Welcome Congressman Grayson! Wow it’s fun to write that – so glad to have you back at Firedoglake.

Alan Grayson, saying ”hi.”

Congressman!!!! Greetings from The City Beautiful!!!!!! 78 and crystal clear. (I’m in FL-24). No question. Just want to say great job. For what it’s worth you are enormously popular at fdl. Please keep it up.

Hi, Rep. Grayson, so great to have you here. Can you tell us what’s going on with your question to Mr.Kohn? Any answers yet?

Fun to write it, fun to live it.

Yes. The Fed is appointing an internal committee to decide what to release to the public, chaired by Mr. Openness himself, Mr. Kohn. Hard to believe, but that’s their response.

Welcome Congressman Grayson!
Where did the Fed get 2 trillion dollars?

what next after the cmtee. decides not to release things?

We’re going to keep going after this. They won’t say who got the AIG bailout money, either. It’s incredible that you can hand out hundreds of billions of dollars to “Anon.”

Where did the Fed get $2 trillion? Barney Frank asked the same question, and he got no answer.

What next? We can subpoena, hold another hearing, or pass a new law requiring disclosure. The new law has already been drafted; we’re just figuring out what to do with it.

Welcome, Rep. Grayson — so great to have you back here at FDL. Thanks so much for pushing for more public accountability from the Fed and elsewhere. Much appreciated.

Do you find many parallels between stonewalling on financial accountability issues and the war profiteering legal work that you formerly did? Because I’m seeing a lot of parallels between the stonewalling on this and the prior criminal prosecution work that I used to do…

Congressman Grayson:

I’m always curious about the kind of response you get from the people who you questioned AFTER the questioning is over. Especially from the people who are the lobbyists for various special interests.

What did you hear from the financial special interests? Who specifically came to you, sent you notes or passed on word to you that what you did “Just isn’t done.”

Did other congress people take you aside and say anything?

Welcome back to FDL Representative Grayson (doG but that sure is fun to type).

Thank you for showing the entrenched interests how oversight is performed and calling BS on folks trying to blow smoke.

Protecting taxpayer interests seems to have moved way down the list of priorities for a lot of incumbents.

Hoot !!! give ‘em hell rep. grayson …

Parallels? Absolutely. I used to think that war profiteering in Iraq was the crime of the century. But this is bigger.

Can you explain what happened with that? Did they take the losses from Maiden Lane III and put them on AIG’s books to avoid compliance with Senate regulations which say Maiden Lane has to report?

I’ve gotten lots of encouragement from other members of Congress. The only attacks have come not from lobbyists, but from the Republican Party. The Republicans ran radio ads against a few Dems two weeks ago. There are 257 Dems in the House. Guess which one they spent the most money attacking? Me. Almost 10% of the entire nationwide buy, directed against little old me.

Look in the mirror.

They’re not admitting losses in Maiden Lane. “Mark to market” doesn’t seem to apply to the Fed. They also have arrangements that they don’t report on their books. Just like Enron.

“Look in the mirror?” You’re making this torture for me.

You’ve probably seen this

The Board of Governors contends that it’s separate from its member banks, including the Federal Reserve Bank of New York which runs the lending programs. Most documents relevant to the Bloomberg suit are at the Federal Reserve Bank of New York, which the Fed contends isn’t subject to FOIA law. The Board of Governors has 231 pages of documents, which it is denying access to under an exemption under trade secrets.

Talk about arrogant.

Trade secrets??? Like they have competition

You know, I do understand the need to keep some of the information private, given the potential for another company using it for leverage in a hostile take-over bid, etc. But do the folks at the Fed and/or some of these incredibly lax corporations comprehend the concomitant responsibility of fiduciary obligation to the public that carries with it? Because I sure as hell do not get the feeling that they do.

And, if they aren’t holding up their fiduciary duty end of the bargain, how can they possibly be aghast at folks asking for more public accountability? That goes against every grain of corporate law training I ever got, let alone every textbook description of sunshine laws for governmental bodies.

I get that things have been lax in terms of oversight the last few years — but being up front with the public about where their tax dollars happen to be pouring is not exactly rocket science, is it?

Think about this. Trillions of dollars disseminated to who-knows-what, in return for who-knows-what. Thousands and thousands of dollars for every one of us, sent to the Invisible Man. They must think we are sheep.

