And by Timmie, I presume you mean Tim Geithner, Treasury Secretary ?
>
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How funny is this?
(I swear, it said “Timmie” in the original!)
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof. —John Kenneth Galbraith
Knowing that the vote over the weekend in Greece was really a referendum on Euro membership, a majority of the Greek Parliament said yes to staying. European Finance Ministers meet again on Wednesday to solidify the 2nd bailout package for Greece at the same time hopefully a deal is consummated between Greece and its creditors this week. The Greek 14.5b euro bond that matures on March 20th is up by 2 pts. The optimism that all will be completed and contained AGAIN to Greece has yields lower in Portugal, Spain and Italy. The iTraxx Financial Index is also narrower by...
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February 10th, 2009 at 5:50 pm
and it’s drawn by Cheney
February 10th, 2009 at 6:09 pm
Cheney, yes a great cartoonist.
http://contest.newyorker.com/CaptionContest.aspx?tab=vote&affiliate=ny-caption
February 10th, 2009 at 6:44 pm
@Jdamon33 Says:
It looks like America might approach the ‘pox on both their houses’ stage a little quicker than anticipated. I am just thankful it may happen at all. I am beginning to hope that when Barak was preaching ‘change is coming’ it was congress that should have listened up. He who lives by the sword…..
February 10th, 2009 at 6:53 pm
I wonder how the Chinese, Russians and eastern Europeans are viewing the American debate right now? This will be the first time they see America go through some seriously trying times and the debate on how it is handled will be laid out in public for all to see. That is, of course, how it should be but there are a lot of people who are new to this type of democratic renewal and it must look very strange to many of them. I hope they learn something from it. Especially in Russia. If that is the case then the money spent/lost might just be worth it
February 10th, 2009 at 7:10 pm
We are in deep trouble. Tto say Timmy was unimpressive is a gross understatement. He appears to be in over his head. I had thought he was some kind of wunderkind, but he looks more a frightened schoolboy who doesn’t know the answer when the teacher calls on him.
I don’t think they have a clue what the hell to do about the banks or the economy.
And O is out there making Jimmy Carter’s “malaise” speech look like a rally cry! He is running around the country telling people the economy faces catastrophe without stimulus! What is the point of spending $100s of billions on stimulus when you are scaring the hell out of everybody about the state of the economy? That just increases the likelihood they will save any extra money they get rather than spend it!
Further, instead of coming up with creative new ideas, O is letting Congress use the same tired old Democratic spending programs in the stimulus plan, which looks like a real mess.
O may be very smart, but he does not appear to be the kind of visionary we need to stop our spiral down to the level of has-been, former superpower.
We remain screwed.
February 10th, 2009 at 7:23 pm
Here we go again with the false Fannie/Freddie/CRA argument. Please just put a lid on it. Ignorance isn’t bliss anymore for those who have to suffer through this idiocy.
February 10th, 2009 at 7:28 pm
That is really funny.
February 10th, 2009 at 7:45 pm
KJ Foehr it has taken 25 yrs from the Reaganomics supply side economics and deficits don’t matter to George W. Bush massive tax cuts for the rich and spending $2Trillion on a fradulent war for oil + $50Trillion dollars of unfunded liabilities to finally mature i.e. we’ve all been trickled on with a golden shower.
O is trying but most Americans had better get a new dream and fast !
February 10th, 2009 at 8:06 pm
“… visionary we need to stop our spiral down to the level of has-been, former superpower.”
I think being a “superpower is highly overrated and our obsession with being one has helped get us where we are today.
“… same tired old Democratic spending programs in the stimulus plan…”
Huh? How old are they?
Sounds like you want GWB back in power.
