Report: Geithner to Provide Bank Bailout Details Next Week
Submitted by
CalculatedRisk on Fri, 02/20/2009 - 11:42am (561 comments)
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I love options expiration.
C trying to stage a George-Bailey-like comeback from the brink. Stop praying for them goddammit!
I will gladly inform you Monday, for a rally today.
Because everything went so well the last time Geithner presented his "plan".
Nationalization? Bailout? Opex headfake? Damn.. this thing has plot more twisted than pretzel.
Timmy's second chance. I hope he doesn't wiff this time.
P.S. What is "F5", anyway? Nevermind; I don't care.
P.P.S. It's "Perl", not "PERL".
When he was a child didn't Timmay play the lead in the musical production of "Annie?"
I have no plan. Nothing I can do. Am clueless. But will not share that until Monday. So rally tonigt. Rally my dear markets.
Is there someone stupid running that brain trust? Someone who believes banalities about nationalization will be well-received? Like no one is paying attention?
CDs and your mattress are still beating stocks as investment vehicles. I just won an easy 5 year beat (CDs would outperform stocks over 5 years starting Jan 09)
"White House said it strongly believed a privately held banking system was the correct way to go."
US STOCKS-Market cuts losses after WHouse bank comment
| Reuters
Good frigging idea, quit giving these prick the American peoples money.
Looks like the Feds "buying program" is in effect....
Without a working definition of "nationalization" this statement is meaningless. We won't know anything until it happens.
Good frigging idea, quit giving these prick the American peoples money.
Um, I don't think nationalization means what you think it means.
Who doesn't believe in Santa Claus, the Tooth Fairy, and the Plunge Protection Team now?
Let's get this over with so we can move on. Take over the banks and the car industry and come up with a reorg that won't lead them back into bankruptcy. While we're at it, maybe GE needs to be taken over too.
It will cost 5 Trillion dollars. Fine. Let's get on with it.
F5 = Refresh.
He's saying his refresh button is faster than your Perl script, except it's not.
Timmay will talk about different options being considered for Stress test. Is that good enough?
-gonna be a long, sloppy night.
Who doesn't believe in Santa Claus, the Tooth Fairy, and the Plunge Protection Team now?
And an endless stream of "Rescue Plans" that make us feel all hopeful inside
California On the Edge:
This week: California on the edge - Postcards
Solution from Wall Street - Kill the commoners to save the preferred.
Just pre-privatize the banks already.
It's really not that complicated.
They are just worried about the the implications of nationalization.
There will be a tsunami of dead banker bodies laying around everywhere. That's OK.
The vultures should be able to handle that job nicely for us.
Green is not so surprising today. The last 5 days have been pretty bad. THe ride down will not be without turbulence.
explain the stress test? LOL!
Seriously CR, why treat anything they say as credible?
Anyone got some dramomine for me?
@Gavshire - ain't that the truth on your casino remark.
Days like this with such brazen rumor-mongering make me think that maybe, just maybe, enough people will get sick of the BS that we'll see real multiple contraction on SPX. Then again, it might just be instilling false hope that someone has their back and keep them in.
Basel Too --
That's funny, because he clearly has his own bot.
Unfortunately I will not be able to participate in this evening's festivities due to other obligations.
So, what are the odds we close UNCH today?
F5 = Refresh.
He's saying his refresh button is faster than your Perl script, except it's not.
Basel Too | 02.20.09 - 3:01 pm | #
I thought it was a max strenght hurricane!?
CR,
Come on with the stress test details? why would you belive anything they said anyway. Perhpa the best stress test would be for them to post the collatetral on the new sunshine website and let the market determine what the valuations are. Until that happens I call bullshit on anything or any judgement Geithner renders. This entire process is tortured for a reason: it is meant to obfuscate. disinformatzia
Highland Capital CDO Fund Is Insolvent, Wiping Out Investors
UBS Sues Highland Capital Over $745 Million in CDO Losses - Bloomberg.com
I guess I won't be calling them to place subordinated tranches anymore
OT, one of my peeps has some funny reporting on Bernie Madoff coming out in the New Yorker Talk of the Town next week, couldn't tell me deets due to legal restraints.
seems like there is a scammer revealed every week lately, i wonder who is scheduled for next week?
ok, back to chicken chat...
S
copycat
I think F5 has something to do with F5 - IT agility that drives business forward I think it is a proprietary code language.
-35 dow
+7 on NAS
Flat S&P
Ciao
MS
Wow Maria B is awfully excited.
Anyone heard from FFDIC? How's his daughter, and how many banks this weekend?
Just when I was enjoying the collapse of humanity it all turns around on a dime...
it's 3pm, stuff should happen now in the markets
Three words for Geithner: Stress Test. Explain. - CR
But does gubbmint understand KISS?
Wow opex is exciting, especially when I have a stake.
Dillon Ratigan comes on CNBC and the market immediately tanks...
Potatoes are easy to grow, but they prefer cool weather so you should try to get them into the ground at the right time. The first thing you'll need to do is start saving whole or cut-up pieces of potatoes to use as your "seeds." Or you can order seed potatoes through mail-order garden companies. Store your seed potatoes in the refrigerator.
All of this craziness is stress testing my liquor cabinet.
Is it tini time yet?
ACORN Urges Civil Disobedience in Foreclosure Evictions.
ACORN Urges Civil Disobedience in Foreclosure Evictions | CommonDreams.org
A while back I asked what the PPT was and received many different answers as to how it operates.
I've worked on the perimeter of Wall St and the only one that had any plausibility to me was a conspiracy of happy talk that one person here posited. Happy talk makes sense because happy viewers are going to give more money to sponsors than scared viewers. Happy voters will vote for incumbents more than unhappy voters.
Now that Timmy and gibby have made me feel better, time to go watch that Charlie Rose link CR has up.
This is so transparent. Banks are crashing, so the gov't announces that it will announce a plan to announce a plan to plan a plan.
Solution from Wall Street - Kill the commoners to save the preferred.
Bilbo | 02.20.09 - 3:02 pm | #
message from the street FU
(not you personally)
Wow Maria B is awfully excited.
Nemo | Homepage | 02.20.09 - 3:06 pm | #
Poor Cowboy...
AND THEY'RE OFF!!!
PPT linky:
PWG
Hope that PPT takes its profits today, before they disappear.
Bertha Lewis (ACORN) has no claim to outrage, she's a wheeler dealer who sells out neighborhoods for payoffs from corporate developers. She should STFU.
Even god cannot save them now.
"AND THEY'RE OFF!!!"
Did one of the horses break a leg right out of the gate?
dryfly writes:
But does gubbmint understand KISS?
The CFR's says "no"
If Your Bank Is Bought, CD Yields Could Be Slashed.
If your bank is bought, your CD yields could be slashed | Money & Company | Los Angeles Times
I love this administration.
Every day brings promise of a new plan, and promise of a new explanation.
Then, events change, as happens.
Requiring a new plan, and new explanation.
It's the lather-rinse-repeat approach.
Gee your bank smells horrific !
Did one of the horses break a leg right out of the gate?
Pissed off in California | 02.20.09 - 3:09 pm | #
I think we're racing chickens today.
Hawley Smoot
Hawley Smoot | 02.20.09 - 3:10 pm | #
You're a late riser ehh?
