It's Saturday night and I have rounded up all the good stuff since yesterday plus a few surprises.
Take the Saturday evening click ride to check out all 45 Bailout stories and see where your children's future tax payments are headed. Yes, I said 45.
Bring on the pain. Enjoy!
I'm speechless. Here's a snip:
"Given that they have $4.5 trillion of risk out there, $100 BILLION is a drop in the bucket,” Miller said. “Given the fact that their risk profile on these loans is greater than they led everyone to believe, greater than $100 billion in losses on each institution would not surprise me.”
He's talking about both Phoney and Fraudie above. For now, only Fraudie is requesting additional funds. And again for the record: Fraudie already received $14 BILLION from your kids in november. So they are back to the trough quickly. Fannie's going to need at least $100 BILLION before this is over. Another snip:
“Their losses are going to be much higher than anyone anticipated,” said Paul Miller, an analyst with FBR Capital Markets in Arlington, Virginia. “The more and more that people are digging into these portfolios, they’re finding out the more and more these guys were doing subprime and Alt-A loans and classifying them as prime.”
"Much Higher than anyone anticipated." Are you kidding me. I am so tired of hearing that. Trust me, there are thousands of people who anticipated it. The online forums, from the basic at marketwatch and yahoo, to silicon investor and investor's hub, and finally to the blog forums at calculated risk, naked capitalism, the big picture and many others, are full of people who DID anticipate everything we saw last year. Once Bear Stearns failed in March, it became clear to us that no one else was any different than Bear and so they would all suffer the same fate eventually. After all, they all owned the same type of assets and at near the same levels of leverage. What was NOT anticipated, however, was the level of government intervention that would be utilized in an attempt to save them.
So, talk to your kids tonight and ask their permision to give another $35 BILLION of their money away to Fraudie. Oh, and start laying the groundwork for the big talk with them. No, not the one about sex and drugs. The one about Phoney needing perhaps $100 BILLION pretty soon. Let me know what they say, and then we'll let Obama and Geithner know whether they may have OUR CHILDREN'S FUTURE.
Click if you want the gory details of how Fraudie is ripping off your kids for another $35 BILLION.
Inside, you will also find today's second set of bailout links.
Updated on Feb 4, 2009 at 7:19 AM by
DailyBail
The weekend is mere hours away, but the bailout horror show just keep playing. Fifteen worth presenting so far and it's only 6:45 am. We have Peter Schiff writing that the bailouts are perpetuating the credit bubble. And a nice angry piece by John Carney on Wall Street's disgusting sense of entitlement.
Just spike it and be prepared for your usual outrage as you read where your children's tax dollars are headed today.
Something happened today. Was it a watershed day for taxpayers in their struggle for reason and financial accountability from bailout recipients? Still not clear, but the online forums, where even the most afflicted stalk quietly on most days, were today scenes of carnage, hemorraghing from the insatiable bloodlust of a seething beast, the angry American taxpayer. The game, Bank CEO Bloodsport. It was Rome, the Coliseum was SRO, and it was a bad, bad day to be a gladiator. And the plebes were none too amused at Taxpayer Bitches Ken Lewis and John Thain. ( Yes. We own you now. Gone are your days of waste on our children's dime. Our recommendation: focus on the fight to keep your name from becoming a federal prison serial # and your suit from being exchanged for something more one-pieceish, and orange. The quick-on, quick-off functionality of your new threads will soon make sense.)
For you have crossed a line. And though occasionally appearing docile, not unlike a junkyard dog, this taxpayer does not like to be crossed. And today, Thain and Lewis (or FP# 551008001 and FP# 551008002) , Mr. Leroy Brown woke up.
Lewis and Thain are BANK PUNKS on the lamb from the taxpayer. Please be advised that the suspects are considered to be extremely dangerous to any and all taxpayers, including their children. Please do not approach or engage these bank punks. UNDER ANY CIRCUMSTANCES!
Senior TaxpayerVoice Officials confirm to DailyBail that and we're quoting here: "these two PUNK-A$$ BITCHE$ broke into the U.S. Treasury Fortress sometime overnight and stole $15 BILLION DOLLARS from YOUR CHILDREN!"
