September 18, 2008

And then Harry Reid admitted he was a monkey, incompetent in his role as Senate Majority Leader, and a danger to America and the American people

Be afraid.

Be very afraid.

Can you imagine a military commander saying such a thing?


"It is a multitrillion dollar issue that's facing America... No one knows what to do. We are in new territory here."

- Harry Reid, freaking out the world with his own incompetence and lack of leadership, awareness or imagination, September 18, 2008


keith said...

What I truly don't get is that HousingPANIC and the bubble blogs have been around for years (in addition to Roubini, Schiff, etc), telling the world EXACTLY WHAT WAS GOING TO HAPPEN, and yet our leaders are acting like they had no idea this was coming.

I truly don't get it.

It's like Michael Brown having no idea there were thousands of people at the Superdome in need of food.

It's like George Bush not knowing there were Sunni, Shia and Kurds.

When ignorant and stupid people run America, it burns.

Anonymous said...

What do you want him to say?

Anonymous said...

I have learned much here since 2005. I have questions more today than I did then. That is how much has happened.

Main question !

On November 12, 1999, President William J. Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act of 1933. One of the effects of the repeal was to allow commercial and investment banks to consolidate. Some economists have criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis.
Why did he?? Biden voted AGAINST and McShame was all for it. Palin was just starting out as Mayor of a tiny town.

As I have stated before, when the dust settles, this largely government-induced financial and economic implosion, which I think will rival the Depression, will be an even greater black mark on the nightmare that is the Bush legacy than even Iraq. But , don’t forget Clinton. He could have changed history with one single veto.

Where is RON PAUL ?? HELP !!

hp fan said...

It wouldn't be politically popular for Reid to say "let house prices fall another 25% and elect a fiscal conservative for President".

The majority of voters are Homedebtors who want the government to fight tooth and nail to keep house prices inflated.

The majority of voters are also too stupid to know what a fiscal conservative is and would think he was talking about Bush and the Republicans.

consultant said...

We have a collapse of leadership at all levels and areas in American society. No wonder Sarah Palin thinks she's got the game to run the US.

What an unbelievable sorry ass state we are in.

It's so bad, and it's been that way for so long, people can't tell the difference between Obama and Palin.

I'm a one eyed man in the land of the blind, so I'm going with Obama/Biden.

By the way, please, please, vote out some of these Republican AND Democratic idiots that are in office.

Whoever voted to invade Iraq-out!
Whoever supports this Resolution Trust Authority II-out!

Anonymous said...

They should have seen it coming, they did all sorts of shit to make it happen, but the real troof is: they have no idea how to fix it.
This is the first HONEST statement I have seen from anyone in washington.
As far as what to do: the blogs I respect ( almost all the doomers ) are themselves divided between a "let burn" policy and "no that's too damn dangerous - a wholesale collapse is too scary so we have to do these bailouts" and I haven't seen a good answer.
I am HELLA PISSED that no one is being held responsible.
I'll stop there. Maybe keefer should pose the question - WTF do we do now???

britches in a bunch said...

The ppt is on cnbc right now talking a bubch of crap as usual.Nancy pelosi is butt ugly I swear.The ass holes cost me a buch of money as I prepared for a down turn.i swear everytime I get defensive thew screw me.I imagine the dow will rally another 400 tommorrow.These people are a bunch of baffoons I swear.Paulson is the biggest slime ball.These people don't know thie ass from a hole in the ground.Why does it take a few bloggers to figure out what is going on?

Anonymous said...

Nader is on record talking about the failure of the GSEs back in 2000.

Anonymous said...

you know, it is scary to consider that Reid is the Majority leader because he is viewed (by other Senate democrats) as being the most competent......

Anonymous said...

"...I truly don't get it..."

The reason is that you (apparently)believe the incompetence cover story.

No. This was a pre-meditated crime.

Does this seem reasonable?

Number 6 said...

Agent 99 said...(on the "Panic" post below)

"One reason, Senate Majority Leader Harry Reid said yesterday, is that ``no one knows what to do'' at the moment."

If that is the case then quit. If you don't know how to do your job why are we paying you? Go on your vacation and do not come back.

We can just have Keith pick 100 HPers at random to replace the senate. We might not all agree but most of the posters are able to think about the problems and propose solutions that are more or less based in reality.

Ibod said...

It IS new territory...and absolutely NOBODY know what to do.

Reid should be commended for having the guts to tell the truth!

Anonymous said...



