Save The Banks
By Nicole Belle Tuesday Mar 18, 2008 7:20pm
Courtesy of the genius behind The Daily Show and Shoot the Messenger, Lizz Winstead, we give you one of those late night commercials that might even tug on the heartstrings of Ben Bernanke and Alan Greenspan.
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Jim Rogers: FED is using taxpayers money to buy BS
http://www.youtube.com/watch?v=wXUU_lyb0Lc&eurl=http://www.infowars.com/...
Nicole,
I realize you have presented another topic.
But think you should keep hammering away about Tibet.
The Chinese government is especially vulnerable to outside criticism. The government there is afraid it will feed local revolts.
More about Tibet, please. More and more.
Why is it that all these right-wingers who hate the government and welfare so much suddenly seem to have had a change of heart? A change of shriveled, blackened heart, of course, and only in limited circumstances such as protecting what's left of their soon-to-be-devalued, lost-half-their-value-over-the-past-seven-years assets rather than preventing working families from homelessness and children from malnourishment, but a change of heart nonetheless. Now the idea of gubmint welfare checks seems just peachy.
In related business news, Fed Lowers Interest Rate, Due to Bush’s Lowered ‘Interest Rate’
excellent vid. just right.
Don Davis @ 4:
Its out of control. And the Feds know it.
and will bush/cheney and that fuckhead who just gave bear stearns
the taxpayers tax money, go to jail for this fiasco once it is
proven to be criminal handling of the funds by the brokers?
The next time some slack-jawed yokel tries to complain to you about his taxes going to lazy bums on welfare, reply calmly "Like banks ?" .
VietVet (comment #2)
China's response has already been the rather obvious single word: "Iraq". They could also add "Viet Nam" if they really cared to. Whether or not you support it, your country started and continues to carry out this illegal war and occupation of both Iraq and Afghanistan (does anyone even remember Afghanistan, the Soviet Union's Viet Nam?), and the government appears to be set in further expanding the war to yet another sovereign country.
iraqhusseinconcilable @ 8:
There you go. You nailed it.
In the category of FWIW: Financial people (stock brokers who lean Dem, financial planners who are socially liberal) tell me they're going to vote for McCain.
Not because they like him.
But because they fear the Dem nominee will advocate policies adverse to the stock market.
Comes to me as a surprise. These people aren't Neanderthals. They believe in evolution and choice.
ReallyEvilCanine @ 9:
I don't defend my country's actions in Iraq.
ReallyEvilCanine @ 3:
how heartless of you, these poor souls will have to downgrade from their
masaratis to a lexus. have you no shame? lol lol lol
What policies could be more adverse that the ones that obviously brought us to the brink of the second Great Depression? There are a lot more poor folks than rich folks, and the rich ones don't know how to live broke. The rest of us have been living that way for decades.
Worth your timely consideration: An Open Letter to John McCain vis-a-vis his Special Relationship with Rev. Rod Parsley as "Spiritual Advisor."
Asking McCain to Please Explain this relationship in the context of Rev. Parsley's bigotry and xenophobia.
if it makes you guys feel better, Cayne's billion dollars was reduced to 15 million dollars after the collapse of bear stearns.
Craven Morehead @ 16:
“Sucker rallies”, like yesterday's 400 point surge on Wall Street just obfuscate the systemic problems that need to be addressed before investor confidence is restored.
“Lehman Brothers Holdings Inc. reported a 57% drop in fiscal first-quarter net income amid weakness in its fixed-income business, though results topped analysts' expectations.” (Wall Street Journal)
“Goldman Sachs Group Inc.'s fiscal first-quarter net income dropped 53% on $2 billion in losses on residential mortgages, credit products and investments ...The biggest Wall Street investment bank by market value reported net income of $1.51 billion, or $3.23 a share, for the quarter ended Feb. 29, compared to $3.2 billion, or $6.67 a share, a year earlier....Results included $1 billion in losses on residential mortgage loans and securities, and nearly $1 billion in losses on credit products and investment losses ...” (Wall Street Journal)
Lets stock up on canned goods and wait for the collapse. This shell game is about to go belly up. I hope it takes the greedy investment bankers with it!
P.D. @ 19:
We're seriously considering it. By Sept the dollar will probably be worthless.
Step two in the neocon's socialist plan to nationalize the US financial system for the plebes.
And we thought they were all hard nosed trickle down capitalists, not at all, they are pinko commies on the quiet.
Just like the Iraq 'war' which was step one in their plan to destroy the US overseas empire.
Bushco and the Republicans were suckered big time by the neocons.
you gotta laugh.
L.A. Confidential @ 20:
wonder what the USD exchange rate to the Monopoly $ will be !
LA, Hopefully by September, the voters will wake up and vote every Incumbent out of office. We must stop the madness.
ferrofluid @ 22:
Food and Gas Stamps probably for most people.
