Frank Seeking Prosecutions for Financial Wrongdoing

And that the health care sector is the only sector of the economy not currently in collapse. Methinks the dems want to correct that problem.

I think I'm going to hold on to my transcription job, at least half time, while I'm doing that nuclear tech program.

Quoting Elmo:

That no Republican can seem to manage to articulate the righteous indignation & outrage this utter incompetence deserves is equally disturbing.

I am really pissed that the Republicans are just sitting there and not making much noise about all the 'doesn't matter' stuff The One (and his Congress buddies) are foisting on America. And the MSM is giving The One way too much coverage and not enough to the Republicans. Can anyone think of someone in Republican Party who can be the pit bull and make a lot of noise every time yet another ObamaNation occurs?

Maybe you should consider running for office Zoneball.

Why do you hate him so much?

Barney should be first in line then, followed closely By Dodd.

Took the words right out of my keyboard.

³

I hope this comes back to bite him on his fat ass. I want to see someone he thinks is a wrongdoer turn it completely around on him and implicate Frank. Of course, part of the reason Fudd's doing this is to cover his incompetent incontinent ass.

given his proclivities...

Perhaps you also missed Geitner's comments regarding green fucking energy?

I heard a bit about that. Like with corporate taxes, my reaction was... WTF is he concerned with and talking about that right now? Isn't he supposed to be working on a plan to fix this economic crisis? Hasn't he been working on this for six months? Why doesn't he have a plan by now, any plan, good or bad? Why is he spending time on this relatively low priority BS?

It looks like Obama/marxist style Laissez-faire. Blame it all on the evil excesses of capitalism, let the market sort out the economic crisis, if it can, don't bother to try to help while claiming you are, and in the meantime take the opportunity to advance a socialist agenda as much as possible, not caring about how it might affect the economic crisis caused by that evil capitalist economy.

As good a place as any to drop in my rant du jour:

I no longer labor under any illusion that this administration has any intention of solving the economic crisis, nor has it the competence were it its objective.

The economic illness afflicting not only the US but the world revolves around the collapse of the housing bubble and the related credit crisis that was virtually assured by the Sarbanes-Oxley mark-to-market rule, as enforced through FASB 157 adopted in 2007, virtually guaranteeing a death spiral in asset values of mortgage-backed-securities and their derivative financial instruments once the housing bubble popped. So long as these assets are forced to virtually zero value -- despite the fact that 88% of all mortgages continue to be paid on time, and 92% of working Americans still have jobs -- a significant portion of the financial system is in dire straights, unable to borrow/lend, and the continued crisis in credit is the logjam that prevents meaningful recovery to commence.

As has been noted elsewhere, the latest mortgage "cram down" measure not only won't fix the problem, it will materially exacerbate further long term deterioration in the housing market values as the interest rates are forced higher, and the number of qualifying borrowers dwindle.

Adding further insult to injury is this administration's obsession with shit-that-does-not-matterâ„¢, whilst doing nothing productive to unfuck the credit/banking system. Examples abound:

Yesterday, Treasury Sec'y Geithner announce the administration's proposals to eliminate all tax credits/reductions for the oil industry, on the grounds that its product contributed to "global warming." Putting aside for the moment the fact that such a move can only INCREASE the cost of energy for every man woman, and child in America at a time of dire economic distress, one must ask why the Administration is fucking around with shit-that-does-not-matterâ„¢ while the economy continues to sink under the weight of the unfucked credit/banking system and the specter of trillion dollar boondoggle bailoutsâ„¢ and pork-laden deficit budgets as far as the eye can see.

Today, the Democrats continued to place their emphasis on shit-that-does-not-matterâ„¢, with Congressman Barney "Hot Bottom" Frank giving a press conference to announce his legislative agenda for March. You' would think he would be focusing like a laser beam on unfucking the credit/banking system, but no, the Queen of Massachusetts politics instead is going to concentrate this month on... wait for it..... "more regulation of the credit card industry."

Little did we know that the economic crisis we are in was the product of the evils of unsecured debt.

