, but getting juice on is a start. And family and friends alive too.
Maybe just my opinion, but news coverage (non-cable) here in Miami area seems VERY light for the severity of damage. I heard another person from your area call on Mike Malloy last night describing what she thought was a near-blackout of media coverage to keep Rethug Gov Perry look like he's "in control" of the problem. I hope it's (lack of media coverage) no true.
Peace.
BREAKING:
Hannity was wearing one of these to keep his boxers dry while interviewing Paris Palin:
http://www.bgladd.com/McSameStore/McSamePalinCondom.jpg
Mary@60:
Thanks. Damn fucker McCane has so many lobbyists that his address book needs to be a .zip file...
fastfeat @ 83:
This explains everything. McCain can't use a computer. So he doesn't know The Google.
Obviously he isn't aware of this situation. So ...it's not his fault!
And remember...he was a POW and a hero...he wouldn't consciously do anything like this.
BobbyG @ 82:
Let's hope he has a lethal latex allergy he's unaware of...
McPale's Navy @ 81:
McPale's Navy @ 81:
we taxpayers will pay
goes without saying. win or lose, we pay
Paris Palin:
“John McCain tapped me to be a team of Mavericks…”
I just bet he’d like to “tap” you.
http://www.youtube.com/watch?v=5ncwErgG0-w
fastfeat @ 80:
Trust me, it's very bad here. I feel for the loss on Crystal Beach... have had wonderful times there. Orange/Bridge City haven't seen this kind of water in over 110 years. I've lived here all my life and even during Audrey in '61 it never got this high or had such a devastating effect to the communities. If you want, you can view pics at our local AM radio station www.kogt.com (not sure how to put a link in here) or at Big Dog K106 out of Beaumont, TX.
The water was so bad in the downtown section of town, it caused graves in an old (historical) cemetery to lose their concrete slabs, and caskets to float out. As far as "Rick Perry"... I think I saw a hair out of place pre-"Ike"... and I know the rumor has it he and bush made a "fly-over"... but most of what I heard on the news was coming out of their "command central" in Austin. putzzzzz
OT--
Clarence 'Gatemouth' Brown's casket is among many lifted by Hurricane Ike in Orange, TX:
http://news.yahoo.com/nphotos/Ike-floodwaters-uproot-caskets-grave-site-...
Letting the "Foxes guard the Henhouse" is the GOP golden rule. Leave it to the Bushies to screw that up so bad that now the foxes have come down with the Bird Flu!
Liberal AND Proud @ 15:
Her 'cut" is Mc Daddy O's tax cut plan, which will net the Princess of Darkness about 400 grand.
fastfeat @ 90:
Thank you for sending me that link. I'm trying to see what happened after being "in the dark" since Friday night. When Rita hit us 3 years ago, we shifted from Jasper to Baytown then back home, but by then it was "old news" and the media was focused on the bigger cities that had to evacuate. It's funny, take a celebrity and remove panties -- instant media coverage. This isn't flashy enough for 'em. hahahahha Now if someone will give me the good news that Obama literally bitch slapped McCain at some "townhall meeting" this will have been SOOOOOO worth it.
"Too large to be allowed to fail"
They should have been thinking that earlier, and said to themselves, "Maybe we should make sure that it doesn't by keeping an eye on it".
BobbyG @ 88:
Poor guy. I just can't believe he didn't see that coming.
Also, I heard Katherine Harris was pretty pissed that she didn't get his "generic Hilary" VP slot, especially after having auditioned so hard for the job.
txlvn @ 89:
txlvn--
I heard about the caskets floating up, including Clarence 'Gatemouth' Brown's. I posted at #90. You put the correct link in (www.kogt.com), but their site is down now. I'm guessing weather-related, but with Perry, well...
Hope you've got enough supplies banked. Of course, the details vary by area, but the little I've seen were non-working ATMs, gas pumps, grocery store lines.
Hope you've got enough mosquito repellent and ammo. I KNOW you'll need the first one, hopefully not the second...
Here is the plain and simple:
If these institutions, or ANY institutions whether it be GM, Delta, or Smith Barney, will be relying on socialized bailouts in case of future failure,
then they MUST accept to be tightly regulated by the body that will be supplying the funds.
Seems like a perfectly logical stipulation.
It is the same reasoning your parents used with the much hated...
"You live in my house, you play by my rules."
It may have sucked as a kid, buy you knew they were right.
The Federal Reserve kept interest rates low for too long. After the mortgage companies gave out loans to all the good risks, they had no choice but to come up with ways to make loans work for bad risks. And the reason why they thought they could get away with it is because of the moral hazards, or "safety nets" that the government employs. But no politician will pass a "regulation" that curtails their power to print monopoly money.
C'mon guys. EVERY SINGLE ONE OF YOU are vulnerable to the populist propaganda about how everyone should be able to own a home...
