The NY Post has a good indictment on Tim Geithner.  They quote a known troublemaker named Josh Rosner:

“We’ve seen an ongoing effort by Tim Geithner at the Federal Reserve and Treasury to do the public’s work out of the public’s view in ways that benefit the banking interest ahead of the public’s,” said Joshua Rosner, a managing director at Graham Fisher & Co. “It was under Tim’s direction that we were given stress tests that were less than transparent and less than credible,” he added.

Somehow, the financial media can’t get their arms around this one in terms of editorial positions. How long do you think it will take the Times or the WSJ to call for Tim’s impeachment?

And don’t even talk to me about President Obama. The child president has not a clue about financial anything.  Notice how the White House was flummoxed by the latest AIG revelations. And both Rahm Immanuel and Larry Summers are said to be eyeing the emergency escape pods. My bet is that Larry goes back to the Street because he his seen as damaged goods in corporate world due to Harvard derivatives fiasco.  More fodder for Barry’s next book.

Think about it: Even though Bill and Hilary Clinton installed much of the Little Rock machine into Grupo Obama (thereby preclusing a Hillary run in 2012, conveniently), isn’t it  amazing to see the way that the Democrats have abdicated their responsibility for finance and defense to Bush holdovers?  And particularly incompetent ones at that.

Only in America.  — Chris

>

>

Source:
Geithner’s overstayed his welcome: Wall St. honchos
By MARK DeCAMBRE, PAUL THARP and JOHN AIDAN BYRNE
NY Post, 11:43 PM, January 9, 2010
http://bit.ly/6Rk8ot

Category: Bailouts, Federal Reserve, Politics

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

43 Responses to “NYPost: Time for Tim to go!”

  1. Mike in Nola says:

    The pic leaves out another Bush holdover. The one with the beard.

    About the only hope of any reform is if Obama starts to panic about his falling ratings and throws the bankers under the bus.

  2. km4 says:

    Duhhhhhh…..

    One again George Carlin ~ The American Dream was spot on !
    http://www.youtube.com/watch?v=acLW1vFO-2Q&feature=player_embedded#

    The game is rigged and nobody seems to notice. Nobody seems to care. Good honest hard-working people . . . white collar, blue collar it doesn’t matter what color shirt you have on. Good honest hard-working people continue, these are people of modest means . . . continue to elect these rich ***** who don’t give a ***** about you. They don’t give a ***** about you . . . they don’t give a ***** about you. They don’t care about you at all . . . at all . . . at all, and nobody seems to notice. Nobody seems to care. That’s what the owners count on. The fact that Americans will probably remain willfully ignorant of the big red, white and blue dick that’s being jammed up their ass everyday, because the owners of this country know the truth. It’s called the American Dream, ’cause you have to be asleep to believe it . . .”

  3. To be fair, it’s Rahm Emmanuel.

  4. DL says:

    Possibly it made some sense to put Geithner in there initially, since he was very familiar with the situation as it stood at the end of 2008, and could “hit the ground running”. But the credit crisis has passed, and at this point Obama’s got to get rid of this guy.

  5. rajjh says:

    “The child president has not a clue about financial anything.”

    Barry, this kind of partisan rhetoric is not adding value to your site, and obscuring any real point that your guest author here might be trying to make.

    ~~~

    BR: Valid point.

    I was with Chris and his family on Election night — that is where I met Paul Volcker — and they were thrilled over the election of Obama. Note that his dad was an adviser to numerous President’s and VPs, including Dick Cheney.

    I think Chris is frustrated with the Obama White House, and the team he has surrounded himself with.

  6. polizeros says:

    Au contraire. Obama, Geithner, Emmanual, and the rest know exactly what they are doing. Follow the money. Where did it go? To the investment banks. Track their actions. Who have they supported, aided, protested, and enriched at every step? The investment banks.

    This by design. Because, really, how could it be accidental? Think about it.

    Look at the group knowledge from financial blogs over the past few years, starting with Calculated Risk, Mish, this blog, and others who were first, early and right about the coming subprime collapse. Now there’s Zero Hedge, Naked Capitalism, etc. pounding away at HFT, AIG, Goldman. In some cases they’ve forced Congress to act.

    1) If we knew, then how could the White House not know? I’m not buying the bad advisers / we are innocents / It’s all Bush’s fault evasions.

    2) We know a lot. Let’s keep going.

  7. bman says:

    He was doomed when he threw his hand out to Hillary. He had defeated all her ends justify the means tactics, fairly. It wasn’t chivalry, it was a foolhardy attempt at chivalry. The man might be making decisions but his choices are limited.

