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What Obama Needs to Know about Tim Geithner, the AIG Fiasco and Citigroup

DollarTalk,

I beg to differ with you regarding your implication that perception, influenced by the media and the election, is responsible for market volitility and the deep pessimism that abounds.

My God, CNBC and Bloomberg (to a lesser degree) have been painting a rosy picture of the market since the highs of last year. The likes of the flag waving Larry Kudlow who has incessantly promoted the "Goldilocks theory of economics" have greatly contributed to the damage. It has only been recently that the talkingheads have finally acknowledged the seriousiousness of our financial problems.

I'm sorry, but no amount of optimism will overcome the dire straits we are in. Optimism in the face of adversity is noble; optimism in the face of calamity his foolhardy.



On Nov 27 02:00 AM DollarTalk wrote:

> I am very thankful for the blessings that I have in my life. Now,
> regarding the market, the power of optimism never ceases to amaze
> me. In fact, we are missing a very large component of our view on
> the market and the economy in larger view when we discount the role
> of perception. Most of this market volatility was brought on by increased
> uncertainty and the perception that our credit crisis and financial
> difficulties were beyond our ability to solve as a free market. This,
> of course, was exacerbated by the media and capitalized on by the
> media in order to accomplish the election of now President-elect
> Obama. Now, the media has their man and would do well to continue
> to promote positive, uplifting views on the future direction of the
> economy and the solutions and people proposed by President-elect
> Obama. Otherwise, they will find themselves in the company of the
> Republican party when the public develops a pessimistic or negative
> perception of the new President and his leadership team. That's all
> for now. More on my blog.

What Obama Needs to Know about Tim Geithner, the AIG Fiasco and Citigroup

Those who support bailing out AIG and the rest of the pigs just don't get it. The problem is so big and the resources so inadequate that it's like pissing on a forest fire. The financial system is going to implode from the sheer weight of the Ponzi pyramid. The relevent question is not how we're going to save the system; it's why would we squander our children's and grandchildren's future with this wasteful exercise in futility.

What Obama Needs to Know about Tim Geithner, the AIG Fiasco and Citigroup

The absurdity of the bailouts is that the very people who are directly or indirectly responsible for the CDS Ponzi scheme, as well as those politicians entrusted to be our watchdogs, are the ones trying to solve the crisis.

Common sense tells us that we are paying for a very expensive "Hail Mary" pass to save the reputations of the incompetent political hacks as well as the pocketbooks of the Wall Street crooks that robbed us in the first place.

It's obvious this will not work and they are just buying time at our expense. Unfortunately, where there is so much money involved, there will be more fraud and there will be those who will handsomely profit from our misfortune

Cramer's Mad Money - AIG, Show Me the Money (11/20/08)

Yeah Cramer, show me the money.

Unlike many of us who opposed the bailouts, you were at the forefront screaming the loudest for them, crying that the world would end without them. Now you're complaining that the money has disappeared.

You jerk, you should have sounded the alarm before the money was given away!

Time to Dismantle the 'Corporatocracy'?

DJT says:

"Now, I’m no math genius, but when you have a subset of the economy growing much faster than the economy, it points to a super-concentration of risk. Especially when the system is so inter-connected, perhaps the issue is that some companies became too big, ya think? "

Yup, I agree that some companies have become too big, however; you've left out the most important thing: accounting fraud. With size comes the ability to obfuscate and mislead through complex and fraudulent accounting procedures.

The Bailout to End All Bailouts

Lonie:

".......clubs and torches" Hmmm.....I think I like that.

The Bailout to End All Bailouts

The bailout plan is like beating a dead horse. This nag ain't going to get up and run. The idea of a new RTC is like letting the rich pick at the carcase at pennies on the dollar.

It's only forestalling the inevitable collapse of an economic system of the privileged, for the privileged and by the privileged with the complicity of a corrupt two party political system.


NO BAILOUTS!


The government wants to pony up $700B to save the very crooks that robbed us in the first place! This is the dumbest thing I've ever seen. If we are so stupid not to see this, we deserve to get hosed again.

It's time to bite the bullet, let the system fail and washout all the criminals and crooked politicians.

The U.S. on the Precipice

Chris B,

You are absolutely correct; our government is a reflection of our intellect. It is also a manifestation of our thinking, of our desires and of our ethics and morality. We have no one to blame but ourselves because we, as a group, have created the government and therefore we deserve everything we get.

The U.S. on the Precipice

Jimbo:

There's no difference between a Republican and a Democrat. They both spend what's not their's and they both enrich their friends in high places. The "two party" system is the all time great con game. Americans have swallowed it hook, line and sinker. Now we are choking on it.

Corporate Fraud + Government Intervention = Bailout Nation

Great article!

SUB-SLIME well describes the loan originators, mortgage companies, brokers, bankers, rating agencies and everyone involved, including the politicians, the Fed and Treasury.

It's too bad that the Justice Department doesn't show any interest. It will take a public outcry to get to the bottom of all this.

Credit Crisis Review: ARMed for Failure

Brian Croner:

"Who cares if things go to shit? There is no social mobility in the US. So what's wrong with "crooks" giving a half-assed attempt to get rich? Decorate it however you want."

What's wrong with it? It's dishonest. Many of today's problems can be attributed to dishonesty. Ambivalence allows the environment in which dishonesty flourishes.

Credit Crisis Review: ARMed for Failure

Ishortyou:

Yup, these criminals knew exactly what they were doing; however, you left out the rating agencies. These schemes could not have worked without the the guys who rated these packaged sub-prime mortgages as Triple-A. There had to be a concerted effort to disguise and misrepresent these bogus "securities" in order sluff off this garbage to investors. It's real simple; nobody in their right mind would have bought this stuff unless they were fooled!

My question is why aren't we going after everyone involved from the loan originators, mortgage companies, bankers, rating agencies and others that were materially involved in this fraud? These crooks are slipping under the radar as all of our attention is on mitigating the problems caused by these scumbags rather than prosecuting them. I just don't understand.