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Sunday
Feb222009

This Week With George Stephanopoulos ABC Video: Nationalizing The Banks With Nouriel Roubini, Paul Krugman, George Will and Suzy Welch From Sunday Feb. 22nd

This morning on ABC's This Week with George Stephanopoulos, there was an outstanding economic roundtable discussion featuring Paul Krugman, Nouriel Roubini, George Will and Suzy Welch.  Bank nationalization, the Obama home foreclosure mortgage bailout plan and the generally sick state of the economy were the central themes.  Sadly, Krugman again refrained from leaping across the table and smashing George Will's head into the table.  We remain vigilant as we believe physical violence is inevitable between these two.

 

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Sunday
Feb222009

Bailout News Video PBS Charlie Rose: Economic Discussion With Nouriel Roubini, Fred Mishkin, Mark Zandi and Nina Easton

This 40 minute clip from The Charlie Rose Show on PBS features Dr. Nouriel Roubini, former Fed Governor Dr. Frederic Mishkin, Dr. Mark Zandi and journalist Nina Easton. The discussion on the state of the economy and the ongoing government bailouts was broadcast Wednesday, Feb. 18th.

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Saturday
Feb212009

Home Foreclosure Mortgage Bailout CNBC Kudlow Video: Rick Santelli Responds to White House Press Secretary Robert Gibbs. Chicago Tea Party 

I'll have commentary later but for now enjoy the battle of words.  Gibbs is not going to last long.  He is condescending and annoying.  A quick word for you, Robert.  Santelli will eat your lunch before you even unfurl your napkin.  Don't forget Santelli's mind is wired differently than yours.  His operates in warp speed and yours seemingly doesn't operate at all.

Reuters says Obama's Home Foreclosure Mortgage Bailout Plan will cost taxpayers $275 billion to help the least deserving 9 million Americans.  Let that sink in please.  Obama is going to spend $275 billion on 3% of our population.  And it has absolutely zero chance of success.  Housing prices have much further to fall nationwide.  The market is inexorable.  He can delay the inevitable decline at great expense until he has proven to the world that we are the new Japan.  Where is the change Team Obama.  Everyday your administration look more and more like the past 20 years of Bush-Clinton incest.

Please visit chicagoteaparty.com and register your email with them.  Finally our day is coming.

 

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Saturday
Feb212009

Debating Obama's Home Mortgage Bailout Plan: Video NBC: Brian Williams Interviews Santelli and Liesman

 

This is an interesting 6 minute clip from Friday morning's Today Show.  NBC's Brian Williams makes a rare morning appearance as host of the deabte.  This is the 4th of our series of videos chronicling the rise of a taxpayer revolution.  The issue being debated is Obama's proposal to bailout struggling homeowners at the expense of everyone else, including renters who made a conscious choice NOT to participate in the real estate bubble game, yet now are being asked to subsidize the mistakes of those who did.

It strikes at the core of who we are as Americans.  For most taxpayers, the ongoing bank and auto bailouts, though more costly and extremely un-popular, do not resonate personally.  But bailing out an irresponsible neighbor, who purchased more house than he could afford, is understood by everyone.  I noted this peculiarity previously in our story on Citi and Bank of America, advantage commode.

 

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Saturday
Feb212009

Home Foreclousre Bailout News Video MSNBC: Hardball's Chris Matthews Interviews CNBC's Rick Santelli

The Rick Santelli video tour continues.  We are huge fans of Mr. Santelli and could not be more pleased that he and his viewpoints are finally getting their deserved attention.  Eventually, I'll get around to posting some of his older videos so readers will understand that rants of this sort are par for the course he plays. 

Richard has been telling the truth to CNBC viewers for almost a decade.  The rant is his natural style.  His daily reports from the CBOT are shouted into a faraway camera that captures the trading bustle on the floor around him.  The producer of his segments deserves substantial credit for having determined the best way to capture Rick's genius.  The appearance to viewers is a lone, loud voice of reason emanting from a sea of substantial human chaos.  Sometimes it's difficult to tell where he is visually in the shot, but you can always hear him.  It makes for great viewing and daily learning.

Before any of the Chicago Tea Party mania got started, Rick was simply the best analyst on financial televison anywhere.  Start watching his daily reports and listen closely as he analyzes the numbers.  I'm convinced Santelli could explain any topic in less than 60 seconds.  Barely slowing to breathe, this guy nails it day after day.  His best work can be seen when it's 8:29:59 on a normal morning and the day's economic numbers are being released.  He will get you the numbers, the reaction, and the anlysis seemlessly, again almost breathlessly.  It's 60 seconds of intensity.  Santelli is a fat high-speed broadband pipe straight to your brain while the other analysts are still dithering around with dial-up.

