Former Treasury Secretary Paul O'Neill: Bush Doesn't Understand Crisis, 'It Shows'
By John Amato Thursday Sep 25, 2008 9:45am
I read Ron Suskind's book called "The Price of Loyalty George W. Bush, the White House, and the Education of Paul O'Neill," and there's a chapter that is a prequel to the economic nightmare we are facing today. O'Neill wanted CEOs to be held accountable for their financial records that their companies made public. Enron was the red blinking light, so to speak---the PDB that told the administration disaster was a-coming. Remind you of anyone? The CEOs are Bush's base and they balked big time. I was trying to scan a couple of pages for you, but thankfully Suskind printed this in the NY Times times called 'The Crisis Last Time."
The crisis of that moment was the implosion of Enron, Global Crossing and other companies. Along with conflicts of interest and criminally creative bookkeeping, the culprit was often a combination of financial complexity and insanely expensive compensation packages.
Enron is long gone, but this episode - as much a warning for our financial security as the 1993 World Trade Center bombing was to the threat of wider terrorism - carries some telling lessons as our best minds struggle now to save the economy.An article about the meeting appeared a few days later in The Wall Street Journal. The next day, Mr. O'Neill was in Florida addressing chief executives of America's top 20 financial services companies. They piled on. One told the Treasury secretary that he'd "rather resign" than be held accountable for "what's going on in my company." A phalanx of outraged financial industry chiefs, many of them large Republican contributors, called the White House. Real reform was a political dead letter.
A presidential speech that followed was toothless, mostly recommending that chief executives personally certify their companies' financial statements. Earnings per share remained the gold standard. The Sarbanes-Oxley bill, signed into law a few months later, largely focused on the auditors, and actually increased the complexity of reporting practices. As for lawsuits? Not to worry. No significant rise.
At issue, of course, were those twins, transparency and accountability. The years since have shown that the first one is meaningless without the second. With a world financial crisis upon us, the president and his economic team are forced again to talk about accountability. Let's hope this time they mean it.
Paul O'Neill then came out with this today: Bush Doesn't Get Financial Crisis, 'It Shows'
So why is the president and his administration pushing so hard for this plan?"I think it's because they're in a panic and they haven't thought about it very well," O'Neill said.
The bailout process risks being bogged down by a number of "sideshow issues," O'Neill added, including executive pay and aid for homeowners.
"Not a lot of people are saying, 'Slow down.' They've actually done something a lot worse than say, 'Slow down.' They've introduced a whole bunch of sideshow issues like executive compensation and oversight committees," O'Neill said. "All of that stuff is not relevant to the central problem of re-liquefying these financial instruments."
O'Neill said we got into this mess because bankers were not making prudent decisions, because they believed that by reselling mortgages to Wall Street they weren't going to be stuck with the problems.
"We suspended disbelief and said we can take people with no known source income or wealth generation and we can give them a $500,000 mortgage," he said. "I think there's a very important thing: When you violate fundamental principles of economics you can get away with it for a while, but eventually it's going to get you."
There are a lot of side shows going on for sure and the American tax payer is getting royally screwed as usual by Conservatives. All these nice little safeguards they are putting in place to somehow protect us will be useless. At least he didn't blame the poor people for the crisis and apply the Kudlow thesis to it...
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That's because Bush is a Bank Robber and a War Criminal first -- anything else, second.
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I think Bush is trying to find the BCCC to borrow money again for his failed business errr...acumen.
Here we learn how the Bush Junta came up with the number $700 billion.
THEY PULLED IT OUT OF THIN AIR!
How can anyone take these people seriously?
A friend sent me her thoughts on the matter yesterday ~~
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Georgia has their own version of loyal crook. James Mills is a tax and spend rebublican who is so loyal to the current leadership, he will do and say anything. We need to kick all of these bums out in every state. James Mills for State Representative NOT!
Trittydi@4 But...but...but if we give the money to the average taxpayer it's socialism!
Looks like bush actually HELPED Bin Ladin since BinLadin wanted to bring down the US Financial kingdom and hit the WTC. So bush marches us off to a war built on lies that cost us almost a trillion $ and neglects Bin Ladin. Meanwhile the markets get free reign to do things anyway they want with no oversight or restrictions
That to me says bush did exactly what Bin Ladin wanted.
Mick Piobr @ 6:
You'd be able to hear the Re-Thugs howling from the moon. They consider that money theirs.
What the hell is wrong with the dems anyway?
NOT ONE creative thinker in the lot. Business as usual - " ...but, but, but -- that's NOT how we do things!!"
Heaven forbid EVEN ONE STINKING LOUSY DEM should think outside the box.
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Trittydi @ 4:
Except the math is all wrong on that, plus it was satire, if I remember correctly.
What's scarier is McSame and Sarah Simpleton McCheney know less about the economy than Bush.
"Trittydi@4 But…but…but if we give the money to the average taxpayer it’s socialism!"
Not to mention the math is utterly screwed up.
85 000 000 000,- USD divided by 200 000 000 people is 425,- USD pr head, not 425 000,-. You need 85 trillion for that to work.
All Chimpman knows is spend, spend, spend, debt, borrow, debt and corporate socialism. He's no freaking conservative and a terrible liberal.