That’s an agency of our own Government, trying desperately to keep us in the dark.

How did AIG blow up so totally and so fast, at one time it was an admired company? Why did they get money so fast, but the automakers have to beg for it?

I have to account for every penny of our office budget, and that account is published and open for everyone to see. What the Fed has handed out since September alone is ONE MILLION TIMES MORE, and they haven’t identified a single recipient.

Welcome, Representative Grayson. Thanks for all the digging you are doing on behalf of the taxpayers.

Is there a legislative fix to this lack of transparency, or is it simply a matter of some sort of “deal” being struck between Congress, the executive branch, and the Fed?

PS to everyone: speaking of digging, Digg our chat.

Mr. Grayson, I would like to know if the House is going to go about repealing the “Federal Housing Enterprises Regulatory Reform Act of 1992 S. 2733 .”

If not why?
Given that this is the bill that required that Banks make Sub-Prime loans and created penalties if they didn’t, it opened up the banking industry and borrowers to predatory lending and also made the system vulnerable to agencies like ACORN, I would like to know if you would support the repeal of that law.

Thank you.

Danae

My hat’s off to you, Rep.Grayson, and has been since I saw that delicious clip of you, posted by Glenn Greenwald, asking some bankster, “Do you think they’d be angry?” The crickets were all but deafening. Would that there were a few hundred more of you in congress.

AIG blew up because it was a casino that dabbled in insurance on the side. Just as Fannie Mae and Freddie Mac were casinos that dabbled in mortgages.

I have always been amazed at the return on investment that corporations get for relatively paltry contributions to politicians. But it’s a bit like selling someone else’s car for fifty bucks – everyone’s happy except the guy whose car just got sold out from under him.

Sadly, I think that’s because far too many of us have been sheep the last few years (present company excepted, of course).

The Fed will never make a deal. They’ll stall and dissemble. We’re going to have to force them to disclose the information.

Welcome Rep. Grayson.

I’m on a mission in the past couple of days, and since you are a politician, you have some ability to help out.

We need to reframe the debate. The term financial innovation piggybacks on the good reputation of scientific innovation, so it is accepted at first blush as a positive. Some of the crooks-still-in-charge, like Geithner and Bernanke, have gone out of their way to praise it. Yet no macroeconomic measure (besides a temporary rise in homeownership to slightly above prior peak, now more than reversed) exhibits any positive influence of financial innovation.

In fact, in the early post-WWII decades, with a rigid and simple financial infrastructure, the economy grew strongly, and workers benefitted as well as corporations. And there were no bubbles and crashes (though the 1950s was fraught with several business cycles and large strikes, but average growth was strong.) In other words, the economy not only does not need financial innovation, it is a net negative, as the end result is a crash that erases prior gains.

Not sure what the new meme for describing Wall St. sharks should be. Some opt for financial terrorism, but I think that’s too extreme for popular consumption.

Disclosure: I was an economic forecaster on Wall St for over 25 years, so I have some familiarity with that world.

Can I follow up on this? who isn’t admitting losses? i mean, didn’t the money go to pay off AIG lenders/investors who invested in garbage?

Are you solid in your district so that you can withstand the assault?

There is a bill that probably will pass establishing a Financial Products Safety Commission. That’s the new meme.

Because AIG was insuring the lenders that went bankrupt when Homeowners started defaulting on their loans in huge numbers. Institutional lenders could not make their own payments. When the Homeowners stopped paying their mortgages in huge numbers that river of money dried up and the entire lending system seized. AIG was left holding the bag.

We’ll see. But I’m clearly NRCC Target #1.

Man, really. My advice to everyone, if I could be so bold, is if you remember this guy from the Galbreath thread a little while ago, don’t let him bother you.

If I were on a proper computer, I’d do a proper link, but I’m not so I won’t.

One of the articles Jane links to quotes Mr. Pandit thusly:
“Our pro forma tangible common book value would be $3.82 a share assuming maximum preferred conversion … and the pending conversion is creating a large technical short in our stock that should be lifted once the conversion is completed,” Pandit wrote.

I haven’t heard the words pro forma in several years, but here’s what they mean: http://www.slate.com/?id=2063953

The amounts of money that have been disappeared, from unbid contracts, Iraq to Wall Street are incredible. I feel they have robbed us three times: first when they jacked the loans and did that market manipulation, second when they took the first $350B and now, again. None of it with any accountability.

