Tip Of The Heistberg
Let the Geithner resignation watch begin. Against the backdrop of rising unemployment, populist rage against Wall Street, and a boss's approval rating that's starting to set off alarms, these continuing revelations make his position untenable. As for Bernanke, his upcoming reconfirmation hearing just got even more contentious. Remember, what gets in the newspapers is just what we know. The Fed's increasingly desperate attempts to avoid the sunshine of an audit get more understandable all the time.
And I've asked this before: When will Congress restrict the ability of Geithner and other bailout principals to cash in on Wall Street after they leave Washington? Going on two years since Bear Stearns, it's shameful this hasn't been done yet.
And I've asked this before: When will Congress restrict the ability of Geithner and other bailout principals to cash in on Wall Street after they leave Washington? Going on two years since Bear Stearns, it's shameful this hasn't been done yet.
posted by The Cunning Realist at Saturday, November 21, 2009
6 Comments:
ALOHA !!
According to my calcs based on the latest Goldman Sachs 13F filing, covering Q2/2009(9/30/09 GS FY), Goldman Sachs sold off over 3mil shares of AIG at the same time they were busy putting on a net short position of 40,000 contracts worth $163MIL USD.
Once again the US Taxpayer is stabbed in the back by the member banks of the US FED.
How much of that $14BIL USD the US Taxpayers paid Goldman Sachs to be made hole from their toxic AIG counterparty liability went into this net short position?
To add thank Warren Buffet and the Berkshire shareholders for bailing out Goldman Sachs for $5BIL in their hour of need Goldman Sachs also put on a major short position on Berkshire's largest holding Wells Fargo. How much of Buffet's $5BIL went into shorting Wells Fargo? My calcs show a 45,000 net short option contracts worth some $278MIL USD.
Warren says, "Hey Lloyd, can you pull that knife out of my back while you're over at the SBA doing God's work?"
When will Congress restrict the ability of Geithner and other bailout principals to cash in on Wall Street after they leave Washington? Going on two years since Bear Stearns, it's shameful this hasn't been done yet.
Never, of course. Because they plan to cash in, too. The standard career track for Congresswhores now ends in a stint in lobbying firm, which is almost always vastly more lucrative than a Congressional salary.
Look, the political system drawn up in the Constitution (which, though it had some good features, was **never** all that great to begin with) has pretty much run its course. We're the only advanced country without viable, coherent left-wing and right-wing parties, and those are never going to emerge under our imbecilic voting schemes. So we're left with two nebulous "parties" that yell at each other over the triviality of the moment, but never ever clash over anything really fundamental.
All that matters is money and discipline, the traditional advantages of the commercial classes. So business sets the rules. In that sense you could say that the Constitution actually works pretty well, because for all their talk of "liberty", it's clear that the sainted founders were mainly concerned with their own privileges and those of their kind.
-- sglover
ALOHA !!
The only reason we have the government we have now is because of the corrupt monetary system we now operate under. PERIOD!
The US CONSTITUTION called for "honest money", which is money that cannot be MOUSE CLICKED by the trillions!
Is it any wonder that the corrupt factions of lobbying, special interests and career politicians expand exponentially taking the greedy banks, corps and unions with them as money is printed in a similar exponential volume. It is no coincidence that morality in America decreases as the money supply increases.
For those of you who hear but cannot see I suggest you take a visit over at the US Treasury and view their Daily Statement.
Here is the link:
http://fms.treas.gov/webservices/show/?ciURL=/dts/09111900.pdf
On November 19th, this past Thursday, TOTAL US DEBT, both marketable and non-marketable, exceeded the $7.5TRIL level. On that day the US Treasury issued $126BIL USD worth of short term debt. On that day the US Treasury's operating cash balance sank down to a negative $225.4BIL USD. And this is only the 34th day of operating in the new FY 2010.
Now had we stayed on the gold standard system like the US CONSTITUTION demands and had our elected leaders followed the dictates of the US CONSTITUTION which allows for no central bank then there would be no Bernanke, no Geithner, no Greenspan today, which translates to no Nixon, no Bush, and no Obama. The likelihood of banks and corporations crowding the halls of the US CONGRESS grabbing all the free money handouts they can buy would not be the rapacious free-for-all of fraud gilded junkets and elite privilege and hubris we now see displayed on TV every day. When MONEY IS NOT FREE AND EASY then the vultures on both sides of the isle and at every corporate boardroom in America are more apt to actually get to work and create an economy based on real values rather than one based on false values and corrupt morals. Nobody wants to rock the boat so long as they skate through life working less and getting paid more. If you doubt that then call your Senator and ask him to put through a Bill that would hand out to every US citizen $100,000 tax free. I have no doubts that every US citizen would clamor for and even threaten their Senators with death if they dare vote against such a Bill. If you could vote yourself free money wouldn't you do that? Sure you would. If you say you wouldn't then you are a liar. Now you know what its like to be a career politician or a top exec at Goldman Sachs. The American Dream is a blank check and that is what our monetary system is based on! Just like OPRAH'S most popular show was EVERYBODY GETS A CAR ... so to the most popular legislation in CONGRESS the past decade was EVERYBODY GETS A HOUSE! Our money is backed by nothing more than the "human condition". We are seeing what that buys in government and how we live our lives.
The US CONSTITUTION has always been a level playing field where "blank checks" do not exist. What's flawed and corrupt about the US CONSTITUTION is only those who pledge to uphold it and then once elected do not and "by choice" I might add!
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I'm sure that Geithner's position includes a large role in directing the Federal Government's spending on the financial crisis of 2007–2011
This guy is the best economist of our time, why you don't post more stuff from him.
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