Rule No. 1: The banksters win … always
Chrysler’s “So God Made A Farmer” ad, featuring the voice of Paul Harvey and images of farm life, proved to be one of the highlights of the 2013 Super Bowl. It also inspired Brett Arends of Marketwatch to pen his own version of the sentimental classic, this one titled “So God Made A Banker”.
Some excerpts:
God said, “I need someone who doesn’t grow anything or make anything but who will borrow money from the public at 0% interest and then lend it back to the public at 2% or 5% or 10% and pay himself a bonus for doing so.”
So God made a banker.
God said, “I need someone who will take money from the people who work and save, and use that money to create a dotcom bubble and a housing bubble and a stock bubble and an oil bubble and a commodities bubble and a bond bubble and another stock bubble, and then sell it to people in Poughkeepsie and Spokane and Bakersfield, and pay himself another bonus.”
So God made a banker…
God said, “And I need somebody who will tell everyone else to stand on their own two feet, but who will then run to the government for a bailout as soon as he gets into trouble — and who will then use that bailout money to help elect a Congress that will look the other way. And then pay himself another bonus.”
If only Mr. Harvey were still around to do it justice.
In a much-less-funny report, the New York Times’ Dealbook column reports on documents filed in a lawsuit against JPMorgan Chase, alleging that at the height of the mortgage boom, the bank defrauded investors by peddling mortgages that it knew were going bad:
“According to the court documents, an analysis for JPMorgan in September 2006 found that “nearly half of the sample pool” — or 214 loans — were “defective,” meaning they did not meet the underwriting standards. The borrowers’ incomes, the firms found, were dangerously low relative to the size of their mortgages. Another troubling report in 2006 discovered that thousands of borrowers had already fallen behind on their payments.
But JPMorgan at times dismissed the critical assessments or altered them, the documents show. Certain JPMorgan employees, including the bankers who assembled the mortgages and the due diligence managers, had the power to ignore or veto bad reviews…. In 2006, for example, a review of mortgages found that at least 1,154 loans were more than 30 days delinquent. The offering documents sent to investors showed only 25 loans as delinquent.
A person familiar with the bank’s portfolios said JPMorgan had reviewed the loans separately and determined that the number of delinquent loans was far less than the outside analysis had found….
An assessment of the loans in one security revealed that 24 percent of the sample was “materially defective,” the filings show. After exercising override power, a JPMorgan employee sent a report in May 2006 to a ratings agency that showed only 5.3 percent of the mortgages were defective.
Such investments eventually collapsed, spreading losses across the financial system.”
And then they paid themselves a bonus.
G’day!
– Jay Bookman
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413 comments Add your comment
Brosephus™
February 8th, 2013
10:55 am
You BRAIN DEAD ZOMBIES for Obama can’t handle the truth
And to think that not too long ago, this was posted….
Liberal emotion vs. conservative reason.
So, either Morality? is a liberal or that supposed conservative reason just took a 135 grain hollow point to the Gluteus Maximus.
Joe Hussein Mama
February 8th, 2013
10:55 am
keith — “you admit you were on the inside when it all went down.”
Didn’t say that.
“WENT DOWN! Got it?”
Work on your reading comprehension, son. Go back. Reread. Bring the jerking of your knee under control. Got it?
“so people JUST LIKE YOU and barney frank are the problem.”
Nope. Tell me what I did or admit that you have no idea.
“you both owe the country an apology”
Neither one of us owes you or the country the least bit of an apology. Furthermore, if you can’t tell me what *I* did, then you can pucker up and kiss it, keith.
You don’t know me, you don’t know what I think, you don’t know what I did at a GSE and you don’t even know when I was there. So you can take your demands and your attitude and take a flying leap, son.
Thug
February 8th, 2013
10:56 am
Since i went green i have no need for car, darlin
keith
February 8th, 2013
10:56 am
BTW I googled “CHICAGO PAYS THE NRA”
About 5,110,000 results (0.32 seconds)
Still dispute that too?
Thug
February 8th, 2013
10:56 am
instantaneous
keith
February 8th, 2013
10:58 am
Joe helps bring ruin to the countrys financial stability and doesnt have the common decency to apologize.
Stevie Ray
February 8th, 2013
10:58 am
Those of you familiar with root-cause-analysis need look not further:
http://www.huffingtonpost.com/2009/06/02/government-sachs-goldmans_n_210561.html
Marty Huggins'
February 8th, 2013
10:59 am
Finn McCool (The System isn’t Broken; It’s Fixed)
I didn’t mention voting or any other politicians.
Interesting though that is you feel a need to compare them to people they already beat.
It’s like if someone is critical of UGA football for a loss, how much sense would it make to say…..
Well yeah we were disappointed but think about how bad it would have been if it was GA Southern?
