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Charles Carreon
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Joined: 25 Sep 2008
Posts: 34
Location: Tucson
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 Posted: Mon Sep 29, 2008 7:39 pm Post subject: No Leadership In the Financial Crisis |
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I'm sending this to the Big O this evening, at the incitement of Michael Moore:
| I wrote: | Dear Sen. Obama:
I've been a lawyer for 22 years -- people love lawyers who fight for the people. My boss Chuck Mazursky told me many years ago, when the jury looks at you, you want them to think, "If I needed a lawyer, I'd want him to be like that guy." Be our lawyer now. Stand up and object!
If you don't, even if you win this election, you will have lost the moral high ground by siding with the enemies of the people. You will also fund your own demise by hamstringing your new administration with an enormous debt burden that will be seen for what it is -- a goodbye gift to Bush and his cronies.
Good luck, my fellow lawyer. May you find the courage to represent the people at the bar of justice when all around you the craven and cowardly implore you to surrender our rights and dignity.
See you at the ballot box.
:) Charles Carreon
Attorney at Law
www.charlescarreon.com |
_________________
Fight on all occasions. Fight the more for duels being forbidden, since consequently there is twice as much courage in fighting.
A. Dumas, The Three Musketeers. |
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Charles Carreon
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Joined: 25 Sep 2008
Posts: 34
Location: Tucson
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| Posted: Mon Sep 29, 2008 9:03 pm Post subject: Greed Kills |
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 I didn't expect to see this in my lifetime. Add that to the other things I didn't think I'd see -- the election of Ronald Reagan, the fall of the Berlin Wall, the fall of the Three Towers. This life is turning out a lot different than I expected. Did I mention I had steadfastly resolved not to become a lawyer? Now here we have people standing on Wall Street, urging the "Masters of the Universe" to JUMP! Standing there in masks and robes like the secret society members in Kubrick's "Eyes Wide Shut," chanting "No More Bail, Send Their Ass To Jail!" I've been reading Carlyle's book, "The French Revolution," and it's sounding earily similar to our present situation -- endless pyramiding without a foundation, at least leading to a resounding collapse. All Bush would have to do is put on a wig and say "Let them eat Twinkies!"
Photos by Alexander H.M. Cascone
_________________
Fight on all occasions. Fight the more for duels being forbidden, since consequently there is twice as much courage in fighting.
A. Dumas, The Three Musketeers. |
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Charles Carreon
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Joined: 25 Sep 2008
Posts: 34
Location: Tucson
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| Posted: Mon Sep 29, 2008 9:34 pm Post subject: Up Against the Wall Streeters! |
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 In "The French Revolution," Thomas Carlyle wrote about the cosmic force of National Bankruptcy:
"How singular this perpetual distress of the royal treasury! And yet it is a thing not more incredible than undeniable. A thing mournfully true: the stumbling-block on which all Ministers successively stumble, and fall. Be it 'want of fiscal genius,' or some far other want, there is the palpablest discrepancy between Revenue and Expenditure; a Deficit of the Revenue: you must 'choke (combler) the Deficit,' or else it will swallow you! This is the stern problem; hopeless seemingly as squaring of the circle. Controller Joly de Fleury, who succeeded Necker, could do nothing with it; nothing but propose loans, which were tardily filled up; impose new taxes, unproductive of money, productive of clamour and discontent. As little could Controller d'Ormesson do, or even less; for if Joly maintained himself beyond year and day, d'Ormesson reckons only by months: till 'the King purchased Rambouillet without consulting him,' which he took as a hint to withdraw. And so, towards the end of 1783, matters threaten to come to still-stand. Vain seems human ingenuity. In vain has our newly-devised 'Council of Finances' struggled, our Intendants of Finance, Controller-General of Finances: there are unhappily no Finances to control. Fatal paralysis invades the social movement; clouds, of blindness or of blackness, envelop us: are we breaking down, then, into the black horrors of NATIONAL BANKRUPTCY?
Great is Bankruptcy: the great bottomless gulf into which all Falsehoods, public and private, do sink, disappearing; whither, from the first origin of them, they were all doomed. For Nature is true and not a lie. No lie you can speak or act but it will come, after longer or shorter circulation, like a Bill drawn on Nature's Reality, and be presented there for payment,—with the answer, No effects. Pity only that it often had so long a circulation: that the original forger were so seldom he who bore the final smart of it! Lies, and the burden of evil they bring, are passed on; shifted from back to back, and from rank to rank; and so land ultimately on the dumb lowest rank, who with spade and mattock, with sore heart and empty wallet, daily come in contact with reality, and can pass the cheat no further.