The above video clip is 6 minutes and is from an appearance on Hardball with Chris Matthews Friday evening.  For reference, the plan from Team Obama to bailout your asshat neighbor is the core of the discussion.  I'll say it again for the record, I voted for Obama.  I still have great hope that he and Geithner will reverse direction on the bailouts.  I'm praying Roubini is correct when he claims that Geithner is crazy like a fox.  But Chris Matthews is an absolute Obama apologist and has lost substantial industry credibility with his fawning.  Matthews gets his panties in a bunch when he thinks Santelli is atttacking Obama.  Somewhat sickening to watch.

There are several more Santelli interviews coming.  Please visit chicagoteaparty.com and register your email with them.  It will be the most important day for taxpayers in 236 years.

 

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Friday
Feb202009

More Mortgage Bailout CNBC Video: Things Get Very Heated Between Santelli and Liesman. Santelli Launches ChicagoTeaParty.com

This is more video of Rick Santelli and Steve Liesman from yesterday.  Things get heated and Liesman tells Santelli to shut up as they shout over each other.  The question is simple: bailout your asshat neighbor or not?

How accidents can chage the course of history.  I'm sure we will hear the details in the fullness of time, but $20 bucks says Rick Santelli had no intention whatsoever of disclosing his private idea for a Chicago Tea Party on the air yesterday.  I've watched the video several times and it is certain that his emotion got the better of him and he let forth his siren call in frustration.  It's very unlikely that Rick or anyone else can yet grasp the magnitude what has now been unleashed.  Sadly for him, I believe his life has been forever altered.  If this unfolds as I suspect it will, a taxpayer revolution was born yesterday and he is the self-appointed leader.

Once his guard was lowered and his heart was in control, he shared an idea so fundamental and so in-tune with America's thinking that within 12 hours an official website had been launched at chicagoteaparty.com and a revolution born.  On CNBC's website this morning, there is a very popular poll.  The question is straightforward: would you join Rick Santelli's Chicago Tea Party?

A mind-blowing 200,000 of you have already responded to the poll.  Let that sink in. CNBC polls normally tally 15,000 respondents according to their site.  Currently 95% of voters have said 'yes'.  This is pure supposition, but I suspect that if it were held on a Saturday and somehow all 310 million of us lived within 100 miles of Chicago, that 200 million Americans would attempt to attend such a tax revolt.  Let's not kid ourselves, we have all wanted to do something symbolically defiant to our government at some point in the last few months, and a modern day Chicago Tea Party is pretty much the coolest idea we've ever heard.

Santelli gave birth to the most beautiful accident in the history of our republic.  Finally, someone with a pulpit has taken their moral responsibility seriously and done something.

 

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Thursday
Feb192009

Absolutely Must See CNBC Bailout Video: A Call To Arms From Your Leader: A Few Words From General Rick Santelli. Chicago Tea Party

Updated on Mar 1, 2009 at 2:54 AM by Registered CommenterDailyBail

Many of you are visiting this article from a link at Playboy magazine.  The accusations the authors make about our site are categorically untrue.  Neither of the writers made any attempt to contact me prior to posting their article.  We are a completely independent news site focused exclusively on the bailouts.  We have no absolutely no affiliation with or funding from any right-wing political groups.  We have no relationships with any centrist or liberal groups either.  Did I mention that we are independent.  Sheesh.

All readers are invited to visit our offices in Bloomington, Indiana to see for yourselves.  Thank you for having an open mind until you have read my response.  I extend the same invitation to the Playboy writers Mark Ames and Yahsa Levine.  I wish you had offerred me the courtesy of contacting me before you dragged our name through the mud. 

Take a moment to consider the glorious irony of Playboy magazine accusing someone else of being fake.  Thank you for that collective moment, as you became me for a second. 

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Wednesday
Feb182009

Insane America: Obama Wants You to Bailout the Asshats Who Live Next Door

Updated on Feb 19, 2009 at 3:59 PM by Registered CommenterDailyBail

Have we lost our collective minds. I woke up this morning, and apparently I now live in Havana, where Castro is leading a parade of unemployed clowns all driving '57 Chevys.  Team Obama: pehaps you missed the message the American people have been trying to communicate.  Stop The Bailouts. All of them.  And we sure as hell did NOT want you to extend the bailout to homeowners.  This is a country of responsibility, and you are giving those who played by the rules the middle finger salute.

The newest twist on government bailouts commenced officially today with relief for your irresponsible neighbor.  You are now paying for his greed and stupidity, and perhaps even the Hummer and Corvette he bought with his home equity loan that he'll never re-pay.  Yes, you are footing the bill for his vehicles as well.  It's all pooled capital. He purchased near the top with no money down, got a $200k home equity ATM, bought all his toys, walked away from the house and both mortgages last year when prices plummeted. No recourse.  Before walking away, he secured a mortgage on a newer home 2 blocks away that was a short sale.  He got in the newer house for 50% less than he paid for the 1 across the street from you.  His credit is now damaged from the walkaway, but in 3 years that will disappear.  And guess what, his new short sale purchase now qualifies for mortgage assistance under Team Obama's Plan to Save the Asshats.