  8. [...] The Big Picture Somehow, the financial media can’t get their arms around this one in terms of editorial positions. How long do you think it will take the Times or the WSJ to call for Tim’s impeachment? [...]

  9. lalaland says:

    The only way to change anything is through voting. When we don’t, they take it from us when we let them. Recently they took a whole lot of taxpayer money, but before that it was the right not to be wiretapped without a warrant, and the right not to be tortured by your own government, or the right to expect that your dollars are filling job openings with competent individuals who believe in the job they have to do or at the very least fulfill their obligations as well as your average employee. And there are the annual agriculture, defense, earmarks boondoggles.

    We are not a mature democracy, we are a purile, infantile one. We want toys but no taxes. We want to play the games and have no-one enforce the rules. We want to have people do jobs for us but we don’t want to take the time to vote them into office. Here in NYC there was widespread “outrage” at Bloomberg running a 3rd time; what was the voter turnout, like 23%? There was no outrage; only 1/4 even bothered to vote, and the “outraged” party’s candidate didn’t even win, so less than maybe 12% were “outraged” enough to even vote.

    Free lunch is over. For us, for bankers (sooner or later either we will get you or you will f*ck it up yourselves, again, and we won’t save you), for b.s. non-governing government. Time to live up to our responsibilities or suffer more consequences for our indifference until the laziness, greed and sloth become too abhorrent to live with (again).

  10. franklin411 says:

    Whalen’s posts demean TBP.

  11. LLouis says:

    ” The child president has not a clue about financial anything. ”

    Does he have about military actions ? His problem is to deal with a Pandora box opened by Bush’s administration and Bernanke’s predecessor. He has to fight two red hot huge conflicts at the same time.

    The recession caused by the irresponsible financial corporatists and the negligent Bush and Greenspan is the most catastrophic event of America’s history, nothing really compares to it. Obama, a junior president, has to deal with it, he clearly has to give more decisive powers to Volcker.

    The military wandering of Bush, aided or manipulated by Cheney, Rumsfeld and others has provoked islamists extremists to engage America and government allies on a global scale. These extremists clearly have very thoughtful strategists working for them. They have devised a new kind of war, not a classic guerilla warfare I would say, more of a psychological/perceptual attitude designed to attract young islamists recruits from all over the world into jihad terrorism.
    Obama already started to face this strategy by addressing the muslim world directly through their media, but much more has to be done in that fashion. On the other hand, this Nobel Peace prize winner (WTF?!?), is confronted with more military decisions to be made in AfghanHell, Pakistan, Yemen, Somalia, Sudan…

    2010 , the year that will define Obama’s presidency.

  12. They quote a known troublemaker named Josh Rosner:

    “We’ve seen an ongoing effort by Tim Geithner at the Federal Reserve and Treasury to do the public’s work out of the public’s view in ways that benefit the banking interest ahead of the public’s,” said Joshua Rosner, a managing director at Graham Fisher & Co. “It was under Tim’s direction that we were given stress tests that were less than transparent and less than credible,” he added.

    Chris,

    right, you are, in noting yon’ Rosner’s contribution.

    good thing, for us, there are, still, able ‘Troublemakers’, like Rosner, or, We’d definitely be in an, even, deeper Pile..
    ~~
    also, this:

    polizeros Says: January 10th, 2010 at 11:24 pm
    Au contraire. Obama, Geithner, Emmanual, and the rest know exactly what they are doing. Follow the money. Where did it go? To the investment banks. Track their actions. Who have they supported, aided, protested, and enriched at every step? The investment banks.

    This by design. Because, really, how could it be accidental? Think about it.

    Look at the group knowledge from financial blogs over the past few years, starting with Calculated Risk, Mish, this blog, and others who were first, early and right about the coming subprime collapse. Now there’s Zero Hedge, Naked Capitalism, etc. pounding away at HFT, AIG, Goldman. In some cases they’ve forced Congress to act.

    1) If we knew, then how could the White House not know? I’m not buying the bad advisors / we are innocents / It’s all Bush’s fault evasions.

    2) We know a lot. Let’s keep going.

    is something more people should bother to think about..]
    ~~
    f411,

    in this new Year, I’ll ask, again, are you ready to trade our, respective, TBP ‘posting rights’ ?

  13. flipspiceland says:

    @polizeros & Mark Hoffer:

    Odd, isn’t it, how even the most sophisticated here, and in all other media seem to continue to believe that these savvy members of one Tribe don’t know what they are doing. That somehow the consummate insiders aren’t watching only a few backs and the hell with the rest of the world.