This whole thing is Enron writ larger.

All the folks who lost their retirement. It is heartbreaking. And criminal.

Then I guess my follow-up would be: Will Chairman Frank back a bill that you would regard as strict and transparent enough? Will the Speaker go along? And what about the Senate (if you have any inkling)?

probably the biggest thing that bothered me about the TARP (aka wallstreet sellout), was that no accountability, transparency or regulation was included – it was so obviously a blank check. and that was just the beginning of what has been a big series of rip offs. but what is to be expected when congress so obviously does not do their jobs?

you are new to congress, please don’t ever give in to promises for fake oversight instead of accountability, transparency and regulation.

thanks.

Do you think it should be legal for a hedge fund to buy CDS and then short the common stock?

Not exactly. AIG took any and all bets on the risk that businesses would go broke (credit default swaps), and made no real effort to adjust the odds to even out the bets (as even Las Vegas knows how to do). That’s why AIG went broke, not because people stopped paying mortgages.

Mr Grayson, respectfully I have to disagree. Anyone in congress who is not taking a stand against both what has happened and the inept response to it is in danger in their district. Regardless of party affiliation, the mood on the street is one of anger at those currently in power.

You can’t allow that. Run for Martinez’s seat.

Earlier today, James Galbraith was here. He recommended going thru the banks records and sampling them for fraud. Pretty simple stuff, so reasonable it’s hard to argue against. He thinks you can build a consensus that the Treasury will have a hard time resisting. Seems like a plan to me.

Well, that’s for TARP. As for the FRB, not sure what can be done. Bernanke’s demeanor is worse than Greenspan’s, in the sense of his hubris and control-freak behavior.

Rep. Grayson — have your committee staff been able to go over the details of the “confidential” AIG presentation leaked two days ago? And what is their/your reaction?

It looks to me like a massive threat; not only would the pure financial deals collapse if AIG’s counter parties are not bailed out. I read the presentation as threatening to bring down the entire insurance industry (life, accident, business, etc), pension plans, commercial leasing arrangements, and everything else AIG was doing. It’s not just the financial swaps and toxic assets at risk.

Also, what’s your view of who leaked this, and why?

That’s not a strong enough framing. It does not say that an unfettered financial market is outright bad.

Don’t know. We’ll try, and see what happens. That’s all you can do.

That’s a compliment ! Keep going ! Nice to see you here.

But, isn’t the root cause the fact that banks stopped paying their own debts? Because they were not getting the income they counted on from loans they had made?

The way I see it, it’s all tied together.

If we in the blogosphere (or the press) find out who is getting our money to pay for the toxic assets, can we be sued for revealing this info? Who will be attacked if this info is revealed?

Here is why I ask.

When I was investigating the pet food crisis, I found a group of people who bought the recalled pet food that killed thousands of kittens and puppies. The toxic feed was resold to chicken and pig feed lots in Indiana. 20 million chickens and 56,000 pigs ate this melamine tainted food which then went into the human food supply. (Melamine was the same industrial chemical found in formula that killed hundreds of babies in China)

The FDA and the USDA would never reveal the name of the major chicken and pig processor whose animals ate the toxic feed. I found out who it was but didn’t reveal it because I could have been sued under “food disparagement laws”. It was the fear of lawsuits that kept me quiet.

Thanks. I heard that there is an online group called Grayson for Senate. It has two members. Probably my children.

an aside – scientific innovation also can be used for good or ill and it also doesn’t deserve a reputation for good without a consideration of what it is being used for.

agree w you re financial innovation, just don’t want to see the false understanding of scientific innovation spread. thanks.

But I’m clearly NRCC Target #1.

wow – you really know how to make an entrance….

We need to get people to turn other people in, probably by offering immunity. That’s the way it’s done, not by sampling.

How about a casino on the way up; an extortion racket to protect them when the house goes down.

Congressman Alan Grayson, thank you for taking the time to speak with us.

Several questions if I might?

1. Do you imagine that we, the public, will ever be trusted enough to know the truth about what has gone on, not to mention where and to whom OUR money has, likewise, ‘gone’?

2. Do you think Congress will admit its own complicity in bringing about the ‘climate’ which has encouraged the recent (and not-so-recent) ‘excesses?

