Some of you saw this live on Monday. I am posting for those who missed it. The clip runs just short of 10 minutes. It's outstanding. I love that Taleb wants the failed bank CEOs fired. I prefer listening to Taleb over Roubini any day. Excellent stuff. For the newcomers, these are the 2 gentleman who have been given the most credit for understanding and predicting our current crisis. Whether it is deserved is another question, but these are the annointed two.
Updated on Feb 13, 2009 at 6:05 AM by DailyBail
This clip runs approximately 6 minutes. Rogers was a half-hour guest on Squawk Box Europe and this is the best chunk. He's slightly more thoughtful here than in some interviews, he doesn't have visible contempt for this team of anchors. Thousands have used 'I don't suffer fools gladly' as canned response in job inteviews when asked to name a personal fault. When jim rogers says it, it's true. This guy does not hide his frustration when he is displeased. Part of his charm for viewers.
As usual, CNBC does not allow video embedding. So just click the photo above and you'll go directly to the cnbc clip. In case you missed it, here's gentle Jim bringing the asian pain upon Geithner on Bloomberg yesterday. It's a phenomenal clip. Below are all the links for the last few days.
New Hilarious Bailout Comedy Video: Clusterf#@k to the Poorhouse The Daily Show with Jon Stewart from Feb.11
Last night Jon focused on Geithner's new bank bailout plan. Watch the whole clip it gets better after the 1st minute. At the 3 minute mark, Jon mistakenly breaks a wine bottle all over the desk and from there it's gold the rest of the way. Watch for the 'guy para-sailing in a hurricane' clip in the last 10 seconds. It's pretty crazy.
"Let me briefly explain the 'rescuer-rescuee' relationship. I would suggest that you don't complain about whether or not you get a window seat on the rescue boat, cuz by the way, wtf? are you doing in the water anyway."
This is the complete 13 minute interview of Dr. Nouriel Roubini with Kathleen Hayes from Monday Feb. 9th of this week. It's typical Roubini except he's smiling more. Maybe he has a thing for Kathleen which would be a rather sharp diversion from the mean. Dr. Doom is envied by academic peers more for his groupies than his graphs. Young people, forget Wall Street and get a PHD in economics. Then forecast global collapse every year of your career. Buy an apartment in Tribeca, and wait. When the roulette wheel comes up 44 black, pop the cristal and loosen your tie. Cuz, you just became a guru.
Inside I have a 2nd video of Roubini at Davos being interviewed by Becky Quick of CNBC. It's much shorter at just over 2 minutes.
Frontline has produced several trailers for their new series 'Inside The Meltdown' debuting on PBS Feb. 17th:
FRONTLINE investigates the causes of the worst economic crisis in 70 years and how the government responded. The film chronicles the inside stories of the Bear Stearns deal, Lehman Brothers’ collapse, the propping up of insurance giant AIG, and the $700 billion bailout. Inside the Meltdown examines what Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke didn’t see, couldn’t stop and haven’t been able to fix.
Inside we have 2 more Frontline clips exploring different angles of the crisis.
Bank Bailout Congressional Video Part 3: Failed Bank CEOs Discuss Compensation. Pandit Thinks He's Special
Note to Vikram Pandit: taxpayers appreciate that you've reduced your compensation for this year, but drawing attention to the matter invites scrutiny. Thanks for the invitation.
You made almost $200 million in 2006 selling Old Lane Partners to Citi. That was a crap sammich. Citi paid $800 million for Old Lane which it closed down completely 18 months later. The entire $800 million was taken as a loss. Taxpayers then bailed out Citi. Transitively, you owe us some cash, Vikram, about $165 million. Next time, think before you raise your hand to impress teacher.
Bank Bailout Congressional Video Part 2: House Rep. Mike Capuano Wants Criminal Indictments of Failed Bank CEOs. Comes With South Bostie Kick to the Nutz
This clip might be better than the Sherman video below.
"I can't believe no one's prosecuted you yet? Give the Obama Administration some time."
"Basically you come to us today on your bicycles, after buying Girl Scout cookies and helping out Mother Theresa."
"I don't have one single penny in any of your banks."
"C'mon, all of a sudden money's not fungible in your entity. It's fungible (pooled) everywhere else, but not in your entitities."