February 10th, 2009 at 8:13 pm
Can someone please instruct Obama, Geithner, & Bernanke to start wearing red wigs and big floppy shoes when they come out to speak. If they are going to speak and act like clowns why not at least have the common courtesy to dress as clowns. Is it too late to get a group of Austrians in office who have correctly predicted this mess and not an unqualified president, a tax cheat and overseerer of the NY Fed Bank which has blown up, and a gentleman running the fed who had no clue as to the risks of leverage and derivatives in the system. You really could not make this stuff up. Thank goodness for the short sale…
February 10th, 2009 at 8:17 pm
http://www.bloomberg.com/apps/news?pid=20601080&sid=a_dsDz145J_A&refer=asia
Feb. 11 (Bloomberg) — China should seek guarantees that its $682 billion holdings of U.S. government debt won’t be eroded by “reckless policies,” said Yu Yongding, a former adviser to the central bank.
…yeah, well good luck with this you new capitalist kids on the block…we here in the USA would like the same thing, but are not “holding our breath”…
and I have called for Lassie, and Timmy, and Benny…so far no can do…
any bets on what they do with their treasuries?
February 10th, 2009 at 8:24 pm
The simple truth is that no one wants to take the losses. Timmy & Crew won’t let the Banks eat the losses as this would cause massive bank failures, and no politician wants the taxpayer to eat them – so here we are.
The market was waiting for an answer to this fundamental question about who eats the losses. Someone should just step up to the plate and say either the banks, the taxpayer or both. Write the damn things off, throw some rich bankers in jail and lets get on with it already!
February 10th, 2009 at 8:32 pm
great cartoon barry
only problem is, Timmy wont have a clue when he’s in trouble….he screwed now but no one’s told him yet
i cannot believe that this is the front man to the public for the “recovery”
omg, we’re cooked
bone up on your double and triple short ETF’s America, you’re gonna need em
February 10th, 2009 at 8:35 pm
http://www.marketwatch.com/news/story/Applied-Materials-swings-loss-dramatic/story.aspx?guid=%7BF4E79F40%2D5F1A%2D4AE2%2D8426%2D8237FDD258BC%7D
Applied Materials swings to huge quarterly loss
In call with analysts, Applied Chief Executive Mike Splinter offered a grim view of the chip and chip equipment maker.
“So how bad is it? Our leading semiconductor customers say that the fall-off in chip demand and pricing is the most severe they have ever experienced,” he said. “Losses are mounting almost universally. … We’re planning for a prolonged period of weakness
…this from the world’s largest chip equipment manufacturer….I have posted before on the declining book/bill and loss of sales…and the poor sales the actual chipmakers were having…and now you see it in full bloom….
Roubini is such a pollyanna..
February 10th, 2009 at 8:44 pm
bruce, AMAT is a bad touchstone , as they are chip equipment, at the end of the food chain…as bad as they think things are today, the truth is, wait until intc and txn weigh in NEXT quarter, then AMAT will really have a clue as far as what the “baseline” might be
these chip guys are hostages now and innocent, the only way we can blame them is if they dont do the right thing and start merging (which they wont, stubborn jerkoffs)
February 10th, 2009 at 8:50 pm
All I heard from Timmy – while driving around town on errands, and alternating between cursing and cringing – was that the banks, bankers, and the Fed must be protected at all costs (of course they would have to also protect the interests of the American taxpayer).
The interests of the American taxpayer and those of the banks are, at this point, in direct opposition. Not that there was a tough question regarding that relationship from any of the incompetent, fiscally illiterate dickheads asking the questions.
As Obama said in his speech in Indiana, yesterday – this is the last scenario he invisioned as he began his administration. I honestly feel for the man.
Here’s a clue for everyone involved: Having been royally screwed by deficit spending for the past 30 years, we are pregnant with L’enfant terrible, and we will not be unfucked before this little monster has a life of its own. The proper course is to abort this little bastard by making the hard choice between hyperinflation followed by default, or default straight up and harsh. Once that’s done, we have a responsibility (not an option) to diligently prosecute and harshly punish those responsible (I assure you, crimes have been committed). Nothing else will help – mindless half-measures will only result in a worse outcome for us all.
February 10th, 2009 at 9:00 pm
Barry,
P. Kedrosky just posted on twitter that Bailout Nation got dropped.
My comment: the hell with McGraw Hill (and the politically correct). Barry will get a publisher; and it will be a best seller.
