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« Show Us The AIG Emails (NYT Op-Ed From Eliot Spitzer, Frank Partnoy & William K. Black) | Main | Monday Links (16 Articles, December 21, 2009) »
Monday
Dec212009

Deficit Obama Says: We Can't Continue To Treat Tax Dollars Like 'Monopoly Money'

Video: The Deficit President Delivers Meaningless Rhetoric -- December 21, 2009

If I hadn't just evacuated all over my keyboard, I might be able to muster a more cogent response.  You, Deficit Obama, will add $6 trillion to the national debt in 4 short years.  The next closest Presidential offender, Geroge W. Bush added $1.5 trillion in his 2nd term (1st term was slightly less).  This is the beginning of the White House strategy for 2010, where they plan to "talk alot but do little."

  • "In the long run we can't continue to spend as if deficits don't have consequences, as if waste doesn't matter, as if the hard earned tax dollars of the American people can be treated like monopoly money.  That's what we've seen time and time again.  Washington has become more concerned about the next election than the next generation."

 

 

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Reader Comments (49)

"You, Deficit Obama, will add $6 trillion to the national debt in 4 short years."

That's what I like -- optimism. I doubt the number will be that low unless we default or find a new Congress. And a Republican Congress won't do much good. We need more of a batshit crazy Libertarian Congress unafraid to close 25% of the government.
Dec 21, 2009 at 6:39 PM | Unregistered CommenterJohn S
But it is monopoly money...LOL. The wheels must be getting ready to fall off the printing press, that is the only thing they will worry about.
Dec 22, 2009 at 7:42 AM | Unregistered CommenterS. Gompers
We need more of a batshit crazy Libertarian Congress unafraid to close 25% of the government.

-------------------

+1
Dec 22, 2009 at 1:17 PM | Registered CommenterDailyBail
nice link morton...enjoyed it...
Dec 22, 2009 at 1:17 PM | Registered CommenterDailyBail
Morton's link was awesome!
Dec 22, 2009 at 1:48 PM | Unregistered Commentermark mchugh
obama you have ruined this country with your radical policies. get out of the office now!! puke on you and your staff!
Dec 22, 2009 at 2:09 PM | Unregistered CommenterSell Short
"Deficit Obama Says: We Can't Continue To Treat Tax Dollars Like 'Monopoly Money'"

Gee ASSHOLE, then STOP treating it like Monopoly Money!
Dec 22, 2009 at 2:53 PM | Unregistered CommenterRecoverylessRecovery
F-Obamanomics...THEY ARE BATSHIT CRA-Z......He's an Economic Mental Midget
Dec 22, 2009 at 10:25 PM | Unregistered CommenterAint Bullshittin'
get ready for 2010 where it gets EVEN MORE frustrating...

the obama plan is TO TALK about the deficit as much as possible but DO NOTHING...

http://www.politico.com/news/stories/1209/30925.html
Dec 23, 2009 at 1:00 PM | Registered CommenterDailyBail
This guy has an *I-N-C-R-E-D-I-B-L-E* knack for doing the EXACT OPPOSITE of whatever BS is coming out of his mouth at any given moment.
Dec 23, 2009 at 2:58 PM | Unregistered CommenterRecoverylessRecovery
PS: I'm getting FED-UP with his constant stupid smiling too. It's like the MF is openly TAUNTING the American public as he goes about reaming us in the ....
Dec 23, 2009 at 2:59 PM | Unregistered CommenterRecoverylessRecovery
Revolt but when?

what about us?"we the People"??

We cowards with no balls and no revolt?

crook Obama and Washington crIminal rulers puppet of banker terrorists

Obama and the Mother of All Political Lies
http://www.youtube.com/watch?v=h3JKDTBOYKg


December 18, 2009

http://www.pbs.org/moyers/journal/12182009/watch.html
BILL MOYERS: Welcome to the Journal.

home evictions education for masses: revolt now against banker criminals
http://www.pbs.org/moyers/journal/12182009/watch2.html

