The Bush administration has had discussions about contingency plans in the event that giant government-backed mortgage-lenders Fannie Mae and Freddie Mac the Wall Street Journal reported on Wednesday.
The discussions have been going on for MONTHS as part of the Treasury Department's normal planning, but have become more serious of late, the Journal said, citing three people familiar with the matter.
According to the paper, the government doesn't expect Fannie and Freddie to fail and no bailout is imminent.
I've listened to the first part on the radio already. Jamie Diamond is likable and believable. Charlie Rose is aggravating. I think he wanted to ask the questions and answer them too.
OT:
(cynicism on)
Tomorrows potential stock plunge has probably been postponed by the 10am "scheduled" congressional testimony of of Ben B. and Henry P.
Never seen the market crash during one of these bore-a-thons; you can take the day off, but how will they hold it up Friday?
He does seem pretty sincere, relatively likeable, and honest. Is it just a show, or does he really not recognize the magnitude of the problem and the risk his own company is under? He definitely comes across as just a normal guy. The jury is out...
Dimon, Barbara Corcoran, don't you all see? Just the beginning of this media parade of image-cleansing, aided by the press's short-term memory and its replacement of investigative reporters with interns.
Many other bigwigs in lending and selling sure to follow.
Former Fed Chairman Paul Volcker has suggested that the Fed overstepped its authority, but Bernanke maintains that the move was legal because the Fed has broad responsibility to protect the U.S. financial system from collapse.
Since then Treasury Secretary Paulson, a former chairman and chief executive officer of investment bank Goldman Sachs & Co., has offered a blueprint for revamping the regulation of financial markets. He recently said that some of his proposals shouldn't wait.
On Thursday, the House Financial Services Committee will hold the first of several hearings on the state of financial market regulation and the safety and soundness of the banking system. Bernanke and Paulson are scheduled as the lead-off witnesses.
Have you never seen marketing, debate and forensics trainings. Especially with soft ball questions. That are provided in advance. This is a guy been given a platform to be gregarious...a hero and a savior. The oily interviewer described himself as a fried of JD at the beginning.
This is a sickening example of mercenary semiotics, advertising semiotics. Putting pleasing emotional images as representative of a figmant.
Wachovia names new CEO, warns of big loss
The Charlotte, N.C.-based bank says Treasury Undersecretary Robert Steel will be the bank's new chief executive and warns of a $2.6B - $2.8B loss. Business, financial, personal finance news - CNNMoney.com
He actually said that. That is one of the most disgusting pieces of shit I have ever seen. If my eyes could burn red and launch thunderbolts...they would by now.
A slick marketing setup for JD to test his FDIC speech. Oh did he get the yucks. Such a personable asshat.
Conjure got your tongue? Regardless, you've been around long enough. Don't you remember when in recognition of my being the most cynical reader CR granted me the pitchfork concession? Nowadays I'm a freakin' pollyanna.
Can I vomit now? I used to like Charlie Rose, but just that intro alone was enough for me to want to slap him upside the head. And then this crap by Dimon, the economy is unfathomable. Well, we've been fathoming it for two years, and we here have known damn well what kind of fraud has been perpetuated by yours truly JD. I cant believe he touts the BS economic stats. Idiot. We're on the verge of a frickin meltdown of the financial system. How the frickin heck do people get the idea that the people who F-ed this up are the saviors. Wow. The world has truly gone upside down. Time to start drinking.
FFDIC's link- "...we believe some of the builders to whom we have extended credit and who are focused in these markets will be experiencing significant challenges in the near future, said Melanie Dressel, president and CEO, in a statement."
Really? Did Melanie just make what one could call an 'understatement'?
Did not know this: Jamie is a "class a" director of the New York Fed. Another is the Banco Popular guy from Puerto Rico. One of the c class guys is president of New York AFL-CIO.
Im glad this is so funny, and that the audience is getting a real kick out of it. This will be a classic thing to watch when we are truly well and in the shtTr.
This guy has no clue about the economy at all. It's all Republican talking points. And all this stuff is directly linked to an indirect Wall Street bailout.
No way Im going to make it through this whole video without putting my first through the computer screen.
JPMorgan is a substantial owner of the FED. Nice thing is they own the assets. USG owns the debts. It's a convenient relationship...for the owners. Us...not so much.
From the bottom of my heart for the running commentary on those JD vids. I really don't have the patience for the spin and happy glad handling by Mr. Rose
The video was too self serving for my taste. Just could'nt watch the whole thing. I noticed that he was referring to the bear stearns bailout as a bailout by the federal reserve not the public.
Jeez guys -- I thought he said a lot of pretty cool things. Look, there's work and there's life. My take was that he's a pretty cool guy, but his job is a bitch -- in particular right now. Perhaps most of the commenters have missed the main theme of the interview? Or maybe they equate work with life? Or maybe they don't have work? Or maybe, just maybe, they don't have life?
The Bush administration has held talks about what to do in the event mortgage giants Fannie Mae and Freddie Mac falter, according to three people familiar with the matter, as the stock prices of both companies continue to fall sharply.
These discussions have been going on for months and are part of normal contingency planning that the Treasury Department and other financial regulators regularly undertake. The talks have become more serious recently given the financial woes of the shareholder-owned, government-chartered companies, whose stability is vital to the functioning of the nation's housing market, these people say.
The government doesn't expect the entities to fail and no rescue plan is imminent, these people said. Government officials and market analysts expect both companies will be able to raise large amounts of capital relatively easily. Treasury officials are nonetheless talking about what the government could -- or should -- do if Fannie and Freddie become so pressed that they are unable to borrow money and continue operating.
Misean - agreed. Establishment. As in WSJ type readers. As in Republicans. This is the type of crap that ends up on the opinion page there. Hence my point. I know what you are saying that both sides are involved. I agree.
Dude, I'm nervous, but that smacks of the late 70s/early 80s nuclear apocalypse stuff.
But for reading, check out David Brin's "The Postman" for apocalyse lit. Costner screwed it royally in the movie version, but the book is a great read.
I understand that. I also understand that there were different Dems.
But today they don't exist. I agree with both old school Dems and Old school repubs that still exist. For the most part they sound the same. For this Old School libertarian anyway.
Misean - The flaw in your view is that you're only clever enough to think one step ahead. Try thinking two steps, or god forbid, three, ahead. Of course he seemed cool. Of course he was supposed to. Of course he knew that. And of course he played along. And, of course, you stopped listening after the first minute and said exactly what you were supposed to say for the next 50 minutes -- while the video was playing -- and you were off writing you parsnickety comments on some blog that 410 people read. Please tell me that you are not immune to seeing the perversion here.
