ThinkFast: March 17, 2008
ThinkFast: March 17, 2008
JPMorgan Chase agreed yesterday to buy Bear Stearns for $2 a share, less than one-tenth the firm’s market price on Friday. The bank and the Federal Reserve “will guarantee the huge trading obligations” of Bear, “which was driven to the brink of bankruptcy by what amounted to a run on the bank.” Bonddad has more analysis.
The current economic crisis “is likely to be judged in retrospect as the most wrenching since the end of the second world war,” writes former Chairman of the Federal Reserve Alan Greenspan in the Financial Times. He also argues that “market flexibility and open competition” are “our most reliable and effective safeguards against cumulative economic failure.”
“About half of the state legislatures nationwide are scrambling to plug gaps in their budgets, shot through by rapid declines in corporate and sales tax revenue, distressed housing markets and a national economy on the verge of a recession.”
Sen. John McCain’s (R-AZ) current visit to Iraq is bolstering the belief by the country’s politicians that if he is elected president, “the American military would have a large presence in Iraq for a very long time.” Jalaladeen Sagheer, a senior member of the leading Shiite Supreme Islamic Iraqi Council, described McCain’s visit as “an advertisement for the American elections.”
Vice President Cheney made a surprise visit to Iraq today, in order to reaffirm “the unwavering commitment” of the United States to rebuilding Iraq. Cheney told reporters that it was “especially significant” he was in Iraq five years after the March 2003 U.S. invasion. Shortly after his arrival, “two explosions rocked Baghdad.”
Five years after the U.S.-led invasion, the Red Cross reports that Iraq faces a major humanitarian crisis. “To avert an even worse crisis, more attention must be paid to the everyday needs of Iraqis,” said Beatrice Roggo, the ICRC’s head of operations for the Middle East and North Africa. “Everyone should have regular access to health care, electricity, clean water and sanitation.”
Harper’s Scott Horton reports that an internal Department of Justice investigation into the firing of at least eight U.S. attorneys is approaching its conclusion. The report will likely be released in the spring, and it “will almost certainly be explosive.”
Climate change may “turn Ireland’s legendary emerald landscape a dusty tan” according to a new report by the Irish American Climate Project. “[T]he soft rains that people talk about as a blessing…could turn harsh,” said the project’s director Kevin Sweeney. Additionally, potatoes, Ireland’s agricultural staple, “might cease to be a commercial crop under the stress of prolonged summer droughts.”
And finally: Right-wing radio host Rush Limbaugh describes himself as “a big Mac guy.” Lately, he’s been having trouble backing up his e-mail archives, a “problem that was echoed by other users on message boards.” So Limbaugh took to the airwaves, making his plea directly to Apple CEO Steve Jobs. Apparently, someone at Apple was listening, and sent over an engineer to help Limbaugh. Two weeks later, the problem was fixed.
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Fears That Bear Stearns’s Downfall May Spread
March, 17 2008 New York Times
http://www.nytimes.com/2008/03/17/business/17econ.html?_r=1&hp=&oref=slogin&pagewanted=all
*** Treasury Secretary Hank Paulson couldn’t be any clearer. His priority is to save the criminal bankers, not the victims, those “steered” illegally into sub-prime loans. At least he’s honest.
*** UPDATE: Bear Stearns being sold for $2/share!! Wow! Panic is ensuing on Wall Street as the U.S. Banking system implodes. My TP friends, make sure wherever your money is it’s FDIC insured!! Greenspan was warned about all of this years ago but chose to do nothing. This is Milton Friedman, University of Chicago economics at work. This meltdown is the direct result of neo-con de-regulation economic policies. Make sure everyone understands who is at fault!!
March 17th, 2008 at 8:59 amDoes Ben Bernanke Have to Go?
by Dean Baker from Commondreams dot org
Feb 20 2008
This is a question that members of Congress should be asking right now. It is becoming increasing clear that we are facing the worst financial meltdown since the Depression, and Mr. Bernanke was caught asleep at the wheel.
