Here's the incompetent monkeys in Congress coming together to admit they've screwed the pooch, and that things are really, really, really bad

September 19, 2008

Here's the incompetent monkeys in Congress coming together to admit they've screwed the pooch, and that things are really, really, really bad

34 comments:

Anonymous said...: I'm not sure an investigation at this point would matter--nor do I think the American people would really care much anyway. I'm still shocked at how much blogs like yours and RGE monitor seemed to hit this nail right on the head. Now, we're totally screwed. Wow.; September 19, 2008 11:51 PM
Anonymous said...: Really,to the point,and this statement might seem callous,or sarcastic ,but really sincerely..................
...........................
GET THE FUCK OVER IT! JESUS EFFIN CHRIST!; September 19, 2008 11:56 PM
Anonymous said...: You will be remembered Keith.

I want to share this email response from a friend that forwarded a message from me to dozens of people. ALL the info I got in that message was from here. I have helped many that do not want to do their homework. Just sit on their ass and watch Idol.

"Hey...with a record like Kris has--be sure to pass along ANY and ALL comments he has regarding economy or money matters. It would be greatly appreciated!!!

Thanks for the comments and your concerns Matt..."

Frank

I do not even know Frank.

Thanks Keith. And thank God for this new technology we have called the BLOG. No wonder the Arizonuh Republik is hurting.; September 20, 2008 12:04 AM
Anonymous said...: if the average housing fell To the average 401k account deposits/savings amount of 59,000 the majority of the public would have to admit to being incompetant monkeys for borrowing the amounts they did in order to house themselves....which can not happen now as the gov is willing to bail out and prop up the lending systems that created those assine prices and at 59,000 for quaLITY HOUSINGS THE AVERAGE BEAR WOULD BE SET FREE........................; September 20, 2008 12:12 AM
Anonymous said...: Who the fuck are you to demand anything? Aside from the freaks you gather in this forum, no one gives two shits about you or your opinions.

Are you even in this country anymore?; September 20, 2008 12:14 AM
Anonymous said...: HISTORY SAYS FOR PRICES AND FREEDOMS LIKE THAT TO COME ABOUT THE SOLDIERS MUST BE COMMING HOME FROM WORLD WAR THREE AND AS WINNERS.....SAD; September 20, 2008 12:14 AM
Anonymous said...: Congressional Leaders Stunned by Warnings

By DAVID M. HERSZENHORN
Published: September 19, 2008

WASHINGTON — It was a room full of people who rarely hold their tongues. But as the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.

Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.

“When you listened to him describe it you gulped," said Senator Charles E. Schumer, Democrat of New York.

As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it Friday morning on the ABC program “Good Morning America,” the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”

Mr. Schumer added, “History was sort of hanging over it, like this was a moment.”

When Mr. Schumer described the meeting as “somber,” Mr. Dodd cut in. “Somber doesn’t begin to justify the words,” he said. “We have never heard language like this.”

“What you heard last evening,” he added, “is one of those rare moments, certainly rare in my experience here, is Democrats and Republicans deciding we need to work together quickly.”

Although Mr. Schumer, Mr. Dodd and other participants declined to repeat precisely what they were told by Mr. Bernanke and Mr. Paulson, they said the two men described the financial system as effectively bound in a knot that was being pulled tighter and tighter by the day.

http://www.nytimes.com/2008/09/20/washington/19cnd-cong.html?_r=1&adxnnl=1&oref=slogin&adxnnlx=1221867097-nx+gV14FSRoSlJBrURHOqg; September 20, 2008 12:37 AM
Anonymous said...: Do we understand who the REAL TERRORISTS are yet, America???

It's not some freaking Arab in a cave on the other side of the world. It's an illegitimate, criminal, corporate bribed GOVERNMENT!!!; September 20, 2008 1:05 AM
Anonymous said...: What's up with his finger???; September 20, 2008 1:08 AM
Anonymous said...: It's friday... Ameribank!; September 20, 2008 1:29 AM
Anonymous said...: Pelosi called us tax payers and consumers. At least Paulson referred to us as The American People.; September 20, 2008 1:32 AM
Anonymous said...: Keith,
Everyone is talking about the housing crisis....
What about the illegal war and war profiteering...
Isn't this illegal war part of the problem? All the money that was sent to Haliburton, KGR, blackwater usa and many many more?
Why aren't we talking about that?
It is a combination of things.
Where the fuck is Bush....; September 20, 2008 1:32 AM
Anonymous said...: I hate these Motherf*ckers.; September 20, 2008 1:51 AM
Anonymous said...: The wheels are really coming off now.