What THE FED WANTS FOR AMERICA@@@
Click here for the stinky truth
http://www.whopooped.org/
Dec 23, 2009 at 10:52 PM | Unregistered CommenterKen
good links, ken...i watched the moyers taibbi on PBS last Friday...i've been waiting for a version to show up on youtube...
Dec 24, 2009 at 12:23 PM | Registered CommenterDailyBail
Obama "The International" Banker's Puppet
http://www.youtube.com/watch?v=QBgAd9xNCQI
Dec 24, 2009 at 10:42 PM | Unregistered CommenterKen
Edited...ken...louis farrakhan is a racist...don't post his clips...
Dec 24, 2009 at 10:47 PM | Unregistered CommenterKen
Christmas eve under the radar gift to banks

Banks unload your shit to Freddie and Fannie...we want your bad loans....taxpayers dont mind

http://www.msnbc.msn.com/id/34587552/ns/business-us_business/

"NEW YORK (AP) -- The government has handed its ATM card to beleaguered mortgage giants Fannie Mae and Freddie Mac."
Dec 25, 2009 at 11:36 AM | Unregistered CommenterKen
Arizona's Coming Government Collapse - from Governor Jan Brewer
http://www.resistnet.com/forum/topics/arizonas-coming-government?xg_source=activity

California is no different...........KABOOM
Dec 25, 2009 at 11:49 AM | Unregistered CommenterKen
These 10 states may be closest to financial collapse

Here's the worst-10 list in the order that Pew ranked each state, with highlights of what hurt each one:

California – Budget shortfall: 49.3%
"California topped all states for the magnitude of its budget shortfall in fiscal year 2010, both in dollars and in share -- in this case, nearly half -- of its general funds, which pay for most state operations."

Arizona – Budget shortfall: 41.1%
Like many states, "Arizona's lawmakers relied on one-time fixes to balance its budgets instead of making long-term changes," the report said. Lawmakers were still wrestling with a $1 billion gap in this year's budget in October.

Rhode Island – Budget shortfall: 19.2%
On top of its poor record of fiscal management, "Rhode Island constantly ranks near the top of states with the highest unemployment rates, and last year it had the highest home foreclosure rate in all of New England."

Michigan – Budget shortfall: 12.0%
"Two of the Big Three Detroit-based automakers went bankrupt in 2009, sending shockwaves through a state that is on track to lose a quarter of it jobs this decade."

Nevada – Budget shortfall: 37.8%
"Nevada's unique gaming-based economy is in jeopardy, as is its state budget that relies on gambling sales to provide 60% of its revenues."

Oregon ­– Budget shortfall: 14.5%
"State revenues plummeted 19% between the first quarter of 2008 and the first quarter of 2009, a reflection of Oregon's heavy reliance on income taxes," the report said. Voters have rejected adding a sales tax nine times, thwarting attempts at creating a new source of state revenue.


Florida – Budget shortfall: 22.8%
"For the first time since World War II, Florida's population is shrinking. This is a disturbing revelation for a state that has built its economy -- and structured its budget -- on the assumption that throngs of new residents will move to its sunny shores each year."

New Jersey – Budget shortfall: 29.9%
"New Jersey is playing catch-up after years of fiscal mismanagement and a daunting structural imbalance between what it collects and what it spends."

Illinois – Budget shortfall: 47.3%
"Since the last recession earlier this decade, the state piled up huge backlogs of Medicaid bills and borrowed money to pay its pension obligations," the report said. The 2010 budget shortfall topped $13.2 billion, among the worst in the nation.

Wisconsin – Budget shortfall: 23.2%
"Wisconsin's history of budget shortfalls and pattern of borrowing frequently to cover operating expenses, among other measures, made it poorly positioned to weather the most recent severe economic downturn."
Dec 25, 2009 at 1:10 PM | Unregistered CommenterKen
FUCKING CROOK “Obama, we need your checkbook!”

California regulators have budgeted $145 billion in expenditures through fiscal 2010. In that same period, they are expected to only bring in revenues of $100 billion, marking a $45 billion shortfall. That's assuming current economic conditions. I tell you what, if California pulls $100 billion in revenue this year, I'll wear a dress for a month. There's absolutely no way that state regulators in California , or regulators anywhere for that matter, have priced in the economic realities of what's to come.