In testimonies before Congress and other statements he repeatedly assured the public that there was no bubble in the housing market, arguing that fundamental factors explained the unprecedented 70 percent increase in inflation-adjusted house prices from 1996 to 2006. Such reassurances undoubtedly helped sustain the bubble until it finally reached the bursting point last year.
Even after the bubble began to burst, Mr. Bernanke failed to recognize the seriousness of the problem. As recently as last July, he told Congress that, “for the most part, financial markets have remained supportive of economic growth,” failing to see the financial tsunami that was about to engulf the economy and push it into a recession. As the successive waves have hit the economy, Bernanke has been consistently behind the curve.
March 17th, 2008 at 9:01 amThe Face-Slap Theory
By Paul Krugman
The New York Times
http://www.nytimes.com/2008/03/10/opinion/10krugman.html?_r=1&oref=slogin&pagewanted=print
March 17th, 2008 at 9:01 amBanks “quietly” borrow $50 billion from Fed: report
http://www.prisonplanet.com/articles/february2008/190208Banks.htm
** The fed is giving $200 Billion of OUR tax dollars to bail out criminal banks. This is nothing more than socialized banking and corporate welfare. I thought Republicans believed in the “Free Market”? These institutions should be allowed to collapse under the weight of their own corruption. Every bank employee who knowingly particpated in the subprime mortgage scam should be prosecuted and imprisoned. Any remaining assets should be given to the victims of this crime, those “steered” into sub-prime mortgages.
March 17th, 2008 at 9:02 amLarry Kudlow says the US economy is ‘healthy and fine’.
Buy Kool-Aid stocks now!
-GSD
March 17th, 2008 at 9:04 amAs America’s financial institutions begin paying the price for risky & outright dangerous loans to make quick profits, Bush tells the NYC Economic Club the economy is strong. These folks paid $20,000 / plate. These are NOT the people in danger of losing their homes, Mr. Bush. Once again, you’re preaching to the choir.
Meanwhile, Race, Religion & Gender are the only things discussed in the Democratic campaign. The media will not allow real issues to be discussed, they’re all trying to upstage each other.
When the media feels it’s their job to MAKE news, we’ll never hear the real news.
March 17th, 2008 at 9:05 amForeign investors veto Fed rescue
By Ambrose Evans-Pritchard, International Business Editor
Last Updated: 9:53am GMT 17/03/2008
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/17/ccview117.xml
Looks like no one will drink our koolaid.
March 17th, 2008 at 9:07 am“Cash is available,…and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.”
- Former Fed Chairman Alan Greenspan, 2007, suggesting that taxpayer money should be used to bail out the subprime lending institutions
“Market discipline has in some cases broken down, and the incentives to follow prudent lending procedures have, at times, eroded.”
- Current Fed Chairman Ben Bernanke with the understatement of the year on the subprime mortgage crisis
Its a “collectivist” myth that businessmen, left to their own devices, “would attempt to sell unsafe food and drugs, fraudulent securities, and shoddy buildings….it is in the self-interest of every businessman to have a reputation for honest dealings and a quality product.”
March 17th, 2008 at 9:08 am- Alan Greenspan, in a 1963 essay for deregulation guru Ayn Rand’s newsletter
Where do I sign up for one of those 3.25% loans?
March 17th, 2008 at 9:10 amRight-wing radio host Rush Limbaugh describes himself as “a big Mac guy.”
And not just computers. By the looks of him, he must chow down about 4 Big Macs / day.
March 17th, 2008 at 9:11 amHenry Paulson’s Priorities
from Paul Krugman, Ny Times, 12/07
…Mr. Paulson’s plan — or, to use its official name, the Hope Now Alliance plan — is entirely focused on REDUCING INVESTOR LOSSES. Any minor relief it might provide to troubled borrowers is clearly incidental. And it is does nothing for the victims of predatory lending.
…Relief is restricted to borrowers whose mortgage debt is at least 97 percent of the house’s value — which means that in many, perhaps most, cases those who get debt relief will be borrowers who owe more than their house is worth. These people would be nearly as well off in financial terms if they simply walked away.