3. Does Congress realize (or truly care) that the public does not (and has little reason to ) trust ‘them’? (Congress, after all, did precious little to temper the ‘excesses’ of the last, unlamented administration.)

4. Hopefully, you will forgive my skepticism regarding a positive answer to any of these questions? (It is NOT ‘cynicism’ which term, I hold, should be reserved for those who ‘game’ the ’system’, whether economic OR political.)

what presentation and where can i read it?

Hi Alan is AIG a third party shell corporation for the Fed and the banks like Chewbacca and Deathstar were for Enron? I do not see any way they can pay back the debt they have with their current business even if the economy goes up?
Are not these corporations illegal? Propping up AIG just seems to keep the debt off the Fed and the Banks books AIG was a real business once but now it seems to have been transformed into a third party shell corporation whose only purpose is to keep debt off the books of other companies.

If it’s fear of lawsuits that kept you quiet, then maybe fear of national bankruptcy will make you speak out. Remember Watergate’s “Deep Throat”?

Casino + extortion racket. Exactly.

Good questions. One of the main reasons the Market is not rebounding is a resounding lack of confidence in Congress or the Administration.

I’m well aware of the negatives of scientific innovation, and even more so over the past 8 years. My only point is that it (technology) survives in our culture as the great savior. As for financial innovation, I’m in favor or never using the phrase, except to describe how the other side frames the debate.

Please tell me Congress will get serious about War profiteering.

That’s not what AIG was originally, but that may be what it becomes. That’s why we need to know what’s going on.

Ah, but sampling is easy and unbiased and does not rely on heroics, which turning people in does. And will have the same result.

Well, I’m serious about war profiteering. We’ve drafted some legislation on that already.

I’d love to talk politics with you one time. But serious stuff tonight. I’m jjst going to lurk and learn. I’ve put this up before. If anyone hasn’t read it, it’s great:
http://www.orlandomagazine.com…..38;id=1261

Here’s the WaPo story:
http://www.washingtonpost.com/…..02806.html

Here’s a link to the pdf file:
http://www.calculatedriskblog……ument.html

From what I’ve seen, it makes little sense to talk about “Congress” as “Congress.” There are Dems in Congress, and Republicans in Congress. Two different things entirely.

Welcome, Rep. Grayson, thanks for the job you are doing for our country.

So we’ve given them a chance, we followed Hank Paulson’s advice, and then Tim Geitner’s, and now it looks as if they might be about to level with us about the painful truth that they haven’t a clue how to repair the economy they have devastated.

Are you optimistic that we’ll ever have a complete picture of what’s happened, and that some sort of accountability will be part of the resolution?

I can’t believe that anyone thinks they can sweep this big a mess under the rug?

Good Thank You!

Spinning off from that question, what do you think of Obama’s economic team so far?

I am one of the ones pushing the meme of financial terrorism. As I have said, al Qaeda took out a few buildings. Our financial leaders took out the whole economy.

Transparency seems to me a Catch-22 for the government and banks. They only want it if it doesn’t show that the banks are insolvent and didn’t engage in massive fraud. But this is exactly what any real transparency would show.

Alan — one of the questions that Jane asks above is one that has plagued us for ages: how to reduce the influence of lobbyists for the very industries that are standing there with one hand out for bail-out cash, and the other hand slamming the door in the face of anyone who dares to ask why they need it. Any thoughts on how to deal with this perpetual scourge better than we have been?

And, if so, what can we do to help you make change happen on that?

For what it’s worth, I’ve discussed this with The Powers That Be directly, and I’m confident that we’ll find solutions. The Powers are utterly lacking in dogmatism, and we need practical people in charge right now.

Rep. Grayson, the other day I read a report by a consumer credit specialist, Dr. Robert Manning, who said that early in the Bush years the banks decided to consciously start extending credit to people who couldn’t afford it, because they knew it was one of the only ways left to expand the market. Since they didn’t have to bear full responsibility for mortgages that went bad any more, no down side. Do you think that’s true? Because if it is, it really is just organized crime.

It takes 2 to tango. Deep Throat had a MSM counterparty who was willing to publish. Not many of those left. Some blogs are trying to fill the void, but they don’t have the punch that the WaPo had in 1970s.

A lot better than W’s team, I’ll tell you that. No “faith-based economics” from this group.

I think this is related, will Congress be able to bring some manufacturing jobs back to America?