Observe nevertheless how, by a just compensating law, if the lie with its burden (in this confused whirlpool of Society) sinks and is shifted ever downwards, then in return the distress of it rises ever upwards and upwards. Whereby, after the long pining and demi-starvation of those Twenty Millions, a Duke de Coigny and his Majesty come also to have their 'real quarrel.' Such is the law of just Nature; bringing, though at long intervals, and were it only by Bankruptcy, matters round again to the mark.
But with a Fortunatus' Purse in his pocket, through what length of time might not almost any Falsehood last! Your Society, your Household, practical or spiritual Arrangement, is untrue, unjust, offensive to the eye of God and man. Nevertheless its hearth is warm, its larder well replenished: the innumerable Swiss of Heaven, with a kind of Natural loyalty, gather round it; will prove, by pamphleteering, musketeering, that it is a truth; or if not an unmixed (unearthly, impossible) Truth, then better, a wholesomely attempered one, (as wind is to the shorn lamb), and works well. Changed outlook, however, when purse and larder grow empty! Was your Arrangement so true, so accordant to Nature's ways, then how, in the name of wonder, has Nature, with her infinite bounty, come to leave it famishing there? To all men, to all women and all children, it is now indutiable that your Arrangement was false. Honour to Bankruptcy; ever righteous on the great scale, though in detail it is so cruel! Under all Falsehoods it works, unweariedly mining. No Falsehood, did it rise heaven-high and cover the world, but Bankruptcy, one day, will sweep it down, and make us free of it."
Read more of The French Revolution at Project Gutenberg.
_________________
Fight on all occasions. Fight the more for duels being forbidden, since consequently there is twice as much courage in fighting.
A. Dumas, The Three Musketeers. |
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Charles Carreon
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Joined: 25 Sep 2008
Posts: 34
Location: Tucson
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| Posted: Mon Sep 29, 2008 10:39 pm Post subject: |
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"I suspect that part of what we're seeing in the freezing up of lending markets is strategic behavior on the part of big financial players who stand to benefit from the bailout,'' said David K. Levine, an economist at Washington University in St. Louis, who studies liquidity constraints and game theory.
| Arthur Silber at uruknet.info wrote: | Game Theory: Playing Craps with Your Life, or: Some Poor Schnook with a Blog versus...Krugman!
September 26, 2008
I've written extensively about the origins, motivations and goals of the ruling class. Among other essays, you can consult these three in particular for the general argument:
The Elites Who Rule Us
It's Called the Ruling Class Because It Rules
Psst -- While You Were Gibbering, the Ruling Class Rigged the Game and Won Everything
And about the economic "crisis" in particular:
The Vampire, Struck by Sunlight
Last evening, I came across yet another way in which the ruling class, or certain key elements in the ruling class, achieve their ends. I read the following quite by accident, just following one link to another, to another, and so on. I haven't seen this idea highlighted anywhere, and no one of any prominence has discussed it at all to my knowledge.
The following excerpts are from a short Bloomberg article. The key is in the last two paragraphs, which I have highlighted:
More than 150 prominent U.S. economists, including three Nobel Prize winners, urged Congress to hold off on passing a $700 billion financial market rescue plan until it can be studied more closely.
In a letter yesterday to congressional leaders, 166 academic economists said they oppose Treasury Secretary Henry Paulson's plan because it's a "subsidy'' for business, it's ambiguous and it may have adverse market consequences in the long term. They also expressed alarm at the haste of lawmakers and the Bush administration to pass legislation.
"It doesn't seem to me that a lot decisions that we're going to have to live with for a long time have to be made by Friday,'' said Robert Lucas, a University of Chicago economist and 1995 Nobel Prize winner who signed the letter. ``The situation may get urgent, but it's not urgent right now. Right now it's a financial sector problem.''
The economists who signed the letter represent various disciplines, including macroeconomics, microeconomics, behavioral and information economics, and game theory. They also span the political spectrum, from liberal to conservative to libertarian.
...
Erik Brynjolfsson, of the Massachusetts Institute of Technology's Sloan School, said his main objection "is the breathtaking amount of unchecked discretion it gives to the Secretary of the Treasury. It is unprecedented in a modern democracy.''
Advocates for a rescue plan this week point to a seizing up of credit markets, reflected in elevated inter-bank lending rates, as reason for action. Some economists are unconvinced.
"I suspect that part of what we're seeing in the freezing up of lending markets is strategic behavior on the part of big financial players who stand to benefit from the bailout,'' said David K. Levine, an economist at Washington University in St. Louis, who studies liquidity constraints and game theory.
Of course, I have no way of knowing directly whether and to what extent this is true or not, neither does Levine, and neither do you. But in terms of the logic of the situation, I find the idea that this is occurring completely believable. In fact, I would go further: I think it must be true, because of the way in which the ruling class operates. And remember that much of our knowledge is not direct in that sense: we reason by inference on the basis of facts that are known to us. If we are careful and conscientious in our method, such knowledge is as fully valid as knowledge based on direct observation.
