BULLSHIT:

Andrew Ross Sorkin, The Times’s DealBook columnist, remembers the day the economic collapse began and offers answers to three tough, lingering questions.

September 15, 2013By Channon Hodge

Category: Bailouts, Legal, Video

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.

17 Responses to “The Financial Crisis, Five Years Later”

  1. Tarkus says:

    If the Robo-signed docs amount to court perjury, it must mean that perjury is no longer illegal,
    I notice that he conflates the “Banks” with the Banking System, when they are not the same thing.
    Saving the Banking System makes sense. But they would have had to enforce True Capitalism to do it.

    • kenter says:

      How about telling your CLIENTS that something is a good investment, while shorting it because you know it’s not. Don’t guess that could be considered FRAUD huh?

  2. rd says:

    It must be nice to speculate in commodities with the full faith and credit of the US government behind you:

    http://online.wsj.com/article/SB10001424127887323342404579078760127303986.html?mod=ITP_moneyandinvesting_0

    However, it seems like the banks are discovering that it is very difficult to sell warehouses full of commodities (because it generates profit) within the five year limit for divestiture so I presume they will get dispensation to have the five year clock reset to restart any day now. If the Hunt Brothers could have declared themselves a bank in 1980, we would probably be buying silver from them today the way we buy diamonds from the DeBeers cartel.

    I will bet that their mortgage and loan officers could have figured out how to foreclose on thse faciltiies in much less than five years, although that may have required some creative paperwork.

  3. postpartisandepression says:

    The right thing to do to bail out the banks in 2008 would have been to nationalize a few- fire the management, seize their assets and reopen them under new management. It might have taken a month or so but at least we would have felt that the bad players had not been rewarded. The government would have been the hero. And please don’t tell me that these guys reach the top because they are so smart and we don’t have any one to replace them.

  4. denim says:

    BR, you nailed it. 100% style and 0% substance. Had to be sweetened by the background music to hide the smell. But as Yogi Berra said, it ain’t over ’til it’s over.

  5. yohami says:

    I would start by putting that dude in prison.

  6. logline1 says:

    Videos like this are the result of wall street scum living in a bubble of self-delusion. Even his fake pauses for dramatic effect are nauseating. We all know he doesn’t talk that way.

  7. wrongtrade says:

    at 3:24 “the banks, the financial institutions themselves- they’re probably not going to accept a bailout the next time.”
    what? WHAT?! Don’t go throwin’ me in dat briar patch! I have watched this joker on CNBC for the LAST time.

  8. Slash says:

    One of the things that age gives you is perspective. Younger people (say, under 30) very often regard skepticism as “negative.”

    “That old person is just bitter and cynical, that’s why he/she doesn’t believe that awesome-sounding speech/article/whatever. I hope I don’t get old and bitter like that.”

    But they will (if they’re smart; if they’re stupid, they’ll continue to believe the happy horseshit that issues from our leaders). Because the things you observe after a monumental fuckup by the powers that be is what becomes a sadly predictable series of strategies:
    1) Claim nobody could have known what was going to happen and the disastrous consequences could not have been avoided (almost always untrue)
    2) Line up friendly media people to defend the usual suspects when people start realizing who’s at fault; if forced to acknowledge some part in the fuckup, parse it as a “mistake,” rather than the deliberate actions of a corrupt institution
    3) Disseminate, by every means necessary, PR to spin the problem as materially different from the way it really was so that you leave out the bits that implicate you; if there’s a handy scapegoat (like poor people or black people or foreigners), throw them under the bus with haste and don’t let up
    4) Smear the people in the forefront of the criticisms as haters, malcontents, commies, welfare chiselers, etc.
    5) Wait for some time to pass, when a large enough percentage of people have moved on to other stuff (like life), and say self-serving crap like, “Now is not the time for blame, now is the time for coming together and fixing things, blah blah blah”
    6) Work behind the scenes to make sure that you will never be held responsible (financially, legally, publicly) for the thing that you are significantly responsible for; if you end up paying penalties in some fashion, spin it as “We just want to put this behind us and move on instead of dwelling on past mistakes”
    7) Continue the above steps as necessary until most useful, accurate information is buried under a vast mountain of bullshit, secure in the knowledge that when someone Googles your name, most of the results that come up will be your PR spin, rather than the truth; most people, if they have to look past the first page of results to get it, won’t bother

    I’ve seen this over and over again with lots of things: the financial disaster of the 1980s (S&L), OKC bombing, 9/11, Katrina, the Catholic Church kid abuse, the financial disaster of 2008, the ill-advised Iraq War, the West (TX) fertilizer plant explosion, etc. It really is appalling.

    Our “leaders” (in government and the private sector and religion) are terrible people.

  9. tjgpdx says:

    Modern life is all about simplification , time management and cutting through the haze. Knowing that every blessed Tuesday I can gain 10 minutes of precious time by not reading this buttboy’s column and, weekly avoiding his smarmy second banana routine to Kernan on CNBC, brings me great pleasure.

    When Wikipedia updates its definition of “sycophancy”, hopefully Ross-Sorkin’s face will be placed prominently.

  10. [...] is what appears to be Andrew Ross Sorkin’s tryout video for the job of “Official Wall Street Spokesman.” Er, ah… independent journalist, [...]

  11. KDawg says:

    Well… it was better to bail out the banks as we did than let them just outright fail. But, as other commenters noted, there are ways to save the banking system without rewarding the criminal activity that brought the system to its knees.

    This video is obscene. The guy refers to two “myths”:
    1) “The bankers walked away with boatloads of money and bonuses and the rest of the country didn’t.”
    2) Paraphrased: Charges weren’t brought against the people responsible.

    Neither of these are myths.

    2:04 – “Don’t get me wrong. The bailout was repugnant and the bonuses were worse.”

    Apparently, I got you wrong, because at the beginning you said those bonuses were a myth.

  12. Been Around 1963 says:

    I always thought that Too Big To Fail read like a history of Watergate where Nixon is the hero.

    The video looks and sounds like the Paulson hagiography video on Netflix.

    This guy has zero skepticism for what bankers tell him; he’s the personification of the moral hazard of access journalism.

  13. [...] week, I posted Andrew Ross Sorkin’s NYT video on “The Financial Crisis, Five Years Later,” with a single word editorial, all in caps: [...]