In the middle
February 8th, 2013
10:59 am
When I purchased my home back in 2002, I had trouble finding any lendors that wanted to talk about anything other than a LIBOR. The pitch was to take a loan based on the current 0% London rate. Payment would be interest only, and in a few years refinance. I didnt bite because I knew the only place to go from 0 is up. I used an old rule of thumb to buy a house that was no more than 2.5 times my income. I was constantly being pushed by my Realtor and finance agent that I should go ahead and spend 500K and to not worry about a down payment because we can take out a first and second mortgage at the same time. It sounds silly but I almost had to fight to stay in a price point that allowed me to take out a conventional loan and have enough income to pay for it.. This was my 4th house so I have purchased enough homes to know better.
Culprit one was my finance guy
Culprit two was the realtor who was also too happy to make higher commission
Culprit three would have been me if I was stupid enough to listen.
Happy ending. Sold my home 4 years later and made a bundle.
Thomas Heyward Jr
February 8th, 2013
10:59 am
комиссар (Occupation)
February 8th, 2013
10:52 am
Thomas Heyward: “Free-market trickle downing benefits a helluva lot more people than Government-controlled trickle upping.”
50% of American wealth owned by a small cadre of about 400 oligarchic families, like some banana republic, vast numbers of Americans headed towards retirement with measly pensions, or non-existent ones, and a Social Security program under attack from governing elites, child poverty rates at third world levels.
You proud of that record? Is that a record of success for this “trickle down” system, which since Reagan at least has been in the driver’s seat ?
—————————————————————————————-
.
Free-markets and liberty will work.
Unfortunantly……………we’ve NEVER tried it………..since the inception of the Federal Reserve.
Everything you lament is only a result of state-controled market.
.Not the free one.
.
Only naive or ignorant people let the State-sponsored MSM define their respective markets.
.
Get a clue dude.
Joe Hussein Mama
February 8th, 2013
10:59 am
keith — “Joe helps bring ruin to the countrys financial stability and doesnt have the common decency to apologize.”
Keith’s failure to read what Joe actually said leads him to slander Joe online.
Morality?
February 8th, 2013
10:59 am
Time to clean house in Hollyweird North aka D.C. …… TERM LIMITS for CONGRESS and a BALANCED BUDGET AMENDMENT to the CONSTITUTION. Do that and these criminal politicians currently in office will “retire” to lobbying just like Bonnie Fwank. Then we can change the rules for lobbyists to require ANY member of Congress to wait 5 years before they can become a lobbyist and like roaches under the door they will disappear.
blahblahblah
February 8th, 2013
11:00 am
And we bailed them out anyway. No one to blame but ourselves.
Brosephus™
February 8th, 2013
11:01 am
Stevie Ray: It seem odd to combine the concept of employee “will” and employee job description. I have no problems if they stuck around to take the money.
That’s your perrogative. I tend to see it all as part of the moral being. A morally conscious person wouldn’t openly accept money that they saw as ill gotten proceeds would they? The arguments that are presented give the appearance that the person doing the job saw all this wrong going on. Yet, they stayed there through all that wrong, collected their paycheck and bonuses, and only complained about the wrong AFTER the fecal matter hit the oscillating wind generator.
Hindsight is 20/20. Morality is not hindsight action.
guy
February 8th, 2013
11:01 am
alittlecommonsense, your comment was so true but it won’t register in their minds. Thank you for at least telling the truth even though it won’t matter.
Granny Godzilla
February 8th, 2013
11:02 am
keith
February 8th, 2013
10:53 am
Relook at your source VERY CAREFULLY…have they decided to not respond to all 911 calls
or are they prioritizing gun crImes?
Bless your heart.
so 911 askes “is the robber armed with a gun? oh hes not ok you are a low priority. or “is the rapist armed with a gun? hes not, ok we will get there later today. see how stupid you are now?????
.
.
.
Actually we are seeing stupid strawman just about this line of type.
JamVet
February 8th, 2013
11:02 am
Jerome, back in 2009 I noted how there were multiple layers of indictable players and groups in both government and especially in the free market.
But for keith, scout, et al, who know nothing about what actually transpired, who was involved and who paid who in the nearly successful corporate destruction of capitalism – at least to the point where they can intelligently list any of it – they can always parse it down to one or two favorite bogeymen/entities. That homophobia gets tossed in is just bonus!
But this fits in perfectly with the complete lack of intellectual curiosity and honesty that has driven the neoconservative movement and pro-crime GOP to the brink of unelectability and irrelevancy.
OK, out to further the Obama Recovery from the Bush Depression. (LOL)
Finn McCool (The System isn't Broken; It's Fixed)
February 8th, 2013
11:03 am
The problem isn’t that the “Fed made them do it.”
It’s that the Fed didn’t do anything to stop it and they still haven’t. Within 10 years we will all get reamed again – guarantee it.
Granny Godzilla
February 8th, 2013
11:04 am
keith
February 8th, 2013
10:56 am
BTW I googled “CHICAGO PAYS THE NRA”
About 5,110,000 results (0.32 seconds)
Still dispute
.
.
.
.
PARDON ME, nobody disputed it.
geez
Thomas Heyward Jr
February 8th, 2013
11:04 am
blahblahblah
February 8th, 2013
11:00 am
And we bailed them out anyway. No one to blame but ourselves.
——————————————–
.
BS…………………the American public was ovewrwhelmingly against bailing them out.
