BAILOUT FLASHBACK - Sen. Inhofe: "I Could Hear The Champagne Corks Popping The Night Of Oct 1, 2008"

Mountain Jim busts the U.S. bailout Troika:

Mountain Jim Inhofe with Mike Stark in the basement of the Senate - Dec. 10, 2009.

• "I think Bernanke should be replaced.  And I feel the same way about Tim Geithner.  And as far as that's concerned I think the same about Hank Paulson.  They are all three kind of the same.  I could hear their champagne corks popping the night of Oct. 1 when they pulled that off."

Comments

[mark mchugh]

Who are you kidding, Mike. Politicians NEVER give straight answers like that.

Jokes aside, that's awesome. How great is it to hear a politician answer a question like that! No hedging, no stammering. And wow, his middle name IS REALLY Mountain!

[James H]

Happy Boxing Day, Daily Bailers. Did you ever think we'd see the day when the Fed and its chairman would become a political football and a topic of debate? We live in interesting times.

More good stuff from my dad. He likes Obama, as a person, but he's steaming mad about "his" spending and about the health insurance mandate. Even my mom, who voted for him, is pretty upset about the insurance mandate. Hell, she even started ranting about how she hates that adults are required to wear seatbelts. LOL. The Democrats are digging their own grave with this crap, and ordinary, tv-watching Americans are going to bury them.

I love it. I also had the chance to explain MBS to my parents and how they depended on exotic loan structures and crappy underwriting. They had no idea, but I saw lightbulbs come on. (Those lightbulbs said "bankers = criminals, not just stupid.")

[mark mchugh]

Really good stuff James. You're dead on about everything. I think it's very cool that you can grin through the concerns of others and make the lightbulbs flicker. I sometimes find myself asking, "do you have a cat I could talk to?".

[LiberatedCitizen]

I think bernanke should be replaced too!

Nooooooooooooo

Consider keeping Bernanke, top Romney adviser says

snip

(Reuters) - Ben Bernanke received an unlikely defense of his work at the U.S. Federal Reserve by a top Mitt Romney adviser, who said on Tuesday that he should be considered for a third term as chairman.

Glenn Hubbard, economic adviser to the Republican presidential candidate, said he would advise a possible President Romney that Bernanke should "get every consideration" to stay on beyond January 2014, when the chairman's current term expires.

The comments may come as a surprise given Romney has said he would not reappoint Bernanke beyond 2014. Further, many top Republicans have blasted the Fed's aggressive policies since the Great Recession as overreaching and reckless.

more

http://www.reuters.com/article/2012/08/22/us-usa-campaign-hubbard-fed-idUSBRE87L00P20120822

In other news

More Than Half Of All Americans Are At Least Partially Dependent On The Government

http://theeconomiccollapseblog.com/archives/more-than-half-of-all-americans-are-at-least-partially-dependent-on-the-government

Thanks Obama - Here Are 24 Stats That Show How Much You Have Royally Messed Up Our Economy

http://endoftheamericandream.com/archives/thanks-obama-here-are-24-stats-that-show-how-much-you-have-royally-messed-up-our-economy

What Happened to Homeowners Seeking Help

Just one out of four homeowners who have applied for a government-sponsored mortgage modification under the Obama administration have received permanent help with their loans.

http://www.nytimes.com/interactive/2012/08/20/business/economy/what-happened-to-mortgage-modifications.html?ref=economy

Has HAMP Helped Distressed Homeowners?

http://www.thestreet.com/story/11665060/1/has-hamp-helped-distressed-homeowners.html

Homeowner Aid Boosts Big Banks

http://online.wsj.com/article/SB10001424052702303410404577469050569661724.html

flashback

New Obama Foreclosure Plan Helps Banks At Taxpayers' Expense

http://www.huffingtonpost.com/2011/10/24/foreclosure-plan-obama-harp-refinancing_n_1028554.html