As a person for wealth creation and an equal playing field, I dislike big gov't and feel free markets is the best way to go about everything!! I will stand up for what I believe this country was founded on and should be doing!
As typical of a Thursday morning at 8:30 am, new jobless claims numbers came out and this week they were 584,000 which was worse than last week and worse than analysts' expected.
The interesting part of this is that the media outlets (CBS, NBC, CNBC, MSNBC, ABC, CNN, and probably FoxNews too) continue to try and spin this along with the banks that got government aid.)One can talk about seasonally adjusted numbers and non-seasonally adjusted numbers but the point is that they're adjusted to reflect typical things that go on in certain areas of the nation. So I want to focus in on how the media was saying this is good news.
The number at 584,000 was worse than the 570,000 consensus estimate and worse than the 559,000 shown for last week. We can say oh Dave it's only one week and there is improvement going on. Well the big ticket item to the media was that the 4 week running average dropped to 559,000 as well, and the 4 week average smoothes out week to week fluctuations, BUT with 584,000 being higher than the 4 week average, I want to know how are we getting a green shoot from that? Lat week's jobless claims number was 559,000 and the week before that was in the 520,000 range. So for two straight weeks, the jobless claims numbers have increased. Meanwhile unemployment is high. The higher it gets, the less jobs there are to lose because less people have jobs. These current numbers don't give sign for economic growth, but do give sign for less of an economic contraction. How much of it is because of government spending??
Well about a week into the Cash for Clunkers program (I can't believe they called it clunkers. You trade in a perfectly good car for something with better gas mileage.) My Target Car, rest that baby is peace (ok I didn't want to get personal but I must here), would not qualify because it got more than 18 MPG. But is this a clunker to you?
If that's not a clunker I don't know what is. I was driving THAT car until April 2009 folks! That car would be ineligible not because it didn't drive but because it got better than 18 MPG. Well now the fund they're claiming is exhausted in a week. They're doing everything they can for you to buy your neighbor's car thru the tax code. don't worry you'll be paying for it later on when all these bonds from the record auctions come due, don't worry, it will happen, either thru taxes or deflating the dollar and the cost of our food and energy skyrocket like it's 2008 all over again, while they say there's no inflation because it's not CORE inflation.
This makes me think back to other incentive plans. Oh yeah that's right, it means everyone has a new car and they won't need to buy one and hence it hurts future demand. you watch what happens when this short term blip ends and then NOBODY wants a car. Good luck Government Motors, Chrysler and Ford, etc. I hope Ford never needs taxpayer assistance because this program hurt them and we know it's going to hurt them. Is the government soon going to make everyone buy a new car every 4 years or ban any car that's more than 5 years old from being driven to promote continuous car sales in the new fascist dictatorship we know as the Obamanation?? Oops did I just give those cronies an idea! Hey I'm not writing the laws they are. Don't look at me!!
So we continue to get these lies and spin and though I admit doomsday and the Great Depression II is off the table for now. this government might be setting us up for a day when it is so destructive there will be riots and looting and it will look like a 3rd world nation here as globalization continues. It's only hurting America unfortunately that our government puts in these policies that harm traditional Americans (not the protected rich elite like Goldman Sachs) and help illegal immigrants and foreign workers!
Just ask yourself is the 4 week jobless claims average is below the recent week's jobless claims in the midst of the worst recession in 70 years a good sign?? somehow it must be to CNBC. When Q3 has positive GDP cuz of the government spending and everyone says see we we're right there recession is over, I'll bring you all back to Q2 of 2008 when the economy grew at roughly 3% and George W. Bush said see the economy is just fine. Yeah that was so right on too. As I've felt, this recovery will be lackluster, might dip right back into recession might not, but the robust growth days aren't coming back for awhile and this might in fact just be like Japan. Very lackluster growth for what now 15-20 years, when Japan is growing. That's kind of what I see here with some government manipulated data that will show some quarters to do great because of inventory buildup, etc. I feel Q3 will be a positive quarter for all you folks out there.
Yes we know that is Barney Frank, cuz running a prostitution ring out of your apartment is ok, just deny deny deny like your name is Ben Bernanke or justify it like your name is Hanky Panky and you'll be just fine.
Now Barney Frank, like Obama, wants to say screw contract law. You see this, just like he was tellign the banks, if you won't lend to the future deadbeats, we'll find someone who will, now he says to the banks, if you don't stop foreclosing the deadbeats, we'll make you.
Barney Frank likes legislating from the bench. He wants to authorize the judicial system to take over his power of law writing or determining what is ok and what isn't. Barney Frank needs to go to jail! He'll fit in just fine there being the way he is, I'm very sure he might actually enjoy it in a high security prison. I think Barney Frank should go to an all female high security prison to be tortured!! This man is corrupt, he;s a liar and he has no respect for contract law, just like Obama when he took the Constitution and shredded it by telling secured lends to screw off ad that unsecured creditors are better deserving since it's a union than bankrupted Chrysler, LLC. Oh screw the banks right? Well what if it's me. What if you don't pay me for something you buy and I give you the loan? Should Barney Frank say... oh that guy voted Libertarian, he's for LIBERTY and I'm for.... male escorts services and I'm for the deadbeats getting what they do not deserve. As we know from Savage, Liberalism is a Mental Disorder! Barney Frank has a mental disorder as well. Too bad he's got that damn pension from our tax dollars. It's truly a shame when Congress gets deals the rest of America can't. I think that's fascist in it's own righ to say if you don't stop foreclosures, I'll make legislation that forces you too. Cuz yeah contracts don't matter anymore. I think I should stop paying my student loan... or maybe when I take the mortgage out of my grandmother's estate, maybe I won't pay for it. But no Barney Frank won't come to my aid. I'm a Libertarian (until the Republican Party decides they're not going to be corrupt and be conservatives once again. Yes you too, Chris Christie in NJ. Dream on about getting my vote!)
This is two in a row!! Though I take the Government Sachs fair value with a grain of salt given those Wharton and Harvard slime balls are mocking us with their $780,000 payouts, now we have American Express who according to reports, paid 107% of the value of their warrants. What??? Also if you thought Government Sachs was such a wonderful firm, the taxpayer made MORE on a percentage basis on American Express. So eat it, Mr. almighty Goldman.
Oh and to think about how I was profiting off being short American Express all last fall. Mmmmm.... then of course I blew it all shorting CRM and AMZN but if this fake government rally can't be sustained, maybe I'll make some of these losses back as I still hold those positions (dumb of me I know, don't remind me), or I'll chicken out and eat it like I may soon have to. This issue isn't about me though, it's about you, the taxpayer and we're all pissed about the TARP bailout. But if this can continue at least going forward, though I still hated TARP and feel firms should fail so new guys can take over, at least the government can justify their corruption to an extent. There's so much more corruption that just TARP. But at least TARP right now is moving in a better direction after the initial mistake by the socialist retard that had to abandon free market principles to save the free market system. Yeah great language there Bush. I might be for business, and dislike wasteful government screwing me over left and right, but not these firms that received money. I'm with the taxpayer on this one!!
The key is what we don't know and that's the terms these guys have on the other bailouts they have with the FDIC. The article in this post does state that Government Sachs has borrowed over $20 billion fro mthe FDIC and AmEx over $5.6 billion. Why is this significant?? Well these two firms both applied to become bank holding companies to get TARP money. They were not part of this beforehand where they could get FDIC money. So essentially from my viewpoint, they might be gutting the FDIC to payback TARP and pay out shitloads of money. It looks nice on the surface and it's beign structured ina way that TARP will look like a good move going forward to save Hanky Panky's ass. But why not tell us more about how they're raping the FDIC and Goldman Sachs especially with their massive payouts as they rob from the investor everyday in the markets thru FLASH trading.
The problem is, when something looks good on the surface like TARP, with our government you need to look further cuz there seems to be a catch to anything that's looks good. Unfortunately we're lead to believe what's going on is good and don't get me wrong, it is good for the TARP program and I'm glad to see they're not skimping there, but what's going on with the other stuff? Especially when it's business as usual at Goldman Sachs and they get to manipulate their VaR.