Shove your collectivist mentality.
keith
February 8th, 2013
11:04 am
yep you said you were on the inside BEFORE it went down. so when it was about to go down you ran like a coward so you can sit here and say you had nothing to do with it. JUST APOLOGIZE
Morality?
February 8th, 2013
11:05 am
10:55 a.m. – Spoken like a TRUE BRAIN DEAD ZOMBIE FOR OBAMA……….. and your revision of the definition of the word “TRUTH” is?
Moderate Line
February 8th, 2013
11:05 am
The reason banks are immune is they have lots of money and the use it to get the rules made in their favor. They fund both parties at a high level.
In 2012:
Rank
2012 2-31%Dem, 69%Rep
2010 4-49%Dem, 51%Rep
2008 3-57%Dem, 34%Rep
2006 5-54%Dem, 46%Rep
Notice who was getting the most up until the financial breakdown. To the Dem credits they wanted to regulated them the money moved to the GOP.
Also, Jay has statement “the Wall Street types who financed the GOP’s 2012 campaign, donating hundreds of millions of dollars to the party as well as to the SuperPACs run by Karl Rove and others, are not a happy lot.” is simply false. The reason these bankers are immune is they contribute allot of money to both sides.
http://www.opensecrets.org/industries/totals.php?cycle=2012&ind=F07
Moderate Line
February 8th, 2013
11:07 am
Moderate Line
February 8th, 2013
11:05 am
+++++
To add to most since 1990 the split has been
Dem 47% Rep 53% with no adjustment for inflation.
Joe Hussein Mama
February 8th, 2013
11:09 am
keith — “yep you said you were on the inside BEFORE it went down.”
Just to bring you up to speed on your middle school grammar, “before” does not mean “when.” I think the word “before” confused you because it has one syllable more than the word “when” does.
“so when it was about to go down you ran like a coward”
Really? Prove it.
“so you can sit here and say you had nothing to do with it.”
I *didn’t* have anything to do with it. Prove otherwise.
“JUST APOLOGIZE”
I don’t apologize to ignorant, boorish clods like you.
You don’t know anything about me, what I did there or even *when* I was there, but you have no problem accusing me of all sorts of malfeasance. You know, if we were doing this face to face, I’d have a pretty good defamation case against you.
So please, keep it up.
Morality?
February 8th, 2013
11:11 am
11:02 – “Obama Recovery” …. were you trying to make a funny? Obama will go down in history as the Herbert Hoover of 2013.
комиссар (Occupation)
February 8th, 2013
11:11 am
Thomas Heyward: “Free-markets and liberty will work.
Unfortunantly……………we’ve NEVER tried it………..since the inception of the Federal Reserve”
Huh? Never tried? What do you call the gilded age, the age of the robber barons, which saw violent swings and crashes, before finally culminating in the Hoover austerity measures, a laissez faire experiment under real crisis conditions if ever there was one.
It’s you, I’m afraid, who needs the clue.
Your claim that it’s never actually been tried is always the last desperate gasp of a failed ideology.
Morality?
February 8th, 2013
11:13 am
HAVE A GOOD DAY! ( smiley face patent applied for)
keith
February 8th, 2013
11:13 am
OK, out to further the Obama Recovery
OBAMA RECOVERY??? Putting more and more people on food stamps is recovery? your food stamp president has done NOTHING positive for this country. obamacare has resulted in 2 things already. employers are replacing full time employees with part timers. he is talking about furloughs, raiding retirement accts, Egypt is now a terrorist supporting country like iran,. first dead ambassador since 1979, sold guns to mexican drug cartels (same guns he wants to ban for Americans), totally incompetent dealing with other nations like russia and china, lost billions paying off his cronies at solyndra, etc. selling the country piece by piece to china (GM,Jeep, A123, etc) anyone that calls this an obama recovery needs to recover from being stoned on crack.
Brosephus™
February 8th, 2013
11:14 am
and your revision of the definition of the word “TRUTH” is?
Whassamatta, your reading comprehension broke this morning? I didn’t bother to define, redefine, nor question YOUR definition of the word “TRUTH”. I was merely pointing out your “conservative reason” as it was stated earlier that liberals used emotion.
As to your assertion that I’m a “TRUE BRAIN DEAD ZOMBIE FOR OBAMA”, you’re doing nothing but simply further exposing yourself as an ignorant jackass. Nobody has to call you any type of name as you’re doing it to yourself. Hopefully, you’ll begin to exhibit some of that “conservative reason” that we’ve been hearing so much about. If you do exhibit such reasoning, it will be the first time.
TaxPayer
February 8th, 2013
11:15 am
A sampling of the work on President Obama’s watch:
◦On October 24, 2012, the Department filed a $1 billion civil mortgage fraud lawsuit against Bank of America Corporation and its predecessors Countrywide Financial Corporation and Countrywide Home Loans Inc. for engaging in a scheme to defraud the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), causing more than $1 billion dollars in losses and countless foreclosures.
◦On October 24, 2012, Rajat Gupta, chairman of an international consulting firm and member of the boards of directors at Goldman Sachs and Procter & Gamble, was sentenced to two years in prison for insider trading in which he provided confidential information about Goldman Sachs to his business partner and friend, Raj Rajaratnam.