The State of New York is broke. Prince Alwaleed won't eat pig but invests like one. And in some actual good news, Barney Frank is in hot water over a report he helped a Boston bank get some of your bailout money. Those and gobs more are just one sad, click away.
Chose this photo because the idea of Borat in a lime-green, one-piece thong running with the Baywatch Babes is the only pic out there more ridiculous than our government's current obsession with saving the amalgam of toxicity which we call banks. With Treasury Secretary Nominee, Tim Geithner, testifying before the Senate this morning, there are bailout stories breaking all over the place. We're happy to see Tall Paul Volcker make an appearance. Hey Obama: why wasn't Volcker your pick from the start?
Take an afternoon click ride and see where your children's future tax payments are headed.
Take a stab at this morning's roundup. Harley Davidson, the auto suppliers, the New York Times and Obama's big bailout decision. Will he choose to save you or the bondholders? Guess which way he's leaning.
Updated on Jan 20, 2009 at 1:53 PM by
DailyBail
Comments from George Soros on Tarp and the stimulus. Also stories on the new UK bank bailout, the US Postal Service seeking aid, the UN demanding a bailout for Cuba, plus Jimmy Rogers speaks.
Xanax not included.
Updated on Jan 20, 2009 at 3:40 AM by
DailyBail
Hold the grammar and punctuation, just a rant with a side of huh, seriously, wtf?
We're partial to calling it 'Dumb, Dumber and The Big Ignoramus.'
Stab at who is leading this group of brainiacs.
Watched some three stooges this afternoon and ended up realizing that I'm a stooge along with every other taxpayer in America. The key to the quick success of TARP was the brainwarp that financial vocabulary occasionally has on non-financial people, including 99% of our politicians. None of these clowns felt sufficiently versed in the basic concepts of securitization to challenge the talking points from Bernanke and Paulson. When you find yourself so clueless that you don't even know what it is that you don't know, it's safer to keep your mouth shut and occasionally grumble about the unfairness of it all. Then vote yes anyway, because you can always remind voters that you did grumble.
Why didn't we explore the creation of 7 new banks and give each of these banks $100 billion in fresh capital. This would have been much healthier than attempting to keep this amalgam of toxicity alive. But for reasons still not fully explained, Bernanke and Paulson chose the path of stooges. And here we are 3 months later, with little improvement in credit markets or lending.
Let's face it. It was a busy week for bailout news and a great week for DailyBail to get started. We're excited here and are looking forward to unveiling some of our bigger plans soon. We appreciate everyone stopping by during our soft-launch and hope that every single one of you will take a moment to post something in the comments section of one of our stories. Just pull out your soapbox, step up and tell us how you feel about spending your tax dollars on bailing out failure. Share something. We accept all forms of anger and frustration. Though cliche, there is strength in numbers and ours are growing by the hour. Tell your friends about us; tell your neighbors, heck tell anyone that cares about their future and that of their children and grandchildren. We are here now. We are not going away. Everything else will fall into place, including our elected officials. Washington can be made to listen and soon we will launch the means to make them hear us. So join up with your fellow sufferers here for a few minutes and give us a piece of your mind.
It's the weekend and that means Beach Party Bailout. This is a strange ritual where everyone gets depressed, puts on their suit, and heads to the beach in the middle of winter, and then freezes. It's great fun for the whole family and the only costs are time, sanity, and the occasional ridicule from others. It's sorta like being obsessed with following bailout stories, where the only costs are time, sanity, some ridicule and just one more little thing, our nation's future. First, hide the kids, the guns and the liquor, and then it'll be safe to go surfing. Ballyhoo!
In the tradition of the old SNL catch phrase popularized by Chevy Chase: "Generalissimo Francisco Franco is Still Dead", we humbly submit that Bank of America CEO Ken Lewis is still not fired. In other news, you gave Lewis a bunch of cash yesterday and offered up a particulary tasty asset guarantee. Take the Saturday morning click ride to see just how generous you were with the terms of the deal.