Congressman Grayson (wow!) I am so pleased to be an ardent supporter of yours since Howie Klein first let me know about your wonderful advertisement in the airplane hangar full of cash.

Please keep up the great work, and let Chairman Frank know that your approach has millions of supporters nationwide.

My question is this: is Congress too big too fail?

Yup. Every Wall Street banker earning $10 million a year is an implacable foe of transparency.

THAT would be something to behold.

‘They’ would probably ‘do’ it in a generic fashion, no specific names, no specific amounts, and essentially, no specific ‘accountability’.

I would love to be proven wrong.

Congress?

I hear you, BL. And WTF? Can we give this stupid ACORN smokescreen a rest, already? Geez Louise…

In a sense, that is true, because securitization allowed them to earn fees from the transaction without bearing any risk. That’s why Barney Frank wants to require originators to keep some of the risk.

thanks.

If the dollar crashes, that certainly would revive manufacturing. At great expense, of course.

Could you tell us a little more?

One would not like to think that this will just wither away and be forgotten.

But, frankly, Alan, it would surprise none of us.

Would it surprise you?

In addition, are you aware of any access to Obama outside of his designated “economic team”? I would like to see him listening to Krugman, Roubini, Galbraith, Stiglitz, etal. His policy responses so far would indicate that he’s not getting the best advice available.

It is rather surprising that all the people who had their retirement accounts disappear have not started to revolt. I did not have any investment in the market, but I am spitting mad for all my friends and the millions of people I don’t know who are really hurting.

Maybe they are too depressed to function.

They’re not admitting losses in Maiden Lane. “Mark to market” doesn’t seem to apply to the Fed. They also have arrangements that they don’t report on their books. Just like Enron

Just what if any accounting standards are the using? How can any bank CEO swear their financial statements are accurate like they have to now after Enron, if they have AIG as an off the books corporation holding their debt.
I thought these off the book corporations were illegal?

On the war profiteering legislation, stay tuned. It won’t be long.

Economic circumstances are such that “better than Bush” is completely inadequate. And Bernanke-Summers-Geithner are almost as faith-based as W’s gang. (BTW, Paulson was not faith based; his only goal was making sure Goldman Sachs didn’t get the short straw.)

I think bearing some of that risk is absolutely essential to minimize bad business practices. Hope you all can push that through in a hurry.

Why is it that lawmakers in all the hearings about what went wrong and how to fix it never, or almost never, bring up the need to re-impose Glass-Steagall, restructuring the ratings agencies, bringing CDSs under insurance regulation, or (as in Sweden) making bank executives personally liable if the bank goes under?

Since we now have a President who knows how to read, I’m confident that alternative points of view are reaching him. (A President who knows how to read — that’s The Change We Need!)

Yes. Agreed.
It is hard to be a whistle blower. My identity was protected by the media when I took on RW radio hosts earlier that year, but going up against corporate lawyers with unlimited resources is insanely stressful and financially draining.

It’s like the the show “The Wire” getting an informant to testify is really hard. You can be killed professionally and financially as well as physically.

I think we all deserve answers to the questions I am asking.

Thanks.

I second the motion.

Nothing new about originating and flogging. One of the causes of the Depression. We learn nothing.

All of that — each one — is under active consideration.

A president who knows how to read. What a concept. Thanks much.

Ouch!

Bless anyone who blows a whistle, but it is really an exercise in insanity, almost like being a suicide bomber, but without the 72 virgins, and without taking out any of your enemies.

Who says that there aren’t 72 virgins? Do you have reliable information on that?

If the Crisis gets worse and more money is needed what does Congress and or Obama want to cut as far as spending Social Security? Medicare? or the wars in Iraq and Afghanistan plus a 20% cut in military spending.
We do need money for jobs I support that but suppose we have to cut spending to save the banks what will be cut?
Assuming that we get the banks to tell us what they are spending the money on of course. I want the banks to get no cash until that happens!