    There should be a primer that everyone must read before posting one more time ab0ut the bogus cluelessness of thieves unindicted criminals.

  14. mathman says:

    @lalaland: “The only way to change anything is through voting. ”

    After the Supreme (kangaroo) court GAVE Bush 43 the presidency (despite what the vote count was and despite it
    was not their place to do that according to the now “quaint” constitution) and after the last election, where we voted for a guy who magically turned into his predecessor once he inhabited the White House, i have to disagree that voting does anything but give the illusion of fundamental change or that we exercise any control whatsoever of the government. Like “the American Dream” voting and the entire electoral process is a sham. Sorry to burst your bubble.

  15. flipspiceland says:

    Considering how few people vote, voting hasn’t really been tried as a way to govern.

    If 90% did vote, all that w0uld happen would be what the wise man said so long ago:

    Once the voter figures out he can vote to himself that which he can not, or chooses not to earn, socialism and communism will automatically fill the gap.

    So voting will only exacerbate a world envisioned by Ayn Rand, with a few oligarchs in charge of every country or the “one world”.

    Voting is nothing to write home about if the voter is ultimately an advocate of doing as little as possible to provide for his/her own needs or if the means of providing for yourself are disposed of (like transferring jobs to even poorer countries. If you can legally rob Peter to pay yourself, 95% of the world would likely do it.

    Moral fiber, self-determination is, sadly, a prehensile tail. Most politicians know this. That’s why a city of a million people can build a football stadium that only about 100,000 of its citizens use. When our city did it I asked my friends who were all $150,000 and over earners to defeat the referendum, they thought it was their right to have this perk paid for by the people who do not use it or have any interest in it, because there were many more of them. Same with our Airport. When the well off and rich decide to pass their own obligations on to the rest of the people and can get away with it, overriding the vote, the die is then cast for only one solution: Armed revolution and good luck with that.

    You have then only one solution: get well-off any way you can, legal or otherwise. Follow the leaders.

  16. Moss says:

    This is the real America, when has it ever been different?
    Now that the crisis has left much to bear, and diverted attention away from ‘aspirational’ goals we all see that the underpinnings were, are, and continue to be manufactured by the same vested interests.
    Any real reform is undermined via blackmail in the form of TBTF, Peak Oil, War on terror, Health Care.

    Persistence and perseverance by those with a platform must not relent.

  17. rktbrkr says:

    “the child president”? A Fox type comment that adds noting to the discussions here

  18. rktbrkr says:

    Not only should the Geithner emails be released, the entire Wizard of OZ, behind the screen scheming ,should be revealed in accordance with the FOIL laws.

    I think l’affaire Geithner will make O’B a 1 term president, Uncle Ben will probably declare victory and leave too once Tim & Ben put the final fix in for the banks to shift their remaining mortgage losses to taxpayers

  19. davefromcarolina says:

    Obama knows what he’s doing. He’s just doing the wrong thing: He’s playing not to lose: He doesn’t want to piss off Big Money, because he doesn’t want the banks, the insurers, Big Pharma, etc., to write checks for his opponents. This has turned out to be a very, very bad idea.

    Like a lot of people, I celebrated Obama’s election. Lately, I wish it had been Clinton who’d won. Whatever her faults, at least she would have cracked heads to get things done. Obama never will.

  20. Moss says:

    If the derogatory term ‘child president’ is applied to Obama then Bush would be considered illegitimate, the bastard president.

  21. dvdpenn says:

    “Child president”?! Didn’t know I’d stumbled into the Drudge Report. Stay classy, Chris.

  22. dead hobo says:

    Mr Whalen,

    I sense a little frustration on your part.

    Washington is non responsive to the public good, but supports those who profit at the expense of the public as a matter of law. There is no reason for any of this to change. The fact it might be a good idea for it to change is irrelevant.

    Thinking abstractly, I believe there will be no fix in the future. Crooks control those who run the government and do it so well that what they do isn’t illegal. There is no reason for anything to change substantially because there is no will in Washington for change.

    There is only one thing you can count on. With respect to the national economy, and likely the world economy,2010 will be worse than 2009 and 2011 will be worse than 2010. No matter how the media and Wall Street sales folk paint over the stains, things are getting worse and a slow chain reactions in process. The only real fix will happen when the world economy hits bottom and the people stage an intervention, much like when an addict hits bottom and people who care step in and take over. Given the glacial pace of world events, it will take years before the world shows true improvement, as opposed to using inflationary phony numbers meant to confuse and distract and an ignorant media to pacify.

