Amazing! McSenile just pulls stuff out of his butt for all to see!

Paging EMPTYWHEEL….

from the NYT article:

In an interview Sunday night with CNBC and The New York Times, Mr. McCain noted that Mr. Davis was no longer working on behalf of the mortgage giants. He said Mr. Davis “has had nothing to do with it since, and I’ll be glad to have his record examined by anybody who wants to look at it.”

(bold mine)

…Marcy? I think McHoover is double-dawg daring you!

I’m pretty sure Franklin Raines is no longer working on behalf of Fanny Mae either…hell, he never even worked for Obama, didn’t stop McCain from the smear though.

Good morning, Attaturk and thanks for the post.

Saw the 60 Minutes piece last night and was not surprised McShitforbrains was incapable of admitting he had been wrong. But for him to maintain that, in the face of catastrophic consequences, deregulation HELPED the economy was a chilling moment for me. It is very frightening to see that much crazy so close to power.

Meanwhile, down here where all the shit continues to pile up, it is time to get ready to go be, you know, fundamental and strong for a 10 hour shift.

Oh, yeah……still giving serious consideration to going EXEMPT on withholdings this morning and closing our bank accounts. It is starting to look to me as though our only option will be to deny them the money they are attempting to transfer steal.

Yes, and we are supposed to give complete unfettered control of the bailout, with no review by either Congress or courts possible, to Paulson who was making in excess of $30 million a year running Goldman Sachs who were one of the causes of the meltdown. Btilliant idea. Or not.

OT sort of, The Guardian has some suggestions on how to ride the beast at the door. Although written for G.B. the advise is transferable.

http://www.guardian.co.uk/mone…..nvestments

Last night on 60 Minutes, McCain said OUT LOUD that Wall Street, The FED and their Bankster overlords (see David Rockefeller – chart 3), had in fact perpetrated a giant “PONZI SCHEME” on not only the citizens of American but indeed the citizens of the world. Knowingly toxic debts were bundled together and pawned off to unwitting investors around the world. I dare say that even Charles Ponzi himself is rolling over in his grave at the sheer audacity and magnitude of what can only be described as the largest conspiracy on earth.

If you are REALLY READY to learn the entire truth…what is really happening with AIG and how ALL the dots connect, take the time to listen to a man (former AIG insider) who has done all the research on your behalf.

You owe it to him (and your family) to listen to this interview.

McCAIN: No. I think the deregulation was probably helpful to the growth of our economy.

I wonder if this is not a true statement in the sense that his economy has really been doing just fine, than you very much. That the rest of us haven’t been doing so well is no skin off his ass, now is it?

When even Glen Beck has come to believe that the entire thing is a conspiracy, and invites Ron Paul on his show to speak the truth, you know this is WAY beyond political

Their advice presupposes that there will actually be a functioning market that is open for business. Sounds pretty optimistic to me. There is no “market” where there is no transparency and confidence. There has been no “market (in terms of pure supply/demand – without intervention) since 9/11. It’s all been manipulated, and the banksters now have literally taken all of the “money” out of the “market.” There is no there, there.

They’ve killed the goose.

Timothy F. Geithner is Rockefeller’s man at the head of the New York FED. He’s the guy who, on behalf of Rockefeller’s JP Morgan Case and Goldman Sachs, engineered the take down and acquisition of Bear Stearns, using your money, to their benefit.

http://www.newyorkfed.org/abou…..thner.html

Bilderberger David Rockefeller is not only the founder of the Council On Foreign Relations and the Council of the Americas, he was also a founder of the Trilateral Commission. Rockefeller had this to say in his Memoirs:

“For more than a century, ideological extremists at either end of the political spectrum have seized upon well-publicized incidents such as my encounter with Castro to attack the Rockefeller family for the inordinate influence they claim we wield over American political and economic institutions. Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as ‘internationalists’ and of conspiring to build a more integrated global political and economic structure—one world, if you will. If that is the charge, I stand guilty, and I am proud of it. “

Paulson is Rockefeller’s man at Treasury and Bernanke is Rockefeller’s man at the FED. Congress has been 100% usurped. They control none of your money, or your laws.

And you thought “politics” mattered.

