Comments on: Banksters in DC http://www.ritholtz.com/blog/2009/02/banksters-in-dc/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Tue, 14 Feb 2012 15:29:45 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: d4winds http://www.ritholtz.com/blog/2009/02/banksters-in-dc/comment-page-1/#comment-143899 d4winds Thu, 05 Feb 2009 10:32:36 +0000 http://www.ritholtz.com/blog/?p=17926#comment-143899 The history of this financial crisis thus far is that investment bankers have consistently expected toxic assets to "recover." TARP was originally sold by Paulson on that faulty premise. Fool me once, shame on you. Fool me twice, shame on me. The history of this financial crisis thus far is that investment bankers have consistently expected toxic assets to “recover.” TARP was originally sold by Paulson on that faulty premise. Fool me once, shame on you. Fool me twice, shame on me.

]]> By: call me ahab http://www.ritholtz.com/blog/2009/02/banksters-in-dc/comment-page-1/#comment-143504 call me ahab Tue, 03 Feb 2009 19:20:23 +0000 http://www.ritholtz.com/blog/?p=17926#comment-143504 @ Stuart agreed- what a punk @ Stuart

agreed- what a punk

]]> By: Big Tony http://www.ritholtz.com/blog/2009/02/banksters-in-dc/comment-page-1/#comment-143503 Big Tony Tue, 03 Feb 2009 19:14:02 +0000 http://www.ritholtz.com/blog/?p=17926#comment-143503 I am starting to think you could go out to the state pen and find a more honorable group of men and women than those who have been running the show in DC. The posters above have it right. The system is broken and we should just let it burn, before it gets any worse! I am starting to think you could go out to the state pen and find a more honorable group of men and women than those who have been running the show in DC.

The posters above have it right. The system is broken and we should just let it burn, before it gets any worse!

]]> By: bonghiteric http://www.ritholtz.com/blog/2009/02/banksters-in-dc/comment-page-1/#comment-143502 bonghiteric Tue, 03 Feb 2009 19:12:47 +0000 http://www.ritholtz.com/blog/?p=17926#comment-143502 I have been kicking a theory around in my head for several weeks now. After reading this article and watching the appalling lack of concern for paying taxes by three of President Obama's nominees I'm convinced the notion of the "taxpayer" is nonexistent in Washington D.C. The role of the "taxpayer" doesn't matter to the political process. The phrase, "our taxpayer dollars" is meaningless. In the last year the Fed's balance sheet has tripled. Why bother taking in revenues through taxation when dollars can be created ad infinitum? The result of this attitude on the politician's part are decisions that are in direct opposition to the will of their constituents, or worse, just simple lip service. Treasury and The Fed don't care whether citizens believe we shouldn't be overpaying for the assets that the large banks refuse to properly value because the dollars they would use to purchase the assets don't come directly from tax revenues. I agree with Winston Munn. I'm still pulling for Obama but he's digging himself into a hole here. I'm not naive but I just can't reconcile the administration's moves with their campaign platform without being cynical. I have been kicking a theory around in my head for several weeks now. After reading this article and watching the appalling lack of concern for paying taxes by three of President Obama’s nominees I’m convinced the notion of the “taxpayer” is nonexistent in Washington D.C. The role of the “taxpayer” doesn’t matter to the political process. The phrase, “our taxpayer dollars” is meaningless. In the last year the Fed’s balance sheet has tripled. Why bother taking in revenues through taxation when dollars can be created ad infinitum?

The result of this attitude on the politician’s part are decisions that are in direct opposition to the will of their constituents, or worse, just simple lip service. Treasury and The Fed don’t care whether citizens believe we shouldn’t be overpaying for the assets that the large banks refuse to properly value because the dollars they would use to purchase the assets don’t come directly from tax revenues.

I agree with Winston Munn. I’m still pulling for Obama but he’s digging himself into a hole here. I’m not naive but I just can’t reconcile the administration’s moves with their campaign platform without being cynical.

