Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 6:20 pm

Frank Seeking Prosecutions for Financial Wrongdoing (Update2)
By Alison Vekshin

March 5 (Bloomberg) -- U.S. House Financial Services Committee Chairman Barney Frank said he wants to see people prosecuted for wrongdoing related to the financial crisis as lawmakers overhaul regulation of Wall Street.

Frank will call on attorneys general, bank regulators and officials from the U.S. Securities and Exchange Commission to outline plans for prosecuting and recovering funds from those responsible for the crisis, he said today at a news conference in Washington...

http://www.bloomberg.com/apps/news?pid= ... refer=home

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

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 6:36 pm

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

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 6:40 pm

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

Took the words right out of my keyboard.

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 7:21 pm

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 ass.

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 7:26 pm

Central Archivist wrote:
ffighter wrote:Barney should be first in line then, followed closely By Dodd.

Took the words right out of my keyboard.

:hesaid: :hesaid:

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 9:22 pm

Just helping to promote the socialist revolution. Making a profit = committing crime. It won't be just the real wrongdoers frog marched into a courtroom.

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 9:33 pm

doc30 wrote:Just helping to promote the socialist revolution.

While the banks are teetering on the brink and the stock market is plunging, Teh One is concentrating on health care reform as the solution to all our problems.

Apparently, like orthodox marxists/leninists, the Dems think this economic crisis was the inevitable result of the excesses of evil capitalism and they want to capitalize on this "opportunity" to advance their socialist agenda. A couple of months ago I thought they were just incompetent economically ignorant fools. Now I'm not so sure.

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 9:37 pm

ml1954 wrote:
doc30 wrote:Just helping to promote the socialist revolution.

While the banks are teetering on the brink and the stock market is plunging, Teh One is concentrating on health care reform as the solution to all our problems.

Apparently, like orthodox marxists/leninists, the Dems think this economic crisis was the inevitable result of the excesses of evil capitalism and they want to capitalize on this "opportunity" to advance their socialist agenda. A couple of months ago I thought they were just incompetent economically ignorant fools. Now I'm not so sure.

I cant figure it out either. Its a race to the bottom between "Can they be this stupid/incompetent?" and "Can they be this evil?"

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 9:55 pm

ml1954 wrote:
doc30 wrote:Just helping to promote the socialist revolution.

While the banks are teetering on the brink and the stock market is plunging, Teh One is concentrating on health care reform as the solution to all our problems.

Apparently, like orthodox marxists/leninists, the Dems think this economic crisis was the inevitable result of the excesses of evil capitalism and they want to capitalize on this "opportunity" to advance their socialist agenda. A couple of months ago I thought they were just incompetent economically ignorant fools. Now I'm not so sure.


The idea that this man was in front of the press, today, blaming HEALTH CARE COSTS for our current problems stuns me. This has now crossed from incompetence into malice.

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 9:56 pm

excineribus wrote:
Frank Seeking Prosecutions for Financial Wrongdoing (Update2)
By Alison Vekshin

March 5 (Bloomberg) -- U.S. House Financial Services Committee Chairman Barney Frank said he wants to see people prosecuted for wrongdoing related to the financial crisis as lawmakers overhaul regulation of Wall Street.

Frank will call on attorneys general, bank regulators and officials from the U.S. Securities and Exchange Commission to outline plans for prosecuting and recovering funds from those responsible for the crisis, he said today at a news conference in Washington...

http://www.bloomberg.com/apps/news?pid= ... refer=home

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


Life would be so much easier if, instead of these fantasies, he just had a fetish for lactating women.

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 10:02 pm

Celtjew wrote:Life would be so much easier if, instead of these fantasies, he just had a fetish for lactating women.
We are working on the mind-writing, CJ. But I'd say you haven't given sufficient thought to what to write there, once we have it available. Think of getting maximum entertainment value, for all the harm and loss he has caused.

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 10:09 pm

Shryke wrote:
ml1954 wrote:
doc30 wrote:Just helping to promote the socialist revolution.

While the banks are teetering on the brink and the stock market is plunging, Teh One is concentrating on health care reform as the solution to all our problems.

Apparently, like orthodox marxists/leninists, the Dems think this economic crisis was the inevitable result of the excesses of evil capitalism and they want to capitalize on this "opportunity" to advance their socialist agenda. A couple of months ago I thought they were just incompetent economically ignorant fools. Now I'm not so sure.


The idea that this man was in front of the press, today, blaming HEALTH CARE COSTS for our current problems stuns me. This has now crossed from incompetence into malice.

That was my reaction, too.

If Bush was still prez and was not demonstrating that his nose was to the grindstone on this economic crisis and was not openly weeping and showing how he was feeling everyone's pain about what is happening, he would have been drawn and quartered by the MSM. Instead we have the MSM seriously reporting without much commentary that Teh Idiot thinks that this crisis is all about health care.

Meanwhile, Geitner, who has supposedly been the indispensable principle in solving the economic crisis and who has been thinking about it for six months and yet still has no plan to remedy it, is yapping about how some corporations are evading taxes on their non-domestic income.

It is becoming surreal.

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 11:03 pm

ml1954 wrote:
Shryke wrote:
ml1954 wrote:
doc30 wrote:Just helping to promote the socialist revolution.

While the banks are teetering on the brink and the stock market is plunging, Teh One is concentrating on health care reform as the solution to all our problems.

Apparently, like orthodox marxists/leninists, the Dems think this economic crisis was the inevitable result of the excesses of evil capitalism and they want to capitalize on this "opportunity" to advance their socialist agenda. A couple of months ago I thought they were just incompetent economically ignorant fools. Now I'm not so sure.