And why is it that they're endorsing Gary Gensler (former Goldman guy and head of the CFTC) over limitiation to speculation but then say they need to be one of the restricted firms to the rule cuz they provide liquidity? Common grow up!! We all know you don't provide the right liquidity and that you rob other investors thru your algorithms to cheat and steal from us little guys! There should never be an exception to the rule because then the rule is a bogus rule! Plain and simple! If Goldman can do it, everyone should be allowed to. But considering we don't hace access to what Goldman has access too, it should go on to prevent the little guys from being screwed. What happens when everyone realizes the game is rigged against them. We might know it now and still choose to be involved in hopes we're wrong but when the people give up and we all walk away. Talk about massive economic depression?? 1932 will seem like nothing if the government continues to screw the people
One of those days I was late out of my day job and I missed this. Listen at 1:45. Right on Ron Paul!! Gotta love the one man in Congress that doesn't play party politics, even though he's registered as a Republican. We need more of them!
Despite the deal being somewhat similar, Judge Robert Drain allowed the DIP financier's to bid over the leftover Delphi assets so they could emerge from bankruptcy.
In essence JP Morgan was bidding with itself so they didn't have to write down the assets as much and could realize any upside potential but I want to focus on the fact that the Marxist Obama who runs Government Motors, was unable to force Judge Robert Drain to give it to Platinum Equity and have the taxpayer essentially bailout a billionaire hedge fund.
Why am I mentioning this as I said I feel the need to blog less. Well it was part of my tea party speech so I MUST give it the update it deserves. I figured no matter what this was going to be rigged that Platinum Equity gets the deal but thankfully Judge Robert Drain did the right thing and said, lets give everyone the right to bid on this.
In the original deal, the DIP financiers were told they had to take 20 cents on the dollar or $900 million for their $4.5 billion in DIP financing and get nothing else. Well now they get the equity stake and are forgiving $3.45 billion in debt (as opposed to giving up $3.6 billion) so in essence this judge gave a more righteous deal to the DIP financier's. Details still loom but the fact is that this is a better deal according to Delphi and the Obama Administration didn't waltz thru and say this is how it's gonna be. Obama is losing his powers fast to destroy America. Cap & Trade is very quiet in the Senate. The Blue Dog RATS along with the CANNOTS are holding back Cuban/Soviet style health care to some extent, we hope. There are some slight signs America already had enough of socialist/Marxist crap after we saw with TARP and the auto companies. We're tired of it damn it!!
It appears that all the talk about Goldman Sachs will not end, now a few members of government are trying to pretend to be angry about this now that the people are catching onto the fact that the government works for Goldman Sachs!! First we have the puppet, Charles Schumer who loves illegal aliens and says they can break our laws and that's it is unfair if Americans don't pay for their health care and schooling that has dumbed down the educational system here in America. Now all the sudden Schumer is like Hey everyone deserves a fair take when it comes to trading, so he sends this letter to Mary Schapiro (like she gives a crap, she couldn't find Madoff's fraud brokerage unit that made zero stock trades, she's going to look into Government Sachs??)
You can read the Bloomberg story or read the actual letter posted below:
Notice how little this weasel Senator from New York pays attention to details. He can't even spell her name right, liek the fucking idiot that he is!!
Then we have to wonder, why does the Federal Reserve give Government Sachs an exception to VaR (Value Added Risk.) This is something Zero Hedge (or as CNBC calls them, Zero Intelligence) reported on the 15th of July and it seems funny that Congress must be reading this blog and say oh wow, lets act like we're working for the people now. So Alan Grayson whose one of the main people behind the Ron Paul bill to Audit the Fed, had something to say to Bernanke and his wasteless breath for say it makes him angry to be the bailout fund for Wall Street. Sure!!! If it makes you so angry, let them fail.
Please note this letter shows you how in fact Goldman is having it's cake and eating it too. Heads they win, tails you lose!! It's garbage like this going on, that makes 90% of fund managers underperform the market. Oh wait, that's where your pension, 401(k) and IRA is. No wonder it's so hard to keep up when Goldman is rigging the game to benefit themselves while they smear their feces all over our faces and up our nose.
Since this gets no reader attention though it states how feel about things. I've been debating this weekend why I do it when nobody reads it. It's a waste of my time seriously since many people choose to be ignorant and I can spend my time learning more about the corruption in government and using it for my own purpose. As seen I get no comment and nobody cares what I have to say and hence I don't feel I should be focusing on this blog too much going forward. That isn't to say I;'ll never post in here again. I might. But it just won't be that often. After two months of doing it and no audience, there's no sense in continuing to waste my time telling you folks to truth when you'd rather get butt raped by the Obama Administration and say oh it felt good to have a sore ass!
I have so many thing to focus on and this is going to become one of the lessor ones. If you miss it that much, you know how to reach me, my e-mail is there and we can talk about whatever issue you want to talk about. I'll still be informed, maybe more informed than I have been. I won't give that up at all with this corrupt government and society I live in. I need to know so I can try and hopefully prepare myself for the day this gov't seizes what I own and says it's our now but we'll take care of you. Yeah, ok!!
I must say this even though I am sick of both parties and I hope if Dick Cheney committed crimes, he will sit in a jail cell as well. It's just funny how the liberal media is. they are quick to mention that Dennis Van Pelt is a Republican out of Ocean County. I took the site I took because it never used party affiliations but you will find that everyone in NJ will say Dennis Van Pelt is a Republican. nobody will say what party the other folks are from.
This leads me to ask you. Why is the media biased against Republicans? I mean seriously, I know they're all corrupt in some way. some of them are unethical but not illegal (like Chris Christie) and others are illegal as we're seeing. The FBI has a high rate of success when they arrest someone, I think it's 95% or greater so I take it most of these guys or all of them are guilty.
Why does the media not mention when someone is a Democrat (RAT)?? I don't get it. Corruption is corruption and whether it is a CANNOT or a RAT, they're hurting the taxpayer and destroying what is the State of New Jersey. It is so bad in this state and it needs to stop. I hope the FBI movement today will make other corrupt lowlife politicians realize they're next. Maybe they can get buttfucked in a prison cell so the future guys know. I'd much rather live my life with honesty than corruption. The key to cleaning up government and business is to let firms be profitable rather than run by corruption. Medicare is full of corruption but credit cards don't have that much corruption. I wonder why?? Imagine Obama run health care?? Yeah 1,018 pages is a lot to go through. I dunno how much of it I'll get thru for a scrutiny. I could care less what others in the media say. I want to see it for myself. I'm sure it's ugly but I still wish I had the time to read it myself. Why do these assholes make their bills so long? It makes me feel they have something to hide!
It is just sick to me that these people and rabbi's etc. would do what they have done. I am not shocked by this as I know the Catholic Church is corrupt as well. I Was raised Catholic and I know there's a guy in a church in Denville (last I know he's there) names Father Martin and he's one corrupt lowlife piece of garbage. It's people like that dirtbag that ruin what religion is all about. He's the reason I became a non-religious person. He showed me the fraud of the Catholic community. So though I believe in a higher power, I not don't believe that higher power gives a damn whether one is nice or not.
I do believe though if I don't treat someone else well, I don't deserve to be treated well back. So my motto is to treat everyone with the best respect I possibly can and if I don't get that same respect back, well I know where I stand then!
Over the weekend CIT negotiated a deal to secure a $3 billion financing arrangement to stave off bankruptcy for now. But that is only the tip of the iceberg. Lots of questions remain.
When I first saw this I thought it was a really positive sign that the credit markets were beginning to flow again and that the government wasn't needed to bail out everyone. Well more and more information has come out including this Bloomberg article:
So basically this allows someone else to get paid back that's due very soon! That firm is pretty damn happy about this. But here's the issue. not only is CIT paying 25 times the LIBOR rate, but PIMCO and Centerbridge basically crowded out all the unsecured creditors since $10 billion of assets are secured to Centerbridge and PIMCO. What does that mean. If in bankruptcy court those assets only go for 20 cents on the dollar, these two big shots lose NOTHING. Pretty sweet deal and if those assets go for more than 20 cents on the dollar, that make out like bandits.
Hence we are far from being out of the woods on small business financing and what a CIt bankruptcy might mean to small business. The process has just been delayed and the market is buying it. Wait till it hits small business (which isn't stocks listed on the exchanges) and then consumer spending gets hit some more. What will that do to the new Obama recovery. Are we gonna blame that on the socialist Bush as well? I anticipate it's onyl a matter of time before CIT goes bankrupt. I just hope they don't all of the sudden become too big to fail and the taxpayer gets screwed like usual!