"The problem for FDIC is that non-GSE mortgages wind up getting pledged to FHLB, and as a secured creditor with an over-collateralized position, FHLB borrowings must be paid off by FDIC if the bank becomes insolvent. This is a large cash flow hit to the insurance fund (over $10B or 1/5 of the Fund in the case of Indymac), but the obligation of FDIC as Receiver to marshall the assets of the estate leaves no discretion for over-collateralized borrowings."
LawyerL | 07.09.08 - 4:25 pm | #
"Try thinking two steps, or god forbid, three, ahead."
I won the NDT and played chess most of my life. Could you be more specific as to what I was to do as I was trying to respond as best as I could in real time, without pausing. And I never paused.
"And, of course, you stopped listening after the first minute"
I did? Your evidence sir?
"Please tell me that you are not immune to seeing the perversion here."
Perversions here? You suspect that I was simply playing to a crowd? Honestly sir, I see far more perversions in Warshington and War Shriek then most see here. And if you think it was an audience I was playing to...it was difficult to post and watch the video. Which accounted for a far greater number of typos and summaries than I would have liked.
Perhaps, sir, you could do the same, and provide some superior elucidation?
I was commenting on the fly, but perhaps your second go around might be a superior commentary. I make no statement on my commentary. I simply provided it. However, if you think your superior skills could do better...well, as I'm sure you're aware, the board is open.
What If US Collapses? Soviet Collapse Lessons Every American Needs To Knowhttp://madconomist.com/what-if-us-collapses-soviet-collapse-lessons-every-american-needs-to-know
Misean -- Thinking a couple steps ahead has nothing to do with NDT (?) or chess -- though good for you. Chess is a great game. I think Dimon put it well, (paraphrasing), "Everything (in the media) today is 0/1, but in life nothing is really 0/1." (as much as we strive for the digital, alas, we are human.) This is thinking ahead. Seeing the deeper meaning. Not just reiterating, over and over again, the same old shit. Dimon surely has made mistakes. He's surely the CEO of the biggest bank on the planet. My only point was that he's a human and I think he showed that -- against all odds! -- during the interview. Good for him.
"This guy Jamie Dimon struck me as a very honest and sincere person"
Maybe. That or he rehearsed this material to the extent he believes it. He definitely left out any discussion about what the implications would have been to JPM IF BSC went BK. Then we would have had a better sense about how honest he is.
I am quite certain the BSC bailout wasn't a purely philanthropic exercise to save the USA.
If nothing big has happened since March, maybe they're looking ahead, because $10B doesn't look like a problem unless you know, say, where $70B is going to come screaming up at you.
Great. Dimon's human, that's beautiful. And he's an alright kinda guy.
Who, being an everyday, nice fella, made one hellacious deal for his company and left the bag with the Fed and ultimately, us.
Seeing the deeper meaning?
If my kids start with that verbiage, I'm gonna tear their rooms apart looking for the ganja.
The deeper meaning is this. We're looking at - if we're lucky - just a recession. Unfortunately, we've f'd the dollar and malinvested a generation's worth of wealth. If I appear to not be able to separate life from this financial stuff, it's because I'm trying like hell to save what I can so that I don't spend my dotage in penury. And my kids are going to have a whole new world just waiting for them.
And what can the American work ethic provide today?
I started a piddling little website that's completely apart from teh financial stuff. I actually believe inthe damned thing. In the trek to just get the goddamn thing up and running, I had to fire one web designer for sheer sloth and now the guy that did the work is slowing down on returning calls/emails re questions.
And today, my site mailbox got an email from Kumar in goddamn India who would like to establish a business relationship and take care of work on the site.
Yeah, that's where I'm at with this kind of Dimon stuff. He ought to try out for the Olympics on the softball team. And while he's out on the field playing softball, the Indian team will be in the American dugout eating their lunch.
By the way, the regular posters here get more readers than most novelists since the visitor count is over 14 million since inception. Check the sitemeter at the bottom of teh page.
Jack Kennedy didn't have progressive positions, as we understand them today. Jack Kennedy supported a robust national defense, across-the-board tax cuts, and, as a Roman Catholic, was against abortion. Actually, Kennedy had Reagan's positions.
The Rev. Jesse Jackson apologized Wednesday for saying Barack Obama is talking down to black people during what Jackson thought was a private conversation before a FOX News interview Sunday.
Jackson was speaking to a guest at the time about Obamas speeches in black churches and his support for faith-based charities. Jackson added before going live, I want to cut his nuts off.
LOL, Jesse that wasn't very Godly of you but you know that Reverend crap is a scam anyway however if want to do a little slice and dicing Dimon is your man.
That IS your website. Shit man, if you need web design help fling me a post and I'll fling you an email. My guy is good. He's employed...by me so he does these extra projects cheap...for extra income.
I thought it a link to a site you visited...not uncommon round these parts. Give me a shout out if you'd like.
Misean: evidence please. I'm on board with the whole illuminati thing (and ufo's too... I've seen them)... but please show us other evidence of jpm influence on the fed. Dimon sitting on the board in new york is plenty, but if there's more I'd love to see it.
Bank writedowns turning to actual losses (at least for Wachovia). Who's that goof ball on CNBC who keeps prattling about writeups??? Oh yeah, Denis Kneale.
Notes 2 Denis:
STOP pontificating on: asset valuations, accounting methodologies, market theory, economic trends, etc.
GO BACK to: what color iPods should be, what Jamie Dimon looks like naked, whether a tethered mouse is better than a wireless one, what Charlie Gasparino looks like naked, which reality t.v. show is best, which video game "rocks", who has cooties, etc.
"Thinking a couple steps ahead has nothing to do with NDT (?) or chess"
Then sir, you know NOTHING, as I suspect the idea of thinking ahead CAME from chess. Could be wrong. But it is a game theory.
And if you don't think ahead in debate you are TOAST!
""Everything (in the media) today is 0/1, but in life nothing is really 0/1." (as much as we strive for the digital, alas, we are human.) This is thinking ahead."
Given that he said it AFTER the digital models failed....well...gosh...what a friggin genius!
"Not just reiterating, over and over again, the same old shit. "
He didn't. Did you read through my posts during the video I asked you to review...in your own terms? No? Apparently not. That's ALL he did, sir. Please review before posting makes an ass of yourself.
