Barney Frank Gets Testy Over Wall Street Bonus Blame
Video: Barney Frank With Ed Schultz -- Fight Over Bank Bonuses -- Aired November 9
Recent reports indicate that J.P. Morgan, Goldman Sachs, and Morgan Stanley are set to distribute bonuses worth over $30 billion for 2009 (60% higher than last year). Schultz blames Congress and Frank for their oversight-free giveaway to Paulson and Wall Street last year.
Near the 5:30 mark the action begins when Schultz says:
- "I just want to clarify here for our viewers that you are OK with the bonuses..."
- Barney: We can do a couple of things, first of all, we can tax that, lets not forget that.
- Ed: We dished out billions of dollars to Wall Street, and they are doing the bonus dance right now. That wasn't in the fine print Barney, you know that.
- Barney: Ed don't condescend to me.
- Ed: Congressman. Why cant you just admit that this was a serious misstep on the part of the Congress. You forked out billions of dollars to save the economy. I get all that, to get the structure back going again. But you didn't ask them any questions about how this is gonna go.
- Barney: I am almost baffled by your hostility towards taxation
- Ed: Can we come to this conclusion Congressman, that maybe the Congress just didnt realize that these guys were going to have the guts or whatever to go back and operate the same way they were operating before.
- Barney: Not the whole Congress. Ed, I dont understand how you can ignore what I am saying.
- Ed: I am talking about Wall Street and how there is NO oversight to how these bonuses are being handed out, what you are talking about is after the fact.
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Watch (don't click unless you're coming from our email newsletter -- video is below)
Video: Barney Frank With Ed Schultz -- Fight Over Bank Bonuses -- Aired November 9
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Nov 10, 2009 at 2:32 PM
Reader Comments (39)
Seth...Hey DailyBail, isn't Obama the President.
DB...I don't think so, if that were true, it would be in the news and on SNL.
Amy...Why the old post of Bush.
DB...I can't let go.
Seth...What about a funny new bit on Obama?
Amy...No, Obama is a our socialist God.
Seth & Amy...Really.
DB...Really.
Gobias...Really?
Barney Frank is sad sack. He is owned by Wall Street. They are always ten steps behind unless it has to do with an opportunity to tax.
What a joke. The Republicans were in power...oh brother.
Barney Frank is just another Obama failure. Obama is for the bonus, that is obvious.
Post Tarp, can he be serious?
Reagan fires 11,000 striking air traffic controllers Aug. 5, 1981...how about Obama fires banksters.
DB...June 4th, Jim Rogers said it all. You may have posted it but you should think about posting it again and again and again...
market may go to 20,000 or to 30,000 but it will be in worthless money
DB...I don't think so, if that were true, it would be in the news and on SNL.
Amy...Why the old post of Bush.
DB...I can't let go.
Seth...What about a funny new bit on Obama?
Amy...No, Obama is a our socialist God.
Seth & Amy...Really.
DB...Really.
Gobias...Really? '
---------------
Though i enjoyed your turn down comedy lane, it makes no sense whatsoever....not that it's in any way unusual, mind you....
http://www.huffingtonpost.com/2009/11/09/wall-streets-record-bonus_n_350378.html
http://www.newdeal20.org/?p=6177
http://krugman.blogs.nytimes.com/2009/10/30/if-a-deficit-falls-in-the-forest/
Some supreme Krugman bullshit....
http://krugman.blogs.nytimes.com/2009/11/01/growth-and-jobs-the-lesson-of-the-clinton-years/
And more Krugman nonsene -- laying the groundwork for a 15th stimulus...
“The dollar no longer enjoys the trust and confidence that it once did… The US ought not to shy away from wider use of IMF Special Drawing Rights. Because SDRs are denominated in several national currencies, no single currency would enjoy an unfair advantage.”
The issuance of SDR’s among the world economies would place all currencies on a level playing field, whose value would be determined by the international SDR.
