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Tuesday
Feb102009

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 Registered CommenterDailyBail

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.

 

Wednesday Links

Tuesday Links

Monday Links

 

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Monday
Feb092009

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.

Click to read more ...

Monday
Feb092009

Bailout: $9.7 Trillion Yes I Said $9.7 Trillion. Did I already mention $9.7 Trillion?

The Fed is insolvent. We got that story. Nice read. We have new science (Harvard research) showing that THC the active ingredient in Marijuana slows or perhaps even impedes small-cell lung cancer tumour growth. Yep, I included that. Bankers paying for sex on corporate expense accounts. Taxpayers versus Bondholders in the bank bailout discussion. Many great reads on that. Stimulus, check. Florida real estate depression, check.

Oh and just one more thing. Bloomberg says that taxpayers have spent or pledged $9.7 trillion dollars so far on the various government bailouts. That's $9.7 trillion of cash we don't have.  It's all borrowed people.  All of it. From your kids, grandkids, great grandkids. At least until monetization when we all get sucked dry.

45 stories inside. all in one link. you know the drill.

Plus give me time and I'll keep adding more doctored photos of Bernanke and Paulson inside.

Click to read more ...

Sunday
Feb082009

Bailout News: Feb. 8th Weekend Bank Bailout Round Up. 40 Stories in 1 Link

Sunday morning links squirrel is now available. Over 40 of the best financial stories inside 1 link.

I rounded up the best out there and threw in some economic and bailout comedy from The Daily Show and others.  The Wanda Sykes commentary is an absolute must see.

Some important articles inside.

 

 

Click to read more ...

Saturday
Feb072009

Bailout Comedy: the Stimulus, the economy and the bailouts with Jon Stewart

Fresh from last night's show, enjoy Jon's thoughts on the Obama stimulus package, the difficult economic environment and all the bank bailouts.

Saturday
Feb072009

Bailout Comedy: Sponsor and Save A Wall Street Executive

"The money you give won't just save a life, it will save a lifestyle."

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Saturday
Feb072009

Bailout Song: 'Give it to me' I just Need $700 billion

"I just need $700 billion, then I'll be in the Hamptons chillin'."

Click to read more ...

Saturday
Feb072009

Bailout Comedy: Fresh Laughs on the economy from The Daily Show and More

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Saturday
Feb072009

Bailout Video: 'I Want a Bailout Man' by Eva Moon & the Lunatics

Here's a very well done song I found this afternoon called Bailout Man by Eva Moon & the Lunatics. She's got a nice voice and the lyrics are entertaining. Her personal website is here.

Click to read more ...

Friday
Feb062009

Bailout CNBC: Bank of America CEO Ken Lewis Should Shut His Pie Hole

He's still incredibly out of touch with the American people. Listen early on as he says that $500k in salary is ok. That he'll make do. Ken, some advice, next time you open your pie hole: remember that the average taxpayer earns less than $40k in this country and most work just as hard as you. Plus none of them has billed taxpayers for $45 billion nor requested a $120 billion guarantee on shit assets, nor did any of them give Merrill $15 billion to spend on bonuses. You are unique in your achievements.

And yet you still have a job (seriously wtf?), for which we are paying you $500k. I just contemplated that sentence. Why are you being paid at all for 2009?  You should have been shit-canned months ago for driving BAC into the ground with the 2 most ill-conceived bank purchases of the last decade.

After the jump is the full interview with CNBC's Maria Bartiromo from this afternoon.

Click to read more ...

Thursday
Feb052009

Rule Bending Banking Bastards: The Taxpayer Shithole That is AIG

Updated on Feb 5, 2009 at 11:02 PM by Registered CommenterDailyBail

Updated on Feb 6, 2009 at 4:01 PM by Registered CommenterDailyBail

 

 

 

It's been 18 weeks since taxpayers rescued AIG to save Goldman Sachs, a few large hedge funds and several European banks, who all utilized the unhedged luddites of AIG to protect their own weakening portfolios.  In late 2007 and early 2008 the brainiacs at Goldman hedged their porfolio of shit assets with a shit insurer, because well, they're Goldman Sachs, Lord of Idiots.  Turns out Euro banks had been hedging their exposure to the mortgage pile on their books for years as a means to skirt regulations on capital ratios.  Rule Bending Banking Bastards 101.