◦On October 18, 2012, Dominick P. Carollo, Steven E. Goldberg and Peter S. Grimm, all former executives of General Electric Co. (GE) affiliates were sentenced in the Southern District of New York, for their participation in conspiracies related to bidding for contracts for the investment of municipal bond proceeds and other municipal finance contracts.
◦On September 18, 2012, Shawn L. Portmann, a former senior vice president and loan officer at Pierce Commercial Bank in Washington pleaded guilty to a mortgage fraud scheme that resulted in the collapse of the bank.
◦On September 11, 2012, former bank executive Joseph M. Braas was sentenced to 180 months in prison for his role in a fraud conspiracy that caused the Bank of Lancaster County in Pennsylvania to cease its independent existence. As a result of the fraud, hundreds of jobs were lost.
◦On August 31, 2012, former UBS AG executives, Peter Ghavami, Gary Heinz and Michael Welty, were found guilty for their participation in frauds related to bidding for contracts for the investment of municipal bond proceeds and other municipal finance contracts.
◦On August 17, 2012, Glen Alan Ward, a 12-year federal fugitive, was charged with aggravated identity theft and having operated a foreclosure-rescue scam in Southern California and other states that promised to postpone foreclosure sales for more than 800 distressed homeowners.
◦On July 12, 2012, top executives, including CEO and Board Chairman Edward Woodard, along with favored borrowers were indicted for masking non-performing assets for their personal benefit at Virginia’s Bank of the Commonwealth for their own personal benefit. This long-running scheme allegedly contributed to the failure of the bank in 2011, which the Federal Deposit Insurance Corporation (FDIC) estimates will cost the FDIC deposit-insurance fund $268 million.
◦On July 5, 2012, the CEO of Axius Inc. Roland Kaufmann and finance professional Jean-Pierre Neuhaus were indicted for their alleged roles in a scheme to bribe stock brokers and manipulate the share price of Axius stock.
◦On June 27, 2012, Barclays Bank PLC, agreed to pay $160 million penalty to resolve violations arising from its false submissions for benchmark interest rates used in financial markets around the world.
◦On June 14, 2012, Financier Robert Allen Stanford was sentenced to 110 years in prison for orchestrating a $7 billion investment fraud scheme.
◦On June 29, 2012, Peter Madoff, brother of Bernard Madoff and the former Chief Compliance Officer and Senior Managing Director of Bernard L. Madoff Investment Securities LLC, pleaded guilty to securities fraud, tax fraud, mail fraud, falsifying records of an investment advisor and making false statements to investors. Peter Madoff faces a maximum sentence of 10 years in prison and must forfeit more than $143.1 billion including his personal property.
◦On June 1, 2012, CEO Eric A. Bloom and head trader Charles K. Mosley of Illinois bankrupt Sentinel Management Group Inc. were indicted on federal fraud charges for allegedly defrauding more than 70 customers of more than $500 million before the firm collapsed in August 2007.
◦On April 30, 2012, Minor Vargas Calvo, president of Costa-Rica based Provident Capital Indemnity Ltd. was convicted for carrying out a half-billion dollar fraud scheme that affected more than 2,000 victims in the United States and abroad.
◦On February 1, 2012, criminal charges were filed against two managing directors and a vice president at Credit Suisse Group for failing to assign a fair value to Credit Suisse’s RMBS and CMBS assets, contributing to a $2.6B write-down in March 2008 in Credit Suisse’s reported net income.
◦On November 17, 2011, Philip Baker, co-founder and managing director of hedge fund Lake Shore Asset Management Ltd. was charged in the Northern District of Illinois for his involvement in a $294 million investment fraud scheme which involved approximately 900 investors worldwide. He was sentenced to 20 years in prison.
keith
February 8th, 2013
11:16 am
defamation case? so your real name is joe hussein mama. lmao. you are a cartoon charcter on here. thats all.
Finn McCool (The System isn't Broken; It's Fixed)
February 8th, 2013
11:17 am
Benghazi!!!!!
Got that outta the way…
keith
February 8th, 2013
11:19 am
The City of Chicago and the suburb of Oak Park have been forced to pay the $1.4 million in legal fees the National Rifle Association incurred regarding the McDonald v. City of Chicago case ruled on by The United States Supreme Court.
Chicago paid in two checks to the NRA:
-Check #41662994 drawn on JPMorgan Chase Bank on October 4, 2012
$663,294.10
-Check #41664175 drawn on JPMorgan Chase Bank on October 10, 2012
$125,000.00
Oak Park paid the NRA:
-Check #078899 drawn on US Bank on October 11,2012 $663,294.10.
The fees were recovered by the NRA under a federal law that requires governments to pay the legal fees of “prevailing parties” in litigation to enforce federal civil rights laws. Chicago and Oak Park repealed their handgun bans after the McDonald decision, then tried to claim that the plaintiffs challenging the laws weren’t “prevailing parties.” Ironically, when a federal appeals court rejected that argument, it just drove up the government’s tab due to the expense of the additional litigation.