This whole mess is the direct result of 8 years of governance by incompetent leaders who simply are unprepared to deal with the complexities of the 21st Century. A bone-headed President places people at the helms of institutions with responsibility for oversight and direction of our security, our financial system, our economy, our social programs based solely on loyalty. Guided by a powerful group whose only interest is personal and Party power, he forfeited any semblance of leadership.
We have sat and watched as obvious challenges and problems have been ignored or simply dismissed as trivial until they reach the point of crisis. Not only can these fools not handle crises, they can't handle the day-day operations they are responsible for.
Now, we are left with an enormous and historically important crisis, again, and we have politicians playing games for some perceived short-term gain or pay-back. And the folks playing the game are simply incapable of actually understanding the depth and breadth of the problems at hand.
The topper is the "Superhero Fly-in" by a Presidential Candidate who knows as much about complex economic and financial issues as I do about Quantum Physics. The whole thing is a disgrace and something, I am afraid, we have earned by our collective passivity as citizens.
If we don't vote for the smart ones this time, we can kiss America's legacy good-bye.
3 Alice X - (Click Here for Nader Debate What If) - status quObama - change you can pretend in - Says...
Alice, it's called a rectal estimate. They pulled a number out of their ass.
china no longer allowed to lend to USA?
http://www.reuters.com/article/companyNewsAndPR/idUSPEK16693720080925
♠♠...Bangkok Bob...♠♠ @ 7:
100% Correct! I am amazed that this very simple fact is not more often discussed. I wouldn't give Chimpy all the credit, however. He has had a lot of help and, more importantly, firm guidance by his handlers. I stepped outside last night, and I swear I could the howls laughter coming from the caves along the Afghanistan/Pakistan border. Pathetic, isn't it?
So why is the president and his administration pushing so hard for this plan?”I think it’s because they’re in a panic and they haven’t thought about it very well,” O’Neill said.
BULLSHIT!!
This is right according to plan. And you people keep calling Bushco idiots!!! Swindle 1 was the war...a massive transfer payment
to the rich!! Phase 2, Katrina and the stealing there. Phase 3 the bail out!! It's an obscene rip off, and it is so bad even John
Boehner is wary of it! I guess some Repubs are still humans to a certain point!! I find this weirdly reassuring, that congressional
Repubs are finding their limits to their corporate enabling.
Barrett D @ 15:
We all knew that was coming. The real bitch is going to be when they come to collect.
Neocons involved in a Dr. Evil style plot to steal money from American taxpayers.
With my "LASER" I will melt down the global economy.
Unless of course Congress gives me One Million Dollars!
It's 2008 numb-nuts a million dollars wouldn't buy you a burger king.
Oh sorry!
Unless of course Congress gives me One Trillion Dollars!
Boo-hoo-ha-ha....
Did Chimpboy (attempt to) speak yet on the TV this AM?
HAHAHAHAHA! The Communists won't lend us any money.
Call Lilmbaugh...let him know...call your Congressman...tell him we need to vote for war with China.
sgtmajor @ 13:
Once again the Washington Bandits are called incompetent!!! That judgement is relative. If you are among the uber rich
they have been doing just fine. For the 6,792, 618th time...the military industrial medaitainment big pharma complex is not
made of idiots. The idiots are the working men and women that keep voting for these thieves.
This is all so fucking rich. I'm sorry...but I'm laughing my ass off.
You HAVE to laugh. George W. Bush...President of the United States. LOLOL!
I said it years ago, and I meant it. The American People have NOTHING to whine about now.
They created this mess themselves.
I can just hear George Bush in that meeting yesterday.
"But...but...can't we just print more money?"
No matter which way this bill goes, we're all screwed. Thanks to Booosh. If anything good comes out of it, it will be that the GOP and their "conservative" mantra are DEAD, hopefully never to again rear their ugly heads on the American landscape and permanently obliterated from the political lexicon. Good riddance. R.I.P.
It's nothing more then a FORCED taxpayer bailout of slime balls, crooks, and liars who created the mess to begin with.
Every American should OBJECT
Most of these guys" are going to take their 100 millions and 100s of billions and vamoose to Dubai. Hey that sounds like a great title for a spy novel: "Vamoose to Dubai!" And then the movie series: "Vamoose to Dubai II!" has sort of a ring to it ... and "Vamoose to Dubai fo(u)r" sounds interesting too.
Liberal AND Proud @ 21:
The Communists will be able to take over without firing a shot. They'll just buy up our banks and businesses at fire sale prices. Next thing you know we'll be buying our cars from Chairman Moaters.
I think O'Neill is correct. The Bush Administration and all of Congress for that matter appear to be in a full blown panic. In fact, I recall Sen. Harry Reid several days ago saying that "No one knows what to do." Investors seem to picking up on that feeling and are moving into more safe haven assets because of it. This whole bailout is a rush job and so massive in scope that its consequences can not easily be forseen. They really need to slow down and think before they act in my opinion. This is a financial form of the 9/11 attacks and just like it was back then, the Bush Administration didn't see it coming.
When you put someone in charge of things who has never had to live on a budget, you have the high possibility of having someone who doesn't understand the value or being responsible with money. Bush comes from wealth and has no conception of reasonable spending. McCain has the same background. Neither of them knows even the basics of economics.
Now let's focus on Obama. He comes from a poor background, he and his wife raised a family while paying back student loans. Yes, he made several million from the sale of his books but I would bet big time that a lot of that money is tucked safely away for the education of his daughters.