P.D. @ 23:
I hope they wake up fast.
LA, Food stamps? But isn't that (gasp) welfare? I'm sure our rightous Republican brethren would disapprove.
It is my understanding that part of what caused the Great Depression (if not the major factor) was the unwillingness to bail out the banks when the shit hit the fan. Right now, this minute, i strongly feel all the banks might have gone under without this bail out. The fact of the matter is they may all collapse anyway. I realize that the executives took their huge bonuses on the way out the door. I realize that the FED printing more money is going to create high inflation.
All of this was caused by one thing: Preditory Lending Practices. The conservative congress decided to put greed in front of our country.
I don't know what will happen next, but it does not look good.
I don't like the bail outs, but i like 100 million unemployed and homeless Americans even less.
VietVet8666 @ 11:
just look at the DOW from March 03 onwards, war was very very good for the stock market, an old lesson relearned by the next gen.
Even if the banks collapse and it may bring down many greedy men, the affects on the middle class and working poor will be enormous. The best thing to do is inform people, but they probably will be watching American Idol.
P.D. @ 29:
What are they going to do even if they know?
P.D. @ 29:
The Roaring Twenties
xoites, I really don't know. But stock up. I hate to be pessimistic, but what the Hell.
LA, I'm looking foward to the Dust Bowl! Good times for all!
xoites Hussein defends Constitution @ 30:
http://tinyurl.com/3dpwdp
xoites Hussein defends Constitution @ 27:
I dont think it was bailing out (or not) banks (1929 1930) per se that was the problem,
it was the worthless nature of the junk bonds, that somebody suddenly realized were worthless.
when a bubble system breaks it has to break 100% then a new financial system can be born.
One big advantage we have now over then is computers and more central control, the crash will be nasty but not as nasty as 1929.
The Fed and its Gov, Fed, banks, clients and co-conspirators are hoping to delay the nasty day past 09, or delay in the vain hope the system will self repair.
P.D. @ 32:
So many people are living from paycheck to paycheck that stocking up probably is not practical.
This is what happens when the vast majority of the people become non participatory citizens. They get blindsided because they chose to be blind.
P.D. @ 33:
Should be interesting.
L.A. Confidential @ 34:
This time i agree with you.
ferrofluid @ 35, I hope you're right. But knowing this adminsrtation, I hope to be prepared for anything!
xoites Hussein defends Constitution @ 38:
Or this
http://tinyurl.com/3cogl3
Corporate welfare begins with each of us.
P.D. @ 39:
there was some doc on history channel or similar, and it said "the people working for the gov or in good jobs didnt notice the 1929 depression"
slight exaggeration of course, but true enough in the vein of only two vacations this year compared to three last year.
L.A. Confidential @ 40:
Hi Ho Ho Ho, It's to Iran We Go
P.D. @ 33:
You know the true nature of what the 'dust bowl' really was ?
What about all the amazing construction done during the Depression by the Civilian Conservation Corps, the Works Progress Administration -- I have spoken with people who worked in canning collectives and weaving collectives (ever seen a classic chenille bedspread?) and even pecan-shelling cooperatives. This was how the deep South fought the Great Depression. If we stopped making war overseas and used these proven models, we could fight it together.
L.A. Confidential @ 43:
ah the hiho song (yahoo chatrooms), good times :)
kablooie @ 45:
WW2 was what got us out of the depression.
kablooie @ 45:
USA 5% of the world's population and greater than 50% of the armaments spending,
doesnt that suggest we are spending 10 times too much on weapons as we should be !
Either that or its a pseudo world empire which is a smokescreen for milking the US taxpayer for the MICs shareholders benefit.
ferrofluid, didn't mean to piss you off with the dust bowl comment. Sometimes I use bad humor to cover my hopelessness. Me bad.
If the business of America is business, and green technologies, sustainable agriculture, regional production, and cooperative business can turn this economy around, all we have to do is what American culture has done before: create the circular economy around the new paradigm, the current one necessitated by insurmountable transportation costs. Otherwise, all those interviews I conducted (for a daily paper) with 80-111 year old American survivors don't mean a thing. But I swear the elderly people of Arkansas told me what it took to survive then, they fed each other -- and they were stronger for it. They would say "Depression was all the time in Arkansas."
I dont think it was bailing out (or not) banks (1929 1930) per se that was the problem,
it was the worthless nature of the junk bonds, that somebody suddenly realized were worthless.
when a bubble system breaks it has to break 100% then a new financial system can be born.
One big advantage we have now over then is computers and more central control, the crash will be nasty but not as nasty as 1929.
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I don't think anyone should assume what the severity of what is coming, will be. It could be less severe, but a 500 trillion dollar notional value derivatives bubble was created.