Pay your bills, America.; September 20, 2008 2:03 AM
Anonymous said...: from Mike Morgan:

Let me include a note about what Paulson has just done. If the shorts are forced to cover, they have no options for investments, so they move to Treasuries. Paulson is also artificially forcing the market higher. This is akin to gouging after a hurricane. It’s illegal, and what he is doing is also criminal. By forcing prices higher, he gives his buddies the chance to dump their stock at higher prices. For example. His best buddy Bob Steel, the CEO of Wachovia, had a $5M loss yesterday. Today he had a $9M profit on the open. And when guys like Steel, Mack, Thain, Lewis and the others are given the opportunity to sell their polluted stock at artificially high prices, they will pocket huge piles of cash. When the markets correct . . . and they will, these are the guys that will have the money to buy for pennies on the dollar. The consumer will be doubly wiped out. Stock prices will eventfully fall . . . wiping out mutual funds and pension funds. And the taxpayer will be on the hook for trillions in debt piled high by Paulson.

For those that think this is going to be like Japan . . . WRONG. When Japan entered their crisis, they had huge savings. We have zero. What is coming down the pike for us is pure Armageddon.

Paulson is now announcing that he is offering to buy more money market assets this morning. It only gets worse. Basically, this man is putting the entire financial burden of Wall Street on Main Street. There is nothing left for him to back stop or bail out . . . except the taxpayer. Unfortunately, he’s just killed the taxpayer.; September 20, 2008 2:20 AM
Anonymous said...: wow, just listen to Pelosi, what a loser, we are so f*cked.; September 20, 2008 2:54 AM
Anonymous said...: Keith,
I have lived a long life.
I have seen a lot in my time.
There is just something disturbing about what is happening right now.
1. A fake war..unjust war...A war based on lies. We will never know if it was an inside job, something smells fishy.
2. Banks .....somethings wrong.
I have read a piece on the New world order, scared the shit out of me.
I watched a speech that Tony Blair just gave.
Tony blair talks about global economy...Peace in the middle East...
What is going on?
Something is just not right and Americans really need to pay attention here to the big picture.
Keith what are your thoughts regarding the New World Order...
Is everything just falling into place?; September 20, 2008 3:23 AM
Anonymous said...: These clowns are our leaders?

Damn, we are f*ed!; September 20, 2008 3:30 AM
Anonymous said...: No matter what this corrupt government does, things are bound to get worse at some point in the near future. There is no real remedy to this meltdown. The Feds' interventions are only going to delay the pain and extend the agony, as America is taking a U turn--until now unthinkable--from USA to USSA (the United Socialist States of America).
Bush couldn't reach the exit before having this new--and ultimate-- catastrophe added to his incredible tally.
Many thanks to all of u retards who voted him in twice and are still ready to do it again with another angry f*art named McCain.; September 20, 2008 3:30 AM
Anonymous said...: McCain is calling it the MFI

Which I'm pretty sure stands for Mother-Fucking Illuminati.

"The MFI will return all profits to the U.S. Department of the Treasury and taxpayers."

SAVE THAT before it disappears.

I'm vacuuming up every interesting piece I see during these historic times. Learned my lesson on 9/11.

Anybody have a copy of the Saudis' TV ad from then saying "We're still your friends?"

Scarce online for some reason.; September 20, 2008 3:42 AM
Anonymous said...: "I'm still shocked at how much blogs like yours and RGE monitor seemed to hit this nail right on the head. "

I was...and then the crazies running our country just whizzed right past Planet Stupid, on through WTF land and deep into Cloud Cuckoo land with nary a hit of deceleration.

The only explanation I can come up with for these desperate, fleeting measures is that Bernanke and co. are staring at armageddon...and if they can hold it off for another week or two, well, that's something.