"Dimon surely has made mistakes. He's surely the CEO of the biggest bank on the planet. My only point was that he's a human and I think he showed that -- against all odds!"
I'll go last first. Against all odds?
You missed my semiotics points did you. Go review pleas, oh who is asking me to think moves ahead.
"Biggest bank on the planet...yet should he's human."
The man running the biggest bank on the planet gets a soft ball interview from a slimy idolotor who calls JD his "friend" of "many years" and he gets an interview, that in your words shows that:
"My only point was that he's a human and I think he showed that -- against all odds! -- during the interview"
Well golly gee whiz. Boy you're thinking MOVES ahead in the game.
Dude...don't even reply. You keep saying that...I don't think you know what it means.
"Misean: evidence please. I'm on board with the whole illuminati thing (and ufo's too... I've seen them)... but please show us other evidence of jpm influence on the fed. Dimon sitting on the board in new york is plenty, but if there's more I'd love to see it."
You need more than that? You're braver than I am mate.
Paulson, Bernutty, Rubin, Dimon? You need more...God bless your heart. I don't
Very interesting interview with Dimon. I was wondering how the CEO of the "derivative king" was going to spin things. He gets quite obtuse and philosophical when the topic gets around to mortgage finance, and makes a point of mentioning they "never did SIV's" at JP Morgan.
Ah, grasshopper. But how did the SIV's hedge their interest rate exposure, among other things? That side of the moon (or the trade) goes unexplored.
Regarding the Bear Sterns buyout.
Dimon:
the risk was really being borne by the Federal Reserve
I couldn't do it
it would have been irresponsible
i have a job
and I wouldn't jeopardize my company that way.
Benny will happily jeopardize your money that way though.
If you don't want a lot of human aggravation, then quit allowing the problems to become even larger and more intractable. You guys better start putting a lot more effort in dismantling these things orderly. I don't think the Gini coefficient will tolerate much more of this behavior.
If someone knowingly starts a rumor or passes on a rumor, they should go to jail.
Hahaha.
Rose: Tim Geithner said it scared him how fragile the structure was and how tottering it was.
Yep, Timmy. This stress test is going to be like crash testing an Indy car made out of toothpicks. Good luck!
"He definitely comes across as just a normal guy. The jury is out..."
Then cheer the PR folks who rehearsed him, and the Rose folks who provided him with the a platform to start spinning. You think "likeable" matters? Did vote for Bush because you think you'd enjoy having a beer with him?? Ho did that work out for you?
Seriously, don't you think they're a little nervous about what they've done to the country? But hey, if they're likeable, it's all good.
Me, I say we've got the lampposts and we've got the rope.
How did Charlie take Dimon's d*** out of his mouth long enough for that opening solilquy?
Charlie sure looks old.
I appreciate his acknowledgement that the most important thing is the average American, via jobs. In retrospect, he's just paying lipservice.
He's wrong about the average American's wherewithal to survive this financial crisis. Someone's got to tell him how much people owe on those Chase credit cards.
Wow, he said we have a real "fiscal issue in the long term." What does that mean?
Directed tax cuts at the lower-paid people: a veritable progressive!
"6 months to 2 years" the economy needs help.
People on Wall Street are not the same, well except for the firms, all of which made these mistakes, except for JPMorgan.
"Why didn't JPMorgan do that?" Come on Charlie, you did him once, do you need to do him again?
Wait, is JPMorgan buying Bear to mitigate the 30% chance that the financial structure fails or because there was value for the JPMorgan shareholder or to save the US of beautiful A. Two minutes and three different reasons for JPMorgan's purchase of BSC. That's either scary, dishonest, or it means that it wasn't his decision.
If you start a rumor "you should go to jail." It is "the destruction of value" when you talk down a wonderful company like BSC. Please, did the strongest bank go down or did the weakest go down.
"If you regulate too much, the business goes to the unregulated businesses." Huh?!?
"We want a peaceful rising China," so turn 'em into Americans.
Business for business' sake; capitalism will lead the Chinese to greater freedoms.
Softball, softball, softball, but he wouldn't answer anything in a different way. If Charlie challenged Dimon, which he wouldn't, he's far too media savvy to answer anything in an interesting and/or oops kind of way. He is not candid in an amazingly candid sort of way. This has completely turned in J. Dimon at X Business School. What a snooze.
When you get fired, "life is okay." He read about Nelson Mandela and Abe Lincoln to draw parallels with his own life after he got fired. Don't think he was looking for perspective he was looking to massage his ego.
Just your typical Charlie interview, engaging but wholly unsatisfying.
Jacob Hess: you obviously do not understand why Dimon needed to be interviewed now. For the first twenty minutes the interview was going on the right track, after that snooze-fest. Here was the designated leader of Wall Street in a non-confrontational setting given the chance to make the case for Wall Street both for the past and the future and he declined. This non-answer provides much evidence that Wall Street, or Wall Street firms, as currently constucted provide little or no value to our economy and are quite possibly responsible for propagtiong the culture of greed and financial one-upsmanship that has put us at the precipice of great economic malaise.
Do not tell them to eat cake, Jacob, they will come for you.
So what slick Jamie D. said is 1) rumors brought down Bear Stearns and those who spread them should go to jail for a long time (no mention whether the rumors were true) 2)JPM wouldn't do this great service to America without the Fed helping those "drowning" (no mention that we're talking about Wall Street millionaires) because there were problems with Bear's books, and 3)no way Bear could have opened that Monday.
He didn't seem concerned that an idle rumor (presumably false) nearly brought our financial system to collapse, and kept up the sincere and honest facade all the way, although it looked like he kept waiting for bonehead Rose to hit him with "so you wound up with a sweet deal, huh?" and he could break out a sheepish grin.
A slick spin indeed and it caused me to immediately cash out my JPM put (at a nice profit) to be reentered when the public starts to catch up to this ponzi assclown.
Hey JLR - your point is worth repeating. " (Dimon's) non-answer provides much evidence that Wall Street, or Wall Street firms, as currently constucted provide little or no value to our economy and are quite possibly responsible for propagtiong the culture of greed and financial one-upsmanship that has put us at the precipice of great economic malaise." Well said! Dimon at one point admitted that SIV's and CDO2's serve no real useful purpose. Wall Street exists to enrich Wall Street.
dimon is certainly a diamond in the rough...smart while acting the regular guy.
