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« Bailout News: Gasparino Says 'Bad Bank Plan Hits Snag' | Main | Bailout News : Meredith Whitney Says Taxpayer Bad Bank Won't Work »

Bailout News: Behold your new leader Sheila Bair

This is Sheila Bair and she is not shy about her ambitions.  As the outspoken head of the FDIC, she has become the most powerful banking regulator in Washington, and she wants to be your bad bank ceo.  Bloomberg and others are reporting that she is likely to emerge from the regulatory dungheap as the victor in the shit sweepstakes.

Burdening taxpayers and their children with $5 trillion of bad assets is both stupid and immoral.  And perhaps illegal.  But Obama and Geithner's determination means its inevitable.  One request: be the buyer of last resort and do not bid above market for a single securitized slug.

Inside we'll do a round-up on Bair including some background pieces.  Also we'll take a look at more reaction to the stimulus.  Our intial knee jerk was right, it's a taxpayer boondoggle that does little but add to our children's debt.  See the best analysis here.

An experiment this morning, I have 3 squirrels after the jump all on bailout news.  These are link aggregators that combine multiple URLs into just one link.  Here.  Click it and it will do something very nifty.  It's called sqworl.  It will open a screen with snapshots of all 10 stories plus short descriptions.  You can share the squirrel link package anywhere you want all over the net.  It's an amazing tool.

Here's the second squirrel link with the Bair stories plus a few things from David 'we are rome' Walker of the Peterson Foundation.  They are must reads for those who care about the cause.

Completed the final squirrel.  Among the three, are the 40 best bailout news related shtuff from the hundreds I read every day.  Some blog stuff that is great from clusterstock and naked capitalism.  More coming later from Mish and others.

Feel free to paste them or pass them wherever you wish.  Squirrels travel well.  It's a great technology and thanks to TechCrunch CEO Michael Arrington for the tip.

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Reader Comments (10)

You're long of criticism and short of insightful solution. I'm mean DailyBail, what's the most prudent course of action to resolve the crisis? I'm not asking for the usual "Kill them all and let God sort em' out" nonsense. I'd like to recieve a constructive response. I doubt that you have one.
Jan 30, 2009 at 5:01 PM | Unregistered CommenterOpinions are like assholes...
Well...." Opinionated A-hole"...Where is your solution? That's what I thought...You must not like the above photo of Bernanke in DRAG!
Jan 30, 2009 at 5:54 PM | Unregistered CommenterAin't Bullshittn'

first of all you started off on the wrong foot with your insults which i have since removed.

here's my response:

sieze the banks. put them into government receivership. then look at the assets honestly for the first time.
write them down dramatically. all of them. force the BONHOLDERS to take the hit(not the taxpayers). wipe theses bondholders out.

and then re-capitalize.

it's not very difficult.

pehaps even you can follow that.
Jan 30, 2009 at 6:48 PM | Registered CommenterDailyBail

here's what whitney tilson had to say


read it.
Jan 30, 2009 at 6:51 PM | Registered CommenterDailyBail

see this also from Dr. Zingales from U of Chicago


and here's a summary of Zingales thoughts from clusterstock. http://clusterstock.alleyinsider.com/2009/1/dear-tim-geithner-congratulations-now-dont-blow-it

see there are alternatives. now what say you?

or are you too confused to play?
Jan 30, 2009 at 6:57 PM | Registered CommenterDailyBail
Ain't BS'n –

The seriousness of the site’s focus deserves more than glib whining. The environment has no place for dogmatic ideologues. It's easy to be an arm-chair treasury secretary, central banker or CEO but it's much more difficult to be constructive.

We’re not apologists for Mr. Paulson, Mr. Bernanke or certainly any of the deferred compensation charlatans that are purchasing expensive bathroom accessories, transferring Florida real estate to their wives or simply walking away with the platinum parachutes while fiddling like Nero.

The invisible hand is at work and efficiency is demonstrating that a viable solution eludes us. After Congressional acquiescence, the TARP as originally intended was, in short order, and revised by authors. Over the last thirty trading days the market has rejected Son-of-Tarp. Bad Bank gained less traction than S.O.T. and will, we suspect, be rejected prior to the U.S. Monday news-cycle.

We are, like you, the market. We’ve rejected these proposed solutions. Globally, and we do mean GLOBALLY, the money-center banks have a yet un-quantified non-performing loan problem; MONEY CENTER not your local credit union. Truth; the financial architecture is inextricably interdependent. Unless you have purchased a LARGE tract of land in Wyoming, are self-sustainable and are self-defensible you’ll be adding negative value by complaining while failing to contribute to a solution.

It will be even more painful but there is a solution. We’re a participant, like you we’re the market, but while working long hours we don’t yet have one. Don’t complain. Add value.
Jan 30, 2009 at 7:39 PM | Unregistered CommenterOpinions are like assholes...
Solution...debt forgiveness across the board for taxpaying citizens. Let the bad banks fail and start over. Like Buffett said...if there is a need in the marketplace for ANYTHING...private capital will step in and fill the need. That includes banks, credit unions, and there are a lot of good down to earth people that could do a helluva lot better job at governing that the clowns currently in office. I would rather have a God fearing hayseed in control of my cash than these so called highly educated white collar criminals. "Ask Nancy P. how many hours her Jet gets per tank." If all of our banks are crooks...let them fail. Will it be painful...only for those vested into this shitty crooked system. here is a damn fine change....Start over just like Thomas Jefferson said we should do when the point was reached that our Government infringed upon our life, liberty, and pursuit of happiness. Hell, it's infringing upon our right to have kids. Who can afford it in the middle class? This is not complaining...it's a start. That aint' no bullshit.
Jan 30, 2009 at 8:10 PM | Unregistered CommenterAin't Bullshittn'

you don't know our thinking here. we represent the taxpayer. we are not academics. there are no idiotic krugmanites here. we are people who understand that our children are getting ripped off. and that idiots like krugman are advocating for even more shameful government spending.

i put a new post up. my solution is presented there.

what say you?

because you shut up and didn't respond directly to my solution before i will just assume you are a troll who came to pick a fight without having sufficient knowledge to play. you blather on and on but said ALMOST NOTHING.

WHAT IS YOUR SOLUTION now that mine is on the table? Speak up, oh wise one!

now go back to where you came from...we know there are plenty of krugman butt kissers over there and you'll have no problem being accepted.

Jan 30, 2009 at 9:05 PM | Registered CommenterDailyBail

and again i was forced to censor yourpost of insults. what is your problem.

and you move from attacking me to attacking 'aint no bullshit'.


you criticized him in the same way as me. but again where is your solution. look in the mirror pal. and then go home.

you KEYNESIAN academic idealogues OFFER NOTHING OF VALUE.

now scat. you're drawing flies.
Jan 30, 2009 at 9:17 PM | Registered CommenterDailyBail
@ no bullshit

debt forgiveness for the taxpayer is never even considered.

in a moral sense, the consumer needs and deserves help before ANY of these greedy bastards who CAUSED the problem in the first place.
Jan 30, 2009 at 9:27 PM | Registered CommenterDailyBail

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