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| User Info | Institutionalized Fraud, Ben Bernanke Style in forum [Ticker] | |||
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Genesis Posts: 66462 Incept: 2007-06-26 
Royal Flush! 
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http://market-ticker.denninger.net/archi....
---------- I used to play flute; I wonder if I can play a fife? I incite prosecutors to create "Bubba Sausage Parking Lot" projects Darrell Issa has a middle finger and knows how to use it - Me 2008-09-23 23:12:57
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Superportal Posts: 289 Incept: 2007-10-22 San Diego
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Great one. Hit it perfectly, home run.
2008-09-23 23:38:40
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Bubblesee Posts: 3620 Incept: 2007-06-27 
nyc Online
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Gen, Thanks for this ticker. Here's another one from this woman - definitely speaks our language! http://www.youtube.com/watch?v=mbD62gNi9.... ---------- Ticker Forum Special: "Bennie and the Feds" Melody:Elton John Lyrics:Bubblesee http://www.youtube.com/watch?v=etfVMtCq9Oc (Larry Kudblow eat your heart out) 2008-09-23 23:57:47
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Jparks Posts: 486 Incept: 2008-04-07
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What superportal said. I have been forwarding these to everyone on my list. A few have said "will you stop sending me all that crap". Sigh!!!!
---------- "We used to be a country that made ****. Now, we just have our hand in everybody else's pocket." Sobatka, The Wire. 2008-09-23 23:59:45
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Maple Posts: 4091 Incept: 2007-09-03
Southern California
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Nice one. Very smooth flow.
2008-09-24 00:03:17
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Pensicostreet Posts: 677 Incept: 2007-06-26
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That struck me over the head immediately today, the end of the world is coming and they don't want to give up their perks. That made me think it was all contrived. Congress has got to see through this, of course if they are in on it, it doesn't matter. Great ticker again, KD 2008-09-24 00:08:30
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Exorcism Posts: 296 Incept: 2007-11-30
Denver Area
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More unelievable behavior from the super duo. It just keeps getting worse and worse.
---------- The fact that we live at the bottom of a deep gravity well, on the surface of a gas covered planet going around a nuclear fireball 90 million miles away and think this to be normal is obviously some indication of how skewed our perspective tends to be. -Douglas Adams 2008-09-24 00:19:55
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Bozonian Posts: 13051 Incept: 2007-09-01
PFT - Pure F'n Tin
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I don't think Paulson and Bernanke are intentionally evil. I think they are biased in their solution. Hank Paulson is a pathetic figure, however rich he is. He's been handed a massive problem (that he helped to create no doubt) and his failure is arrogance, not evil, but he is trying his best I think. What you call lying, everyone does. They take all uncertain information and see it in a way that benefits their position. "The Fannie and Freddie solution didn't fix mortgage rates, they are still rising" is viewed by us as FAILURE. By them it is viewed as "It would have been even worse if we hadn't intervened". Both views are unprovably right. I think you can be outraged at the solution, but don't say these guys are lying to enrich themselves. It's not true in my opinion. They just think that money solves all problems. "That's how they was raised". I think a better approach to Congress is to convince them that Paulson is too biased, that he is a professional salesman, confidence man who is used to convincing people to see things his way and will manufacture an illusion to suit his goal. He isn't right, he's just convincing. The other thing they need to understand is, if Wall Street knows for sure NO BAILOUT is coming, they'll get creative and solve the problem on their own. Corporate Welfare is no different than personal welfare in this respect. You have an industry that's been showered with favors that expects to be taken care of, like a spoiled child. Time to say spank the child and make it take its medicine. NO BAILOUT. Let the system crash. Call their bluff. Congress can always revisit their decision but for now the message should be an unqualified, determined and final, "NO". By the way I've had to deal with people like this my whole life, friends, relatives and an ex wife who turned into endless money black holes. I learned to say "NO" early on and in every case, these people moved onto more gullible suckers to support them. Let Warren Buffet, the Chinese and the Arabs bail out Wall Street. Their the ones enamored with big money. ---------- If deficits don't matter, then the Federal Government can borrow the money it needs and stop taxing the citizens. Everything I write is my opinion and not to be considered proven fact. Nothing I write should be considered financial advice. Last modified:
2008-09-24 00:36:04 by bozonian
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Sp Posts: 47 Incept: 2008-02-26
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KD, http://www.bloomberg.com/avp/avp.htm?cli.... 2008-09-24 00:53:43
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Etz3l Posts: 8658 Incept: 2007-06-26
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Absolutely right Karl. It's amazing that some congress folks still don't "get it". Below is a picture of TreaUsury Secretary Paulson, Chairscam Bernanke, and asSEClown Cox right before the meeting this morning, 
---------- I could slit my wrists and people would cheer - L. Blankfein.  http://www.youtube.com/watch?v=p8jm61vk2.... Last modified:
2008-09-24 01:03:47 by etz3l
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Bountyhunter Posts: 598 Incept: 2007-12-05
Newport Beach, Ca
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Sp ..WOW Janet Tavakoli....this video needs its own thread
---------- Our world is run by the MOB, ie the Banking Cartel. The number one recipient of commercial banking donations. Barack Obama. Nuf said. It’s enough to convict OJ with an ALL black jury. LCruiser 1/29/09 2008-09-24 01:03:13
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Superportal Posts: 289 Incept: 2007-10-22 San Diego
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Bozonian, Paulson believes his own lies. He's a megalomaniac. He *is* representative of the problem. This problem can't be fixed without firing Paulson. He reminds me of the CEO who browbeats the accountant (Bernanke) to cook the books. Bernanke is just a useful idiot covering for his bosses. Last modified:
2008-09-24 01:09:59 by superportal
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Leonidas Posts: 196 Incept: 2008-09-06
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Karl, They were lying. Thanks for calling it like it is. To hell with the relativism crap, that's one of the reasons our county is in this mess in the first place. Keep shooting straight! ---------- "Get busy living or get busy dying" - Ellis Boyd Redding "Sometimes you're the Louisville Slugger, sometimes you're the ball." - Mark Knopler 2008-09-24 01:23:56
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Shaunt79 Posts: 794 Incept: 2007-06-26 
Chandler, AZ
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Great video. They are lying through their teeth.
2008-09-24 01:27:54
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Peace Posts: 688 Incept: 2007-07-09
San Diego
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Here's what nobody talks about: These assets will NEVER increase in value, because their current low value is based on the reality that x% of the underlying collateral has defaulted. Unless you can reverse a FORECLOSURE, those MBS and CDOs will at best stay flat. With house prices falling, they will further lose value. Oh, and I asked two different people in the last two days what they thought of the bail=out and neither knew what I was talking about. I explained it and got a blank look. What % of Americans don't even know this is going on? 2008-09-24 01:37:59
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Martin Posts: 676 Incept: 2008-01-23
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Karl, I've read some people's comments on your tickers on other boards and what stands out is the belief that your solution may have prevented the problem to begin with, and it may prevent it from happening again, but doesn't seem to solve the immediate credit freeze up problem. So if you can explain how the immediate problem is also addressed that would be helpful. Also if the immediate problem can't be addressed and those trying to with this bailout are just fooling themselves then it would be good to explain that. I think there are things to add to your solution. A major part of this problem was the credit rating agencies. They said things were AAA which weren't. Pension funds, investors etc bought things they never would have bought if not for that. Now part of the reason no one wants to lend is they don't have a good measuring stick to go by. Can't go by AAA anymore. In addition to transparent and honest books like you stress, we need open and transparent ratings. Maybe a GAO run or some other neutral and smart agency could publish a list of standards for AAA etc and then rate everyone accordingly. We trust our drugs because FDA says they are good and we trust FDA to not cook the books. We trust our meat because Dept of Agriculture says Grade A. We trust our aircraft because FAA says so. We need the same for credit rating. Even having Consumer Reports do it would be better than what we have now. Another thing is that one of the strengths of Capitalism is supposed to be that it eventually takes money and puts it into the hands of people who are