... but no one wants to talk about the fact that some people simply can't make the loan payments!
As if RENTING is somehow a BAD THING.
All of you think it's a great idea to have FDIC insurance, but getting rid of fractional reserve banking eliminates the need for FDIC!
No one talks about "regulating away" fractional reserve banking... why is that?
Pericles @ 95:
You ever seen her tattoos?
http://www.bgladd.com/McSameStore/Katherine_Harris_tattoos.jpg
David @ 97:
http://en.wikipedia.org/wiki/Moral_hazard
Fastfeat --- the town is getting the basics back up and running, stores re-opening with limited supplies, banks that can are opening, still under mandatory evac with curfews in the communities involved (Orange, Bridge City, Vidor, Orangefield, Little Cypress Mauriceville), water has receded but lots of homes are being marked as uninhabital (hahhaha... flashbacks to Rita terminology).. gotta laugh to keep from crying... Hospitals are back up and running, so life is going on. But the housing crunch we had in this area was NOTHING compared to what we are going to see. And construction???!!!! That'll be booooommmmming, after insurance companies get through fighting over what they cover....
i've been saying for months; the rothschild house of cards is rigged for controlled demolition.
i just feel bad for all the honest, good jews who bought these @$$holes' bull$#!+.
txlvn @ 93:
At least you've still got a sense of humor about the political shit! I'm sick of it all lately. No telling what I'd do with the rifle if I saw a helicopter overhead in your situation.
BTW, if you type in KGOT, as I did by mistake, it takes you to a station in, where else, Alaska!
A link to some more damage, if you want to see any more:
http://www.boston.com/bigpicture/2008/09/the_short_but_eventful_life_of....
txlvn @ 101:
See photo 11 in link at #103. A redeveloper's wet dream--new "sales office" already onsite, lots of lots ready for new oceanfront condos...
Got to go--peace!
James @ 100:
Hey James,
Thats what the regulations would be in place to address.
The removal of moral hazard.
Thanks for the link. Very interesting.
Regulation is always indicated in situations where an adverse situation requires a federal bailout.
In the AIG situation, what I did not hear in the coverage this evening was the term "credit default swap". I was watching a British show a while back that discussed the subprime mortgage fiasco, and at the end, the show discussed a looming credit default swap situation. As I recall, they priced the costs of the mortgage situation at $500 B, and the looming credit default swap situation at $750 B. I think we're in the forth or fifth inning of the mortgage meltdown, but I suspect we're only in the 1st inning of a credit default swap meltdown with this AIG matter.
I think the best hope is to elect John McCain. Then, if he dies, Sarah Palin can assume the presidency, press the nuclear button, and "rapture" our problems away.
The other alternative is to resume the fiscal policies of Bill Clinton. Best chance of doing that is electing Obama. However, I think the deficits have been run up so much, and the media was talking tonight of the treasury giving up borrowing and simply printing the money to pay for these financial fiascos, with inflation resulting. Remember when you hear of these no tax Republicans, that inflation is a tax created by their refusal to be fiscally responsible and balance the budget. I don't know if Obama is going to be able to pull us out of this one. One thing for sure, if you're in a hole, the first step is to stop digging, and that means electing Obama. Of course, there is that attractive rapture alternative...
Ham @ 65:
I excerpted your post - 'cause it's the last part that's important. This little financial problem is about much more than plain old greed or stupidity.
I was also interested in what a number of commentators on TV and posters here keep saying:
"The taxpayers can foot the bill, right?"
" we the taxpayers will pay."
How will regular folks, taxpayers, pay for this? Through taxes? With what? All the wealth we have will be gone in a few more weeks from banks, IRA's, stock holdings, etc. I, like millions of others, have been unemployed for several years, and cannot get hired for any kind of a job. Can't sell my house - the foreclosures have flooded the market with cheap housing.
Think I'll wait a bit and then run-up my credit cards to the max, default on my mortgage and call John and Cindy to bail me out.
I'm pretty sure they'll still be making lots of money as this mess will surely
make beer sales spike to record highs!!!!!
James @ 98:
Because none of the powers that be wants to address the real problem: credit based systems are not sustainable.
That was true 2000 years ago when the Roman empire almost collapsed due to runaway credit, as it is true today.
For a non-fractional banking system to work, we need to figure out how to generate growth and wealth without requiring credit. Which is not as easy as it sounds...
Spike @ 2:
Bumpy down, back to 1000, we are going to fall a lot further before this is done.
Liberal AND Proud @ 42:
It's time to limit their salaries to 25 times the salary of their lowest employee. That will keep jobs in the US and perhaps they'll decide to pay their employees a living wage.