Some people will call it fear mangling that's scaring the American people. But the truth of the matter is that Barry Obama's health care plan will in fact destroy all private insurance and in the end, this health care system will be set up so Obama gets to decide whether you live or die! If that happens I hope like hell you voted for him unlike me. you know how dictatorships work. This is a soft smooth way of the lowlife rotten piece of garbage dirtbag named Obama, to sneakily take over America cuz if you're not with him, you're gone! So we go from Barack to Barry to Bury. And yes he will bury you in the ground but no stone it's only to deal with the stench of a dead body due to lack of health care.
Oh but it's fear mangling right. Ok fine I'll take it straight from the souce for you liberals that bow to Obama. Straight from house.gov so you know I'm not making up anything. Go read page 16. Yes Obama said if you like your plan, you can keep your plan. But if your plan ever gets changed, it must go to the government run health care as insurance companies will be banned from writing any new policies going forward. This i
Today Goldman Sachs finished off their entire deal with the taxpayer, by repurchasing our warrants for exactly what the Treasury deemed them to be worth. In recent weeks, this snobbish scum of a firm was saying they would pay $600-650 million for them. also in recent weeks there's been an awful lot of talk from myself and many other more popular bloggers out there.
Of course Goldman puts out a press release talking about how they're the good guys for all the bubbles they create in screwing over the lives of Americans by a few dollars a day. Now that the word has gotten out about them, they decided not to negotiate and figured that they were still getting a great deal, considering all the news that is out there that has shown the Treasury to be understating the worth of these warrants with other firms who have repaid TARP.
On the surface it does look like we the taxpayer did well here, making 23% which I'm sure will make Hanky Panky gloat and sing the praises about how the taxpayer is making money off the bailouts. We all know though the money is just getting plugged into some other piece of pork that Obama will want in next year's budget, and will not go to deficit reductions! Hence this won't end up being good for the taxpayer. We bailed out Goldman so they could pay their 29,000 employees sums of money I'll probably never make in my lifetime full of wages. Yes I'm not joking, no wonder women despise me! and my amazing way of saving money. It means I don't piss it away on them and so they hate me for it. For the purpose of TARP only the taxpayer seems to have been treated fairly and i bet it's only to try and get the bloggers off of Goldman's back but we all know better.
All of us still want to see real reform that doesn't give Goldman Sachs special advantages. They're not inventing something like Bill Gates did by getting exemptions around the rules of the game! Lets see how good Goldman is when the rules aren't changed for them, with their Government/Goldman complex. I'm not sold by this act of fairness
I can't believe I missed this earlier in the week. But it was only July 5th in my post about Goldman Sachs being blasted in Rolling Stone here I was waiting for the connection of the credit ratings agencies and Wall Street. There must have been some kind of collusion going on. The ratings agencies are paid by the firms representing the debt. So for example, if I'm ABC Company and I'm issuing bonds, I pay S&P, Moody's, Fitch, etc. to rate my debt. So of course you're going to give good ratings to a great firm like Goldman Sachs that is issuing garbage to people. Will this lawsuit uncover that assumption I have made. I'm pretty sure it's true but proving it is another story.
I hope CalPERS can do that with this lawsuit filed below. Of course Standard and Poor's said this lawsuit has no merit. My ass it has no merit!! We know already you ruined the game and lied to the ordinary investors out there since they are not that ones that pay you. That is just common sense! Which is why one should always do their own homework and listen to NOBODY ELSE!
While Barry Obama continues to try and ramp his push to get health care done "quickly" so nobody knows what is really in the bill, many Republicans and a couple of Democrats seem to be pushing back a little bit. This so called fiscally responsible bill to the eyes of a fool that's never managed anything in his life successfully without the help of affirmative action (how else does someone become a nothing Senator that didn't write one bill to the Presidency? Tell me that?)
In total, CBO estimates that enacting those provisions would raise deficits by $1,042 billion over the 2010-2019 period.
Certain sections will trick you into thinking this will only add $65 billion over ten years, or $219 billion, etc. Add them all up though and it's over one trillion to our deficit. This is not a fiscally responsible bill and in fact, if you look at the charts, it gets more and more expensive later on. Go read page 7 of the document, since I can't make the chart look nice on here.
I have one question for you Barry Obama lovers? Where is the damn savings Mr. Obama said was goingto occur from the passage of this plan? Doesn't that look like it gets more costly, not less costly over time. Apparently nothing is being done to control costs, yet one can just look to Safeway here and here to see how it is possible to control costs. This is an out of control government that just wants to run your daily life!!
See how Barry Obama tries to "trick" you though. Just like Cap & Trade, not much goes on the first few years so your stupid ass will think, oh the reformed health care isn't making the country broke, Barry has done well (and then your foolish ass votes for him in 2012 just as the costs begins to SKYROCKET.) Of course Barry doesn't care about his "legacy" he just cares about screwing over Capitalist America over his 8 years in office, if he can. And if he doesn't get re-elected because we are onto him but he can force this bill down our throats, the next guy will have the skyrocketing deficits and the idiot Americans will say, oh Obama was given a terrible economy by Bush and things weren't that bad at the end (which silly, isn't now, it's 2012 when all the clowns homes will hopefully be foreclosed upon and we can begin to move in the right direction.) People will think oh the economy was turning and then the next guy came in and screwed it all up. No people, Barry Obama is going to screw it all up because that was the CHANGE you wanted. This report shows how he's going to bankrupt America. By robbing you of your private doctor and quick access to your doctor if there was an emergency. This addition to the deficit probably gets made up with Cap and Tax (if the idiots in the Senate pass it, which hopefully does not occur.) So essentially you're getting taxes up the wazoo by this COMMUNIST DICTATOR NAMED OBAMA!!!
Then you get Joe Biden who says that America needs to spend money to prevent it from going bankrupt. Does that make any sense?? I guess because I save my money I'm going to go bankrupt. I need to piss away everything I work for to prevent myself from ever going bankrupt. What Joe Biden is saying is that you are better off spending for things you couldn't afford, and now that the Americans savings rate is 6.9% it's bad for their pockets. They'd be better off if they pissed that money away. I'm not even kidding you folks. Go listen
It is quite comical to say the least. But that's why I don't mind Joe Biden. Everytime he opens up his mouth he at least can give you a laugh!!
Max Keiser refers to Goldman Sachs as scum and financial terrorists! The only problem with all of this is the talk about the whole New World Order being pushed. It will destroy all sovereignty within nations around the world with a global governance
According to reports, CIT will file for bankruptcy on Friday, if they cannot come up with $2-3 billion. A failure of CIT will put at risk one million small businesses that use CIT for financing for things such as inventory management and receivables. You have to wonder what guys like Dennis Kneale are thinking to say the recession is over.
Fortunately the taxpayer will only lose $2.33 billion from this, as $2.33 billion in TARP money will not end up being repaid. It also allows capitalism to work and will let the firm fail. The only way to survival is getting real investors to save them, and I find those chance to be slim, but you never know. I think it's a good thing that the free market system is being allowed to work here, though I also believe the reason the government isn't stepping in, is because Goldman Sachs already has their $3 billion they gave to CIT hedged so they're not at risk. So of course the government can let them fail! What implications does this have on Main Street USA is another question. It is not something the capital markets will see or feel right away and may take a few months. That is unless one million small businesses are able to find a new place to get financing to operate their businesses. This one should be interesting!
Speaking of Dennis Kneale, I think he actually let someone on his program to speak and gave them time to speak their opinion of the marketsI can't say I'm thinking Dow 4200. I think that's a bit extreme but the guy speaks for valid points. I'm amazed Dennis Kneale let the guy speak. Maybe cuz he was on TV and in a suit whereas the loser need to attack bloggers everyday. I find it funny that he talks about bloggers everyday and tries to make fun of them. Like seriously dude, if they're so worthless like u say, then why do you waste your time? Is it because they are right and you feel entrapped by their truth telling.) Watch this great video below.
I think this guy is a little bit pessimistic as I don't think the markets will get that low. I believe the worst case scenario was likely priced in last March but who knows. This market is playing a game of trying to make those of us not convinced of a truly economic recovery to fold and think we're wrong. I've said it before and I'll say it again there will be an economic recovery and it will be mild and it will be because of the government spending. Most of it is waste but still. when that is done, they'll either need a 2nd stimulus or we'll go back into recession in my opinion. So it might be time to buy stocks but be very careful and watch any positions closel, as nothing should be bought with the idea that the boom is back for years to come. It's only short lived if it occurs.