Many people have correctly noted that what is occurring with the economic "crisis" is identical in crucial ways to the leadup to the invasion of Iraq, in particular with regard to the purposeful creation of an atmosphere of crisis and possible catastrophic consequences if action is not taken. And there is a critical related point: to make certain that the action that is finally taken is what the ruling class has decided it wants, the evidence and the facts will be endlessly distorted, misrepresented, and not infrequently lied about altogether. This is the way the ruling class operates, so as to convince a sufficient number of Americans that what is being done is in their own "interests," that it is best "for America," that it is the obvious course of action to be followed.
What all that means, in fact, is that the already decided upon course of action is what the ruling class wants. The ruling class wants what it wants because their preferred course of action will strengthen their own existing power, and increase their power and wealth still more. But if too many Americans don't go along, there might be some resistance. That could mean trouble, at least along the margins. The ruling class prefers not to be inconvenienced in this manner. So, to return to the Bloomberg article, in the current "crisis," key elements of the ruling class are playing craps with your life -- and they've loaded the dice.
When you wade through all the various analyses of the economic "crisis," almost every writer finally circles back to the alleged "seizing up of credit markets." This is the problem that purportedly threatens massive economic destruction, and that will bring an end to The World as We Know It. Paul Krugman is widely admired by many liberals and progressives. I have noted before, in connection with foreign policy, how almost every liberal and progressive blogger has been entirely coopted by the Establishment. From a longer discussion:
As the inconceivable dangers of wider war, including possible nuclear exchanges, loom over us all, petty partisanship and party loyalty as the primary concern are morally distasteful at a minimum, and occasionally abhorrent in their worst manifestations, intellectually irresponsible, and immensely dangerous. Such an approach does nothing to decrease the continuing calamities that confront us, but only worsens them.
It should also be noted that, while many liberal-progressive writers and bloggers appear to imagine they are challenging "conventional wisdom," this mode of analysis only strengthens that "wisdom" and ensures that the governing class will never be seriously challenged. In fact, to maintain that this administration's foreign policy represents a radical break with history rather than admitting, as the record conclusively demonstrates, that it continues what went before, serves the purposes of the governing class in every way it could demand -- precisely because it completely fails to seriously question the basic underlying assumptions and framework. In this manner, many liberal-progressive bloggers and writers have been entirely coopted by the establishment elites, certainly insofar as foreign policy is concerned. The elites know it; many liberals and progressives haven't figured it out yet. I would say the joke's on them, but for the fact that the stakes involved may literally be the future of the world itself (although I have no doubt that many members of the governing class are enjoying much hearty laughter). Even if the damage is limited to our own country and those nations we criminally attack even when they are no threat to us, the scope of the present and possible future devastation is beyond contemplation.
In their admiration for Krugman, the liberal and progressive commentators and bloggers I have in mind (in many instances, the same people) forget that Krugman is very much an Establishment figure himself. He's not some poor schnook with a blog like me. He's Krugman!, with a major platform in a central pillar of the Establishment, the fabulously fantastic New York Times, champion of the destruction of Iraq and liar about the danger represented by Iran (for years now), among other notable achievements. So when it comes to a critical moment, when the goals of the ruling class appear to be in some danger of being thwarted, however temporarily, Krugman is not about to question the central tenets of "conventional wisdom."
And so we have Krugman in his latest column:
Many people on both the right and the left are outraged at the idea of using taxpayer money to bail out America’s financial system. They’re right to be outraged, but doing nothing isn’t a serious option. Right now, players throughout the system are refusing to lend and hoarding cash — and this collapse of credit reminds many economists of the run on the banks that brought on the Great Depression.
It’s true that we don’t know for sure that the parallel is a fair one. Maybe we can let Wall Street implode and Main Street would escape largely unscathed. But that’s not a chance we want to take.
So the grown-up thing is to do something to rescue the financial system
You see the reliance on the major element in the form of "this collapse of credit." But what if "this collapse of credit" is "strategic behavior on the part of big financial players who stand to benefit from the bailout"? What if that is true even in part? Doesn't and shouldn't that affect what the government response is, if any? But Krugman won't mention that. Wouldn't be prudent. Won't help the ruling class.
And if you keep your critical thinking cap on, the questions about the opening paragraphs in Krugman's column are endless (and they are not answered in the balance of the column). "Doing nothing isn't a serious option." I can argue that way: "Doing something -- Krugman's own word -- isn't serious." But, insists Krugman, doing "something" is "the grown-up thing to do."