In the past couple days, the TED spread is skyrocketing in the past couple days, with the 3 mo Treasury note yield collapsing by nearly a third, and in the past month the commercial mortgage credit spreads have reached levels far exceeding those seen last November.

And still the administration continues to dawdle over shit-that-does-not-matterâ„¢, like nominating a new FEMA head (while there are no hurricanes in sight), while the single most direct, cost-free, and immediate resolution to much of the credit/banking crisis -- mark-to-market reform -- languishes like a forlorn wallflower.

The only conclusion I can come to is that this administration, and its sycophants in congress and the Main stream media, are obsessed with using the economic crisis as a bludgeon to cram down as much socialist/fascist take-over of the economy and social re-engineering of the free market as they can get away with before the public wises up.

In the end, I don't think these Keynesian Klowns have any idea how to unfuck the economy, even if their lives depended on it.

That no Republican can seem to manage to articulate the righteous indignation & outrage this utter incompetence deserves is equally disturbing.

I refer you to this post: http://forum.darwincentral.org/viewtopic.php?p=436525#p436525
I've been expecting this since Zero got elected.

I hope this comes back to bite him on his fat ass. I want to see someone he thinks is a wrongdoer turn it completely around on him and implicate Frank. Of course, part of the reason Fudd's doing this is to cover his incompetent incontinent ass.

given his proclivities...

From what I understand from gay friends, the only significant change in the defecatory functions is less resonant farts.

I hope this comes back to bite him on his fat ass. I want to see someone he thinks is a wrongdoer turn it completely around on him and implicate Frank. Of course, part of the reason Fudd's doing this is to cover his incompetent incontinent ass.

given his proclivities...

From what I understand from gay friends, the only significant change in the defecatory functions is less resonant farts.

That's a cluster of neurons I never needed to fire...

POST OF THE WEEK!

As good a place as any to drop in my rant du jour:

I no longer labor under any illusion that this administration has any intention of solving the economic crisis, nor has it the competence were it its objective.

The economic illness afflicting not only the US but the world revolves around the collapse of the housing bubble and the related credit crisis that was virtually assured by the Sarbanes-Oxley mark-to-market rule, as enforced through FASB 157 adopted in 2007, virtually guaranteeing a death spiral in asset values of mortgage-backed-securities and their derivative financial instruments once the housing bubble popped. So long as these assets are forced to virtually zero value -- despite the fact that 88% of all mortgages continue to be paid on time, and 92% of working Americans still have jobs -- a significant portion of the financial system is in dire straights, unable to borrow/lend, and the continued crisis in credit is the logjam that prevents meaningful recovery to commence.

As has been noted elsewhere, the latest mortgage "cram down" measure not only won't fix the problem, it will materially exacerbate further long term deterioration in the housing market values as the interest rates are forced higher, and the number of qualifying borrowers dwindle.

Adding further insult to injury is this administration's obsession with shit-that-does-not-matterâ„¢, whilst doing nothing productive to unfuck the credit/banking system. Examples abound:

Yesterday, Treasury Sec'y Geithner announce the administration's proposals to eliminate all tax credits/reductions for the oil industry, on the grounds that its product contributed to "global warming." Putting aside for the moment the fact that such a move can only INCREASE the cost of energy for every man woman, and child in America at a time of dire economic distress, one must ask why the Administration is fucking around with shit-that-does-not-matterâ„¢ while the economy continues to sink under the weight of the unfucked credit/banking system and the specter of trillion dollar boondoggle bailoutsâ„¢ and pork-laden deficit budgets as far as the eye can see.

Today, the Democrats continued to place their emphasis on shit-that-does-not-matterâ„¢, with Congressman Barney "Hot Bottom" Frank giving a press conference to announce his legislative agenda for March. You' would think he would be focusing like a laser beam on unfucking the credit/banking system, but no, the Queen of Massachusetts politics instead is going to concentrate this month on... wait for it..... "more regulation of the credit card industry."

Little did we know that the economic crisis we are in was the product of the evils of unsecured debt.

In the past couple days, the TED spread is skyrocketing in the past couple days, with the 3 mo Treasury note yield collapsing by nearly a third, and in the past month the commercial mortgage credit spreads have reached levels far exceeding those seen last November.