The Walter_Map Economic Recovery plan requires that crapped-out banks be nationalized. Timmy's just being slow again.
Other features of the WMERP have not yet been adopted yet either. Expect the Global Economy to continue to tank until they are. If it's not adopted by the end of the year, it will probably be too late ...
Some simple stuff, while the clock is ticking:
Boom Times Were a Mirage
Comstock Funds - Contrarian Charlie Minter Bear Market Bearish
Like I said:
"Since 1996, we have been discussing why the economic strength over the past 13 years was a mirage.
"We have stated many times over the past few years that the S&P 500 should trade below 700 before the secular bear market ends. We are now lowering our expectations due to the earnings revisions that are dropping almost weekly ... We, therefore, have to revise our target on the S&P 500, at the secular low, to at best decline to 600.
"We also expect the housing prices to decline another 20-25% before it's over."
A recent WaPo article has finally gotten around to confirming my one of my
long-term observations:
"The sharpness of the global slowdown has alarmed economists, who see no apparent engine for recovery."
Swift, Steep Downturn Crosses Globe - washingtonpost.com
Of course there is no "engine for recovery". Like I said, they've all been exported. Moreover, there is almost nothing in the present "stimulus package" in the way of
preventing all those billions from simply leaking overseas through enhanced outsourcing and imported consumer products, or for otherwise preserving employment in the US. China and India will no doubt be delighted with the effects of the so-call "recovery act", because that's where it's all going to leak out to. Further, jobs can be expected to be exported - and cheap foreign labor imported - even faster than ever, so as to maximize the exploitation of the "stimulus package".
And so forth. Although it's nice to see the "economists" are finally catching up.
Nothing has changed, despite promises to the contrary.
"Hope that PPT takes its profits today, before they disappear"
Who cares?
Bring on the Failures, already !
My squirrels ate my chicken...but they didn't taste like chicken afterwards...weird.
Nostrovia,
PPT seems to have stalled for the broader market, but BAC is still rallying
Fools and their money are instantly parted these days.
An annoucement is always good for a 4% drop.
Joe Shmoe,
I bet you know what Timmay really wants to do.
dryfly writes:
But does gubbmint understand KISS?
"Rock and Roll all night and Party Every Day?"
or
"Cold Gin"
Three words for Geithner: Stress Test. Explain.
Here's my advice: put fewer American flags behind Geithner's podium and provide some mimes, instead.
They could mimic his mannerisms and ridicule him during his speech and do all the other obnoxious things that cause most people to hate mimes. Geithner then becomes a sympathetic character, plus no one will remember what the hell he said.
Does this mean C is not today's BFF victim? Aw, Shucks.
My money's on BKUNA today anyway.
"Michael writes:
Fools and their money are instantly parted these days."
One wonders how they got together in the first place.
"I bet you know what Timmay really wants to do. :)"
Choke his chicken?
I bet his palms are VERY hairy already.
Nostrovia,
/cr/tard writes:
Bertha Lewis (ACORN) has no claim to outrage...
Myopic: A narrow view of something.
Bank of America +3%
Recession over
Things were bad, but now they're good, forever!
I pulled my money screw Timmy and his little den of thieves.
"Here's my advice: put fewer American flags behind Geithner's podium and provide some mimes, instead."
funny, but on first read I thought you wrote miNes. Which is funnier.
Potatoes are easy to grow, but they prefer cool weather so you should try to get them into the ground at the right time.
12th Percentile | 02.20.09 - 3:07 pm | #
Even simple spuds have a few glitches. Better to get a few seasons of gardening practice in before having to rely on your cropses precious.
Switching to BFF mode - BBQ & tequila in 4 hours. Gonna be a long Friday afternono....
@Gavshire - I really thought SRS was going to get 77 there but not quite. Did you know that Public Storage is the 3rd largest component of DJUSRE (the benchmark for SRS)? SPG is #1.
Sen Schumer interviewed by Huff Post. Note the parsing he does. There are going to be some big banks going down. Schumer just surrendered on that.
Excerpts:
But on Friday, Schumer argued that there are good and bad ways to nationalize banks, and that the loaded nature of the term often leads to confusion. "'Nationalization' means many different things to many different people, and somebody needs to clear it up," said Schumer. "We have to distinguish. I like the good and don't like the bad."
Schumer also pressed that nationalization should be a last resort. "It should be the last arrow in the quiver. The danger here is when a government takes [a bank] over, it drives down shares of other banks that might not be in as bad shape," he said. "Let me be clear about this because I want to be very careful: I am not speaking of any specific institution, just a general comment about a general situation. And I don't have -- and please write this -- I don't have any specific institution in mind."
Schumer contrasted nationalizing and holding on to a bank with taking over a failed firm for a temporary period. "Bad nationalization is when the government takes over these institutions and runs them for a long period of time. I don't think this is a good idea. I know President Obama doesn't and I don't think most Americans do," he said.
"The government is not good at making these decisions and managing assets in general. It's a different way of thinking in government. The government bureaucrats make for bad bankers and you'd probably end up making it worse," he said. . .
That doesn't mean that the government shouldn't take over failed banks -- even large ones -- he said.
"There is a good type of nationalization. I think that the [Treasury] Secretary was wise to do these stress tests," he said. "They're going to find some banks that are hopeless, that are zombie banks."
Those zombie banks, once discovered, he said, should be nationalized.
"Instead of keeping them alive for a long time," he said, "I do agree with people like Roubini or Mishkin -- and I think people would support this -- that the government should come in. And what the government would do would be: wipe out the shareholders, put in new management -- wipe out the old management and put in new management -- and then let the bank run sort of independently without day-to-day government intervention."
(Schumer is referring to economist Nouriel Roubini, who has called for nationalization, and Frederic Mishkin, a former member of the Federal Reserve's Board of Governors.)
"This is not that different than what the FDIC is doing in certain places," he said. The Federal Deposit Insurance Corporation has taken over a number of banks, guaranteed the deposits and begun the process of cleaning their balance sheets to prepare to reopen them as private institutions.
Schumer: Failed 'Zombie' Banks Should Be Nationalized
Only when you find the bottom between 4 and 5k will things start to look up. Announce that the plan is giving away fishing poles and garden seeds to the bankers. That should get us there quickly.
Hawley Smoot writes:
ACORN Urges Civil Disobedience in Foreclosure Evictions.
This Page Cannot Be Found | CommonDreams.org 6
Hawley Smoot | 02.20.09 - 3:07 pm | #
Now we know what the $$B's were for.
Anything short of Geithner saying the government is going to flush unlimited amounts of money down the banking toilets will cause the markets to fall hard.
A summary of Chinese deals to secure Natural Resources. Some CR folks have have been posting about this.
NYTimes Link
REBear writes:
"Hope that PPT takes its profits today, before they disappear"
Who cares?
Taxpayer dollars at work.
Touched green briefly to test the waters- real liftoff by 3:20.
Up over 200 might be quite doable on the Dow.
How many times does Timmays big red buy button work in a single day?
Wall street's credibility is shot regardless of what Geithner says.
The go go credit days are not coming back.
How many times does Timmays big red buy button work in a single day?