Of the men I mentioned here, which would you allow to run your personal finances for for six months?
WASHINGTON — The day began with an agreement that Washington hoped would end the financial crisis that has gripped the nation. It dissolved into a verbal brawl in the Cabinet Room of the White House, urgent warnings from the president and pleas from a Treasury secretary who knelt before the House speaker and appealed for her support.
“If money isn’t loosened up, this sucker could go down,” President Bush declared Thursday as he watched the $700 billion bailout package fall apart before his eyes, according to one person in the room.
HAHAHAHAHA Oh cry me a river there!
Do nothing! The free market will correct itself! Milton Friedman told me so!
fastfeat @ 20:
Yes! He said it was "hard work", something needs to be done and something will be done. Then he turned around and left.
Liberal AND Proud @ 23:
Sadly this is true.
It's Bill Clinton's fault!!!
There are a lot of side shows going on for sure and the American tax payer is getting royally screwed as usual by Conservatives.
this 'crisis' likely was engineered to gut Govt. social spending.
Grover Norquist's wet dream: shrink 'entitlements' enough to drown (that side of) Govt in his bathtub.
It'll work, sher as yer born...
bush for 3rd time! :)
It's Thomas Jefferson's fault!!
It's FDR's fault!
It's JFK's fault!
It's Jimmy Carter's fault!
It's Al Gore's fault!
I think that I am beginning to understand why the Congress has not impeached Bush. I always wondered what he had hanging over peoples heads. The 2000 and 2004 elections were fraudulent; we all know this. Why did neither Gore or Kerry challenge the results? During the election of 2004, why did Kerry treat Bush like a golden child and not go after him over his war crimes and financial crimes? Why are they all afraid of him?
Well apparently the global bankers have got Bush's back. I bet they have been threatening to tank the global economies the entire time. I'm wondering if this whole thing is just political posturing. We all know that the neocons have a hard-on for bombing Iran. We all know that the global community has told Bushy "NO". I'm thinking the bankers are flexing their muscles. I'm thinking that they are trying to show everyone in the World who is really in charge. Tell us "NO" and we will tighten up the credit and screw your economies up. Not only are we going to tighten up the credit; but, we want you to pay us one trillion dollars.
These are the same exact people that put Hitler in power to deal with the Communists in Russia that had rejected the global banking system.
The American Dream was literally just that.
A dream
It's Reagan's fault.
Ohhh...I'm sorry....the GOP said not play the blame game.
pissed off patricia @ 33:
glad I wasn't subjected to that 3 second apparition of the idiot in chief, the decider.
For decades the rethugs have tried, and to some extent, succeeded in making the word LIBERAL something synonymous to an obnoxious curse word. How slowly the table of time has turned to now expose the word and the CONSERVATIVE philosophy one of abject, collossal and absolute FAILURE! From this point forward, let us not miss a moment to let them and their acolyte supporters wear the "conservative" label as a yoke around their necks, their scarlet letter of failure and shame. Let's bury this evil shroud once and for all.
Liberal AND Proud @ 41:
You got it all wrong. It's all Ralph Nader's fault for warning us about this all along.
People need to say . . wait a minute here why the hell am I going to have to bail out financial criminals who should be going to prison? What the hell kind of FREAKING IDIOTS-SUCKERS DO YOU THINK WE ARE!
Bring it on! Shoot me FOR DARING to stand up for my rights and challenge your AUTHORITY!
No ones spending money, and no ones lending money.
Figure it out
L.A. Confidential @ 40:
hiya Happy, haven't seen you for a couple of days ... missed your sunny disposition.
The American Dream had too much pizza the night before and it is now a nightmare.
IdiotShrub @ 43:
Yes, conservative is now the accursed "C-WORD".
I would love to see Obama call McCain the "C-WORD", during the debate. If Sponge John Mc-Scaredey-Pants even bothers to show up.
They really need to slow down and think before they act in my opinion. This is a financial form of the 9/11 attacks and just like it was back then, the Bush Administration didn’t see it coming.
But it's campaign time . . . we're threatening their extended "vacation" and expect them to stay and work! George couldn't interrupt his vacation to attend to Katrina; can we really expect Congress to stay in session and NOT rush to the most expedient 'solution'?
Of course it's relevant, as it goes to accountability and prudence. Presumably if executives were actually responsible for their decisions they would never have invented these complex and obstruse financial instruments to begin with. They either knew that they were effectively creating money out of thin air (fraud) or they were incompetent managers. Maybe it's time to stop structuring CEO salaries with huge bonuses that are independent of performance, and maybe put large penalty clauses for poor results in their place.
It's going to be real interesting watching these guys try to slide out of this one over the next month.
A real dog and pony show if there ever was one thats obvious.
Melody @ 49:
It seems to me that the problem is how do we clip the wings of the global bankers. Giving them a Christmas bonus isn't much of a plan in my books.
upchuck @ 48:
As is "Republican". Those running for re-election are using GOP Party instead. since most of their base are uninformed idiots they wont know they are the same thing.
I think they do get it and play dumb. Case in point is the figurehead in the oval office right now. In my short lifespan, whenever the thugs hold the executive branch they, without fail, grift and use the position of office with immunity.
Hold the bastards accountable.