For now, let's just use the $45 billion deficit for the sake of argument in looking at what this number really means. The Trumpet reports that if the Governator fired all the 149,000 legislative aids and people working in the courts and universities that the budget deficit wouldn't be eliminated. Alternatively, California could close all the state prisons, fire all the staff there, and eliminate all state health care funding and still not eliminate the budget gap.

Hopping off the theoretical train, California is being forced to make some very difficult decisions. The MSNBC article at the top of this article mentions cuts in social programs that help the blind and disabled pay for food and rent. That's going to affect a million people.

Now tax refunds are going to be delayed and instead paid with IOUs. That's exactly what I want: A worthless IOU for a bunch of other worthless IOUs. Did I mention that Minnesota winters aren't that bad?

When it's all said and done, what does it matter? California legislators aren't thinking about balancing the budget at this point. Why should they? They are going to get a big federal bailout regardless of the size of their deficit. All state officials there care about is LOOKING like they are trying while they wait for their glorious savior to come to their rescue.

California won't be the only story told when it comes to state bankruptcies. There will be others to follow, especially when the free checks start coming from the federal level. This is a mockery of the system and eliminates the whole reason for having the state AND federal governments. Soon, you, me, and everyone else in this country will be paying for California 's blunders.

Good Bye 2009 and USA bamboozled Genration Face 2010 Hell with your Fat asses on a SOFA and a Remote but no Revolt or revolution?

AMEN
Dec 25, 2009 at 1:13 PM | Unregistered CommenterKen
Edited...ken the judge carter stuff is not true...do some fact checking...
Dec 25, 2009 at 1:24 PM | Unregistered CommenterKen
Hey Ken, it's like Diary of a Madman in here.
Dec 25, 2009 at 2:46 PM | Unregistered CommenterGobiasBestFriend
MUST-WATCH VIDEO: 2010 Forecast: Transition from Globalisation to World Government - By Adrian Salbuchi
Salbuchi - 2010 Forecast: Transition from Globalization to World Government -1 of 3
http://www.youtube.com/watch?v=8ktQSLgu4n4&feature=player_embedded#
Salbuchi - 2010 Forecast: Transition from Globalization to World Government -2 of 3
http://www.youtube.com/watch?v=1r6sy8q79uA&feature=player_embedded
Salbuchi - 2010 Forecast: Transition from Globalization to World Government -3 of 3
http://www.youtube.com/watch?v=lXzvS2G8Tuw&feature=player_embedded
Dec 25, 2009 at 5:43 PM | Unregistered CommenterKen
Ken...Barry Soetoro is in Hawaii. Not a bad gig if you can get it. How is Hawaii's budget doing?
Dec 25, 2009 at 7:13 PM | Unregistered CommenterGobiasBestFriend
GobiasBestFriend

Facts For Working People

If you have opinions about the subject matter of posts on this blog please share them. Do you have a story about how the system affects you at work, home, or just in general? This is a place to share it.

Wall Street bankers; terrorists par excellance devastate America's communities
http://weknowwhatsup.blogspot.com/2009/12/wall-street-bankers-terrorists-par.html
“Wall Street is squeezing one of America’s weakest cities for every penny it can?” writes Business Week in its November 30 issue. The article's title is: Wall Street vs America.
Dec 25, 2009 at 9:36 PM | Unregistered CommenterKen
What Happens When California Defaults?
At least one state will default in 2010, most likely California first. The shock waves of the default will make Lehman Brothers look like child’s play.-Lou
http://www.newgeography.com/content/001274-what-happens-when-california-defaults
The California Legislative Analyst’s Office recently reported that the State faces a $21 billion shortfall in the current as well as the next fiscal year. That’s a problem, a really big problem. My young son would say it was a ginormous problem. In fact, it may be an insurmountable problem.

Our governor and legislature used every trick in their books when they created the most recent budget. They even resorted to mandatory interest-free loans from the taxpayers. Now, they have no idea where to go. The Democrats have declared that they will not allow budget cuts. The Republicans will not allow tax increases. They have probably run out of smoke and mirrors, although their ability to engage in budget gimmickry is enough to make an Enron accountant blush. No one is considering raising revenues by increasing economic activity.