Oh yeah, this guy is good. The original Banker said he was very smart--well, duh-- but he's so damn smooth. Very likable, but you don't get where he is by being nice. Makes me wonder what the purpose of this interview is, or should I say purposes, 'cause this guy is definitely working on more than a few levels.
Misean, did Jamie strike some sort of nerve with you? Frankly, he's straightforward and very, very smart.
Again, let the data and the facts drive decisions not politics. This is about running a massive financial institution, not libertarianism. Political theory is a luxury when running a company, espeically a public one. Have you ever run a multi-billion dollar public company Misean? How about just a multi-million dollar one?
I think he's made brilliant moves that will put JPM into a top position when this is all over. And that what he's talking about. And, frankly from a CEO, that's all I want to hear. Politics be damned.
This is about running a "massive financial institution" while at the same time sitting on the board of the Federal Reserve Bank of New York, and the Fed gave Dimon's "massive financial institution" a $28.82 billion non-recourse loan.
That's not running a company. That's taking taxpayer money.
So is that supposed to be a credit crisis before and after picture? (sarcasm of course lol)
Torches, check. Pitchforks, check.
George Carlin - Please Wake Up America
George Carlin - Please Wake Up America •
VideoSift: Online Video *Quality Control
The discussions have been going on for MONTHS as part of the Treasury Department's normal planning, but have become more serious of late, the Journal said, citing three people familiar with the matter.
According to the paper, the government doesn't expect Fannie and Freddie to fail and no bailout is imminent.
US looks at Fannie, Freddie contingency plans: WSJ
| Reuters
Otay, with the track record of these clowns or paid liars expectations you had better run like hell.
CR,
I love the camera freeze. What an arrogant pile of crap.
Cheers,
What is the date for this video?
His mother was a table lamp and his father a stock broker.
Upper Class Twit of the Year:
YouTube - Monty Python - Upperclass Twit Of The Year
Cheers,
Nothing like 1982 with ue at 10%...
If we calc'd UE like we did in '82 it would be as high or higher.
Cheers,
CR this is great.
Thanks to Dave.
Obama or InSane?
I've paid for both of them. What do I care? Hahahahaha.
Cheers,
wawawa, July 7th and 8th.
Best Wishes.
D: Emphasize the negative when analizing.
Yeah unless your pump and dumping.
D: Everyones at fault.
You paid the raters to increase your chance of pump and dump.
Asshat liar!
Cheers,
Hmmm...JP wasn't in the Yen carry trade?
This guy deserves to be dragged out into the street and pummeled...badly.
Cheers,
I've listened to the first part on the radio already. Jamie Diamond is likable and believable. Charlie Rose is aggravating. I think he wanted to ask the questions and answer them too.
What would happen if BS went BK...gulp gulp....
You would have had an implosion...
Yeah JD you'd have eaten poop too.
Glod this spin is sickening.
Cheers,
OT:
(cynicism on)
Tomorrows potential stock plunge has probably been postponed by the 10am "scheduled" congressional testimony of of Ben B. and Henry P.
Never seen the market crash during one of these bore-a-thons; you can take the day off, but how will they hold it up Friday?
JP: We cannot take a 30% chance. We should fix it. In the good old American way.
Letting the tax payer eat it.
Oh Glod!
JP:We were saving the US..but had to make sense for shareholders.
Beyond unbelievable BS.
Cheers,
JD: We had to put out billions of dollars.
No JD you did not.
JD: We had to take on the risk of billions of errors.
No you didn't...oh wait, your company is prime share holder of the Fed...sorry. Unfortunately...We the People backstop the Fed.
Cheers,
Is Jaime married? I could use a schmuck with money and an AMEX black card....
Rumors...that cause a short should go to jail.
Pump and dump style rumors is right up our alley, and should be allowed.
Cheers,
This guy Jamie Dimon struck me as a very honest and sincere person.
This is simply disgusting. This is a rehash of his FDIC speech.
Now he talks of conservative accounting.
Bwahahahahaha!
This is beyond rich.
Cheers,
@Wawawa
He does seem pretty sincere, relatively likeable, and honest. Is it just a show, or does he really not recognize the magnitude of the problem and the risk his own company is under? He definitely comes across as just a normal guy. The jury is out...
JD: I'm not afraid of SWF.
Nope. Buy out our base. Buy everything bolted and unbolted down. I make a great bonus cause I organize the deals. You peons may not like it though.
Cheers,
Dimon, Barbara Corcoran, don't you all see? Just the beginning of this media parade of image-cleansing, aided by the press's short-term memory and its replacement of investigative reporters with interns.
Many other bigwigs in lending and selling sure to follow.
Dimon: "unemployment is 5.5%"
but underemployment is already 10%!
Charlie: "housing has never gone down like this"
housing has never GONE UP like this!
Dimon: 8:30: targeted tax cuts so poor people can afford to buy gas!
10:15: "I'm a deficit hawk at this point"
14:30 "betting your own balance sheet is not the same as serving your client"
(speaking of which, JPM had $120B in equity after FY07)
22:40 "I tell my people that buying a house and buying a house on fire are two different things"
31:20 SWF -- they should be able to buy things other than t-bonds.
He looks pretty stoned in the opening video still...is it really worth hearing dude?
FDIC board meeting notice for July 15, 2008:
FDIC: Board Meetings
In reversal, Washington seeks more financial regulation
In reversal, Washington seeks more financial regulation | McClatchy
Former Fed Chairman Paul Volcker has suggested that the Fed overstepped its authority, but Bernanke maintains that the move was legal because the Fed has broad responsibility to protect the U.S. financial system from collapse.
Since then Treasury Secretary Paulson, a former chairman and chief executive officer of investment bank Goldman Sachs & Co., has offered a blueprint for revamping the regulation of financial markets. He recently said that some of his proposals shouldn't wait.
On Thursday, the House Financial Services Committee will hold the first of several hearings on the state of financial market regulation and the safety and soundness of the banking system. Bernanke and Paulson are scheduled as the lead-off witnesses.
Gavshire Hathaway writes:
@Wawawa
He does seem pretty sincere
Have you never seen marketing, debate and forensics trainings. Especially with soft ball questions. That are provided in advance. This is a guy been given a platform to be gregarious...a hero and a savior. The oily interviewer described himself as a fried of JD at the beginning.
This is a sickening example of mercenary semiotics, advertising semiotics. Putting pleasing emotional images as representative of a figmant.
Cheers,
Let the beatings continue.