Pissed off in California | 02.20.09 - 3:17 pm | #
As many times as it needs to.
"Anything short of Geithner saying the government is going to flush unlimited amounts of money down the banking toilets will cause the markets to fall hard."
They've already said it.......the reason the market tanks is because the banks have an idea of what that amount of money needs to be and the Treasury won't ever say it.
Ciao
MS
Oh boy!
DOW roller-coaster headin' down---WHEEEE!!!!
Stock Market Gives Obamas First Month An 'F'
Liz Peek: Stock Market Gives Obama’s First Month An 'F' | wowOwow
Haaahhhaaaaaaaaaaa
How many times does Timmays big red buy button work in a single day?
Pissed off in California | 02.20.09 - 3:17 pm | #
How many little blue pills does he have??
from the Schumer interview:
The Federal Deposit Insurance Corporation has taken over a number of banks, guaranteed the deposits and begun the process of cleaning their balance sheets to prepare to reopen them as private institutions.
What bank is he referring to?
The only thing that comes close is the bridge bank set up of IndyMac Federal, the remnants of which were sold to J.C. Flowers et al. All other closers have been liquidations or shotgun marriages.
Timmy will further discuss the discussions that have been discuused since his last discussion.
So we now have the bankers' whore Schumer grudgingly accepting a Swedish style solution
hat tip to joe schmoe
"Anonymous writes:
214454
Stock Market Gives Obamas First Month An 'F'
Page not found | wowOwow
Haaahhhaaaaaaaaaaa
Anonymous | 02.20.09 - 3:18 pm |"
Anon,
Welcome to the dark side.
I think when Timmy gives his next TV appearance he'll be wearing a bandage due to the carpel tunnel syndrom he got from repetively hitting that buy button.
"alybaba writes:
So we now have the bankers' whore Schumer grudgingly accepting a Swedish style solution"
only as a last resort (after we try to sneak several more trillion through the back door via the Fed to at least bailout the super senior bond holds -cough- china russia -cough-)
And yet the market climbed about 100 pts off the low, and BankAmerica's green..
Flowers is buying Preferred, not common..
Reality wins.. ultimately.
//So we now have the bankers' whore Schumer grudgingly accepting a Swedish style solution.//
It will cost 5 Trillion dollars. Fine. Let's get on with it.
charlie | 02.20.09 - 3:01 pm | #
For 5 Trillion dollars, why do the McCain plan and refinance all bubble mortgages into fixed rate loans at current market value? No defaults, no MBS defaults, everybody's happy - except our children's children's chldren.
A gut feeling - we will see the circuit breakers used next week.
I will come here on that day and repost this message.
Or, if it doesn't happen, I will hide like a coward.
Now that the bankers have sold their shares and sucked out one last bonus we will get nationalization. What a sham(e).
Paulson orchestrated one last looting before he dumped the crap onto the tax payers.
Carly Me-orina, I mean Fiorina, on Bloomberg talking about the banks and "the need for a plan now". What the eff does she know about this? She ran HP into the ground.
can't have a week like this week next week.....who's going to buy Timmay's T-Bills?
Ciao
MS
back to my geek question last thread, sorry if this was addressed while i was awol.
is this just a blip or actual reflation? keeping in mind this is just the money multiplier data.
St. Louis Fed: FRED Graph
guess i can skip a few hours of sleep and try to track it down if unknown...
Hey - so we've ignored that several times we get a heads up on these stupid media events by the administration. We could do something fun knowing this. Could some fun collective event be organized for the next Timmmmmay press conference. A drinking game might be hard in the middle of the day... something collective online maybe, where the collective could get attention from the big media for staging a massive Timmmmmay counter event?
Post ideas!
"Angry Saver writes:
Paulson orchestrated one last looting before he dumped the crap onto the tax payers."
Don't be silly. Americans CAN'T be out of money. They still have checks left.
Not everything has been stolen yet, much less delivered. So expect the looting to continue.
Paulson orchestrated one last looting before he dumped the crap onto the tax payers.
I was surprised that this week's $200B injection for FRE/FNM came from last summer's housing bill.
Did Paulson simply forget that the money was there?
Mannwich writes:
Carly Me-orina, I mean Fiorina, on Bloomberg talking about the banks and "the need for a plan now". What the eff does she know about this? She ran HP into the ground.
Mannwich | 02.20.09 - 3:24 pm
I'm sure she personally did well though. Same thing with Lucent. One day the natives will just behead the chiefs and be done with it...
Carly Me-orina, I mean Fiorina, on Bloomberg talking about the banks and "the need for a plan now". What the eff does she know about this? She ran HP into the ground.
Mannwich | 02.20.09 - 3:24 pm | #
I think she's saying - hey, I'll never get another job and I'm down to my last 20 mil. Do something!
If I have time, I'll comment on that Peeks post ("F") and tell her not to worry her pretty little head. I have to find a link to a good handbag sale first.
Not that I believe that shit, but some people just need a sharp pole up their @ss on a regular basis. Her analysis was two months and 50 IQ points below what CR posts.
Oh, and speaking of organized events for Timmy, I think it would be really funny to fill up all the chairs in the press room with empty suits.
How many Treasury Secretaries does it take to change a lightbulb?
I'll tell you next week.
"SilentThunder writes:
One day the natives will just behead the chiefs and be done with it..."
In times like these it's traditional for the peasants to display the heads of the rich on pikes.
Call me a traditionalist.
I'd go into the pike-making business myself, except that I'm afraid I'd get rich.
I'd go into the pike-making business myself, except that I'm afraid I'd get rich.
walter map | 02.20.09 - 3:30 pm | #
LOL! You funny.
I'll tell you next week.
long chickens | 02.20.09 - 3:29 pm | #
LMFAO.
This is insanity. EVERY week for the last four weeks whenever the markets tank there is some "rumour" that just happens to come out explaining Obama or Geithner will have a full briefing on the "new plan" in a few days. And the markets go flying back up. It is like a trained monkey. This is a joke..
long chickens writes:
How many Treasury Secretaries does it take to change a lightbulb?
Your rumor of an announcement of an answer to your riddle next week is good for at least 75 points up on the DOW.
Is there an ETF for comedy gold?
It is like a trained monkey. This is a joke..
1LT J Fishman | Homepage | 02.20.09 - 3:31 pm | #
So, how much money have you made, since it's so predictable?
Come on, nobody wants to do something fun for Timmmmay day next week?
We could recruit Santelli
And I don't have -- and please write this -- I don't have any specific institution in mind.
Understood, Mr. Schumer. Which specific institution don't you have in mind?
Lots of people are having fun blaming the new administration for the uncertainity in the markets, that they are making the wrong choices, and don't know what they are doing. Good stuff, especially the Timmmmy posts. Love the socialism comments, classic! Still, I can't help but think that anyone expecting some perfect plan that will instantly restore confidence must be smoking crack. CNBC and capitalists have officially replaced Fox News and republicans as the pro-wrestling viewers who believe whatever they see.
I'll tell you next week.
long chickens | 02.20.09 - 3:29 pm
Brilliant!
If there was some sort of Obama Jedi Strategery at work, at the very least there would be message coordination. Between Volcker (who's clearly off-reservation at this point), Schumer & Dodd, and Gibbs, and the Tresury's announcement of 'more details soon' you've had four different messages. And, no, Bush isn't your basis of comparison.
