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« Gallup: Obama Approval Rating Hits New Low on Deficit | Main | Chris Whalen On Fannie's BofA Settlement: "This Is A Gift From Tim Geithner, With Politics Written All Over It" »
Friday
Feb112011

Warren Buffett: "No One Can Stop Too Big To Fail"

A couple of bums fighting over the taxpayer's wallet...

--

Andrew Frye of Bloomberg has a devestating piece out today that highlights testimony Warren Buffett gave to the Financial Crisis Inquiry Commission (FCIC) earlier in the year about how taxpayers will always be on the hook for Too-Big-To-Fail institutions.  Buffett told the Commission:

  • “You will always have institutions that are too big to fail, and sometimes they will fail.  We still have them now. We’ll have them after your commission report.”

As Frye points out, this sits squarely at odds with assertions from the Obama administration that the Dodd-Frank financial reform bill ended TBTF once and for all.  We've even got video proof from the Obankster himself.

Debt, Lies and Wall Street Bailouts...

Video:  Obama pats himself on the back for the passage of the Dodd-Frank Financial "Reform" bill, saying there will be no more Wall St. bailouts

The clip starts playing automatically at the 3:40 mark...

  • "Because of Financial Reform, the American people will never again be asked to foot the bill for Wall St's mistakes."
  • "There will be no more taxpayer-funded bailouts.  Period."

---

Buffett Tells FCIC It's Powerless to Stop `Too Big to Fail'

by Andrew Frye (Bloomberg)

Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., told the Financial Crisis Inquiry Commission that taxpayers will always be on the hook for collapses at the biggest U.S. companies.

“You will always have institutions that are too big to fail, and sometimes they will fail,” Buffett, 80, told the FCIC in a May 26 interview, according to a recording released by the panel yesterday. “We still have them now. We’ll have them after your commission report.”

The Dodd-Frank financial reform act, enacted in July, was touted by President Barack Obama as a means to ending bailouts and protecting taxpayers from firms that are “too big to fail.” Federal Reserve Chairman Ben S. Bernanke, who made more than $3 trillion of assistance available during the crisis, has said the “too-big-to-fail” issue can be eliminated only when investors believe the U.S. won’t rescue firms.

Continue reading...

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Buffett: "Get down on your knees and thank the Lord for Ben Bernanke..."

---

 

Further Reading...

 

 

And don't forget this one...

 

 

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Reader Comments (12)

WOW
Feb 11, 2011 at 4:25 PM | Unregistered CommenterJose
Is this what Obama wants, not to mention the U.S. losing an ally in our fight against radical islam?

According to the latest Pew poll, 30% of Egyptians are pro-Hezbollah, 49% are pro-Hamas, and 20% “smile” at al-Qaeda. 1 out of every 5 Egyptian favors extreme Islamist terrorist groups, while 1 in every 3 supports revolutionary Islamists in other countries. This does not tell us exactly how many Egyptians would favor an Islamist government in Egypt, but certainly paints a very frightening picture.

Furthermore, 82% of Egyptians want stoning as the punishment for adulterers, 77% prefer whippings and hand amputations for stealing, and 84% want the death penalty for converts from Islam.
Feb 11, 2011 at 4:56 PM | Unregistered CommenterWho Do We Thank
"radical islam" was created by America ...

link to your polls ...

90% of Americans couldn't find Egypt on a map and 90% of Americans think the "fed" is part of Government .
Feb 11, 2011 at 5:37 PM | Unregistered Commentermick
I know three people that will stop too big to fail:

Smith
Wesson
Glock

Coming to a communist billionaire near you ( I hope).
Feb 12, 2011 at 12:59 AM | Unregistered CommenterBenny and the Talibanks
Fed To Face Congress To Explain Debit Card Crackdown

http://www.huffingtonpost.com/2011/02/10/debit-card-fees_n_821234.html
Feb 12, 2011 at 3:06 AM | Registered CommenterDailyBail
Chris Lee Resigns After Craigslist Photos Come To Light (VIDEO)

http://www.huffingtonpost.com/2011/02/09/chris-lee-resigns-after-c_n_821080.html
Feb 12, 2011 at 3:08 AM | Registered CommenterDailyBail
Warren Buffett is no better than George Soros (the invisible Satan BEHIND AL GORE'S fallacious Noble Prize global warming scam with their CCX plans). To take a $600M loan put together by Geithner that doesn't have any interest due for 34 years is UNCONSCIONABLE! No different than the AIG pay back. At standard interest rates, Buffett should have returned $1.2B to the taxpayers over a 30 year note.
WAIT, I'm a taxpayer...I want MY MORTGAGE interest deferred for 34 years...
Like Rogers said, Americans abolished 2 central banks before, we need to ONCE AGAIN abolish the central banks AND THE FEDERAL RESERVE!!
Feb 12, 2011 at 1:40 PM | Unregistered CommenterDr. Tanya
You are quite correct...we have covered that story...i will add a link above...thanks...

http://dailybail.com/home/warren-buffetts-600-million-interest-free-loan-from-taxpayer.html
Feb 12, 2011 at 2:05 PM | Registered CommenterDailyBail
When companies that are to big to fail, yet actually fail, they should be nationalized. We'll soon see that these corporations become to smart to fail when taxpayer bailouts are not an option.

Jack Lohman
http://MoneyedPoliticians.net
Feb 13, 2011 at 9:01 AM | Unregistered CommenterJack E Lohman
"become too smart to fail when taxpayer bailouts are not an option."

It's no laughing matter, but I couldn't help but chuckle at this. Well said, Jack.
Feb 13, 2011 at 10:57 AM | Registered CommenterDr. Pitchfork

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