This isn't arguing when I do it or when Krugman does it. It's name-calling -- and it's substituting name-calling for making your case. What exactly are the consequences of doing nothing? Who would feel those consequences, in what form, and when? How do you know those will be the consequences?
And: what will be the consequences of doing "something" -- especially when that "something" involves adding an unfathomable amount of debt to the already monumental national debt? Won't that have many dire consequences that will be felt by all Americans? How do the consequences of doing this particular "something" compare to the consequences of doing nothing? Which is likely to be worse? How do you know that?
Et cetera, et cetera, et cetera.
"But that's not a chance we want to take." Who's this "we"? Speak for yourself, bub. That "we" does not include me. But this is how consensus is manufactured. And most people, fearful of independence, terrified of being thought "peculiar" and of being ridiculed, will go along. After all, Krugman! is an "expert." He knows best. All this is in addition to the failures in Krugman's analysis I noted the other day.
Just like all those "experts" knew best about Iraq. All this goes to show, still one more dreadful time, the truth of one of my continuing themes. No matter how many examples pile up, no matter how catastrophic and bloody the consequences of "acting now" are, no matter how many times the "experts" are proved wrong, the great majority of Americans are incapable of learning one single damned thing. Just change the specifics, move to another subject, and they'll fall for it all over again.
We are a nation of idiots, incapable of holding a single original thought.
But, hey, what do I know. I'm just a poor schnook with a blog. And he's Krugman! I see further great achievements in the man's future. Perhaps, Krugman! -- The Musical! He'd better be careful, though. If it bombs, he'll just be another poor schnook with a blog.
But he can write about economics and Broadway theater. Sounds like a winner.
Link: powerofnarrative.blogspot.com/2008/09/game-theory-playing-craps-with-your.html |
_________________
Fight on all occasions. Fight the more for duels being forbidden, since consequently there is twice as much courage in fighting.
A. Dumas, The Three Musketeers. |
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Charles Carreon
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Joined: 25 Sep 2008
Posts: 34
Location: Tucson
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| Posted: Tue Sep 30, 2008 11:05 am Post subject: A Surprising Triumph for Representative Democracy |
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A Surprising Triumpn for Representative Democracy
The NYT called it a "failure of leadership" in its front page article today. I beg to differ -- it is a surprising triumph of representative democracy. It's not just right wing blogonauts saying this. Surf the Money forums on MSN, or go to Common Dreams, it's the same everywhere -- a storm of rage against "fat cats" and fearmongers. The fact is, Bush's credibility is at an all-time low and with good reason. He's cried wolf too many times. Show us the wolf, and we'll believe it.
Further, the "elites" are hardly in agreement here. David K. Levine, an economist at Washington University in St. Louis, who studies liquidity constraints and game theory is quoted as saying: "I suspect that part of what we're seeing in the freezing up of lending markets is strategic behavior on the part of big financial players who stand to benefit from the bailout.'' In simple words -- financial blackmail. Economists everywhere counseled caution and deliberation, not speed and profligacy.
As an attorney specializing in recovering stolen assets, I see the $700 Billion number as a red herring -- Paulson threw $350 Billion at the credit markets the same day the deal was turned down. It's not about the money -- it's about the provision in the bill that will immunize all acts taken under cover of the TARP from criminal and civil liability! The dollars are a smoke screen -- you can always bargain down the number to slide it through -- as long as the all-important immunity provisions are approved. Just wait and see -- this will be the sticking point -- no immunity, no TARP. Why? Because all of the actions taken in the Bailout will be retroactively laundered by Paulson's all-healing hand -- there will be no losses from prior thefts, because he will fill the gaps with paper money, and there will be no liability for that conduct because Congress gave him unlimited authority.
What does this remind me of? It reminds me of Alberto Gonzales' assiduous quest to immunize the Administration from criminal liability for torture -- a quest that no other Attorney General ever undertook. Why? Because, given the magnitude of the crimes the Bush administration had in mind, the legal cover was imperative.
Posted at [url=New York Times Opinionator]http://opinionator.blogs.nytimes.com/2008/09/30/right-to-rebuff/#comment-42535[/url]
_________________
Fight on all occasions. Fight the more for duels being forbidden, since consequently there is twice as much courage in fighting.
A. Dumas, The Three Musketeers. |
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Charles Carreon
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Joined: 25 Sep 2008
Posts: 34
Location: Tucson
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| Posted: Fri Oct 03, 2008 8:51 pm Post subject: Wag The Dog |
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Well That Really Worked! NOT
Stocks end worst week since 9/11
The Dow falls 157 on profit-taking and skepticism whether the financial rescue plan will work. Credit markets remain tight. Wachovia decides to merge with Wells Fargo; an angry Citigroup, which had a deal with Wachovia, may sue.
| MoneyCentral.MSN.Com wrote: |
Latest Market Update
October 03, 2008 -- 16:10 ET
By Charley Blaine and Elizabeth Strott
A big rally in advance of Friday's historic House vote on a rescue package for the financial system fell apart after the measure was approved, and the broad stock market finished its worst week since the Sept. 11, 2001, terror attacks.
