Jim Rogers: "Geithner Is Incompetent, He Hasn't Done Anything Right For 15 Years, He's ALMOST As Bad As Bernanke" (VIDEO)

Reuters Video - Jim Rogers holds court - Aug. 9, 2011

Thought this was entertaining.  Runs 3 minutes, and the Geithner-Bernanke comparison comes 1 minute into the clip.

Comments

[LiberatedCitiZen]

I would comment Captain Obvious but it's actually frightening how many people are so oblivious to so many things. Just goes to show the kind of people obama picks he was a tax cheat right off the bat obama's the tree he's just one of his many bad apples. He came from a spook background you know likely part of the reason zero's in office.

[Cheyenne]

August has been rough on Bank of America, which is all but dead (and it couldn't happen to a worthier recipient).

First there was Washington state's suit against Recon Trust for illegal foreclosures:

http://www.bloomberg.com/news/2011-08-05/bofa-s-recontrust-unit-sued-by-washington-state-over-foreclosure-practices.html

Now it's New York's turn (via MBIA):

http://www.bloomberg.com/news/2011-08-18/bofa-mortgage-risk-may-rise-9-billion-if-new-york-judge-sides-with-mbia.html

Is BofA the 2011 meltdown's answer to 2008's Lehman Brothers, or will Turbo Timmay and Benny Bananas step in with more bailouts?

[DailyBail]

You know the answer cheyenne. More bailouts. But first BofA will be expected to do a capital raise. And then there's that stake in China Construction Bank they are trying to sell for $17 billion. So they have a couple options before going hat in hand to Geithner.

[DailyBail]

And someone just made a bet that BAC will trade lower. Or it was a hedge against a huge long position, probably the more likely scenario.

http://www.zerohedge.com/news/2-million-bet-bank-america-will-be-4-november

[Cheyenne]

I dunno, DB, I dunno. BAC isn't a primary dealer, and Obushma's econ approval rating just hit an all-time low with anti-bailoit bank sentiment at an all-time high. Obama is a low moron, but a tin-eared idiot? Then again, he did go on vacay just as shit really started swirling in the crapper. After Philly Fed today, tomorrow promises serious action, Jackson.

Stay tuned, I guess.

[DailyBail]

I don't think he has a choice. The FDIC couldn't handle the shut down. More than a trillion in assets, I think. that would be a hell of a weekend. Who would they bring in to buy the performing crapola, Jamie Dimon? I suppose it could be done, we shall see. Speaking of Action Jackson, when is Bernanke's Jackson Hole speech? That's got to be coming in the next week or so...haven't checked the Fed calender lately.

[DailyBail]

And Philly Fed hurt badly, very badly, you are correct (what a wipeout number, jeez (-30)) but the market was already tanking. It was that WSJ story that I linked last night about the Fed being very concerned about the liquidity problem/run on Euro banks. SocGen and the rest are leveraged at greater than 50:1. Their leverage ratios are so much higher than ours. Euro regulators are lightweights, and they haven't asked them to deleverage as we've demanded. Brad Hintz said in an interview with Tom Keene the other day that bank industry leverage has dropped to 13:1 in the US, but remains above 40:1 on average in Europe.

Europe is so completely, undeniably fucked.

[Cheyenne]

Watching Niall's Ascent of Money on PBS. Please hold...

[Cheyenne]

But how much of that $1T is (a) FDIC-insured and (b) marked properly. Does it include, for instance, HELOCs marked at 90-95 cents? You know way more than I about that sort of thing.

At some point bond-holders somewhere will eat a credit write down. Just ask so-called unsubordinated bond holders of our good buddy General "Evil Knievel" Motors. It's hard not to see that happening in Germany, what with those rioting, Benz-destroying Krauts.

People are seriously fed up with this shit. We're back to Nixon-era anger, Tricky being the last president who truly responded to the people. (Look up Royko's column the man without a face.) I believe the last constitutional amendment passed on RMN's watch, and passed quickly and grass-roots style.