In my opinion, California is now more likely to default than it is to not default. It is not a certainty, but it is a possibility that is increasingly likely.

Then what?
Dec 25, 2009 at 9:39 PM | Unregistered CommenterKen
@DB Jokers

This is real hard struggle work@public service

As everyone is engrossed by assorted groundless Christmas (and other ongoing bear market) rallies, and oblivious to the debt monsters hiding in both the closet and under the bed, Zero Hedge has decided it is about time to present the ugliest truth faced by our 'intellectual superiors' and their Wall Street henchman who succeeded in pulling off Goal #1 for 2009 - the biggest ever bonus season (forget record bonuses in 2010... in fact, scratch any bonuses next year if what is likely to transpire in the upcoming 12 months does in fact occur).

If someone asks you what happened in 2009, the answer is simple - two things. There was a huge credit and liquidity crunch, and then there was Quantitative Easing. The last is the Fed's equivalent of band-aiding a zombied and ponzied corpse, better known as the US economy. It worked for a while, but now the zombie is about to go back into critical, followed by comatose, and lastly, undead (and 401(k)-depleting) condition.

In 2009, total supply of all USD denominated fixed income, net of maturities, declined by $300 billion from $2.05 trillion to $1.75 trillion. This makes sense: the abovementioned crunches stopped the flow of credit from January until well into April, and generally firms were unwilling to demonstrate to the market how clothless they are by hitting the capital markets until well into Q2 if not Q3. What happened was a move so drastic by the Fed, that into November, the worst of the worst High Yield names were freely upsizing dividend recap deals (see CCU) - the very same greed and stupidity that brought us here. Luckily, so far securitization and CDOs have not made a dramatic entrance. They likely will, at which point it will be time to buy a one-way ticket for either our southern or northern neighbor, both of which, in the supremest of ironies, transact in a currency that will survive long after the dollar is dead and buried.

Back to the math... And here is the kicker. Accounting for securities purchased by the Fed, which effectively made the market in the Treasury, the agency and MBS arenas, but also served to "drain duration" from the broader US$ fixed income market, the stunning result is that net issuance in 2009 was only $200 billion. Take a second to digest that.

And while you are lamenting the death of private debt markets, here is precisely what the Fed, the Treasury, and all bank CEOs are doing all their best to keep hidden until they are safely on their private jets heading toward warmer climes: in 2010, the total estimated net issuance across all US$ denominated fixed income classes is expected to increase by 27%, from $1.75 trillion to $2.22 trillion. The culprit: Treasury issuance to keep funding an impossible budget. And, yes, we use the term impossible in its most technical sense. As everyone who has taken First Grade math knows, there is no way that the ludicrous deficit spending the US has embarked on makes any sense at all... none. But the administration can sure pretend it does, until everything falls apart and blaming everyone else for its fiscal imprudence is no longer an option.

Out of the $2.22 trillion in expected 2010 issuance, $200 billion will be absorbed by the Fed while QE continues through March. Then the US is on its own: $2.06 trillion will have to find non-Fed originating demand. To sum up: $200 billion in 2009; $2.1 trillion in 2010. Good luck.

@DB remains a JOKE
Dec 26, 2009 at 12:18 PM | Unregistered CommenterKen
Re Morton's link to the article on pork - yeah, these are preposterous, but really now, don't they amount to only slightly more than a rounding error in the budget? Politics is an ugly game. Kinda like making sausage. We might not have the stomach to watch either in process, but it's how the game is played. It's the democratic process.

Worst form of government ever - except for everything else that's been tried. Props to Sir Winston.
Dec 27, 2009 at 9:46 PM | Unregistered CommenterNeruda
Ken says...Back to the math... And here is the kicker. Accounting for securities purchased by the Fed, which effectively made the market in the Treasury, the agency and MBS arenas, but also served to "drain duration" from the broader US$ fixed income market, the stunning result is that net issuance in 2009 was only $200 billion. Take a second to digest that.