  23. flipspiceland says:

    @davefromcarolina

    Rodham-Clinton would have been no different if she wanted to be POTUS.

    No one person can withstand the demands of those who put that person in power.

    Only a completely Benign ‘Machiavellian’ one-termer could make any changes that truly demonstrate if not the will of the people, at least the will of those who vote. That one-termer would only have the pulpit and no mandate. Pretty much the power of a 3 volt battery, compared to the Chairmen of the Commitees in Congress and the ones who are paying them off behind the curtain.

  24. catman says:

    What a fun line up. Lacks only Dick Cheney in a cowboy hat and mirrored aviators as the sheriff.

  25. TakBak04 says:

    Another Chris is writing and blowing a gasket in outrage…

    —————————-
    Chris Hedges’ Columns
    Wall Street Will Be Back For More

    These deeply stunted and maladjusted individuals, from Treasury Secretary Timothy Geithner to Robert Rubin to Lawrence Summers to the heads of Goldman Sachs, Morgan Stanley, J.P. Morgan Chase and Bank of America, hold the fate of the nation in their hands. They have access to trillions of taxpayer dollars and are looting the U.S. Treasury to sustain reckless speculation. The financial and corporate system alone validates them. It defines them. It must be served. This is why e-mails from the New York Fed to AIG, telling the bailed-out insurer not to make public the overpaying of Wall Street firms with taxpayer money, were sent when Geithner was in charge of the government agency. These criminals sold the public investments they knew to be trash. They used campaign contributions and lobbyists to turn elected officials into stooges and gut oversight and regulation. They took over retirement savings and pensions and wiped them out. And then they seized some $13 trillion in taxpayer money so they could lend it to us with interest. It is circular theft. This is why we will endure another catastrophic financial collapse. This is why firms like Goldman Sachs are more dangerous to the nation than al-Qaida.

    “The psychology is about winning, and winning is marked by the level of compensation and bonuses and the power you have within the firm,” Nomi Prins, the author of “It Takes a Pillage” and a former managing director at Goldman Sachs, told me by phone from California. “Every investment bank is like a mini-country. The political maneuvering and the differences between individuals who run certain areas and move up the ladder of the company are not necessarily decided by a vote. They move up depending on how close they are to the person [above them]. If that person moves up they move up with them. A certain set of loyalties get created. It is an intense competition all the time. You have trading and doing deals with clients, but the result is to push people up the ladder and to make money.”

    http://www.truthdig.com/report/item/wall_street_will_be_back_for_more_20100110

  26. TakBak04 says:

    And, another bit from Chris Hedges…that may sound like OTT morality ranting…but at this point who cannot be outraged..

    http://www.truthdig.com/report/item/wall_street_will_be_back_for_more_20100110

    These corporations don’t make anything. They don’t produce anything. They gamble and bet and speculate. And when they lose vast sums they raid the U.S. Treasury so they can go back and do it again. Never mind that $50 trillion in global wealth was erased between September 2007 and March 2009, including $7 trillion in the U.S. stock market and $6 trillion in the housing market. Never mind that the total amount of retirement and household wealth trashed was $7.5 trillion or that we saw $2 trillion in 401(k)s and individual retirement accounts evaporate. Never mind the $1.9 trillion in traditional defined-benefit plans and the $2.6 trillion in nonpension assets that went up in smoke. Never mind the job losses, the foreclosures and the 35 percent jump in personal and small-business bankruptcies. There are bundles of new money, taken again from us, to make deals and hand out outrageous bonuses. And when these trillions run out they will come back for more until our currency becomes junk. Not that any of these people have thought this through. They are too busy focused on the pathetic, little monuments they are building to themselves and the intricacies of court intrigue.

  27. bsneath says:

    km4 Says:
    January 10th, 2010 at 9:36 pm
    Duhhhhhh…..
    One again George Carlin ~ The American Dream was spot on !
    http://www.youtube.com/watch?v=acLW1vFO-2Q&feature=player_embedded#

    km4 – great youtube.

    In 2005 I would have blown off Carlin’s comments as coming from someone who did not understand how the “free-market” really worked.

    What can I say but that he was right and I was wrong. He clearly understands how our system operates and I did not. I guess it is never too late to learn.

  28. Lugnut says:

    From the tenor of the articles, I would expect Mr Whalen to be on the 6:00 news lead in any day now, after having been arrested, torch and pitchfork in hand after storming the front receptionist desk at Citigroup’s HQ.

