The key for Paulson and his co-conspirators was to suck as much wealth out of the system as they could on the way up, and then suck as much out of the taxpayer as they could on the way down.
Shameful. And wasn't it so, so nice that the media and the world went along with all of it. The whole big scam. The fleecing of a lifetime.
And we still are.
"This is far and away the strongest global economy I've seen in my business lifetime"
- Goldman Sachs CEO, oops, I mean now US Treasury Secretary Hank Paulson, July 2007
"We must do so in order to avoid a continuing series of financial institution failures and frozen credit markets that threaten American families' financial well-being, the viability of businesses both small and large, and the very health of our economy"
- Goldman Sachs CEO, oops, I mean now US Treasury Secretary Hank Paulson, September 2008
Here's Rostropovich. Watch, and while you do, look over to the right at that tan man, and think about it. Think about the whole big con.
September 25, 2008
After the biggest financial bubble in human history, comes, of course, the biggest financial crash. And Hank Paulson played it, and us, like a cello
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35 comments:
Or what about Bercracky saying like you reminded us Keith that "The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained." Or what about a couple months ago when GW said the economy is fundamentally strong.
Now they're saying all hell will break loose if we this bailout isn't passed. Bercracky says if the bailout isn't passed there's a possibility for a recession. Ohh a recession, like we've never had one of those before.
Does that mean everything is still OK, but not passing this bailout for the housing crack dealers, banks, and the government will cause a debacle? And if everything is OK now what will be the trigger causing a debacle if it hasn't occured yet?
They're starting to confuse me.
These bailout guys all tell the same story: The financial and economic fundamentals are sound; however, there is an anomaly in the otherwise sound system that threatens to bring down the house. All we need to do is put up a couple of trillion to get past it and our sound system will be up and running again, paying us boku dividends on our up-front investment.
I don't buy it. The whole argument depends on there being fundamentally sound economic conditions and capital markets underneath these rotten securities. Does anyone really think that's the case?
What do we get after we buy all this worthless trash paper? Do we get a healthy economy? No. We still have job losses, wrecked credit markets, and double-digit inflation.
Dumbass has been telling us all along that they weren't concerned, that the economy is fundamentally sound, GDP growth is slower but our system is strong. We were told that the worst is behind us and that we're in a fairly good place as far as growth, basic economical principals etc., etc.... and this was as recently as less that a month ago. Will someone please publicly ask dumbass why in less that 30 days, he changes his tune?
It's called the Shock Doctrine. Works to perfection, every time.
The "bailouts" are the problems
No bank will loan money because the borrowers are now the victems with rights.
Dear American:
I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.
I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.
This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.
Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.
Yours Faithfully Minister of Treasury
Henry Paulson
Tangelo said:"I don't buy it. The whole argument depends on there being fundamentally sound economic conditions and capital markets underneath these rotten securities. Does anyone really think that's the case?
What do we get after we buy all this worthless trash paper? Do we get a healthy economy? No. We still have job losses, wrecked credit markets, and double-digit inflation."
Agree completely. All we are going to get out of this is a economic depression- either way. This paper is worthless-rotten to the core, and throwing tons of taxpayer money at it isnt going to get us a fresh start for a "strong" economy. Those days are over.
It's a joke Paulson thinks we need to "free up the credit markets". My question is - are banks going to start giving loans like candy again? Of course not.
Wer're going back to old school lending standard. Which should have stayed in place no matter what.
Uh oh spaghettios....
http://www.reuters.com/article/newsOne/idUSPEK16693720080925?sp=true
China banks told to halt lending to US banks-SCMP
BEIJING, Sept 25 (Reuters) - Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.
The Hong Kong newspaper cited unidentified industry sources as saying the instruction from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to U.S. banks but not to banks from other countries.
"The decree appears to be Beijing's first attempt to erect defences against the deepening U.S. financial meltdown after the mainland's major lenders reported billions of U.S. dollars in exposure to the credit crisis," the SCMP said.