Ken, do you know what it was in 2007? Just Curious.
Dec 27, 2009 at 11:27 PM | Unregistered CommenterGobiasBestFriend
Monopoly money?
We need currency unburdened by debt and interests, we need an alternative economic system based on freedom, monetary sovereignty and financial independence of the population of individuals as a pillar of the community:

http://cromalternativemoney.org/index.php/en/media/news/currencies-alternative-economic-system.html
Dec 28, 2009 at 5:52 AM | Unregistered CommenterDuric Aljosa
Senator Max Baucus Drunk / Intoxicated on Senate Floor - Shouts Down Wicker
Senator Max Baucus Drunk / Intoxicated on Senate Floor - Shouts Down Wicker
http://www.youtube.com/watch?v=M5Y9X5ggxzA

Jesus Hated War -- Why Do Christians Love It So Much?
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_A/threadview?m=tm&bn=1028&tid=1273368&mid=1273368&tof=2&frt=1
Dec 28, 2009 at 11:26 AM | Unregistered CommenterKen
MUST WATCH

American Free Press at Conference on Political Assassinations
http://www.youtube.com/watch?v=WMRAuODvi8M

Internet’s Primary Gatekeeper in Bed With Big Brother?
LIKE AN ORWELLIAN SET OF EYES watching society’s every move, Google—the world’s predominant search engine—is quickly becoming a modern-day Big Brother. Robert Verkaik, law editor for The Independent, described their intent on May 24, 2007 as “setting out to create the most comprehensive database of personal information ever assembled, one with the ability to tell people how to run their lives.
Dec 28, 2009 at 12:51 PM | Unregistered CommenterKen
Ken says...Back to the math... And here is the kicker. Accounting for securities purchased by the Fed, which effectively made the market in the Treasury, the agency and MBS arenas, but also served to "drain duration" from the broader US$ fixed income market, the stunning result is that net issuance in 2009 was only $200 billion. Take a second to digest that.

Ken, do you know what it was in 2007? Just Curious.
Dec 28, 2009 at 2:10 PM | Unregistered CommenterGobiasBestFriend
HERE IS LIBERTY RANT FROM A JUDGE TO WAKE UP COWARDS WITH NO BALLS TO REVOLT

One of the best openings by the Judge EVER: Rights vs. goods
http://www.youtube.com/watch?v=_nyJs-IdNz0&feature=player_embedded

U.S Soldiers Are Waking Up!
http://www.youtube.com/watch?v=sQfoFzJUsb0&feature=player_embedded

Daly v First National Bank of Montgomery
http://www.youtube.com/watch?v=xSqi1N_RrUs
Dec 28, 2009 at 4:20 PM | Unregistered CommenterKen
Ken says...Back to the math... And here is the kicker. Accounting for securities purchased by the Fed, which effectively made the market in the Treasury, the agency and MBS arenas, but also served to "drain duration" from the broader US$ fixed income market, the stunning result is that net issuance in 2009 was only $200 billion. Take a second to digest that.

Ken, do you know what it was in 2007? Just Curious.
Dec 28, 2009 at 5:53 PM | Unregistered CommenterGobiasBestFriend
Terror and Tyranny: the TNT Approach for 2010
http://www.infowars.com/terror-and-tyranny-the-tnt-approach-for-2010/
Man Videotaped Underwear Bomber On Flight 253
http://www.infowars.com/man-videotaped-underwear-bomber-on-flight-253/
Ron Paul on Terrorism
Congressman Ron Paul gives his thoughts on Yemen, the attempted airline bombing, the motivations of Al Qaeda, the radicalization of the Middle East, and the negation of our liberties to government provided "security."
http://www.youtube.com/watch?v=rBNG1F77eoI&feature=player_embedded
Dec 28, 2009 at 10:13 PM | Unregistered CommenterKen
Ken says...Back to the math... And here is the kicker. Accounting for securities purchased by the Fed, which effectively made the market in the Treasury, the agency and MBS arenas, but also served to "drain duration" from the broader US$ fixed income market, the stunning result is that net issuance in 2009 was only $200 billion. Take a second to digest that.

Ken, do you know what it was in 2007? Just Curious.
Dec 28, 2009 at 10:20 PM | Unregistered CommenterGobiasBestFriend
Ken...why no answer to my question?

and...