This is a prolix way of saying the financial crisis is turning political, and it is turning so fast. It's just hard for me to see a charlatan loser pig bank from Charlotte surviving this calendar year of banker bloodlust.

[DailyBail]

This is a prolix way of saying the financial crisis is turning political, and it is turning so fast. It's just hard for me to see a charlatan loser pig bank from Charlotte surviving this calendar year of banker bloodlust.

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That would be the best outcome. The hole in BofA's balance sheet would be similar to Lehman. Maybe $500 billion of real losses, considering the HELOC issue you mention. You also said once that Yves told you about BofA asking mortgage holders to make a $1 dollar payment so that could claim that the loans were not delinquent, or some absolutely crazy shit like that. I would think there are a lot of bodies buried in that sheet.

[Cheyenne]

It wasn't specifically BAC, more of an industry-wide practice on 2nd home loans. Here is what she told me when I interviewed her earlier this summer:

"On a home equity loan, or on a second mortgage, unlike a first mortgage, the bank would call you up literally on Day 89. If it’s Day 90, they have to show it as delinquent. The could literally call you up on Day 89 and say, 'Pay me a dollar.' I’m not kidding you. They’re permitted to do negative amortization. If somebody literally pays you a dollar on Day 89, they can declare it current. So they go out to the media saying, 'Oh, you know, our book is fine; people are still paying.' They can maintain the fiction. And the regulators are giving them a free pass on this because the regulators don’t want to admit—don’t want the banks to look as bankrupt as they are because Timothy Geithner and Company went through all these stress tests and said the banks are healthy. God forfend, after going through this charade in 2009—the banks are great—and not making them raise more equity, that they’re revealed to be insolvent. Can’t have that."

She has her shit in one bag and is ultra-credible.

[DailyBail]

Can't wait to see that clip in the movie.

[Cheyenne]

That's a problem. That clip is :43. The 3rd time I watched Inside Job, I clocked the interview clips. The longest one in the first half if :34, which is Soros's ship compartment analogy for Glass-Steagall. So I've hired an assistant to make a 2nd DVD that really lays the entire fraud-scheme out. I want to lay everything out in say a 3- or even 5-hour DVD for the increasing # of people who know in their gut that something's fucked up but not sure exactly what. And for people like me who've been reading these damn blogs for 3 years and... what? Getting frustrated? Pissed?

Right now we're working on the 90-minute version, which kinda boils down to the Sesame Street version of the crisis. Which needs to be done, I think, you know, really lay it out and not leave it at Wall-Street-bad-bad-bad-bad. No. Explain to people how 3-card monte works at the top.

Crazy story. I'm chatting with Yves, camera off. We're bullshitting about her role in Inside Job (ltd to deleted scenes). She says Ferguson told her you can only have 30 experts. We've got 7 tops depending on your count.

"You hear that, Sean [the director]? We can only have 30 witnesses."

We laugh 'cuz Ferguson had Sony behind him and the budget is $2 million. We're a respectable fraction of that, but way less. We trudge on. It's all good.

[DailyBail]

The 3 hour version is going to be an all-time classic.

[DailyBail]

And you know I think you could sell a percentage now to some studio for a cool million, and then breathe easier, but I'm sure you're breathing fine as is.

[DailyBail]

We've got 7 tops depending on your count.

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But it's a strong 7. Ratigan, yves smith, whalen, denninger, and the guy who got so pissed about the fucking bailouts that he gave up his life and started a website.

[Cheyenne]

Yeah. And Tom Dart (Cook County Sheriff who imposed moratoria on foreclosures), who was transcendently terrific.

And that's about it, really. And that's okay. In all the industry screenings we've done, not one person has questioned our "experts." Why not? Because (1) they know what they're talking about, (2) they talk about it passionately, (3) they back up what ordinary Americans feel but maybe can't articulate right, and (4) they all have a sense of humor that distinguishes them from their compadres.

I'm having the time of my life.

[DailyBail]

Can't wait to see it, Cheyenne.