]]> By: batmando http://www.ritholtz.com/blog/2009/02/banksters-in-dc/comment-page-1/#comment-143500 batmando Tue, 03 Feb 2009 19:11:20 +0000 http://www.ritholtz.com/blog/?p=17926#comment-143500 @ ahab Geithner's tax peccadilloes were minor compared to being an accomplice or co-conspirator to grand larceny while at the helm of the NY Fed. Surely there are knowledgeable bankers, experienced in real world banks OTHER than Goldman Sucks, Shiti, etc, who could step up as Sec Treas. In fact, I'd ask my elected reps to not confirm any nominee who in an way shape or form has been touched by those 'institutions' for criminals and the insane (crazy like a fox in the hen house). @ ahab
Geithner’s tax peccadilloes were minor compared to being an accomplice or co-conspirator to grand larceny while at the helm of the NY Fed.
Surely there are knowledgeable bankers, experienced in real world banks OTHER than Goldman Sucks, Shiti, etc, who could step up as Sec Treas. In fact, I’d ask my elected reps to not confirm any nominee who in an way shape or form has been touched by those ‘institutions’ for criminals and the insane (crazy like a fox in the hen house).

]]> By: Winston Munn http://www.ritholtz.com/blog/2009/02/banksters-in-dc/comment-page-1/#comment-143497 Winston Munn Tue, 03 Feb 2009 19:07:50 +0000 http://www.ritholtz.com/blog/?p=17926#comment-143497 "Treasury also prefers the idea of stretching losses over a long period rather than accepting the reality of an immediate recognition of losses." But we are NOT following the Japanese playbook because....because....err....well, because, by God, we're Americans. That's why. We are experts at dodging the consequences of our excesses. “Treasury also prefers the idea of stretching losses over a long period rather than accepting the reality of an immediate recognition of losses.”

But we are NOT following the Japanese playbook because….because….err….well, because, by God, we’re Americans. That’s why. We are experts at dodging the consequences of our excesses.

]]> By: Mannwich http://www.ritholtz.com/blog/2009/02/banksters-in-dc/comment-page-1/#comment-143496 Mannwich Tue, 03 Feb 2009 19:06:21 +0000 http://www.ritholtz.com/blog/?p=17926#comment-143496 I really don't think there's any Washington insider and/or corporate executive with years of experience in those circles that doesn't have some grime on their hands. Not excusing it. Just think that's the case. I really don’t think there’s any Washington insider and/or corporate executive with years of experience in those circles that doesn’t have some grime on their hands. Not excusing it. Just think that’s the case.

]]> By: call me ahab http://www.ritholtz.com/blog/2009/02/banksters-in-dc/comment-page-1/#comment-143494 call me ahab Tue, 03 Feb 2009 18:59:06 +0000 http://www.ritholtz.com/blog/?p=17926#comment-143494 @ Stuart I am not an Obama supporter having voted for McCain- however I don't think it would matter who was President- this happens on both sides of the aisle unfortunately- they are all politicians first and foremost and this is what politicians do. @ Stuart

I am not an Obama supporter having voted for McCain- however I don’t think it would matter who was President- this happens on both sides of the aisle unfortunately- they are all politicians first and foremost and this is what politicians do.

]]> By: call me ahab http://www.ritholtz.com/blog/2009/02/banksters-in-dc/comment-page-1/#comment-143492 call me ahab Tue, 03 Feb 2009 18:55:03 +0000 http://www.ritholtz.com/blog/?p=17926#comment-143492 @batmando I wish. Geithner was an awful selection for a myriad of reasons but especially for his blatant disregard for paying his half payroll taxes and instead pocketing the money given to him by the IMF for that purpose. Kind of hard to make a "mistake" when it's that cut and dry. @batmando

I wish. Geithner was an awful selection for a myriad of reasons but especially for his blatant disregard for paying his half payroll taxes and instead pocketing the money given to him by the IMF for that purpose. Kind of hard to make a “mistake” when it’s that cut and dry.

]]> By: Stuart http://www.ritholtz.com/blog/2009/02/banksters-in-dc/comment-page-1/#comment-143490 Stuart Tue, 03 Feb 2009 18:52:38 +0000 http://www.ritholtz.com/blog/?p=17926#comment-143490 Obama better start taking the reins himself take control. Whomever is selecting these folks needs to be fired and the 1st question he better start asking is; are you willing to be subject to a fully IRS audit so we can ensure you have no unpaid taxes? Just as a representative sample, you have to wonder what percentage of those in office are deliberately not paying taxes. Holy cow, the corruption and deceit just doesn't end. Obama better start taking the reins himself take control. Whomever is selecting these folks needs to be fired and the 1st question he better start asking is; are you willing to be subject to a fully IRS audit so we can ensure you have no unpaid taxes? Just as a representative sample, you have to wonder what percentage of those in office are deliberately not paying taxes. Holy cow, the corruption and deceit just doesn’t end.

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