Barry, we want to buy a copy when you’re ready!
February 10th, 2009 at 9:03 pm
I truly think we can now officially state that the economic period from ’03 – ’07 was a complete fraud. Bankers loved mark-to-market “accounting” (I use that term loosely) during those free-wheeling, fraudulent times while fattening their wallets, but now that reality has hit home, they want to “mark-to-model” or “mark-to-fantasy” to keep the game going. The absurdity of all this is well past the point of the surreal.
February 10th, 2009 at 9:08 pm
@Strassertalk: Wow, just saw that as well. Gotta love those corporate conflicts conflicting with the truth. Someone will pick up the book, I’m sure…..
February 10th, 2009 at 9:11 pm
@km4:
@dps:
I know my expectations for O were too high, but I was really expecting something new and creative from him on the economy. Something like a serious comprehensive infrastructure plan for alternative energy and targeted infrastructure spending on water, sewers and the like in cities.
Instead it seems like just a mish mash of New Deal and Great Society type spending programs that may temporarily stimulate, but are not game changers that will help us compete in the long run.
I’m not hung-up on being number 1 either. I just used “superpower” because it is something most Americans associate with our status and success globally. Perhaps I should have said something like “to stop us from declining to third-world status”.
___
How old are these kinds of programs? About 75 years.
Do I want GWB back? Yeah, I want him back — to stay back in Texas with the rest of the shit kickin cowboys.
February 10th, 2009 at 9:16 pm
That announcement from Geithner was one of the most disgusting pieces of garbage I have ever witnessed. My personal honeymoon with Obama had been tailing off, but Geithner’s performance – which Obama is ultimately responsible for – just ended the honeymoon. Period. It’s like coming up to your honeymoon suite and finding your spouse having sex with the bellhop.
He has no credibility in my eyes any more. Just another bought and paid for politician.
I’m grieving, upset beyond anger.
February 10th, 2009 at 9:17 pm
Barry, sorry to hear about the book…guess I’ll have to wait a little longer to get my hands on it.
February 10th, 2009 at 9:21 pm
Hang in there, Cybernaught. Part of me thinks (and hopes) that we’re headed towards doing the right thing here, which means nationalizing/putting down the bad banks (and selling off their assets to the good banks) so that we can get on with things. It’s just going to take some time and much gnashing of teeth first. At least I hope that’s the case. If not, I’m with you…..
February 10th, 2009 at 10:02 pm
@Cybernaught
What were you expecting, a miracle solution in three weeks? A complete listing of every bank’s assets, all marked to market? I agree, though, that Geithner needs to work on his stage presence. Talk about a blinky-eyed geek just emerged from the catacombs of the FED!
I think Obama is giving Geithner enough rope to either do his job or hang himself. A real examination of the big bank balance sheets is a necessary first step whatever plan is decided on. Otherwise, you are just flying blind.
If the biggies are horribly, irredeemably insolvent, then more radical solutions like the Swedish plan become politically possible. But it won’t happen until we see what’s inside those banks.
February 10th, 2009 at 10:39 pm
This is right up there with the VerizonFail audio.
February 10th, 2009 at 11:10 pm
Talk about destroying one’s credibility. Who’s on first? phucked we are, well, most of us anyways.
February 10th, 2009 at 11:14 pm
Given their track record it’s hard to understand why anybody thinks “traders” know dick about squat. Today’s tantrum is just another bedwetting fit by the ADHD crowd. If Geithner had given out numbers they would have been “too big” or “too small” or whatever.
Teenage girls run Wall Street.
By now we should all know to do our own research and prepare for (or ignore) the daily spasms driven by the imbecile lemmings and abetted by the teevee twits.
Barry — take a cue from Radiohead and put your book on the net. We’ll gladly pay for it and you can cut out the publishing-machine bastards.
