Daylight Robbery by the Banks

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Monday March 23, 2009 · 12:29 PM PDT

2009/03/23 · 12:29

The market rose over 300 points to welcome the Tim Geithner plan. Bank stocks like Citi and BofA rose over 15% on the news. Because the market saw Tim stagger in with bags and bags of free money for the banks. Here's why:

This program has the potential to shift literally $500 billion or more in losses onto the taxpayer, not through the operation of "bad luck" but rather through what amounts to a bid rigging operation.

Let Karl Denninger explain this to you.

Poll

58 votes Show Results

Do you like the Geithner Plan?

58 votes Vote Now!

Do you like the Geithner Plan?

Yes

4 votes

37 votes

Don't understand it

15 votes

Don't care

2 votes

Forget AIG, Here's Another Trillion to Wall Street

whenwego

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Monday March 16, 2009 · 3:44 PM PDT

2009/03/16 · 15:44

AIG is just a side show, a diversion from the main event at Treasury this week. In plain daylight, under the eyes of Congress, just about a trillion dollars will be handed off to the banks and interested private parties. And, they have already figured out how to bring this one back to us for trillions more!

whenwego

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Wednesday March 11, 2009 · 6:46 PM PDT

2009/03/11 · 18:46

After cowering in the darkness taking the taxpayer's money, suddenly the big bankers are coming out into the sunshine. Like cornered rats, bankers are striking back at their critics:

Their spiritual leader, Alan Greenspan, is now absolving his own monetary policies of causing the financial crisis.
Citibank leaks a labored memo from their CEO touting two-month earnings increase knowing full well balance sheet adjustments will be made in the third month
Banks big and small are suddenly solvent on their own and want to give back government money "as soon as possible"
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., said the U.S. can rescue its banking system by the end of the year if officials start cooperating and stop the "vilification" of corporate America.

One word is driving this panic: PROSECUTIONS.

Poll

223 votes Show Results

Do we need to see prosecutions?

223 votes Vote Now!

Do we need to see prosecutions?

Yes

211 votes

6 votes

Maybe

4 votes

Pie

2 votes

Vast Rightwing Conspiracy to Torpedo Obama?

whenwego

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Saturday February 28, 2009 · 5:43 PM PST

2009/02/28 · 17:43

Remember Rick Santelli, he of the "Chicago Tea Party" fame? Some kind of options trader, he went on CNBC and ranted about how Obama was doing the country a vast disservice. Now it turns out that that rant was no accident, but part of a coordinated rightwing machine to stop Obama's reforms in their tracks.

Very disturbing news:

Poll

5548 votes Show Results

So what do you think?

5548 votes Vote Now!

So what do you think?

The vast rightwing conspiracy is baaack!

1598 votes

No, this is just how the rightwing does business

3238 votes

Move on, nothing to see here

431 votes

Pie

281 votes

Geithner: Pump, Dump and Watch!

whenwego

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Tuesday February 10, 2009 · 10:02 AM PST

2009/02/10 · 10:02

The Obama/Geithner Financial Stability Plan unveiled today will avoid stories like this one from the Great Depression:

"Well, I suppose that they had so many outstanding – they were not active loans, they couldn't get the money in – and there was a neighboring town that the bank began to get into big trouble. And the banker, one evening he drove along the road about three miles east of Gresham, and he used a gun on himself. That wasn't unusual for bankers to commit suicide."

Despite skeptics such as myself initially, I believe t's going to be different this time around:

Poll

189 votes Show Results

How do you view the Geithner/Obama Plan?

189 votes Vote Now!

How do you view the Geithner/Obama Plan?

Sucks. Giving our money away as usual.

61 votes

Cautiously pessimistic. This has all been tried and failed in the past.

32 votes

Cautiously optimistic: this combination of government efforts could succeed.

73 votes

Clever. Gets things moving again.

13 votes

Pie.

10 votes

Fox News takes a Dive

whenwego

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Thursday February 05, 2009 · 5:21 PM PST

2009/02/05 · 17:21

Looks like Rupert's News Corporation empire is crumbling. Despite all the shouting and Palin-talkin' and racisteering and Obamattacks, the poor man's stock has been diving for months, and today announced a humongous loss of $6.4 Billion. And he owns a third of the company!

Poll

253 votes Show Results

Too bad for Fox

253 votes Vote Now!

Too bad for Fox

They had it coming, all their fault

147 votes

Everyone is suffering, not their fault

17 votes

O'Reilly and Hannity will buld it back with their bare hands

24 votes

Fox Noise insanity, you're a profanity, Hannity!

52 votes

Huh?