Continuing to use the term “bad mortgages” is to continue the obfuscation of the underlying problem. The alleged financial instruments at the root of the shitpile are bundled mortgages that were valued at a high percentage of the 30 year pay off. Not the value of the house the note was generated for. Thus there is not now, nor has there ever been, the money to back the paper.

Allowing a liquidity fix for a solvency problem is just fucking stupid.

Fine. I’ll go sit over there in the corner. In the dark. :D

I appreciate your insights very much. The one you wrote the other day before heading off to work (about increased costs of life and decreased income) was so on point I e-mailed it to several friends, all of whom were in agreement with your take on our collective and unfortunate plight.

Keep writing the truth. We’re listening.

So, explain what isn;t stupid?

NYTimes quotes a man who should probably forget his own name when this subject comes up:

“Who would open a bank again in the United States?” asked one executive of a major European bank who has been following the discussions.

What covenant was this schmo a party to, that he should feel aggrieved if his bank were shut out? No one had promised him anything in advance.

The great Molly Ivins wrote a joint profile of Gramm and Dick Armey (whose been busy astroturfing the mortgage crash the last couple of years trying to drum up punitive attitudes toward borrowers) back in 2002. Just before the part on the 1999 deregulation bill, she sums up Phil Gramm thus:

Gramm, the great crusader against government spending, has spent his entire life on the government tit. He was born at a military hospital, raised on his father’s Army pay, went to private school at Georgia Military Academy on military insurance after his father died, paid for his college tuition with same, got a National Defense Fellowship to graduate school, taught at a state-supported school, and made generous use of his Senate expense account. In 1987, a Dallas developer named Jerry Stiles flew a construction crew to Maryland to work on Gramm’s summer home. Stiles spent $117,000 on the project but was kind enough to bill Gramm only $63,433. When Stiles got in trouble for misusing funds from a savings and loan he owned, Gramm did him some “routine” favors with regulators. Stiles was later convicted on 11 counts of conspiracy and bribery.

If you’re keeping a timeline, be sure to include the dates at which those two left public office.

The way it’s coming across on scar is dumping all the blame on those stupid, greedy people who wanted to buy a house they couldn’t afford. Gawd! How about blaming it all on the stupid, greedy people who populate the TV screen? With financial analysis like they’re spewing, it’d be a lot closer to the mark.

Spit! I’d go back to bed but have to hit the road in a couple of hours.

Obama needs a strong attack against the plan proposed by the president and he needs to start with the laughable tenets;

“the plan this president has the nerve to propose is only intended to shore up the damage until the next president takes office, whether that is my administration or john McCain’s, it is NOT acceptable

this plan allows the administration’s appointees to steal even more of our assets and actually makes it legal for them to do it, he has the nerve to propose a program where the administrator has no over site and no responsibility if he commits crimes with our assets…it is bizarre he thinks Americans will fall for this proposal.

any plan that is approved will be funded by those who took profit from deregulation, NOT by those who were harmed by deregulation, any corporation who being bailed out will be FORFEIT their golden parachutes if they want that bailout, they will be allowed a minimal retirement based on a slight multiple over the average salary of their workforce, NOT their own personal salary.

those responsible for the decisions that caused this issue will NOT be involved in the recovery, they can offer advise which we will regard with due incredulity

any plan that is approved will see the light of day, there will be COMPLETE transparency and ALL expenditures of those companies accepting our bailout will be PUBLIC RECORD since they are taking public funding

in addition, the public will won stock commensurate with the funding that bails these companies out of the mess they caused to this nation, her economy and the worlds’”

something along those lines but Obama needs to come out swinging

Good morning, pups. It’s [groan] Kristol, Cohen and Krugman today. Cripes. Even Wrong Way Billy has doubts… He extruded “A Fine Mess,” in which he states a friend of his serving in the Bush administration tried to talk him out of his doubts about the $700 billion financial bailout. He’s not convinced. Jeez. If they’ve lost Little Billy who do they have left? Mr. Cohen writes about “The Fleecing of America” and says as world leaders converge on a battered New York this week for the United Nations General Assembly, his advice to them is: think Damien Hirst. Mr. Krugman, who should be Secretary of the Treasury, thinks the bailout plan is “Cash For Trash.” He says Henry Paulson is demanding extraordinary power for himself to deploy taxpayers’ money on behalf of a plan that, as far as he can see, doesn’t make sense.