Harry and Nancy are Democrats and they were supposed to make the world great in 2006.

PS: gas was $2.25 when Reid took over as majority leader. I filled up for $3.89 today.

And you idiots want to elect Obama for 4 more years of this? God help us all.

casey said...

I though govt workers were the rejects of the private sector?They have no business skills and are totally clueles.I know people who work for the state because they didn't have the balls to run their own business.You can find then hanging out a krispy krems donuts feeing their faces on your time.

Afterthought said...

Don't worry, some Shadow Government official will put a 3x5 card in Harry's hand...

Oh, by the way, the Shadow Government is extremely cunning; in fact they are doing all this so that they can "come out of the closet" in a nation that rose up and murdered them 233 years ago.

That is no mean feat.

Screwed Pooch said...

We need to shame these leaders into working for Princess Leia is our only hope

Anonymous said...

After Hank Paulson "saved" us all today, please put is back into Denial. Thank you

Anonymous said...

I LOVE reading the ARCHIVES on this Blog. It's a freakin course in economics. Among all the worthless rants are highly intelligent advisors posting anonymously .

We dont need a "change:" in Washington. WE NEED A REVOLUTION"

I hope McCain gets in so that when we go back to the polls in 2012 , we will be puking blood over the past four years of his horrible economy and other policies. That will hopefully get a good independent in the Oval Office.

This honestly is now really getting scary.

You are a godamned prophet , Keith

vanilla ice said...

They are ignorant, shortsighted, and blinded by their own power.

And that's in large part because the constituency is shortsighted and reactionary. They scream for help and that the world will end if they don't get what they want, i.e. cheap housing, more money for bloated school budgets, free and endless supply of drugs for elderly people.

Long term capital investments be damned. It's the American way.

Did GB really not know there were Sunni, Shia, and Kurds? God help us, we deserve anything we get. As a matter of fact why don't you just send a Manhattan sized asteroid our way.

Anonymous said...

If the politicians are this stupid ,than they are not fit for rule . The evidence shows that they were the pawns of the Fat Cats on Wall Street ,who wanted free rein to play their ponzi-schemes and fake ratings on junk paper.
One wonders why a governing body would not see that giving investment banks the power to leverage 30 times
on loan paper was a disaster waiting to happen ,have got to be incompetent or maybe even evil.

Its clear that the majority of these clowns in Congress and the Senate are incompetent ,bought off
by Big Business ,and not operating in the best interest of the Country . Can't we impeach the whole herd ,except for a few ,before they do so much damage that it can't be undone .

Real cute how Congress/Senate are acting like they have no powers to stop Paulson and Mr. sacred rabbit side kick . These stupid jerks are the lawmakers and they can do stuff to
stop any agency from going off the deep end .Course these politicians created this mess so why not let Paulson run with it and if it doesn't work blame him .

Now they want to form a RTC to pass the junk loans on to the taxpayers . What ever happened to the Housing Bill? Guess that bill of 300 billion wasn;t good enough for the Wall Street boys who want a total bail-out .

So some people got some losses from the Lehmans BK and all hell breaks loose . Let Lehmen be sued and than they can go after the
the fat cats for redemption ,as the legal remedy should solve a problem of a crime .

The one and only act that would restore confidence to the markets is a mass impeachment of these jerks . Its just like with Watergate Nixon had to go .

Anonymous said...

Today I finally had some vindication! I'll explain! I have to go to a place once a week for work and it has a doctors like setting. Well they always ask me how's business. Unlike most people who have the standard answer "good" or "it's ok" I tell them the truth. I like the idea I take the time to search for the truth. My curiousity caused me to find this site in the first place!! Anyways, these are the people who no matter what have to be happy people. When I would tell the what was coming down the road with my newly found insight(thanks keith) they look at me like I don't get laid enough, too much time on my hands, negative person!! I hate the fact that everyone has to be happy all the time no matter what the situation in the professional world. If not you are negative or a complainer, bitchy. Well my vindication happened today when I went there today. Almost like they finally realized I (we) have been right all along but we are so far ahead of the curve because we want to be. We do not have to be told by the media on cnn at primetime or ten oclock news!!! Keith you have been away for a long time (usa) and I can tell you, you aren't missing shit unless you like fat, stupid, dumb as rocks ingnorant slightly retarded, imbred americans and illegals who don't communicate missing something important!!! Well today they looked at me like I was nostrodamus because they heard the news. People seemed to wake up a little with the aig bailout!!! Once again thanks to the media. Otherwise no one ever seem to care about this type of stuff!! If it doesn't affect directly then it is not their concerm. What definition besides ingnorant would you call this on your definition threads? Well I'm done hope you enjoyed my highlight today!!

rich in fl

Anonymous said...