And for a final touch of poetic justice, Chicago’s check was signed by none other than Mayor Rahm Emanuel.
Too bad Emanuel couldn’t have better spent that money fighting, gangs, drugs and murder.
Granny Godzilla
February 8th, 2013
11:19 am
keith
bless your heart
you are one hot mess to be sure.
Hope your life gets better.
Butch Cassidy (I)
February 8th, 2013
11:19 am
Who is this keith, and why is he such an idiot?
Lord Help Us
February 8th, 2013
11:21 am
‘Who is this keith, and why is he such an idiot?’
Bobby Jindal wants to have a word with him…
Stevie Ray
February 8th, 2013
11:22 am
Brosephus™
February 8th, 2013
11:01 am
Point IMO is not the paycheck. It’s that moral fiber at question knew something against his grain was going on and he decided to remain at the job. If he was comfortable remaining at the job, it is no surprise that he took the check. Any other action is not practical. He decided to stay the bonus followed.
A lot of people, particularly underwriters of insurance and financial instruments don’t agree with policy set above. If the policy is to accept business at a loss known in advance, that’s what you do…or you take another job. Sometimes the objective is market share.
However this is a different animal and he appears to be penny wise and pound foolish. Successful whistle blowers get 15% of take…
Thomas Heyward Jr
February 8th, 2013
11:22 am
комиссар (Occupation)
February 8th, 2013
11:11 am
Thomas Heyward: “Free-markets and liberty will work.
Unfortunantly……………we’ve NEVER tried it………..since the inception of the Federal Reserve”
Huh? Never tried? What do you call the gilded age, the age of the robber barons, which saw violent swings and crashes, before finally culminating in the Hoover austerity measures, a laissez faire experiment under real crisis conditions if ever there was one.
———————————————————————————
.
The gilded age?
An age where super rich people in collusion with Government paid for monopolies.
The Robber barons? ooooooooooooooooh. The Railroad tycoons couldn’t have did it without government contracts.
(but you have a good point in demonstrating that not ALL corruption can be traced to the birth of the FED.)(but on a national level, 99% of widespread misery can usually be traced to State collaberation).
The FED(the State controlling/momopolizing the currency merely “codified” the corruption).
Hoover austerity?……….ha ha. give me a break. Leave your goverment schooling behind. The big government Hoover merely set the stage for FDR……..( see Bush setting the stage for Obama for “trickle up” governmetn controlled misery.
.
And as far as laissex faire……………trust me……..unless you’re over 200 hundred years old……….you’ve only HEARD the term. NOT lived it.
Intelligent people know the difference.
keith
February 8th, 2013
11:23 am
you liberals really do belive this.
Says Nancy Pelosi: ‘The More Americans On Unemployment And Food Stamps, The Better For The Economy.’
Redcoat
February 8th, 2013
11:24 am
Bankers……too big to fail companies…….a government moving shells and that are all empty…….can we all agree a big game is being played on all of us……from all sides!
Brosephus™
February 8th, 2013
11:24 am
SR
Ok… Better understand your point, and we’re on the same page!!!
TaxPayer
February 8th, 2013
11:24 am
Cons, listen up. Jindal has said that you guys have just got to stop being stupid. I know it’s a big order but at least give it a try.
Peter
February 8th, 2013
11:24 am
Bankers never lose because of the federal Reserve bank………. a private organization led by a few very rich who control all banking and the money supply.
Funny thing it all began here in an Island off Georgia……
F. Sinkwich
February 8th, 2013
11:25 am
What, me worry?
O’bozo fixed the financial system with Dodd-Frank.
I thought everyone knew that.
keith
February 8th, 2013
11:26 am
i would imagine that the liberals in charge of chicago are feeling like idiots after paying the NRA nearly 1.5 million bucks. they couldve just relented, not fought a losing battle and saved themselves a lot of money. but stupid liberals knew better, AND IT COST THEM. HAHAHA
DannyX
February 8th, 2013
11:26 am
Does this blog have a mercy rule? Keith has been badly beaten and needs a way out.
Peace
February 8th, 2013
11:27 am
Moderateline@11:05
You are spot on. This also applies at the state level. It’s hard to find a Georgia legislator who has ever voted against a bill that the banks or insurance companies want passed.
Joe Hussein Mama
February 8th, 2013
11:27 am
keith — “defamation case? so your real name is joe hussein mama. lmao. you are a cartoon charcter on here. thats all.”
Learn to read, son. Pay extra-special attention to the words in bold.
I don’t apologize to ignorant, boorish clods like you.
You don’t know anything about me, what I did there or even *when* I was there, but you have no problem accusing me of all sorts of malfeasance. You know, if we were doing this face to face, I’d have a pretty good defamation case against you.
So please, keep it up.
GT
February 8th, 2013
11:28 am
It is not big government it is too big to fail banks! The law has a protection from these robbery barons call anti trust, but the big fat banks told Congress they can’t make enough money so down came the glass walls, exemptions to the anti trust laws, and government protected deposits so the next depression never happens.
