Bailout News Video: He's An Original. He's Back. And He's Still Not Very MF'ing Happy. America's Most Talented Economic Ranter Has A Few Words For You
Editor's note: This story was originally posted in February meaning most of you haven't seen it.
The genius has returned. Walstreetpro2 is fresh off his unfair suspension on youtube and is back to making sense on the airwaves. It's 8 minutes and completely profane. NSFW.
Watch out Washington, a star is being born and he doesn't seem like the type who's gonna back down as his audience grows. Up for discussion is federal bankruptcy, gold, debt monetization, California, Kansas, job losses, Geithner, the Federal Reserve. Heck I lost count. Watch it.
"We are in some hella-fied shit if Kansas is fucked up."
"Everybody knows when you're borrowing money just to pay interest, you're fucked."
"What the fuck's a temporary tax hike? Everybody know when they raise taxes, that shit ain't temporary."
"How do you gurantee paper with more paper?"
"They're gonna monetize this federal debt, and destroy this fucking dollar. I mean destroy it."
"That's always the last step, monetizing the federal debt."
"I mean they're gonna print money on top of money on top of fucking money."
DailyBail
Updated.
Reader Comments (20)
THE US TAXPAYER SHOULD NOT PAY FOR DUMB PEOPLE LOSING THEIR HOME!! ENOUGH IS ENOUGH!!
(1) What got us into this position?
(2) How do we get out of it?
There's no question that Bush's policies of deregulation got us into this mess. Banks and most big buisiness were encouraged to "go for the gold" (or at least the dollar) regardless of the concesquences. The policies of greed within these companies wasn't kept in check... in fact, they were encouraged. So what effect did this have on our economy? There's really little choice but to bail out these greedy bastards who were allowed to promote their own self interest because Bush allowed them to weasel their way into positions of national importance that would harm our national financial standing if they failed.
So, the current position is that the bailouts are a nose-holding, unlikeable option to a position that we've been put into by the right wing, neo-fasciost faction of our government; but one that's necessary to save our country. Personally, I hope that Obama comes out on top ont this one.
I respectfully disagree. The idea that we have to keep bailing out these companies or else the sky will fall is just plain wrong. Besides, let's be clear what the bailouts mean. It's not the operations of these companies/banks that are being saved -- it's their debt. The banks/firms are more or less bankrupt -- they can't pay off their debts. And that's who is being bailed out -- their creditors (bondholders). The operational assets and functions of these banks don't disappear under bankruptcy/receivership, they just change hands. Basically, the shareholders lose their ownership of the bankrupt firm and ownership, in one form or another (cash or stock), is given to the creditors (i.e. their bondholders). That's all.
Now, there could have been serious problems if all of the big banks had failed all at once -- unexpectedly, but that's not the situation we've been in for the last few months. That's not where we are now. All we're doing now is subsidizing the banks' bondholders so that they don't have to take a single penny in losses. But why? The world won't change when Citi or Bank of America is put into receivership, broken up and restructured. Their bondholders will take the losses they deserve to take, but it won't bother the depositors or the taxpayers one bit. The biggest fear that pansies like Bernanke and Geithner have ( I think) is what will happen to the derivatives contracts that are tied to the solvency of these banks. The payouts on the derivatives will simply have to be worked out in the bankruptcy courts, or else voluntariliy restructured by the parties involved. I'm not sure Bernanke or Geithner are really the right men for the job. But that doesn't mean it can't be done.
Remember, Bernanke is an academic who thinks it's still 1930, and Geithner is friends with all of the TARP execs. When he was at the NY Fed, Geithner's job was basically to serve THEM. Unfortunately, he doesn't realized that his job is now to serve US.
A great resource, if your doubtful, are the articles written by Chris Whalen on the Institutional Risk Analytics site. Check 'em out.
June 18, 2009
I have become convinced that the voters will do some damage to incumbents in 2010.
WE ALL, need to send this to everyone. If we can get the RPM's to hit "Red Line" then look out Washington. And all the junk about contacting our local goverment to tell them to vote in our best interest.........."FOR GET IT" they are all in on "The Dirty Little Secret" ! Its us agniest them.
We need to make this guy "Our Voice"........ They say that Wiskie & Pot makes a man speak the truth....... What we realy need to tell our local goverment is "Watch This" & Look Out.
We the Pissed of People are going to show Washington ( Real Change ) Now were going to Get Some whAre ! "OuT"
My wife lost her Middle Mag. job to cut out her wadge after 15 years, and is working for for $9. hr. Were on the edge of losing everything also selling things just to make the bills. But having a roof over our head, we can see the funny side of this guy.
NOW, those who jump on this guy and think everything is getting better and our local goverment is working for us, are "Clue-Less"..... They are just following the sheep in front of them. After everything has colapsed and the dust clears, the sheep will be standing thAre wondering "WTF" What happned........?
If you still think there is a "D Party" & "R Party"......and a Goverment looking out for our best interest's, then yr blind like sheep. Goverment as we knew it stoped in 1912. The IMF control the world, and we the people are about to be Flushed Down that 4 leg'ed Toilet if the blind dont wake up...................!
The Daily Bail has the most info by far as to whats realy happening to our country. And follow S Gompers. Some how he knows whats realy going on, on the inside. I have posted some links on other coments, that will show the "Non Believers" the truth. God Help Us All......................! Tex
At this stage in the game, I think the problem is best approached by working it from the bottom up at the state level. If states would charter their own banks like North Dakota and use (not abolish) the fractional reserve system to build infrastructure and create credit, instead of bonding out to Wall St., maybe the Federales would get a clue.
Trying to work this thing from the top down seems hopeless. Obama sold out to special interests that are so well hidden you'll never hear about them--they don't want you to. These are the guys who practice a daily ritual of placing union jacks on a little wooden board every morning to determine the price of gold--know what I mean?
Thanks for your comments and kind words.
My hope is that we have a younger Ron Paul candidate emerge and win in 2012. Someone who will try to shrink government by 50% and do away with the Fed.
Now, when we can get "John-Q-Public" to see these clips and then join "We The Pissed Of People" we just may get somewhAre........! Im a retired entertainer and could neaver hold a candle to this guy.
WE ALL, need to send this to everyone. If we can get the RPM's to hit "Red Line" then look out Washington. And all the junk about contacting our local goverment to tell them to vote in our best interest.........."FOR GET IT" they are all in on "The Dirty Little Secret" ! Its us agniest them.
I have added a button to the story at the top that makes it easy to email the video to a friend.