And what about people with good credit who were misled into bad mortgage deals, who should have been steered to loans with better terms? They get nothing: the Paulson plan specifically excludes borrowers with good credit scores. In fact, the plan actually provides an incentive for some people to miss debt payments, because that would make them look like bad credit risks and eligible for relief.
Now, Mr. Paulson’s attempt to help investors, while doing little or nothing for distressed and defrauded borrowers, might make sense if his plan would reduce investor losses enough to seriously improve the overall financial situation…
March 17th, 2008 at 9:13 am“About half of the state legislatures nationwide are scrambling to plug gaps in their budgets, shot through by rapid declines in corporate and sales tax revenue, distressed housing markets and a national economy on the verge of a recession.”
The economy is not “on the verge of a recession”, it’s in a full blown recession and has been for a while. In the meantime our tax dollars are going to bail out predatory lenders and the victims of the predatory lenders are told to go fu(k themselves.
This is all because we have a run amok Republican administration. Hopefully middle America will be able to get past their inherent racism and vote for the one person who can turn this around and heal this nation.
March 17th, 2008 at 9:13 am1) Is there any way the ultimate U.S. Dollar meltdown can be delayed until Bush leaves office? ( to blame Dem Prez ? )
2) Is there any way America can recover from this disaster about to happen?
March 17th, 2008 at 9:13 amJalaladeen Sagheer, a senior member of the leading Shiite Supreme Islamic Iraqi Council, described McCain’s visit as “an advertisement for the American elections.”
And I am sure that the people of Iraq are thrilled with the prospect of a McCain presidency. More years of being occupied by the USA while they continue to try to steal Iraq’s oil.
Why is it that the President of Iran was able to move freely in Iraq without huge guard contingents and McCain had to hide behind hundreds of guards and Black Hawk helicopters?
March 17th, 2008 at 9:16 amWhy was this allowed to happen?
by Paul Krugman, NY Times, Dec. 3, 07
At a deep level, I believe that the problem was ideological: policy makers, committed to the view that the market is always right, simply ignored the warning signs. We know, in particular, that Alan Greenspan brushed aside warnings from Edward Gramlich, who was a member of the Federal Reserve Board, about a potential subprime crisis.
And free-market orthodoxy dies hard. Just a few weeks ago Henry Paulson, the Treasury secretary, admitted to Fortune magazine that financial innovation got ahead of regulation — but added, “I don’t think we’d want it the other way around.” Is that your final answer, Mr. Secretary?
http://www.nytimes.com/2007/12/03/opinion/03krugman.html?_r=1&oref=slogin
March 17th, 2008 at 9:17 amoverlap Says:
March 17th, 2008 at 9:13 am
1) Is there any way the ultimate U.S. Dollar meltdown can be delayed until Bush leaves office? ( to blame Dem Prez ? )
How many think this is the final phase of the Neocon plan to destroy America’s middle class?
If the financial markets collapse, will Bush declare martial law to ‘protect Americans’ from themselves?
I know that’s not an answer, but another question, but it must be asked.
March 17th, 2008 at 9:17 amVice President Cheney made a surprise visit to Iraq today, in order to reaffirm “the unwavering commitment” of the United States to rebuilding Iraq.
Yeah, sure, we’ve done such a good job of rebuilding Iraq. Here we are five years after invading Iraq and the country is in just as bad shape as it was after we bombed it back to the stone age. The only thing the no-bid contracts to “rebuild” Iraq have done is to provide huge profits to the FOB companies that got them all the while they either didn’t do what they were paid to do or did it so shoddily they are having to redo what they did.
March 17th, 2008 at 9:18 am“What we are witnessing,…is essentially the breakdown of our modern-day banking system, a complex of leveraged lending so hard to understand that Federal Reserve Chairman Ben Bernanke required a face-to-face refresher course from hedge fund managers in mid-August.”
- Bill Gross of the world’s largest bond fund Pimco
http://www.nytimes.com/2007/12/03/opinion/03krugman.html?_r=1&oref=slogin
March 17th, 2008 at 9:19 am“To avert an even worse crisis, more attention must be paid to the everyday needs of Iraqis,” said Beatrice Roggo, the ICRC’s head of operations for the Middle East and North Africa. “Everyone should have regular access to health care, electricity, clean water and sanitation.”