Then in their Republican, Ronald Reagan, wisdom of deregulation they spit, as they so often do, into the logic of the Sherman Act and damn near flooded the boat again like they did in 1930 so in a way it is the government’s fault. And as in the 1930s it took a Democrat to straighten it out. And the Republicans ,who the best I can tell ,only come to Congress to drink coffee and bad mouth the people doing all the heavy lifting, blame decades of their stupidly on the next man in charge.
If we don’t fix the problem now we will be reliving this nightmare over and over. If you got a flat tire, putting gas in the tank is not going to work. If you know who is putting nails in your tires lock his ass up. And that is exactly what Obama and Mary Jo White are about to start doing to the displeasure of the leisure group call Congress.
Obama will go down with Roosevelt as one of the top five greatness presidents as he cleans out this nest of pirates on Wall Street and gives America back its economy.
Stevie Ray
February 8th, 2013
11:28 am
TaxPayer
February 8th, 2013
11:15 am
Those are all good but to me the point is to get the really big fish in addition to BoA. Morgan, Goldman and the likes but because of Government Sachs and the revolving doors between cabinet and FED assignments and corresponding campaign contributions, it will never happen.
One set of laws applies to Goldman, another to the small banks and individual crooks. Not exactly atypical..
Donovan
February 8th, 2013
11:28 am
What is the difference between a liberal and a commie? Well, to be completely honest with you, there is no difference.
And you can forget about the in-depth discussion about the classroom definition of the word. When you look like a duck, waddle like a duck, and quack like a duck…
Power to the people and all that kind of rot plays right into your hands like, well, commies.
A Simple Man
February 8th, 2013
11:29 am
Banks are like any other business. Don’t like’em then don’t use’m. There are credit unions, private lenders and so on. Also, heaven forbid, don’t borrow money. Save it and spend only what you have.
keith
February 8th, 2013
11:29 am
As a life member of the NRA i would like to assure you liberals we will use chicagos money to fight you in every corner of this country to defend the Constitution.
Moderate Line
February 8th, 2013
11:30 am
TaxPayer
February 8th, 2013
11:15 am
Do you have anything on those involved in the mortgage crisis?
DebbieDoRight - The Only Thing Wrong With Capitalism Is Capitalists..
February 8th, 2013
11:30 am
eeeeeeee
keith
February 8th, 2013
11:31 am
if we were face to face you would do the typical liberal tactic when confronted. NOTHING BUT RUN.
barking frog
February 8th, 2013
11:33 am
DebbieDoRight 11:30
spanking in progress ?
Joe Hussein Mama
February 8th, 2013
11:34 am
keith — “if we were face to face you would do the typical liberal tactic when confronted. NOTHING BUT RUN.”
Just keep telling yourself that, son. Personally, I think you’d just hit me with your purse.
getalife
February 8th, 2013
11:34 am
God said, “I need someone who will slobber all over the wealthy.”
So God made a con.
Marty Huggins'
February 8th, 2013
11:34 am
A Simple Man
February 8th, 2013
11:29 am
That a little too common sense and logical for this here blog.
See it either got to be republicans fault or democrats fault.
We are not the problem, we have no guilt in this those bankers and politicians forced everyone to take out those loans.
pb
February 8th, 2013
11:34 am
Keith,
Have you ever met a liberal or a Democrat that you liked? Are they all that bad? Do you think Republicans have all the answers too? Can’t believe you really think that either.
iRun
February 8th, 2013
11:34 am
I really liked that ad right up until I realized it was an automobile ad. At that very moment I was utterly disappointed.
I thought it was an ad for farmers, perhaps even by Monsanto. Even though they’re a big evil corporation at least they’re RELEVANT to the topic! But maybe NICFA!
That would have been awesome.
But noooooooooooooo, it was a bit let down. It was Dodge.
There’s nothing slimier. Except maybe a bankster.
Stevie Ray
February 8th, 2013
11:35 am
GT
February 8th, 2013
11:28 am
That last paragraph is a stretch. Let’s see him make good on his promises and bust up his connections to the likes of Goldman. He is no different that his predecessors. Remember the promises of taking down telecom for eavesdropping via filibuster if necessary. They sent money and he turned around and actually stopped a DEM filibustering as he suggested. Also, what about ending the era of lobbyists controling DC agenda?
Suggest you wait to suggest any legacy greatness until the end of second term. Many things sold as wonderful economic developments, are on thin footing. He may well go down as the worst in terms of fiscal policy.
Of course what kind of legacy will he have if his success is forever connected and compared to the low bar set by Bush..
dbm
February 8th, 2013
11:36 am
Under a mixed-economy statist system such as we have now, those who rise to the top in business are the ones best at playing corruption games.
Under laissez-faire capitalism, those who rise to the top in business are the ones best at making things more productive.
St Simons - he-ne-ha
February 8th, 2013
11:37 am
I do statements for banksters (and honest bidnessmen too).
They vote Republican. No doubt about it.
So, to sum the responses here –
free stuff
Barney Frank
Chicago
Timmeh did it toooo!
they’re not even trying any more, its like my cat & a slow mouse.
getalife
February 8th, 2013
11:37 am
God said, “I need someone with no morals.”