Out of common effing decency, if Obama's going to take these banks this weekend, stop giving false hope that they might survive.
The market can handle nationalization -- it can't handle utter confusion and misinformation.
We went off the gold standard in 1971 - that year gold averaged about $40/oz.
Here were other values in 1971:
S&P - $102 on 12/31/71
Oil - $3.60 avg in 71
Silver - $1.394 avg in 71
So these other values have all moved within a fairly tight band since 1971 and are today worth 8-10x what they were in 1971.
Putting gold in that range would put it at $320-$400 today. Today its valued at 25x its 1971 level.
Seems like a bubble to me unless you think those other assets are undervalued.
Also, you have to ask yourself, if you're China, India or the US and you want to buy a resource today are you going to buy oil or gold....hmmm, I wonder. I know what the Chinese and Indians are doing and they ain't buying shiny stuff. Their people dont need or want it.
Good luck gold bugs.
The next big hedge fund trade coming is to short gold. You'll see. The big money is gradually getting out.
Totally off-topic.
Anyone interested in this house? You still get to customize the interior.
Act fast before you miss a great deal!
6983 BUCKINGHAM Blvd, Oakland, CA 94705 | MLS# 40396038
Between Volcker (who's clearly off-reservation at this point), Schumer & Dodd, and Gibbs, and the Tresury's announcement of 'more details soon' you've had four different messages.
Gibbs is this Administration's version of Dana Perino. Smarter, but not as hot. Why does anyone take him seriously?
Warning! Warning! Pullup.
Please use the oxygen mask until we regain altitude.
the drugs are wearing off
Oops...looks like a cliff has arrived in the path of the random walk.
Gold Facts... I am thinking along the same lines.
Wall Street power players: Enough bailout for me, thanks...I've finally unwound myself enough from my positions that it's time to cut it off. No, I don't care how that effects the rest of the economy. I'm ready once again to make some money whatever comes.
If there was plan, I would complain or applualed. Still waiting. I think the current plan is to keep saying all is fine. The market called that bluff and is prepared to double down. Tim "Turbotax" G is fighting the war with the old plan. The Cabinet wants to fight the Marx plan. And no one is can be heard.
Fun to watch If I did not care about my job/house/country. In the end they are like kid with the ears covered who is yelling till they feel they are heard.
Bilbo its not about a 'perfect' plan, its about a plan that isn't a total farking ripoff sellout to the banksters. Obama will pay for this. His approval numbers are still good now, but wait till the 401ks turn into 101ks and the economy goes in the shitter anyway, and then (always late) the media asks what we spent 6 trillion on. He's bringing it on himself by clearly listening to only the crony capitalists.
And the markets go flying back up. It is like a trained monkey. This is a joke.
Nope, just the next layer of denial. Nobdy ( and I mean nobody ) wants to discuss the real issue. So we'll screw around with the bank thing for a few more months, do some patchwork and hoist Bernie around the room for awhile.
.
Steve Liesman = Baghdad Bob
Johanna,
Go long on artifical insemination for poultry. Gets rid of those pesky males and future babies can be stored in the freezer. Too bad you can do that with sheep. Not sure about goats.
"Warning! Warning! Pullup."
Ah, crap Bulltards! what the hell, I stop watching for 20min and you turn into a bunch of pansies. Get in there!
Steve Lies, ma
think of what happened here in what order...
Dumas Timmy comes out with no plan after changing his mind.
The markets tank, and the financials look like floating turds.
Everybody and their brother talks nationalization. NO way out. We didnt get the answer, therefore, there must not be one. Tank em.
Market bring C and BAC and soon WFC to their knees. Time running out. Fortunately it is a Friday.
But what now? C and BAC wont survive a week like this.
So now the bluff is called. Nationalization or what? I'll tell ya what...TIMMMAY!!!!
So what does Timmay do?
If we nationalize now, after the stupid "here's your last chance to get out with something" rumor, it really looks bad.
If we dont nationalize and the plan is the same old rehash, market may implode.
If we dont nationalize and the the plan looks like it needs a few days of study time, what in heck at this point could it be? Godzilla attacks and we start a war? I mean, what in sam hell could possibly be announced that hasnt already been floated? Govts have been secretly setting up their own banking system? Doubt it. Theyve been dickin around for a year plus. They COULDA done did that, but they didnt, cuz noone wanted to look at reality, and that reality is insolvency.
Maria better get out the Xanax, get ready for an anxiety attack.
would u use pff as hedge for short position? honest ?
Gold Facts,
You, of course, understand that the gold price was FIXED, and WAY undervalued at the time the gold window was closed...right?
Nostrovia,
Between Volcker (who's clearly off-reservation at this point), Schumer & Dodd, and Gibbs, and the Tresury's announcement of 'more details soon' you've had four different messages
Maybe they view the banks as the enemy, and they're purposely trying to confuse them.
War by other means and all that...
Go long on artifical insemination for poultry.
9:45 to 10 | 02.20.09 - 3:38 pm | #
Funny.
AI is done on turkeys. And just about every other farm animal.
Street smarts come in handy sometimes. O knows that if you can't dazzle em with brilliance, baffle em with BS.
Turbo Timmy is getting nervous, Turbo Tax is late delivering their New Turbo tax Treasury edition. No answers till then!
Joanna...is that your business? Care to send a pic, please? I find articial insemination hot, even with poultry.
"We went off the gold standard in 1971 - that year gold averaged about $40/oz."
$40/oz was the government's price fixed value. Also gold in bullion and coin form was still outlawed for U.S. citizens in 1971.
The Treasury Department will release some details of its plan to rescue the financial system next week
Never thought we'd get to a point where the heroin injections would only last a few minutes.
"Street smarts come in handy sometimes. O knows that if you can't dazzle em with brilliance, baffle em with BS."
It's the key to a happy marriage as well (atleast if you're a male).
The Treasury Department will release some details of its plan to rescue the financial system next week
REBear | 02.20.09 - 3:42 pm | #
"Our plan, when released, will be printed on paper".
AI is done on turkeys.
Joanna | Homepage | 02.20.09 - 3:39 pm | #
Funny, I would describe much of AI as a turkey. And I've worked a bunch in the MIT AI Lab.
bank bailout details later.
This reads strikingly similar to the auto companies bailout plans: The plan is we need more money now and later. Details to follow.
Yours In Communism,
"Our plan, when released, will be printed on paper".
Eric | 02.20.09 - 3:42 pm | #
and involve lots and lots of money that we don't have.
I find articial insemination hot, even with poultry.
Just curious | 02.20.09 - 3:41 pm | #
Just use your google button. You'll find something.
exactly how are Volcker, Dodd, and Schumer saying different things?
Volcker says this is the GD on speed, and Dodd and Schumer break with their pasts to say that nationalization just might be necessary?
And Gibbs presents no conflict, either. The administration believes in a private sector banking system. So? What else is news? They also believe that FDIC can seize an insolvent bank.
All they are saying is 1) the shit is hitting the fan, 2) even professional shit shovellers like Schumer are ducking to get out of the way, and 3) there is not going to be a permanently nationalized banking system.