And still the administration continues to dawdle over shit-that-does-not-matterâ„¢, like nominating a new FEMA head (while there are no hurricanes in sight), while the single most direct, cost-free, and immediate resolution to much of the credit/banking crisis -- mark-to-market reform -- languishes like a forlorn wallflower.

The only conclusion I can come to is that this administration, and its sycophants in congress and the Main stream media, are obsessed with using the economic crisis as a bludgeon to cram down as much socialist/fascist take-over of the economy and social re-engineering of the free market as they can get away with before the public wises up.

In the end, I don't think these Keynesian Klowns have any idea how to unfuck the economy, even if their lives depended on it.

That no Republican can seem to manage to articulate the righteous indignation & outrage this utter incompetence deserves is equally disturbing.

Hey Barney, be careful what you wish for...

Ditto. The arrogance of Frank and people like him continues to disgust me.

POST OF THE WEEK!

As good a place as any to drop in my rant du jour:

Coming from you, Gumlegs, that's high praise indeed. You are too kind.

despite the fact that 88% of all mortgages continue to be paid on time, and 92% of working Americans still have jobs --

Somewhere I recall reading that after all the shit was washed from the fan in the Great depression. The value of stocks had declined only 20 percent.

Maybe I'm delusional, but it seems to me that all major economic fuck-ups are the result of some government policy or action. In this case it seems that the government deliberately set up a get rich quick program for foolproof acceleration of investment portfolios, and then dropped the safety net.

It seems to me that all leveraged investments are essentially Ponzi schemes that are profitable only if you get out before the supply of rubes runs out.

I refer you to this post: http://forum.darwincentral.org/viewtopic.php?p=436525#p436525
I've been expecting this since Zero got elected.

Nice crystal ball you have there. Well done.

Great rant by Elmo, thanks.

The leftoids refer to the present period as "late capitalism." From their POV, they're just giving capitalism a few more kicks as they drag it toward its grave. Each of them is eager to be the Hero who delivers the death blow. I think that's why you see people like Geithner, Frank, and Waxman, as well as Obama, going off on these seemingly tangential missions of abuse against whatever is still actually working. Having any part of "the system" still working properly is an affront to their sensibilities, it's a reminder that there are still remnants of the ancien regime that need to be mutilated.

It seems to me that all leveraged investments are essentially Ponzi schemes that are profitable only if you get out before the supply of rubes runs out.

Yeah, but it's hard to keep up a proper bubble economy (throughout the whole economy, not just a specific industry) for long without the government enabling it with easy money. Which particular part of the economy will experience the bubble in values can vary - general prices, Internet stocks, real estate, etc. - but it takes the government to keep a steady bias towards enabling unrealistic investments to keep rising in value until it's too late all around.

The leftoids refer to the present period as "late capitalism."

Let them. It will just pave the way for neo-capitalism.

I refer you to this post: http://forum.darwincentral.org/viewtopic.php?p=436525#p436525
I've been expecting this since Zero got elected.

Nice crystal ball you have there. Well done.

I'm pretty sure all of us have subscriptions to this particular oracle.

http://www.ibdeditorials.com/IBDArticle ... 7362312361

Let The Inquisition Start With Frank

By INVESTOR'S BUSINESS DAILY | Posted Friday, March 06, 2009 4:20 PM PT

Oversight: Congressman Barney Frank says he wants some of those responsible for our current financial meltdown to be prosecuted. And we couldn't agree more. First up in the court dock: Rep. Barney Frank, D-Mass.

Even by the extraordinarily loose standards of Congress, it takes some chutzpah for someone such as Frank to suggest that he'll seek prosecutions for those behind the housing and financial crunch and for what he called "a strongly empowered systemic risk regulator."

For Frank, perhaps more than any single individual in private or public life, is responsible for both the housing market mess and subsequent bank disaster. And no, this isn't partisan hyperbole or historical exaggeration.

But first, a little trip down memory lane.....

Great rant by Elmo, thanks.

