CBS News Jan 9, 2009: Bank Bailout Bait & Switch (3min.)

[LargoWinch]

Don't miss at 1:59, Dennis Kucinich grilling US Treasury's Neel Kashkari.
Priceless.
-W.


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[*T*]

"I don't think it's a good use of taxpayer money to put money into institutions that are going to fail" -Kashncarry

-- completely missing the irony that it is the taxpayer money that determines said failure.

[oddlots]

The irony is so rank here I'm choking. The whole point is to let the bigger banks predate the smaller better ones in order to give the former thieves and conmen access to fresh new deposits - and real deposits this time, not the notional, levered crap that has passed for capital - that they can vaporise. So getting everyone to lever up on their already levered up biggest purchase and incidentally their most important worldy need - shelter - just wasn't enough. Now they have to go after their savings directly.

And this shameless POS would have us believe that the exact opposite is true. That the smaller banks would somehow fail without this process. As if the credit isn't being extended to the "too big to have failed (i.e., allowed to become insolvent... all the big banks as far as I can tell) in order to pimp the smaller banks according to their relative (but certainly real compared to the brand names) "virtue."

I only have one explanation now: these people can only be aliens in the shape of humans. Tear the face off and there'd be some kind of lizard beneath.

[LargoWinch]

The irony is so rank here I'm choking. The whole point is to let the bigger banks predate the smaller better ones in order to give the former thieves and conmen access to fresh new deposits - and real deposits this time, not the notional, levered crap that has passed for capital - that they can vaporise. So getting everyone to lever up on their already levered up biggest purchase and incidentally their most important worldy need - shelter - just wasn't enough. Now they have to go after their savings directly.

And this shameless POS would have us believe that the exact opposite is true. That the smaller banks would somehow fail without this process. As if the credit isn't being extended to the "too big to have failed (i.e., allowed to become insolvent... all the big banks as far as I can tell) in order to pimp the smaller banks according to their relative (but certainly real compared to the brand names) "virtue."

I only have one explanation now: these people can only be aliens in the shape of humans. Tear the face off and there'd be some kind of lizard beneath.

oddlots, I am afraid you are right:

http://www.movieprop.com/V/voriginal.jpg

[oddlots]

I'm still speechless. We actually have overlords and Kashncarry - translate to Klingon - is their envoy...

[Rajiv]

I liked the tongue in cheek statement about "anonymous government officials" -- however, it is pretty clear that the FIRE economy will be bailed out at the expense of the PC economy -- I would expect nothing less from a President hand picked by the FIRE and media "industries"

[audrey_girl]

I liked the tongue in cheek statement about "anonymous government officials" -- however, it is pretty clear that the FIRE economy will be bailed out at the expense of the PC economy -- I would expect nothing less from a President hand picked by the FIRE and media "industries"

Obama will pretty much do what he is told. Just like Bush:

http://www.opensecrets.org/pres08/contrib.php?id=N00009638&cycle=2008

[LargoWinch]

Obama will pretty much do what he is told. Just like Bush:

http://www.opensecrets.org/pres08/contrib.php?id=N00009638&cycle=2008

Granted. Anyway, lets suppose is Von Mises reincarnated, how can you save the world out of this mess?

A: You can't. You print (wrong) or you don't (right), but you must pay.