Friday, January 23, 2009

Pitchfork Watch

Some normally mild-mannered commentators have had it. I'm seeing more and more of this. Rod Dreher:

If Obama is ultimately forced to nationalize American banks, he had damn well better throw the entire leadership class of those failed institutions out on their ear. It is revolting, the idea that those top bankers could have driven their institutions into the ditch, and still be in the driver's seat after the taxpayers, at monumental expense to themselves and their children and children's children, will have hauled them out.

This is the sort of thing of which political revolutions are made.

Barry Ritholtz:

These insider purchases were made from the proceeds of ill-gotten gains — the vast sums of money that management has been overpaid for the fine job they did driving these companies into the dirt.

The thought process must have gone something like this: Now that we have been paid 100s of millions for turning our stock price into fertilizer, let’s take a few cents of that money and buy a few shares of stock.

The entire sordid episode is sickening, and hardly cause for investor appluase. Instead of buying stock, these incompetant corporate clowns should be falling on their own swords. If they don’t do so soon, it will be time for investors to start gathering pitchforks and torches, to chase the money losing managers out of town.

Sometimes capitalism needs to be saved from itself. The longer we go without some high profile non-Madoff prosecutions or a general self-purge by the financial establishment, the greater the likelihood of a lurch toward radicalism at some point in the future.


Anonymous Anonymous said...

Ugh. "Capitalism needs to be saved from itself" eh?

Well perhaps you care to explain how the Federal Reserve, the SEC, the ratings agency cartel or Fannie and Freddie are free market entities.

This crisis has the State's fingerprints all over it. It is a massive failure of CORPORATISM, not capitalism.

1/23/2009 12:35 AM  
Blogger Dave S. said...

Has Dreher been beating this drum for a while or did he suddenly get religion (so to speak) after 1/20?

1/23/2009 9:08 AM  
Anonymous Anonymous said...

Lehman borrowing at the discount window at 2.5% when leveraged 30:1 is the antithesis of free market capitalism.

Let's call this what it is: Corporatism

1/23/2009 12:49 PM  
Anonymous Anonymous said...


Top Bailout Recipients Are Also Major Lobbyists
A review of lobbying disclosure reports found that 18 of the 20 recipients of federal bailout money spent a combined $12.2 million lobbying the White House, the Treasury Department, Congress, and federal agencies during the last quarter of 2008. (Washington Times)

1/23/2009 1:02 PM  
Anonymous Anonymous said...

Somebody better ask Dreher why he allowed Bush to continue his role as leader of the Iraq War as it was spiraling down the drain. If it weren't for John McCain, Iraq would have been lost. They should have replaced Bush with McCain in 2004.

Somehow eight years of incompetence at the top got rewarded.

1/23/2009 1:14 PM  
Anonymous Goldhorder said...

welcome to the new America. Let me know when the angry mob is assemled. Until then this is all old news...zzzzzzz

1/23/2009 2:08 PM  
Anonymous Anonymous said...

Paul Begala had a suggestion,

Bring Back the Stocks

However, these folks have a strong sense of self, arrogance, superiority if you will, that is detrimental to our Nation. We really do have a messed up system, all around, right now. When I read these stories, I keep thinking of Frist, Delay, Hastert, and Gingrich, this is what they built.

1/23/2009 7:51 PM  
Anonymous nil said...

Anonymous 1/23/2009 12:35 AM

Madoff: "the Federal Reserve made me do it"

Mortgage-backed securities peddler: "no sane institution should have bought our lunatic products. I blame the SEC."

Florida condo flipper: "how come the ratings agency cartel never told us prices don't always go up? Pretty suspicious, huh?"

Iceland banks: "why have we taken so much leverage? Well Fannie Mae of course!"

1/24/2009 1:30 PM  
Blogger Russ said...

just working their pay plan.

gotta get pants with bigger pockets.

well we called them junk bonds and they still bought them.

some guy asked me the other day what CDS were and I gave him some bull*&%$ answer and he still bought them.

boy, how long can this go on.

that's where Haliburton is putting all of their money. (Dubai)

hey we'll land somewhere.

f*&$ them if they are dumb enough to buy this stuff who am I to tell them different.

see ya!

1/24/2009 5:08 PM  
Blogger Robertm73 said...

For sure we are looking at looming civil unrest unless we start putting people in jail or at leasted arrested

1/26/2009 4:49 PM  
Anonymous viagra online said...

Certainly nationalizing American banks is a very interesting topic that has been discussed in several occasions, but it is not as easy as it seems since it might bring along some some advantages and some disadvantages too.

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