So God made a con.
Stevie Ray
February 8th, 2013
11:38 am
iRun
February 8th, 2013
11:34 am
Couldn’t agree more. The other problem with the ad was that the days of the individual farmer may be numbered. The likes of Monsanto (got patent on “seeds” already in use) and corporate farmers is the real threat. When the put the hideous pick up truck at the end, I about choked on my iced tea.
If Chrysler or whomever wants to help farmers, they aren’t going to do it by selling them trucks..
indigo
February 8th, 2013
11:38 am
keith – 11:23
You would do away with unemployment and food stamps and let people starve, right?
Boy, has it ever occured to you, even once, that its difficult to conduct a good job search when you’re hungry and living on the street?
getalife
February 8th, 2013
11:39 am
God said, “I need someone who is a self defeatist.”
So God made a con.
Stevie Ray
February 8th, 2013
11:40 am
St Simons – he-ne-ha
February 8th, 2013
11:37 am
Guess that means they don’t vote with their money. DEMS have gotten material contributions from every strain of wall street types.
комиссар (Occupation)
February 8th, 2013
11:41 am
Donovan: “What is the difference between a liberal and a commie? Well, to be completely honest with you, there is no difference.”
Ha. The quintessence of hayseed ignorance: the conflation of liberal and communist.
UNCLE SAMANTHA
February 8th, 2013
11:41 am
it gets better…..
everyone ASSUMED that the too big to fail banks had written off the losses from their MORTGAGE BACKED SECURITIES…………. WRONG
the banks have HELD these TOXIC ASSETS on their books the whole time (probably taking tax write offs on losses incurred)……….
now comes THE FED to the rescue…… with QE3………. buying these TOXIC ASSETS and taking them off the books of the banks……. AT WHAT PRICE?????
the banks can move on….. THE FED will sell them AT WHAT PRICE???……. and all this BACKED BY THE TAXPAYERS
THE BANKS ARE REWARDED FOR THEIR BAD DECISIONS INSTEAD OF HAVING TO PAY THE FINANCIAL COSTS OF THEIR ACTIONS
http://www.bloomberg.com/news/2012-09-13/fed-plans-to-buy-40-billion-in-mortgage-securities-each-month.html
barking frog
February 8th, 2013
11:41 am
God said I need someone to speak for me,
Jesus, what results.
dbm
February 8th, 2013
11:42 am
One thing we need ASAP, but won’t get for a long time, is a Constitutional amendment banning bailouts.
getalife
February 8th, 2013
11:42 am
God said, “I need someone who will use deflecterbation daily”
So God made a con.
Oscar
February 8th, 2013
11:43 am
The bankers did that, and the cons put thee blame on the government for their failure to regulate and stop them. These are the same cons who also want smaller government, lower taxes nd less regulation.
Moderate Line
February 8th, 2013
11:45 am
Good interview with Ted Kaufman.
http://www.pbs.org/wgbh/pages/frontline/business-economy-financial-crisis/untouchables/ted-kaufman-wall-street-prosecutions-never-made-a-priority/
Marty Huggins'
February 8th, 2013
11:45 am
getalife
February 8th, 2013
11:42 am
Was that one so good you had to post it 3 times?
getalife
February 8th, 2013
11:45 am
God said, “I need someone who will fix the gop party”
So God made a joke.
UNCLE SAMANTHA
February 8th, 2013
11:46 am
SOMETHING TO CHEW ON LEW
In the wake of the financial meltdown, President Barack Obama derided Wall Street bonuses as “obscene,” calling them examples of “fat cats who are getting awarded for their failure.”
But now, Mr. Obama has announced that he will nominate as his next Treasury secretary Jack Lew, a man who in 2009 bagged a $950,000 bonus after his bank, Citigroup, received billions in a taxpayer-funded bailout.
dbm
February 8th, 2013
11:47 am
God said “I need someone who will trick people into believing in me, even though ir’s becoming more and more obvious that I can’t possibly exist. I don’t care if he messes everything else up in the process.” So God made Immanuel Kant.
комиссар (Occupation)
February 8th, 2013
11:47 am
Donovan: “What is the difference between a liberal and a commie? Well, to be completely honest with you, there is no difference”
It was the “liberals” in the 50s and 60s in Democratic party circles who played the key role in purging the unions and other labor organizations of all traces of communism. But you wouldn’t know that from your half-baked political ‘education’ you get in FOXlimbaughland, would you?
TaxPayer
February 8th, 2013
11:48 am
Do you have anything on those involved in the mortgage crisis?
No. Unfortunately all those people involved in writing the legitimate CRA-regulated loans got off scott free. I know that must come as a real blow to the cons here that are so sure that it was the CRA-regulated loans that done us in. Here’s a list of other stuff if you are truly interested though. I’m shocked that scout has not already linked to some of this stuff given his claim to have been employed by the IRS and the FBI. He chose the spectator for his story instead though.
GT
February 8th, 2013
11:48 am
Donovan there is a huge difference even between a liberal and Obama more less a liberal and a communist.
