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Dylan Ratigan On The Wall Street Protests: "Financial Interests Own Congress And They Make The Rules"

Solid discussion from yesterday's show.  Start watching at the 3-minute mark.


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WASHINGTON (MarketWatch) — There is “no threat” of a government shutdown, House Speaker John Boehner said Thursday, a day after the Republican leadership suffered an embarrassing setback over a spending bill to keep the government funded past Sept. 30.

Sep 22, 2011 at 1:57 PM | Registered CommenterDailyBail
Sep 22, 2011 at 3:48 PM | Unregistered CommenterTR
WASHINGTON (MarketWatch) — The experts who track the Federal Reserve’s every move are as shocked as anyone at the market’s response since the central bank unveiled its latest monetary policy action.

Sep 22, 2011 at 4:16 PM | Registered CommenterDailyBail
This former CEO is living in CEO lala land. Hey, D-bag, the middle class is going away. People are getting poorer. That's what debt and inflation does, unless you're a bank. And where has he been? Capitalism? You tell me where it is, chief...??? The bank bailout was the antithesis of capitalism...

Most CEOs are myopic morons (Carl Icahn's words) who fundamentally do not know how the economy works. Most CEOs rise through the sales ranks. Flashy. Slick. Not too bright. They don't impress me...
Sep 22, 2011 at 7:44 PM | Unregistered CommenterJosie
When I heard that BoA sold the same worthless MB securities to ten different parties I asked "Why aren't these people in jail awaiting trial?!" Instead they are to get bailouts and forgiveness by the States Attorney Generals (except NY) for all their sins in exchange for renegotiation of home mortgages? If we sold the same investment paper (the same investment) times ten to ten different people it's called fraud and if we are caught we go to jail and then bail and a trial happens. If convicted we get Bubba who cuddles up to us at night to keep us company in the same cell. This just shows me who is in charge on Wall St and it's not us! Thank God NY Attorney General Sniederman said "No." We need people who do this.
Sep 22, 2011 at 8:09 PM | Unregistered Commenterbob
Ill be back at 9 pm with coverage of tonight's debate.
Sep 22, 2011 at 8:18 PM | Registered CommenterDailyBail

I think it was technically Countrywide--now part of BAC, to be sure--that did that. Whalen talked about it recently. RCW also said the same thing about Bear Stearns--now part of JPM, to be equally sure.

See how the game is played? The worst crimes get swept under the rug via "merger."

The discovery that a lawyer would have to go through to get at the nut of this is not to be believed. But you know what's way faster than waiting for civil litigation and what body parts it'll churn up? Bankruptcy. When a company like LEH goes tapioca, an examiner has to pick over the cadaver with Barbie's comb and report on what he found. We found an entire continent with Lehman. That report was 2200 pages of goodness almost good enough to make folks quit drugs cold turkey.

That's why you're seeing more litigation and 0 bankruptcies these days.

This is the reason BAC wasn't declared DOA a month ago despite its sick blue hue and 54-degree body temperature. The powers that be are scrambling for a way to dispose of that planet-sized cadaver of maggot-gagging rot, and the only tool they have is a tax cheat.

Who said, "when you've killed 4, it's easy to make it 5"? I don't think that's right.
Sep 22, 2011 at 9:43 PM | Unregistered CommenterCheyenne
Also to be noted. There seems to be this phrase that I see oft-repeated as if fact in MSM newspapers of late, and it is this: "because politicians are all too aware from the public that more bailouts will not be tolerated."

This isn't news. It's a trial balloon.

It's a signal that another bailout attempt is on the way.

What a fuck up on their part. I saw that shit coming a year ago.
Sep 22, 2011 at 10:09 PM | Unregistered CommenterCheyenne
Also to be noted. There seems to be this phrase that I see oft-repeated as if fact in MSM newspapers of late, and it is this: "because politicians are all too aware from the public that more bailouts will not be tolerated."


Have noticed that phrase myself a few times lately, and it does nothing but make me laugh. The tiny tax cheat would never let BofA fail. Never. Ever. Ever. We learned earlier this week that he defied a direct request from Obama to prepare for a Citigroup bankruptcy. Just ignored the request. Because his stress tests would engineer Citi's solvency in the eyes of all. And he pulled it off, at least for awhile. Let's look at Citi's stock price today and back out the reverse 1-10 split.


Let's see $24 divided by 10 = $2.40

So Citi is trading at $2.40 per share...
Sep 22, 2011 at 10:48 PM | Registered CommenterDailyBail
This is the reason BAC wasn't declared DOA a month ago despite its sick blue hue and 54-degree body temperature. The powers that be are scrambling for a way to dispose of that planet-sized cadaver of maggot-gagging rot, and the only tool they have is a tax cheat.


Cheyenne...you'll like this story.

Bank Of America Fraud WORSE Than Countrywide

Sep 22, 2011 at 10:51 PM | Registered CommenterDailyBail
"Just ignored the request."

DB, shame. You do that story injustice. The best part of the narrative is that even though questioned, on the record, Obama and the White House decline to speak.

Only Treasury, as befitting a boss, is allowed to speak.

I left a comment around here saying if you ever wondered who Batman is in the Geithner-obama Duo, pretty much the GEITHNER story is a good starting place to look.
Sep 22, 2011 at 10:54 PM | Unregistered CommenterCheyenne
The status quo is a symptom of the corporate and government policies implemented over the last 30 years. The huge disparity in income is a symptom of the problem, the real problem are the policies which lead to the disparity. Paul Craig Roberts stated the problem succintly when he said, "... when work in general moves offshore, Americans lose the income associated with the production of the goods they consume."