Now that the United States government has become a hedge fun betting on worthless business reviving, the man who was behind it all will come out and testify on Capitol Hill
It is the day Henry (Hanky Panky) Paulson comes out of his hiding spot in a secret location to testify over his threats involved in the forced merger of Bank of America and Merrill Lynch. He will tell theworld how he is Superman and saved this crisis as if he is God. Fortunately for us, we know he's a con-man supporting the fraud of Goldman Sachs which is why Lehman went under and AIG got bailed out. John Thain, another former Goldman person who ran Merrill as they collapsed also got the bailout by forcing BAC to take it on. Of course we know Hanky Panky was trying to protect his former colleague at Goldman, it doesn't take brains to figure that out. Look right here and see that Thain worked for Goldman for many years. It doesn't take a rocket scientist to figured out why Merrill Lynch became protected with your taxpayer money. It's the Government/Goldman complex of course given Thain was running Merrill. Oh whose that other really terrible bank, oh yeah Citigroup, with oh shoot, Robert Rubin in a major role.
Can anyone with half a brain see that the RATS (Democrats) and CANNOTS (Republicans) are really both in the same.
We've got the prepared testimony of Hanky Panky the day before and you can read it below: Paul Son Testimony
Yes folks, all done!! You can get back to pissing money away as we learned the financial system is perfect and in tact once again now that a Wall Street firm is back on the up of a record quarter from robbing Peter (we the people) to pay Paul (the Goldman Sachs employee.)
That is of course if you are the one that is Paul and not Peter. In the land of Goldman Sachs this morning, the unethical and quite possibly fraudulent Wall Street firm, reported record 2nd quarter earnings. I will leave a link to spot some highlights that Zero Hedge posted this morning.
There were lots of comments all over the place today about this ridiculous crushing of anyone's expectations and how it all happened. I'd like to start wit ha guy I like, who used to be the head man on CNBC's Fast Money, Dylan Ratigan, before they decided the general public would rather stare at the attractive face of an Asian, rather than get someone with some good content to help inform the public on what's going on in the land of Wall Street trading.
Pretty interesting but not the only place talking about it. It was talked about everywhere
That's the way a lot of us feel!! We got robbed and Goldman is laughing all the way to their homes in the Hamptons and all over the place in the world! And since someone is doing well that means the recession is over right? Some Dennis Kneale thinks so. Hmm last I checked, Zero Hedge is providing a lot more insight than this guy's junk or "selling the hope"
As you see here, the blogger had less than two minutes to speak and had to speak more about anonymity than the real point where he only got 50 seconds to speak his point before he got interrupted. Why do you think Zero Hedge declined, duh, they're not goingto let you make a fool of them.
If Dennis was a real man, after he attacks blogs all the time (mostly because the nation is beginning to realize that yes bloggers are speaking more truth that the main stream media is, why do you think Wall Street firms respond to Zero Hedge, why is Dennis responding to them if they're so "worthless" as he says) he'd give someone a full segment to express their points of view. Of course Dennis is as corrupt as they come. He's going to sell you the hope, because being positive is always the right thing to do huh? Yeah we understand the whole positive thinknig process but sometimes you need to live in reality as well. I don't think it was great to buy stocks in March of 2000! Or even in January when you were on CNBC trying to sell the hope then as the economy sputtered further and the markets hit new lows in March. Sometimes selling the hope to unknowns out there that look to CNBC or somewhere else for good commentary on the economy is the wrong thing to do. SPEAKING THE TRUTH IS THE WAY TO GO, YOU IDIOT!!! Go look at your pathetic station!! People like Jim Cramer? His wife made all that money at his hedge fund. Oh look, Cramer is a former Goldman Sachs alum, hmm.. connections for IPOs back in the internet bubble.... Oh no it was all done fairly so even the little guy could get in on it right? Yeah. Reports done on Cramer and my own history back when I used to watch him, taught me to never listen to a stock pick of his. He's wrong a lot. Even this past fall he was telling everyone to buy Clean Energy Fuels at 14, saying Speaker Nancy Mussolini is invested in it and he wouldn't bet against her. Where's CLNE now though? 8 bucks, down over 40%, but Jim, Nancy Mussolini has shares, it can't go down right?? RIGHT!!!! that's the brains at CNBC. Little ranting idiots who had connections to firms (which I don't have.)
Unlike that blogger though, I know this is a credit problem AND a liquidity one. But the liquidity problem is because nobody want to buy piece of garbage assets except those who don't have a choice in the matter and that's the taxpayer.
But the recession is over right? We gotta sell the hope as large financial institutions continue to struggle to remain in business. I guess when multi billion dollar financial firms are failing ,we call that economic growth, right Dennis Kneale. You sell the hope while job losses continue (and got worse last month.) Yes there will be bright signs. One thing Cramer is right about is that there is always a bull market somewhere. Everyday there's always at least one stock that goes higher. Not every single company gets hurt by a recession. Obviously Walmart hasn't been hurt, nor have the dollar stores.
Right now there's a lot of meeting going on about giving aid to CIT. Another freggin bailout? I'm expecting it but it is WRONG. CIT has $68 billion in liabilities. Yeah bad we all know, they lend to a million businesses with things like receivables financing and inventory financing. So if say you're small business has a liquidity issue and has say $100,000 owed in receivables. Well you'll call up CIT and maybe sell $50,000 of that to them and they'll pay you say $45,000 for that. They make $5,000 off it for taking the risk, you have your capital to do what you need to do as a business. That's the type of thing CIT would do. So don't you think it would be much more wise to let CIT fail. Do not step in to let it emerge from bankruptcy. It's not Government Motors, let it fail!! You take that $68 billion in TARP repayments from the assholes like Goldman Sachs, and you put that to use for small business, the exact thing CIT would do, to provide liquidity. You're using just about the same amount of liabilities CIT has, and you'd be saying deadbeats shall fail.
Given the Treasury won't use the $68 billion to reduce the Budget deficit, maybe during this credit crunch, it can be used for that so a decent entity can continue to operate and there won't be massive job losses and you taught a big financial firm that you will let it fail and it's not systematic risk because the administration has TARP and can do whatever it wants with it thanks to our Congress. Might as well use it i na way that's productive. Do not step in, do not sell below market rates to screw over the taxpayer and if another company steps in that's going to offer a market rate, you step out of the way and let the private firm take it on like capitalism should be. If there's no liquidity to take on what is a low credit risk, you use TARP to do it. That's my suggestion for what should be done with CIT, but of course, I will not get listened to because I'm so idiot right winger writing a blog. and no I'm not anonymous either. I challenge the Dept. of Homeland Security to arrest me for no reason and have the FBI follow me for no reason. I've experienced it before in my life with my old vehicle, I can deal with it now too. I'm not going to hide my identity unless or until random folks have made up crimes or free speech disappears and I know it's slowly being taken away through retarded means of what they call "hate speech." That would me my criticizing our government for their lack of brain power!
When the major banks repaid TARP to fork over their massive bonuses once again to piss off America, we learned that we truly did bail out the rich snobs that went to Wharton, Harvard, etc. while the rest of us struggle to make ends meet. Some of those rich snobs have paid back the funds so they can get their massive bonuses again. Look no further than Goldman Sachs
Well since Turbo Tax Tim Geithner wouldn't let it to go reducing the budget deficit (wow that makes me think of a guy named Corzine who runs my state of NJ and won't use the $600 million they got from tax amnesty to reduce the $32 billion in debt from the state, but instead added another $2 billion credit line and wants to give back the property tax rebates he first took away to try and get re-elect to force more well earning New Jerseyians down to states liek Texas), we see where it is going.
This Friday, Lincoln Financial received $950 million of your taxpayer money to get a bailout. The life insurance firm that's known mostly for their naming rights on the football field of the Philadelphia Eagles (Lincoln Financial Field) just robbed the taxpayer of almost $1 billion which we have no clue what it will be used for of course.
Of course under George W. Bush it was much easier to see who got the money. I was able to go under the Treasury website and easily find who got how much in TARP funding. Go look for it now? Mr. Transparent Barack Obama makes you dig to find it all
Go look for yourself. Where the hell is it Barack?? In the past it showed the name and what they got. Now you need to click on it and go through huge documents to read up on everything. It's insane. The American people don't need to know every little detail. It's nice you provide it but intelligence says make it simple to find and know as well. Then again you are trying to make more Americans unemployed and trying to employ more illegal immigrants for the New World Order.