Will kick open the trap door under C and/or BAC today or Monday or next Friday or the next week or two? I don't know. But I think they have set it up so that at least a couple of the major banks in their current configuration must disappear relatively soon.
/cr/tard - I think we'll be able to separate the Bush bailout from Obama's and that he will benefit from an increased transparency that his policies require of those receiving money. Yes, the public may not accept that Obama could not remove all of the pain that we have yet to go through. The idiots crying socialism may gain some points from the apathetic and ignorant. But, if he can steer us away from a full blown depression I trust (unlike Bush the Lesser) that history will treat him well. I suspect he thinks that's more important than his popularity numbers although he recognizes their importance to his ability to make change.
Thanks Joanna. Will do.
Misean --
You, of course, understand that the gold price was FIXED, and WAY undervalued at the time the gold window was closed...right?
Gold price fixed in terms of dollars = dollar value fixed in terms of gold. So if gold was "undervalued" then so was everything denominated in dollars.
Not saying I agree with the original claim, just saying I am not sure I buy your rebuttal.
bank bailout details later.
Comrade Kilgore Trout | Homepage | 02.20.09 - 3:43 pm | #
Timmy's Excellent Bank Rescue Plan:
1. Formulate a plan
2. Execute the plan
3. Evaluate efficacy of the plan
No Plan Left Behind Act.
"Anonymous writes:
Stock Market Gives Obama's First Month An 'F'
http://www.wowowow.com/post/liz-...iz-...stimulus- 214454
Haaahhhaaaaaaaaaaa
Anonymous | 02.20.09 - 3:18 pm |"
Anon,
Welcome to the dark side.
Michael | 02.20.09 - 3:20 pm | #
First month isn't what matters it's the 3-6 months before midterms and the 6-8 months before Nov 2012. The rest is just practice.
This just in: White House Lashes Out at Santelli
Regardless of the cost of gold in 71, is there anyone here who doesnt think we are in a gold bubble or will be in one in the next few months?
"Regardless of the cost of gold in 71, is there anyone here who doesnt think we are in a gold bubble or will be in one in the next few months?"
Jim Cramer?
Nemo,
"Gold price fixed in terms of dollars = dollar value fixed in terms of gold."
Good money drives out bad, my friend. Thus the closing of the window.
Nostrovia,
Bilbo writes:
The obama leadership bubble could be the fastest asset bubble in history. Deflation on steroids
or will be in one in the next few months?
W00T | 02.20.09 - 3:45 pm | #
If it goes hyperbolic, short it. Doesn't matter what "it" is.
The answer is behind Door Number Four!!
Another Bangle from China.
serf Alan Greenspend
serf Alan Greenspend | Homepage | 02.20.09 - 3:24 pm | #
I'm guessing that spike in M1 ratio is more due to the SL monetary base decreasing somehow.
I hereby declare that on Monday we will have the GIMP plan. From my main man Geithner. Grotesquely Inflated Meaningless Plan. Think of the guy in Pulp Fiction called GIMP. That's the picture. GIMP.
Humpty Dumpty sat on the wall
Humpty Dumpty had a great fall
All the kings horses and all the kings men
Couldnt put Humpty Dumpty back together again.
Comrade Misean - if Gold was so "undervalued" when we went off the standard, as you so knowingly claim, then why didnt it spike up immediately by the end of 1971? It didn't, although you probably dont know that....
Speculators drive gold. And speculators are suckers. I made my money on gold and so have many others. The chips are starting to be taken off the table. Beware and dont get too greedy....
This just in: White House Lashes Out at Santelli
El Cliffo | Homepage | 02.20.09 - 3:45 pm | #
"Download it, hit print, and begin to read it".
Or perhaps, have your secretary do this on that computer she's so good with, since that's the only way this statement makes sense.
(OT) SP500 EPS and estimates have been updated. Operating and as-reported both dropped again.
http://www2.standardandpoors.com/spf/xls/index/SP500EPSEST.XLS
That said, though, I agree with the analyst that with 93.56% of reporting we've likely seen all the massive write-offs that we're going to for the time being.
Important Note: SP500 membership has changed, so some banks (and IBs or other related entities) that still have huge mortgage- or derivative-related exposure are not part of the Index anymore.
Sebastia
Maybe Geithner is secretly a member of the Underpants Gnomes.
Step 1: Announce you will announce a Plan.
Step 2: ?
Step 3: Profit!
jeez, still having the glod debate? sell me your glod and you can buy some safe currency like Swiss Franc's, hee hee.
we're still long glod since 400 an ounce, long chickens and RYDEX reverse dow, s and p (for now).
Three words for Geithner: Turbo. Tax. Test.
Was going to post of prev thread to the punter who picked big Tsy action because derivatives were about go TU, right on!
And just in time Kaboombeger posts that Highlands CDO fund implodes....
More fuses lit.
C
"and WAY undervalued at the time the gold window was closed"
London Fix Historical gold - result
review the monthly data. interesting history 181 in '74, back under 100 in '76... this runs counter to equities' recoveries off of their lows in late '74.
Does anyone possibly think that if BAC and C and any others went into "receivership" that it would be for a short while. Theyve had forever to values these turdsacks and have no clue.
Mark my words, if this happens, the will be utterly and completely shocked at how much the taxpayers will have to be put on the hook for.
This will end badly. What an absolute frak up this is. The chance to end this was a year plus ago and they blew it. ANd now we are screwed.
I like Gibbs, he reminds me of Gomer Pyle.
Bilbo can you point to the policy differences between Bush and Obama? Particularly on the big ticket items, like TRAP er TARP, Fed purchases and acceptance of distressed assets as collateral, bank backstops?
This just in: White House Lashes Out at Santelli
Dust Bowling for Dollars | 02.20.09 - 3:47 pm | #
and by the way, isn't attacking the journalists one of those road-to-fascism things? Or does that only apply to other administrations?
Bank of America Chief Executive Ken Lewis also issued a statement saying his company continues to be profitable and it sees "no reason why a company that is profitable with strong levels of capital and liquidity and that continues to lend actively should be considered for nationalization."
An 89-year old woman in Iowa just read this and is online buying BAC.
The chute won't open, help!
I think it's about time that capitalists admitted they are card-carrying members of a union.
Johanna, I don't think they were kidding.
AI is the way to go for about everything except sheep. AI for sheep is invasive and too much for most individual farmers (yes I know that's how it's done in NZ).
Stock up on supplies and establish a routine with the locals.
"Maybe Geithner is secretly a member of the Underpants Gnomes.
Step 1: Announce you will announce a Plan.
Step 2: ?
Step 3: Profit!"
Time to go to work,
Work all day,
We need underpants hey!
We won't stop until we have underpants!
Yum tum yummy tum tay!
thanks, El Cliffo.
exactly how I thought it would play out
excerpt from Robt Gibbs:
"Ive watched Mr. Santelli on cable the past 24 hours or so. Im not entirely sure where Mr. Santelli lives or in what house he lives but the American people are struggling every day to meet their mortgages, stay in their jobs, pay their bills, send their kids to school, Gibbs said. I think we left a few months ago the adage that if it was good for a derivatives trader that it was good for Main Street. I think the verdict is in on that, the press secretary said, poking directly at the cable journalist, who reports from the trading floor at the Chicago Board of Trade.