More central control did not prevent stock, housing, derivative and credit bubbles. It is an illusion to believe that it will undoubtedly prevent something as nasty as 1929.
P.D. @ 33:
On my moms side they where small farmers in Lubbock TX in the 30's , you are looking forward to this . This has to be a misquote .
Sorry we were talking about saving the banks , hell yes give the money lenders everything .
I know I am low down on the comment list and I know this is off topic. I hope that you still read this, but I have to agree with poster #2. China is vulnerable to outside criticism and I think you have a great space, a great prominence to highlight a topic that is a bit outside of your general domestic political sphere. I do not ask you to highlight this for any reason other than that China is on the cusp of becoming a truly great and good world power, we have an opportunity to shape that in a positive way by highlighting what they do that is unacceptable just is as unacceptable as what our country has done (torture is one example).
If, by some miracle, we can turn this around I give America three years before everyone returns to the great American paradigm.
Americans have in large numbers always spent money they don't have to buy crap they don't even want to impress people they don't even like.
Until this behaviour is corrected, we will contiually go through these cycles.
Jim Rogers tells it like it is. Bernanke bailout isn't going to help at all.
P.D. @ 19:
Even if you don't expect a collapse, with the interest on savings lower than the rate of inflation, it's financially smarter to stock up on goods than to save dollars.
VietVet8666 @ 11:
That actually makes no sense. Historically, the stock market under Democratic administrations has outperformed the merket under Republican administrations.
Is it just me or does anyone else want to Kick Joe Scarborough in the nuts on this topic. He practically yells about it every time it comes up and and insists that the entire problem is the result of irresonsible borrowers who took loans they knew they couldn't pay back. So where is the responsibility of the lenders who made the loans they knew were subject to a significant risk of default? Why are they not at all at fault for treating home loans like $500 limit credit cards? Would Joe Scar lend money to someone he didn't know on a wing and a prayer and not ask for proof that it could be paid back? Shouldn't the people with the initial at risk asset, and the knowledge to protect it bear the lion's share of responsibility for this mess? Yet we swoop in to protect them and let John and Jean Q. lose their homes. Why is there such a disconnect with the Repubs? If you step in to ameliorate the losses on Main Street, you end preserving the value of the investment on Wall Street (i.e. the secondary market investment in all those bundled up and resold home loans) and you do it without sacrificing taxpayer money, retain more consumer confidence in the market, shore up liquidity etc. all without having to infuse more capital.
What a bunch of morally bankrupt dickheads.
Hilarious!!
Re: Tibet. The USA has no right to point fingers at anyone-- not no more. It's terrible, yes, but let others (with credibility) do it.
[[[49 P.D. Says: ...Me bad.]]]
==>>Me bad, too, sometimes. It's 2008 and we're worn out from 8 years of crap.
Is it just me or does anyone else want to Kick Joe Scarborough in the nuts on this topic. He practically yells about it every time it comes up and and insists that the entire problem is the result of irresonsible borrowers who took loans they knew they couldn’t pay back.
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The banks are the ones who dropped the standard to zero.
Alan Greenspan resisted tightening up the lending standards even as far back as 2000, before they went to zero.
While the standard was at zero, Greenspan PRAISED zero lending standards as providing people who could not otherwise afford a home to be able to do so. He said that in 2005, at the top of the bubble.
The blame goes right up to the Chaiman of the Federal Reserve, Alan Greenspan. The bubble would not have occured without the complicity of Greenspan and the standard being set to zero by the lenders.
Borrowers did not create no doc loans, lenders did. The lenders invited people to lie about their income. The lenders just wanted Cha-ching. The loan would be sold off to someone else, dumping them with the risk. The lenders abrogated their responsibility.
As long as the prices were going up, none of this mattered. Someone could lie about their income and sell the property for a profit before they would have gotten in trouble. Everybody made money. But what goes up, also comes down. That is when the trouble begins. One can blame some of the borrowers, but the banks lended the money knowing it could never be repaid after teh market turned. The banks gave out the impression that the market would just keep going up. They never warned anyone about the eventual realities.
Scarborough is yelling at the wrong person. He is basicly aiding and abetting Alan Greenspan- who willfully and deliberately created a housing bubble.
In the category of FWIW: Financial people (stock brokers who lean Dem, financial planners who are socially liberal) tell me they’re going to vote for McCain.
Not because they like him.
But because they fear the Dem nominee will advocate policies adverse to the stock market.
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What is happening to the stock market right now? Policies that allowed a zero lending standard, are not hurting the stock market?
A Secular Bear Market began in 2000. Secular Bear Markets tend to run around 15 years. The last, 1966 to 1982, lasted 16 years.
Ha Ha! You go Lizz. What do we have to do to get this on CNN?
They should have gotten Sally Struthers to do this, standing on Wall St. crying ...
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