Friday
Oct022009
Congressman Issa On Moody's, The Countrywide Bribery Cover-Up, Pelosi, The SEC, Fannie, Freddie And The FHA's 50:1 Leverage
Congressman Darrell Issa from Wednesday afternoon during a break from House committee hearings on corruption and the rating agencies. It's a quick 7-minute clip encompassing the issues mentioned above and more.
See also:
Darrell Issa: "Paulson And Bernanke Crossed The Line"
Issa On Social Security, Medicare & The Financial Crisis Commission
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Thank you!
Oct 2, 2009 at 9:15 PM
Reader Comments (11)
http://www.businessinsider.com/inside-regulators-hearing-on-rating-agencies-2009-9
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Did you ever catch Christopher Whalen's speech at "The Deflating Bubble, Part V" back in March? It is definitely worth listening to.
"http://app2.capitalreach.com/esp1204/servlet/tc?cn=aei&c=10162&s=20271&e=10724&&espmt=2"
Among a peasant bank revolt against FDIC and FASB, impending CMBS carnage, Stress Test nonsense and government credibility, and a FNM/FRE/AIG/C Zombie Dance Party, Chris mentions the following five [well six] practical steps:
0. Admit that we cannot subsidize the operating losses of all of these big insolvent corporations.
1. Announce that the deposits in all banking institutions in our respective countries, foreign or domestic, are 100 percent backed.
2. Agree to national treatment for our respective problems.
3. Put AIG into a Chapter 11 bankruptcy.
4. Devolve the entire Citigroup organization into a single national bank and put the parent holding company, Citigroup, which is a shell and has no operations,into bankruptcy.
5. FDIC liquidates troubles assets in court.
Chris has my vote. Here are some choice statements from the speech:
"All I can say is I don’t think this process is credible, and every day that goes by that our government supports this, promotes this, holds this out as a credible policy objective for our citizens and for the rest of the world to look at, we are losing credibility."
"We have got to get people involved in this process who know what they’re talking about, can articulate that to the public, and be credible when they do it. Because the biggest problem we have right now is that we’ve got a Secretary of the Treasury and a Federal Reserve Board Chairman who are not credible with the financial markets."
"So lets talk about four trillion dollars in operating losses that the government is proposing to fund. They do not have authorization from the Congress, and so far they have been funding a lot of this off the books of the Federal Reserve System. And I would tell you that those operations are illegal."
"Fed officials are not officers of the United States. That is just something I’ll let you think about. They do not have the power to incur liabilities on behalf of the US public."
"So first and foremost, I think we’ve got to admit that we cannot subsidize the operating losses of all of these big insolvent corporations, and indeed, by stretching this process out we’re actually hurting ourselves, hurting our credibility, hurting our ability to act every day. Every day that goes by we lose flexibility, we lose the ability to choose when we act. And somebody else is going to be telling us to act. That’s when you’re right on the verge of bankruptcy. OK? As a country. I’m not talking about banks any more. I’m talking about a sovereign default by the United States."
"The Founders didn’t suggest to the Congress that they have bankruptcy in Federal Courts, they told them. They said, 'You will.' Because it was that important. It gives finality, which is what everyone in our country is hungering for now."
"What the derivatives guys have done to us over the last twenty years is they’ve leveraged the real economy. They’re safe. They’ve already paid the members of Congress to change the laws so that they’re safe, but everybody out there who’s got a real claim on a real company or real asset is absolutely left out to dry."
Also, check out this fantastic Rand Paul interview. At 8:00 he talks about the bailouts, Too Big to Fail, Republican's who voted for the bailouts, Geithner, Bernanke, etc. Rand is pretty f***ing sharp.
http://www.youtube.com/watch?v=Si758_84bQc
http://www.youtube.com/watch?v=tvaszEpzECQ&NR=1
http://www.youtube.com/watch?v=kNn2znTFy3g&NR=1
Why losing may become the new winning.
ABC News is referring to Obama failing to bring the Olympic Games to Chicago.
Is this Terry Moran making nice after tweeting Barry’s opinion of Kanye? Shame shame shame shame shame…
Any thoughts DB…
http://www.youtube.com/watch?v=EgLOwb5xJp4
Can't determine when it was recorded...and it's not sep. 30...that was simply the upload date to youtube...
Either outright or borderline racism, and strange personal attacks on me and others...
Must Read for everyone...this scared the living shite out of me...
The Aesop thing went right over my head - didn't get it until after it was gone. I totally see your point on that one.