The next thing to watch is how foreign debt holders react to this bailout plan:
Asia Needs Deal to Prevent Panic Selling of U.S. Debt, Yu Says
Sept. 25 (Bloomberg) -- Japan, China and other holders of U.S. government debt must quickly reach an agreement to prevent panic sales leading to a global financial collapse, said Yu Yongding, a former adviser to the Chinese central bank.
``We are in the same boat, we must cooperate,'' Yu said in an interview in Beijing on Sept. 23. ``If there's no selling in a panicked way, then China willingly can continue to provide our financial support by continuing to hold U.S. assets.''
http://bloomberg.com/apps/news?pid=20601087&sid=anZHfo6tQi60&refer=home
The video you provide does not show Paul O'Neill making any statement about Bush. It is an old video of Richard Ben-Veniste grilling Rice about the famous presidential briefing document.
99% of Americans probably think they actually still at this actual moment they have a solid pension, bank balance, 401K, savings account, etc, etc?
I don't think so!
Hey! I know...let's demogogue our Chinese masters.
We are the Masters of the WORLD!
The Chinese have nukes. We need to follow George Bush's policy...and spread our democracy to them. How DARE they have a growing economy. It's all smoke and mirrors.
♠♠...Bangkok Bob...♠♠ @ 7:
Yup. Yup. Imagine, couple of guys living in caves like animals, are able to bring down the most powerful country in the free world, without firing a single shot. Just scare Americans (rethuglicans) shitless and watch them totally freak out. "Boooo!"
L.A. Confidential @ 57:
Sorry about that grammar my stream of consciousness blurting is on overdrive
Note to wordsmiths - I used the word 'obstruse' above @50, which isn't really a word YET. You can give it a combined meaning of obtuse and abstruse.
As of now, the market seems to be pretty much holding its own. Perhaps the sky is falling prediction was a wee bit premature. It's been a week since Paulson said something that sucked the air out of the room and for all means and purposes, there are still people able to breath.
Afghanistan is failing.
We need to support the troops. We need a new infusion of cash into the military budget!
We must act NOW...we must fight the terrorists THERE, so we don't have to fight them HERE.
And we must put more money into Iraq...only when they stand up can we fall...errr..stand down.
I am so worse off now then I was just five years ago. I had money in the bank, I paid my bills on time- now I am in debt bec. of medical issues and my expenses have more then double but my salary is below what it was five years ago.
If McCain pulls off the hero moment and gets in the WH. I will move to Russia and throw spitballs at Sarah Palins house.
Can anyone here help me. I can't seem to find my troll.
Heeere trollie trollie.
L.A. Confidential @ 40:
That's probably how it got the name.
Susie, your anger is misplaced. This is all Bill Clinton's fault.
Thank GOD, George W. Bush is our President.
♠♠...Bangkok Bob...♠♠ @ 42:
I watched and listened to him here so that you wouldn't have to watch and listen to him there.
Alternative Plan offered in congress: Congresswoman Marcy Kaptur (D) OH
http://www.youtube.com/watch?v=LzFDQjAzw1g&feature=related
pissed off patricia @ 33:
Wow! I can understand why ABCCBSNBCorp didn't bother to interrupt its daytime TV programming.
SadButTrue @ 61:
Meaning implicitly understood here!
Thank GOD, John McCain is a war hero and former POW.
He will SAVE US!!
Bush schedule to make announcement that he is financially sound.
pissed off patricia @ 68:
I can't listen to him anymore. The novelty of a talking chimp wore off about seven and a half years ago.
Recall? 2000? The "MBA President", the "CEO-in-Chief"? Gonna come in and run a tight ship?
Unbelievable so many people bought that canard.
62 pissed off patricia Says:
"As of now, the market seems to be pretty much holding its own. Perhaps the sky is falling prediction was a wee bit premature. It’s been a week since Paulson said something that sucked the air out of the room and for all means and purposes, there are still people able to breath."
It looks like your correct. I would also add that the temporary ban on short selling of especially financial institutions probably also plays a role. What is interesting at the moment is that the old safe haven, gold is rocketing once again in price. Its up about $20 right now.
L.A. Confidential @ 57:
As far as I know, 401k's are not guaranteed by the FDIC, but bank deposits are, up to $100k. The erroneous assumption by the populace that says in essence that government is there for them, just points to the bigger and more deeply troubling (and embarrassing) reality of just how DUMB and ill-informed the average American really is. No Country Left Behind has succeeded beautifully, it seems.
can we please impeach the traitorous war criminal NOW, for sheer incompetence?
This Impeachment TV Ad Now Running in Conyers' District
by Ralph Lopez
Wed Sep 24, 2008 at 12:05:20 PM PDT
...with a slightly different end-tag, on FoxNews, MSNBC, CNN Headlines, Comedy Central, and a few other cable stations. It is also running in Jacksonville, North Carolina, proud home of Camp Lejeune. THE 60 SECOND SPOT.
The Clinton impeachment timeline was as follows:
Oct. 8th - Henry Hyde introduced H. Res. 581 to authorize and direct the Judiciary Committee to investigate whether there are sufficient grounds for impeachment.
Dec. 8th – a motion for censure instead is defeated.
Dec. 11th & 12th Judiciary Committee approves four articles of impeachment.
Dec. 16th The full report is released.
Jan. 7th Impeachment Trial begins.