Since the Mortgage Foreclosure Bailout Plan was announced Wednesday the outrage has been palpabe. For most taxpayers, the ongoing bank and auto bailouts, though more costly and extremely un-popular, do not resonate personally. But bailing out an irresponsible neighbor who purchased more house than he could afford is understood by everyone.  Particularly our most maligned housing sub-group, renters, all of whom made an intelligent choice NOT to participate in the real estate bubble, yet now are being asked to subsidize the mistakes of those who did.  Considering that renters already get shafted by the unfair tax subsidies given to homeowners, this proposal accomplishes nothing further than reminding them how worthless they are in the eyes of Washington.

Reuters says Obama's home foreclosure mortgage bailout plan will cost taxpayers $275 billion to help 9 million homeowners and yet most analysts believe it simply won't work.  Housing prices nationwide still have much further to fall as evidenced by this must-see chart from Yale economist Robert Shiller.  Yet Obama and his team seem focused on slowing the decline at great expense until it has been proven indisputably that we are the new Japan.  Where is the change, President Obama.  Every day your administration feels more like the last 20 years of Bush-Clinton incest.

 

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Wednesday
Feb182009

Absolutely Must See Bailout Video: Travel Around With Taxpayer Prize Patrol

This 5 minute clip is phenomenal.  These guys attempt to deliver hundred-billion-dollar checks to AIG and Citi corporate offices on behalf of taxpayers. Well played. They sneak into Senator Olympia Snowe's offices and request her signature on a billion-dollar check.  Hilarious bastards.  And that's just the start, then they deliver invoices for $26k to unsuspecting taxpayers, Publisher's Clearinghouse style.

Their anti-bailout website is here.  Go there immediately and sign their petiition.  It's a beautiful site, you will not be disappointed. 

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Tuesday
Feb172009

Bailout News For Feb.17th: Insolvent Banks, Autos, Ireland and Eastern Europe

Ireland is in trouble and facing default, not too surprising given the blanket guarantee offered for its entire banking system.  Eastern Europe is threatening to implode and take several lender nations along for the ride. General Motors is out of cash and back to the public trough on D-Day for the big three automakers.  California fell one vote short of passing a budget to cut their deficit.  The state of Kansas has suspended all income tax refunds and can't meet its payroll.  The NBA secured a $175 million bailout for 15 of its weaker franchises. South Korea is having a currency moment as Woori bank struggles.  And finally, everyone seems to agree that the US banking system is utterly insolvent.

After the jump, I have all 45 links neatly packaged and ready for your consumption.  We promise it won't hurt.  Just open your eyes slowly, start reading and then call someone in Washington and tell them how you feel.  All the relevant phone numbers and email addresses are inside.

Click to read more ...

Sunday
Feb152009

Land of The Free And Home of The Broke: The United States of Insolvency

The heretofore unthinkable is getting some notice.  The impending passage of the $800 billion federal stimulus is stoking the fires.  We are a nation on an ever-steadying path to insolvency.  David Walker was correct, we are Rome. 

I have been waiting to do this piece for awhile.  As a 21 year-old rookie at still fledgling CNN Washington in the summer of 1987, I got to know one of our senior producers while I rotated through the graveyard shift.  Charlie covered the overnight from Washington and never had anything to do because Atlanta was in charge from our Larry King sign-off at 10 pm until they tossed back at 7 am the next morning. (This was the summer of Oliver North and the Iran Contra hearings and Atlanta wanted someone on stand-by in DC just in case.) Mostly, Charlie just read to pass the time and talked.

I heard nightly about the insolvency of our money-center banks because of bad loans to Latin America, the abandonment of the gold standard under Nixon and the burgeoning federal deficit then 2 years into Reagan's second term.  This was back when an $80 billion dollar fiscal deficit got your attention. Thus unfortunately indoctrinated, I have been watching this build for 21 years and lecturing my unsuspecting friends and family with the details every step of the way. To be sure, I didn't think it would take this long to play out. Immigration and the huge boost it provided to social security (fica) revenues, without exacting a commensurate outlay, helped slow the train.  Also aiding was the unexpected second wind our economy got in the late 90s as we became the world leaders in several new industries, and Washington reaped the associated windfall in tax revenues.