Proof positive that we have done nothing to repair the damage we did to this country.
March 17th, 2008 at 9:19 amHarper’s Scott Horton reports that an internal Department of Justice investigation into the firing of at least eight U.S. attorneys is approaching its conclusion. The report will likely be released in the spring, and it “will almost certainly be explosive.”
BS, if it is released at all (something I doubt will happen), it is certainly not going to be explosive. When you have the Justice Department investigating itself, do you really think they are going to be critical of themselves?
March 17th, 2008 at 9:20 am“McCain was combative toward reporters’ questions in the heavily guarded Green Zone, and responded testily to a question about his comment that it was safe to walk some Baghdad streets. He later acknowledged traveling with armed U.S. military escorts.”
http://ap.google.com/article/ALeqM5jeAvjmQ7m_-6YtjDaGtE21wysQ3wD8VETFA80
March 17th, 2008 at 9:23 amI’ve been watching CNBC (the “stock” channel) this morning for over an hour. Not a single word blaming Greenspan, Paulson, Bernanke. Not a single word mentioned Milton Friedman, University of Chicago, “Free Market” economics.
Not a single word about what caused this banking disaster.
What a bunch of brain dead worthless sh*t-bags.
March 17th, 2008 at 9:28 amThecairngman Says:
March 17th, 2008 at 8:59 am
Crazy
Yes, you are.
March 17th, 2008 at 9:30 am‘Heavy losses in share trading continued on Monday on the Tel Aviv Stock Exchange, which has lost 9 percent of its total value in three days.’
http://www.haaretz.com/hasen/spages/965206.html
March 17th, 2008 at 9:35 amSome highlights about the USA (and therefore the world one) economy:
Facing up to debt contagion:
http://news.yahoo.com/s/usatoday/20080317/cm_usatoday/facinguptodebtcontagion;_ylt=AjF4m_cINDQlhhfE2Na5om6s0NUE
Bear, credit fears sink stocks at open:
http://news.yahoo.com/s/ap/20080317/ap_on_bi_st_ma_re/wall_street;_ylt=AveEJKqgJsRgzSZuCY5vwGKs0NUE
Global stocks, dollar plunge on Bear Stearns crisis:
http://news.yahoo.com/s/afp/20080317/bs_afp/stocksworld_080317120709;_ylt=AuJC0ri0I6PmoBxVMOevxm2s0NUE
Euro, gold, oil hit record highs amid market chaos:
http://news.yahoo.com/s/afp/20080317/bs_afp/forexcommoditiesoilgold_080317123413;_ylt=AhZ2LFvSR8k8bHuBql1cM4Ss0NUE
March 17th, 2008 at 9:36 amAbout Obama and religion
Obama’s Minister Committed “Treason” But When My Father Said the Same Thing He Was a Republican Hero:
http://news.yahoo.com/s/huffpost/20080317/cm_huffpost/091774;_ylt=Aq_lH72YCCxOlaE1vskCJXms0NUE
March 17th, 2008 at 9:38 amThis Democratic Congress should investigate all these banks…the faster the better.
March 17th, 2008 at 9:38 amThey charge people left and right.The interests’ rates on Credit Cards became unbearable by consumers…yet they get their money cheap from the Federal Reserve Bank.
Look at the bonuses these people running the banks are getting.
By charging consumers so big higher rates,banks are sucking consumers purchasing power.
I heard L. Kudlow from CNBC this morning saying that government should not interfer in free market system..but he said nothing about the Fed. keeps bailing these banks out,using taxpayers money.
Congress should step in and look into all of these banks and financial firms dealings.
It is interesting aftet Splitzer,Governor of New York, who was the biggest enemy of stock market bosses’, stepped down..the market went up 400 points next day.
The consumer’s purchasing power is affected by higher gasoline bill,higher health cost,higher interest’s rates he is paying..higher cost of food..and many many other items.
And our government officials wonder why we are in a recession.!!
I’ve said some time ago that when China stops funding our economy, it will collapse.