A spokesman for the CBRC had no immediate comment. (Reporting by Alan Wheatley and Langi Chiang; editing by Ken Wills)
I say let the chips fall where they may.
we are going into GD2 regardless if this bill gets passed or not, and if we go down, then corrupt banks go down as well. They broke the model of not putting the client first. Greed was put first. Let them suffer.
Hey DOPES/HP'ers:
I hate to tell you that I told you so. BUT I TOLD YOU SO. I told you Keith that in the end the government will end up bailing out the so called FB'ers.
You even posted my email to you Keith as a blog entry. Everyone mocked me and called me just about every name in the book.
Guess what, there will indeed be a bailout for "poor struggling homeowners", "homeowners who were misled by Wall Street", "people gong through tough times", etc...
After spending all of this money on Wall Street, do you honestly think that any politician in America can resist him/her self from helping people who are about to lose their home? Of course not. Sooner or later there will be a bailout for FB'ers. I mean former FB'ers.
Never fear, Keith!
The Grampa Simpson and Caribou Barbie are riding to our rescue on their Magical Ponies.
Or something.
I seldom cut-and-paste news articles here, but this one is worth sharing:
CBO Head: Bailout Could Make Crisis Worse. The Washington Post reports, "The director of the Congressional Budget Office said yesterday that the proposed Wall Street bailout could actually worsen the current financial crisis."
Peter R. Orszag "said the bailout could expose the way companies are stowing toxic assets on their books, leading to greater problems." Said Orszag, "Ironically, the intervention could even trigger additional failures of large institutions, because some institutions may be carrying troubled assets on their books at inflated values. ... Establishing clearer prices might reveal those institutions to be insolvent."
Uh-oh…
Full article at:
http://www.usnews.com/usnews/politics/bulletin/bulletin_080925.htm
-Mammoth
Guns and Ammo - Check
Body armor - Check
Fuel - Check
Food - Check
Gold - Check
Bring it on.
Thanks for the musical accompaniment.
Why is it, after so many years of criminal decision making, the choices proposed offer nothing more than another bad deal? We've had an iceberg off the starbord bow for years. Years!! It didn't melt, it didn't float away. It got bigger, it floated right under us and it's going to take us down. We've got a gigantic gaping wound that you can't stitch up with a measly $700,000,000,000 bailout. If you're lucky you can run this ship aground so it doesn't sink. Bailing is too little, too late. Abandon Ship.
The bailout can't possibly work. Let's stop pouring money into this giant, sucking black hole. No cash for trash. Moving the trash around doesn't solve the problem.
Did I accidentally click on America Panic? I thought coverage of the Political Soap Opera was supposed to be on the America Panic, not Housing Panic.
News Today: "The average price of a new home sold in August dropped by a record amount of 11.8 percent to $263,900, compared to the July average of $299,100. The median price was also down, falling 5.5 percent to $221,900."
Bwahahahahahhahah! Haha, oh my goodness that's so funny!
Pumpty Dumpty fell off a mountain of Credit Default Swaps.
...and all the King's horse's asses and all the King's paper-hanging conmen couldn't put Pumpty back together again.
I think the senators better think about the consenquences if they pass this bill. Look what happened in India.
After bailing out Fannie & Freddie, AIG, and now, the entire wall street.
When people ar'nt listened to over and over, they will take matters into their own hands. Plain and simple.
Agent99,
I enjoy the sarcasm as much as the next person.
But what does "abandon ship" mean?
I've been a HP visitor and contributor for a long time.
I'm renting. I've no debt. I've got cash in a credit union. But my 401K and mutual funds are tanking or will soon tank.
Would somebody, anybody offer some advice about what do do next.
Dear U.S. Gov.
We here at Wall Street are in urgent need of a gigantic bailout. If we do not get this bailout fast, the entire financial system will fail and McDonalds will no longer serve burgers, Starbucks will run out of coffee and your construction contractor will not show up to finish your kitchen remodel.