"This just in: White House Lashes Out at Santelli"
HAHAHA! Classic poltard mistake. Go on, raise awareness of Santelli's rant! Perfect you shitheads. HAHAHA!
"Anonymous writes:
Stock Market Gives Obama's First Month An 'F'
Yeah.
Point #1: What grade did the stock market give W?
Point #2: Why hasn't Obama turned around "the deepest recession since WWII" in 30 days? I mean, isn't it common knowledge that the President controls the economy -- it responds to his beck and call?
Wow. No green to close on a Friday, after touching a major past low?
Ooh, I like gold. It's shiny.
Ooh, ooh, I'll buy, I'll buy.
Mmmm, gold.
Phil mental recession Gramm attempts to resuscitate his reputation
This month, Time released a list of the top 25 people to blame for the financial crisis. Second on the list (and leading its readers poll) is former Sen. Phil Gramm (R-TX). Gramm advised Sen. John McCain (R-AZ) during the presidential campaign, famously referring to America as a nation of whiners in a mental recession. In the 90s, he also played an instrumental role in deregulating the financial sector. Today, Gramm has an op-ed in the Wall Street Journal denying that the deregulation he promoted had anything to do with the financial crisis. Gramm relied on a series of tired conservative tropes like blaming the Community Reinvestment Act and Fannie Mae and Freddie Mac in an attempt to exonerate himself from well-deserved culpability.
Think Progress » Phil ‘mental recession’ Gramm attempts to resuscitate his reputation.
That's better. The decline of Western Civilization has resumed...
The obama leadership bubble
Wow, I missed this one.
When did it pop?
.
"Gold price fixed in terms of dollars = dollar value fixed in terms of gold. So if gold was "undervalued" then so was everything denominated in dollars."
Exactly, thats why Nixon had to close the gold window because foreign central banks realized this and began to redeem their dollar reserves for gold.
"Gimme a number 2 combo meal, super size, one C and a GM. To go"
"Yes sir. That'll be $4.99"
Hey Phil mental recession Gramm
Was your wife on Enron board of directors ?
excerpt from Robt Gibbs:
"I've watched Mr. Santelli on cable the past 24 hours or so.
Stop! We've got a problem.
I like to criticize the admininstration when they say something that makes the market fall.
However, I also like to criticize them when they say something that causes a rally.
OTH, I like to criticize when they do nothing, and the market falls/rallys.
Does that make sense?
AI is the way to go for about everything except sheep.
Deflationay Jane | 02.20.09 - 3:49 pm | #
I have done lots of research on AI, since I own cattle. Not always practical, especially in my situation. I always do copious research on a new venture, just in case it can prevent me from having to learn things the hard way. Sometimes it works, but sometimes I still have to take my knocks.
AI is a better deal when you have more critters than I do. I rent a bull for my cow, and usually keep a rooster around for my hens when I want chickies. I don't keep any other livestock (I used to, and learned what works best for me).
People are now generally aware that we're in deflation, rather than inflation. Intuitively this should mean that gold goes down as the dollar goes up. Unless Mish is right and gold acts as money. Or unless Janzen is right and the fed goes Zimbabwe.
/cr/tard -
Building on President Barack Obama and Secretary Tim Geithner's commitment to increase transparency and accountability in the Troubled Assets Relief Program (TARP), the U.S. Department of the Treasury today announced a new policy of posting investment contracts for future completed transactions to the Department's website within five to 10 business days.
For contracts already completed, documents will be posted on a rolling basis, beginning today with the first nine contracts completed under the Capital Purchase Program (CPP), as well as contracts for transactions closed under the Systemically Significant Failing Institutions (SSFI) program, the Targeted Investment Program (TIP) and the Automotive Industry Financing Program (AIFP). Treasury will work in the coming weeks to make public all copies of existing investment agreements.
Home loans in the US: the biggest racket since Al Capone?
Buiter's piece
Symbol Lookup from Yahoo! Finance
...but with a whimper
Gramm relied on a series of tired conservative tropes i.e just like some of the posters here
RuffRednSore | 02.20.09 - 3:53 pm | #
that's all well and good, but, tell me, how can I get rich quick?
I'm guessing that spike in M1 ratio is more due to the SL monetary base decreasing somehow.
Kung Fu Panda | Homepage | 02.20.09 - 3:46 pm | #
thanks KFP! hmmm, will continue to look for volume patterns to correlate. i didn't see anything in the FRED data in my rushed searched that matched that upturn.
Here's a near-future headline for you: "CNBC Journalist Killed in Small-Plane Crash"
That said, though, I agree with the analyst that with 93.56% of reporting we've likely seen all the massive write-offs that we're going to for the time being.
here we go
nice Non-statement, seb
ok, guys open season.
OT Here:
So I've been trying to get my brain around the relevancy of certain data sets presented:
If
1) A Central Banker's last obligation is to tell the truth (I think this quote belongs to Volcker)
then
2) Why should I trust any of the various charts or data sets produced by the various Federal Reserve Banks as representative of operations or market conditions, and
3) If this is the case than how can anyone truly measure the state of the situation when data sets are stated by an ex Fed Chairman to be dubious in nature
4) which leads to my question of how does one set any investment parameters given the dubious groundwork upon which we are all subject to as citizens.
I am interested in how others have reconciled their investment strategies with the above. I'm also interested to here why either Volcker's statement should be dismissed or why Federal Reserve Bank data sets should be trusted.
The noob,
Vert
Way to go Gibbs
Rip the shill Santelli
a new ass
"and by the way, isn't attacking the journalists one of those road-to-fascism things?"
Yes. But he attacked Santelli, not a journalist.
my monkeys twitchin.....
get ready for the jump.
Yancey Ward writes:
Wow. No green to close on a Friday, after touching a major past low?
patience - we have 7 minutes to go
that's all well and good, but, tell me, how can I get rich quick?
joe shmoe | 02.20.09 - 3:54 pm | #
You don't, but you can still bitch about all the deadbeat homeowners, while pointing to Rick Santelli as your hero.
Are all the CNBC folks giggly over the President's press secretary calling him out? The White House should just have Oprah air an opposing response supporting the housing package. Meanwhile, back in reality, the financial system has just collapsed.
more on the Dodd/Geithner executive compensation snit:
Dodd, a Connecticut Democrat, also said Treasury Secretary Timothy Geithner has an awful lot of leeway in interpreting how the executive compensation restrictions he wrote into the economic stimulus legislation will be applied for banks that take federal aid.
Dodds statement gives Geithner the flexibility to say the rules dont apply to firms that participate in the public-private partnership Treasury announced Feb. 10 to buy banks toxic assets, but only to companies that get cash injections under the Troubled Asset Relief Program.
wait for the close...plastics
You don't, but you can still bitch about all the deadbeat homeowners, while pointing to Rick Santelli as your hero.
RuffRednSore | 02.20.09 - 3:58 pm | #
LOL...
HAHAHA! Classic poltard mistake. Go on, raise awareness of Santelli's rant! Perfect you shitheads. HAHAHA!
/cr/tard | 02.20.09 - 3:51 pm | #
I can think of nothing that could more effectively advertise the administration's plan to the general public than a demonstration that Wall Street traders are on the other side (and yes I know Santelli's in Chicago but to the general public it's all the same).