AIG is more than a shell corporation for the US Gov’t/Fed shell game, but that is probably part of it. AIG has been in thick with the CIA for decades…

In September, Madsen reported the following…

September 18, 2008 — AIG is “special case”

The U.S. government’s bail out of insurance giant American International Group (AIG) comes as no surprise to intelligence community insiders. In fact, AIG has been at the center of a number of CIA operations for decades. The federal government’s $85 billion “bridge” loan to AIG essentially makes the United States government an 80 percent stakeholder in AIG, a move that will prevent external players from peering into AIG’s myriad intelligence operations on behalf of the CIA, according to an insider who has followed AIG’s overseas operations for a number of years.[…]

However, Greenberg and AIG had a long association with the CIA, according to WMR’s sources. AIG’s intelligence operations in Asia even pre-date the CIA and its predecessor, the wartime Office of Strategic Services (OSS).i Greenberg has served as a member of the National Intelligence Council.
[…]

With the U.S. government now in control of AIG, the Bush family will breathe particularly easier. On June 20, 2005, WMR reported the following concerning the connection between Greenberg and the Bushes:

“The investigations of the secret Bush money tranches are coming to the fore as New York Attorney General Eliot Spitzer focuses in on the scandal involving Maurice “Hank” Greenberg and the inflation of the worth of American International Group (AIG) through shady affiliates, including AIG reinsurer Coral Re of Barbados. Greenberg was the CEO of AIG but was forced to step down amid the Spitzer probe. AIG was founded from Asia Life/CV Starr, a Shanghai-based international import/export and insurance firm founded in 1919 by Cornelius V. Starr, an Office of Strategic Services (OSS) operative in Southeast Asia during World War II. AIG’s largest shareholder is Starr International Company (SICO), an off-shore corporation incorporated in Panama with headquarters in Bermuda. Kenneth Starr, the independent counsel who prosecuted President Clinton, is the nephew of Cornelius Starr. Greenberg inherited the CEO job and Chairmanship from Starr as well as the $3.5 billion Starr Foundation.”

I see no evidence that Obama is aware of anything other than what his economics team is feeding him. Could you please point me toward such evidence?

Well, I gotta run. So long from the City Beuatiful. Keep it up, Congressman. Thanks fopr comming again. Hope to see you again.

Bernanke won’t tell us how many virgins there are or who gets them.

Well the working class has been crashing for some time, decades, in fact, and that ‘expense’ (also rather ‘great’) has been borne essentially by the working class, alone …

We recently have been told that those who can actually ‘do’ real things, make things , build things, and understand ‘things’ are no longer valued.

At this point, in what looks to become a ‘depression’, that sentiment seems strangely close to insanity.

Have you any thoughts on this, Alan?

I can spell. I just can’t type.

I have said over and over again that we have to end the wars because, among other reasons, we can’t afford them. People are starting to listen.

What about the “rich?” They must have lost a bundle too. Not just Bernie M’s “investors,” but a lot of others who were in the market. It seems like some of them should be pushing for accountability. Where are they?

No question about it. “Everyone has to have some skin in the game”, as Obama stated it early on. I would add that in addition to bearing financial risk, the penalties for criminal behavior should and must be made more severe. No more of this “prison resort” crap. Hard time would, I believe, serve to correct some of the more egregious practices.

Well, the Republicans and Politico.

But I guess that’s redundant.

Evidence? What Obama said to me in a 30-minute conversation on Air Force One.

AIG blew up because it was a casino that dabbled in insurance on the side

Interesting choice of words either you read the Lake or you already think like us:)

Honestly? It’s too early to say whether the occupations that have been rewarded so well for the last 50 years will no longer be rewarded that way. We’ll see.

Thanks, Alan;

I shall be paying close attention.

Casual war-making will not cease until it is profitable for no one.

The sooner that becomes reality, the better for all human beings, for all life on this tiny planet with its fragile environment.

That’s an interesting point. Where are all the victims? Maybe they’ve committed suicide, instead of writing letters to the SEC. You would think that lawyers would pop up to represent their estates, though.

Ending the wars would go a long way toward diminishing terrorism, a prime cause of which is occupation of one’s country. You can betcha (h/t Sarah Palin) that if the U.S. were occupied by a foreign military, even with a puppet govt, we’d be out and about terrorizing them.

The penalties for massive financial fraud need to be much, much more severe.

A president that knows how to read?

Obama does need that for teleprompter usage. That being said, how do you expect to get any sort of respect from half of America who did not vote for Obama with statements like that?

Representative Grayson, thanks so much for joining us today and answering questions from us. Greetings from FL-6. I wish we had such good representation in our district!

What’s the best thing that we shrill bloggers can do to help increase the pressure for transparency? Is there anything better than making lots and lots of phone calls to Washington?