Wachovia names new CEO, warns of big loss
The Charlotte, N.C.-based bank says Treasury Undersecretary Robert Steel will be the bank's new chief executive and warns of a $2.6B - $2.8B loss.
Business, financial, personal finance news - CNNMoney.com
JD: Do they teach openess at Harvard Bus School? Well yes...
Unless they don't agree with the main corp. (MY) will.
Cheers,
What happens to Wachovia stock tomorrow??? Looks like this wasn't priced into the afterhours results? Do they drop significantly tomorrow?
JD: It's hard people don't act on. They fall down.
Yep...like keep dancing as the credit bubble rages.
What a moron. That he thinks I believe this drivel.
Cheers,
This is a guy been given a platform to be gregarious...a hero and a savior.
Yesterday, CNBC officially declared Bernanke, Dimon, and Paulson "The Three Saviors of Wall Street." Kind of pathetic, actually.
IndyMac current dividend 140.80%. Too risky?, then try Bank of America 11.90%.
Yesterday, CNBC officially declared Bernanke, Dimon, and Paulson "The Three Saviors of Wall Street." Kind of pathetic, actually.
Argento | 07.09.08 - 11:06 pm | #
you mean like Greensperm was MAESTRO?
yeah...right....
JD: Are ATM's working?
He actually said that. That is one of the most disgusting pieces of shit I have ever seen. If my eyes could burn red and launch thunderbolts...they would by now.
A slick marketing setup for JD to test his FDIC speech. Oh did he get the yucks. Such a personable asshat.
Where the hell is my pitch fork...
Cheers,
Tomorrow may turn out to be a very interesting day.
Mr. Dimon is very glib.
Tell me, what is this "Jamie" and "Jimmy" shit all about? Didn't these people ever grow up, or is this a holdover from places like Choate and Groton?
I'm with El Cliffo. My torches and pitchford are ready.
I've never owned a "pitchford." I do, however, own a PITCHFORK.
mp,
Found 'em. Will make them available...but the Super Colander Tin Foil Hats require a deposit.
Cheers,
Columbia Bank parent: Bad loans are up 420 percent
Columbia Bank parent: Bad loans are up 420 percent - Puget Sound Business Journal (Seattle):
@FDIC
Columbia Bank: "Is that bad?"
Me: "You've got a fackin dart in your neck, man -- That is awesome!"
Conjure got your tongue? Regardless, you've been around long enough. Don't you remember when in recognition of my being the most cynical reader CR granted me the pitchfork concession? Nowadays I'm a freakin' pollyanna.
Can I vomit now? I used to like Charlie Rose, but just that intro alone was enough for me to want to slap him upside the head. And then this crap by Dimon, the economy is unfathomable. Well, we've been fathoming it for two years, and we here have known damn well what kind of fraud has been perpetuated by yours truly JD. I cant believe he touts the BS economic stats. Idiot. We're on the verge of a frickin meltdown of the financial system. How the frickin heck do people get the idea that the people who F-ed this up are the saviors. Wow. The world has truly gone upside down. Time to start drinking.
FFDIC's link- "...we believe some of the builders to whom we have extended credit and who are focused in these markets will be experiencing significant challenges in the near future, said Melanie Dressel, president and CEO, in a statement."
Really? Did Melanie just make what one could call an 'understatement'?
Melanie, are you on valium?
Geoff,
"Time to start drinking."
Had to start this time during the run. This is essentially the same speech he gave yesterday, before 'tini time.
Cheers,
Did not know this: Jamie is a "class a" director of the New York Fed. Another is the Banco Popular guy from Puerto Rico. One of the c class guys is president of New York AFL-CIO.
NY Times Editorial
About Those Loans
EDITORIAL; About Those Loans - NY Times
Im glad this is so funny, and that the audience is getting a real kick out of it. This will be a classic thing to watch when we are truly well and in the shtTr.
This guy has no clue about the economy at all. It's all Republican talking points. And all this stuff is directly linked to an indirect Wall Street bailout.
No way Im going to make it through this whole video without putting my first through the computer screen.
Uncle Billy Gets Wonky,
JPMorgan is a substantial owner of the FED. Nice thing is they own the assets. USG owns the debts. It's a convenient relationship...for the owners. Us...not so much.
Cheers,
@Tell me, what is this "Jamie" and "Jimmy" shit all about? Didn't these people ever grow up, or is this a holdover from places like Choate and Groton?
MP,
The proper medicine for this shite is a good old-fashioned cock-punch. But Conjure probably knows this already.
From the bottom of my heart for the running commentary on those JD vids. I really don't have the patience for the spin and happy glad handling by Mr. Rose
The video was too self serving for my taste. Just could'nt watch the whole thing. I noticed that he was referring to the bear stearns bailout as a bailout by the federal reserve not the public.
I'm also curious about what's up for tomorrow, but I won't get to the electronics 'til lunch, when I flip on CNBC for 30 seconds before Tom and Jerry.
Maybe tomorrow will be one of the episodes with the cat getting a pitchford/k.
Geoff,
No sir:
"It's all Republican talking points."
It is all establishment points. Until you drop your "my team right or wrong" shite and realize both are in on the game...this will never change.
Wilson and FDR were dumborats. They created this mess. The rebooblicans went along. Don't give me this party crap. It's just annoying.
Grow up, mate.
Cheers,
Siemens cutting 17K jobs worldwide to cut costs
Topic Galleries -- chicagotribune.com
Jeez guys -- I thought he said a lot of pretty cool things. Look, there's work and there's life. My take was that he's a pretty cool guy, but his job is a bitch -- in particular right now. Perhaps most of the commenters have missed the main theme of the interview? Or maybe they equate work with life? Or maybe they don't have work? Or maybe, just maybe, they don't have life?
It's all Republican talking points.
I'm to lazy (and afraid I might toss the laptop) to watch, but I do believe JD is born and bred Democrat.
Presidential Donor Lookup Results | OpenSecrets
Imagine that, supporting Chris Dodd's presidential campaign...
Granddad, Tell How Capitalism Committed Suicide: Mark Gilbert
Granddad, Tell How Capitalism Committed Suicide: Mark Gilbert - Bloomberg.com
Bah, you tax drones.
No sense of humor!
And for the inflation/deflation department, check out Mish; interesting anecdotal evidence re deflation.
From the Wall Street Journal:
U.S. Mulls Future of Fannie, Freddie
The Bush administration has held talks about what to do in the event mortgage giants Fannie Mae and Freddie Mac falter, according to three people familiar with the matter, as the stock prices of both companies continue to fall sharply.