smart enough to not go bankrupt and smart enough to put it to good use. They know a good deal from a bad one. And the economy benefits by having the smart people get the money. One of the weaknesses of Communism is that it tends to put money (or spending authority, whatever) into the hands of well connected cronies, regardless of whether they are smart enough to run businesses well. There is a chance that the cronies are actually also smart with respect to money and things could work out, but the odds are against it. In the case of the bailout, the government would be putting the money into the hands of connected cronies that have proven that they aren't smart enough to stay solvent. It's a guarantee that the money is going to the wrong people - people who aren't smart enough to put the money to good use for the economy and to stay solvent; people who aren't smart enough to know a good financial risk from a bad one. So this is worse than Communism in terms of allocating money. Instead of some chance of the money being put into smart hands, instead it is being put into dumb hands. This won't help the economy. Also, unlike a defense spending bill; where the money gets spent over a period of years, and gets spent all over the country (that's how defense spending works - a little piece of the pie in many states to get as many Senators and representatives on board as possible), and goes to jobs that will last for several years into the future, and in the end you have some new technology that may help the rest of the economy and you have some hardware to brag about; the bailout bill doesn't do anything about jobs into the future. It just retroactively justifies the decisions made by people with jobs during the past 7 years. It takes past bad decisions and makes them look like good ones as far as the company balance sheet is concerned. But that just solves the company hole of the past and does nothing to create business and job opportunities in the future for several years. Instead the money will be spent as fast as possible, the company balance sheet will get well, and then the company that now has money will look around and say "I can't trust all these other guys, I'm not lending out my money". 2008-09-24 06:32:27
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Jstanley01 Posts: 2332 Incept: 2008-07-30
San Antonio, Texas
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Sure the Buffet move makes sense, with Goldman stooge Skeletor putting the next three generations of taxpayers on the hook on the bank's behalf. It looks to me like a bet that the bailout will pass.
---------- Come on. It's just a ****ing casino. The markets have nothing to do with reality most of the times.. until they suddenly do... -- Peezdets 2008-09-24 07:56:43
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Genesis Posts: 66462 Incept: 2007-06-26
Royal Flush!
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Quote:I've read some people's comments on your tickers on other boards and what stands out is the belief that your solution may have prevented the problem to begin with, and it may prevent it from happening again, but doesn't seem to solve the immediate credit freeze up problem. So if you can explain how the immediate problem is also addressed that would be helpful. Also if the immediate problem can't be addressed and those trying to with this bailout are just fooling themselves then it would be good to explain that. You can't solve the immediate credit freeze with bandaids. If you solve the trust problem then the problem will dissipate. Note that money IS available - it is just that without trust the cost of that money is prohibitive. You can't get lending at "normal" rates going in that environment. You must address the problem - if the patient has a severed femoral artery then you must fix that BEFORE you start trying to force circulation - if you do it in the wrong order, you're just pumping blood on the floor. ---------- I used to play flute; I wonder if I can play a fife? I incite prosecutors to create "Bubba Sausage Parking Lot" projects Darrell Issa has a middle finger and knows how to use it - Me 2008-09-24 08:15:50
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Wisc-xc Posts: 4479 Incept: 2007-07-14
outside chicago
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Morning ramblings: We're six weeks out from a presidential election. From a purely political standpoint, this is an easy one, a softball, for the Democrats. Paulson, Bernanke are Executive branch (Republican appointees). All the Dem's need do is tar and feather these two clowns, demanding they resign for gross dereliction of duty. This in turn would affect the Bush administration very negatively and put them on the defensive. J6P is already ****ed off at the government's genuflection towards these Wall Street criminals and their govt enablers. If the Dem's played typical political hardball here, and framed the issue as I suggest above, separating themselves form the Repub's, then it would be a no brainer that come Nov. the Dem's would win in a landslide. The question, however, is