Ken, what does this mean...@DB remains a JOKE ?
Dec 28, 2009 at 11:21 PM | Unregistered CommenterGobiasBestFriend
BOMBSHELL: Evidence Clearly Indicates Staged Attack on Detroit Flight
http://www.youtube.com/watch?v=mAtK7FFDukQ&feature=player_embedded

BOMBSHELL: Evidence Clearly Indicates Staged Attack on Detroit Flight

CNN Airs Eyewitness Testimony that ‘Well-Dressed’ Indian accomplice helped Abdulmutallab board without passport and that man on plane filmed entire flight and bombing attempt

December 29, 2009

Evidence is emerging that clearly indicates Abdulmutallab was more than just a Nigerian extremist carrying out his anger through an ill-conceived plot to ignite a powdery explosive substance on-board a flight to the United States. Eyewitness testimony pointing to a man helping the accused terrorist board without a passport, along with an unusual cameraman documenting the attempted attack on board the plane raise more than red flags– they point towards an intelligence operation, run as a drill, meant to conjure up public support for a number of fronts in the continuing ‘War on Terror.’

CNN interviewed key flight witnesses during their Dec. 28 program who raised these very points, making clear that the full story is still emerging and that wider-connections to intelligence handlers is evident.
Dec 29, 2009 at 10:47 AM | Unregistered CommenterKen
GOP will never embrace non interventionism - it is big money ... and the Democrats will continue to mask as the party that wants "peace" and will not back it up as long as one of their's is in office. True colors show here . I am hoping for an Independent whose philosophy will appeal to all fed up with govt. (and that is a victory in waiting)

DEMOCRATS=DEMON-RATS
REPUBLICANS=REPO-CONS

LIBERTY AND DR. RON PAUL OUR SAVIOR NOW

This Ben Stein is an idiot. He advised to go into financial stocks on the 18th of august 2007(!) during an interview with Peter Schiff.
Back then Peter Schiff got laughed at....

Never saw an apology from Ben Stein for that appearance, the least we could expect was for Ben to agree that Peter was 100% right back then.

Extrapolating from this, I do not think he will apologize to RP for this ridiculous comment.
http://www.youtube.com/watch?v=oFdG4eySIU8&feature=player_embedded
Dec 29, 2009 at 12:37 PM | Unregistered CommenterKen
Dec 29, 2009 at 4:53 PM | Unregistered CommenterKen
Ken, what color is the sky in your world?
Dec 29, 2009 at 5:28 PM | Unregistered CommenterGobiasBestFriend
YOUTUBE SUCKS!!! They continue to hide videos they don't like. Want a Sarah Palin bashing video, it's front and center. Want to see Max Baucus drunk, good luck. I will not stand for this. DB, we must do something. Oh right, no worries.
Dec 29, 2009 at 7:05 PM | Unregistered CommenterGobiasBestFriend
Hey DB, do any of your "back door" sources know why Obama left the golf course. Are we supposed to believe that he reacted that way because of a child's (not even his own) boo-boo? Compare his reaction to Dubya's after the attack on September 11th. Something lit a fire under Barry's pot smoking ass. Any guesses DB Nation...all six of you. If you believe Barry went to a code red (or is it a code fraud), you would also have to believe in Santa or in Ben Bernanke as Time's Man of the Year or Sandra Bullock getting Oscar buzz for her part in The Blind Side. After seeing that one, I wished I was blind and deaf. I would award her bra in that movie for best supporting role but that is about it. Oh, back to Barry that fraud. Next you will tell me that Airforce One will buzz the tower and do a flyby of NYC followed by a few jets to do a photo op. REALLY. I don't think most have drank the kool-aid, I think the government now runs the Kool-Aid brand for that processed cheese company (as the French called it). DB, something smells rotten in Denmark but it still might be the lingering stench of so many global warming climate change cap and trade communist Marxist Obama loving elitists. Obama, suck it.

Gobias: Barry, I want the truth! Did you or did you not order that code red?