  29. Moss says:

    One could add William Gates, defense secretary as well to the line-up, as the Military Industrial Complex must get their piece as well. The war monger lobby may in fact be the most entrenched, corrupt and economically harmful as the funding for these global endeavors is sucking the blood out of the real economy on a permanent basis.

  30. Rightline says:

    Just saw a segment with CW on Bloomberg 12:20est w/Rothman. I really do have much respect for CW’s analysis. However, he is looking very desperate with his rant. I realize there is significant substance to his positions in the current debates. I’m sorry, he is just looking very stressed (very tired and gaining weight) and desperate as trades go against him (for now)…..

  31. jdjed says:

    I’m chuckling at the whiners who are complaining about the “child president” label. When GW was screwing up the mud was flying at TBP. Grow a thicker skin people.

  32. “…Now that the crisis has left much to bear, and diverted attention away from ‘aspirational’ goals we all see that the underpinnings were, are, and continue to be manufactured by the same vested interests.
    Any real reform is undermined via blackmail in the form of TBTF, Peak Oil, War on terror, Health Care.

    Persistence and perseverance by those with a platform must not relent.”

    Moss,

    nice point~
    ~~
    Chris Hedges’ Columns
    Wall Street Will Be Back For More

    These deeply stunted and maladjusted individuals, from Treasury Secretary Timothy Geithner to Robert Rubin to Lawrence Summers to the heads of Goldman Sachs, Morgan Stanley, J.P. Morgan Chase and Bank of America, hold the fate of the nation in their hands. They have access to trillions of taxpayer dollars and are looting the U.S. Treasury to sustain reckless speculation. The financial and corporate system alone validates them. It defines them. It must be served. This is why e-mails from the New York Fed to AIG, telling the bailed-out insurer not to make public the overpaying of Wall Street firms with taxpayer money, were sent when Geithner was in charge of the government agency. These criminals sold the public investments they knew to be trash. They used campaign contributions and lobbyists to turn elected officials into stooges and gut oversight and regulation. They took over retirement savings and pensions and wiped them out. And then they seized some $13 trillion in taxpayer money so they could lend it to us with interest. It is circular theft. …

    TakBak,

    Hedges has that, at the minimum, absolutely, Correct..
    ~~
    fsl,

    w/this: “…That somehow the consummate insiders aren’t watching only a few backs and the hell with the rest of the world…”, and the rest..

    yes, it is, a lot, like that..
    ~~
    km4, and bsneath, yes, Carlin had an amazing insight–on that score, to begin with.
    ~~

    and, still, we hear bleating about a characterizing phrase–describing, gently, an individual that promised so much, to so many, only to do more of the same, for far too few..

    yes, it’ll be getting better, soon.. Good Gravy~

  33. bruerr says:

    http://www.ritholtz.com/blog/2010/01/post-time-for-tim-to-go/#comment-247084

    Moss… “If the derogatory term ‘child president’ is applied to Obama then Bush would be considered illegitimate, the bastard president.”

    This is very funny Moss. Thanks,

    The actions of both Presidents, show them to be equally incapable of dealing with abuse in the banking and financial industry. They are both too dependent on the industry and it shows in how they fail to provide effective leadership, or routinely fold at crucial points.

    If anything is becoming clear: Let it be how the banking industry demoralizes our elected officials. Both openly and indirectly. They are able to bring to compromise, and misguide Presidents in a two party system; and many Congressional and Senate representatives. These are our elected officials they are able to compromise, dilute or lead to a place of being ineffectual.

    -=-=-=-

    franklin411, I like Whalen. Appreciate seeing executives take a stand against too much wrong-ness. Plus Whalen is grounded imo, able to express things simply, even complex ideas. I think this be a good attribute.

    For myself I think America has a better chance, if more executives give outcry to hold executives of the banking and insurance industry liable. This needs to come from within those industries. This is in defense of self-regulation which I think should be preserved so we can have less government. But to assure this people inside the failing industries need to speak up. No executive who is causing disruption or interferring in natural functions of the market, should be allowed to escape scrutiny. This is becoming more and more, understood in media.

    Currently, no executive at the top is being held liable for their work product. Instead the public are called to be liable; to save them from themselves.

    Good actors are what banking and professional industries need more of. But there needs to be distinction between good and bad. As is, the bad actors are covered up, and horribly, put in with the good. This only serves to dilute the good from being considered by their work.

    Believe it or not, some people do take pride in doing good positive and truthful work. Some take pride it that, more than they enjoy compromise of capitalist laws, or more than they enjoin participating in a fraudulent enterprise.

