Townhall Marine David Hedrick To Washington: "You Work For Us, We Do Not Work For You!"

Follow-up interview from Hannity with the Marine Vet, David Hedrick who asserted his Rights of Man at a town hall recently.  It's another clip presented to show the growing sense of frustration with government.  The natives are paying attention and getting restless.  First thought was that Hedrick should be drafted to run against Congressman Baird.  This ex-Marine is articulate, intelligent and presentable.  He ought to use his new fame to make a run at Washington.

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

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Paul Krugman, George Will & Robert Reich Discuss The Economic Recovery And Health Care (ABC This Week Stephanopolos Video)

Former Labor Secretary, Robert Reich is completely honest about the recovery, with no sugarcoat, and George Will has some new data points on the stimulus.  Three short clips inside.

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Monday Links (National Strike Edition: 23 Articles)

Larry Flynt Calls For A Day Of Protest: A National Strike

The Real Reason Americans Are Angry: Big Government Bailouts

Kenneth Rogoff: Why We Need To Regulate Banks Sooner Than Later

New Evidence: China Has Stopped Buying U.S. Treasurys

Central Bankers Breathing Easier

James Grant's Interest Rate Observer (No Subscription Required)

Fareed Zakaria: Is Another Crisis The Only Way To Get Reform?

Roubini: The Risk Of A Double Dip Is Rising

Word From Jackson Hole: Central Bankers Say Rebound May Have Begun

15 more articles inside

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Obama Raises 10-Year Deficit Forecast To $9 Trillion ($2 Trillion Upward Revision)

This is no huge surprise.  CBO still says it will be $9.3 trillion.  And all these numbers are without health care, and include very rosy assumptions for economic growth.  We believe the numbers will be a few trillion higher than CBO assumes.  Will be fun to watch how much the bond market responds this week with heavy supply in the offing.

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Tales From The Banking Cesspool: Madoff & The Unethical JPMorgan

 

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Friday Links (21 Articles: August 21, 2009)

Bernanke: A Hero To His Own, But Can't Shake Critics

Robert Rubin's Deserved Agony

Hoenig Says Let Big Banks Fail On Eve Of Fed Meeting

Bernanke's Tough Task: Taking The Punch Bowl Away

Bloomberg Interview With New AIG CEO

17 more articles inside

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Liz Claman Passes To Peter Barnes Who Says "Grand Tetons"

I can already sense trouble with this story and I haven't even posted it yet.  I apologize in advance to our audience of female readers, but the prurient male in me does not reside far below the surface.  And I do like Liz Claman.

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Did Bernanke Save The World From Economic Ruin? (Former Fed President Bob McTeer & Dean Baker)

McTeer gives Bernanke "at least a 9" on a ten scale.  Give me a freaking break.  Deluded and captured.  Dedicated to perpetuating the status quo, he is Mr. Bob McTeer.  Thank heavens for Dean Baker.  Start the short clip at the 2-minute mark.  Bernanke and Greenspan get absolutely torched.  Brought a massive smile to my face.  You probably don't want to miss this one. 

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Sweden's Take On The Fed (Too Much Leverage In The System)

Swedish Finance Minister Stefan Ingves at the Kansas City Federal Reserve Conference taking place this weekend in Jackson Hole, Wyoming.  Solid discussion.

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When The Books Were Finally Opened, Colonial Bank Wasn't Just Insolvent, It Was Mega Insolvasorus

Alexis Glick With Anti-TARP, BB&T CEO Kelly King On Colonial Bank, The FDIC & Sheila Bair

BB&T takes over $22 billion of Colonial assets and the peek under the hood has been neither pretty nor pleasant for CEO Kelly King.  BB&T recently announced that they will apply an estimated markdown of 67% to Colonial's construction loan portfolio.  Let that sink in a for a moment.  That means that assets being marked at 100 cents on the dollar were actually worth 33 cents in the eyes of an honest CEO.  This is in addition to the $3 billion that taxpayers forked over to cover Colonial's irresponsible lending.

This is what happens when a captured Congress, beholden to the banking lobby, forces the FASB to legalize lying.  With no need to mark portfolios honestly, we perpetuate massive insolvency.  By the time the FDIC steps in, these banks are insolvent several times over versus their tiny capital base.  This shite is borderline criminal and there ought to be a law.  Wait, there was.

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Cody Willard With Peter Schiff (Audit The Fed And More)

This is a collection of 4 short videos actually, all about 2 minutes.  Some may not love Willard's delivery, but his message has been exceptional. 

• He consistently blames both political parties and career politicians for the mess.  He's anti-politics and anti-partisan.
• He rips Goldman, the Fed, Greenspan, Paulson, Bernanke and Geithner when it's appropriate, which is essentially always.
• He fights for taxpayers and uses his pulpit to our advantage.

I haven't decided how many (4) clips I'm putting inside.  The first is Schiff from last week and I'll add a few others.  As I view his library on FBN, almost every clip deals with the issues we cover.

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Arianna Huffington On Wall Street Pigs At The Trough (Video)

Goldman Sachs, Citigroup, the Wall Street bailouts, too big to fail, and the AIG conduit are among her targets.  Excellent, short discussion.  Give Huffington a few moments to get warmed up.  Interview is from WNYC radio.

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HFT: High Frequency Trading Explained (Paddy Hirsch Video)

I still don't believe HFT to be the monster that some claim.  Nonetheless here's an easy-to-follow primer from Marketplace's Paddy Hirsch.

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