Politics and Whatnot…

Posts Tagged ‘bailout

Good God! Bailout Fails, Stocks Plunge

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Courtesy of Shattermatch:

Apparently it is all just politics to these assholes. In a stunning defeat The House of Representatives failed to pass a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry. Stock markets plunged in the U.S. and around the world in reaction to the news. Wall Street was down nearly 700 points at one point as the rumor began to spread that the bailout bill would fail.

Full story and coverage here.


Written by gripedujour

Monday, September 29, 2008 at 12:14 pm

Paul O’Neill: Bush Doesn’t Understand This Crisis

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Bush’s former Treasury Secretary isn’t what you’d call comforted by Bush’s knowledge of the current financial crisis. In a recent ABC interview the former Treasury Secretary had some choice words about his former boss:

“I don’t think he understands or knows much abut any of this and it shows.”


O’Neill, who resigned from the Bush administration over the irresponsibility of the Bush tax cuts, did say that he is glad Hank Paulson is in there and that, “he knows a lot about this and it’s good that he’s there.”

Full interview here.

Written by gripedujour

Thursday, September 25, 2008 at 2:33 pm

Yikes. Krugman Hates “The Plan”

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Allow me to summarize what Paul Krugman has to say about the proposed Bush bailout: It Sucks.

Among his points: That a $700 “bailout” basically consists of the government buying up $700 billion dollars in bad assets (i.e., mortgage back securities). Krugman believes that while that may, emphasis “may”, break the cycle of deleveraging going on on Wall Street, that the real solution is to provide more capital to the system. Under this idea if we are to be providing capital to Wall Street we should get an “ownership” share so that if the plan does work the gains don’t just go to the people who made this mess in the first place.

Interesting point.

Full article here.

Problems is, see this post, here.

Written by gripedujour

Monday, September 22, 2008 at 2:54 am

Posted in Politics

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I guess it was inevitable. People are starting to fiddle with the proposed bailout plan of capitalism. The Times is reporting this morning that Democrats, Republicans, and even financial companies are all beginning to lobby for what they want out of the upcoming bailout. Half of it doesn’t sound half bad: Oversight of the Treasury Dept., guarantees that any profits from the new program go directly back to the Treasury, etc.

Problems is, markets, all markets, are tenuous at best right now. If there is even the slightest hint that the Administration and Congress cannot make a deal, or even that a deal may be delayed due to squabbling, it could be devastating to market confidence.

Full story here.

Written by gripedujour

Monday, September 22, 2008 at 2:43 am

Gilded Age Officially Over

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Goodbye to All That…


You may have thought that the credit crisis or the subprime meltdown signified the end of the modern gilded age on Wall Street. You may have thought that the collapse of Bear Stearns, Merill Lynch, AIG was the end. You may have thought it was last week when the U.S. Government decided to bailout capitalism to the tune of $700 billion.

You’d be wrong.

The New York Times is reporting this morning that Goldman Sachs and Morgan Stanley are requesting, get that: requesting, to transform themselves into bank holding companies that will be subject to far greater regulation, close supervision by bank examiners and other government agencies. This means that the last two independent investment banks on Wall Street are throwing in the towel on the old way of doing business (wasn’t “old” until last week). It is, in fact, a “blunt acknowledgement that their model of finance and investing had become too risky and that they needed the cushion of bank deposits that had kept big commercial banks like Bank of America and JPMorgan Chase relatively safe amid the recent turmoil.” According to the Times.

Goodbye to seven-figure bonus and “lavish perks” for midlevel executives and hello to a Wall Street the way it was prior the great depression. This is the end. There is no more separation between investment banking and commercial banking in the United States.

Read the rest of this entry »

Written by gripedujour

Monday, September 22, 2008 at 2:35 am

New York Times Rooting Against America?

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Take a look at the front page of today’s New York Times:

Do you see? They’re not even “reporting” on bad news, now they’re speculating on the “possibility” of bad news. What isn’t there enough actual bad news in the world today, that they have to start guessing about the possibility of future bad news?

Could those ass-munching jerkoffs on the right-wing be right? Is the finest newspaper in all of America, perhaps the world, anti-American? In these perilous times how the fuck could they possibly dare place such an irresponsible headline on the front page of their Sunday edition?

WE, the American tax payers, each and every one of us, are putting up nearly a trillion dollars to rescue capitalism and the American way, and the New York Times is already saying “What if it doesn’t work?” before it even goes into effect!

If only these spineless ass-wiipes had feautred this kind of story PRIOR to the Iraq war, maybe we coulda all saved a trillion dollars, not mention over 4,000 American lives. But no. As I said maybe they really do hate America.

“But Will It Work?” Are they fucking kidding me? Want an example of how irresponsible that is? Try this:

  • George Bush, Collie Molesting Drunkard?
  • The USA, freedom hating assholes?
  • Russia, commie loving fucktards?

See, you can put a question mark over anything God damn thing you want and call it “a story” or “journalism”— It don’t fucking make it so (‘cept the one about George Bush. I’m pretty sure he does molest collies). The front fucking page of the fucking New York Times is for FACTS, not idle spectulation— especially when the fate of our nation hangs in the balance.

Written by gripedujour

Sunday, September 21, 2008 at 8:22 am

Wall Street on The Brink

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In a weekend that can only be described as stunning, top yuppies from all over the world met this weekend in super-ultra-heavy-duty talks to try to figure out how to clean up the mess they’ve made without destroying the world. 

So did they succeed? Kinda.

Bank of America will buy Merill Lynch for $50 billion and Lehman Brothers will fall into bankruptcy. What will happen to the likes of Washington Mutual and AIG? They’ll fail later. But shhhhh…. for now we’re pretending like this may be the bottom.

The Fed has told the wayward financiers and captains of industry that they’re on their own and whatever happens happens. This may sound harsh, but fact of the matter is that piece mealing together bailout after bailout at tax payer expense wasn’t working out so well. The Fed wants to take a tough love stand, and this it.

Asian markets are closed Monday, so we have to wait for the European markets to open before we find out whether or not the world’s going to end.

What would Sarah Palin do about this mess? What does she think about Lehman’s cross-exposure to risk among credit-default swaps and other Wall Street derivatives? We’ll never know ‘cuz John McCain won’t let her talk to anyone who might ask questions that reveal the fact that she doesn’t have a fucking clue what she’s talking about.

What’s John “I don’t know much about the economy” McCain gonna say about all this? Whatever his handlers tell him to.

Written by gripedujour

Sunday, September 14, 2008 at 9:06 pm