The Dow Jones industrials, which had been up as much as 314 points as the House vote began, finished down 157 points, or 1.5%, to 10,325. The Standard & Poor's 500 Index was off 15 points, or 1.4%, to 1,099, its first close under 1,100 since October 2004. The Nasdaq Composite Index was off 29 points, or 1.5%, to 1,947.
The S&P 500 fell 9.4% for the week and the Nasdaq 9.5% -- their worst weekly losses since the week of Sept. 17, 2001, the first week of trading after the Sept. 11, 2001, terror attacks.
The Dow fell about 7.3% for the week -- its worst weekly performance since the week of July 15, 2002.
Crude oil, meanwhile, closed down 9 cents to $93.88 on the day.
The finish surely disappointed investors, not to mention Congress and the Bush administration, which had fought to pass the rescue plan after a vote on Monday failed and sent the Dow plunging 778 points.
Several forces produced today's decline:
Profit-taking. Some traders had bought up shares before the vote. When it passed, they sold their holdings, especially stocks of financial, retail and consumer stocks. Citigroup's (C, news, msgs) 18% loss to $18.35 was the worst performance among the 30 Dow stocks and S&P 500 stocks. Home Depot (HD, news, msgs) fell 4.2% to $23.81.
Worry. The vote came as it became clear that the nation's credit system was seizing up. Banks and other lenders were lending only to their best customers, and sometimes not even lend to them. While spreads between Treasury bills and bank rates narrowed slightly, it was clear at the end of the day that the credit crunch was still very much alive and well. California Gov. Arnold Schwarzenegger said banks won't extend short-term credit to help the state pay its bills, and it may need a loan from the federal government.
Skepticism. The rescue plan allows the Treasury Department to buy up to $700 billion in bad assets from banks and other financial institutions. The details of how the plan would work aren't known. And it is not clear if the plan will provide a floor under the slumping housing market. Stabilizing home prices is crucial to ending the panic, experts say.
The passage of the rescue plan left some investors wondering what will be the next bank to collapse, especially after the Securities and Exchange Commission's ban on short-selling expires on Thursday.
And, almost as soon at the outcome was clear, there was talk that the Federal Reserve will cut its key federal funds rate, perhaps as early as next week. The fed funds rate, the rate banks are supposed to charge for overnight loans to each other, is now 2%.
The sell-off left the Dow down 22.2% for the year and 27.1% from its high on Oct. 9, 2007. The S&P is down 25.1% for the year and 29.8% from its October 2007 high. The Nasdaq is down 26.6% for the year and 31.9% since Oct. 31, 2007.
Twenty-one of the 30 Dow stocks were down on Friday, along with 368 S&P 500 stocks and 82 stocks in the Nasdaq-100 Index ($NDX.X), which fell 20 points, or 1.4%, to 1,471.
Smart Spending Blog: Plenty of pork in the Wall Street bailout bill
Despite the bill, the economy is weakening
The House vote was approved by a 263-171 margin and President Bush signed the legislation into law by 2:55 p.m. "By coming together on this legislation," he said after the vote, "we have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country."
The approval "demonstrates the government's commitment to do what it takes to support and strengthen our economy," Federal Reserve Chairman Ben Bernanke said.
The vote came against the backdrop of a slumping economy and the credit crisis.
The Labor Department reported today that that the economy had lost 159,000 nonfarm jobs in September, following a 73,000-job decline in August.
Top Stocks Blog: 'This is what a credit crisis looks like'
The September report showed the biggest monthly decline since March 2003 and was worse than the expected loss of 105,000 jobs. It showed job losses across almost all segments of the economy. Manufacturing shed 51,000 jobs, construction lost 35,000 jobs and the retail sector shrank by 40,000 jobs last month. Only education, health services and government gained jobs last month.
So far this year, the economy has lost 760,000 jobs. Last year, the economy created 1.1 million jobs.
The unemployment rate remained at 6.1% in September.
The jobs report was worse than many economists had expected. "The most consoling thing you can say about this morning's report was that it could be worse," Philippa Dunne and Doug Henwood of the Liscio Report wrote to clients this morning.
The rescue plan won't solve all the problems facing the economy. The Federal Reserve is also expected to cut its key federal funds rate from 2% to 1.5% to try to boost the economy. The cut may come before the Fed's next meeting on Oct. 28-29.