Barry Responds: You can't handle the truth! Ahhhhhhh son, we live in a world that has a lot of fraud. And those frauds have to be guarded by me and men with guns who don’t know the truth and need college loans. Who's gonna do it? You? You, Sarah Palin? Hillary? Ahhhhhhh, I have a greater responsibility than you can possibly fathom. You weep for Dubya and you curse Al Gore. You have that luxury. You have the luxury of not knowing what I know: that David Kellermann’s death, while tragic, probably saved lives. And my existence, while grotesque and incomprehensible to you, saves lives...Ahhhhhhhh, you don't want the truth. Because deep down, in places you don't talk about at parties, you want me on that wall. Listen, you need me on that wall. We use words like teaching moment, change, unprecedented and inherited problems...we use these words as the backbone to the fraud that is now in charge of you. You use 'em as a punchline. Ahhhhhhhh, I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very freedom I provide, then questions the manner in which I provide it! I'd rather you just said thank you Barry and went on your way. Otherwise, I suggest you pick up a weapon and stand a post. Either way, I don't give a damn what you think you're entitled to!
Dec 29, 2009 at 7:37 PM | Unregistered CommenterGobiasBestFriend
http://www.foxbusiness.com/search-results/m/28149244/what-to-expect-in-2010.htm#q=morici
"HAMP and all the previous incantations are an outrageous and pernicious scam. They exist for one and only one reason - to permit the continuation of massive and pervasive accounting fictions by banks and other institutions that would otherwise be rendered instantaneously insolvent."
http://market-ticker.denninger.net/
Jan 3, 2010 at 5:20 PM | Unregistered CommenterKen
Revolt, yes Ken, we get it. Revolt, revolt, revolt, revolt, REVOLT, revolt, REVolt, REVOlt, revolt, revolt, revolt, REVOLT, revolt, REVolt, REVOlt, revolt, revolt, revolt, REVOLT, revolt, REVolt, REVOlt, revolt, revolt, revolt, REVOLT, revolt, REVolt, REVOlt, revolt, revolt, revolt, REVOLT, revolt, REVolt, REVOlt, revolt, revolt, revolt, REVOLT, revolt, REVolt, REVOlt, revolt, revolt, revolt, REVOLT, revolt, REVolt, REVOlt, revolt, revolt, revolt, REVOLT, revolt, REVolt, REVOlt, revolt, revolt, revolt, REVOLT, revolt, REVolt, REVOlt, revolt, revolt, revolt, REVOLT, revolt, REVolt, REVOlt, revolt, revolt, revolt, REVOLT, revolt, REVolt, REVOlt, revolt, revolt, revolt, REVOLT, revolt, REVolt, REVOlt, revolt, revolt, revolt, REVOLT, revolt, REVolt, REVOlt, revolt, revolt, revolt, REVOLT, revolt, REVolt, REVOlt, YES KEN, WE GET IT. Thanks.
Jan 3, 2010 at 8:34 PM | Unregistered CommenterGobiasBestFriend
At this point it is without doubt that even the government understands that when things turn sour, and they will, the run on the bank will be unavoidable: their solution - prevent money from being dispensed, when that moment comes. The thing about crises, be they liquidity, solvency, or plain-vanilla, is that "price discovery" occurs all at once, and at the very same time. And all too often, investors "discover" they were lied to, as the emperor, in any fiat system, always has no clothes. Just like in September 2008, when the banks were forced to look at each-others' balance sheet and realize that there are no real assets on the left backing up the liabilities on the right, so the moment of enlightenment occurs are the most importune time: just ask Hank Paulson. Had he known his action of beefing up Goldman's FICC trading axes would have resulted in the "Ice-Nine'ing" (to borrow a Mark Pittman term) of money markets, who knows- maybe Lehman would have still been alive. Perhaps risking the cash access of 20% of US households and 80% of companies was not worth the few extra zeroes in Goldman's EPS. But we will never know. What we will know, is that now i) the government is all too aware that the market has become one huge ponzi, and that all investment vehicles, even the safest ones, are subject to bank runs, and ii) that said bank runs, will occur. It is only a matter of time. And just as the president told everyone directly to buy the market on March 3, so the SEC, the Group of 30, and Barney Frank are telling us all, much less directly, to get the hell out of Dodge. Alternatively, the game of "last fool in", holding the burning hot potato, can continue indefinitely, until such time as the marginal utility of each and every dollar printed by Ben Bernanke is zero.
Jan 4, 2010 at 1:21 PM | Unregistered CommenterKen

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