Soros also calls for the United Nations and its Security Council, currently led by President Barack Obama, in direct violation of the U.S, Constitution, to serve as the overseeing enforcement body for this new financial system,
http://www.project-syndicate.org/commentary/soros52
Given the proclivities of modern politicians for delaying pain and avoiding problems, it is likely that festering is just what those positions will do. So which major country, the United States, Japan or Britain, will default first on its foreign debt?
The worst budget balance of the three deficit countries is in Britain, where the forecast budget deficit for calendar 2009 is a staggering 14.5% of GDP. Furthermore, the Bank of England has been slightly more irresponsible in its financing mechanisms than even the Federal Reserve, leaving interest rates above zero but funding fully one third of public spending through direct money creation. Governor Mervyn King has a reputation in the world's chancelleries as a conservative man of economic understanding. He doesn't really deserve it, having been one of the 364 lunatic economists who signed a round-robin to Margaret Thatcher in 1981 denouncing her economic policies just as they were on the point of magnificently working, pulling Britain back from what seemed inevitable catastrophic decline.
http://atimes.com/atimes/Global_Economy/KK11Dj01.html
November 6th, 2009
By David Goldman
As I said on Larry Kudlow’s CNBC show Wednesday night (see link in previous post), the big issue in the US economy is the massacre of small business. That’s why the household survey shows that 558,000 Americans “became unemployed” during October, while the establishment survey of payrolls shows a decline of only 190,000 jobs. The establishment data, which are collected from larger businesses, are more reliable; the household survey is based on telephone interviews with randomly-selected households. But the numbers are so large as to make clear that small businesses are shutting down.
With commercial and industrial lending by American banks down 13% since September 2008, and most banks continuing to “tighten lending standards” in the Fed’s official poll, this is not surprising. Wal-Mart will make it through a recession; not the tea-cozy shop down the mall corridor, much less the real-estate agency in the half-abandoned exurb. The global speculative grade default rate, as Moody’s reported this week, has risen to a post-Great Depression high of 12%. Credit lines for small businesses (including home equity, credit cards, and all the other devices entrepreneurs use to fund themselves) will continue to shrink.
video link
PRESIDENT OBAMA: "Well, look, we -- we have seen, in the past, rampages of this sort. And in a country of 300 million people, there are going to be acts of violence that are inexplicable. Even within the extraordinary military that we have -- and I think everybody understands how outstanding the young men and women in uniform are under the most severe stress -- there are going to be instances in which an individual cracks. I think the questions that we're asking now and we don't have yet complete answers to is, is this an individual who's acting in this way or is it some larger set of actors? You know, what are the motivations? Those are all questions that I think we have to ask ourselves. Until we have these answers buttoned down, I'd rather not comment on it."
http://www.realclearpolitics.com/video/2009/11/10/obama_suggests_still_possible_hasan_may_have_cracked_under_stress.html
I will be talking about alleged “Islamophobia” and Ft Hood tonight on CNN on the Lou Dobbs Show which appears between 7pm-8pm est and at other times around the country.
http://pajamasmedia.com/phyllischesler/2009/11/10/obama-at-ft-hood-memorial-no-mention-of-terrorism-or-jihad/
illegal aliens for so long -- and which were later bailed-out by Bush
and Obama -- shamefully raise the already super-high interest rates of
their U.S. citizen credit card holders.
And the fed-up citizens are now starting to say to these criminal
banks and bankers,
"To hell with you -- we're not paying!"
DEBTORS REVOLT BEGINS NOW!
http://www.youtube.com/watch?v=jGC1mCS4OVo
Where are these people hiding? In plain view? Jim Kramer stands there and lies lies lies every day getting rich off inside info and reading his handler's scripts so We the People can lose more, and then our "elected officials" push more and more pork thru while our money is backed by...constitutional preciuous metals? M3 reports? Anything? Not anymore. It is all laid on the backs of my grandchildren, and I'm mad as hell JIM!
http://hishousemedia.com/15701.html
http://cuthulan.wordpress.com/2009/10/11/criminal-bankers-explainedjail-not-bail/
http://www.youtube.com/watch?v=04LvvmRfMkM&feature=related
If Obama or Bush did that, where would the parties get their campaign contributions from...