The idea that this man was in front of the press, today, blaming HEALTH CARE COSTS for our current problems stuns me. This has now crossed from incompetence into malice.

That was my reaction, too.

If Bush was still prez and was not demonstrating that his nose was to the grindstone on this economic crisis and was not openly weeping and showing how he was feeling everyone's pain about what is happening, he would have been drawn and quartered by the MSM. Instead we have the MSM seriously reporting without much commentary that Teh Idiot thinks that this crisis is all about health care.

Meanwhile, Geitner, who has supposedly been the indispensable principle in solving the economic crisis and who has been thinking about it for six months and yet still has no plan to remedy it, is yapping about how some corporations are evading taxes on their non-domestic income.

It is becoming surreal.


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

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 11:07 pm

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

exactly =D>

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 11:10 pm

Celtjew wrote:
excineribus wrote:
Frank Seeking Prosecutions for Financial Wrongdoing (Update2)
By Alison Vekshin

March 5 (Bloomberg) -- U.S. House Financial Services Committee Chairman Barney Frank said he wants to see people prosecuted for wrongdoing related to the financial crisis as lawmakers overhaul regulation of Wall Street.

Frank will call on attorneys general, bank regulators and officials from the U.S. Securities and Exchange Commission to outline plans for prosecuting and recovering funds from those responsible for the crisis, he said today at a news conference in Washington...

http://www.bloomberg.com/apps/news?pid= ... refer=home

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


Life would be so much easier if, instead of these fantasies, he just had a fetish for lactating women.

he doesn't like women CJ

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 11:20 pm

juliet wrote:
Celtjew wrote:
excineribus wrote:
Frank Seeking Prosecutions for Financial Wrongdoing (Update2)
By Alison Vekshin

March 5 (Bloomberg) -- U.S. House Financial Services Committee Chairman Barney Frank said he wants to see people prosecuted for wrongdoing related to the financial crisis as lawmakers overhaul regulation of Wall Street.

Frank will call on attorneys general, bank regulators and officials from the U.S. Securities and Exchange Commission to outline plans for prosecuting and recovering funds from those responsible for the crisis, he said today at a news conference in Washington...

http://www.bloomberg.com/apps/news?pid= ... refer=home

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


Life would be so much easier if, instead of these fantasies, he just had a fetish for lactating women.

he doesn't like women CJ

Nu that... just saying it would be easier. (Or maybe lactating men.)

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 11:31 pm

Shryke wrote: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.

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Thu Mar 05, 2009 11:32 pm

Celtjew wrote:
juliet wrote:
Celtjew wrote:
Hey Barney, be careful what you wish for...


Life would be so much easier if, instead of these fantasies, he just had a fetish for lactating women.

he doesn't like women CJ

Nu that... just saying it would be easier. (Or maybe lactating men.)[/quote]
lol CJ...if he found one of those men he'd have to share...he needs to go away I wish he'd get voted out of office

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Fri Mar 06, 2009 12:09 am

ml1954 wrote:
Shryke wrote: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.

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Fri Mar 06, 2009 9:23 am

Elmo Zoneball wrote:
ml1954 wrote:
Shryke wrote: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.


DAMN, EZ!! Just... DAMN! I couldn't agree with the above post more. I believe they are destroying the economy with malice aforethought, just to push their insane agenda. With no thought for the consequences. The American people are (mostly) fools. The dumbing-down has worked, and we now reap what the NEA, NAACP, ACLU, ABC, CBS, NBC, CNN, Time/Newsweak, all the lib teachers and Marxist college professors and all the rest have sown. And it's as ugly a thing as I have ever seen.

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Fri Mar 06, 2009 9:31 am

Damn right, Elmo.

I've been watching this crew in Washington and have come to the conclusion that either they have absolutely no freaking idea what they are doing or that our worst concerns about Obama being a Marxist are absolutely true or both.

This is like watching a movie about a corrupt government where all the players actions are emphasized so the dim-bulbs in the audience can follow along. This absolutely surreal.

When Obama began speaking on health care yesterday, the Dow was at -180. By the time I went back to work, 10 minutes later, the Dow was at -191. FoxNews had a live picture of the Dow board up when he was speaking. The more he spoke, the more the Dow dropped.

The man is poison.

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Fri Mar 06, 2009 9:39 am

Elmo Zoneball wrote:
ml1954 wrote:
Shryke wrote: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.

:hesaid:

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Fri Mar 06, 2009 9:48 am

Bravo Elmo. It's amazing to me that we cannot find a Republican who can get the message out articulately and without the drama the Dems have to inject into everything.

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Fri Mar 06, 2009 10:09 am

Shryke wrote:
ml1954 wrote:
doc30 wrote:Just helping to promote the socialist revolution.

While the banks are teetering on the brink and the stock market is plunging, Teh One is concentrating on health care reform as the solution to all our problems.

Apparently, like orthodox marxists/leninists, the Dems think this economic crisis was the inevitable result of the excesses of evil capitalism and they want to capitalize on this "opportunity" to advance their socialist agenda. A couple of months ago I thought they were just incompetent economically ignorant fools. Now I'm not so sure.


The idea that this man was in front of the press, today, blaming HEALTH CARE COSTS for our current problems stuns me. This has now crossed from incompetence into malice.

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. :tard:

Re: Frank Seeking Prosecutions for Financial Wrongdoing

Fri Mar 06, 2009 11:00 am

Elmo Zoneball wrote:
ml1954 wrote:
Shryke wrote: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.

=D> =D>
Maybe you should consider running for office Zoneball.

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