I'm getting wigged enough that I'll take that week or two, and cling to the fact that, by accident of birth, I live in the country that possesses the nuclear arsenal that can kill EVERYBODY, multiple times if necessary.

So I got that goin' for me.

Unless they have sell the nukes to pay for all these bailouts. I bet you could get a cool trillion for a working H bomb. I bet that sheik our president plays kissyface with has one.

For us little people, it's looking like we're in for 3 decades of fascist dystopia.

Riot cops at the mall.

Air travel feasible only for the rich AND connected.

Ground travel restricted by fuel cost.

Brownouts.

Shortages of non-essentials...hair spray, catylitic converters, rotary nose hair trimmers.

Continuing decay of infrastructure.

Racial and relegious ghettoization.

Declining literacy and numeracy.

The linear extrapolation of violence intensity and inanity in media we've seen since media existed.

Stuff like that.

We saw the peak of freedom, civilization, and affluence for maybe another thousand years, and it was fucking awesome. Sad in a way, but it's been a great party!; September 20, 2008 3:47 AM
Anonymous said...: Wow. What a bunch of @$$holes.

Bernanke, Paulson, and Cox are the only ones there who have any idea what the hell is going on.

Reid, McConnell, and Pelosi are just going along for the ride. Useful stooges. They spout their bromides, but they are really depending on the unelected officials' expertise.

Our representatives have no idea about economics or monetary policy. Not really. Nor do they typiucally know much about about anything else except running for office.

A Congressman's chief job skill is his ability to get elected. That is what he is good at. That's what he spend his time doing.

And what does he do when he gets into office? He starts thinking about the next election!

Nice speeches, you clueless @$$holes.

What a bunch of @$$holes.; September 20, 2008 3:49 AM
Unknown said...: Political & Economic American boatpeople refugees from the USSA will soon be seen crossing the Pacific (air tickets unaffordable...) to the new true capitalist country (China)...

Fleeing soaring taxes, unemployment and hyperinflation, and fascism..

Very sad... America once was a great country, you blew it. Your children, their children, their children, and the world will hate you; September 20, 2008 4:04 AM
Anonymous said...: the very LEAST that congress should do is have the heads of everyone who
deceived them for the last
5 years - paulson and bernanke at the top of the list... will they do it???? noooo....
will anyone in the MSM note that Ron Paul has been saying this for about 7 years and been proven right???? noooo...

I think maybe the only way to stir the shit up politically is to launch a major campaign to blame
EVERYTHING on the democrats and hope they try to respond and save their asses by laying out
what the republicans have done...; September 20, 2008 4:25 AM
Anonymous said...: one of the more basic questions that no one is talking about is:

HOW FUCKIN' MUCH WILL THE BAILOUT AGENCY PAY???????

if it isn't close to 100% of the current balance of the mortgage, it won't do the
mortgage holders much good - they will have to take the loss when they sell it
for the bailout and the whole issue has been/is to hide these losses...

further, this gives the bailout czar life-and-death control over every financial
outfit that has a shitload of toxic paper - if the czar can choose to pay different
%'s to different outfits, some will emerge whole, some will get cut off at the
ankles, some get cut at the knees, and some get killed - all on the basis of
political connections with the czar - for this reason, if the dhimmicrats ever
figure out what is happening, they would be fools to hand this power over to
the republiscum... but then paulson/bernanke are working hard to stampede
their littles asses, and that is not hard to do... so the biggest change in financial
control in 70 years may be done on 2 days notice, a 1500 page bill handed to
congress with the instructions - sign here, fools, or it will be yuor ass...; September 20, 2008 4:27 AM
Anonymous said...: All the ones who were at the helm when the ship of state crashed are now telling us their grand plan after the ship of state is already on the rocks?

Fat white maggots slapping themselves on the back (oink oink) for coming to together to ensure that.......fat white maggots maintain their fat salaries, bonuses, and the fat white maggot status quo.

There are two Americas:
1) The America consisting of 99% of us where the brutal laws of free market capitalism apply and the mantra is "you can be retrained"
2) The America consisting of 1% fat white maggots which parasite off the other 99% who can do just about anything they damn well please....with OUR money!!! They are above failure and accountability of any type!!!!