Do tell! We want transparency.

I do not have such intimate conversations with my commander-in-chief, so I must rely on what I read.

We are at war war profiteering is treason, the penalty for treason during time of war is the death penalty I believe can we count on Congress?

Shorter: What AIG is worth

The phone calls actually get noticed. All of the Congressmen get reports on phone calls received. The message does get through.

Rep. Grayson, thank you so much for being here today. We really appreciate your time and hope you’ll be back soon.

And if you appreciate the work Rep. Grayson is doing in Congress, please be sure to stop by his Act Blue page and say “thanks” with a contribution.

Congressman Grayson.

Thanks for joining us tonight.

I’m wondering why Democrats–or at least the few that are trying to prevent this highway robbery–aren’t turning on Republicans and calling them out for complacency here. This is not a partisan issue–the banksters are screwing Republicans as much as they’re screwing Democrats.

What (aside from campaign donations) is preventing Dems from hitting Republicans hard for their general disinterest in this (and targeting of you)?

The death penalty? You read my mind.

Why, once upon a time, ‘we’ did just that, to the consternation of those chaps wearing red coats, marching in pretty lines, and cursing the ungentlemanly conduct of the colonial ingrates.

;~D

We respect and appreciate that statement. However, (IMO) the policy responses continue to fly in the face of what the premier economists are suggesting should be done. I realize that sometimes these things need to be handled delicately. At some point, though, the facts will out. Hence (IMO), the President needs to have a Serious Set-To with the bankers, the financial markets and the American people.

Republicans don’t care about it when financial fraud makes a Republican go broke. Why should they? A Republican who is broke can’t make any campaign contributions.

As a politician you probably can’t say, but Bernanke, Summers, and Geithner have been just awful. As for Obama he was dissing blogs like this one just a few days ago because we see the train wreck that’s coming and that his economic team seems either oblivious to or actively promoting.

Obama’s stimulus plan was half the size it needed to be and was so poorly structured that it will be lucky to create a third of the jobs it needs to.

Geithner’s $2 trillion bank bailout was just that another bailout that did nothing to fix the underlying problems of insolvency or lack of lending.

The $75 billion help for homeowners is similarly too little. It helps mostly those who have mild to mildly moderate problems. But by avoiding cramdowns it looks like just another mechanism to value the crap assets of banks at far more than they are worth. And because the economy is worsening so fast, twice as many homeowners could well need help as it is directed to by the end of next year (2010).

Don’t favor death penalty on several grounds. (As I’m an economist, cost is one.) But my most sinister arguement against it is that high profile perps should stay alive to be villified for a long long time. Death is too good for them. (And it creates martyrs, even if it is a result of a “legal” process.)

THANK YOU Rep Grayson, for this, and all you do.

from a real fan

Thank you, Alan for joining us tonight.

Stay around as long as you can and, please, come back often.

You will find kindred spirits here.

DW

Dya think!

Agreed

Thanks, Congressman. I wish there were dozens of you.

Serious? Cool! Come Back to the Lake anytime! I hope Jane puts you as the First Blue America Candidate on the list:)

I can’t believe that my congressman (44th) hears anything other than what he wants to hear. I’ve been writing and calling for years with zero discernible impact. Completely oblivious to the reality on the ground.

I don’t think so. I won’t support him.

This Representatives partisanship is part of the problem with congress as it stands. He also does not answer substantive questions, and your Moderation of posts speaks of fear of what others of a differing viewpoint have to say.

How do you expect to “Change” anything if you don’t start talking or listening? All you are really saying is “You don’t agree with me then I will obliterate you”. Shall we discuss the Logan act as well if speaking of treason and the death penalty?

Ok fine but I want them in real prison General Population.

It’s easy to get smart people to listen, but so many of us are still getting our information from watching TV, and TV keeps saying that poor colored people are at the root of this problem.

I don’t see how we’re going to fix that until their TV’s are repossesed.

A-frickin’-men to that. The Democrats need more fire in the belly, and less accommodation to the corporate world.

I agree. Death is way too easy. I recommend maximum security jail time, general population with virtually no possibility of isolation. That will get their attention, I guarantee you…

No, I’m not being facetious.

I advocate the Elvis Presley Solution for the TV.

I don’t see how we’re going to fix that until their TV’s are repossesed.

Why do you think they extended the date for switch over to digital!

