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« Paul Ryan Dodges Question On Whether GOP Budget Will End Corporate Welfare | Main | Ron Paul On The Almost Gov't Shutdown: "The right agreed to more welfare and the left agreed to more warfare" »
Wednesday
Apr132011

Chris Whalen With Dylan Ratigan: Which Banks & How Much - Surprises From Bernanke's Forced Disclosure

Video - Whalen with Dylan Ratigan

An anti-Fed tour de force.

  • "Goldman would have failed without the bailout.  No question."
  • "Spain is MUCH worse than Ireland."
  • "The Fed took care of the speculators and let the real economy go to hell."

Here's an idea - make Chris Whalen Fed Chairman, and Josh Rosner Treasury Secretary.  Then send Bernanke back to Princeton as a custodial engineer, and give Geithner a job on the set of CBS Survivor cleaning latrines.  As much shit as they've shoveled since 2008, the transition for both should go smoothly.

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     Email to a friend...

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Whalen sent this one to us by email this afternoon...

FDIC Takes Gloves Off for Failed Bank Losses

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New Slideshow - Time Magazine Looks Inside the Private Offices of Fed Chairman Bernanke - Including Photos of Bernanke Growing Up in South Carolina - These are a Must See

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Reader Comments (21)

DB, This story may be quite profound. BTW you are doing great work. Thank You!

http://market-ticker.org/akcs-www?singlepost=2290787
Dec 2, 2010 at 8:54 AM | Unregistered Commenterjohn
Whalen rocks! His tough comments on the banks and a dysfunctional system explain why I haven't seen him on CNBC in a while, though.

Can't wait to read the new book "Inflated".
Dec 2, 2010 at 8:55 AM | Unregistered CommenterMatt SF
@matt...

good to hear from you..it's been awhile...

@john...

outstanding link, thanks...
Dec 2, 2010 at 9:18 AM | Registered CommenterDailyBail
John and DB. 10% mark to market is a little bit worse than I've estimated, but 15-20% on average is on par when you factor in all the complete duds that will never make a dime, or where there's actualy no collateral at all.

But did anyone actually think that what the FED was hiding was its dedication and diligence regarding its mandate to protect the economic interests of the U.S. taxpayer?
http://letthemfail.us/archives/6888
Dec 2, 2010 at 9:50 AM | Unregistered CommenterWil Martindale
Chris Whalen is quite correct. The uncertainty comes from the scale of market clearing necessary to restructure the financial market. Whalen points out that we all have a piece of it, somehow, even if it's tax legacy. The Fed is engaged in a massive game of extend and pretend with the US economy and shows no sign of being willing to deal with systemic malfunction, yet. Obama is...we'll have to ask Geithner and Summers why they swept the dirt under the carpet instead of out the door. DADT. It does not look good for the value added team in the short run. Perhaps we should regulate most of the financial industry out of the country, a catastrophe we are frequently warned about, by the financial industry.
Dec 2, 2010 at 12:24 PM | Unregistered CommenterLarry Signor
Terrific clip, DB. Is it my imagination, or is Whalen getting a lot blunter in his remarks about the Fed?
Dec 2, 2010 at 3:20 PM | Unregistered CommenterCheyenne
Whalen sent a note about the shit-shoveling write-up, and sending Geithner to clean latrines...and he just tweeted the story...

http://twitter.com/rcwhalen/statuses/10438909322338304
Dec 2, 2010 at 4:23 PM | Registered CommenterDailyBail
Perhaps we should regulate most of the financial industry out of the country, a catastrophe we are frequently warned about, by the financial industry.

@larry...let them make their idle threats...they will survive and prosper regardless of regulation...

thanks for your comment...
Dec 2, 2010 at 4:26 PM | Registered CommenterDailyBail
@cheyenne...i agree...he sounds a tad angry in this clip...whalen is a solid truth teller...gotta appreciate his approach...
Dec 2, 2010 at 4:34 PM | Registered CommenterDailyBail
FDIC Takes Gloves Off for Failed Bank Losses

http://www.globest.com/news/1800_1800/newyork/304815-1.html?sms_ss=twitter&at_xt=4cf63ef0281857dd,0

Check it out...a great read...
Dec 2, 2010 at 4:50 PM | Registered CommenterDailyBail
The Austerity Hammer Starts to Fall on United States as Debt Consumes Europe (VIDEO)

http://www.activistpost.com/2010/12/austerity-hammer-starts-to-fall-on.html

It's the bankers or us...
Dec 2, 2010 at 4:55 PM | Registered CommenterDailyBail
Hungary’s financial sector is in uproar over government plans to make citizens transfer more than €10bn ($13.1bn) of savings out of private pension funds into the state pension system to reduce the country’s budget deficit – or lose much of their pensions.