Bank Bailout Congressional Video: House Rep. Brad Sherman Will Make You Smile as He Plays 'Who's the Idiot' with Bank CEO Gerbils
" Gentleman, money is fungible. Don't insult our intelligence. The issue is what dividends and bonuses did you pay, or will you pay while holding taxpayer's money?"
That's the opening salvo from Sherman. He's just getting started. Make sure to watch the whole thing.
Bailout News Video: Gentle Jim Rogers Brings The Asian Pain in Bloomberg Public Beatdown of Treasury Knob Geithner. Rogers Goes Old-School with Texas Pile Driver.
"Mr. Geithner's been bombing for 15 years. Mr. Geithner casused this problem. You know Mr. Geithner has been head of the New York Fed for several years. That was the office that was supposed to be supervising Wall Street and the banking system. He caused the problem, and then all last year he came up with TARP. He came up with all these absurd bailouts. Listen Mr. Geithner has never known what he's doing. He doesn't know what he's doing now and pretty soon everybody's gonna find out, including mr. Obama."
Ouch, Jim. And that's just in the first 60 seconds. This video is gold. More on the inside including an expanded transcript courtesy of the Messy Greenspan blog.
Jim Rogers is f'ing hilarious. I've watched him for 15 years and remember his CNBC chronicled investing globe-trot with the puffed-up, bright lemon Mercedes thing. He settled in Hong Kong or Singapore with his young wife and generally delivers the pain via satelite on Bloomberg or occasionally CNBC. I hope he stays around for 30 more years wreaking havoc every step of the way. Gentle Jim, en fuego.
Nassim Taleb on PBS The Charlie Rose Show. Interview is from Dec. 3rd and runs 20 minutes. Very enjoyable. An interesting comment from Nassim "It's worse than Roubini thinks."
Bank Bailout News D-Day For Taxpayers: Generational Pillaging Continues Unabated. Bondholders Win, Your Kids Lose. Total Taxpayer Commitments expand to above $10 Trillion. Can we Party Like it's 1776 and Just Start Over? Jefferson Pukes in his Grave.
Updated on Feb 11, 2009 at 8:39 AM by DailyBail
As we expected there is no plan. It's an empty shell not unlike our children's future. All details including the start date of the monetization of our national debt are still to be announced in the next few weeks. Jefferson just puked in Monticello and sent us a text. He said something about a revolution and then added this:
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
Let the words sink in. (Jefferson's top 10 quotes on money and banking.) He had his faults. Personally, I could never shake the reality that he built slave quarters into the architecture at Virginia. Though he was decent at revolution. First a snip on his election to the Presidency in 1800.
Bailout CNBC: Videos Steve Liesman, Fast Money and Rick The Bad Ass Santelli Discuss Bank Bondholders vs. Taxpayers in an epic deathmatch resulting in monetization and pain for all living creatures. Meanwhile Bill Gross is Talking His Book Somewhere.
We have avoided reporting the daily changes and leaks regarding the Geithner bank bailout plan in order to remain sane. It's all noise until they announce it and even then expect changes. It boils down to an apparently difficult choice for Treasury: bondholders versus taxpayers. Bill Gross vs. your family.
Gross would be better served to stop talking his book. He has been right every time except Lehman. Take your positions and then shut up. Stop getting on CNBC and Bloomberg and telling viewers that the taxpayer should absorb these assets. You are transparent. Every one sees it and recognizes your game. And you are losing industry respect with this behaviour.
CNBC won't allow embedding so click the photo to go directly to the video. There is a 2nd video inside from Fast Money today with Steve Liesman offering up the latest on the Geithner plan. And a 3rd video of Gross's most recent appearance on CNBC. Just remember, no matter what you hear tomorrow, whether it is a ring fence. or insurance, or a public-private partnership, or taxpayer bad bank, it all means the same thing. You absorb the losses and Bill Gross and the other bondholders win.
I'm numb to the pain. I see monetization down the road and resignation has set in. The Bloomberg piece detailed the $9.7 trillion in committments we've made so far. The debt will be $20 trillion in 2015. Interest on the debt will be between $800 billion and $1 trillion annually at that point depending on our funding costs. It's all over but the crying. We will not be able to service the debt.
And Santelli, thanks for the good fight.