The 110th Congress is far from over, and it comes back to a full workload and schedule of hearings after the Nov. 4th election. Bush's case is far more open and shut than Clinton's ever was, since their offenses are admitted and in the public record, including the most recent impeachable offense: the defiance of congressional subpoenas.
Everyone can see what's coming for Obama, and it's ugly. The major media has decided he will not win, just as it decided that the impeachment hearings on July 25th in the House Judiciary Committee would not be heard by the general public. First they silence relatively small slices of opinion, then gradually bigger slices. Some could see what was happening all along, and some will never see it. In between is everyone else, who will decide the outcome. If you are interested in running the ad in your district, not as a Democrat, though you be a good one, but as an American, please let ImpeachTime.org know.
The first step toward a return of checks-and-balances, and possibly impeachment hearings: Help Gov. Seigelman Tell Conyers to Hold Rove in Inherent Contempt. Don't just send the email; call your own representative.
Then call Judiciary members, numbers here.
Tags: impeach, impeachment (all tags) :: Previous Tag Versions
Watch the video and read viewers comments
http://www.dailykos.com/story/2008/9/24/142940/321/321/608856
This is the disturbing thing about BushCo, We have the knowledge and talent in America to do things properly with rewards for everyone but instead the Greedy Old Party has to rob the poor and give to the rich like a bunch of frat brothers at the Halloween Ball.
One has to wonder where these people obtained their values and why they hate the common folks that work everyday and do their best to live properly in a free society.
If we know what the right path is why can't we move down that path?
Just thinking. . . ;-)
"...as our best minds struggle to save the economy..."
As if ! If "our best minds" were EVER listened to we wouldn't be in this mess in the first place !
POP, the fundamentals of the fundamentals are fundamentally sound.
If you were holding 100 shares of WaMu (WM) a year ago today, you had $3,566 worth. Today, it's still trading after they crashed and got sold, but your hundred shares this morning are worth $16.40. A 99.5% loss.
We don't need our best minds, Myra.
Gosh...such elitists thinking.
We need the leadership of a war hero Washington insider with no real knowledge of economics and a small town mayor that can field dress a moose.
Just as long as he's okay'd by GOD, L and P
BobbyG @ 75:
And they are all lined up again to do the same thing again, because, after all, McShame is a POW and a Maverick. Pale-in is a gun-totin' hockey-mom with lipstick, who can see Russia from he kitchen window. So what's there to worry about?
Bush doesn't understand how to eat a pretzel while watching TV.
Harry Reid is speaking, along with Chris Dodd. He is thoughtful, direct, and taking no prisoners. He lays the blame for the breakdown in the deal squarely at McCain's door. It's nice to listen to someone who talks, rather than speechifies.
Senators Reid and Dodd are speaking on tv. Sen. Reid said yesterday they basically had come to a consensus on what to do, both dems and repubs. Then McCain came into town, called in the republican caucus and "castigated" them. At that time things went to hell.
So instead of McCain helping the situation, he verbally bombed it.
It's quite obvious why this problem isn't being resolved.
Any fundie knows the real reason why.
During the WH meeting they didn't join hands and pray.
We suspended disbelief and said we can take people with no known source income or wealth generation and we can give them a $500,000 mortgage,” he said. “I think there’s a very important thing: When you violate fundamental principles of economics you can get away with it for a while, but eventually it’s going to get you.”
This paragraph pretty much says it all....
Anonymous Hussein @ 87:
I think they are both pissed at McCain. They worked their asses off for a week, night and day. Then out of the blue McCain comes in and trashes all their efforts in what can't be called anything but a damned political stunt.
16 sgtmajor Says: ♠♠…Bangkok Bob…♠♠ @ 7:
Looks like bush actually HELPED Bin Ladin since BinLadin wanted to bring down the US Financial kingdom and hit the WTC. So bush marches us off to a war built on lies that cost us almost a trillion $ and neglects Bin Ladin. Meanwhile the markets get free reign to do things anyway they want with no oversight or restrictions
That to me says bush did exactly what Bin Ladin wanted.
100% Correct! I am amazed that this very simple fact is not more often discussed. I wouldn’t give Chimpy all the credit, however. He has had a lot of help and, more importantly, firm guidance by his handlers. I stepped outside last night, and I swear I could the howls laughter coming from the caves along the Afghanistan/Pakistan border. Pathetic, isn’t it?
911
pnac
there really are none so blind as those who will not see.
That asshole Grover Norquist http://en.wikipedia.org/wiki/Grover_Norquist
has been strangely silent lately. Hopefully it's because they put that fucker in Guantanamo Bay...he is richly deserving.
pissed off patricia @ 91:
Yes, reid and dodd have thrown down a gauntlet to mccain and to republicans in general. they've made it clear that a) the repubs created the problem, b) mccain inserted himself in a destructive fashion, c) they are willing to work in a bipartisan consensual fashion, and d) there is no constructive role for either mccain or obama in working out the technical details.
1. Bush is indeed an imbecile.
2. Harry Reid is an ineffective milktoast.
3. Chris Dodd and every other Senator on the Hill is up to their asses in Wall Street $$$.
(Go to Open Secrets.com Just type in your favorite member and click on the 'donors' tab. Most look like a top ten list of failed investment firms.)