I also am sick of the RW radio hosts doing the same thing. They can lie with impunity and rally people against false enemies.

Yes, thank you Congressman. We need hundreds more like you…

When did Congress declare war?

http://www.ritholtz.com/blog/2…..-geithner/

However when you are rich you can buy a different level of justice.

I was listening to a guy on This American Life who was one of the developers of the CDS instrument. When he was asked, “Who is there to blame, if anyone?” he got defensive, then scared and then vague. I think that one fear is what Christy said above, lawsuits, some corp finding out another is insolvent and being taken over hostilely. I also think that there will be a reluctance to name names because of making someone the target of physical violence. Maybe I’m wrong about this and I’ve been watching too many mob movies.

Do not even think of defending traitors!

However when you are rich you can buy a different level of justice.

Which is why I refuse to serve on juries. The party with the most mooola wins, usually the govt. I’d vote with the financial underdog, regardless of the merits. And as I reveal that in voir dire, I’m never selected.

Thanks for dropping by Represntative Grayson. I am so glad I donated several times to your campaign last year, even though I’m in Texas.

The mortgage backed securities are a real problem, but for American taxpayers to pay out on Credit Default Swaps originated in London to mostly European banks is patently ridiculous. Can you introduce a bill to declare these invalid contracts, with a refund of payments made? Alternatively I would like to see Obama say they are only worth 25 cents immediately, though maybe he needs a bill to pass.

The other problem with SWAPS is they cut in front of everything else in Bankruptcy. Can we get a bill to fix it so they are only ahead of shareholders, but behind everything else?
Thx, Wade

I wasn’t. Congress has to declare war for there to be the trials spoken of. Thats just how it is. I am not defending anything.

Don’t feed.

But my dear friend, how do you expect widespread support if you do not respectfully listen to those whom you disagree with or who disagree with you?

Very little gets done in the best interests of all the people if only a portion of those people are making the decisions, or censoring the conversation! My friend, I respectfully submit that it is the very unwillingness to converse as adults on very important matters that have led us to where we are. Divisiveness is very unproductive, and often not in the best interests of our Nation as a whole.

You brought up ACORN and lost your whole argument and respect. Blaming ACORN when crap like the following is going on and has gone on:

http://www.dailykos.com/storyo…..703/705113

…is a little ridiculous! We are so sick of the right wing mantra of this country.

War was never declared against Iraq. The Congress voted to authorize the use of force, but never was war officially declared.

I know that, it was my point.

As for ACORN, look at this and then tell me how ACORN isn’t part of this whole mess. Its one of ACORNS brochures.

http://www.capitalresearch.org…..irhome.pdf

That brochure tells how ACORN made banks use Food Stamps and foster care payments as alternative sources of income. Along with unemployment payments. This should concern EVERYONE. Regardless of party, this is something that should concern everyone.

New post: Howard Fineman’s Lament

Hello Representative Grayson

I know it won’t fix our Reagan/Bush Train-wreck, but can we (please) bring back the Glass-Steagall Act?

hello. thanx styve. i suspected AIG is a pipeline infiltrated by globalists attempting to bankrupt our government; probably the sicko ‘fleshly favors after death’ lunatics that are building their castles in the sands. i heard something about a closed session of congress before last summer that spelled out their intentions for installing global currency: and bankrupting the United States government was on the list. How could there be a “closed” session of congress? i wanted accountability over a decade ago; now i just want to cut their balls off by reducing the tax rate back to 4% (where we began). maybe i do not want to know where the tax dollars are going (propping up dictators; terrorists; and bad people). i have a right to know what transpires in congress. every minute.

Thanks for the link, Jane. I just contributed $50.00 to Rep Grayson and $10.00 as a ‘tip’ for Act Blue. The amount is determined by my financial limitations; it in no way reflects my high esteem of Rep. Grayson or his rare and vitally needed work in the House. He courageously is what all the Reps claim to be, truly a representative of his people, their best interests, and the best interest of our country.

Thank you for inviting Rep. Grayson to talk with us here at the Lake.

I’m for bringing back the public stocks specifically for the Bush/Chaney, Paulson (and all his enablers) crowd, including that team of crooked lawyers (including AGs and political appointees to the Bench).

They conspired to subvert our constitution, laws, and system of justice; and accomplished much of their goal. Treason is treason – let’s call it what it was.