Meanwhile, the Institute of Supply Management's nonmanufacturing index fell slightly to a reading of 50.2 in September. Readings over 50 indicate expansion in the sector.
The reading was lower than the 50.6 seen in August but better than the 49.9 reading economists had expected.
Energy prices -- New York close Fri. Thur. Chg. Month chg. YTD chg.
Crude oil (NYMEX) (per barrel) $93.88 $93.97 -$0.09 -6.72% -2.19%
Heating oil (per gallon) $2.6620 $2.7095 -$0.0475 -7.00% 0.48%
Natural gas (per million BTU) $7.3580 $7.4810 -$0.1230 -1.08% -1.67%
Unleaded gasoline (per gallon) $2.2283 $2.2550 -$0.0267 -10.32% -10.54%
Wachovia, Wells Fargo to merge
The early rally was partly due to a very big bank deal: Wells Fargo (WFC, news, msgs) agreed to acquire Wachovia (WB, news, msgs) for $15.1 billion. The agreement undoes an earlier deal that had Wachovia selling its banking business to Citigroup.
Wachovia shares shot up 58.8% to $6.21, but shares of Wells Fargo were off, falling 1.7% to $34.56.The $15.1 billion deal values Wachovia shares at $7 each.
More from MSN Money
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The sun is rising again on solar
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Fed's ready to cut rates
US auto sales plummet
The deal wouldn't require assistance from the Federal Deposit Insurance Corp. or any other government agency, the companies said.
Last week, the FDIC seized Washington Mutual and helped facilitate its sale to JPMorgan Chase (JPM, news, msgs). The deal with Wells Fargo "enables us to keep Wachovia intact and preserve the value of an integrated company, without government support," Wachovia Chief Executive Officer Bob Steel said in the statement.
Wells Fargo said it will issue up to $20 billion in new shares to maintain its capital position.
The FDIC had brokered the deal in which Citigroup would buy Wachovia's banking assets for $2.1 billion in stock. Citigroup said the deal with Wells Fargo is a "clear breach" of the exclusivity agreement between Citigroup and Wachovia. Citigroup said it had been providing liquidity support to Wachovia since its deal was announced Monday.
Video on MSN Money
Was the 485-point rally manipulated?
Pressures on money managers may have caused the jump in stock prices on Sept. 30, says Jim Jubak. 'Painting the tape' is a Wall Street trick to make funds' quarterly performance look better.FDIC Chairwoman Sheila Bair said that she stands behind the deal between Citi and Wachovia but that she will review all proposals and pursue a resolution that "serves the public interest."
"Citi shouldn't buy anything at the moment," Christopher Whalen of Institutional Risk Analytics told CNBC this morning. Wells is the strongest prospective buyer for Wachovia.
Wachovia, like so many other financial companies, has been hit hard by the mortgage-market meltdown and the credit crunch, with many observers worried that it would go the way of Bear Stearns or Lehman Bros. In March, Bear was purchased by JPMorgan Chase with help from the Federal Reserve. Last month, Lehman was forced into bankruptcy after it was unable to find a buyer.
Apple shares seesaw on Jobs rumors
Shares of Apple (AAPL, news, msgs) fell as much as $5.45, or 5.4%, to $94.65 earlier today after rumors that CEO Steve Jobs had suffered a heart attack.
Apple denied the report, and shares recovered somewhat. They closed down 3% to $97.07.
Jobs' health has been scrutinized after he looked extremely thin and weak at various appearances over the summer. In August 2004, Jobs had surgery to remove a cancerous tumor from his pancreas.
AIG's new focus
American International Group (AIG, news, msgs) said it would refocus on its core property and casualty insurance businesses and sell other businesses. AIG took an $85 billion two-year loan from the government in exchange for an 80% stake in the company.
AIG shares fell 3.5% to $3.86. |
_________________
Fight on all occasions. Fight the more for duels being forbidden, since consequently there is twice as much courage in fighting.
A. Dumas, The Three Musketeers. |
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Charles Carreon
Veteran
Joined: 25 Sep 2008
Posts: 34
Location: Tucson
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| Posted: Tue Oct 07, 2008 1:24 pm Post subject: An Open Letter to Congresswoman Gabrielle Giffords (D AZ) |
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It's never over 'til it's over, said Yogi Berra, and as long as I've got bills to pay, I'm not dropping this Bailout Beef that I've got broiling. I got an email from Gabrielle Giffords, my "liberal" Democratic Congressperson here in Tucson, who wrote me a long missive explaining just why it was in my best interests, and those of all Americans, that she caved in to the Wall Street Cabal and enacted a Bailout Bill that was in no way improved by the addition of a huge rack of pork that increased its cost by a hundred billion dollars and yet provided no relief for ordinary Americans.