CNBC is just infotainment while the ticker goes by. Don't panic when the clowns talk, ferkrisake.
these scumbags at 3.54 trying to short squeeze the market! Liesman should be arrested this mother fuck$e$
Good for Gibbs. He needs to keep ramming that broom handle up Rick's bottom - then break it off.
RuffRednSore writes:
that's all well and good, but, tell me, how can I get rich quick?
joe shmoe | 02.20.09 - 3:54 pm | #
You don't, but you can still bitch about all the deadbeat homeowners, while pointing to Rick Santelli as your hero.
RuffRednSore | 02.20.09 - 3:58 pm | #
see, there is always a silver lining.
HAHAHA! Classic poltard mistake. Go on, raise awareness of Santelli's rant! Perfect you shitheads. HAHAHA!
Why wouldn't they want to raise awareness of it? Make him the symbol of opposition to Obama, I say. Who likes loudmouth derivatives traders telling the government to stop helping people avoid foreclosure? Well, right wingers, but who else?
Dust Bowling for Dollars writes:
This just in: White House Lashes Out at Santelli
"El Cliffo | Homepage | 02.20.09 - 3:45 pm | #
"Download it, hit print, and begin to read it".
Or perhaps, have your secretary do this on that computer she's so good with, since that's the only way this statement makes sense.
Dust Bowling for Dollars | 02.20.09 - 3:47 pm |"
Ohhh, I bet Santelli is really shaking in his boots now. "I don't know where Rick Santelli lives" , what is the press secretary trying to do? Send the Delphi Technique hoards to burn down Santellis house?
these scumbags at 3.54 trying to short squeeze the market!
S | 02.20.09 - 3:59 pm | #
Yeah, and?
@Sebastian
Since most of the country has only seen round 1 of this crisis ( 50% drop in equities, first round of layoffs ) what makes you even the slightest bit sure we are done with write-offs.
No wealth and no stability = no spending and further downward pressure on everything.
"CNBC Journalist Killed in Small-Plane Crash"
Dust Bowling for Dollars | 02.20.09 - 3:55 pm | #
Better yet, commits suicide in a Chicago city park and Hillary was sighted nearby.
Yalt fp - IMHO you grossly overestimate the number of Americans who want their tax dollars to pay their neighbor's mortgage.
ice synopsis of the week, lorax.
it was fun, guys!
see ya monday.
I hope Bill Ayers knows where Santelli lives - and sends him a nice package.
______________________
Better yet, commits suicide in a Chicago city park and Hillary was sighted nearby.
RuffRednSore | 02.20.09 - 4:01 pm | #
Ron Brown, Vince Foster - maybe he'll have a heart attack Jim McDougal style.
Obvious where the big money players were this month. Selling puts on CRE.
Dump job on SRS into the close today.
Similar pump on SPG and VNO. I'm fading that pop.
Vert, ignore the talking heads, rely on data and study, study, study. ask questions. but, it's uncharted waters. best of luck.
study-wise, i posted irving fisher's Deflation paper from 1933 or so about 5 month's ago here. it's got a handy timeline that somewhat matches up. this is a pdf.
The Debt Deflation Theory of Great Depressions
No more bailouts for GE thanks to Santelli. All of the clowns on CNBC lose their jobs. I can dream anyway.
ok, market fun over.... on to BFF!!
Bank Failure Friday.
Bring it on.
Yalt fp - IMHO you grossly overestimate the number of Americans who want their tax dollars to pay their neighbor's mortgage.
/cr/tard | 02.20.09 - 4:01 pm | #
At least until they saw that the people that are against it are a bunch of WS derivative traders.
Now if they can just get a couple of bank CEOs to oppose the plan the opposition will be effectively neutralized.
yay! I love BFF. I'm BFF with BFF.
For the Obama administration to attempt to deride the comments made by a pit trader who reports from the the floor of the Chicago pits, should tell you how dire things are. You would think they would have more focus on the demise of the banks, Pakistan, Afghanistan, etc.
I am more worried now then ever.
Say what Nemo?
Always next week.
So how many for today's BFF? 5? 10?
Everybody here should be tipping their caps to Joe Shmoe.
I hope in my absence last week some people had the sense to recant some of their ravings about the "bad bank" BULLSHIT that was flying about.
For that's what it was . . . obvious bullshit. Why some of the posters here were gleefully eating it with both hands, i don't get.
Eric writes:
these scumbags at 3.54 trying to short squeeze the market!
S | 02.20.09 - 3:59 pm | #
Yeah, and?
Exhale feel better now
To be fair, Gibbs was answering a question, but I'm sure he expected it and had the response ready
Here the frigging details: Give these insolvent banks as much taxpayer money as they want and send the bill to the American people enslaving them under a pile of unplayable debt for the benefit of an elite oligarchy. That's it, same as last week.
Heck of a turn around for BAC.
Will be sweetness watching Lewis eat his words down the road.
You can only say stay calm while the plane is going down so many times...
Maria better get out the Xanax, get ready for an anxiety attack.
Pissed off in California
If she does, we can only hope she'll go feral(chimpanzee) on Kudlow's tongue.
Now if they can just get a couple of bank CEOs to oppose the plan the opposition will be effectively neutralized.
Yalt | 02.20.09 - 4:05 pm | #
Jamie Dimon volunteered to be the poster boy when he said the American people need to be taught to meet their obligations.
They're laughing at you, boy. Those options traders and stock market shills and Wall St bankers are laughing at you while you're hurting.
That is going to play and play and play, esp in Robt Gibbs's homey southern drawl.
"The key for Geithner is to explain what "stress test" means, how the stress tests are proceeding, and when the tests will be complete."
For sure, CR. Obviously, the banks are stressed to the point of disfunction. The question totally is what Geithner means.
Highlighting Santelli is a political error. Obama's team is listening to Obama's online sycophants too much.
I am completely surrounded by Obama voters amongst my colleagues and friends here in CT, and none of them thought well of the housing plan today. They had the exact same visceral reaction that Santelli tapped into yesterday-"Why are people who overborrowed getting a break using taxpayer dollars?"
Buy the rumor, sell the news. The way it has been working with all these rumored bank salvation schemes.
Bank of America Chief Executive Ken Lewis also issued a statement saying his company continues to be profitable and it sees "no reason why a company that is profitable with strong levels of capital and liquidity and that continues to lend actively should be considered for nationalization."
He should go to jail for making a false statement like that
Obama: Keep your hope high and your hand out"
The "Nemo" at 4:05 was not me. Again.
Sorry I will have to miss this BFF. Have fun, all.
So how many for today's BFF? 5? 10?
FDIC doesn't have that kind of resources.
On another note, I agree that the for the money center banks, write-downs are done for now. Geithner's bank bank bailout v.2 is basically Lone Star on steroids, except it won't be the bank itself making the no-recourse loan, but rather the Fed. I'm sure banks and their surrogate hedge and private equity funds are going to burn the midnight oil this weekend locking up all sorts of side deals.
I am more worried now then ever.
MW | 02.20.09 - 4:06 pm | #
It's all a plan. A carefully calculated plan. Which, in the fullness of time, you will come to appreciate.