Never lost but simply delayed, the piper recently has made his way home.  Here's some quick math that demonstrates where we are today.  The total federal debt is almost $11 trillion.  The deficit this year will be at least $2.5 trillion, and $1.5 trillion next year when the stimulus is included.  This means a $15 trillion federal debt by the beginning of fiscal 2011.  Now add $5 trillion more for the next 2 years in additional funds needed for the banking system, hopefully after having placed C, BAC, JPM and WFC into receivership, wiping out the bondholders and starting fresh with taxpayer dollars.  The tally would then be $20 trillion at a minimum (very likely could be higher if the bank bailout costs grow.)  Here's where it gets tricky, Bloomberg puts the cost so far of the bailouts at $9.7 trillion in outlays plus guarantees, and only part of this is in the above calculations.  For simplicity, I am sticking with the $20 trillion figure assuming the total bailout cost to be $5 trillion and not the $10 trillion possible. 

At $20 trillion in debt, assuming an average debt cost of 5%, (don't forget a lot of this debt is older and carries a higher cost, and that future debt will not likely be as cheap as it is currently), the interest on the debt would be $1 trillion, almost 3 times what we already can't afford.  We have crossed the red line into fiscal oblivion, as we are now borrowing to pay the interest.

Let's examine some round numbers for the 2011 fiscal budget.  With the failed attempt at a stimulus likely completed, we might finally return to our fiscal sense.  Accordingly, let's take the 2008 budget outlay of $3.2 trillion (including TARP funds of $350 billion) and add 10% for the unchecked growth of general government including automatic increases for medicare and social security.  The result is a $3.5 trillion federal budget for FY 2011.  Now a quick look at receipts. If we are extremely lucky, receipts will have returned to 2008 levels of of $2.5 trillion.  Under this semi-optimistic scenario, we are looking squarely in the face at a structural deficit of $1 trillion, in a normal fiscal year.  At that point we will be borrowing $1 trillion just to pay interest on our federal VISA. 

Just a few more calcualtions. This $1 trillion debt-interest figure will be 29% of the budget and more importantly 40% of total receipts.  Folks, that is not sustainable.  And we haven't discussed a couple of very contentious budget-accounting related issues.  The first is that these budget deficit figures I've given are calculated on a cash accounting  basis.  Money in versus money out.  As an example, they do not account for the monies that Congress steals (borrows) annually from the social security surplus to make it's budget numbers look about $200 billion less distateful.  Furthermore, my numbers also don't account for the net present value of our future liabilities for social security and medicare. (And the unfunded liability for medicare alone is $32 trillion.)  When these liabilities are taken into account, the deficit numbers are higher annually by several trillion and the total national debt becomes $56 trillion.

So, on the day after the Economist wonders aloud whether we are bankrupt already, it is time for everyone to start telling the truth.  And the painful veritas is that the United States of America is now un-offically the United States of Insolvency.  Sleep well, citizenry, if you are able.

Click to read more ...

Sunday
Feb152009

Video Round-Up From The World Economic Forum at Davos: Nassim Taleb, Joseph Stiglitz, Daniel Kahneman, Wen Jiabao, Angela Merkel, Bill Clinton and Vladimir Putin

You must see this clip. Nassim Taleb goes after Bob Rubin, former chairman of Citigroup and a few others even though he was asked by the organizers not to be specific in individual criticism.

As usual, Taleb delivers the right mix of sarcasm and pointed jabs to knock his prey senseless, as he issues a siren call to nationalize the failed banks.

After the jump we have video of Davos' speeches by former President Clinton, Chinese Premier Wen Jiabao, German Prime Minister Angela Merkel, Russian Leader Vladimir Putin, plus more from Stiglitz and Kahneman.

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Sunday
Feb152009

Davos Video: Nobel Economics Laureate Daniel Kahneman Reflects on the Failures of Alan Greenspan

In this short 3 minute clip from the World Economic Forum held in Davos a few weeks ago, 2002 Nobel Economics winner Daniel Kahneman, offers some interesting thoughts on former Federal Reserve Chairman Alan Greenspan and the failure of his regulatory framework to foresee and prevent global economic collapse.

It's a simple clip that will appeal to econowonks as well as the rest of us.  After the jump I have the full 1 hour video from Davos from which this slice was pulled.

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Sunday
Feb152009

Bank Bailout News Video: From The World Economic Forum at Davos, Nobel Laureate Joseph Stiglitz Discusses 'Bank Management Stupidity'

This is a 7 minute clip from the recent World Economic Forum at Davos.  Nobel Economics Laureate and former chief economist at the World Bank, Joseph Stiglitz tells the truth about the government bailouts.  He touches on everything from AIG, to CDS, leverage on wall street, the bad bank proposal and our burgeoning national debt.  It's great watching, not wonkish, and very easy to follow. 

Higlights: bad bank is cash for trash, aig is a never-ending black hole, and stupid bankers and their leverage made this crisis much worse. 

These are all points we have been making here on a daily basis, and it's helpful for our sanity to learn that Stiglitz is of the same mind.  Attention Obama: get Stiglitz on your team quickly, your opportunity to fix the banks fades daily as more taxpayers discover that your plan is nothing but Bush Paulson 2.0.

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