The leftoids refer to the present period as "late capitalism." From their POV, they're just giving capitalism a few more kicks as they drag it toward its grave. Each of them is eager to be the Hero who delivers the death blow. I think that's why you see people like Geithner, Frank, and Waxman, as well as Obama, going off on these seemingly tangential missions of abuse against whatever is still actually working. Having any part of "the system" still working properly is an affront to their sensibilities, it's a reminder that there are still remnants of the ancien regime that need to be mutilated.

I heard long ago, in the late 60's, that the commies knew that the West would never accept their system unless we were desperate. My mother believed that the US tottered on the brink of communism in the 30's, and was merely lucky we escaped it. My grandfather apparently subscribed to some commie magazines in the day, and would sit around the kitchen table talking about such things with the neighbors.

It would be tin-foil-hat territory to accuse these morons of cooking up all this in advance, but now that they have the opportunity????

Click on the thumbnail for the full-sized cartoon:

asay9.gif

You do not have the required permissions to view the files attached to this post.

Click on the thumbnail for the full-sized cartoon:

asay9.gif

Excellent.

It would be even better if the cartoonist also pointed out that Frank and Dodd "encouraged" lenders to make the original bad loans that created the problem.

Perhaps you also missed Geitner's comments regarding green fucking energy?

I heard a bit about that. Like with corporate taxes, my reaction was... WTF is he concerned with and talking about that right now? Isn't he supposed to be working on a plan to fix this economic crisis? Hasn't he been working on this for six months? Why doesn't he have a plan by now, any plan, good or bad? Why is he spending time on this relatively low priority BS?

It looks like Obama/marxist style Laissez-faire. Blame it all on the evil excesses of capitalism, let the market sort out the economic crisis, if it can, don't bother to try to help while claiming you are, and in the meantime take the opportunity to advance a socialist agenda as much as possible, not caring about how it might affect the economic crisis caused by that evil capitalist economy.

As good a place as any to drop in my rant du jour:

I no longer labor under any illusion that this administration has any intention of solving the economic crisis, nor has it the competence were it its objective.

The economic illness afflicting not only the US but the world revolves around the collapse of the housing bubble and the related credit crisis that was virtually assured by the Sarbanes-Oxley mark-to-market rule, as enforced through FASB 157 adopted in 2007, virtually guaranteeing a death spiral in asset values of mortgage-backed-securities and their derivative financial instruments once the housing bubble popped. So long as these assets are forced to virtually zero value -- despite the fact that 88% of all mortgages continue to be paid on time, and 92% of working Americans still have jobs -- a significant portion of the financial system is in dire straights, unable to borrow/lend, and the continued crisis in credit is the logjam that prevents meaningful recovery to commence.

As has been noted elsewhere, the latest mortgage "cram down" measure not only won't fix the problem, it will materially exacerbate further long term deterioration in the housing market values as the interest rates are forced higher, and the number of qualifying borrowers dwindle.

Adding further insult to injury is this administration's obsession with shit-that-does-not-matterâ„¢, whilst doing nothing productive to unfuck the credit/banking system. Examples abound:

Yesterday, Treasury Sec'y Geithner announce the administration's proposals to eliminate all tax credits/reductions for the oil industry, on the grounds that its product contributed to "global warming." Putting aside for the moment the fact that such a move can only INCREASE the cost of energy for every man woman, and child in America at a time of dire economic distress, one must ask why the Administration is fucking around with shit-that-does-not-matterâ„¢ while the economy continues to sink under the weight of the unfucked credit/banking system and the specter of trillion dollar boondoggle bailoutsâ„¢ and pork-laden deficit budgets as far as the eye can see.

Today, the Democrats continued to place their emphasis on shit-that-does-not-matterâ„¢, with Congressman Barney "Hot Bottom" Frank giving a press conference to announce his legislative agenda for March. You' would think he would be focusing like a laser beam on unfucking the credit/banking system, but no, the Queen of Massachusetts politics instead is going to concentrate this month on... wait for it..... "more regulation of the credit card industry."

Little did we know that the economic crisis we are in was the product of the evils of unsecured debt.