Absolutely disgusting.....and to think HPer's saw all this coming years ago and the fat white maggots in this clip did...nothing.; September 20, 2008 4:40 AM
Refuse to buy overpriced said...: I just watched Bank of America CEO Kenneth Lewis on C-Span.

Sweet, sweet capitulation.

He now admits:
He was wrong, housing bears were right.
The financial industry grew too big, too fast, and it needs to shrink back down to a smaller percentage of US GNP.
Housing prices never could have gone as high as they did without utterly reckless loans.
American households would be better off with less debt and more savings.
A little more humility on the part of the financial industry is in order.

Now if he would only admit that privitized profit/socialized loss is morally wrong!; September 20, 2008 4:41 AM
Anonymous said...: One of the earliest science fiction books is Looking Backward (author's last name is Bellamy). In it, everyone works for the government because corporations become so enogorged by their own success, they become the government. The book also predicts huge "glass domed" halls where you can purchase "every product made" in the USA, using a little card. Life imitates art.; September 20, 2008 4:52 AM
Anonymous said...: Citizens of USA, me included, deserve these greedy, lying monkeys for being ignorant of current affairs. They (haves) have thier shares of wealth and laughing their asses off to the banks. Are you benefitting from these plunders?; September 20, 2008 5:18 AM
Anonymous said...: it's a joke and shame on the congress not to know what was going on all along. you're telling the american public that it makes you gulp to hear the news? give me a break, were where you guys! what were you smokin?

we've been talking about this for 2 years now.; September 20, 2008 6:22 AM
blogger said...: You can play an interactive "who killed the economy" game here

http://www.portfolio.com/interactive-features/2008/06/Who-Killed-The-Economy

My final four were

Moodys/S&P
Greenspan
NAR
Bush

And surprisingly, my winner was Moodys/S&P, in a tight one over Greenspan; September 20, 2008 6:27 AM
blogger said...: One small point. With Paulson and Bernanke guaranteeing money market funds (managed by Wall Street) with unlimited deposits, money will be fleeing from local and regional banks (with FDIC limits)

In other words, banks all over the country will now fail.

Period.

Government folks is the problem. Every action has a reaction.

Banning shorts will create its own reaction. It won't be pretty. Propping up money markets will have its own reaction. Spending trillions to bail out gamblers will have a reaction.

Get popcorn. And get ready.; September 20, 2008 6:46 AM
Anonymous said...: Altogether, 56 senators and representatives had stakes in AIG, Lehman, Fannie Mae, Freddie Mac, Bear Stearns Cos. or IndyMac Bancorp Inc. -- some of the biggest casualties of the market bloodbath -- according to the Center for Responsive Politics. The most recent annual disclosure filings list investments as of Dec. 31, 2007, and reveal the size of holdings only within a range of values. Lawmakers may have sold shares since then.

``Lawmakers, like everyone else in America who has any kind of retirement portfolio or stock holdings, are going to be suffering,'' said Gary Kalman, a lobbyist for the Boston-based U.S. Public Interest Research Group, a consumer-advocacy organization. ``This is a serious issue. We need to have a serious response.''

http://www.bloomberg.com/apps/news?pid=20601087&sid=aSEtGBXG0C0s&refer=worldwide; September 20, 2008 6:55 AM
Anonymous said...: Now why are they trying to scare people about these retirement accounts . Most retirement accounts are insured . Retirement accounts that are tied to mutual funds or stocks could actually have loss ,but that's the type of account the person set up verses a fixed rate accounts with FDIC .

These poor bastard that have stock options with their Company ,that goes BK and they lose their stock, is a bad thing ,as any CountryWide laid off employee who
ate it can tell you .

Think about it . If your working for a bad bad Corporation that does bad bad stuff to the public ,and you continue to work for that Company ,and you don't whistle-blow,you deserve your fate .Get away from evil .; September 20, 2008 9:23 AM

HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008

September 19, 2008

Here's the incompetent monkeys in Congress coming together to admit they've screwed the pooch, and that things are really, really, really bad

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