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A remedial theatre take on the Geithnerist bailout

Mandos's picture
Tue, 03/24/2009 - 11:39pm — Mandos

Via goddammitkitty, who sometimes used to post around here until real life made her cut back. Language a bit NSFW for workplaces where you are forbidden from using vernacular terms to discuss excrement:

I hope this meets Lambert’s standards for non-truthiness.

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DCblogger's picture

oh dear

By DCblogger on Wed, 03/25/2009 - 1:01am

mean old politicians hurt the banksters feelings.

»
Mandos's picture

The more interesting part..

By Mandos on Wed, 03/25/2009 - 1:09am

...of the article is this one:

Asked if Goldman Sachs would be the first financial institution to return funds granted by the Treasury's Troubled Asset Relief Program, Mr. Cohn said he didn't know, adding that he couldn't speak for the other banks that had accepted TARP money. He also said he would be surprised if any institution repaid TARP funds "until ... stress tests and first-quarter earnings are out of the way."

Mr. Cohn also said Goldman wouldn't have lost money had insurer American International Group been allowed to fail. He said the firm's greatest exposure at any one time was about $2.5 billion and that Goldman's credit-default swaps and collateral would have covered those sums in the event of default. "We would have been 100% fine," he said.

Fund manager George Soros dismissed many of the proposals discussed at the conference as "tinkering." Mr. Soros sought a thorough overhaul of regulation of the markets. "The idea that the markets are self-correcting has been proven false. ... The market, rather than reflecting the underlying reality, is always distorting it."

1. It turns out that there are things that are too big to NOT let fail.

2. Soros is correct on that point.

3. The WSJ has a quaint addiction to pointilist portraiture. Do they think it makes them look less dorky?

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pie's picture

Hey, send

By pie on Wed, 03/25/2009 - 8:52am

some Obama supporters over here to watch this. Maybe they will then get what's wrong with Geithner's plan, instead of continuing to hopethat the whole sordid situation will changedue to...

sufficient will.

*rolls eyes*

»
lambert's picture

You're not sure?

By lambert on Wed, 03/25/2009 - 9:20am

I have very little sense of humor on truthiness infractions.

* * *

But yes, "I'm not buying a bucket of shit..." sums matters up very well, I think.

First they ignore you, then they ridicule you, then they fight you, then you win. -- Mahatma Gandhi

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Mandos's picture

I don't really...

By Mandos on Wed, 03/25/2009 - 9:35am

...screen my comedians with a fine-toothed comb for detailed factuality, you see. I'm more interested in whether they made me laugh.

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lambert's picture

Yes, neither do I

By lambert on Wed, 03/25/2009 - 9:46am

My irony and snark meter is a little off these days, due to extreme RL stress (in a good way), especially as we've had this discussion in other contexts. That said, I think few people screen mechanically, including me. I certainly don't screen all the musical YouTubes I put up, for example. If you wanted to keep the focus on the video, where IMNSHO it belongs, you might have considered leaving the line out entirely.

First they ignore you, then they ridicule you, then they fight you, then you win. -- Mahatma Gandhi

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Mandos's picture

Naw...

By Mandos on Wed, 03/25/2009 - 10:20am

...I couldn't resist the trollery.

»

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