In the past couple days, the TED spread is skyrocketing in the past couple days, with the 3 mo Treasury note yield collapsing by nearly a third, and in the past month the commercial mortgage credit spreads have reached levels far exceeding those seen last November.

And still the administration continues to dawdle over shit-that-does-not-matterâ„¢, like nominating a new FEMA head (while there are no hurricanes in sight), while the single most direct, cost-free, and immediate resolution to much of the credit/banking crisis -- mark-to-market reform -- languishes like a forlorn wallflower.

The only conclusion I can come to is that this administration, and its sycophants in congress and the Main stream media, are obsessed with using the economic crisis as a bludgeon to cram down as much socialist/fascist take-over of the economy and social re-engineering of the free market as they can get away with before the public wises up.

In the end, I don't think these Keynesian Klowns have any idea how to unfuck the economy, even if their lives depended on it.

That no Republican can seem to manage to articulate the righteous indignation & outrage this utter incompetence deserves is equally disturbing.

By popular demand, a revised, corrected, and slightly extended version of my original rant. Whoever posted it to the blog please substitute this version for the original....

============

I no longer labor under any illusion that this administration has any intention of solving the economic crisis, nor has it the competence were it its objective.

The economic illness afflicting not only the US but the world revolves around the collapse of the housing bubble and the related credit crisis that was all but assured by the Sarbanes-Oxley mark-to-market rule, as enforced through FASB 157 adopted in 2007, virtually guaranteeing a death spiral in asset values of mortgage-backed-securities and their derivative financial instruments once the housing bubble popped. So long as these assets are forced to essentially zero value -- despite the fact that 88% of all mortgages continue to be paid on time, and 92% of working Americans still have jobs -- a significant portion of the financial system is in dire straights, unable to borrow/lend, and the continued crisis in credit is the logjam that prevents meaningful recovery to commence.

As has been noted elsewhere, the latest mortgage "cram down" measure not only won't fix the problem, it will materially exacerbate further long term deterioration in the housing market values as the interest rates are forced higher, and the number of qualifying borrowers dwindle, as lenders face the reality that their mortgage contract terms can be modified to their detriment after the fact, by some sympathetic judge who takes pity on dingbats who can't manage their finances.

Adding further insult to injury is this administration's obsession with shit-that-does-not-matterâ„¢, whilst doing nothing productive to unfuck the credit/banking system. Examples abound:

On Wednesday, Treasury Sec'y Geithner announced the administration's proposals to eliminate all tax credits/reductions for the oil industry, on the grounds that its product contributed to "global warming." Putting aside for the moment the fact that such a move can only INCREASE the cost of energy for every man woman, and child in America at a time of dire economic distress, one must ask why the Administration is fucking around with shit-that-does-not-matterâ„¢ while the economy continues to sink under the weight of the fucked-up credit/banking system and the specter of trillion dollar bailout boondogglesâ„¢ and pork-laden deficit budgets as far as the eye can see.

On Thursday, the Democrats continued to place their emphasis on shit-that-does-not-matterâ„¢, with Congressman Barney "Hot Bottom" Frank giving a press conference to announce his legislative agenda for March. You'd would think he would be focusing like a laser beam on unfucking the credit/banking system, but no, the Queen of Massachusetts politics instead is going to concentrate this month on... wait for it..... more regulation of the credit card industry.

Little did we know that the economic crisis we are in was the product of the evils of unsecured debt.

In the past couple days, the TED spread is skyrocketing, with the 3 mo Treasury note yield collapsing by nearly a third, and in the past month the commercial mortgage credit spreads have reached levels far exceeding those seen last November during the height of the financial crisis.

And still the administration continues to dawdle over shit-that-does-not-matterâ„¢, like nominating a new FEMA head (while there are no hurricanes in sight), while the single most direct, cost-free, and immediate resolution to much of the credit/banking crisis -- "mark-to-market" reform -- languishes like a forlorn wallflower.

The only conclusion I can come to is that this administration, and its sycophants in congress and the main stream media, are obsessed with using the economic crisis as a bludgeon to cram down as much socialist/fascist take-over of the economy and social re-engineering of the free market as they can get away with before the public wises up.