What I think you are going to see less daylight between is the mob and Wall Street. There will be a day pretty soon where the thugs of Wall Street will be serving more time than all the mob crimes combined. Hell of a thing when Harvard grad are getting life sentences or the equivalent, and serving in the same prisons as Scarface. And you still think it was big government? That is kind of like criminal thinking isn’t it?
St Simons - he-ne-ha
February 8th, 2013
11:48 am
‘contributions from every strain of wall street types.’
stevie, do you know Peggy Noonan? j/k
stands for decibels
February 8th, 2013
11:50 am
The banksters always win in no small part due to tens of millions of citizens willing to blame this and future crises on Barney Frank’s gaydar.
barking frog
February 8th, 2013
11:50 am
GT 11:48
Mobsters have equal educational opportunity too.
комиссар (Occupation)
February 8th, 2013
11:52 am
Uncle Samantha: “In the wake of the financial meltdown, President Barack Obama derided Wall Street bonuses as “obscene,” calling them examples of “fat cats who are getting awarded for their failure.”
Yeah, he’s a complete fraud. Duh.
So you’ve caught on to the con that is American politics.
What do YOU propose to do about it?
In other words, something tells me you were a Romney voter. And if Romney had been elected, guess who would have been his nomination for Treasury Secretary?
That’s right, a clone of Jack Lew.
So you see, whether there is a D or a R leading things in Washington, the result is the same: the oligarchy prevails.
Marty Huggins'
February 8th, 2013
11:52 am
stands for decibels
February 8th, 2013
11:50 am
Who blames Frank’s gaydar?
stands for decibels
February 8th, 2013
11:53 am
It was the “liberals” in the 50s and 60s in Democratic party circles who played the key role in purging the unions and other labor organizations of all traces of communism.
“Once I was young and impulsive,
I wore every conceivable pin,
Even went to the socialist meetings,
Learned all the old union hymns.
But now I’ve grown older and wiser
And that’s why I’m turning you in,
So love me, love me, love me, I’m a liberal.”
Buzz Belle
February 8th, 2013
11:54 am
keith 10:56 am
Is your sister/daughter/mother dating one of those “French model” guys that you can find on the internet too? You know the one, right?
ev
February 8th, 2013
11:54 am
The banks do this because the they run everything. The Federal Reserve is a central BANK. Each region has a bank. Banks have the power. Always have and always will.
stands for decibels
February 8th, 2013
11:54 am
Who blames Frank’s gaydar?
Anyone who spells his first name as “Bonnie.” For starters.
Moderate Line
February 8th, 2013
11:57 am
A Simple Man
February 8th, 2013
11:29 am
Banks are like any other business. Don’t like’em then don’t use’m. There are credit unions, private lenders and so on. Also, heaven forbid, don’t borrow money. Save it and spend only what you have.
+++++
I would agree with you. In most of the cases people had a choice. I have a house loan and car loan. None of them have been a problem. However, I knew how much I could borrow. Banks serve a useful purpose. Also, I was reading back in the 20’s and 30’s most loans were 15 years with 50% down. Most people back then would not borrow like they do now. I believe after WWII the 30 year 20% down became the standard. Then you had 0% down. A friend mine said he had brother call and say he needed money for the closing. He was seller!!! He had taken out a 105% loan. While friend has his house paid for.
However, at the same time if a bank commits fraud they should be prosecuted. If banks are making loans they people can not pay they are putting us all at risk because they are going to be bailed out by the government which means we pay.
ev
February 8th, 2013
11:59 am
So what you are saying is that the banks committed fraud and are now in court?
It seems like it took care itself. Fraud happens. You can’t really stop it. It is criminal and it gets punished, but most of the time you can’t catch it before it blows up.
GT
February 8th, 2013
11:59 am
BF, I agree mobsters are people too. If Wall Street were mobsters they would legalize prostitution and drugs, maybe even murder, but why go to all that trouble when they can make twice as much money screwing up with our life savings so they can get their bonuses and sit on the board of opera and private schools. They are crooks literally with keys to the banks. The mob by the way thinks there is too much law enforcement too. I say apparently not.
Finn McCool (The System isn't Broken; It's Fixed)
February 8th, 2013
11:59 am
God made trailers and said “I need someone to live in them.” So he made a Con.
Marty Huggins'
February 8th, 2013
12:00 pm
stands for decibels
February 8th, 2013
11:54 am
Who did that?
How does that spelling of his name mean one is blaming the crisis on his gaydar?
Finn McCool (The System isn't Broken; It's Fixed)
February 8th, 2013
12:00 pm
According to Ayn Rand, the rich can never be asked to sacrifice. So instead, it’s working people across the Eurozone who have to pay for the bad investments that the banksters made in the run-up to the global financial collapse.
As we saw in Greece in 2011 with the deposing of Prime Minister George Papandreou, and all across the state of Michigan over the last few years with financial managers laws, when democratic governments are unwilling to do the bidding of the rich, they’re immediately replaced by corporate lackeys who will.
http://feeds.feedblitz.com/~/37964427/0/alternet~Ayn-Rands-Gospel-of-Selfishness-and-Billionaire-Empowerment-Is-Plaguing-America