If you can't think of what type of fuel to burn in your furnace of righteous anger, please feel free to borrow any of the soundbites in my letter, which I've reproduced in full directly below. In fairness to Rep. Giffords, I've also included the full text of her email, which is long and detailed, but unconvincing. The fact is, until Congress gets busy writing Real Legislation -- something that lays out clear rules that the Executive Branch can execute, and the Judicial Branch can oversee -- the nation will continue to flounder. And as long as the world sees that the American Congress has forgotten how to write Real Legislation, the Wall Street Cabal will be more than happy to drive the bus of our economy right into the abyss, while they float clear of the disaster on the golden parachutes they have woven from the Bailout funds that Sec. Paulsen will soon be liberally distributing.
| Quote: | Dear Rep. Giffords:
While I am inclined to reproach you for your vote in favor of the bailout, I am certain you were exposed to tremendous pressure from people who are more important that your constituents, who spoke with a near unanimous voice against the action you took. The posture that you were advised to adopt by the politically canny people who apparently have your ear was not one in which you will enjoy being viewed in the coming months.
As you are now beginning to see, all the Bailout achieved was to provide Sec. Paulsen with more golden parachute silk for his friends, who will be deploying them in increasing profusion as the collapse of our financial institutions continues. There were no limits on executive compensation in the bill, and like Mr. Fuld of Lehman, the only thing on the minds of the former "Masters of the Universe" is how to secure their future in the glorious excess to which they have become accustomed. Currently, the staffing of the Bailout authority is going to be achieved not by adding to the rolls of US Government employees, but by contracting as firemen the very people who set the blaze, i.e., Sec. Paulsen's friends at what I think it's fair to call the Wall Street Cabal.
The bailout is a failure because it was not intended to succeed, but only to protect the Wall Street Cabal, whose members know quite well that their continued dominance of the financial structure of the nation is incompatible with the welfare of the nation's populace. There is such a thing as throwing good money after bad, and only an entity as out of touch with real money as Congress could think that the nation could afford Iraq and a rolling Wall Street Bailout simultaneously. Who do you think is going to generate all of that cash? Who is going to pay taxes in an economy that has been hollowed out by high finance, that values its derivative machinations more highly than agriculture, manufacturing, and other industries? Certainly not the Wall Street Cabal, who stash their wealth in Special Purpose Vehicles based in Caribbean tax havens. Certainly not hedge fund magnates who break up one company after another, leaving the bones behind. And certainly not the average wage earner who is saddled with a mortgage that, in my case, exceeds the value of my home by over $50,000 -- and I bought after people thought the market here in Tucson had hit bottom!
Meanwhile, you have enacted a bill that will simultaneously allow the mortgage lenders to sell my mortgage to the government (to me) at more than the market will bear, while I will be required to pay the full amount of my mortgage before write downs. I am left with a devalued home. The mortgage lender doesn't even have to wait for me to pay it off. If I were an idiot, I would be okay with this result. However, I have a grain of intelligence, and your vote is an insult to every taxpayer and homeowner who possesses a similar small endowment of intelligence.
In serving the interests of the Wall Street Cabal, you have not benefited yourself, either. Rather, you have weakened your position with respect to Tim Bee, who is able to criticize you for supporting the Bush administration plan, even as he spends a half-million dollars that he collected from Bush supporters right here in your District.
The only hope for you and your fellow "yes-reps" to redeem themselves is to:
1. Put bankruptcy within the reach of people who own only a family home, and put armies of lawyers to work scaling down the mortgage debt of our homeowners.
2. Clean out the cesspool of cronyism at the SEC that has lead to an orgy of self-serving deregulation by people who are even now sailing out the revolving door to collect the rewards of their misfeasance.
3. Immediately appoint an Oversight Board for the TARP program that will watch its activities with extreme zeal.
4. Adopt clear conflict of interest rules that prevent those who caused the financial meltdown from taking over the Bailout and profiting from it by setting high prices for their toxic debt and high fees for managing their own assets.
5. Appoint an Independent Prosecutor to investigate the Bush Administration's complicity with the Wall Street Cabal, who abused their inside connections at Fannie Mae, Freddie Mac, the SEC, and the DOJ to get away with grand larceny on a scale unprecedented in financial history.
If there is a good side to all of this blowing up in Congress' face, it is that American voters are suddenly interested in finance and its mismanagement. The U.S. Government has become "the last man standing" on the chessboard of international money management, all of the private market participants having fled from the carnage they set up like a giant booby trap. Thus, it is ever more important that our representatives bone up on their knowledge of finance, put on their green eyeshades, and think like bankers. If you lack this disposition, then why bother running for office? You will simply commit more blunders as you continue to ignore the voice of the many in favor of the fearmongering propaganda blaring through the Beltway loudspeakers. If you need a hip explanation for why you are suddenly listening to the voter, just say you're "crowdsourcing." We are not a foolish mob. We are an educated populace, feeling the pain and giving you feedback to which you should pay attention.
