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| User Info | Treasury, FDIC And More: How Many Lies? in forum [Ticker] | |||
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Genesis Posts: 71432 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1336-T....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-08-15 16:13:35
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Ooo Posts: 693 Incept: 2007-10-25 
Virginia
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The FED, Treasury, FDIC & Federal Government just dig themselves in deeper. The longer it goes on, the worse it will be.
2009-08-15 16:21:24
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Aja Posts: 2209 Incept: 2008-03-19
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That little old memo ("highly speculative") should be the big headline on all the papers and tv.
2009-08-15 16:34:17
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Clumsygardener Posts: 57 Incept: 2009-07-17
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Obama.gov will happily throw Bair under the bus for this one.
2009-08-15 17:09:09
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Sierraboy Posts: 1329 Incept: 2007-06-26 
San Diego, CA
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If FDIC takes a 40% loss (banks value at 100 and FDIC only gets 60), then haven't the banks over valued assets by 66%, not 40%? (Worth 60, valued at 60+40=100)
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2009-08-15 17:14:08 by sierraboy
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Froghat Posts: 213 Incept: 2009-01-28 Banned
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One day this is all gonna explode at once and the stock market will crash even worse than normal because of this phony rally based on nothing good. Should happen before the EOY also... The MSM is like 1 month behind Karl's tickers. The past week I've heard more people coming to the conclusion that the consumer is dead. Maybe an October crash?
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2009-08-15 17:27:24 by froghat
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Clumsygardener Posts: 57 Incept: 2009-07-17
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Autumn is going to be very interesting: http://cbs2chicago.com/local/Chicago.cit....
2009-08-15 21:53:04
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Frat Posts: 150 Incept: 2009-07-15 NKY
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Got ammo?
2009-08-15 22:02:13
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Icanhasbailout Posts: 2170 Incept: 2009-03-10
Imaginationland
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Good stuff... just an editorial comment, the bold text is not as effective an emphasis when so much of the text highlighted that way.
---------- I can has TARP? http://icanhastarp.com
2009-08-15 22:13:06
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Rwhittle Posts: 19 Incept: 2009-07-21
Melbourne Australia
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I was going to mention the 67% point too. I agree entirely with Froghat. I can't see any reason to believe Karl is wrong about all this. I find it hard to imagine things getting more and more critical at the current rate without a full-scale train-wreck happening in the USA around the end of the year. I can't help but think of the whole US banking system and government being like Warner Brothers' Coyote - well out beyond the edge of the cliff, temporarily maintaining altitude in defiance of gravity, but with a growing realisation that this can't go on much longer. In Bugs Bunny, the unfortunate consequences of gravity are held in abeyance until the subject's consciousness of their predicament grows beyond a certain threshold. The same principle seems to hold in economics, since so much depends, in the short term, on how people feel. The insane US stock market prices (with follow-on effects in other countries) will plummet out of sight like the unfortunate Coyote once awareness reaches some threshold where CNBC, the government etc. (Team Denial) can no longer ignore The Obvious. I would like to be able to say something positive about the Obama administration's handling of this crisis but I can't. I fear that all the potential progress Barak Obama could bring, not least in health care, will not occur and will be dwarfed by the enormity of the economic disaster which is surely coming. I think the Captain has many fine qualities and was poised to make progress on some very difficult problems - but none of that will matter after everyone knows he steered the ship onto the rocks, despite increasingly desperate warnings from the passengers and crew. I think our situation in Australia is not so critical. The banks are not so involved in bad assets - due to a mix of luck and better regulation. "Better" means merely better than in the USA, which has been scandalously deficient with the demise of Glass-Steagall and now the collusion of the government, regulators and much of media with the banks in their gravity-defying accounting fiction. AFAIK, the Australian government is not inventing so much money per capita with keystrokes as the USA government - though every adult who filed a tax return last year got a $900 cheque from the government earlier this year. Our economy has benefited from the Chinese stimulus since we are selling them shiploads of coal and iron ore - but that can't go on forever. Thanks Karl for your all your analysis. This crisis is too serious to present in a detached manner and I think your gutsy writing and speaking style is entirely appropriate. In four months of reading almost every Ticker, I noticed 2 or 3 very minor typos and this one arithmetic error. I don't know how you keep it up. - Robin
2009-08-15 22:17:19
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Nuke_engineer Posts: 774 Incept: 2007-08-19
NC
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The big question I have is who scratched it out from the presentation. Who is "M"? There were some additional interesting edits in previous pages of the presentation that was appended at the end of the document. ---------- HAL, All trespassers and pigmen vampires must be shot. Survivors will be shot again. I need to buy more ammunition! Scotty, Beam Me Up to the Land of Glass-Stegall!