These discussions have been going on for months and are part of normal contingency planning that the Treasury Department and other financial regulators regularly undertake. The talks have become more serious recently given the financial woes of the shareholder-owned, government-chartered companies, whose stability is vital to the functioning of the nation's housing market, these people say.
The government doesn't expect the entities to fail and no rescue plan is imminent, these people said. Government officials and market analysts expect both companies will be able to raise large amounts of capital relatively easily. Treasury officials are nonetheless talking about what the government could -- or should -- do if Fannie and Freddie become so pressed that they are unable to borrow money and continue operating.
Misean - agreed. Establishment. As in WSJ type readers. As in Republicans. This is the type of crap that ends up on the opinion page there. Hence my point. I know what you are saying that both sides are involved. I agree.
Jacob Jess,
"Jeez guys -- I thought he said a lot of pretty cool things"
Perhaps you missed the mercenary semiotics post. Go back and read again.
And no, I'm not doing your work for you.
That's the type of thing that got us in this shite in the first place.
He seemed cool.
Of course he did. He was meant to thumblewhit.
Cheers,
And Misean, you do realize that today's Republicans are a complete different breed than what Republicans were a few years back, right?
Geoff,
Thanks.
Cheers,
Some good analysis on banks:-
http://boombustblog.com/content/view/303/34/
FFDIC:
Dude, I'm nervous, but that smacks of the late 70s/early 80s nuclear apocalypse stuff.
But for reading, check out David Brin's "The Postman" for apocalyse lit. Costner screwed it royally in the movie version, but the book is a great read.
Geoff,
I understand that. I also understand that there were different Dems.
But today they don't exist. I agree with both old school Dems and Old school repubs that still exist. For the most part they sound the same. For this Old School libertarian anyway.
Cheers,
Misean - The flaw in your view is that you're only clever enough to think one step ahead. Try thinking two steps, or god forbid, three, ahead. Of course he seemed cool. Of course he was supposed to. Of course he knew that. And of course he played along. And, of course, you stopped listening after the first minute and said exactly what you were supposed to say for the next 50 minutes -- while the video was playing -- and you were off writing you parsnickety comments on some blog that 410 people read. Please tell me that you are not immune to seeing the perversion here.
Jamie Dimon must be angling for a job as the next Treasury Secretary or Fed President. New administration coming into power in a few months and all.
I was a little perplexed why this post by LawyerL didn't get a little more play. This is BIG news if it is true!
LawyerL writes:
"dryfly writes:
CR - why doesn't the FDIC just call it a weekend & shut'em down now?"
I found this most distressing "From Nakedcapitlism and reader Steve"
The FDIC can't afford to take them over right now
Page not found « naked capitalism reader.html
"The problem for FDIC is that non-GSE mortgages wind up getting pledged to FHLB, and as a secured creditor with an over-collateralized position, FHLB borrowings must be paid off by FDIC if the bank becomes insolvent. This is a large cash flow hit to the insurance fund (over $10B or 1/5 of the Fund in the case of Indymac), but the obligation of FDIC as Receiver to marshall the assets of the estate leaves no discretion for over-collateralized borrowings."
LawyerL | 07.09.08 - 4:25 pm | #
Yeah, I saw that at NC too, RE, and am still dumbly blinking.
So we are to honor Dimon or should I say Dim-one as a financial genius.
When he did not see this coming and in fact were a big part of the problem.
I say break out the tar and feathers.
Surprise Surprise, Dow futures just ticked positive....
Jacob Hess,
"Try thinking two steps, or god forbid, three, ahead."
I won the NDT and played chess most of my life. Could you be more specific as to what I was to do as I was trying to respond as best as I could in real time, without pausing. And I never paused.
"And, of course, you stopped listening after the first minute"
I did? Your evidence sir?
"Please tell me that you are not immune to seeing the perversion here."
Perversions here? You suspect that I was simply playing to a crowd? Honestly sir, I see far more perversions in Warshington and War Shriek then most see here. And if you think it was an audience I was playing to...it was difficult to post and watch the video. Which accounted for a far greater number of typos and summaries than I would have liked.
Perhaps, sir, you could do the same, and provide some superior elucidation?
I was commenting on the fly, but perhaps your second go around might be a superior commentary. I make no statement on my commentary. I simply provided it. However, if you think your superior skills could do better...well, as I'm sure you're aware, the board is open.
Cheers,
more like break out the mead and targes
Another interesting read:
What If US Collapses? Soviet Collapse Lessons Every American Needs To Knowhttp://madconomist.com/what-if-us-collapses-soviet-collapse-lessons-every-american-needs-to-know
Geoff writes:
And Misean, you do realize that today's Republicans are a complete different breed than what Republicans were a few years back, right?
That right wing extremist John Fitzgerald Kennedy could never hope to garner the now republican nomination with his then progressive positions.
Republican ≠ Conservative.
Gavshire Hathaway writes:
1st thing you learn in mgt school is the key is sincerity. Once you can fake it, you are on your way...
Misean -- Thinking a couple steps ahead has nothing to do with NDT (?) or chess -- though good for you. Chess is a great game. I think Dimon put it well, (paraphrasing), "Everything (in the media) today is 0/1, but in life nothing is really 0/1." (as much as we strive for the digital, alas, we are human.) This is thinking ahead. Seeing the deeper meaning. Not just reiterating, over and over again, the same old shit. Dimon surely has made mistakes. He's surely the CEO of the biggest bank on the planet. My only point was that he's a human and I think he showed that -- against all odds! -- during the interview. Good for him.
asia's slightly negative. Think that they're a little crapped out?
Someone almost always props up the dollar in asian trade.
"This guy Jamie Dimon struck me as a very honest and sincere person"
Maybe. That or he rehearsed this material to the extent he believes it. He definitely left out any discussion about what the implications would have been to JPM IF BSC went BK. Then we would have had a better sense about how honest he is.
I am quite certain the BSC bailout wasn't a purely philanthropic exercise to save the USA.
FDIC DIF Balance Sheet
If nothing big has happened since March, maybe they're looking ahead, because $10B doesn't look like a problem unless you know, say, where $70B is going to come screaming up at you.
Jacob Hess:
Great. Dimon's human, that's beautiful. And he's an alright kinda guy.
Who, being an everyday, nice fella, made one hellacious deal for his company and left the bag with the Fed and ultimately, us.