"What he failed to do was convince me that this would somehow damage the Fed," said Representative Dan Maffei, a centrist Democrat from Syracuse who co-sponsored Mr. Paul's bill. Representative Paul E. Kanjorski of Pennsylvania, a senior Democrat on the financial services committee who is sympathetic to the Fed, said the popular anger became too deep to ignore.
By mid-July, Mr. Frank had begun to agree. Meeting privately with the Fed chairman that month, Mr. Frank warned that he might have to embrace a version of Mr. Paul's bill. By September, he had begun exploring possible compromises.
Fed officials say they were alarmed, but focused on making their case in private rather than in public. Mr. Bernanke met privately with dozens of House and Senate members, even taking calls at home on weekends, and won praise for his willingness to listen and answer their questions.
"The best weapon the Fed has is Bernanke himself," said Senator Charles E. Schumer, Democrat of New York.
What Mr. Bernanke insisted on, and what Mr. Frank vowed to prevent, was Congressional interference in Fed deliberations over monetary policy. But whenever discussion got more specific, Fed officials insisted that monetary policy extended to many if not most of the Fed's emergency credit programs.
Mr. Frank said he would "wall off" deliberations on basic monetary policy, and delay the release of information about the Fed's financial operations to prevent traders from capitalizing on its moves.
Exactly what that means in practice remains unclear. Mr. Paul says he is delighted that his bill has gotten so far. But details matter, and Fed officials say they are quietly confident details will break their way.
http://finance.yahoo.com/banking-budgeting/article/108133/under-attack-fed-chief-studies-politics?sec=topStories&pos=5&asset=&ccode=
BUT working class and states go bust
Report: 10 states face looming budget disasters
Pew report says 9 states face budget deficits, economic challenges similar to California's
* By Judy Lin, Associated Press Writer
* On 1:11 pm EST, Wednesday November 11, 2009
SACRAMENTO, Calif. (AP) -- California's ongoing fiscal crisis has attracted national attention, but a study warns that nine other states are barreling toward similar economic disaster.
A report released Wednesday by the Pew Center on the States says Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin also are at risk of fiscal calamity.
That could mean higher taxes, more layoffs of government employees, increasingly crowded classrooms and fewer services in states that account for more than one-third of America's population and economic output.
Most of the states face rising unemployment and high home foreclosure rates, and their revenues have dropped by double-digit percentages.
The analysis urges lawmakers and governors to take quick action to prevent economic catastrophe
On the positive side, there MUST be some way to make money off this by betting AGAINST America. It's like betting on a crippled horse TO LOSE. Ya can't go wrong! Hey international financiers out there, any idea how I can SHORT THE USA?
Gobias
Why Criminal Bankers, Corporate crooks not thrown in Jail, instead rewarded?
Why Bush, Cheney others not tried for Treason
and now Have you Gobias come with game plan to prosecute Washington and Obama for High Treason Crime?
What can you do, reveal thinker now?
Nothing more
Clouds over Tokyo and Seoul
Disagreements over a United States army base in Japan and a free-trade agreement with South Korea are likely to figure prominently in President Barack Obama's visit to Northeast Asia. Nonetheless, Obama is expected to grasp this opportunity to reaffirm the US's longstanding relationship with its two closest allies in the region
OK, I will take my medicine but coward grow balls and reveal your road map to Save USA republic from busting?
Mercy my Lord
Bamboozled Generation looted, busted and still don't get it?
http://www.pushahmburger.com
Dan Walters: California budget boss jumps off before train wrecks
http://www.sacbee.com/capitolandcalifornia/story/2313076.html?ref=patrick.net
Wal Mart gave me cheap now
Good Night
And the beat goes on...do people ever stop to realize these pathetic no talents represent us? To the world? More importantly, to ourselves and our children? How can you look at Mr. Frank and tell yourself you're proud to have him represent you?