2009-08-15 22:37:03
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Lucky Posts: 345 Incept: 2009-02-07
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"BLUNTLY, THIS MEANS THAT THE BANKS ARE "VALUING" THESE ASSETS A FULL FORTY PERCENT ABOVE THE MARKET - A MASSIVE LIE THAT IS UNCOVERED WHEN CASH-FLOW FAILURES ULTIMATELY FORCE SEIZURE." The only way they will be able to continue such frauds is to turn all accounting standards on their heads. These frauds were not in the nation's best interest (!), they were engaged in to profit 'faceless' individuals at our expense. Treasury secretaries, OTS and OCC conspiring to defraud the American taxpayers: it doesn't get any more desperate than that! "Yes, the FDIC is required to follow the "least cost resolution" process, but what's being left out is that the FDIC (along with OTS and OCC) are also required to follow "Prompt Corrective Action" which serves as a means of preventing losses from happening in the first place." These three organizations and the people comprising them are CLEARLY the tools of the conspirators. They need to be sterilized. They have repudiated their obligations. "Instead, the FDIC, OTS and OCC ... pressured FASB to allow intentional and systematic "model-based" valuations to be re-instated earlier this year instead of insisting on the use of market prices and recognition that bad loans are in fact bad!" The smaller, regional banks will be taking the hit: where are their voices? "... lies that continue to this very day, are pernicious, ..." Turning accounting standards on their heads, into something arbitrary, won't cause problems down the line? Ha! The Rise of Scandal Capitalism A Deficient Capitalism ---------- Now it appears the 'goal' is no longer to defeat communism. The goal now appears to rabidly loot, and has entered a new desperate phase where the utilization of slave labor for mercantilist gain has extended to bankruptcy for profit, and the stealing of the meager savings of the slaves themselves.
2009-08-16 00:46:17
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Icanhasbailout Posts: 2170 Incept: 2009-03-10
Imaginationland
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On the topic of the FASB... looks like they are backtracking: http://www.americanbanker.com/issues/174.... ---------- I can has TARP? http://icanhastarp.com
2009-08-16 00:48:33
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Lucky Posts: 345 Incept: 2009-02-07
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http://www.americanbanker.com/issues/174.... "The desire to redraw the rules on valuations predates the financial crisis ..." Possibly, so? ---------- Now it appears the 'goal' is no longer to defeat communism. The goal now appears to rabidly loot, and has entered a new desperate phase where the utilization of slave labor for mercantilist gain has extended to bankruptcy for profit, and the stealing of the meager savings of the slaves themselves.
2009-08-16 01:22:10
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Jinroh Posts: 647 Incept: 2009-05-05 Room 101
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Lucky,I prefer Naomi's label : "The Rise of Disaster Capitalism" As usual,great ticker ! ---------- Constitution Class taught by Michael Badnarik : http://www.archive.org/details/Michael_Badnarik I say we take off and nuke the entire site from orbit. It's the only way to be sure.
2009-08-16 01:50:27
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Lucky Posts: 345 Incept: 2009-02-07
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"Lucky,I prefer Naomi's label : "The Rise of Disaster Capitalism"" Jinroh Perfectly complementary titles. I'm just beginning to read Naomi's book. I had chosen to pass on reading it before, but ... Devil's in the details. Disaster Capitalism = The Quiet Coup, real version ---------- Now it appears the 'goal' is no longer to defeat communism. The goal now appears to rabidly loot, and has entered a new desperate phase where the utilization of slave labor for mercantilist gain has extended to bankruptcy for profit, and the stealing of the meager savings of the slaves themselves.