PS: Please make the bailout favorable to us and our exorbitant pay or we will be forced to not participate in said bailout. Thanks.
GT Charlie
Nick:
If I was your neighbor I would burn your house down. Hopefully, you would be in it.
Dear Mortgage Originator:
I’m writing this to reassure you I will continue to faithfully make payments on my mortgage. However, I will not be sending the checks myself as has been my practice heretofore. Instead, you will be getting the checks from the U.S. Treasury as part of your bailout package. Since I’m funding this with my share of the total $700 billion package, I wish to be certain I am not making costly duplicate payments. As prudent, successful businessmen, I’m sure you’ll understand.
Sincerely,
Valued Customer
I do have to hand it to you Keith that even though I am very critical of you and your followers (HP'ers) and despite many people telling you "oh get that Nick guy off this board".
You continue to post my anti-HP comments/rants. I must admit Keith, you truly are FAIR AND BALANCED TO EVERYONE.
Guys - what does this mean? Look at the one-day for "Freddie Mac Preferred N" stock (NYSE: FRE-N). Is this some bizarre manipulation, or an error? $800B is a rather round and suspiciously familiar number...
Google Finance's biggest gainers
Gainers Change Mkt Cap
Freddie Mac PRFD 'N' FRE-N 39,215,584.00% 800.00B
Freddie Mac FRE 49.21% 1.82B
Discovery Communications ... DISBD 46.58% 6.84B
Fannie Mae FNM 43.13% 2.66B
American Intl Group, Inc. AIG 19.64% 10.65B
Martial Law begins in October
Easy to screw Pigmen over if EVERY homeowner stopped making mortgage payments, creating an instant cash flow clusterphuck throughout the banking business.
Never happen though. Sheeple too afraid of losing their precious granite counter tops and whatnot. Plus they're too busy with the important stuff like Oprah and American Idol.
Bubbles are for bathtubs you bastards. I'm headed over to BangBros to make a few videos.
-Kendra Todd.
Nick said...
You continue to post my anti-HP comments/rants. I must admit Keith, you truly are FAIR AND BALANCED TO EVERYONE.
It is your entertainment value.
JaneZ
I can't wait for HousingPANIC The Movie
There is/was drama out there folks like you could never imagine.
I hope one day the story comes out.
what about the statements only a week ago that the economy is fundamentally sound?
"I can't wait for HousingPANIC The Movie"
You can bet NOVA or the History Channel will do a special about Housing Panic. It will have to be a series, though, it will take more then one episode to describe this.
I think NOVA made a show about LTCM. That was more entertaining then most movies. You could almost extrapolate LTCM 10 times and you get today's debacle.
Yes - it will definitely make problems worse.
Throwing more money at a failed financial system is only sunk cost, and will just accelerate us from a recession into a flow-blown depression.
Mammoth said...
I seldom cut-and-paste news articles here, but this one is worth sharing:
CBO Head: Bailout Could Make Crisis Worse. The Washington Post reports, "The director of the Congressional Budget Office said yesterday that the proposed Wall Street bailout could actually worsen the current financial crisis."
Peter R. Orszag "said the bailout could expose the way companies are stowing toxic assets on their books, leading to greater problems." Said Orszag, "Ironically, the intervention could even trigger additional failures of large institutions, because some institutions may be carrying troubled assets on their books at inflated values. ... Establishing clearer prices might reveal those institutions to be insolvent."
Uh-oh…
Full article at:
http://www.usnews.com/usnews/politics/bulletin/bulletin_080925.htm
-Mammoth
And so, with the passage of the Paulson Plan - aka The Goldman Sachs Redemption Act - the veil has been lifted on the treasonous priorities of Congress.
Our nation's sovereignty has been stabbed in the back.
Et tu, Warren?
Greg Swann at BloodhoundBlog is bragging about picking jewels off the dead
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