4. We're screwed.
steveb @ 90:
It became all about the fee money. Mortgage originators all knew they were gonna push the paper right out the door into the securities market even as the ink was drying on the contracts. The nice transaction fees even got written right into the loans. Nobody cared about the upshot, 'cuz it was gonna be someone else's problem down the line.
The "someone else" is now all of us.
My God, could George Bush be anymore clueless?! I'm expecting this country to suddenly just blow up and disappear off the face of the planet, I mean that's about the only thing that hasn't happened on his watch.
LOL...hey POP...do you sense a pattern.
Whenever McCain is around...things crash and burn.
Where oh where have all the trolls gone?
Perhaps a very dim bulb is lighting above their heads that the economy fairy isn't going to put any money under their pillow to pay the mortgage, car payment, groceries much less the new big screen tv or SUV. Must be a painful realization but probably nothing painful since as we all know:
IT'S ALL CLINTON'S FAULT!!!!!!!!
McInsane has destroyed whatever plan was about to stave off financial implosion because McInsane WANTS THE ELECTIONS CANCELLED.
And he wants MARTIAL LAW declared.
But isn't this precisely what cheneybush sociopaths WANT, too?
Then they are working together to ensure financial meltdown and total panic and subsequent cancellation of November elections during this "national emergency."
Once again "Mission Accomplished."
pissed off patricia @ 88:
I just saw that and can only keep wondering how Harry Reid became leader. Unbelievably inept. Oh yeah its McCain's fault. Grow some balls Harry and start taking names.
Jeeszus Kyryst!!!
Johnny2Bad @ 102:
Yeah, reid is hard to take. i think he used to be a professional boxer. hard to imagine. he bent so far over backwards to not mention mccain by name that i thought he was going to have a f***ing seizure.
McCain may be a POW but I can't go along that he's any kind of "war hero."
First of all, I don't recall Vietnam attacking us just like I don't recall Iraq attacking us. (You can tell I'm not a Fox Noise drone). Let's call them what they were, illegal invasions. John McCain was busy napalming villages when he got shot down. His actions as a POW were brave. I'm not questioning that, but it doesn't make him qualified to be president. I don't know if Obama is qualified for that matter but I'd feel a hell of a lot more confident in an administaration run by a top ranked Ivy league grad anyday. Yeah, I guess I am elitist. I was under the impression that that means THE BEST. Either way, whoever wins is going to inherit one big fat mess.
And Bush is a COWARD.
canardtahiti @ 101:
So lets make f-ing McCain the hero and give Goldman Sachs the bad debt we're buying. They're working the Dem leadership right now. Its pathetic.
The sky is not falling but we're running around like headless chickens. They have changed the argument and we've fallen for it.
No bailout. No "compromise."
New Attack Ad: "McCain and Computers 2.0"
While running off at the mouth with Katie Couric, Joe Biden was asked about some Obama attack ads. Biden said he thought the one making fun of McCain's computer illiteracy was "terrible" and that it never would have been run if he had anything to do with it.
Way to stay on message Joe. Not only do we approve of ads making fun of McCain's ignorance of computers, we think the message should be taken up a notch. Here's another "McCain sucks at computers" ad that we think should be disseminated far and wide.
Alert me to new 23/6 Original Videos
Published Date: 09/24/08
Watch the video HERE
http://www.236.com/video/2008/new_attack_ad_mccain_and_compu_1_9116.php
MSNBC is reporting that AP says mccain WILL attend the debate. this should be good.
Mission Accomplished?
http://www.msnbc.msn.com/id/21134540/vp/26861141#26861141
On another note, I wouldn't put to much confidence in thinking that money being held in banks is safe and sound even if its under $100,000. With all of the bank failures, it appears that FDIC will need to be bailed out themselves:
FDIC May Need $150 Billion Bailout as More Banks Fail
"That's because the FDIC, created in 1934, insures all accounts up to $100,000 at its member banks, and it has never failed to honor a claim. The people to worry about are U.S. taxpayers.
The IndyMac debacle is taking a large bite out of FDIC reserves, and if scores of other banks fail in the year ahead, the fund will be depleted. Taxpayers will have to step in."
http://bloomberg.com/apps/news?pid=20601213&sid=amZxIbcjZISU&refer=home
AManWithoutAName @ 106:
Could that be anymore OT?
rick street @ 107:
It's the blink heard round the world.
Yesterday our local paper printed a letter to the editor I wrote. It ended with this sentence.......The Republican Party = The Party that wrecked America!
Should stir up the natives in our small town.
I can't wait for the Thuglies replies. HA!
Harry Reid IS naming names today, and the GOP and their enablers are in apoplexy.
Johnny...the GOP "conservatives" blew up this deal. Their own base does not want this deal, and the GOP is trying to blame the Democrats for that.
It is the GOP that is playing politics with this. It is John McCain that is playing politics with this.
The GOP is trying to avoid a discussion of how their economic policies have failed. That is why the Bush Administration does not want transparency in the bailout agreement, and simply wants a blank check.
rick street @ 107:
MSNBC is reporting that AP says mccain WILL attend the debate. this should be good.
There's a shock. LOL!
I find it interesting there is no mention in the media (at least what I have read) that Bush's brother (Marvin or Neil ?) was part of the big banking crisis in the 1980's. Bush's brother was involved in a Colorado bank's collapse and the taxpayers paid for this huge loss.