Or, it could just be a bunch of people in front of an onrushing train, flailing and panicking.
I'm not sure which, but it's sure fun to watch everybody speculate and argue about it.
Jedis or chickens, that is the question.
Nemo has a date!!
Bank Stress Test details leaked:
Test 1: Does the bank CEO have a pulse
Test 2: Can the bank CEO fog a mirror
Congrats! Your bank is pronounced healthy.
Oh really, I thought Obamessiah was going to turn around the "Bush disaster" in no time flat?! I thought he had the "plan to move away from the last 8 years" and that seeing as how he was inevitable SIX MONTHS AGO to win- why has the market dropped 2,800 points since then?!! A real vote of confidence. I thought the entire world would be rejoicing in our hope and change. Seems like same old cronyism to me:
Blagojevich, Burress, Geithner, Daschle, Richardson, Kellifer, Flynn, Dodd, Moran.
send the bill to the American people enslaving them under a pile of unplayable debt for the benefit of an elite oligarchy
That part already happened. Now we're in the "collections" stage but nobody quite sure how to get money from nothing.
.
I'd like to see Geithner start with a joke. "My fellow Americans: What do you get when your donkey eats one of the legs off my rooster?" The punchline pretty much sums up whatever he is going to do.
To be fair, Gibbs was answering a question, but I'm sure he expected it and had the response ready
alybaba | 02.20.09 - 4:07 pm | #
He was hoping for it - could have even been a plant [if I was so tinfoil hatted]...
The plan is to develop a plan - an improved plan. Quite a nice plan to get a plan.
MW writes:
For the Obama administration to attempt to deride the comments made by a pit trader who reports from the the floor of the Chicago pits, should tell you how dire things are. You would think they would have more focus on the demise of the banks, Pakistan, Afghanistan, etc.
You mean you think it is a cheap and dirty trivialization of an issue to roil up the hoi polloi to distract them from more important things, like when Ronald Reagan in 1976 introduced the phrase "welfare queen" into the American political vocabulary by talking about a woman from the Southside of Chicago?
I don't think so. Not at all.
Whew, I'm exhausted. What a lousy day and lousy week. I'm sweating like a race horse. Sorry folks, we shoveled as fast as we could.
I saw a CNBC poll earlier today that Rick Santelli would have 92% support for his tea party out of almost 100,000 voters. Count me in for the tea party as well!
my monkeys twitchin.....
deaf_laotion a lingy-lingerer | 02.20.09 - 3:57 pm | #
Spank it-
Waubay writes:
I'd like to see Geithner start with a joke. "My fellow Americans: What do you get when your donkey eats one of the legs off my rooster?" The punchline pretty much sums up whatever he is going to do.
A cock in your ass?
C \t1.95 \t-0.56 \t(-22.31%)
Still closed under two bucks. How is C still operating?
Does the market need to break a buck to kill it off?
Count me in for the tea party as well!
John T. | 02.20.09 - 4:12 pm | #
Hater. Stop that.
John T. - If taxpays money was not dumped into banks, he would be on the streets
This week exhausted me a bit and deserving of a rest. It was tough counteracting the Happy Harry's and their mind control but I came out victorious. Cant wait till next week.
"CNBC Journalist Killed in Small-Plane Crash"
Dust Bowling for Dollars | 02.20.09 - 3:55 pm | #
______________________
Better yet, commits suicide in a Chicago city park and Hillary was sighted nearby.
RuffRednSore | 02.20.09 - 4:01 pm | #
Shot himself twice in the head.
So was 7250 the new low test? I can't tell from the resolution on my old screen looking at the 1yr.
C
Some people think that the private side of the private/public partnership will basically have a convertible debt position in the assets. The government will not be paid back until the private investors receives a return above some hurdle. Then the two will share after the government gets its money back.
If you think about it this actually is a worse deal for the taxpayer than TARP.
From Reuters, feel the message discipline:
White House seeks to calm on banks
Fears that a U.S. bank rescue plan might lead to nationalization and that the recession was worsening sent stocks lower, but markets eased in afternoon trading. Crude oil prices fell, while gold pushed through the $1,000 per ounce barrier.
"I don't remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world," said Paul Volcker, a top aide to Obama.
Sen. Christopher Dodd said the nationalization of some banks could be needed "at least for a short time," according to a Bloomberg report.
The S&P 500 index nearly hit a 12-year low, and the Dow industrials hit six-year lows, prompting the White House to stress it strongly believed in a privately held bank system.
"Let me reassure as best I can on banks," White House spokesman Robert Gibbs told a news conference. "This administration continues to strongly believe that a privately held banking system is the correct way to go, ensuring they are regulated sufficiently by this government."
BTW, the message of the day was supposed to be stimulus. why else bring several dozen mayors to the white house to meet with Obama?
reptillian writes
Taxpayer dollars at work.
Tea Party for born and bred dopes
Fed announces new program, HALF. As in 'That's what your investments are now worth'.
As a left-leaning economist, I'm pretty bummed by Obama's weakness so far. The GOP's scare tactics of "SOCIALISM" during the campaign have apparently psyched him out so much that he can't do his job.
The White House spokesman wanted to reassure markets that they really don't want nationalization, saying that "this administration continues to strongly believe that a privately held banking system is the correct way to go ...". This just feeds the wrongheaded belief that bank nationalism is socialism. Every economist I've heard pushing for nationalization only wants to repackage and re-privatize ASAP. Why play to the other party's slanted talking points?
BTW, the message of the day was supposed to be stimulus. why else bring several dozen mayors to the white house to meet with Obama
103rd Ballot | 02.20.09 - 4:15 pm | #
TO explain to them how to best "message" the troops marching in the streets in about 30 days.
Uncle Ar,
Unless you're a bear, investing with gusto.
Barley writes:
Nemo has a date!!
Barley
that means one new member to CR
fallonPDX writes:
C 1.95 -0.56 (-22.31%)
Still closed under two bucks. How is C still operating?
fallonPDX | 02.20.09 - 4:13 pm
They never sleep...
@Sebastian -
If you follow the file, surely you've been tracking the changes. If not, here's the graph:
SPX Reported EPS
BTW, the message of the day was supposed to be stimulus. why else bring several dozen mayors to the white house to meet with Obama?
103rd Ballot | 02.20.09 - 4:15 pm |
what's the conflict?
Volcker said that this GD 1.0 on speed. So does that mean the stimulus plan was a mistake and shouldn't have been passed?
No. I think it means that it wasn't big enough and that more better be coming down the pike.
"a privately held banking system is the correct way to go"
translation : C , et al are going down and the FDIC will step in and broker a deal to someone...JPM? so that C , et al remain private no matter the cost to the taxpayers so capitalism survives yet another day....er...so socialism pretending to be capitalism survives yet another day and our nations true patriots, you know the bankers, can land on their feet and retire in comfort.
""Ive watched Mr. Santelli on cable the past 24 hours or so. Im not entirely sure where Mr. Santelli lives or in what house he lives ..." Gibbs
He's looking for his house? As in, "your house is next?"
Say what you want about Santelli, but from what I've seen of him the last few years he tells it how it is, with a decent bullshit detector to boot. I have seen him ridicule TARP 1 and now Obama's plan. Like I said, 92% agree with him.