I know I used to look at TARP to see who got the money easily. So I figured I'd go look not with Lincoln financial getting $950 million. But someone has to remember that now because you don't disclose it easily on your websites, Mr. Transparency! Hey Mr. Transparency that was updated as of Friday July 10, how come Lincoln Financial wasn't on there? How was that town hall meeting at the University of Virginia. Even liberals like Chip Reid were nailing you to a wall. You're a fraud Obama!! All u do is try to travel and please the world. Oh common Dave, he's a black man and never got to see this world. This is his orgasm going all over the place and looking at hot babes around the world. No I'm not making an issue of it. Any normal male species would do the same thing Obama did in France, I could care less! Where's the open transparency. Why does it take 10+ times as long to find out what's going on here?? It's assinine! STOP DESTROYING AMERICA. THE PEOPLE LIKE ME WANT TO KNOW WHAT THE F IS GOING ON LOSER!! YOU HAVE YET TO MAKE ME UNEMPLOYED YET AND I WANT TO KNOW HOW YOU'RE TRYINGTO SCREW ME OVER AND I'M SORRY I DON'T HAE 20 HOURS A DAY TO SEE! BUSH WAS MORE TRANSPARENT THAN YOU WERE AND WE'RE ALL SEEING HOW HE WASN'T TRANSPARENT AT ALL WITH MANY THINGS!
The Wall Street Journal is reporting that CIT Group has hired a firm to deal with the possibility of filing for bankruptcy. As of yesterday, the FDIC
You think it's capitalism huh? This is likely because Goldman Sachs has collateral to cover their exposure to CIT (most likely through credit default swaps with AIG.) We already have spoken plenty about the Government/Goldman complex and I'm sure they've been in touch with the Administration on this as well. If Goldman does have a large enough exposure, the bailout will come, you watch!! The actions of what goes on with CIT will depend on how much Goldman Sachs will be losing, if anything. My sense is they'll gain from this like everything else they do being in the pockets of the government!
Ratings downgrade from Fitch (which will likely lead to Moody's and S&P following suit) could send off triggers for collateral, etc. and put CIT into bankruptcy. Yes it is amazinghow much power Fitch, Moody's and S&P have and how their giving AAA ratings (still waiting for the conflict between them and the companies for extra fees, etc. to lie since common sense tells me that bribery occurred at many levels otherwise this wouldn't be the crisis it is.)
A bankruptcy filing will once again mean more taxpayer money down the drain. CIT Group received $2.33 billion in TARP money from the socialist Bush after the corrupt Federal Reserve looking to gain more powers granted them bank holdng status. You can be sure that the taxpayer will not see all of that $2.33 billion, or maybe any of it. Maybe Obama will screw over other debtholders and break the law of bankruptcy again for all we know. What NY Bankruptcy Judge will he use in this case to continue the onslaught of what we now have as "case law" in two examples of downright garbage.
Now recently I have heard things at AIG were getting worse due to some small business lines. Could it be that AIG will once again be forking over money to Goldman hence why Goldman doesn't care if CIT fails. We know the government doesn't really care, so long as Goldman is protected, even if that means another AIG bailout, if needed as they look to pay out more bonuses. Of course it gets the public outraged but the outrage should be the guys who created te mess, like Joesph Cassano.
Along with this possible filing though, the White House seems to be wanting to step in, in an indirect way possibly using TARP. Hmm.. when they got that almost $70 billion in TARP repayments... Might it be going to bailout the little franishee's now? Of course it's loans right? Which is why they were forgiven wit hthe automakers and if CIT goes bankrupt they'll be forgiven more than likely here too. All brought to you by the wonderful, intelligent brains of Hank Paulson, George Bush, and Ben Bernanke.
Listen especially to the last line. And you hear all the bumbling liberal retards laugh like this is a joke!
I'm saddened to say that this clip says Paid for by the Republicannot National Committee. Where we're they when Bush bailed them out??? Oh they were silent OF COURSE!!!! I was never silent on this and always wanted bankruptcy but done in the proper way. That won't happen when yo are in the pockets of unions and trying to "save" jobs. Maybe it's better served to say that Obama wants to continue to dumb down America and we all know the UAW will screw this company up again. No folks, it's not going to happen over night. You see Chrysler got bailed out in 1979 and it took 30 years for Chrysler to fail again. It might take 30 years so in say 10-15 years someone may walk up to me and say. See, look at that, you were wrong about Government Motors. But I won't be wrong because in the end, they're screwed! I know it, you know it, even the deaf dumb and blind know it. Those that don't know it. the idiots that applaud Obama for every move he makes as the Messiah that he is.
Now it is official as Government Motors has emerged from bankruptcy with the same management team outside of Rick Wagoner who Obama so conveniently fired before he took over. It's so funny he jokes about taking over the firm. Duh you did take it over you nimwit!! But you're doing a terribly job already managing it running around.
So the question is... how much longer will it take before Government Motors is done. O that's right they're a majority shareholder so it might just be like Amtrak. Bailout after bailout. Bush was "almost" going to let them go but he was too much of a sissy! Every President will be a sissy about this as well. I want to see a man in there. That says if you fail, it's your fault. nobody forced these people to assemble cars. Nobody forced them to join the UAW, nobody forced them to join a shit company!!
Taxpayers didn't support this hence there's no excuse. If over 50% of people liked the idea, even though I hate it, then hey that's the way it goes, that's democracy where 50.1% can control what 49.9% think in this Republic. But there's none of that.
This firm is a joke. I have a 2009 Cobalt and I'm sick to my stomach that I drive it really. If I had the money I'd dump it on someone else and get a real car from a real company. GM is no longer a real company. Y4es it was made before the bailouts an yes I got a good deal on it but please, principal sometimes comes before the dollar. Just like I'll never change the person I am to suit someone else or please them, I will never ever again buy a GM or Chrysler vehicle. If the deal with Penske goes through for Saturn I'll consider them because it was done legitimately and to me, will still be an American brand that represents what this country was founded on. Chevy, GMC, Cadillac, and Buick certainly are "Un-American" in my book and I hope it fails. yes I hope the taxpayer gets screwed as a lesson to Obama. He'll forever be remembered for this shit! So the Marxist deserve to be shown he failed America and he runs around the world, afraid to be in Washington too long. Pussy! DO YOUR JOB BARRY!
I'd love for someone to accidentally total my 2009 Cobalt so I can take that money and go buy a Honda civic or something that revolved around the American principles of Capitalism. Of course if I cause the accident my insurance skyrockets and that makes no sense so will someone please total that car on me so I can collect and use it to get a real Capitalist car? It's the only feasible way a poor slob like me and do it.
Just because I'm educated on what's going on doesn't make me wealthy. I wish I was! Then I could be part of the protected Goldman Sachs class then. HA! I didn't got to Wharton or Harvard so they'll laugh at me. To hell with them!! I hope they someday fail but it won't happen till the structure of government changes.
So here we are, Government Motors is now official and running. hoe long until that $120 billion market cap comes because with the warrants to secured bondholders and UAW it will take a long way for the taxpayer to get their money back. Oh the corporation paying taxes. Puhleeze!! So many loopholes for corporation, they won't pay much of anything. Oh the individual. yeah what about them finding a job elsewhere. Hell if GM and Chrysler were gone, that means other auto manufacturers pick up the slack, so they hire more and they go there. Not exactly jobless!! Some go to new fields. the lazy fools wither away and good for them, they should rot and die if they cannot fight through. That is capitalism. Land of opportunity. If you can't deal with it. Go to a socialist or communist state and see how you like it!
I'm tired of this... truly tired of it. We're running down a path that I wonder if we'll ever recover. This is a massive debt load and can we finance it without hyperinflation! I suspect not! But no, don't buy gold and silver just yet like walstreetpro2 is trying to sucker you into. you can wait until demand "starts" to come back in the private sector if the Fed and the government have no reigned in their disgustingly wasteful spending ways!! It's not their moeny hence they don't care.
If you gave me your money, I'd be more afraid of losing it then trying to make an aggressive bet to help you profit. Capital preservation should be the key to government but they're liars and don't care about anything EXCEPT being re-elected!
There was more credit contraction in May!! Levels show that another over $3 billion of consumer credit is gone. One might think, that's not a big deal cuz it's only down 1.5% now from over 7% the month before but remember, we still have immigration and hence higher population so holding flat means less per person Just liek we need to create 100,000 or more to just break even with immigration right now.
Sorry folks, the recession is still going on and credit expansion doesn't necessarily help if the demand for credit is not there. I want to know what kind of green shoot there is for credit contraction. I haven't heard the term used much in the past two weeks. could it be because the stock market seems to have peaked for the short run.