Fast forward 20 years and now GW Bush wants to fast-track $700 Billion to the financial industry. How much has the Bush family cost this country?
Just read a few chapters from "Bad Money" by Kevin Phillips - the abuse and greed of the U.S. financial industry has been aided and abetted by the U.S. Government at the expense of the little guy. Enough!
Given McCain's actions over the past week, I'd say the debate is already over.
they say you get the government you deserve but i dont remember kniferaping any retarded nuns
evenplayingfield @ 114:
Read Pizzo's "Inside Job: the looting of America's savings and loans"
Seminal read on the topic. We have learned NOTHING.
rick street @ 107:
Could this be considered a 'flip-flop'?
Liberal AND Proud @ 73:
Financially, yes; mentally, not so much.
Yes, Mission Accomplished...thanks neocons
www.msnbc.msn.com/id/21134540/vp/26861141#26861141
Is it just me or is GWB sounding more and more like a used car salesman? The man has skills, no problem him getting a job after he leaves the WH.
Limited-Time Offers: This is one of the most common sales tricks, by far, as commercials and ads play on this heavily. This is meant to put pressure on the customer by creating a sense of urgency that the deal is only available right now. This forces the customer to make up his or her mind on the spot, rather than take the time to shop around and make an informed choice.
Sound familiar?
Try fitting these classic gems into Bush's bogyman speech last night, first one is done for you:
1) “I don’t know if I can do that it, but if I could, would you buy this
carbailout package today?”2) “What’s it going to take to put this car in your garage today?”
3) “We knew it had that problem. That’s why it’s priced so low.”
4) “I’ll even throw in the floor mats.”
5) “The price doesn’t matter. It’s all about the payments. It wouldn’t matter if mine was priced $5,000 less than the other guys if the payments were $1000 per month!”
6) “I’ll even throw in a tank of gas.”
7) “It’s not just leather, it’s Corinthian Leather.”
8) “I need a sale today to get my kids some clothes for school.”
9) “Tell your friends where you got it, just don’t tell them what you paid for it.”
10) “I’ll even throw in a free detail.”
Bonus: “I didn’t think you were an idiot, but if you were, I didn’t want to miss you.”
I'm betting we're going to get the special undercoating with this deal.
118 Jo Says: Liberal AND Proud @ 73:
Bush schedule to make announcement that he is financially sound.
Financially, yes; mentally, not so much.
___________________________________________________________
Where did they shove the tuning fork?
Is anyone else really missing George Carlin as much as I am right now?
Dale @ 117:
It's more than a flipflop. mccain wants it both ways, playing both sides. he goes to dc to be seen as a saviour when none was needed. he derails the talks. says he'll stay til it gets back on track. reid and dodd slam him, and a few minutes later he realizes his ploy didn't work and he better get his cancer ass back to the debate.
IdiotShrub @ 122:
George is up there, wagging his finger at us, saying "I TOLD you so!!!"
Liberal AND Proud @ 112:
Everybody is playing politics with this. That's their job. The Dems are getting run over again. Its a boondoggle of epic proportions and the House Republicans are battling the Dems so they look like vox populi. Moe importantly....F this "deal" There shouldn't be a "deal". Its pocket picking.
rick street @ 123:
In other words, he looked very (current) presidential.
124 rick street Says: IdiotShrub @ 122:
Is anyone else really missing George Carlin as much as I am right now?
George is up there, wagging his finger at us, saying “I TOLD you so!!!”
________________________________________________________________
Well I am too, but only to get the booger off the tip.
Impeach Barney!!!
He ate boosh's homework.
ysbaddaden @ 127:
Actually, George is saying "I told you so, you dumb motherf***ers!"
Funny, WaMu is the largest bank failure in US history and everything is so chaotic it gets mentioned only in passing. Sign of the times I guess.
IdiotShrub @ 122:
And Bill Hicks.
And Frank Zappa.
Nick @ 130:
I was thinking the same thing.
Johnny2Bad @ 95:
Yes, so is Mr. Barney Frank, sadly. I want to like him, but he also had a hand in this mess - blocking additional regulation of mortgage lenders in the early 2000's. It is a myth that Clinton was forced to repeal Glass Steagal, he wanted to along with the rest of them. He was completely on board with all this free market crap. Spitzer wrote an article back when he was still governor of NY stating all of his investigations into fraud in the mortgage market were stymied by the Office of the Currency Comptroller - the org that is supposed to inspect the books of banks. I believe this is way deeper than 700 billion. If you think Bush is beyond a military junta you are wrong, his entire administration is clearly psychopathic.
A system this corrupt must be allowed to fail, ALL of it - I don't care how painful it is. We will never have the opportunity to recreate this again
I've been telling people for years not to buy houses or invest in a 401k plan.
Houses are over priced. Plus, you are paying interest and fees. The actual home is really worth about $80,000. Homes in America are pressboard shacks; but, people buy these things for $250,000. The interest and fees raise the price to about $500,000. Your getting screwed the second you sign that contract, You also have to figure in the job market. It used to be you could find a good paying job and stick with it your whole life. The times have changed and jobs that pay decent money come and go. Can any of us really say that we are going to be living in the same town, working in the same job for the next 20 or 30 years. Anyways, you pay into this pressboard shack your whole life. Especially, if your a man buying a home is a bad idea. What happens when you get a divorce. Your ex-wife gets to live in the house; you get stuck making the mortgage payment, paying child support, and trying to support yourself in a one bedroom apartment; she gets to live in the house for free and move her drug dealing boyfriend in. Now let's say you beat the odds and some how manage to work in the same job for 20 - 30 years and not get divorced. What happens then. It costs the average person a million dollars in medical bills to die. The first thing the insurance company does is find a way to weasel out of paying the bills, assuming of course you are one of the lucky ones that has medical insurance. Needless to say, your house is going to be sold to cover medical expenses at some point. It is very rare for someone to actually buy a home, die, and have their property passed off to their children. Homeownership in America is a fallacy. We are all just renting from the bankers.