Dean Baker, in his book available on-line "The End of Loser Liberalism," says the reason for the recession is the lack of demand in the economy. Taxing the rich may lower the government deficit by a small amount, but it will not restore prosperity to this country. What will solve the problem is to slowly reverse policies so that the 99% of the people are able to earn a living wage, thereby generating consumer demand.
Sep 22, 2011 at 11:02 PM | Unregistered Commentermcthorogood
Sep 22, 2011 at 11:04 PM | Registered CommenterDailyBail
"Geithner didn’t recall Obama getting angry at him for not implementing the order and said that he didn’t 'slow walk the president on anything,' according to the book.

In the book, Obama doesn’t deny Suskind’s account and doesn’t reveal what he told Geithner when he found out that Geithner hadn’t followed his order, according to a report today by the Associated Press, which said it purchased a copy of the book."

You got that? That's called an Executive Gag Order: Mr. President: shut you pie hole. Don't tell anyone that a tax cheat shilling for Wall Street is actually The President Of The United States Of America and not that attractive lawn boy.

God forbid.
Sep 22, 2011 at 11:09 PM | Unregistered CommenterCheyenne
Cheyenne...you're on fire. I'm going to use some of that for a story. Meanwhile, back in crisis mode. This should certainly calm markets.


Global TARP, baby.
Sep 22, 2011 at 11:17 PM | Registered CommenterDailyBail
Dan Jester profiles | LinkedIn
Daniel Jester. Title: Equity Research at Citi; Demographic info: Greater New York City Area | Capital Markets. Current: Senior Associate, Equity Research at Citi ...
Sep 22, 2011 at 11:19 PM | Unregistered Commenterjohn
I agree on one thing in this video. Denny Streegal (? Spelling of CEO guests name) started of with "what a great country and we can protest anything". Right there he is not very down to earth. Dylan seemed to go right over his head when the CEO pointed out 39.2 % taxes paid by corporate america that translates to an actual 50 % as a big plus. I believe Dylan's response was to point out the relativity in his figures.

I suppose I'm totally and simply wrong when I say personally that the FTC is a failure. Why have it? "The country will never have a chance to get back on it's feet until we stimulate small business.
~ Ross Perot ~

As far as taxes the CEO had child like answers. With, there's always going to be a bad apple. I'll say that it's too big of a question to answer with a simple response. But until I hear someone say that big corporations are forced to break up into smaller more manageable businesses the only bad apple is not acknowledging just that. Monopolies kill people. It's a great topic, horrible guest CEO. Or great example of why people are broke and marching.
Sep 22, 2011 at 11:44 PM | Unregistered CommenterDave

Take it for what you paid for it, but I see this situation in far simpler and starker terms: until Wall Street is blocked from robbing Main Street as its business model--whether by jail or hanging or else--there will be no recovery, no additional money, nothing good on the one hand, and more crime, sickness, violence, and bizarre desperation on the other.

No matter what angle you come at it from, the core is this: if you're not a nation of laws, then you're a land of serfs.

And right now that's exactly what we are.

And we know it...
Sep 22, 2011 at 11:56 PM | Unregistered CommenterCheyenne
John...thanks for that...looks like Dan Jester has found a new gig.
Sep 23, 2011 at 12:18 AM | Registered CommenterDailyBail
TR - nice link. I've posted something on that before, or maybe it was John who posted it. A massachusetts register was suing for $16 million in recording fees. I think perhaps MERS was being sued - $100 for every note transfer that was never recorded.

I've been waiting for more lawsuits along that line. Great find.
Sep 23, 2011 at 12:20 AM | Registered CommenterDailyBail
DB, I remember a post about Mass. Mentioned earlier that I withdrew an offer on a FREDDIE MAC foreclosure

About 5 mos. ago made an offer on a BOA short sale. It was in default 380 days (WHAT!) when I looked at it Did the research & found MERS in the shadows. Seller & BOA got to keep it. It is still on the market. It's not foreclosed on yet. I'm into DUE DILIGENCE big time. Think l will continue to rent for a while & see how this MESS plays out.
Sep 23, 2011 at 1:23 AM | Unregistered CommenterTR



At one point, on the following Monday, Sept. 15, as the A.I.G. situation was spiraling out of control, Jester phoned the three major credit-rating agencies and asked them to hold off from downgrading A.I.G. any further, since that additional downgrade would force the insurer to make even more collateral payments on the spot to counterparties, further depleting its dwindling cash. Jester’s efforts weren’t persuasive. “It was pathetic,” the former A.I.G. executive told me. Then, after the Citigroup executive (and former Treasury secretary and Goldman co-senior partner) Robert Rubin called Paulson to say “Citi was not being given clear direction,” Jester was off to help Paulson and Rubin craft the creative solution to “ring-fence” $306 billion of Citigroup’s most-toxic assets before Thanksgiving 2008. This was, of course, just weeks after Jester had helped Paulson design and unroll TARP.
Sep 23, 2011 at 7:49 AM | Unregistered Commenterjohn

Flash forward to March 2009. Obama supposedly considers a surgical restructuring and wind-down of Citi, which continues running amok to this day. What happened?

Dylan Ratigan interviews Ron Suskind...

Sep 23, 2011 at 7:57 AM | Unregistered CommenterCheyenne
What Happened? the hippies had a name for it back in the 60's...."oh bummer". At least they took the bad stuff off the market when they found out.......
Sep 23, 2011 at 9:39 AM | Unregistered Commenterjohn

The Onion does good sketches!

The clip above was from the Onion no?

Whats with this crap that "It's the governments fault" ?

Thats like saying "guns kill people" and holding a "war on drugs"

So childish. A perfect skit on reality.
Sep 26, 2011 at 6:09 AM | Unregistered CommenterMorton

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