If the market was allowed to correct itself the good old fashion way ,than
the Wall Street firms would be sued silly by the investors for a PONZI SCHEME of false junk paper being marketed . Much like a defective product lawsuit ,or much like the Lincoln Savings BK and the Keating trial that followed .

Instead ,guys like Mozilo will keep their wealth while the taxpayer pay for CountyWides bad loans, made in bad faith ,so Mozilo could pump and dump the stock at a high .
Now it's bail-out for all the Wall Street firms and hedge funds with a RTC dump bad paper pass to the taxpayers .

buzzsaw99 said...

it's cool, let it burn.

Anonymous said...

They should have anticipated 9/11 too. They said "oooh, who knew they'd fly planes into buildings?!?!?"

Except that it was in a book by Tom Clancy--he had a terrorist/hijacker fly a plane into a joint session of Congress at the Capitol.

Of course, a subsequent book has terrorists detonating a bomb at the Super Bowl at Denver stadium--the movie put the bomb at Baltimore harbor. So what does Bush do? He tries to sell port security to the Arabs!


Anonymous said...

So why not bring back the NYSE Rule 80A

Anonymous said...

What's going to happen to us?..... Who's going to pay for this besides the taxpayers? Why isn't anyone doing anything like marching and pickets, protests, riots and the like? Why in hell's name is everyone just reading and posting and observing like its a f*cking side show? Do we have to keep having liars, thieves and crooks running the country? Look, politicians have always been liars and sluts(yes, man sluts), but now.... the country is in the midst of ruin because they took the lying and swindling and the slutting, all at your's and mine and his and hers expense, too far... The angry voices have to start shouting to Washington, it has to get loud, it has to get so loud that Washington will have to cover its ears and go lock their doors and run like the cockroaches that they are and hide from the angry masses that will demand open investigations, answers and prison sentences... right now, not next year, right now. Ah, stupid me, that won't happen... they don't want to rat each other out.

Anonymous said...

Freddie Mac disclosed in a securities filing Thursday that it hasn't received principal payments of $1.2 billion plus interest on short-term loans to Lehman that were due Monday.

A Freddie spokesman said the loans were part of the mortgage company's routine management of cash reserves and were made in late August. The cash was advanced to Lehman in the federal funds market for short-term loans among financial institutions.

A Lehman spokeswoman declined to comment.

Anonymous said...

But Obama knows what to do, right? Right?

I bet the Messiah's going to wave the magic teleprompter and make everything tip-top in America.

Folks, people like Reid are the ones shoving the Messiah down your throats. If the majority leader is totally lost, what makes him fit to pick the next president?

Oh, you can add all the Hollywood celebs and rappers, who are nothing but a bunch of lucky high school dropouts, unable to solve the simplest algebra problem.

Hey, but this wizards know what's best for America and will pick the president for you.

Anonymous said...

Don't you know that the politicians or Wall Street always make matters into a emergency so that they can get BS by the public.

I know people like this and they always get their way by making everything a emergency so the responding party can't think about how they are getting screwed .

Anonymous said...





Anonymous said...

So you are slamming Harry for telling the truth? And you would want him to do otherwise because ...?

born to lose said...

maybe this was the only way to go.

you cant get the masses to do anything except follow the path of least resistance.

maybe they exhausted every available trick they had, knowing at some point it would collapse.

then CHANGE.

Peter T said...

Reid: "No one knows what to do."

Reid is one of the few politician who got it (even if it maybe was without intention, like the broken clock being right two times a day): Nobody can bring the happy times back tomorrow. The errors of the past have consequences that can't be repaired short term. All this political hyperactivism (Short sell ban, RFC etc.) will make things WORSE.

Peter T said...

Reid's comment is as true as Carly Fiorina's statement that her candidate MacCain and Pahlin were not competent (now) to run a major company, as little as Obama and Biden would be. Fiorina was right, of course (the four are running for the presidency of the US, not of a company) but the media was all over her, as if she had said something surprising. Fiorina could have also stated that most CEOs are not competent to run for presidency of the US, which would be correct, too. Congratulations to Reid and Fiorina to say something truthful that shocked the MSM.