I'll tell you right now, there is no recovery until credit expands and if credit does expand you really need to look at the programs going on via Washington through Obama and the Treasury Department. Credit expansion via the government is a terrible idea since there's no backstop to protectthe Federal Government without monetizing the debt, which I expect to have happen. What that means is that the government will create inflation so those bonds that are not TIPS will get screwed. You think Obama cares about an investor. You should know already!! He'll rape your wallet and go on to laugh about it when a cucumber costs $6.49 a piece.
No iflation is not around the corner but like I said, the Fed has a fine line to play and I don't think they're goingto do it right. They'll either create inflation or another massive fall. If the Fed is able to do with without creating inflation, Ben Bernanke deserve 50 strippers to spent the next 50 days with him.
Credit contraction is part of the reason why the Fed can print money and not have it be inflationary!! The credit contractio and the much higher savings rates and less demand for goods makes it obvious that they can get away with this for now. If the economy recovers and the idiots go back to oh buy it now with plastic, worry about paying for it later, then we;ll have that massive inflation that will make what I think are fools trying to sell you gold and silver that's up over 300% since earlier this decade. It's up so much because of this event. The smart people did their move then.
I spoke to a former day trader at the TEA Party who ran up to me and asked me what I thought about gold. I told him, when everyone loves it, it's not a great time more often than not. when it souns too good to be true, it USUALLY is. I'm in no rush to get gold. I'll watch what the non-transparent Fed does to see how they can screw us over!! They're in the pockets oftheir friends, no what's best for the nation.
Jim Cramer buddy and cohort, Lenny Dykstra filed for bankruptcy yesterday in California. For a few years now, Jim Cramer, the CNBC bafoon that screams and yells on TV trying to do a professional show with stupid noises like he's some sort of rock and roll musician, has referred to Lenny Dykstra as this brilliant stock picker.
All I know about Lenny Dykstra was that he was a steroid user. Go read the Mitchell Report and you will see his name. I read that entire 480+ page report because of my keen interest in baseball. I don't see any name except Roger Clemens denying it. We all know what Clemens did. But that's not the point.
The point is, if Jim Cramer thinks Lenny Dykstra is so smart, what does that say about Jim Cramer?? Ok he did very well. Well, look he worked at Goldman Sachs that might explain it to you folks. Go read everything I'm posting about Goldman Sachs and you can find on other financial/political blogs out there. Cramer is in the protected class, but Cramer is not the brains. If you read his first book, 'Confessions of a Street Addict' and you put two and two together you will realize that his wife is the real genius. Jim is just a pundit that only knows how to hype and manipulate, like they do at Goldman Sachs. That's why he got the boot at CNBC and with his televison show on the FoxNews network about ten years ago.
Cramer being rich and set for life, now wanted to be a TV Star so he gave up his hedge fund and would rather be a celebrity. Sadly most Americans don't realize this man is not that smart!!
But why is that?? the truth is that Americans really don't care about what is best for them or best for the nation. They care only about being entertained. I might listen to talk radio and such and they are entertainers in general. Sometimes the things they tell you are full of crap and biases. Just last night listening the the Savage Nation he said Obama broke Article 2, Section 2 of the U.S. Constitution but Savage faield to actually read a news report that said The U.S. ad Russia agreed to NEGOTIATE a new treaty on nuclear arms reductions. that's not violating the Constitution like Chrysler was and Obama used the courts to set that all up. There's a reason behind the method to his madness or corrupting America. It is a manioulative one that allows him to kind of get away with it. But ya see, if you listen closely, even conservatives are wrong sometimes. All these entertainers are NOT the people to listen to. Which is why you should turn the TV off when fools like Cramer tell you to buy a stock. Who cares what he says, listen to the better message of doing your own homework! That should be the true message to you.
I urge you that Cramer is no better than anyone else. Very few people can predict future cash flows and get it right but a good thorough analysis will get you the right result. Just listening to someone else, blindly will leave you to failure. See how all these idiots loving Obama don't realize he's sending them into the sewer. they still think this fool is taking them to the promise land!
People who think Cap & Trade is great when it might put themselves out of a job and their parents out of business. that's how dumb down America has become! Time will tell though, I think Cramer and Dykstra just showed you a lot about their qualities. The hidden taxes in your energy bills starting from 2012 through 2050 you can thank Barack Obama, Goldman Sachs and Al Gore for, if the Senate passes this cuz there's no way to say this isn't working and go back. Once it's done it's done!! Just like once Cramer loses your money, it's gone!!
The Government/Goldman Sachs connection is beginning to make some more headway as now it's not just the bloggers and Rolling Stone magazine talking about it. The capitalists who think Goldman Sachs is just a NICE firm full of very intelligent rich snobs. Now after a few days of bloggers mentioning this, Bloomberg TV mentioned what the bloggers have been saying and now the world will hopefully start seeing how the government is protecting Goldman Sachs but not you!!
As we all know and I have shown, Barack Obama is a GOD DAMN FRAUD!! Sorry for breaking the 2nd Commandant to those who may see this and be religious but it must be said with EMPHASIS!!!
Just today, or technically yesterday now, the Unites States Senate full of frauds, BLOCKED a bill to Audit the Federal Reserve, which means all the work some of us have been doing with Ron Paul, a true Libertarian (don't look at the R, he's not a Republican Thank God) who wants the best for the Unites States, States rights', and most importantly, FREEDOM!!!
We got Jim DeMint here on Glenn Beck (Judge Napolitano filling in):
The guy is damn right at last check there were 245 co-sponsors of H.R 1207. There are 177 Republicans in the House of Representatives. I'm sorry I don't have the number for how many Democrats there are since I don't know the independents but to get 245 co-sponsors. You know for a fact that plenty of Democrats had to like this bill. There are plenty of people in the RAT party that realize the destruction of America is on. auditing the Fed doesn't mean we stop what the Fed is doing. It means we actually find out what those frauds are doing to screw up our country. We finally find out where these TRILLIONS of dollars have gone.
I've been a big proponent of this!! I don't understand Ben Bernanke's need for secrecy. What needs to be a secret. There's only one reason to keep a secret. You're too embarrassed to let someone else know. That's what the whole point of a secret is. When someone tells a fgriend something personal that they keep secret. it's because they don't want someone else to know, more than likely it's because they're too embarrassed, but that's not the case 100% of the time. This is the Federal Reserve though. This is a public institution (or so you thought) that is supposed to represent the interests of America. the job of the Federal Reserve is to control monetary policy which is set short term interest rates to try and guide the economy to full employment and low inflation. They've failed. Now their balance sheet is virtually tripled in less than a year, they're buying mortage back securites, they're buying long term Treasury bonds, they're buying consume bedt, they're bailing out AIG. We don't know whpse getting what. We got what their balance sheet says but we all know from Enron, there's probably plenty of off balance sheet activities as well, you'll never find that stuff out and I've heard their true balance sheet is $9 trillion but I have nothing behind that so please don't hold me to it. I only know it's a little over $2 trillion on the books but what is off balance sheet. Who got the money?? Why is that banker's priviledge, don'r shareholders havea fucking right to know what is going on with their company and all this shit can be off balance sheet?? Why do you think Enron was a disaster. Nobody except those on the inside knew how bad that firm was until it began to implode. Once you see the implosion you can't hide, why do you think Bernie Madoff turned himself in. Wait till it happens to the United States Federal Government from borrowing too much under this Marxist Obama.
You see he bows to Chavez who steals private property from Ensco International and I'm sure others as well to make ends meet. It's calling stealing. I'm not even religious and I know it's the 8th Commandment. Everything I have to my name I want it to be EARNED. I don't want anyone else's shit. I don't even want you to give me a stamp for crying out loud. We all know the government steals from us everyday. They sit there and do nothing and in NJ they take 7% fro meverything we buy, then they charge us income tax too. then we gotta pay to register our vehicles and such. All taxes!!!
This Obama figure could give a damn less about transparency. Thankfully the liberals are also seeing this to be true!! This lack of transparent Kenyan must go. He smashed the Constitution and already has broken bankruptcy law. Yet the fools who love Michael Jackson and could care less what's going on in this country can't put two and two together. Michasel Jackson sang 'Beat it' and Obama should beat it too. Michael Jackson had the ' Neverland' Ranch and Obama is taking this country to "Never Never Land.' Can't you see it. Oh you're unaware. Oh you FEEL you can't stop it. You know why. It's people like you sitting in your homes doing nothing saying you have no power that is creating this. Freedom gives you the power to do what you want in your own life, that is until government controls you. ansd to say you have no power is ludicrous. It does take power in numbers but make th numbers grow.