This latest round of Corporate Bailouts by increasing the money supply will lead to rampant inflation within a year. Then you’ll have the worst of all possible economic worlds: a depression with massive inflation.
And, this was, by the way, triggered by the sudden increase in fuel prices. That has yet to make its full effect felt as the increased cost of production is passed on to final products, another factor in increasing inflation.
I think they hope to redefine terms so as to not have to call this a recession until the next “President” takes office.
Happy St. Patrick’s Day, all! Enjoy the green while you can.
March 17th, 2008 at 9:39 amFired US Attorney Details GOP Effort to “Cage” Votes in New Mexico in 2004
The Justice Department issued a directive to every US attorney in the country to find and prosecute cases of voter fraud in their states during the height of hotly contested elections in 2002, 2004, and 2006, even though evidence of such abuses was extremely thin or non-existent, a former federal prosecutor says in a new book.
David Iglesias, the former US attorney for New Mexico, recalled receiving an email in late summer 2002 from the Department of Justice suggesting “in no uncertain terms” that US attorneys should immediately begin working with local and state election officials “to offer whatever assistance we could in investigating and prosecuting voter fraud cases,”
Iglesias writes in his forthcoming click here In Justice: Inside the Scandal that Rocked the Bush Administration, an early copy of which I obtained last week. The book is scheduled to be published in June.
http://www.opednews.com/articles/genera_jason_le_080317_fired_us_attorney_de.htm
I wonder if those emails have been saved? Why are we not impeaching these bast@rds? By the time the Dems take over, there won’t be anything left to fix!
March 17th, 2008 at 9:42 amThe results of The Bush Crime Family continues on as the president dances on the steps of the WH. Daddy had his Savings and Loan, GW has his banks.
Under Bush, banks have had a free ride from government oversight. Just like everyother industry in America, be damned the safety of the average consumer.
Money flowed to state and federal legislators and to the Bush campaign from the mortgage lending industry. Bush even appointed a contributor to an ambassadorship.
The feds were able to block states from suing banks over the predatory lending and thwarted states’ attempts to bring in regulation that may have prevented the mess we have now.
The focus will be how to get out of this mess. I say focus on arresting the perps as well.
March 17th, 2008 at 9:46 amIs it considered “normal” to raise presidential campaign cash in foreign countries? Doesn’t sit well with me that McCain is raising money abroad. Is that always done?
March 17th, 2008 at 9:52 amJalaladeen Sagheer, a senior member of the leading Shiite Supreme Islamic Iraqi Council, described McCain’s visit as “an advertisement for the American elections.”
Astute observation. That’s exactly what it is. A campaign stunt designed to assure the Iraqi people that we intend to occupy their nation until we have swindled them out of ALL their oil.
March 17th, 2008 at 9:54 amtarazan Says:
March 17th, 2008 at 9:38 am
I heard L. Kudlow from CNBC this morning saying that government should not interfer in free market system..but he said nothing about the Fed. keeps bailing these banks out,using taxpayers money.
Kudlow is the King of “Free Market”, Milton Friedman, University of Chicago bullsH*t economics. Lets cal this what it is SOCIALIZED BANKING! SOCIALIZED BANKING! SOCIALIZED BANKING!
I thought these “Free Marketers” DESPISED Socialism? If Mr. Kudlow was an honest man he would’ve demanded that Bear Stearns be allowed to collapse.
So he preaches “Free Market” all day every day. But when his “friends” need government money he’s silent.
What. a. hypocrite.
March 17th, 2008 at 9:55 amCheney told reporters that it was “especially significant” he was in Iraq five years after the March 2003 U.S. invasion. Shortly after his arrival, “two explosions rocked Baghdad.”
Reload. Take better aim next time.
March 17th, 2008 at 9:55 amRush Limbaugh describes himself as “a big Mac guy
Fat ass is singlehandedly keeping McDonald’s afloat.
March 17th, 2008 at 9:57 amWhile Cheney and mcCain are in Iraq….Afganistan is falling apart.