Seeing the deeper meaning?
If my kids start with that verbiage, I'm gonna tear their rooms apart looking for the ganja.
The deeper meaning is this. We're looking at - if we're lucky - just a recession. Unfortunately, we've f'd the dollar and malinvested a generation's worth of wealth. If I appear to not be able to separate life from this financial stuff, it's because I'm trying like hell to save what I can so that I don't spend my dotage in penury. And my kids are going to have a whole new world just waiting for them.
And what can the American work ethic provide today?
I started a piddling little website that's completely apart from teh financial stuff. I actually believe inthe damned thing. In the trek to just get the goddamn thing up and running, I had to fire one web designer for sheer sloth and now the guy that did the work is slowing down on returning calls/emails re questions.
And today, my site mailbox got an email from Kumar in goddamn India who would like to establish a business relationship and take care of work on the site.
Yeah, that's where I'm at with this kind of Dimon stuff. He ought to try out for the Olympics on the softball team. And while he's out on the field playing softball, the Indian team will be in the American dugout eating their lunch.
By the way, the regular posters here get more readers than most novelists since the visitor count is over 14 million since inception. Check the sitemeter at the bottom of teh page.
/rant off.
Jack Kennedy didn't have progressive positions, as we understand them today. Jack Kennedy supported a robust national defense, across-the-board tax cuts, and, as a Roman Catholic, was against abortion. Actually, Kennedy had Reagan's positions.
The Rev. Jesse Jackson apologized Wednesday for saying Barack Obama is talking down to black people during what Jackson thought was a private conversation before a FOX News interview Sunday.
Jackson was speaking to a guest at the time about Obamas speeches in black churches and his support for faith-based charities. Jackson added before going live, I want to cut his nuts off.
Jesse Jackson Apologizes for Crude Obama Remarks - Political News - FOXNews.com
LOL, Jesse that wasn't very Godly of you but you know that Reverend crap is a scam anyway however if want to do a little slice and dicing Dimon is your man.
homedad43,
That IS your website. Shit man, if you need web design help fling me a post and I'll fling you an email. My guy is good. He's employed...by me so he does these extra projects cheap...for extra income.
I thought it a link to a site you visited...not uncommon round these parts. Give me a shout out if you'd like.
Cheers,
Charlie Rose is obnoxious. So is Jamie Dimon. Two guys and at least four faces.
Misean: evidence please. I'm on board with the whole illuminati thing (and ufo's too... I've seen them)... but please show us other evidence of jpm influence on the fed. Dimon sitting on the board in new york is plenty, but if there's more I'd love to see it.
Bank writedowns turning to actual losses (at least for Wachovia). Who's that goof ball on CNBC who keeps prattling about writeups??? Oh yeah, Denis Kneale.
Notes 2 Denis:
In the beginning of all this,
there was one problem.
'Johnny' can't read; and 'Johnny' is 13.
From this, all hell flows.
Such a society deserves what it gets.
.
Jacob Hess,
"Thinking a couple steps ahead has nothing to do with NDT (?) or chess"
Then sir, you know NOTHING, as I suspect the idea of thinking ahead CAME from chess. Could be wrong. But it is a game theory.
And if you don't think ahead in debate you are TOAST!
""Everything (in the media) today is 0/1, but in life nothing is really 0/1." (as much as we strive for the digital, alas, we are human.) This is thinking ahead."
Given that he said it AFTER the digital models failed....well...gosh...what a friggin genius!
"Not just reiterating, over and over again, the same old shit. "
He didn't. Did you read through my posts during the video I asked you to review...in your own terms? No? Apparently not. That's ALL he did, sir. Please review before posting makes an ass of yourself.
"Dimon surely has made mistakes. He's surely the CEO of the biggest bank on the planet. My only point was that he's a human and I think he showed that -- against all odds!"
I'll go last first. Against all odds?
You missed my semiotics points did you. Go review pleas, oh who is asking me to think moves ahead.
"Biggest bank on the planet...yet should he's human."
The man running the biggest bank on the planet gets a soft ball interview from a slimy idolotor who calls JD his "friend" of "many years" and he gets an interview, that in your words shows that:
"My only point was that he's a human and I think he showed that -- against all odds! -- during the interview"
Well golly gee whiz. Boy you're thinking MOVES ahead in the game.
Dude...don't even reply. You keep saying that...I don't think you know what it means.
YouTube - Princess Bride - Inconceivable Mashup
If you have no argument, leave me be.
YouTube - Princess Bride - Inconceivable Mashup
Cheers,
Uncle Billy's Seen UFO's,
"Misean: evidence please. I'm on board with the whole illuminati thing (and ufo's too... I've seen them)... but please show us other evidence of jpm influence on the fed. Dimon sitting on the board in new york is plenty, but if there's more I'd love to see it."
You need more than that? You're braver than I am mate.
Paulson, Bernutty, Rubin, Dimon? You need more...God bless your heart. I don't
Cheers,
homedad-
Nice work on your site! Serious but not stern/ stuffy w/ some humor thrown in at appropriate times...hard to do.
"Sex w/ new mom (theory)"...made me chuckle:)
Best of luck
"Jackson added before going live, I want to cut his nuts off.
Attention! Jesse Jackson!
Have you been talking with Conjure?
Sorry wrong link,
"If you have no argument, leave me be."
YouTube - Metallica- Welcome home (Sanitarium) music video
Is what I meant.
Sorry.
Cheers,
Come on CR, you guys are better than this. Do you really expect your readers to watch something like this for over an hour?
Misean: I've been following the whole Goldman Sachs - govt. love story for a while, but I was looking for more jpm involvement. That's plenty though.
"Do you really expect your readers to watch something like this for over an hour?"
Do you think in our 5 min sound bite society anyone actual did?
Very interesting interview with Dimon. I was wondering how the CEO of the "derivative king" was going to spin things. He gets quite obtuse and philosophical when the topic gets around to mortgage finance, and makes a point of mentioning they "never did SIV's" at JP Morgan.
Ah, grasshopper. But how did the SIV's hedge their interest rate exposure, among other things? That side of the moon (or the trade) goes unexplored.
"Attention! Jesse Jackson!"
Jesse is slipping as the king of extortion one would think the REVrand would be all over this, not a peep, must not need the money.
Regarding the Bear Sterns buyout.
Dimon:
the risk was really being borne by the Federal Reserve
I couldn't do it
it would have been irresponsible
i have a job
and I wouldn't jeopardize my company that way.