February 10th, 2009 at 11:36 pm
@Broken Says:
“What were you expecting, a miracle solution in three weeks? “
___
Well I was expecting something commensurate with the much ballyhooed significance of today’s announcement. They had been saying since the inauguration that the Treasury Secretary would soon be announcing his NEW plan to solve the banking crisis. This was supposed to be THE big plan. O was even down in Florida today bragging to people about how Tim had just announced their new plan to save the banks! If he thinks that was a meaningful announcement, then we are doomed.
Wall Street and others were expecting a bad bank / good bank plan. I was expecting something dramatic or at least substantial like a nationalization of a bank or two or something! What did we get? Nothing; just more BS — increased oversight of banks and the usual mumbo jumbo about needing to save the banks, blah, blah, blah.
This was a huge disappointment for everyone from Wall Street to Main Street. It now appears they are WAY behind the curve, because they had previously led us to believe they were putting together a specific new plan to really do something to help solve the problem. Now we see there is no plan, they are making it up day-by-day, just like Hank did.
If it wasn’t for the stimulus bill in the offing to give some equity investors hope and a reason to stay in the market, the Dow would probably have dropped 600 points today on this very disappointing, no-news announcement.
February 11th, 2009 at 12:30 am
@ KJ Foehr: “This was a huge disappointment for everyone from Wall Street to Main Street”
Really? It was about what I expected. Something within the realm of human ability, not Geithner magically transforming into the Archangel Gabriel and declaring all banks restored to vibrant fecundity.
I speak for myself here, but it is refreshing to see a president capable of answering questions on financial matters coherently without resort to a script. The first step, as both Geithner and Obama said, is to find out what the banks actually have on their balance sheets. Only then can a detailed plan be formed.
Wall Street doesn’t get it’s miracle cure, but anyone who thought one was coming deserved to lose every penny they lost today.
February 11th, 2009 at 1:22 am
Heh, reminds me of this classic PLIF:
http://plif.courageunfettered.com/archive/wc075.gif
;)
February 11th, 2009 at 8:58 am
Bring back Paulson!!!!!!1
(Grin, Duck, and Run for cover)
February 11th, 2009 at 9:51 am
Twin sons of different mothers?
Separated at birth?
Beavis http://tinyurl.com/cj4npy
Geithner http://tinyurl.com/c575da
February 11th, 2009 at 9:55 am
“Geithner needs to work on his stage presence” !!!
Did you not see Obama the night before?
How many times did he look from left to right and back, a veritable metronome, but almost not at all (I counted twice) straight into the camera.
Surely he has been better coached than that, so I can only conclude that he really couldn’t bring himself to look America straight in the face.
February 11th, 2009 at 11:07 am
@batmando:
Well, I missed that. Maybe I was distracted by the way he was giving direct, detailed and coherent answers to some non-trivial questions. Haven’t seen that from a president for quite a while.
Also, great response to ABC interview where Obama is asked why Wall Street “really doesn’t like his plan”:
Obama: “Wall Street is hoping for an easy out on this thing, and there is no easy out”
February 11th, 2009 at 12:48 pm
@ Broken
That Obama’s “lack of eye contact” was saying something else was precisely what distracted me from his “direct, detailed and coherent answers to some non-trivial questions”
My observation was more that the stage craft necessary to instill confidence was lacking in this regard and at this point, selling it to the nation, he needs to be on top of that.
Contrariwise, Geithner’s performance/delivery was much more credible, but lacking in substance it was seen as an empty gesture.
February 11th, 2009 at 3:35 pm
LOL :D
I love it.
I think we’re in for a world of hurt though. This much I believe of Obama, this is going to be a hard year. Only I think it could be a lot longer than that and that the majority of DC hasn’t a clue on how to help with a fix.
They keep talking about job creation and sustainability with all this money, but the money will only last so long. Here in Florida the Representative and Senators were on tv talking about how it would create x-amount of infrastructure jobs at an average of 90k a job. But that’s only good for what? A year, maybe two? What happens when that money runs out?
The state can’t pay for the jobs without the FED money?
We’ll be back where we were.