The problem was AIG didn't hedge their own exposure. They couldn't. They were the 'safe' place to buy protection. And the shitkeepers in control of AIG allowed their exposure to other people's waste to grow so large that there was no one capable of handling a hedge that size.

I recall a press release (can't find it now) from AIG's cfo in February of 2008 whining noticably about mark-to-market requirements being unfair. It was an obvious tell.  It was the tell of early 2008.  Such a public cry about accounting could only mean they were swimming in a brown pool. Turns out it was not a pool.

So far AIG has cost your kids $150 billion. Yes, $150 billion, go ahead and let it sink in.  And the number will likely be closer to $200 billion the next time we're forced to mention them.  They're in the news again this morning, with a piece in the WSJ about something extra-Mensa they were doing called '10 Cubed'.  Please take a moment to consider just how stupid you have to be to lose $150 billion selling insurance on other people's shit.  Thank you for that collective moment.

Inside I have more photo-shopped AIG photos with commentary.  And since we taxpayers are the winners in the AIG Shit Sweepstakes, I've decided to do an AIG at the Outhouse links edition.  Inside I am gathering articles on the entire mess. I've read way too many on AIG and I will deliver the 15 best links out there, both background and from today.

Click to read more ...

Wednesday
Feb042009

David Walker Says US Government Immorality Will Lead to Bankruptcy

I will have much more meat to this post later. But for now enjoy this video from 60 Minutes about David Walker and the work he and Pete are doing to raise awareness of our looming fiscal crisis. Repeat after me.  $32 Trillion.  $32 Trillion.  $32 Trillion.  We have an unfunded medicare liability of $32 Triilion bucks. The unfunded social security liability, though a problem, is much smaller at $6 Trillion.

Inside are 2 more excellent video clips from Walker and Peterson, a man who has dedicated his entire net worth (over $1 billion) to waking up America. A link to their foundation is at the top of our page.

Thursday's links are now available: http://bit.ly/Q9Se

Wednesday's 40 stories with embedded commentary are here: http://bit.ly/XHOB

Click to read more ...

Monday
Feb022009

Bailout News: WW II Edition: Taxpayer Iwo Jima

Updated on Feb 4, 2009 at 7:17 AM by Registered CommenterDailyBail

The maxim reads that if you're a financial journalist, chances are you will never do anything in your entire career that is meaningful to people. Painful to hear, but true. Occasionally you can have a positive impact on someone or some issue, but really, you're just covering news that other people make.

However the current crisis has altered the dynamic. The Daily Bail launched 3 weeks ago and we exist to fight the immoral transfer of trillions in debt from private banks onto the backs of future generations. If not stopped there will be $10 trillion of debt created by our government in the next five years, and most of it given to the banks. That amount is equal to our entire national debt for our first 232 years as a nation.

We're here to keep tabs on the heist. To provide an official daily record of the generational pillaging. The site is still raw and nobody knows us yet. Yet almost 100,000 of you have stumbled your way here in our first 18 days, via word of mouth, some support from bloggers and the calm words of one concerned taxpayer. Though we're grateful for the traffic we realize it's going to take millions of angry, Congress-dialing taxpayers to stop this well planned heist.

We're keeping the site free of advertising, and in turn please click on our feed or bookmark us. Telling a friend or 5 wouldn't hurt either. For those unfamiliar with feeds: click the large orange guy at the top right of any page. It's self explanantory once you click. It's completely free and there's NO sign-up of any sort. It's just a simple way of seeing our content. Check it out. Orange guy is hungry.

A special message to young people finding us through Twitter. This is Your Revolution and you need to help lead it. With respect, you need to wake the f up and understand that it is primarily your cash headed out the door and straight to the failed banks. And not to rub salt, but they just paid themselves over $18 billion in collective bonuses for their outstanding work in 2008, with your money.

We have a program building behind the scenes for letting Washington know what you think. But we have to achieve critical mass first. It's going to demand that a million of you, from teenagers to seniors call Congress and The White House on one day. It's one of the things we have in the works and we'll be announcing details soon in collaboration with partners.

Inside there are more photos of Iwo Jima plus several relevant links including Wednesday's Squirel with close to 40 stories and growing.

Click to read more ...

Monday
Feb022009

Bailout News: Movie Trailer for 'I.O.U.S.A.' America The Bankrupt

This 2 minute trailer is chilling.  I.O.U.S.A. was a Sundance Official Selection in 2008.  It premiered last August.  Inside I have an abridged 30 minute version of the full length film.  Both must be watched.

Click to read more ...