2009-08-16 09:18:32
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Coaster Posts: 193 Incept: 2008-07-25 Maine
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Quote:The big question I have is who scratched it out from the presentation. Who is "M"? My question as well. Great Ticker, Karl, as usual. Given how manipulated the market -- 'scuse me, the Goldman Sachs equity desk -- is, I've stopped expecting a true market crash unless and until someone wants it to crash. Today's market stopped reflecting any true economic reality many, many months ago.
2009-08-16 10:04:07
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Truthseeker Posts: 2016 Incept: 2007-10-07
NW US
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Outstanding effort today, Karl. Keep the high-beams focused on 'em. The record you're creating here is going to be very useful. And for the record, I LIKE the emphases. If you're NOT ****ed off about this stuff, you're simply not paying attention! ---------- "The real leech****s are not the welfare people, but the paper shufflers in privileged positions who are skimming the money flows." " ~ Bozonian
2009-08-16 10:05:09
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Lucky Posts: 345 Incept: 2009-02-07
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"OTS does not receive appropriations from the U.S. Congress to fund its operations; instead, the entire budget of the agency is paid by assessments on the institutions it regulates. On June 17, 2009 President Obama announced that he would be asking Congress to merge the Office of Thrift Supervision into the Office of the Comptroller of the Currency, which regulates the largest banks. The OTS was established by Congress as a bureau of the Department of the Treasury on August 9, 1989 as part of the Financial Institutions Reform, Recovery and Enforcement Act of 1989." Wikipedia No wonder OTS had been subverted: they were primed to view its regulation as a tax beginning in 1989. Decoded jargon: the conspirators view regulation as a tax. "The successor to the Federal Home Loan Bank Board, the OTS was formed in the wake of the savings-and-loan debacle of the 1980s ..." http://www.hoovers.com/ots/--ID__139354-.... S&L: "The ultimate cost of the crisis is estimated to have totaled around $160.1 billion, about $124.6 billion of which was directly paid for by the U.S. government—that is, the U.S. taxpayer, either directly or through charges on their savings and loan accounts ..." The S&L crisis reads like a prophesy of the current crisis: http://en.wikipedia.org/wiki/Savings_and.... *gaming the system for some time* http://www.ots.treas.gov/?p=FreedomOfInf.... ---------- Now it appears the 'goal' is no longer to defeat communism. The goal now appears to rabidly loot, and has entered a new desperate phase where the utilization of slave labor for mercantilist gain has extended to bankruptcy for profit, and the stealing of the meager savings of the slaves themselves.
2009-08-16 10:18:28
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Lucky Posts: 345 Incept: 2009-02-07
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The Office of the Comptroller of the Currency ... "... is the agency responsible for investigating and prosecuting acts of misconduct committed by institution-affiliated parties of national banks, including officers, directors, employees, agents and independent contractors (including appraisers, attorneys and accountants)." http://en.wikipedia.org/wiki/Office_of_t.... Where are the cops, Karl? You need look no further than OCC, usually. "It receives no Congressional appropriations, but rather receives most of its funding from national banks, which pay for their examinations." http://www.hoovers.com/occ/--ID__141560-.... More regulation as tax. "The Bank Secrecy Act (BSA), 31 CFR 103 establishes program, recordkeeping and reporting requirements for national banks, federal branches and agencies of foreign banks. The OCC's implementing regulations are found at 12 CFR 21.11 and 12 CFR 21.21. The BSA was amended to incorporate the provisions of the USA PATRIOT Act which requires every bank to adopt a customer identification program as part of its BSA compliance program." http://www.occ.treas.gov/BSA/BSAmain.htm Appears to be time to instate an OCC Employee Identification Program, with a listing of qualifications for each. Paraphrasing Abe Lincoln's "Gettysburg Address", we now have a "government of the banks, by the banks and for the banks". Funny he should say that, OCC being initiated to help fund the Civil War. http://www.occ.treas.gov/foia/foia.htm ---------- Now it appears the 'goal' is no longer to defeat communism. The goal now appears to rabidly loot, and has entered a new desperate phase where the utilization of slave labor for mercantilist gain has extended to bankruptcy for profit, and the stealing of the meager savings of the slaves themselves. Last modified:
2009-08-16 12:26:08 by lucky
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Lucky Posts: 345 Incept: 2009-02-07
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Here's what the FDIC is capable of: "With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data. The FDIC then sold a big chunk of the loans to another bank. That loan pool was afflicted by the same problems for which regulators have faulted the industry: lending to unqualified borrowers, inflated appraisals and poor verification of borrowers' incomes, according to a written report from a government-hired expert. The report said that many of the loans never should have been made in the first place. In a recent court filing, the FDIC estimated that about 1,500 of the 5,315 loans it sold to Beal either have defaulted or are nonperforming." http://online.wsj.com/article/SB12164129.... You don't suppose the FDIC is doing essentially the same thing right now, do you? Ask the Texas State Auditor: http://tickerforum.org/cgi-ticker/akcs-w.... "FDIC regional counsel Stephen Zachary told Keel in April that the agency did not find "just cause justifying disclosure"." "According to the Banking Department, the number of "problem" state-chartered banks is expected to more than double between January 2009 and August 2010, going from 24 to 54." bank runs, and 54 problem banks "... part of the ongoing OTS/OCC conspiracy." ---------- Now it appears the 'goal' is no longer to defeat communism. The goal now appears to rabidly loot, and has entered a new desperate phase where the utilization of slave labor for mercantilist gain has extended to bankruptcy for profit, and the stealing of the meager savings of the slaves themselves.
2009-08-16 12:07:56
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Schwantz Posts: 5077 Incept: 2007-11-12
Monkey Do
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Quote:Lucky,I prefer Naomi's label : "The Rise of Disaster Capitalism" Naomi doesn't really believe in capitalism period. Me? I believe in fighting for capitalism to be freed from the grip of a select group who have seized control over the 'means of infinite leverage' across the planet. I believe in fighting for the democratization of capitalism through continued expansion of 'free' access to pricing networks/markets (i.e. 'free-markets' but in a globalized digital age). Why is it a fight? Because of the things that Naomi describes, yet she isn't anywhere close to being radical enough in her thinking for this particular era, IMO. She's a good journalist in many ways, with lots of snazzy catch-lines, but I find her boring really on a conceptual level. She describes things that are already self-evident to anyone who thinks about it, and doesn't go anywhere with her 'arguments'. At core she would just support a sort of European social democratic model for the economy - to me that's a thoroughly uninteresting idea. She didn't invent the term 'disaster capitalism' either by the way...but she's now named as the one who did. Good on her for selling books though I guess...it's enough of a start for people to even try to read stuff like this. ---------- Dives sum, si non reddo eis quibus debeo Smash the Keynesian idiocracy!
2009-08-16 12:14:46
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Patm15 Posts: 156 Incept: 2009-02-23
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Just curious Karl "Today, Treasury appears able to borrow as much money from China, Japan and Saudi Arabia" as it wants. Why is BB buying treasuries if this is the case? Maybe I am misunderstanding something here. Last modified:
2009-08-16 13:14:49 by patm15
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Gates Posts: 2093 Incept: 2008-01-29
Scottsdale
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Oops - didnt mean to answer for Karl response deleted. ---------- "Ein Ende mitt Schreck ist besser als ein Schreck ohne Ende." - Hans-Wilhelm Voeller Last modified:
2009-08-16 14:25:58 by gates
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Jinroh Posts: 647 Incept: 2009-05-05 Room 101
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When I asked her that question at a book signing (for,or against),she said: "I am not against Capitalism,but we don't have that,we have corporatism,and cronyism" Schwantz,whats 'self evident' to people on here,and places like ZeroHedge,Dr Housingbubble,and a dozen other blogs,is a foreign language to most people on the street. ---------- Constitution Class taught by Michael Badnarik : http://www.archive.org/details/Michael_Badnarik I say we take off and nuke the entire site from orbit. It's the only way to be sure. Last modified:
2009-08-16 14:33:17 by jinroh
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