Santelli Battles Kashkari & Liesman: 'Ditch The Band-Aids And Duct Tape; The Problem Is Insolvency!'

Kashkari is well aware that it was always a solvency crisis (Wikileaks Cable)...

For those unfamiliar, Steve Liesman is CNBC's most highly-decorated bailout apologist and Neel Kashkari managed TARP for Paulson and then Geithner, before going to the woods for 6 months to chop wood and read Thoreau on a circuitous route to PIMCO.

So when he was at Treasury (the ultimate sell-side bank), Kashkari would often say that TARP was essential for the preservation of financial stability while making vague allusions to super-galactic devastation and destruction that was avoided only through righteous and swift Paulson bailout action.  But now that he's at PIMCO (the buy-side), Kashkari calls the Euro bailouts 'band-aids and duct tape.'

Consistency is overrated anyway, right?

Kashkari is well aware that it was always a solvency crisis (Wikileaks Cable)...

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Flahsback: Is Kashkari a chump...

Elijah Cummings wonders out loud if AIG is rolling Neel Kashkari?

Comments

[DailyBail]

Treasury was acting without a map and guessing at every step along the way; they were deeply unsure themselves whether their solutions would work to stem the crisis.

http://dailybail.com/home/neel-kashkari-on-the-crisis-it-would-have-been-so-much-worse.html

[DailyBail]

WikiLeaks Cable: "Systemic Insolvency Is Now The Problem, Global Bank Bailout Needed"

http://dailybail.com/home/wikileaks-cable-systemic-insolvency-is-now-the-problem-globa.html

[DailyBail]

Change In Mark-To-Market Accounting Saves Taxpayers $250 Billion

http://dailybail.com/home/change-in-mark-to-market-accounting-saves-taxpayers-250-bill.html

[LiberatedCitizen]

Check this out

Former Treasury Official Suspects Fed Manipulating Gold and Silver

http://www.economicpolicyjournal.com/2012/07/former-treasury-official-suspects-fed.html

Mainstream Media Recovery Hoax

http://usawatchdog.com/mainstream-media-recovery-hoax/

NYT’s Jackie Calmes’ “Grossly Inaccurate” Hit Piece on Neil Barofsky

http://www.nakedcapitalism.com/2012/07/nyts-jackie-calmes-grossly-inaccurate-hit-piece-on-neil-barofsky.html

See All The Pork Packed Into The Ridiculously Expensive Farm Bill

http://www.thefiscaltimes.com/Columns/2012/07/25/The-Outrageous-Farm-Bill-Thats-Packed-with-Pork.aspx#page1

Senate Played a Shell Game with New Farm Bill

http://www.thefiscaltimes.com/Articles/2012/06/25/Senate-Played-a-Shell-Game-with-New-Farm-Bill.aspx#page1

Facing Congress, Geithner Grilled on Rate-Rigging

Some highlights

“It appears you treated it as a curiosity, or something akin to jaywalking, as opposed to highway robbery,” Jeb Hensarling, Republican of Texas, said at a House hearing on Wednesday.

Even as Republicans slammed Mr. Geithner on Wednesday, many Democrats came to his defense. Mr. Geithner, now the Treasury secretary, challenged the Republican critique as well

“We took the initiative to bring those concerns to the broader regulatory community,” Mr. Geithner said, referring to the Commodity Futures Trading Commission and Securities and Exchange Commission. “I believe we did the necessary and appropriate thing very early in the process,” he said.

But Mr. Geithner on Wednesday also acknowledged that he did not alert federal prosecutors to the wrongdoing.

Ultimately, Mr. Geithner said, responsibility rests with the British regulators. “We felt, and I still believe this, it was really going to be on them to fix this. This is a rate set in London.”

Democrats echoed his argument. “I for one am not part of the ‘blame America first’ crowd,” said Representative Brad Sherman, Democrat of California.