Vote them out. Vote them all out.
CRIMINAL WASHINGTON RULERS
WALL STREET LAST HURRAY PENSION LOOT WITH GARBAGE SCAM CORPORATE NON DIVIDEND STOCKS STACKING VIA MUTUAL FUND TERRORIST CROOKS...............
AND REAL ECONOMY: IN THE TOILET FLUSHING INTO HELL
YOUR CRIME=HIGH TREASON
JOBLESS CONSUMERS CAN'T MAKE A PAYMENT AT ZERO INTEREST
the wall st SCUM wiped out the economy with their greedy gambling schemes,
got bailed out by tax payers thanx to BUSH PAULSON< COX<,OBAMA,BARNEY,GEITHNER,SUMMERS
and now are getting trillion $ LOANS at 0% while lending bailout $$ at 10-30% to struggling americans!!!
the founding fathers would NOT ALLOW this FRAUD ON THE CITIZENS!!
both repubs and dems got payouts for years and this is why this has happened to the us,
ALL INCUMBENTS IN SENATE AND CONGRESS NEEDS TO BE TRIED FOR HIGH TREASON CRIME NOW
Life on Severance: Comfort, Then Crisis
by Mary Pilon
Wednesday, November 11, 2009
http://finance.yahoo.com/career-work/article/108129/life-on-severance-comfort-then-crisis.html?mod=career-salary_negotiation
CRISIS OF UNPRECEDENTED PROPORTIONS LOOMING...
Nov. 11 (Bloomberg) -- “A crisis of unprecedented proportions is approaching” in the U.S. commercial real-estate market, according to Randall Zisler, chief executive officer of Zisler Capital Partners LLC.
The CHART OF THE DAY displays quarterly returns on commercial property -- apartment buildings, hotels, industrial sites, offices and stores -- as compiled by the National Council of Real Estate Investment Fiduciaries. Returns were negative for the past five quarters, the longest streak since 1992.
Property prices have fallen by 30 percent to 50 percent from their peaks, Zisler estimated yesterday in a report. The plunge has wiped out the equity in most real-estate deals that relied on debt financing since 2005, he wrote.
Zisler, whose firm focuses on real-estate investment, estimated that building owners will default on $500 billion to $750 billion of mortgage debt. This equals as much as 54 percent of the $1.4 trillion in loans that will come due in four years, by his count.
“Much of the debt is likely worth about 50 percent of par, or less,” the report said. Many banks will end up insolvent as they reduce the value of their holdings, he wrote, adding that regional and community lenders are especially vulnerable.
California, in particular, is experiencing a downward spiral in commercial property as prices decline and a growing number of tenants default, Zisler wrote. His analysis was included in Controller John Chiang’s monthly review of the state’s finances.
http://finance.yahoo.com/news/Ten-most-troubled-states-in-cnnm-2889165804.html?x=0&.v=7
Ten most troubled states in the U.S.
The same economic pressures that pushed California to the brink of insolvency are wreaking havoc on other states, a new report has found.
And how state officials deal with their fiscal problems could reverberate across the United States, according to the Pew Center on the States' analysis released Wednesday.
The 10 most troubled states are: Arizona, California, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin.
Other states -- including Colorado, Georgia, Kentucky, New York and Hawaii -- were not far behind.
OBAMA IS NOW PROVEN CRIMINAL RULER AND SHOULD BE TRIED FOR TREASON CRIME
obozo and his band of thieves and thugs have committed treason in the their past and will continue to commit treason as long as they get away with it with the support of the feckless morons in congress and the senate who refuse to try then for treason. When obozo came on the political scene the words propaganda, lies, deceit, intimidation, coercion, fraud (voter & fund raising), etc was and still is their mode of operation. The courts, CIA, FBI and other government agencies lay down and let obozo and gang do as they please. The so called supporters of the Constitution have the gall to call obozo and his band of thieves and thugs brilliant, intelligent, likable, honorable, etc. What kind of garbage are they helping to pedal. No traitor is worth any praise of any kind. Is it intelligent to say animals have a right to a lawyer? I love my dog but she is not smarter then a baby / child. Who has the right to limit population? God does but certainly not man!! Who has the right to lay claim to another person's work? Certainly not the career blood sucker that has been on government dole as a way of life!!!! When will the REAL HEROS of our country stand up and insist on trials for the acts of treason being committed now and before???