Let's make something clear: without the safety nets of the government, organizations like Fannie Mae and Freddie Mac couldn't have existed! These collapses that you are seeing now would NOT be as critical to the entire economy because there would be MORE of them, in smaller sizes. It was the government's intervention that created the environment for monopolization.
There's NO WAY that a reasonable business would have taken on the ridiculous amounts of bad debts that these mortgage companies took on, WITHOUT the safety nets that they thought they had in place.
Yes, the NAMES on the buildings will stay the same, so technically those institutions that the government has propped up for now will stay in existence, but the cost in inflation will be spread out over the entire populace for years...
And who, in the end, will have all those titles and deeds in their hands when people default on the loans that they shouldn't have been given in the first place?
The Federal Reserve.
darwinian capitalism...republican style
privatize the profit
socialize the losses
L.A. Confidential @ 3:
Neither are republicans. And when billionaires get taxpayer handouts, its not socialism, its "liquidity enhancement, or capitrol diversification," but its definitely not socialism. Oh no, no, no, no, that only applies to "little people" who actually pay the taxes.
You better, before your Republican neighbors invade your house and steal your food.
Spike @ 2:
Jo @ 61:
L.A. Confidential @ 20:
I know you are probably being sarcastic here, but it I see more than a few posts on C&L where people claiming to be democrats advocate a socialist agenda justifying their argument by pointing out the evils in our capitalistic "free market" society. The fact is we don't have a capitalistic free market society, we have a fascist one.
In free markets the government doesn't bail out failing private institutions. In a free market the government doesn't actively participate in the buying and selling of stocks of private corporations. In a free market the government doesn't hand out tax payer funded subsidies to special corporate interests and they don't hand out no bid contracts.
Calling todays economy a free market is a complete distortion of the truth.
alcoholocaust @ 114:
Hold the phone here. That article says "The Treasury is selling $100 billion in short-term debt to enable the Federal Reserve to expand its balance sheet, a sign of the strains created by the biggest extension of central-bank credit to financial companies since the Great Depression. "
So long as they're selling, someone is buying bonds - that's borrowing. When they're printing, there is no accompanying bond, and no payback. So, what they're doing is running up the debt. I think the pure printing is still out in the future, but they were talking about it on the news tonight. Of course, what we see with this selling of debt by the treasury is the Federal government competing with the private sector for funds in a time of a credit crunch. I think we're screwed. I said it a while back and it's looking like it's going to come true. Bush is Hoover and Nixon, wrapped up in one. I thought he'd get his ass out of Washington DC before the meltdown and let the next guy take the blame, but maybe not.
BobbyG @ 82:
Really? What does he attach it too?
GEORGE BUSH insisted he would show Osama Bin Ladin "WHAT FOR". Turns out BUSH AND PARTY has showed Binny Ladin "HOW TO" --- destroy the economy of the USA. It's MUCH easier when done from the inside, turns out. On the road to becoming a 3rd world country -- courtesy of the Reepublican partiers.
Maybe this new breed of socialistic capitalists could be referred to as Neocoms?
private profits, socialized loses
Blake @ 27:
...there... i fixed it for you... ;-)
cnbc does not lament regulation... that's as misleading and dishonest as anything out of limbaughs or hannity's stupid and corrupt mouths....indeed, the same kind of dishonest crap coming out of mccains mouth...
must be the heat of the moment in this case....but somebody should edit or catch
gregory zurbay @ 119:
Hopefully Osama Bin Laden is dead. If not,he is probably having a good laugh and saying " Mission Accomplished".
James @ 111:
The FED will cease to exist by no later than 2016, the baby boomers are retiring and all their retirement is locked up in a mutual fund 401k that is dying a horrible death now. If this doesn't kill their retirement, the fact they have to start taking payment by law in 2016 so Uncle Sam can get their tax dollars will kill it. What happens when their are more sellers than buyers?
The other shoe to drop hasn't fallen yet and may be just a few years away.
L.A. Confidential @ 3:
""When the going gets tough, the weird turn pro" - Hunter S. Thompson
Corporate Socialism was a "bad" word only lefties used when they were angry. They were told by their "moderate" or "liberal" friends that it scared people away from reforms. Now, a few days has brought Corporate Socialism to light as the ONLY way to describe the direction the nation has turned as thieves turning into socialists as they NATIONALIZE certain industries - can we say "ma bell" anyone?
Or thank you Stalin for a happy childhood!
Socialization of risk. Privatization of profit.
Please stop repeating the Socialized Capitalism canard. There is no such thing, like dry water. To mindlessly pretend that until the US took over Fannie and Freddie (OMG!!!11!!Teh soshulizm hurtses!!1!) the United States practiced 100% pure Free Market is just being lazy or stupid. Read a history book. Besides, both terms have become so diluted as to be meaningless without paragraphs of qualification. Be a good centrist blog and stick to naughty republican tattling. Stay away from pop-econ.
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