Benny will happily jeopardize your money that way though.
If you don't want a lot of human aggravation, then quit allowing the problems to become even larger and more intractable. You guys better start putting a lot more effort in dismantling these things orderly. I don't think the Gini coefficient will tolerate much more of this behavior.
If someone knowingly starts a rumor or passes on a rumor, they should go to jail.
Hahaha.
Rose:
Tim Geithner said it scared him how fragile the structure was and how tottering it was.
Yep, Timmy. This stress test is going to be like crash testing an Indy car made out of toothpicks. Good luck!
"Dow futures just ticked positive...."
Trying very hard not too start believing in the PPT.
"He definitely comes across as just a normal guy. The jury is out..."
Then cheer the PR folks who rehearsed him, and the Rose folks who provided him with the a platform to start spinning. You think "likeable" matters? Did vote for Bush because you think you'd enjoy having a beer with him?? Ho did that work out for you?
Seriously, don't you think they're a little nervous about what they've done to the country? But hey, if they're likeable, it's all good.
Me, I say we've got the lampposts and we've got the rope.
How did Charlie take Dimon's d*** out of his mouth long enough for that opening solilquy?
Charlie sure looks old.
I appreciate his acknowledgement that the most important thing is the average American, via jobs. In retrospect, he's just paying lipservice.
He's wrong about the average American's wherewithal to survive this financial crisis. Someone's got to tell him how much people owe on those Chase credit cards.
Wow, he said we have a real "fiscal issue in the long term." What does that mean?
Directed tax cuts at the lower-paid people: a veritable progressive!
"6 months to 2 years" the economy needs help.
People on Wall Street are not the same, well except for the firms, all of which made these mistakes, except for JPMorgan.
"Why didn't JPMorgan do that?" Come on Charlie, you did him once, do you need to do him again?
Wait, is JPMorgan buying Bear to mitigate the 30% chance that the financial structure fails or because there was value for the JPMorgan shareholder or to save the US of beautiful A. Two minutes and three different reasons for JPMorgan's purchase of BSC. That's either scary, dishonest, or it means that it wasn't his decision.
If you start a rumor "you should go to jail." It is "the destruction of value" when you talk down a wonderful company like BSC. Please, did the strongest bank go down or did the weakest go down.
"If you regulate too much, the business goes to the unregulated businesses." Huh?!?
"We want a peaceful rising China," so turn 'em into Americans.
Business for business' sake; capitalism will lead the Chinese to greater freedoms.
Softball, softball, softball, but he wouldn't answer anything in a different way. If Charlie challenged Dimon, which he wouldn't, he's far too media savvy to answer anything in an interesting and/or oops kind of way. He is not candid in an amazingly candid sort of way. This has completely turned in J. Dimon at X Business School. What a snooze.
When you get fired, "life is okay." He read about Nelson Mandela and Abe Lincoln to draw parallels with his own life after he got fired. Don't think he was looking for perspective he was looking to massage his ego.
Just your typical Charlie interview, engaging but wholly unsatisfying.
Jacob Hess: you obviously do not understand why Dimon needed to be interviewed now. For the first twenty minutes the interview was going on the right track, after that snooze-fest. Here was the designated leader of Wall Street in a non-confrontational setting given the chance to make the case for Wall Street both for the past and the future and he declined. This non-answer provides much evidence that Wall Street, or Wall Street firms, as currently constucted provide little or no value to our economy and are quite possibly responsible for propagtiong the culture of greed and financial one-upsmanship that has put us at the precipice of great economic malaise.
Do not tell them to eat cake, Jacob, they will come for you.
Tom Lindmark:
I hope you don't invest using the 10-k is too long philosophy and just stop at Item 7A.
So what slick Jamie D. said is 1) rumors brought down Bear Stearns and those who spread them should go to jail for a long time (no mention whether the rumors were true) 2)JPM wouldn't do this great service to America without the Fed helping those "drowning" (no mention that we're talking about Wall Street millionaires) because there were problems with Bear's books, and 3)no way Bear could have opened that Monday.
He didn't seem concerned that an idle rumor (presumably false) nearly brought our financial system to collapse, and kept up the sincere and honest facade all the way, although it looked like he kept waiting for bonehead Rose to hit him with "so you wound up with a sweet deal, huh?" and he could break out a sheepish grin.
A slick spin indeed and it caused me to immediately cash out my JPM put (at a nice profit) to be reentered when the public starts to catch up to this ponzi assclown.
Hey JLR - your point is worth repeating. " (Dimon's) non-answer provides much evidence that Wall Street, or Wall Street firms, as currently constucted provide little or no value to our economy and are quite possibly responsible for propagtiong the culture of greed and financial one-upsmanship that has put us at the precipice of great economic malaise." Well said! Dimon at one point admitted that SIV's and CDO2's serve no real useful purpose. Wall Street exists to enrich Wall Street.
CR
thanks for pointing us at the video.
showed me that my thinking about the Bear sterns deal and my poking fun at JPMC etc was simplistic.
dimon is certainly a diamond in the rough...smart while acting the regular guy.
dimon is certainly a diamond in the rough...smart while acting the regular guy.
Oh yeah, this guy is good. The original Banker said he was very smart--well, duh-- but he's so damn smooth. Very likable, but you don't get where he is by being nice. Makes me wonder what the purpose of this interview is, or should I say purposes, 'cause this guy is definitely working on more than a few levels.
Misean, did Jamie strike some sort of nerve with you? Frankly, he's straightforward and very, very smart.
Again, let the data and the facts drive decisions not politics. This is about running a massive financial institution, not libertarianism. Political theory is a luxury when running a company, espeically a public one. Have you ever run a multi-billion dollar public company Misean? How about just a multi-million dollar one?
I think he's made brilliant moves that will put JPM into a top position when this is all over. And that what he's talking about. And, frankly from a CEO, that's all I want to hear. Politics be damned.
This is about running a "massive financial institution" while at the same time sitting on the board of the Federal Reserve Bank of New York, and the Fed gave Dimon's "massive financial institution" a $28.82 billion non-recourse loan.
That's not running a company. That's taking taxpayer money.
That's not capitalism--it's corporate welfare.
Misean - Chess is a solvable game. Life is not. Your analogy is broken.
I do no understand the acrimony? Do any of our politions talk at length about their positions,plans,etc.
This was very interesting. His comments about the credit crunch, bear, and business strategy were great.