http://mgpaquin.wordpress.com/

The coffee and tea are ready, and the biscuits are out of the oven. It’s starting to feel a bit like fall here. The humidity has gone down and the temperatures are bearable. Which means I can get out in the garden and do the weeding that needs to be done before I have nothing left but weeds. Have a great day.

fascinating watching the bald face lying, as his blinks tell

fascinating watching the bald face lying, as his blinks tell

sounds to me like those blinks would make a wonderful compilation

ya, get what he’s saying with the blink, then go to the reality in text

man, that would be one embarassing add

off for a drive, will catch everyone later in the day

As usual, jumping in where not asked
What is stupid is the talking point that I heard on ABC News repeatedly last night that “Most, if not all, of the $700 billion will be repaid”
Because, as pointed out, it does not exist in a deflated market.
Congress is in panic mode, and unless there have been a lot of changes in leadership (there have not), it is the AUMF all over again.
Serious people will present a serious problem and an unprecedented solution, and unless more than a couple dozen see the fundamental flaw of the assumption, the blank check will be written.
Once done it will be as hard to undo as the AUMF.

A Ponzi scheme is a fraudulent investment operation that involves promising or paying abnormally high returns (”profits”) to investors out of the money paid in by subsequent investors, rather than from net revenues generated by any real business.

By definition, McCain has implied that there is a single actor, or small group of actors, who created a strategy at the outset, and subsequently implements it, perpetrating a fraud in violation of US Securities law.

When Charles Ponzi did it, he was fingerprinted, photographed for his mug shot, and sent to prison.

So who is going to arrest David Rockefeller and his fellow conspirators for perpetrating the Ponzi Scheme that Mr. McCain is convinced has occurred? If not Rockefeller, then who Mr. McCain, WHO?

It’s time to pressure every media talking head to ask McCain point blank, WHO is the person who devised the strategy for the Ponzi Scheme? Surely Phil Gramm can tell him this person’s name.

It’s time to name names. This shit didn’t happen on its own.

Of course, the Republican, in no way, want to invest the Administration or Congress with serious oversight of the economy.
Oligarchy suits them better – but they need our money.

Ponzi Scheme, John?

Who dunnit?

Simple enough question.

Note: “Congress” or “Wall Street” are not acceptable answers. We want sir names, John. Who is the new “Charles Ponzi?”

Have a little comedy:

Heroic Bankers on the March!

Dow saved from collapse to 8300!!

I asked this yesterday and had to run and when I went to check forgot which thresd I had been at, so I apologize for asking again:

McCain and his surrogates are hammering something to prove he’s not a total deregulator and really, you know….. well, a mavrick. Seems in 2005
he co-sponsored a bill (I know, co-sonsoring is bullshit, but anyway…) at the time Mccain said:

For years I have been concerned about the regulatory structure that
governs Fannie Mae and Freddie Mac—
If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

Sounds good. Anybody know about this? All i know is that the bill died in committee.

Good morning. Write or phone your congressman. No blank check.

wait. KOS has something. Seems the bill was introduced by Hagel and sponsored by Sununuu and Dole. It died in ciommittee in July 2005. A repoprt critical of Fannie & Freddie comes out in May 2006. After the bill had died in committee and after the report, McCain co-sponsored it. Funny thing was Bush critized the House version of this bill (to which the Senate bill was very similar as too weak!!

This is just more bullshit. Here’s the link:
http://www.dailykos.com/story/2008/9/20/21195/8886

What i don’t get is how, if the bill died in Committee in 2005, McCain could co-sonsor it in 2006. Unless it was reintroduced? It had been “reported with an amendment in the nature of a substitute favorably.” Whatever that means. Anybody?