In deferring to overseas authorities, Mr. Geithner drew further ire from Republicans. “It wasn’t just a British problem,” Mr. Neugebauer said, noting that the rate affects the cost of borrowing around the world.

Despite the scrutiny, Mr. Geithner escaped relatively unscathed. While Republicans rebuked his approach to the Libor problems, few new revelations emerged from the more than two-hour hearing. And the pressure eased at times when Democratic lawmakers praised Mr. Geithner for championing reforms to Libor.

“There’s been an effort to blame you for all of this,” said Barney Frank, the ranking Democrat on the committee. But “you reported this” to other regulators.

Mr. Frank, a Massachusetts Democrat, cast the blame not on regulators but the banks that ran afoul of the law. The banks, he said, “grievously misbehaved.”

in full

http://dealbook.nytimes.com/2012/07/25/facing-congress-geithner-grilled-on-rate-rigging/

[Doug Diggler]

Santelli, the founder of the TEA bagger movement gets it right some six years after Webster Tarpley brought up the insolvency issue. How about getting rid of derivatives? How about taxing Wall St. transactions at a rate equivalent to what consumers pay on actual useful goods?

[Harry Johnson]

santelli was a commodities trader. They are a big part of the problem. We cannot successfully base an economy on inflating the price of goods and skimming profits without producing anything. That is all santelli has ever done for a living. He has no business pointing fingers. The guys he is yelling at are worthless but so is he. The entire teabagger movement is based on whiners, windbags and crybabies yelling at the wind that somebody else might have a chance to get a little of what was handed to them in life. Whether it is the old lady whining about getting government hands off her medicare or rick santelli whining about the finance scams that enriched him or like the discussion the other day on one of the liberty forums that started in a whine about welfare bums and ended up with every participant comparing notes about when they received the social security or unemployment or food stamps.

Our economy will not be fixed until a bunch of traders, speculators, brokers, hedge fund managers etc wind up in prison. And it will not be fixed till people receive a fair days wage for a fair days work instead of getting rich off of paper chase speculations or salestrash scams.

[Steven G. Berry]

Kashkari is not a chump, he's a criminal. He may be a low-ranking criminal, but I hope to see us get around to him.

[TR]

This is one way to describe our situation.
http://kunstler.com/blog/2012/08/that-old-martial-spirit.html

I may be easily entertained?

[WE THE PEOPLE]

Rick Santelli is awesome for trying to point out the harsh reality of this financial crisis! Did anyone notice the other puppets side stepping, claiming that policy makers & the FED must save us while admitting it is not working for Europe!

WAKE UP YOU FOOLS!!! The banksters & government policy makers are responsible for this disaster in the first place. Their total disregard for American public is in the process of transferring all the wealth from We The People (the 99%) to the elite oligarchs in charge (1%)!!! The financial cliff they speak of reaches deeper depths every time the FED does Qualitative Easing (QE), QE3 will decimate the global financial system making the aforementioned transfer complete! Subsequent effects will cause hyper inflation, more unemployment, civil unrest, more socialist regulation, more socialist assistance & many other adverse effects that We The People will find out about the hard way, after it happens!!!

America's Founding Fathers are rolling over in their graves watching the naive sheep believe everything & anything that our government says! They fought for We The People to have these alienable rights of life, liberty & pursuit of happiness. Rights in which so many others have died in order to protect!

Therefore, We The People need to wake up from the nightmare & question the ulterior motives of our authorities that is hidden behind the propaganda brainwashing WE THE PEOPLE!!!

[SKINFLINT]

Shouldn't his name be spelled Cashcarry?

[SKINFLINT]

L.C. in regards the manipulation to the bullion markets, it should come as no surprise that this has and will continue to occur. Mr. Soros has certainly said as much and there was an interesting discussion about this in British Parliament perhaps a couple of years ago. I can't find the article presently but will continue to look for it. Quite an astonishing revelation at the time and have not heard anything since on that particular matter.