In the end, I don't think these Keynesian Klowns have any idea how to unfuck the economy, even if their lives depended on it.

That no Republican can seem to manage to articulate the righteous indignation & outrage this utter incompetence and unbridled arrogation of power deserves is equally disturbing.

As good a place as any to drop in my rant du jour:

I no longer labor under any illusion that this administration has any intention of solving the economic crisis, nor has it the competence were it its objective.

The economic illness afflicting not only the US but the world revolves around the collapse of the housing bubble and the related credit crisis that was virtually assured by the Sarbanes-Oxley mark-to-market rule, as enforced through FASB 157 adopted in 2007, virtually guaranteeing a death spiral in asset values of mortgage-backed-securities and their derivative financial instruments once the housing bubble popped. So long as these assets are forced to virtually zero value -- despite the fact that 88% of all mortgages continue to be paid on time, and 92% of working Americans still have jobs -- a significant portion of the financial system is in dire straights, unable to borrow/lend, and the continued crisis in credit is the logjam that prevents meaningful recovery to commence.

As has been noted elsewhere, the latest mortgage "cram down" measure not only won't fix the problem, it will materially exacerbate further long term deterioration in the housing market values as the interest rates are forced higher, and the number of qualifying borrowers dwindle.

Adding further insult to injury is this administration's obsession with shit-that-does-not-matterâ„¢, whilst doing nothing productive to unfuck the credit/banking system. Examples abound:

Yesterday, Treasury Sec'y Geithner announce the administration's proposals to eliminate all tax credits/reductions for the oil industry, on the grounds that its product contributed to "global warming." Putting aside for the moment the fact that such a move can only INCREASE the cost of energy for every man woman, and child in America at a time of dire economic distress, one must ask why the Administration is fucking around with shit-that-does-not-matterâ„¢ while the economy continues to sink under the weight of the unfucked credit/banking system and the specter of trillion dollar boondoggle bailoutsâ„¢ and pork-laden deficit budgets as far as the eye can see.

Today, the Democrats continued to place their emphasis on shit-that-does-not-matterâ„¢, with Congressman Barney "Hot Bottom" Frank giving a press conference to announce his legislative agenda for March. You' would think he would be focusing like a laser beam on unfucking the credit/banking system, but no, the Queen of Massachusetts politics instead is going to concentrate this month on... wait for it..... "more regulation of the credit card industry."

Little did we know that the economic crisis we are in was the product of the evils of unsecured debt.

In the past couple days, the TED spread is skyrocketing in the past couple days, with the 3 mo Treasury note yield collapsing by nearly a third, and in the past month the commercial mortgage credit spreads have reached levels far exceeding those seen last November.

And still the administration continues to dawdle over shit-that-does-not-matterâ„¢, like nominating a new FEMA head (while there are no hurricanes in sight), while the single most direct, cost-free, and immediate resolution to much of the credit/banking crisis -- mark-to-market reform -- languishes like a forlorn wallflower.

The only conclusion I can come to is that this administration, and its sycophants in congress and the Main stream media, are obsessed with using the economic crisis as a bludgeon to cram down as much socialist/fascist take-over of the economy and social re-engineering of the free market as they can get away with before the public wises up.

In the end, I don't think these Keynesian Klowns have any idea how to unfuck the economy, even if their lives depended on it.

That no Republican can seem to manage to articulate the righteous indignation & outrage this utter incompetence deserves is equally disturbing.

Blogged as "Post of the Week", on Gummy's recommendation.



http://blog.darwincentral.org/2009/03/0 ... -8th-2009/

By popular demand, a revised, corrected, and slightly extended version of my original rant. Whoever posted it to the blog please substitute this version for the original....

============

I no longer labor under any illusion that this administration has any intention of solving the economic crisis, nor has it the competence were it its objective.

...

Oooops. Didn't see this before making my previous post.

I'll leave it to Black Ops. Maybe just adding an addendum to the blog that there's a revised post in the forum and providing a link will do, but it's not my call.