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« Elizabeth Warren Introduces COP's August Report, Speaks Out As Acting Director Of The CFPB (VIDEO) | Main | Audience Reaction To Greenspan's CFR Speech: "That Was Scary As Shit..." »
Thursday
Sep162010

IT NEVER ENDS: Check Out This Disgusting Piece Of TARP Apologist Journalism

Henry Hank Paulson TARP Bailout Goldman Sachs

Henry Hank Paulson TARP Bailout Goldman Sachs

 

I hate my job sometimes.  Another clueless revisionist.  The latest apologist for record Wall Street bonuses -- Dan Amira from the Daily Intel.

 

Amira even invokes Judd Gregg (video: Ratigan annihilates Judd Gregg):

“It’s become demonized on the left and the right by screamers — Glenn Beck and Rachel Maddow — who have no interest in the facts; they’re just interested in hyperbolizing and generating attention,” lamented New Hampshire Sen. Judd Gregg, a key player in guiding the measure through the upper chamber and one of the few Republicans willing to talk about TARP in positive terms. ...

All that, despite a broad consensus of economists who think things would have been worse without the bank rescue — and perhaps far worse: In one simple example, American workers’ paychecks might well not have arrived. Think bread lines and cat food.

“The TARP is probably the most effective large-scale government program that the public has vehemently decided was a bad idea, and, therefore, has only the most tepid political defenders,” said the Brookings Institution’s Douglas Elliott. “Unfortunately, the right thing to do for the public just sounds so wrong to Main Street in this case.”

DB here.  TARP did not save the banking system.  It was insolvent in 2008 and nothing has changed.  The changes to FASB 157 saved the banking system.  'Marking assets at whatever value pleases you' saved the banking system.  Dan apparently missed these stories:

---

As readers know, several Congressional members have alluded to a private meeting with Paulson and Bernanke in which vague economic Armageddon was threatened if Congress did not immediately hand Hank $700 billion, with no oversight.  As the political debate raged over the next 15 days, several members expressed a sense of shock over the severity of the secret warnings, while refusing to divulge the details to a concerned public. 

Representative Sherman of California later revealed that members were warned that Martial Law would follow if the $700 bailout plan were not approved quickly.  Days later it was confirmed that the warning was delivered by Treasury Secretary Paulson.  Listen while Kanjorski relates the fear about an electronic run on the banks that was apparently part of the Congressional scare tactics employed by Paulson and staff.  You will notice that he says members were told that within 24 hours, the entire political structure of the United States would collapse.  Talk about hitting a Congressman where it hurts, Paulson went straight for their political testes.

Kanjorski has unwittingly revealed evidence that Treasury and the Fed embellished (lied) to members of Congress to further their case for TARP approval.  And though never punished directly for their lies, they have been exposed in the aftermath as apologists and protectors of the failed banking class.  The integrity of both federal institutions is now openly questioned by taxpayers and elected officials. This is not a good place.

Kanjorski's statement supports the thesis that the Fed and Treasury were not playing by the rules, and that they dissembled and utilized apocalyptic fear-mongering to frighten Congressional leaders who were already intimidated by the seeming complexity of the financial issues.  The truth is they utilized the panic for political benefit and hoisted cataclysm upon already cowering Congressional members.

 

Watch this and learn what the bank bailout really cost:

 

###

 

 

Selected Daily Bail archives:

 

 

 

 

 

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Reader Comments (15)

Must See CNBC Bailout Videos: Jim Chanos Says We Will See Orange Jumpsuits Soon. Warning To Richard Fuld And Joe Cassano

http://dailybail.com/home/2009/3/6/must-see-cnbc-bailout-videos-jim-chanos-says-we-will-see-ora.html

Excellent video...good stuff on MTM bullshit accounting...
Sep 16, 2010 at 5:01 PM | Registered CommenterDailyBail
Fair Value Vs. False Value. Debate On Mark To Market Accounting

http://dailybail.com/home/bailout-news-cnbc-video-fair-value-vs-false-value-debate-on.html
Sep 16, 2010 at 5:01 PM | Registered CommenterDailyBail
International Accounting Panel Blast Congress For Threatening FASB (Fair-Value Update)

http://dailybail.com/home/international-accounting-panel-blast-congress-for-threatenin.html
Sep 16, 2010 at 5:02 PM | Registered CommenterDailyBail
More Evidence That TARP And The Bank Bailouts FAILED »

http://dailybail.com/home/more-evidence-that-tarp-and-the-bank-bailouts-failed.html

Dr. Pitchfork wrote this one...
Sep 16, 2010 at 5:03 PM | Registered CommenterDailyBail
X-Prize Winner: 100-MPG Car That You Can Push With Two Fingers

http://nymag.com/daily/intel/2010/09/x-prize_winner_100-mpg_car_tha.html

Some good news...
Sep 16, 2010 at 5:09 PM | Registered CommenterDailyBail
I hope to have more to say on this, soon, but some insiders claim that TARP made things WORSE by causing a greater panic than would have come about otherwise -- both in the banking system and in the real economy. And the folks saying this tried to stop TARP BEFORE it happened, not after it became a political liability.
Sep 16, 2010 at 6:08 PM | Registered CommenterDr. Pitchfork
SOMETHING’S ROTTEN IN THE STATE OF DENMARK…

Denmark’s Biggest Armed Robbery...

