The Daily Bail

Gerald Celente, Max Keiser, Paul Craig Roberts and Wal$treepro2 come to mind as HOF-worthy.

I am convinced Paulson is so deluded he actually believes what he is saying. The more I watch, the clearer it becomes that he has absolutely no sense of social contracts outside of his business associates. I question whether he has a moral compass at all and will likely die with a smile on his face despite the enormous suffering and destruction that he personally has caused. No sense of responsibility. No sense of decency. No sense of remorse. If there is a hell, the Ninth Circle has a space reserved for Hank Paulson. Utter and complete annihilation would be to good for him.

I'm listening to this for the first time right now (11:57pm ET) and right away Kaptur opines that Paulson knew about the problems long before September 2008. She didn't say, "Kashkari let the cat out of the bag on this," but I'm guessin' that's where it's coming from. Nice work, Marcy Kaptur (and staff). This is definite Hall of Fame material. And keep reading The Daily Bail.

Daily Bail,

The title for this post makes me happy. Chris Dodd-eating-ice-cream happy.

Other than Ron Paul, the rest of them, excepting maybe Kucinich and perhaps Saunders from VT., all should be hung by their necks untill their feet stop wiggling for selling this nation down this shithole. Don't buy into Kaptur is a heroine b.s., it's fantasy land and it's not truth. She's no more after this asshole than Elmer Fudd is. It's all a big blustery show, kind of like a FART IN A BOTTLE (another term for CONGRESS CRITTER).

don't get confused by smoke and mirrors. We've been sold out by Kaptur and the rest, excepting the two others I mentioned.

regards,

@It's all a show,

We'll take what we can get from the useful idiots in Congress. Kaptur fought the Bailouts tooth and nail before they happened, so as far as Congress Critters go, that's real action, not just talk. Ditto Brad Sherman. I'm also guessing that one of the main reasons Goldman paid as much as they did to buy back their warrants is because of this exchange with Paulson, especially where she says that Warren Buffet got better terms than the taxpayer. Don't worry, though, there's no shortage of paranoia, suspicion and rage 'round these parts. Tell all your friends about The Daily Bail.

Another Nixonista psychopath.

Where were these people when he was asking for the bailout? Why did they not challenge him then? What are they going to do now? Are they going to recoup the money? Are they going to take action against the excessive salaries and bonuses the clowns are being handed? Are they going to move toward prosecuting the rogues gallery of Wall Streeters including paulson, dimon, thain, lewis, pandit, blankfeln, etc. etc. ad nauseam? Or is it enough just to make henry paulson uncomfortable?

It is nice Ms. Kaptur said something, but when are she and the rest of these people going to DO something other than hand over more trillions to these thieves?

What a weasel Paulson is. He engineered the demise of Goldman-Sachs biggest competitors, made sure Goldman got a nice chunk from AIG which probably went immediately into "high-yield trading programs", (not available to the regular folks)gave his buddies like Buffet a windfall, that all have their money offshore and of course screwed the American taxpayer, but this is all ok because he sang Kol Nidre last Yom Kippur and asked God for forgiveness for all the sins he was about to commit this year. What a low-life piece of trash. I am enjoying to watch him squirm, but unfortunately these Neo-Cons never suffer any wrath. Let's hope the final Judge makes him pay.

Obama the Neo-Con?

"The president was to detail the administration's overhaul plan on Wednesday, recommending new powers for the Federal Reserve; a new consumer protection agency to govern lending and credit; and new rules that would reach into currently unregulated regions of the financial markets."

"Under Mr. Obama's plan, the Fed would gain power to supervise holding companies and large financial institutions considered so big that their failure could undermine the nation's financial system."

http://www.cbsnews.com/stories/2009/06/17/politics/main5093050.shtml

Please, spare us the drama. God, I really can't bear to watch any more clips w/ Paulson. Kaptor gives a formidable performance but now it's time to end the spectacle - release him from the stocks and draw and quarter this retchid scallywag NOW!

The Honorable Roscoe Bartlett voted against the bail out twice. Some people in the House, fought this bail out. The Senate is a problem, bc it is controlled by the corporate interests, and always has had an elitist insider level of publically accepted corruption. The executive and judicial branches have been taken over, and there is no oversight as to what this Treasury does, or what the Federal Reserve does. The bank boards are corrupt, to the man. The financial houses are ever more corrupted bc there is no oversight, not even of the stockholders or investors. This has what has fueled wars, as these same banks and money lenders have historically funded both sides of any war, and continue to fund wars w/o official declaration of war, and in violation of the US Constitution. Every President who has opposed this elite core has been murdered. Every senator is owned. Only a few brave individuals in the House have been allowed to be critical, and not been murdered. Some, like Cynthia McKinney have been targeted to be eliminated, and others have been ousted by blackmail and superficial sex scandals.
It's time to call it, as it is. We are now broke, and we are not the first nation to be thus victimized. This annon clique has fed on the blood of the peasants in Russia, in Germany, in G.B., Spain, Italy, and now they are here, in the USA, doing the exact same thing, with the exact same formula to the US citizen.
That is why they made up the expression: The last act of a failed government is to loot. At this point, when all the money is gone, the jobs are gone, and the taxes are ridiculous, no more money to be had, at this point, they will all move to another nation, and start over, leaving their scapegoats in place, to take their punishment.

the end was cut off. she responded to him ,"A crisis of your making."