March 17th, 2008 at 9:57 am
Oh, by the way. Kiss your 401k goodbye as you leave for work today, as it is going to get a severe reaming. It won’t look the same for a long time…
March 17th, 2008 at 9:58 amThe market is a mess; the dollar is losing value by the day; oil is approaching $112/barrel; Cheney and McCain are putting more lipstick on the pig known as Iraq, where we have seen nearly 4000 killed; our infrastructure is crumbling; people are unable to afford health care — but the media is focused instead on words of a preacher, sex in a governor’s office, and Britney Spears’ medical records.
March 17th, 2008 at 9:59 am#32 Mary,
I wondered about the question of a candidate raising money in another country.
March 17th, 2008 at 9:59 amIt is interesting this is not news at all to the MSM.
Main media prefer ‘American Idol’ stories instead…to feed the happy masses.
wherever your money is it’s FDIC insured!!
Wrong! Doesn’t mean shit in a complete, nationwide, economic collapse.
Or during the S&L scandal. There’s a cap on the insured amount, it they can even remain solvent.
If you really think you can trust the government at this point, you’re toast.
March 17th, 2008 at 10:00 amShould the Fed bail out the Financial system?
http://www.youpolls.com/details.asp?pid=1887
.
March 17th, 2008 at 10:01 amDavid Faber on CNBC has been repeating all morning that if the Fed hadn’t interfered and made cheap money available the situation would be far worse.
WRONG!
The Fed is bailing out CRIMINALS. These CRIMINALS need to lose everything.
Then they need to be investigated and proscuted and go to a real jail.
This will scare the other banks NEVER to try this again or you’ll face real consequences. And after a short time the American public will once again be able to trust their investment bankers.
Giving the banks taxpayer money will only encourage them to to this again.
Meanwhile the victims of the sub-prime scam have gotten nothing.
But the victims don’t count…just save the criminal banks.
March 17th, 2008 at 10:02 amHappy St. Patrick’s Day
Another “holiday” turned into a bullshit drunken “celebration” at it’s finest.
Try not to step in any green vomit today…
March 17th, 2008 at 10:05 amThe local bars will be busy tonight as people – Irish or not -seek temporary relief from the horrible news of the day. But tomorrow will bring the hangover – in more ways than one.
March 17th, 2008 at 10:06 amWe may be facing these same problems here in America soon. Wonder if anyone will come to our aid….
March 17th, 2008 at 10:06 amDieNowForPeace Says:
March 17th, 2008 at 10:00 am
wherever your money is it’s FDIC insured!!
Wrong! Doesn’t mean shit in a complete, nationwide, economic collapse.
——-
March 17th, 2008 at 10:06 amYou’re correct, the whole system is suspect. But at this moment it’s better to have your money in a bank with FDIC insurance (up to $100,000) than it is to have it with an investment banker in some sort of money market account with no insurance.
Should the Fed bail out the Financial system?
ANSWER: Look to the Great Depression for your answer. (Hint: YES)
March 17th, 2008 at 10:06 ammary Says:
March 17th, 2008 at 9:52 am
Is it considered “normal” to raise presidential campaign cash in foreign countries? Doesn’t sit well with me that McCain is raising money abroad. Is that always done?
I have wondered that also as I don’t recall this being a regular practice. Fundraising in Europe, followed by a stop in Iraq — who’s paying for what?
March 17th, 2008 at 10:07 amHenry Paulson was on the morning Political shows yesterday, assuring all of us the market is in ‘correction’, & all will be fine.
Bankers & Feds that lie to the public should be immediately jailed. IMHO, this is tantamount to domestic terrorism.
If Americans start a run on their 401K’s, look out. We could see a major financial collapse in a matter of days. Even with a 10% penalty, one may be better off ‘eating it’ & at least have some liquidity with cash on hand. Of course, as the dollar continues in free fall & the Feds pour more cash into Banks, the problem compounds itself.
Will the Fed ‘block’ withdrawals from retirement accounts next? Stay tuned…
March 17th, 2008 at 10:09 am85 year old Bear Stearns in the dumps!?!?!!?
Great, this isn’t lookin good at all!!!
March 17th, 2008 at 10:17 amOf course the Fed better help failing financial institutions (an online poll of the populace is a waste of time IMO).