You need to see this to believe it...Caption in Politiken.DK...Stiff sentences in Denmark’s biggest robbery
DR.DK wrote...Long prison sentences for robbers

What is a stiff sentence for? On Aug. 10, 2008, masked robbers wielding submachine guns crashed into the cash depot in Glostrup. They set 10 trucks on fire and spread metal spikes on nearby roads to avoid pursuit. No one was injured.

During the trial, the prosecutor said the crime was “the largest and most brutish robbery in the history of Denmark”.

So, can you guess how many years these brazen bank robbers armed to the teeth got for this crime in Denmark?

Sept 15, 2010…The municipal court in Copenhagen’s Glostrup suburb has passed down six seven-year sentences, six eight-year sentences and one 10-year sentence in a case involving the country's biggest ever robbery.

http://politiken.dk/newsinenglish/1060239/stiff-sentences-in-denmarks-biggest-robbery/

THE POINT IS THIS…If stealing money using a submachine gun gets you six to ten years, what about white-collar crime in Denmark? I got that answer too…

Denmark’s Biggest White-Collar Crime…

Executive Bagger Pleads Guilty in Denmark’s Biggest Fraud Case… Stein Bagger, the chief executive officer of bankrupt Danish computer firm IT Factory A/S, pleaded guilty to fraud charges in what local media are describing as the country’s biggest ever white-collar criminal case. A trustee overseeing IT Factory’s bankruptcy proceedings, estimates Bagger earned as much as $45 million through the scam, Berlingske Tidende reported.

So, what exactly did he do? By forging Jensby’s signature, Bagger set up a system of leasing agreements, where the company bought, sold and hired back IT equipment that didn’t exist, booking the transactions as revenue, Jesper Friedrichsen, chief superintendent with Denmark’s Special International Crimes Office, said last week.

So, can you guess how many years these brazen fraudster armed with a ballpoint pen got for this crime in Denmark?
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTAsD5fa5Nlk

June 12, 2009…Stein Bagger, former chief executive of the now defunct IT Factory has been sentenced to seven years today for fraud and embezzlement.

http://www.cphpost.dk/business/119-business/45949-bagger-sentenced-to-seven-years.html

ANY GUESSES WHY?
Sep 16, 2010 at 7:38 PM | Unregistered CommenterZ
In America the bank robbers would be looking at 5 years just for using guns, and another 10 to 15 for the crime, while the fraudster would be elected Governor of Ohio in November.
Sep 16, 2010 at 7:43 PM | Unregistered CommenterS. Gompers
"In America the bank robbers would be looking at 5 years just for using guns, and another 10 to 15 for the crime, while the fraudster would be elected Governor of Ohio in November. "

NOT TRUE, the fraudster could also be elected in Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware
Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin ... OR Wyoming
Sep 16, 2010 at 8:14 PM | Unregistered CommenterRecoverylessRecovery
In Ohio RLR, we really do have a proud Lehman Bros. fraudster running for Governor, that is why I used Ohio.

http://www.youtube.com/watch?v=YnqLNe9dKJg&p=8E61A5FA9E9764E1&playnext=1&index=5

Meanwhile everyone wants to bash unions for pensions being screwed up, instead of the multiple true reasons over the last 9 years;

two recessions with a jobless recovery in between, DOW
dropping to 7000 territory after 9-11, outsourcing, off shoring, Enron, Tyco,
Bernie, Lehman Bros, The entire spectrum of financial meltdowns beginning two
years ago and the drag it had on the rest of the market, high unemployment
(people not paying into the plans), and on the public side, lots and lots of
elected officials hands in the till.

And now we will reward the fine agents of the Bankers Manifesto for their assistance in helping to make our next generation live their dream of America as a third world nation.
Sep 16, 2010 at 8:53 PM | Unregistered CommenterS. Gompers
"And now we will reward the fine agents of the Bankers Manifesto for their assistance in helping to make our next generation live their dream of America as a third world nation."

Well said Gomp. Except that it'll be THIS generation that will feel the consequences. As, in fact, we already are. At the current rate that this country is heading for the crapper (aka Warp Speed 9) I give it 5 years before we're Lithuania.
Sep 16, 2010 at 9:38 PM | Unregistered CommenterRecoverylessRecovery
I told my senators NO before the vote on TARP,they voted for it.
The Politicians got me again.
To the bailed out banks:IF YOU CAN'T TAKE CARE OF BUSINESS,YOU SHOULD NOT BE IN BUSINESS.
Take a few minutes & see how your fine DEMOCRATS & REPUBLICANS voted on TARP.
I am a POLITICAL ATHEIST & I don't do the the same thing over & over & expect a different result.
DAMN I'M DISGUSTED!!!! Does anyone have Jack Kevorkian's number? LOL
Sep 16, 2010 at 11:38 PM | Unregistered Commentertrod
This generation will only feel the beginning of what is to come RLR. But the rewards will be great for those who deliver unto the deceivers the dream for which they seek...
Sep 17, 2010 at 1:37 AM | Unregistered CommenterS. Gompers
Lol. You lost me with that last part Gomps. Sounded kinda JimJonesque though ...;-)
Sep 17, 2010 at 3:18 AM | Unregistered CommenterRecoverylessRecovery

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