why are they holding back? Why aren't they skull ****ing these dip****s for everything they're worth? The American people would cheer violently for these buttholes to get dressed down and good. It's the political opportunity of a lifetime, and yet, for the most part, the Dem's are going through the motions, almost purposefully deciding no to seize the moment. It's almost suicidal. Why? Perhaps I'm asking the question too early. Perhaps as the angry calls continue to flood the switchboards the Dem's, and some Repub's, will capitulate to the masses, and start placing blame where blame belongs. In short, I'm not so sure this is going to be the slam dunk, even lay up, everyone thinks it will be. Paulson said if he didn't get the "clean bill" he was asking for then it really wasn't going to work. Do you honestly think either party is going to allow him a half hearted bill that won't work like Paulson claims, thereby giving him cover when it doesn't work? No way. Thus the only thing I see happening, short of no bill at all, Is a dramatically enlarged bill that benefits J6P as much as the pigmen. Anything else would be political suicide. 2008-09-24 08:24:30
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Micronin127 Posts: 493 Incept: 2008-01-21
Swampscott, MA
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"Holding to maturity" = "Holding the bag"
2008-09-24 09:07:59
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Tesla Posts: 7276 Incept: 2008-04-03
Delaware
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Wisc- the answer to your question of why the Dems aren't raising hell and saying no is because the Dems are owned by Wall Street. Hell, Wall Street is run by Dems. They are just supporting their own, and Wall Street makes BIG campaign contributions. This is not a partisan jab, it's the simple truth. Go look and see who the individual CEOs, not the companies but the individuals, give campaign contributions to. Who's the Dem governor of NJ - a former GS CEO. McCain is a moderate Dem, even tho he chooses to retain an R behind his name. Dems need to be reminded that their OTHER constituency is not on Wall Street. ---------- "Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." Samuel Adams I'd rather die on my feet than live on my knees. - Emiliano Zapata 2008-09-24 09:45:03
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Themortgagedude Posts: 3343 Incept: 2007-12-17
saint louis
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Superportal, Couldn't have said it better myself. How do you like my new signature line? I think I'll keep it on till this gets voted down. ---------- Since September it's just gotten colder and colder. There's less daylight now, I've noticed too. This can only mean one thing - the sun is going out. In a few more months the Earth will be a dark and lifeless ball of ice. 2008-09-24 10:21:55
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Shasta Posts: 11 Incept: 2008-09-24
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Hey. Been a fan for months but this my 1st post. I'm curious what would be the effect of heaving the totality of the 60 trillion plus CDS market, which everyone knows is the grandest speculative casino ever devised, out into the bright light of scrutiny on an open exchange. Wouldn't this just precipitate a mass detonation of this market leaving a crater in the global economy the size of the moon? Back in '02 Buffett famously said these instruments were financial weapons of mass destruction. If you accept this premise (obvious now isn't it) then what is it now? Global weapons of mutually assured destruction? 2008-09-24 11:37:26
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Robertmc Posts: 33 Incept: 2008-09-24 Tallahassee, FL
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Mike Morgan has an interesting take on the Buffet story- http://realestateandhousing2.blogspot.co.... I think what ought to be done at this point is what Sweden did when they went through the same thing. There's an article at the NY Times today on it- http://dealbook.blogs.nytimes.com/2008/0.... ---------- Most Important Video Ever http://www.youtube.com/watch?v=F-QA2rkpB.... 2008-09-24 11:49:52
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Martin Posts: 676 Incept: 2008-01-23
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Another part of the fix should involve limiting CDSs. Now they are bought and sold on the outcome of loans by otherwise disinterested, uninvolved side parties. It is gambling. It is like making side bets ringside to a boxing match. Only the match is between a creditor and a debtor. CDSs should be called insurance and handled, regulated accordingly. Only let parties that depend on the paying of the debt (the creditor, maybe people that depend on the creditor) to buy an insurance policy CDS on it. Only let companies sell CDSs based on how many they've already sold - as in there has to be a limit to how many a single company can sell in general and how many on a particular debt individually.
2008-09-24 12:10:23
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