Bear Stearns, in particular, was confronting a run on the bank as investors were too fearful of the future to make even overnight loans to the nation’s fifth-largest investment firm. If it had been allowed to fail, senior officials believed, it would have created a cascading crisis of confidence that could well have brought down several other leading firms and dragged world markets with them.
March 17th, 2008 at 10:24 amYouCantHandleDaTruth- isn’t that crazy?! $2 a share from a high of almost $160 per share? Wow.
March 17th, 2008 at 10:29 amAccording to the New York Times, James Cayne, CEO of Bear Stearns walked with $232 million in compensation over the period from 1993 to 2006.
Tax cuts for the wealthy, as well as tax-payer bailouts for their employer. Enjoy your $600 hush-your-mouth money from GW.
March 17th, 2008 at 10:32 amEvil Spaniard Says:
March 17th, 2008 at 9:38 am
Great link. Excellent read. Just in case anyone missed it here is the link again. Just another perfect example of the hypocrisy of the republican party.
March 17th, 2008 at 10:32 amdamn forgot to repost the link in 55.
March 17th, 2008 at 10:32 amhttp://news.yahoo.com/ s/ huffpost/ 20080317/ cm_huffpost/ 091774;_ylt=Aq_lH72YCCxOlaE1vskCJXms0NUE
Let’s try this again.
http://news.yahoo.com/s/huffpost/20080317/cm_huffpost/091774;_ylt=Aq_lH72YCCxOlaE1vskCJXms0NUE
March 17th, 2008 at 10:33 amIf you steal a hundred dollars you’re a crook, but if you steal a billion dollars you’re a multinational business genius.
So long, Bear Stearns, you had it coming…
March 17th, 2008 at 10:34 ami’m late, as usual… haven’t read anything yet… wanted to get this out…
did anyone see TODAY this morning?
matt lauer was talking about OBAMA and pastor wright, and then went right into another story, but i actually thought it was connected to the obama story, and i’m not sure that wasn’t the plan…
except that next story was about CHARLES MANSON and bodies possibly buried on the former manson ranch…
HOLY SHITE! i swear it was on purpose – he was connecting OBAMA to manson…
i wish i could see it again, ’cause i may be mistaken… but it was unreal…
March 17th, 2008 at 10:35 amMoral hazard was created long ago by the corporate oligarchy that rules this country. The government has always been there to support the growth of the business elite to the detriment of the average American. Moral hazard was always avoided by limiting the excesses of the greedy. Usury laws prevented the piling on of excessive interest rates that tended to drive those who were marginal or in temporary distress into unsound loans. Bankruptcy laws forced the lender to bear a greater cost of a loan gone bad. Security regulations and banking laws prevented the securitization of consumer debt obligations. Market risk existed on both sides of the transaction. We are now reaping the reward of a system that has torn away shared risk and permitted those originating loans from having a clear, immediate risk.
We all know that government and economic forecasters underestimate the nature of an economic melt down. Listen to the hurried reactions of the government and the pessimistic views now that we are beginning the dissent into depression and imagine how bad it will really get.
March 17th, 2008 at 10:40 amKaty Says: -March 17th, 2008 at 10:35 am
‘Morn’n, Katy. I didn’t see the Today show, but read Evil Spanierd’s post, re-posted by Mr. Evil at 57…
Right wing minister’s get blessed when they denounce America.
Race, Religion, & Gender…none of these are mentioned in our Constitution, other than ‘Church’, as in separation from State.
March 17th, 2008 at 10:41 amNone of them.
Yet, the MSM will wallow in this shit until they’re up to their ears in it.
It’s much easier to throw out suspicion, innuendo & gossip than it is to actually investigate. Lauer, Couric, Williams, Blitzer, et al should just STFU.
The only purpose they currently have is to fan the flames of the McCainiac Party.
Shame on them.
When the media becomes partisan, we have Fascism.
katy, sounds like the msm swiftboat is at the dock waiting for Obama to get in so it can sink his candidacy.
March 17th, 2008 at 10:44 amWow. LOTS of bad news this morning. Bad, bad news.
Makes me cranky. But then again, I’ve been pretty damned cranky for the last seven freakin’ YEARS.
