VIDEO: "We Can Either Have a Rational Resolution to the Foreclosure Crisis or We Can Preserve the Capital Structure of the Banks; We Can't Do Both"

Editor's Note: This is another in our series of stories from late 2010, that we are reposting in the wake of Friday's landmark foreclosure ruling from the Massachusetts Supreme Court.

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Runs 30 seconds.  Just found this clip 5 minutes ago.  I believe it is from today's Congressional Oversight Panel hearing on foreclosure fraud by TARP banks.

This is the issue we need to remain aware of - the more banks suffer from mortgage putbacks and foreclosure fraud, the more likely it becomes that a second round of taxpayer assistance is requested next year by Geithner's replacement at Treasury.  Chris Whalen has been warning for weeks -- here, here, and here -- that 2011 will bring another round of bank bailouts.

Related:

• Larry Kudlow: Bloomberg To Replace Tim Geithner As Treasury Secretary Is 'Done Deal' (VIDEO)

Comments

[Z]

"Now, with growth in doubt, it seems the Fed has taken Ponzi one step further," he said. "The Fed has joined the party itself. Has there ever been a Ponzi scheme so brazen? There has not."

Pimco likens US to 'Ponzi' scheme

http://www.telegraph.co.uk/finance/economics/8090902/Pimco-likens-US-to-Ponzi-scheme.html

[Z]

http://www.transparency.org/policy_research/surveys_indices/cpi/2010/results

[Z]

C R A Z Y

Insanity: doing the same thing over and over again and expecting different results.
Albert Einstein

“What the market wants to hear is that the Fed is going to buy $1 trillion” of Treasuries, said Joseph Lavorgna, chief U.S. economist at Deutsche Bank Securities Inc. in New York. “Concerns that it might be less is causing investors to worry about how deep and broad this program is going to be.”

http://www.bloomberg.com/news/2010-10-28/fed-asks-dealers-to-estimate-size-impact-of-debt-purchases.html