The move, dubbed “blackmail” by a founder of the 12-year-old private pension system, is among several recent steps by the government of Viktor Orban’s centre-right Fidesz party that have spooked investors and caused a sell-off of Hungarian assets.

http://www.ft.com/cms/s/0/2eba8142-fd79-11df-a049-00144feab49a.html#axzz16zidBm9l

wow...will something like that happen here...i've always doubted the possibility...but now...not so sure...does the rule of law still count in the u.s....
Dec 2, 2010 at 5:06 PM | Registered CommenterDailyBail
Yes, they let the real economy go to hell…
Destruction cometh; and they shall seek peace, and there shall be none.”
“Desire of having is the sin of covetousness.” William Shakespeare

Goldman Sachs would have failed. They borrowed $24 billion from the Fed.

Let’s take a look at what we used to stand for…

“Americans play to win at all times. I wouldn't give a hoot and hell for a man who lost and laughed. That's why Americans have never lost nor ever lose a war.” George S. Patton

Not anymore, most Americans are now either stupid, on prescription drugs or in a McDonald’s induced coma. Will Ireland tell the bankers to fark off and shove their manufactured debt up their backsides? Yes, they are debt pushers.

WHO SAID…“Just in terms of allocation of time resources, religion is not very efficient. There's a lot more I could be doing on a Sunday morning.”

Let me guess…Obama? Bill Gates? Blankfein? Hitler? Madoff?

“Religion is what keeps the poor from murdering the rich.” Napoleon Bonaparte

Is that why Bilderberg is deciding whether or not to spoon feed us Sarah Palin? Is it worse than that, do we need a slice of Mitt Romney pie?

Zombie banks and zombie Obama, time for another vacation to Hawaii. Reckless bets and a reckless imposter as a President, what is left for the zombie debt slaves until the end of time?

I shall never believe that God plays dice with the world.
Albert Einstein
Dec 2, 2010 at 6:26 PM | Unregistered CommenterJohn Patmos
I know what you mean, Patmos. I'm about to take the chainsaw out of the shed and see what happens. Fed shoulda figured the fucker who evaded their bullshit would also be most skeptical. Too obvious, that, I reckon.
Dec 2, 2010 at 9:02 PM | Unregistered CommenterCheyenne
“…[T]he powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. this system was to be controlled in a feudalist fashion by the central banks of the world acting in concert by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations….

Carroll Quigley
Dec 2, 2010 at 10:44 PM | Unregistered CommenterX
NOW YOU REALIZE ONE DOES NOT NEED BOMBS TO DESTROY A COUNTRY....YOU ARE WITNESSING THE TOTAL DESTRUCTION OF THE UNTIED SNAKES..REST IN PIECES.... YOUR BANKERS AND CONGRESS CRITTERS AND LAWYERS AND WALL STREET TRASH ARE BEYOND YOUR COMMAND..FOR THE TIMES THEY ARE A ROTTING..GREAT SHOW MR RADIGAN...KEEP EATING THEM ALIVE...THEY DESERVE WHAT THEY REAP
Dec 3, 2010 at 10:53 AM | Unregistered Commentermike hunt
Hoyer joins Obama in calling past vote on debt ceiling 'a mistake'

http://thehill.com/homenews/house/155509-hoyer-joins-obama-in-calling-past-vote-on-debt-ceiling-a-mistake

Bunch of friggin hypocrites putting your children/grandchildren in chains!
Apr 13, 2011 at 11:15 AM | Unregistered CommenterLiberatedCitizen
Banks To Get Away Scott-Free Again? Mass Fraudclosure Settlement To Be Announced Today Without Financial Penalties

http://www.zerohedge.com/article/banks-get-away-scott-free-again-fruadclosure-settlement-be-announced-today-without-financial
Apr 13, 2011 at 11:37 AM | Unregistered CommenterLiberatedCitizen
i'm watching the wires closely LC...
Apr 13, 2011 at 11:43 AM | Registered CommenterDailyBail
Couple more DB speaking of jobs and Spain

Real Unemployment Shows US Economy Short 20 Million Jobs

http://www.huffingtonpost.com/steve-clemons/real-unemployment-shows-u_b_843783.html

Faux job numbers could lead to real trouble

http://www.nypost.com/p/news/business/faux_job_numbers_could_lead_to_real_3zKnIS84fd4XYOLbEK48GL#ixzz1JL0Bppay

Spanish Situation Worse Than Expected: China Rumored To Inject $13 Billion Directly Into Spanish Banks

http://www.zerohedge.com/article/spanish-situation-worse-expected-china-rumored-inject-13-billion-directly-spanish-banks
Apr 13, 2011 at 11:48 AM | Unregistered CommenterLiberatedCitizen
JP morgan CFO on CNBC in a few minutes
Apr 13, 2011 at 12:00 PM | Unregistered Commenterjohn

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