Posts filed under “Taxes and Policy”

A Nation of Whiners? No, Just Wall Street Beggars

Pathetic, but all too true:

"Phil Gramm, the senator-banker who until recently advised John McCain’s campaign, did get it right about a "nation of whiners," but he misidentified the faint-hearted. It’s not the people or even the politicians. It is Wall Street–the financial titans and big-money bankers, the most important investors and worldwide creditors who are scared witless by events. These folks are in full-flight panic and screaming for mercy from Washington. Their cries were answered by the massive federal bailout of Fannie Mae and Freddy Mac, the endangered mortgage companies.

When the monied interests whined, they made themselves heard by dumping the stocks of these two quasi-public private corporations, threatening to collapse the two financial firms like the investor "run" that wiped out Bear Stearns in March. The real distress of the banks and brokerages and major investors is that they cannot unload the rotten mortgage securities packaged by Fannie Mae and banks sold worldwide. Wall Street’s preferred solution: dump the bad paper on the rest of us, the unwitting American taxpayers."  (emphasis added)

-William Greider, Wall Street’s Great Deflation

The once great Street of dreams has been reduced to beggering for handouts.   

~~~

In a truly disturbing sign of our times, I am adding the category "Bailouts" to our list . . .

>

Previously:
Idiots Fiddle While Rome Burns (July 2008) 
http://bigpicture.typepad.com/comments/2008/07/idiots-fiddle-w.html

Amity Shlaes Does Not Know What a Recession Is  (July 2008)
http://bigpicture.typepad.com/comments/2008/07/amity-shlaes-do.html
>
Source:
Wall Street’s Great Deflation
William Greider
The Nation, 07/14/2008 @ 12:38pm
http://www.thenation.com/blogs/notion/336722/

~~~

Category: Bailouts, Credit, Derivatives, Markets, Taxes and Policy

Idiots Fiddle While Rome Burns

Category: Credit, Derivatives, Federal Reserve, Politics, Taxes and Policy

Quote of the Day: Bailouts

Category: Politics, Taxes and Policy

Whining US CEOs: Economy is “Dismal”

Category: Economy, Employment, Psychology, Taxes and Policy

CEO Sees Dismal Economy (Bunch of Whiners!)

CEOs portray a gloomy forecast for the US Economy, according to a new survey by Chief Executive Magazine:

Category: Credit, Economy, Taxes and Policy, Video

Fannie & Freddie Heading for “Conservatorship”

Category: Credit, Real Estate, Taxes and Policy

Uh-Oh! Bad Sign on Fannie & Freddie

Category: Contrary Indicators, Credit, Politics, Real Estate, Taxes and Policy

Poole: Fannie, Freddie `Insolvent’ After Losses

Category: Credit, Derivatives, Real Estate, Taxes and Policy

Quote of the Day: Citibank on Glass Steagel

We’re going way back for this one: “With an aggressive legal maneuver, Citicorp is taking another step in the battle to unshackle the banking industry from the restraints of the Glass-Steagall Act of 1933.  The strategy, being watched closely by the entire banking industry, has been used for years to push the deregulation of the…Read More

Category: Credit, Politics, Real Estate, Taxes and Policy

Should Congress Let Home Prices Fall ?

Category: Credit, Economy, Real Estate, Taxes and Policy