    Putting bad in with the good actors, causes distrust to multiply. All get bonus awards so that it is difficult to tell who is getting paid for doing bad faith works.

    Unfortunately, the default is to distrust the whole. This is not good for the industry. It cannot be good. As more executives realize the need for deterrent, fewer and fewer will be talking about reform.

    We already have enough reforms over the years. What we need now, is for people who believe in self-regulation, to show it.

  34. cewing says:

    Sorry, I couldn’t focus on the rest of the article after reading the line refferring to President Obama as “the child President.” What a stupid thing to write.

  35. DeDude says:

    “That one-termer would only have the pulpit and no mandate. Pretty much the power of a 3 volt battery, compared to the Chairmen of the Commitees in Congress and the ones who are paying them off behind the curtain”

    Yes and that is exactly the strength as well as the weakness of our democracy. Presidents cannot just do whatever they want so they can’t just fixit and they can’t just fuckit up. Any major changes has to be supported by 60% of the Senators, 50% of the representatives and the president (who as the weakest link actually can be overridden). Those who are unhappy needs to work on getting better senators and members of the house.

  36. flipspiceland says:

    @Takbak

    Thanks for those posts. + 100

  37. flipspiceland says:

    @DeDude

    Posted that more to illustrate that the hype that any POTUS is the leader of the Free world, and the most powerful one, is total bullshit.

    He is a figurehead and the MSM lies thru their bleached teeth every time they try to make a POTUS out as anything more than a puppet to mollify who?

    Even the Fox’s of the media rarely say it that the POTUS is an emperor with no clothes.

  38. bruerr says:

    franklin411, executives cant lie their way out of every bind. That is not a path to prosperity and in this situation, it is not good for the nation. An attitude of accepting executive mischief is really, a poor reflection on those currently in charge.

    Do you remember the culture at Enron? Such a culture ends up diluting and tarnishing everyone that comes near it. Execitoves cannot have a free ride, it just makes everyone look like they are uneducated and yes, in the case of Obama, Bernanke and Geithner, childlike.

    Sometimes executives have to hold people liable for their actions. This is called leadership. Can’t exalt corporate by-laws espousing the glory of executive pay, as higher than liability law, unless you want to look uneducated and childish: Enter B. Bernanke, T. Geithner, L. Blankfein or J. Dimon, who routinely fail to defend capitalism, (especially during a time of crisis – not waiting 18-24 months after the storm has passed; that would just be weak). How can someone exalt executive compensation, at the corporate by-law level, as higher than laws separating the citizenry of Democracy from being liable for corporate failures, and executive mistakes? … This is a make-believe world of a man-child.

    Frankly, I have been surprised more people like Buffet, Forbes and M. Bloomberg, are not more vigilant in defense of capitalism and taking their initiatives on programs and in the media, to decry abuse in the banking and insurance industries, because it simply makes them look like they accept, bad workmanship and poor standards of professionalism, from people in positions of authority.

    It is a mistake to underestimate the intuitive intelligence of the business class in middle America.

    As a proprietor, I watched the program with Buffet talking to university students at Columbia U, and I was appalled by how easily he was chuckling aside RAIL-CARs full of abuse and the black coal of turpitude in the Office of Secretary of Treasury and in firms like Goldman Sachs Group, … yet there he was pretending benevolence, and misleading the younger people there with an unsettling degree of casualness. He had Becky quick giggling and laughing as though overlooking abuse and bad workmanship should be entertaining and desirable to her. (I was glad when the program finally ended. I cannot imagine this was well received by parents of the students at columbia, who really are trying to do a good work in their industries, as professionals in business: People who actually respect the hard work of their parents and grandparents.)

    Cant help but wonder how much longer Buffet is going to allow himself to be compromised in association with GS. It makes one question his wealth and remember how he was called into question for some of his dealings with AIG, before it all went bad. It may also help explain why every time we see him in public, he is accompanied with body guards. (ala Neil Bush style, circa 1985-1993). Should tell you something about Buffet.

    Anyway, I like to see more people take leadership and talk about impeaching people who are obviously acting against the good of the nation. The whole idea of morphing the nation’s Treasury Department into an options writing entity, is a wrong course. The Secretary of Treasury, was NEVER intended to become a put options writer, or a derivative of a put-options writing entity, that causes Americans, to be the guarantor of put-options written by someone who is an appointed officer.

    It leads to a path of depriving Americans of their vote in future taxation, which will inevitably result and could result at any time in the future “going forward,” if an appointed officer of the Secretary, does not understand or is fooled or deceived, about what options they should be writing or not writing.

