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Saying it doesn't make it so

Bankster of the day


“[BEN BERNANKE] I learned how very hard people in small towns like Dillon, and in communities large and small all across the United States, have to work to support themselves and their families and to offer opportunities to their children,” the Fed chairman said.

Now you learn, you putz?

Where's my trillion, Ben? Why won't you say which banksters got it, and what they did with it? Read below the fold...


More good finds from Bernhard at Moon of Alabama on the Big Meltdown Me$$--the curtain seems to be lifting a bit

From Moon of AL. Bernhard links to two powerful posts:

William Buiter is "speechless and weak with rage" about how the Fed handled the AIG mess. Read whole thing. Wince, rage, sharpen the tines of your pitchfork...but do read the whole piece.

...When it was uncovered during the late summer of 2008, that AIG had nurtured a little rogue, unregulated investment banking unit in its bosom, and that the level of the credit risk it had insured was well beyond its means, the AIG counterparties, that is, the buyers of the CDS, were caught with their pants down.

Read below the fold...

End of the oligarchs?

Oh, Russia. Sorry.

Didn't mean to get your hopes up. Read below the fold...

Gawd, Pinkerton is such a piece of scum

And how interesting that Puccini chose that name to exemplify an American.... Read below the fold...

Tipping point?

Duncan Black, who is a real-life, honest-to-gawd economist:

I generally aim my ire at Timmeh Geithner, but I don't forget who his boss is.

Then again, isn't there another question?

That being, who's Obama + Timmy's boss? From behavior, it's whoever AIG turned over its bailout money to* ("counterparties," if I understand the term correctly).

NOTE * Who the Fed laundered our money for? Read below the fold...

Why won't Obama tell the Fed to explain which banksters got the bailout trillions?

James Leiber is a must read.* This paragraph caught my eye:

Secrecy shrouds the bailout. The 21 banks that each received more than $1 billion from the Fed won't disclose how, or even if, they're lending it, which hardly quells fears of hoarding. The Treasury says it can't force disclosure because it took only preferred (non-voting) stock in exchange for the money. [Coincidence!]

Read below the fold...

Upcoming regional health care forums


In a further effort to build consensus, the Obama administration announced on Friday that it would hold five regional forums on health care. They will be held in California, Iowa, Michigan, North Carolina and Vermont.

Now we'll ahve to get single payer on the agenda in these forums, too. Read below the fold...

"Systemic risk" turns out to be "Goldman Sachs" risk

I'm shocked. Ritholtz:

Yesterday, in Backdoor Bailouts for Goldman Sachs?, we noted that GS, as well as Morgan Stanley, Merrill Lynch, and Deutsche Bank, were all made whole [by the taxpayers] on their bad bets with AIG.

That’s right, what was misleadingly described as systemic risk turned out to be in large part little more than a counter-party bailout — money for the very same people who helped cause the problem.

Read below the fold...

Timmy? Ben? Larry? Barney?

Read The Big Picture's proposal to fix the ratings agencies. If I understand it -- unlikely, actually, since if I knew anything about money I'd have some -- Ritholtz has a technical fix that would actually help to rate and value the Big Shitpile going forward.* Read below the fold...

The bankster's unitary executive: The Fed

Via Sanity Check:

I think the defining moment for me was when Bernanke responded to the question from Congress, as to whether the American people (and their elected representatives in Congress) would be told to whom all their tax dollars have been given or lent. That single word summed it up perfectly for me: "No."

Read below the fold...


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