Revelation reveals what is happening. I stand and fight against evil and that is what our government has become!!!! Many are crying now, but when told years ago this was coming they pooh-poohed the warnings. Now we are reaping what we have sowed. May God have mercy on us!!!!
Twilight Zone Economy
http://news.goldseek.com/SFG/1257750360.php
God Bless us all
Will dream on to see if any Brave comes forward to lead the revolt next..............
The Fourth Turning – Strauss & Howe
We are still in the early phases of this 4th Turning. Our economic future is grim, societal turbulence will boil over, the State will attempt to expand its predatory policies to capture more power, and the American people will eventually be pushed past their breaking point. The Crisis will build towards a crescendo of violence before its ultimate conclusion. The specific events that will cause the outbreak of war are unknown today. The possible triggers could be presidential assassination, collapse of the U.S. dollar, a nuclear bomb detonated in a U.S. city, a Middle East conflagration, or world quaking oil shortages. It is more likely that a combination of these or other events will lead to armed confrontations. Based on the intractable divisions within our country, I believe there is a strong possibility that armed revolution within our own borders is a distinct possibility. If this Crisis develops as a conflict between superpowers over resources, the U.S. may be confronted by Russia and China simultaneously. In a superpower conflict, use of nuclear weapons becomes likely. If this confrontation spins out of control, it could be the last Crisis of humanity. There is no rosy scenario during a Crisis. The dire consequences and death on a massive scale are unavoidable. Reason and compromise will not be the dominant traits in the next fifteen years. There are no guarantees regarding the outcome.
With or without war, American society will be transformed into something different. The emergent society may be something better, a nation that sustains the Framer’s vision with a robust new pride. Or it may be something unspeakably worse. The Fourth Turning will be a time of glory or ruin.
The Fourth Turning – Strauss & Howe
http://www.philstockworld.com/2009/11/11/for-what-its-worth/
Must read now:
whitehouse.gov
ARE YOU DRINKING OIL ?SERVED BY GOLDMAN SACKS(BIN LADEN) FINANCIAL AL QAEDA TERRROR CHIEF?
Goldman’s Global Oil Scam Passes the 50 Madoff Mark!
http://www.philstockworld.com/2009/11/11/goldmans-global-oil-scam-passes-the-50-madoff-mark/
HOW MUCH PAIN YOU CHICAGO MOB SHILL WILL INJECT ON US(WORKING AKA UNEMPLOYED CLASS)
HTTP://WWW.PUSHHAMBURGER.COM
Our Chairman,
Who Art At Goldman,
Blankfein Be Thy Name.
The Rally's Come.
God's Work Be Done,
We Have No Fear Of Correction.
Give Us This Day Our Daily Gains,
And Bankrupt Our Nearest Competitors,
Just As You Taught Lehman And Bear A Lesson.
And Bring Us Not Under Indictment.
For Thine Is The Treasury,
The House And The Senate
Forever And Ever.
Goldman
http://actindependent.org/LeftOpp.pdf
NEEDED: A LEFT ANTIWAR OPPOSITION TO OBAMA
Seven months into the new administration, it is clear that Obama is on his way to failure and worse, potentially dragging a whole range of progressive causes down to defeat. For so many disappointed activists, the honeymoon is over and the thrill is gone, and what remains is a trail of broken promises and betrayals. The question is no longer how to save Obama, but how to defend causes that were here long before Obama arrived, and will be here long after he is gone....