BTW. All this occured in 2005 and mid 2006. Republicans controlled the Senate and (of course, the Committee). McCain blames the Dems for killing that bill. More bullshit.

wonder what Pitt feels about this.
I know what the pit of my stomach feels.

here’s
Washington Journal
7:45 am – Harvey Pitt, Former Securities & Exchange Commission Chairman (2001-03)
8:30 am – Erika Bolstad, McClatchy Newspapers, Anchorage Daily News Reporter
9:00 am – Daphne Retter, New York Post, Congressional Correspondent
9:30 am – Newspaper Articles & Viewer Calls

I asked this yesterday and had to run and when I went to check forgot which thresd I had been at, so I apologize for asking again:

I resemble that remark. [indecision wrt *g* or :-( ]

Given the dates, good guy or bad guy? Asking because I expect anyone who shows up on TV to be jumping up and down, waving the flag, and screaming, “SOB!” (Save Our Banks)

We have to cover their gambling debts so that they will have more money to gamble, seems logical to me.

plunger@7 Thanks for the Andrew Grove info was pretty interesting. When do you think the truth about the bushco bombing of the WTTs will come to light. (Says he tweaking those that still believe it was an outside job)

I missed 60minutes. How’d Obama do?

I can’t believe McCain is saying he’s going to spend a trillion dollars on this crisis and pay for it by cutting spending. The entire federal budget is around three trillion dollars. He’s saying that one third – plus all the stuff he was already going to cut to balance the budget – of the current budget is waste? What is this guy talking about?

Actually I think if that interview becomes viral, and everyone takes the time to share it with friends and family, the dots will be connected very quickly. Once you come to understand how the present crisis is tied DIRECTLY to 9/11, and simply follow the money, the logic and evidence is irrefutable.

Here’s the interview.

Here’s the backstory.

Denying the truth is simply no longer an option. The least we can do is talk about it, right?

60 Minutes

you can scroll down and take your pick of video segments

Scott Pelly – Lifetime Achievement in Fluffing

Mornin’ All

Thanks Plunger for the video. I’ve posted it on my blog. The only story I don’t believe is the one escaping the lips of the Bush Regime!

Morning pups. It seems to me that this week is another one of those famous tipping points that can go one way or another. The public are being treated (for almost the first time in living memory) to a lot of negative television about Wall Street’s barons, which speaks against a Democratic sell-out to the Paulsen fleece-plan. On the other side, the financial markets may still implode, now that the plan is revealed for what it is. The markets are also going to start wondering whether the USA can support two trillion dollar fiascos instead of just one (’Don’t mention the war’–Fawltey Towers). So we will just have to keep our fingers crossed. If the markets crash, the Dems will fold.

On the plan itself, for those who haven’t studied the international aspects of the 1930s, I urge you to take a look at Barry Eichengreen’s Golden Fetters, which is probably the best account of the actual economics of the great unfolding. One of the things one learns from that book is that the seizure of dictatorial power by the executive in countries like Belgium, France and in some respects Weimar Germany was precipitated by budget crises that turned on distributional issues: who should pay for the overhang of the First World War. The upcoming struggle between the Democrats and the current Republikan administration falls into the same family of crisis. Stay tuned and write your Congress critter not to give in.

equally important is the video about the creation of debt:

http://breadwithcircus.com/

EVERYONE needs to share this with EVERYONE.

Is this the basis…or in some way related to the specious claims that Dems “forced” Fannie Mae and Freddie Mac to make loans to people who couldn’t afford them? Not that I think the Rs bother too much about having bases for their specious claims…

Oh, jeez, there’s not going to be a racist theme to this meltdown, is there?

I did go peeking around at wingnuttia, so I regret to inform you that, um, yes, kinda looks like it.

I’m in over my head when it comes to economics but this doesn’t sound too good, PR-wise. Lehman to hand out billions in bonuses?
http://www.independent.co.uk/n…..37560.html
Is that before or after they get taxpayer money?

Leaving, now…bbl.

$2.5 billion is going to 10,000 employees of a purportedly bankrupt company?

$25 million per employee…to quit work?

Why didn’t they do this years earlier?

Sub-prime = Lazy Blacks
Alt-a =Unlucky Whites
Subliminal you know

Ooh and look at this nice quote in the NYT article about Rick Davis lobbying for Fannie Mae & Freddie Mac:

The spokesman, Tucker Bounds, also noted that the Homeownership Alliance included nonprofit organizations like Habitat for Humanity and the Urban League. “It’s not controversial to promote homeownership and minority homeownership,” Mr. Bounds said. More than a half-dozen current and former executives, however, said the Homeownership Alliance was set up mainly to defend Fannie Mae and Freddie Mac by promoting their role in the housing market, and the two companies paid almost the entire cost of the group’s operations.