    It makes Americans (who do not understand the options writing market or a derivative of the options market) liable for it, with expanding roles most likely coming “in the future.” …Remember Fannie and Freddy? Where do you suppose PPiP and TALF are going in 10-20 years?

    I am strongly against this morphing of the Treasury office, into an options writer, to save executives at large banks and insurance firms, from being liable for work product and their own workmanship. It is the kind of thing an irresponsible executive like Jamie Dimon would think up and peddle with some influence on the side of off-record deeds his firm has performed (and bundled).

    Obviously, it is anti-American, anti-democratic and causes Americans to be dependent on Wall Street for expertise in options writing (a mistake) related to mortgaged backed securities and other obscure products created by the Feds’ most reckless, destructive and unaccountable “financial rockstars.” …Tim Geithner playing the tambourine-girl role here. .. being key to coaxing such an agenda on the side of, “a crisis” in leadership.

    Given a vote, many Americans would not support what he is doing. And right now, under Bush/Obama-care, Americans are being deprived of their vote.

    How Democratic is that to deprive Americans of their vote? It draws into question those who have acted to bailout an insurance company … These are not Americans in the true sense of the word. Because they do not uphold laws that are important to our Democracy.

    Instead, they are the first to compromise those laws. First to lie about it in efforts to make it seem like it is acceptable or okay (when they know it is not).

  39. TakBak04 says:

    @LLouis Says:
    January 11th, 2010 at 2:19 am

    ” The child president has not a clue about financial anything. ”

    Does he have about military actions ? His problem is to deal with a Pandora box opened by Bush’s administration and Bernanke’s predecessor. He has to fight two red hot huge conflicts at the same time.

    The recession caused by the irresponsible financial corporatists and the negligent Bush and Greenspan is the most catastrophic event of America’s history, nothing really compares to it. Obama, a junior president, has to deal with it, he clearly has to give more decisive powers to Volcker.

    ——

    REPLY:

    But, a “CHANGE President was ELECTED…. What has happened to change the view of those who voted for HIM?

    Your post is a good “Apologia” for this…but the ACTIONS since the INAUGURATION have been less that “Elect Me for …CHANGE YOU CAN BELIEVE IN.

    A Lot of HOPE and DREAMS OF THE YOUNG went into this election. If you lose your “young” you lose a big base” and if you “LIE” you lose the rest.

    the Jury is out…we are watching and waiting…. Just saying.

    The military wandering of Bush, aided or manipulated by Cheney, Rumsfeld and others has provoked islamists extremists to engage America and government allies on a global scale. These extremists clearly have very thoughtful strategists working for them. They have devised a new kind of war, not a classic guerilla warfare I would say, more of a psychological/perceptual attitude designed to attract young islamists recruits from all over the world into jihad terrorism.

  40. TakBak04 says:

    @bsneath Says:
    January 11th, 2010 at 11:31 am

    km4 Says:
    January 10th, 2010 at 9:36 pm
    Duhhhhhh…..
    One again George Carlin ~ The American Dream was spot on !
    http://www.youtube.com/watch?v=acLW1vFO-2Q&feature=player_embedded#

    km4 – great youtube.

    In 2005 I would have blown off Carlin’s comments as coming from someone who did not understand how the “free-market” really worked.

    What can I say but that he was right and I was wrong. He clearly understands how our system operates and I did not. I guess it is never too late to learn.

    ——-

    bsneath….Gotta Tell YOU! Now is not the time to go “underground” and dwell on depressing scenarios. We have the greatist chance RIGHT NOW to CHANGE what’s GONE BEFORE. We need to not be depressed but to be WORKING…!!!

    BUCK UP! Get GOING….GET INVOLVED!

    I really do understand how hard it is…but we have to DO WHAT WE CAN….

    WE REALLY CAN…Do It. It’s all about INFORMATION…and the NEW TECH allows us to do it. Be forever grateful for “small favors.” It’s what civilization has moved forward on….”SMALL FAVORS.” Just THINK……

    I know it’s bad…and folks are going on Meds and Such…but WAKE UP…it’s a NEW DAY DAWNING! Do YOU want to be ASLEEP …med out or zoned out or in depression?

    There’s good stuff out there….. GET INTO IT!

  41. davefromcarolina says:

    Only a completely Benign ‘Machiavellian’ one-termer could make any changes that truly demonstrate if not the will of the people, at least the will of those who vote. That one-termer would only have the pulpit and no mandate. Pretty much the power of a 3 volt battery, compared to the Chairmen of the Commitees in Congress and the ones who are paying them off behind the curtain.