Posted November 12th, 2009 by photoshopwiz
The Real Axis of Evil: Washington, the Fed, and Wall Street
by Christopher Grey | Big Government | Nov 12, 2009
As Washington extends its reach farther into our lives and limits our freedoms, the Fed destroys the value of the dollar and our savings, and Wall Street continues to make billions of dollars using taxpayer money without creating any sustainable growth for the economy, Americans should begin to ask ourselves who our enemies really are. Sure, Iran, Syria, and North Korea are evil. I would love to see their regimes destroyed, but they haven’t really done anything to interfere with my life as far as I know. On the other hand, I can identify exactly the many ways that Washington, the Fed, and Wall Street are destroying our freedoms and our economy and stealing our and our children’s future.
Let’s begin with Washington. They want to take a broken health care system and make it worse by further injecting government. They’re going to raise taxes even though people are struggling with the worst economy in decades. They’ve started a job-killing trade war with China–our largest trading partner and our largest lender–to pacify Big Labor. They’ve given hundreds of billions of dollars of taxpayer money to insolvent and poorly managed, but politically connected, Wall Street banks and Detroit car companies in the name of saving our economy. We’ve continued to lose millions of jobs anyway. They’ve spent additional hundreds of billions of taxpayer dollars on a stimulus that was supposed to create jobs. Treasury Secretary Tim Geithner says there will be jobs some day, but should we really believe him? This is the same guy who thought subprime lending wasn’t a problem. The same guy who thought it made sense to give billions to lender CIT. How did that work? Oh, right, they’re bankrupt now ...
...The Fed has an even better set-up. Bernanke and his fellow governors can print and redirect as much of our money as they want and never have to face voters. They just need to convince the political class that they’re doing a good job. There were good reasons for the Fed to be set up independent of the political system. But, what happens when it becomes a hand-maiden to the system?
The most reasonable explanation for why this continues is to look at who benefits. Wall Street banks enormously benefit from this system. In fact, without this crazy system they would all be out of business because they’re insolvent. The only reason the big Wall Street banks still exist is because Washington and the Fed (i.e. taxpayers) bailed them out. Wall Street banks have hijacked the Fed and Washington because it was necessary for them to survive. As former Fed Chairman Paul Volcker and others have said, banks are supposed to exist to serve the public. However, we now have a system in which the public and taxpayers serve the banks. This is not capitalism.
http://biggovernment.com/2009/11/12/the-real-axis-of-evil-washington-the-fed-and-wall-street/
Gerald Celente is one of the world’s best trend forecasters. In the following 4-part radio interview, Celente blasts current political and economic “leadership” as beholden to large corporate and financial interests. As I’ve documented, professionals who work with economics are using unprecedented harsh language in attempt to get Americans’ attention to the loss of trillions of our collective dollars. His comments include (paraphrased):
* “Too big to fail” banks are anathema to real capitalism.
* US economy is like a ruthless mafia ripping-off the American public. The US is being looted.
* US economy is no longer capitalism, it’s oligarchies and fascism.
* We are witnessing the greatest heist in American history, and the banks are doing it.
* “I don’t like getting raped. I don’t like my money going to Goldman Sachs.”
* “Do you have eyes to see and a mind to understand? These crimes are an affront to my intelligence.”
* Bankers are money junkies lying to get their money fix. We have a criminal gang of money junkies dealing scams to get money from us. They never have enough. And for what? For gambling.
* This is no different from the French Revolution.
* The money junkies are in for a shock. The second American Revolution has begun.
* They are not my political leaders; they are political hacks. We are going back to royalty and serfs.
* This country doesn’t have a clue what’s going on, their minds have been deadened looking at presidential reality shows and bowing to political demagogues. What people have to do more than ever is think for themselves.
http://www.examiner.com/x-18425-LA-County-Nonpartisan-Examiner~y2009m11d12-Financial-expert-Gerald-Celente-American-public-losing-everything-to-fascist-oligarchs