Good morning, everyone!
~L. Hussein Annie
p.s. Anyone believe Billyboy Kristol will get his ass FIRED from TIME for that egregious lie he told…?
*crickets*
*crickets*
*crickets*
No?
March 17th, 2008 at 11:30 amjust noticed this…
Mills awarded £24.3m settlement BBC News
Paul McCartney Un-marries Heather Mills for $50 Million eFluxMedia
how does £24.3m = $50 Million ?
March 17th, 2008 at 11:44 amno, annie… kristol is just doing his job: propagating the propaganda…
March 17th, 2008 at 11:46 amor is it catapulting? both? whatever, he’s doing it…
Cheney on Unannounced Visit to Iraq
New York Times – 1 hour ago
By RICHARD A. OPPEL Jr. BAGHDAD – Vice President Dick Cheney made an unannounced trip Monday to Baghdad, where he plans to push Iraqi political leaders toward opening the country’s vast oil fields to international companies, a senior Bush …
… of course…
March 17th, 2008 at 11:51 am2MillionLightYearsToAndromeda Says:
March 17th, 2008 at 9:55 am
I thought these “Free Marketers” DESPISED Socialism?
think again. the bolsheviks set up a central bank (admitted by lenin and others) and it was the tsar who objected to it. contrary to belief the major banks did not object to the revolution in russia. The stood to gain more with the creation of central banking than they would lose from the impact of extreme socialist policy at the domestic level such as no free enterprise or private ownership etc.
also, as far as im aware, one of the major architects of the modern chinese economy was Milton Freidman.
these people dont give a toss about political ideologies or nations or borders. aslong as all states are tied into the international banking system is their only concern.
March 17th, 2008 at 12:57 pmNew Deal, please.
March 17th, 2008 at 1:06 pmGulf central banks urged to sever links with tumbling US dollarSonia Verma in Doha
Pressure is mounting on central banks in the Gulf to fight surging inflation when they meet on Wednesday by severing the link between their currencies and the tumbling US dollar.
Officials in Qatar and the United Arab Emirates have denied rumours of an imminent decoupling, but investors are betting on reform and are rushing to buy local currencies as investment banks issue fresh calls for revaluation.
London Times
I guess this parallels my posting at #8. I can’t even imagine what this will do to oil prices. Sounds like Cheney needs to work some “dark magic” while over there –oh, I forgot – just bomb Iran. It’s all their fault.
March 17th, 2008 at 1:08 pmMy link didn’t work.
http://business.timesonline.co.uk/tol/business/economics/article3564014.ece
March 17th, 2008 at 1:09 pmBravo TP….All seem’s to be working this morning….Two improvement’s in your new and improved site today are the poster’s name at the beginning of their comment and the spread out larger text format…..Look’s good, Thank you…Blessings
March 17th, 2008 at 1:34 pmAnyone notice that the trolls are absent… no one to defend all the bad news coming out today???
March 17th, 2008 at 1:37 pmI watched the first of John Adams on HBO last night and I couldn’t help but think that the patriots could be compared to the Iraqis and the British compared to the occupying American forces.
March 17th, 2008 at 1:46 pmJust heard some guy who invests in “distressed” companies in the hopes of making lots of money (at least he was honest about it) on CNBC express how upset he was that JP Morgan/Chase got all that stock at $2/share. He’d bought his stock on Friday at $32/share and was not a happy camper. He thinks that Bears Stearns’ investors would have been better off going into bankruptcy.
The CNBC prompter-reader went on to say that some people are already looking into class action lawsuits because of it.
The right wing all of the sudden likes lawyers and lawsuits when it hits their pocketbooks?
March 17th, 2008 at 2:11 pmToo bad Bush didn’t get his way in privatizing Social Security.
All of those billions could have been pirated off by Corporate Robber Barons by now as well.
Ah well, perhaps next time….
March 17th, 2008 at 2:40 pmNot a good sign when trying to get to the TIAA-Cref 401k site and you get this
type Status report
message Resource Not Found
description The requested resource (Resource Not Found) is not available.
March 17th, 2008 at 5:06 pm