    I’m more than willing to allow for hyperbole, but that’s pretty dark. If Americans are too disaffected to vote, and voting is the only way to stop the country being run for the convenience of the wealthy, well, golly, what’s left? You gonna move to Montana and start a Militia?

  42. bruerr says:

    franklin411, executives cant lie their way out of every bind. That is not a path to prosperity and in this situation, it is not good for the nation. An attitude of accepting executive mischief is really, a poor reflection on those currently in charge.

    Do you remember the culture at Enron? Such a culture ends up diluting and tarnishing everyone that comes near it. Execs cannot have a free ride, it just makes everyone look like they are uneducated and yes, in the case of Obama, Bernanke and Geithner, childlike.

    Sometimes executives have to hold people liable for their actions. This is called leadership. Can’t exalt corporate by-laws espousing the glory of executive pay, as higher than liability law, unless you want to look uneducated and childish: Enter B. Bernanke, T. Geithner, L. Blankfein or J. Dimon, who routinely fail to defend capitalism, (especially during a time of crisis – not waiting 18-24 months after the storm has passed; that would just be weak). How can someone exalt executive compensation, at the corporate by-law level, as higher than laws separating the citizenry of Democracy from being liable for corporate failures, and executive mistakes? … This is a make-believe world of a man-child.

    Frankly, I have been surprised more people like Buffet, Forbes and M. Bloomberg, are not more vigilant in defense of capitalism and taking their initiatives on programs and in the media, to decry abuse in the banking and insurance industries, because it simply makes them look like they accept, bad workmanship and poor standards of professionalism, from people in positions of authority.

    It is a mistake to underestimate the intuitive intelligence of the business class in middle America.

    As a proprietor, I watched the program with Buffet talking to university students at Columbia U, and I was appalled by how easily he was chuckling aside RAIL-CARs full of abuse and the black coal of turpitude in the Office of Secretary of Treasury and in firms like Goldman Sachs Group, … yet there he was pretending benevolence, and misleading the younger people there with an unsettling degree of casualness. He had Becky quick giggling and laughing as though overlooking abuse and bad workmanship should be entertaining and desirable to her. (I was glad when the program finally ended. I cannot imagine this was well received by parents of the students at columbia, who really are trying to do a good work in their industries, as professionals in business: People who actually respect the hard work of their parents and grandparents.)

    Cant help but wonder how much longer Buffet is going to allow himself to be compromised in association with GS. It makes one question his wealth and remember how he was called into question for some of his dealings with AIG, before it all went bad. It may also help explain why every time we see him in public, he is accompanied with body guards. (ala Neil Bush style, circa 1985-1993). Should tell you something about Buffet.

    Anyway, I like to see more people take leadership and talk about impeaching people who are obviously acting against the good of the nation. The whole idea of morphing the nation’s Treasury Department into an options writing entity, is a wrong course. The Secretary of Treasury, was NEVER intended to become a put options writer, or a derivative of a put-options writing entity, that causes Americans, to be the guarantor of put-options written by someone who is an appointed officer.

    It leads to a path of depriving Americans of their vote in future taxation, which will inevitably result and could result at any time in the future “going forward,” if an appointed officer of the Secretary, does not understand or is fooled or deceived, about what options they should be writing or not writing.

    It makes Americans (who do not understand the options writing market or a derivative of the options market) liable for it, with expanding roles most likely coming “in the future.” …Remember Fannie and Freddy? Where do you suppose PPiP and TALF are going in 10-20 years?

    I am strongly against this morphing of the Treasury office, into an options writer, to save executives at large banks and insurance firms, from being liable for work product and their own workmanship. It is the kind of thing an irresponsible executive like Jamie Dimon would think up and peddle with some influence on the side of off-record deeds his firm has performed (and bundled).

    Obviously, it is anti-American, anti-democratic and causes Americans to be dependent on Wall Street for expertise in options writing (a mistake) related to mortgaged backed securities and other obscure products created by the Feds’ most reckless, destructive and unaccountable “financial rockstars.” …Tim Geithner playing the tambourine-girl role here. .. being key to coaxing such an agenda on the side of, “a crisis” in leadership.

    Given a vote, many Americans would not support what he is doing. And right now, under Bush/Obama-care, Americans are being deprived of their vote.

    How Democratic is that to deprive Americans of their vote? It draws into question those who have acted to bailout an insurance company … These are not Americans in the true sense of the word. Because they do not uphold laws that are important to our Democracy.

    Instead, they are the first to compromise those laws. First to lie about it in efforts to make it seem like it is acceptable or okay (when they know it is not).