I spoke at a TEA Party. I gladly don't mind that now Janet Napolitano has put me on th hate list and refers to me as Anit-american for speaking out against Bush, Paulson Obama and TARP along with Chrysler Government Motors, Delphi and the UAW. F- them all. Not one of them are American. Americans are we the people!! Americans want transparency. Americans want what's best for freedom and liberty. Not secretive how can we help out GODDAMN SACHS so they get their $700,000 bonuses!!
but this RAT Senate wants that. The RATS want you to sufferm, the RATS want Cap & Trade because Al Gore is partnered with a slew of ex Goldman Sachs alumni to fuck you over via the Chiago Climate Excahnge Tax that will go straight in their pockets vai Cap & Trade. Notice there's trade. Who do you think is involved in the trade. none other than Goldman Sachs ownin 10% of the exchange of course...
Which one of you fools knows that? You don't! You don't care about anything except who gets the will with Michael Jackson's estate. I got an answer for you.. It's no you so pay attention to what is affecting you, you dumb fool!!! audit the Fed affects you. The2 value of the dollar affects you. The price of food affects you, the price at the gas pump affects you, inflation affects you. the 'Neverland Ranch' could give a crap less if you died of cancer tomorrow!! Plain and simple!!
the lowlife Federal Reserve that along with Goldman Sachs has created each and every recession does need to be audited. We're not saying stop what they do, we;'re saying no more banker's privildged. That is the money of we the people. You print dollar bills and we hold them. That's why each piece of cash says FEDERAL RESERVE NOTE! That's a public issue so damn it ,all the people should know what the hell Ben Bernanke is doing toscrew us. I'm tired of this lets protest the elite to fuck ove the poor. Trust me, Obama is screwing you over!!!! He's only been PResident for not even 6 months and look at everything he's tried to ram thru. It's disgraceful. Even a report i nthe BBC says don't vote for Cap & Trade. I hope that Senator on bloomberg yesterday was right but I'm sure some kind of Cap & Trade to make Goldman Sachs richer is in the cards. Just liek they're slowly cashing out of oil to pay their shitload of bonuses. Why do u think oil has gone from $73 to $60 in a matter of 5 days.
Waiting for the bullshit green shoots to come back. This is just a game. But at some point this WILL implode if it is continued!!
The Fed must be audited, the people havea right to know how Ben Bernanke is screwing us. all of us that follow the financial markets KNOW Alan Greenspan wasa fraud yet the media still loves hi mand listens to him Why? They should tell him o go to his retirement home and shut his trap. Nobody cares he created the interent and housing bubble!! He was the person in charge of the Fed. He's most responsible. Yes, more tha Robert Rubin the fly fisherman.
Al Gore speaking in Oxford at the Smith School World Forum on Enterprise and the Environment.
Though the clip will not show it, it is in the text. How is the fraud of 'man made' global warming equivalent to Hitler wanting to kill all the Jews during World War II?? How is it even close?? How does it compare. Carbon Dioxide is so bad, YET in the 1st grade you are taught that plants need carbon dioxide for photosynthesis. So should we destroy all food production going forward. Yes you might say corn, tomatoes, etc. aren't green but the plant itself is green isn't it? All that stuff releases oxygen as well so whose really on the path to killing human life?? I think it's Al Gore!! the idiots that watch CBS, NBC, ABC, MSNBC, CNN, etc. all fall into this trap that global warming is man made, though we have temperatures COOLING since 2001. He talks about how the USA is moving in the right direction with Cap & Trade!
Well the battle for Cap & Trade is getting larger and it looks like the Senate (or at least this Senator) has it right on as he showed today on Bloomberg, stating the truth, which liberals who bow Al Gore becuase he was with Clinton will not like because they want to see Americans struggle more as China and India don't cap Co2 emissions and take the jobs of Americans, while gore, Goldman Sachs, General Electric, etc. get rish. It don't mean their shares will do well either. We know like in the case of Goldman Sachs, it's just massive bonuses to the elite and the rest of us will be holding the bag!
So T. Boone Pickens was on Glenn Beck (filled in by Judge Napolitano) later this day and notice how he says the Cap& Trade isn't what he's about but the bill has some good things in there
My one issue us at the end $65,000. Taxpayer money. what? I have anothr thing. We have all this natural gas, why don't we tap it? Drilling restrictions. The Democrats don't want us to drill, they want to tax tax tax tax tax you till you're blue i nthe face and have nothing left. Or money until you can't pay your electric bill and live in the dark. If not at least you'll be struggling for money. Lets hope the Senate will do the right thing and yes, natural gas is much cleaner burning to please that fraud of a journalist. Oops I mean the smartest scientist in the world, Al Gore!
Recently in the news, a big story within Goldman Sachs and stolen computer code. Then the U.S, Attorney comes out and says this:
“The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways.”
I don't know about you but with all the things in the news about Goldman Sachs of late, I surely don't feel bad for them. I read a statement like that and think. Is what this attorney is saying, mean it is ok for Goldman Sachs to manipulate markets in unfair ways? Why is Goldman Sachs getting special privileges.
We know they're going to get them from the CFTC. It might not be official but I'm calling it right now! Goldman Sachs will get an exemption!!
Granted stolen code is stolen code and I'm not defending the moves of Sergey Aleynikov. Proprietary information is supposed to remain such but if it can be used to manipulate markets, should it then be illegal for Goldman Sachs to even posess?? Why would they call the FBI and tell them that they're doing such if they were not part of the protected class. It looks to me as if there's major hypocrisy that's going on which once again harms the nation. This isn't anarchy and America is SUPPOSED TO BE the land of OPPORTUNITY. What opportunity is there though when Goldman is allowed to rig the game. That doesn't make this the land of opportunity, it makes the USA elitist and it makes the rich, richer and the middle class poorer. Like trickle up poverty as Savage says!
If it's used to destroy what Goldman Sachs does to legally and ethically make money that is one thing but if it's manipulation as the U.S. Attorney says, I have to question whether Goldman hasn't done something illegal here as well. Of course I don't know and it's just speculation on my part but given what I've read of late, I definitely have my doubts they're doing everything legitimately and ethically!
This article is interesting for many reasons. The CFTC head person, Gary Gensler, is a Goldman Sachs alum. He spent 18 years at Goldman learning how to give everyone else the shaft while he gets rich. He is part of this Government/Goldman complex (much to nobody's surprise) and he wants to act like the good guy now.
Now that Rolling Stone has exposed the fraud of a firm Goldman Sachs is, and him being the head of the CFTC now, he's playing the game. He's playign that political bogus game that he's looking into these allegations from Matt Taibbi that has gotten out to more than just the hard core investing crowd. But there's an interesting paragraph early on!
U.S. Commodity Futures Trading Commission Chairman Gary Gensler said Tuesday the agency will hold hearings this summer to consider imposing position limits for "all commodities of finite supply." The agency will also review whether swap dealers, index traders and exchange-traded fund managers should be allowed to get around those limits through special hedge exemptions.
So there could be exemptions allowed. Well that would include Goldman Sachs wouldn't it?? Yes Goldman Sachs does have the Goldman Sachs Commodity Index. It is a long only thing but it's easy to just sell and it's easy to have some hedges in there to protect the downside. So basically this whole plan will not do anything and excessive speculation will continue. Ok what it might do is make the average ordinary guy like me, not be allowed to trade futures by the exchange saying we can't allow anymore speculative contracts, but since goldman Sachs will have their exemption via their Index Fund, they'll still be able to continue with business as usual and screw over every American they can for the benefit of themselves, their pockets and their endownments over there are Harvard and Wharton, to make sure those that go to school there, can continue to be part of the elite that takes over America.
Giving exemptions to people like Goldman, is basically stating that the law applies to one person and not the other. It's like saying racial discrimination is fine and should go on. Because this is the same thing in the business world of trading!
Recently we learned that Barack Obama expanded his mortgage modification plan because apparently not enough people are able to or are qualifying for getting their homes refinanced. What this is essentially allowing is someone who used to ower $315,000 on their home worth $300,000 could get the loan, at 105%. Now that $300,000 home can have $375,000 in debt to qualify for modification.
Now remember who is bearing the costs here. I've attached the original document here from the White House and Treasury Department (which is part of the executive branch folks.) I sk you all to specifically look at page ten where it states:
Modification fees and charges to the servicer will be reimburseable by the investor. These include notary fees, property valuation fees (aka an appraisal)and other required fees. Servicer reimbursement by the investor will take place within normal processbetween the servicerand the investor.