On to the 401k plan. Let's make a deal. You give me $100 a month for the next thirty years. Your employer will match that $100 a month. You have $200 a month going into this account. I will take that money and group it with other money to invest it in the stock market. I'm an old man. I invested in a 401k plan when I was young and now I'm a millionaire. You can be just like me. That money won't just sit there. It will make money for you. I will send you a quarterly statement showing how much money your money has made for you. Sound good so far. Here's the catch; you can't take any of the money out until you 65 or else you will have to pay fines and penalties and you will lose half your money.
What are the problem with this?
#1 You have no way of knowing whether or not your money is in this account or being spent to support some con artists lifestyle.
#2 You will not know whether or not your money has been embezzled until your 65.
#3 The crook that stole your money will most likely be dead of old age when you go to retire.
#4 The government doesn't actually regulate or keep track of what is going (thanks to deregulation).
#5 They are playing upon peoples greedy dreams of being a millionaire to sell this product; if you are greedy enough to want to be a millionaire does it not make sense that the person selling this product is also greedy enough to steal your money.
#6 A 401k plan is a classic example of how to construct a pyramid scam.
#7 You are trusting your money to Wall Street (one of the most crooked streets on Earth). This is a place that is designed to channel money to the wealthy. Why would anybody think for a minute that their money is somehow safe in a den of thieves and corporate embezzlers?
Just a final rant. Our financial system is designed to channel wealth to the wealthiest individuals. The system works against you. If it collapses; it will be replaced with something else. Depending upon how this new system is structured, we may end up with a system that works more towards your benefit and not towards your detriment. I see this impending meltdown as a good thing.
133 Tim
Milquetoast.
Nick @ 130:
Ha...Ha... Those are the evil bastards that put me on the bad bank account list. Serves them right. I hope they all go jail.
Liberal AND Proud @ 21:
Hum... China is not our main debtor, by a looooooooong shot.
Tyler Durden @ 137:
I meant to say "lender".... (checks pot to see if the coffee is ready because it is going to be a loooong ass day.)
Tyler Durden @ 137:
Well that's true since we're the largest debtor nation in the world thanks to GWB. But I'm waiting with baited breath for you to tell us......who is our "main" creditor?
mitch mcconnell must , must must eat shit and die from it ,
whats the big deal? the dumdickcrats were willing to throw us under the bus with bushes plan , mccain spoiled the democruds plans for feeding the bus tires , good cop bad cop? fuck thier all in it together every last shit heel politician, give them nothing , not one stinking dime, these assholes are the same pricks who piss in your face sending our jobs to china fugem all,
Biggest Holders of American Treasuries
Japan $594 Billion
China $528 Billion
UK $290 Billion
Ok...so we'll have to bomb Japan FIRST.
While I agree with the message of this article, I object to the use of the term "conservative", referring to whom we were screwed by. By definition the screwers are not conservatives. The captains of finance who perpetrated this disaster are mountebanks and the pols that enabled them are their zanies - nether are actual conservatives. No true conservative would ever have done anything like this. While those of us who are more progressive may differ with actual conservatives as to regulatory policy, political philosophy, etc., etc., I think all prudent and reasonable conservatives and progressives will agree that the motivations of those that brought us to this crisis are were and remain shameless. Please don't tar all conservatives with the same brush, you offer them no quarter but the GOP and its current fascistic regimen.
Oh...and the "not by a longshot" comment was dead wrong.
Chicken "Hussein" Little - Not! @ 139:
The EU if you take the debt own by its members as a block. Also remember that the Yuan (pegged or not) is tied to the hip to the dollar.
Liberal AND Proud @ 144:
As of 2 weeks ago, Japan purchased another block of bonds. Putting their grand total to $650 billion. China, from what I get from the US Dept of the treasury, China held $420 billion. So we are talking about an almost 40% difference in magnitude. So it may depend on what your definition of "long shot" means.
g w bush
hero of the stupid
I have been encouraging people in the blogosphere and elsewhere to read "The Price of Loyalty" for six years. I gave 10 copies away as gifts just after it came out. To think that O'Neil was "let go' when he started to investigate Saudi Arabians bank records and $$ transferred to questionable organizations that may have funded Al Queda.
The other issue that stood out for me in that book was when Susskind reveals that Greenspan and O'Neil had plans to take the surplus left over after the Clinton administration and flip a fair amount of the surplus into upcoming shortfalls in social security while feeding the tax cut sharks their tax cuts.
O'Neil talks about how in the very first cabinet meetings in early 2001 all Wolfowitz and Cheney talked about was how to take out Iraq. O'neil points the finger at Wolfowitz in a big way. Wolfowitz seemed to slip out the back door.
Price of Loyalty is a must read.
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