13 votes

The Killing Fields of Bipartisanship on Capitol Hill

whenwego

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Monday February 02, 2009 · 10:03 PM PST

2009/02/02 · 22:03

Our President Obama needs to be very cautious here. On one hand, the people who elected him are frustrated at his "bipartisanship". On the other hand, the people on the right, specially the MSM, are already giving the spoils of the "stimulus" to the Republicans. His nomination of Judd Gregg for Commerce, in tandem with the assurance that a Republican will be nominated to that vacated Senate seat, looks like gratutious bipartisanship. And that is shaping up to be the political killing fields for our President,even before a single policy issue has come to the forefront of the national debate.

George Bush and his cohorts left the country in tatters:

whenwego

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Thursday January 29, 2009 · 1:47 PM PST

2009/01/29 · 13:47

Here's how they spent your first TARP - Bailout Is a Windfall to Banks, if Not to Borrowers:

At the Palm Beach Ritz-Carlton last November, John C. Hope III, the chairman of Whitney National Bank in New Orleans, stood before a ballroom full of Wall Street analysts and explained how his bank intended to use its $300 million in federal bailout money.
"Make more loans?" Mr. Hope said. "We’re not going to change our business model or our credit policies to accommodate the needs of the public sector as they see it to have us make more loans."

At least this guy had the decency to come clean. And now we are seriously considering a second tranche of TARP?

Poll

13 votes Show Results

Have you been tarped yet:

13 votes Vote Now!

Have you been tarped yet:

Yes, but I deserve it, not like those poor people

2 votes

Not yet, but waiting on TARP II

1 vote

Me? I just pay and pay

10 votes

No More Bank Bailouts

whenwego

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Tuesday January 13, 2009 · 8:50 AM PST

2009/01/13 · 08:50

So I read that Ben Bernanke, speaking at the London School of Economics, wants ANOTHER bank bailout:

Ben Bernanke, chairman of the US Federal Reserve, has warned Barack Obama to be ready to take fresh action to bail out America's banks if the world economy is to recover.

This is just daylight robbery, in my opinion and Warren Buffet's...

Poll

18 votes Show Results

Let's void CDS's at least as part of bailout:

18 votes Vote Now!

Let's void CDS's at least as part of bailout:

Yes

15 votes

1 vote

Maybe

2 votes

Please don't forget the IT

whenwego

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Thursday December 11, 2008 · 1:04 PM PST

2008/12/11 · 13:04

Team Obama wants to invest heavily in national infrastructure. Green energy and repairing bridges are on the cards. I want to plead to the team, please do not ignore our IT infrastructure needs. This is NOT 1932, when most people worked in construction. Now large segments of the public work in the IT industry, or in other industries in IT capacities. Consider:

Poll

58 votes Show Results

Does IT infrastructure investment make sense?

58 votes Vote Now!

Does IT infrastructure investment make sense?

Yes, makes sense to me!

45 votes

No, we should focus only on REAL infrastructure!

7 votes

Maybe. Somebody do the math please!

6 votes

The New Reconstruction

whenwego

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Thursday November 06, 2008 · 6:45 AM PST

2008/11/06 · 06:45

Obama had the most disciplined, organized ground game network in history. Rather than letting it rundown, I propose that he expand that network to include all Americans and use that network to reconstruct our infrastructure.

Poll

15 votes Show Results

What do you think?

15 votes Vote Now!

What do you think?

Great Idea

5 votes

Sounds Fascist

1 vote

Terrible idea

1 vote

Hmmm

8 votes

It is darkest before the dawn

whenwego

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Friday October 10, 2008 · 11:08 AM PDT

2008/10/10 · 11:08

Yes, the country, indeed the world, is in deep trouble. When venerable names on Wall Street like Goldman Sachs and Morgan Stanley crumble, it affects everyone. A global meltdown of about $100 trillion (I can type the words, but have no feeling for their meaning) is in progress. These are the Bush years. We are now witnessing the Bush rapture - a total world meltdown which McCain/Palin hide from under their race-baiting bigotry. For them, lynchings and forced conversions are not too far off. But this shall pass. Life will not be the same after 2008.

Poll

59 votes Show Results

How will you deal with the Neo-Depression?

59 votes Vote Now!

How will you deal with the Neo-Depression?

Walk from my house of so many years

0 votes

Settle for a more stable lesser paying job

2 votes

Reduce my deficit spending and live within lowered means

21 votes

Become involved in the solution, not look for scapegoats

23 votes

All of the above

8 votes

None of the above

5 votes

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Daylight Robbery by the Banks

Forget AIG, Here's Another Trillion to Wall Street

Prosecutions Coming: Fear and Loathing on Wall Street

Vast Rightwing Conspiracy to Torpedo Obama?

Geithner: Pump, Dump and Watch!

Fox News takes a Dive

The Killing Fields of Bipartisanship on Capitol Hill

Stop me before I TARP again!

No More Bank Bailouts

Please don't forget the IT

The New Reconstruction

It is darkest before the dawn