I think one more hero should be the former regulator William K. Black, who among other places, was interviewed by Bill Moyers on 04-03-09, but he did also appear in other venues. He had a better that average idea of how we should be addressing the financial disaster.

katz,
Could you explain who annon clique is? I never heard of them.

@ katz

I like your style.

A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murderer is less to fear. The traitor is the plague.

Marcus Tullius Cicero

To expose a 4.2 Trillion dollar ripoff of the American people
by the stockholders of the 1000 largest corporations over the last
one-hundred years will be a tall order of business."

Richard Buckminster Fuller

@ Anonymous

I hear you regarding William K. Black. I love that guy. Add Harry Markopolos to the list of unsung heroes while you are at it.

@ katz and S.Gompers

Well said.

Its all very clear......how deep does the rabbit hole go?

Check out the book and find out.....
http://www.thebigripoff.net

This is a partial post of a paper I wrote and circulated on yahoo stock boards in early 2007. I also sent this and many other items to my washington reps. Thought you all might be interested.

The following is my summarization taken from the book "The Causes of the
1929 Stock Market Crash" by Dr. Harold Bierman Jr., Professor of
Finance, Cornell University:

http://books.google.com/books?id=wU0PaSjUU1YC&dq=stock+market+crashes...

In 1929 the utility companies, among other things, were all the rage
in investing. Today it has been the housing market and mortgages, and
credit (as well as oil, gold, stocks etc.) In 29 the largest investors
bought up the utility stocks, driving them to extreme over valuations.
They were so expensive the average investor couldn't afford them.
These investors packaged these utility stocks into bundles (sorta like
a closed end mutual fund) then sold shares at a premium to what they
had already paid for them, driving the over valuation even further.
Goldman Sachs and JP Morgan bought these, sliced and diced and
packaged them, and sold them to the public at even higher prices,
pushing the over valuation even further. These were the early
mutual funds and derivitives, invented by GS and others, that ended up
owned by the public at 2-3 times what they were really worth. And at each level the purchases were made with borrowed money, leverage.

Due to existing market conditions the utilities were making windfall
profits of which there were already laws against ( and dont you think
the goldmans of the world knew this as they unloaded it on to an
unsuspecting public?.) That was what originally drove up those stock
prices, As word started to leak out to the public that they were
holding the bag, the people became enraged and the government cracked
down on the utilities, enforced the laws and their profits dropped.
This government action started a stampede out of utilities, that
spread to the rest of the market as investors lost faith.
My words from here.
The over priced assets this time were home prices. For a decade or two
realestate prices have gone parabolic, the banks made so much money in
fees that they got wreckless and couldn't loan enuff money. Along
comes goldman sachs 70 yrs after 1929, they start buying up all these
over priced mortgages, bundling them, slicing and dicing them and
selling them back to the public at even greater overvalued prices.
These are the CDO's and CMO's that you may have heard of lately. These
are derivitives, short term obligations, of the long term mortgages
and debt that back them. These are what are in America's money market funds, and at the root of the problem.
It is not by accident that most 401-k's do not have money mkt funds dedicated to short term treasuries.
Once again the plan is for the public to be head bag holder at the snipe hunt.
kj

kj,

Fascinating stuff. Did you get any response from those reps?

why are we repeating japan's mistakes? because of fear. the fix it number for the banks is between $4-8 trillion. barry is afraid to admit that. hence we get half measures. citi alone has $1 trillion in off balance sheet that is at par and not worth 55 cents. just like japan we are dealing with the crisis with half measures.

"Rep. Kaptur Sticks An IED Inside Paulson And Then Presses 'BOOM' "

LOL! That's GOT to be the best, most succinct and pleasant-to-envision title I've EVER seen in my life. If only we could, if only we could.

I like the pot being stirred by congressmen/women such as Marcy Kaptur of Toledo OH. However, the TARP was needed to prevent a financial collapse and was necessary for the good of the economy. The Fed person who was testifying before Congress was not very well prepared. I suspect in written remarks to the record the details were more clear as to what the Fed is doing to be more responsive to the inquiry. I have no doubt there will be losses…but I question more the motivation of the Congressman by baiting the witness and drawing conclusions from only one person from the Fed. These congressional committee meetings more times are an opportunity for the member to try making a name for themselves by spinning and editorializing than in really probing the issue with questions that are asked following comprehensive research by staffers etc. before they are asked. The polarization especially by the GOP is very apparent…and while Marcy Kaptur from Toledo is a democrat…one has to remember that her constituency is the blue collar folks that have been hit hard by the auto industry demise….and In my view the auto industry tanked because of consistent lobbying to democrats to protect unions and the US auto industry at the expense of innovation, improved fuel standards, and short term profits. Combine that with the GOP support for the oil industry, and it was a recipe for disaster. Kaptur was pretty much catering to her base …and knows little or nothing about financial services. She in fact interceded on behalf of a denovo bank group that wanted a national bank charter when it was not warranted and used political influence to get it … on behalf of course for her well heeled constituents. There is lots of blame to go around by both parties….but we will never get to where we need to be until we carve out the influence peddled by special interests, lobbyists, and those that have an agenda that enriches whatever the “base” is vs. truly seeking a balance between the public good and the private sector.