Well the servicer is the bank and the investor is Fannie Mae or Freddic Mac in majority of cases. But isn't it true that Fannie Mae and Freddie Mac were put into conservatorship by the lovely crook Hanky Panky Paulson?? that's correct, so the taxpayer is sending to the servicer to pay for all the bullshit that anyone traditional refinancing would have to pay on their own to refinance. Isn't that lovely!!! The banks aren't doing this to hold the loans... they know they're garbage and they're only doing it because the government is involved in bearing these costs.
Page 11 of this program states:
Compensation is provided to the servicer that performs the loss mitigation or modification activities. Upon modification following successful completion of the Trial Period, and contingent on signing the program servicer agreement, the servicer will receive an incentive fee of $1,000 for each eligible modification meeting Home Affordable Modification guidelines. Servicers will also receive Pay for Success fees – payable 12 months from the effective date of the Trial Period as long as the borrower continues in the program – of up to $1,000 each year for three years. Servicers will no longer receive Pay for Success incentive payments for Redefaulting Loans or for loans that have paid off subject to certain de minimis constraints (discussed below). For loans modified while still current under the MBA delinquency calculation, the servicer will receive a Current Borrower One-Time Incentive of $500 following successful completion of the Trial Period. Lenders that service their own loans are eligible for these incentives. Throughout this document the term “servicer” means the party that is responsible for performing the modification activities. Similar incentives will be paid for Hope for Homeowner refinances.
Yes that means not only are we the taxpayer paying all the fees associated with a refinancing, we're doing more than reimbursing those fees, we're giving the banks (aka the servicers) thousands of taxcpayer dollars on top of it. Yes it's like an added bank bailout indeed. But that's not all folks. On Page 12 you will read:
Borrowers will be eligible to accrue up to $1,000 each year in Pay-for-Performance Success Payments for up to five years, a total of up to $5,000 over five years, subject to certain de minimis constraints (discussed below). Accruals are based on on-time payment performance. The first annual principal balance reduction will be effective 12 months after entering the Trial Period as long as the borrower is not terminated from the program. In any given month, the borrower’s mortgage payment must be made on time, accounting for standard servicer grace periods, in order to accrue the monthly Pay for Performance Success Payment. The borrower will receive information on a monthly basis regarding the accrual of these payments. The payment will be directed to the servicer, who will reduce the principal balance by the payment amount (but not by more than $1,000 per year) for five years if the borrower continues in the program. Payments are to be applied directly and entirely to reduce the principal balance, and any applicable prepayment penalties on partial principal prepayment made by the government must be waived. The equivalent of three months of Pay-for-Performance Success Payments will be made upon successful completion of the Trial Period, contingent upon the servicer signing a service agreement with the Treasury. Borrowers who are terminated from the program lose their right to outstanding accruals.
Yes folks, the taxpayer is also paying the homeowner to make payments on time as well. I'm sorry but how come the government doesn't send me a $1,000 a year because I've never paid a penny in interest on a credit card. I don't own a home, but maybe the government should pay me $500 or $1000 a year because I've never missed a student loan payment. Oh wait, I've even paid an extra $50 a month, every month since I started making payments to my student loan. don't I deserve something for beign a responsible citizen to America. I didn't do anything to cause the crisis. I'm one of the good guys. I didn't create the mess. I paid my bills. Why are the deadbeat, idiots of the world being rewarded for their irresponsibility?? We know. it's because Obama has EMPATHY (emphasis noted) for the retards of the world. Just like he's gotten a Supreme Court justice who would show EMPATHY (emphasis noted) and not really care about what the law is if it can be twisted to show that EMPATHY (emphasis added.)
Listen at 1:08
So essentially the law should be twisted to show empathy, so contracts no longer matter and we should show empathy to the idiot who borrowed beyond their means and wantsa house, larger than they deserved.It's no longer about hard work and dedication but about handouts fro mthe responsible to the irresponsible. I don't that sounds like parenting to me. Parent to their child. This doesn't teach a fool anything except how to take advantage of others. Utter bullshit!! but it goes further.
On Bloomberg Radio today, I caught the very end of a clip on the radio (can't find it online to show you folks either.) It apparently was a note out Credit Suisse that said beware of the banks and they said that 36% of the mortgage modifications done in the first quarter were already in default. Now think about that for one second. We're paying the fees associated with this, we're paying the banks thousands of dollars to re-write these loans upfront, and obviously they don't qualify for me when the borrower defaults, but then the loan goes to Fannie and Freddie which is the taxpayer's balance sheet. Do you want this garbage on your balance sheet?? whatever happened to letting bad investments fail, letting the deadbeats bear the burden of their ridiculous mistakes. One of the reasons I don't own a home is because of the income I have and being able to maintain payments for 30 years, given that. Oh yeah I'd be fine for a few years but eventually I'll be screwed. So yeah that means no home for me, that's the responsible thing to do. But we now live in a nation that says be irresponsible, the government will take care of you. Leverage up the wazoo, it's ok. Yeah but whose going to bail out Uncle Sam when the massive deficits and the massive debt become too burdensome. What happens as foreign nations feel the U.S. Dollar shouldn't be the standard anymore. What happens when debt stops being issued here. Yeah there's a AAA credit rating and I don't see defaults happening anytime soon. What the fuck do you think the purpose of Cap & Trade is all about. It's a massive tax that goes to the government and Goldman Sachs so the Goldman/government complex stays protected while the rest of us suffer, Yes the middle class is becoming extinct and we all need to work together as citizens to make sure our elected officials do what's best for the country, not just their own pockets! That is what public service is essentially about isn't it?
Along with this, we have Barney "the dinosaur" Frank trying to push Fannie Mae and Freddie Mac to lower lending standards for condo buyers. Does Barney Frank remember this on June 27, 2005??
Not the degree of leverage?? You mean buying homes with no money down isn't excessive leverage??? Buying homes with 5% down isn't excessive leverage? Isn't excessive leverage what out government is doing right now!! Yeah increasing the loan modification program to 125% of the value of a home isn't excessive leverage either. How come nobody pays attention to this.
THIS IS WHAT AFFECTS YOUR LIFE EVERYDAY YET YOU CARE MORE ABOUT FUCKING AMERICAN IDOL. THIS IS WHY YOU CAN'T FIND A BETTER JOB, GET A RAISE OR BETTER YOUR LIFE. CUZ IT'S ASSHOLES LIKE THESE FUCKERS IN OUR GOVERNMENT THAT OPUSH TO LOWER UNDERWRITING STANDARDS TO CREATE BUBBLES. BARNEY FRANK YOUR AN IDIOT!!! WAKE UP!
We need tighter standards, we need to make it harder for people to qualify for loans. We need to let banks decide whether someone can pay the loan back, we need to require banks to hold a GOOD PORTION of the loan as well. Obama says 5 or 10% Puhleeze. Goldman Sachs will make billions and lose a few million, WTF do they care and you're left holding the bag as they pay their record bonuses this year? Yes in the middle of a recession to go with the Rolling Stone article, GOLDMAN SACHS will pay out over $700,000 per employee on average this year. If that article doesn't work being a WSJ article. Google Search the headline :
Big Pay Packages Return to Wall Street
The whole article will show. How does that make you feel??? While we're struggling, they got bailout after bailout and those rich fucking snobs that should all rot like the vermin they are are laughing in our faces. This is a company that gloats about how great they are. They shred virtually every resume that comes to them that isn't Harvard, Wharton, etc. No sorry folks NYU isn't good enough to be part of the "in" crowd at Goldman Sachs. Oh you might have a slight chance, if you know one of those big shot, laugh in your face, snobbish bums, then you got a chance. Never forget the Government/Goldman complex that Rolling Stone told you about. This is one of the most evil companies in the nation, in my opinion.
So yeah, it's all crumbling. We've gotten rid of many of the subprime issues but we still have the Alt A loans to deal with and yes, the prime borrowers are defaulting at 2.9% as well now. Yeah that's those fixed 30 yr mortgages of people with stable income and good credit. The way the old times were for mortgage underwriting. Yes folks, the green shoots isn't working and we've got a ways to go.
I give many of my own opinions in this blog and hence, not everything I say is indeed factual and you acknowledge that I am not accountable if you take this information and deem any or all of it as factual. On some posts I'm giving my viewpoint for what I think is about to occur.