If you fail to listen to what the voters are saying, we will rebuke you, history will accuse you, and your standing will be consumed in a calamity of which you could have at least washed your hands before the final crucifixion of our economy became irreversible.
Thank you for your attention to these criticisms and suggestions.
-- Charles Carreon
Attorney at Law
Online Media Law, PLLC
Copies: Newsvine, RagingBlog.com, and all other outlets |
| Quote: | On Mon, Oct 6, 2008 at 1:27 PM, Representative Gabrielle Giffords wrote:
October 6, 2008
Dear Mr. Carreon,
Last Friday, October 3, 2008, I joined a strong bipartisan majority of my congressional colleagues in voting for the Emergency Economic Stabilization Act. The bill was signed into law by the President that same day. This legislation is far from perfect, but the economic crisis confronting our nation demands congressional action.
I share the concerns that I have heard from many of you that parts of this legislation that the Senate added are ridiculous and unnecessary. But sitting on the sidelines and risking major economic collapse would be irresponsible. Retirement accounts, jobs, the safety of our money in local banks, and the survival of small businesses in Southern Arizona and across the country are on the line.
Let me be clear: I have no interest in bailing out the greedy corporate executives who created this mess and Congress must fix the underlying regulatory problems. But inaction at this time would be negligent.
The Senate bill we passed on Friday is not the same bill that was rejected by a bipartisan majority in the House last Monday. It is a better bill because it helps taxpayers - not just Wall Street. It is not a silver bullet but I believe it is necessary to prevent further harm to our economy.
Over the past two weeks, I have heard from thousands of my constituents in Arizona's 8th Congressional District about our economy. Families, business leaders, seniors, students - they all are very concerned. One local bank executive told me he was forced to stop lending money for new mortgages because of the uncertainty over having the funds to cover loans. Several business owners told me they cannot get credit necessary to maintain cash flow and meet payroll. Older citizens are terrified watching their hard-earned savings or retirement accounts disappear before their eyes with the potential of sinking them into poverty. This is a disturbing situation and the consequences of inaction would directly affect all of us.
The Emergency Economic Stabilization Act tries to address these concerns as well as promote growth-oriented policies with clear tax benefits for Southern Arizonans and all Americans.
One of the most important among these for Southern Arizona's economic development is an eight-year extension of the residential and commercial solar tax credits. Investing in renewable sources of energy like solar is one of the best ways to stimulate our economy, create new jobs and reduce our dependence on foreign oil. I have long advocated extending the credits and I am very pleased that this bill includes these provisions.
This bill also recognizes that the economic stability of our nation depends on a strong middle-class. It cuts taxes for hard-working Southern Arizonans by protecting more than 42,000 middle-class families in my district from having to pay as much as $4,000 in higher taxes as a result of the Alternative Minimum Tax this year. In addition, the bill increases the number of families who can qualify for the child tax credit - more than 53,000 of my constituents claimed this credit in 2005 - and extends tax deductions for state and local sales and property taxes. More than 127,000 CD-08 taxpayers itemized their taxes and took advantage of these kinds of deductions to offset their expenses and lower their tax bills in 2005.
I also am pleased with the temporary increase in coverage for individuals' bank accounts to $250,000 by the Federal Deposit Insurance Corporation and National Credit Union Share Insurance Fund. For the last 28 years, the FDIC has insured individuals' deposits up to $100,000. Increasing this cap will restore much-needed confidence in our troubled financial institutions.
The bill's mental health parity provision will allow those in need to seek mental health services. Mental health problems are one of the leading reasons for days missed in the workplace, so this provision will help hard working Arizonans seek necessary treatment so they can continue contributing to our economy.
I will keep fighting for strict oversight of how the rescue plan is administered by the Treasury Department so that taxpayers will ultimately get a return on their money. This is the first of many votes that we will cast to restore fiscal discipline and regulation to the financial markets.
To receive regular e-mail updates on my work as your U.S. Representative, click here to opt-in to my e-newsletter. It allows me to keep Southern Arizonans, like you, informed about the most recent activities in the House of Representatives and upcoming public forums I am sponsoring in the district.
Sincerely Yours,
Gabrielle Giffords
Member of Congress
Washington DC
Office
502 Cannon House Office Building
Washington, DC 20515
Phone:(202) 225-2542
Fax: (202) 225-0378 Tucson
Congressional Office
1661 North Swan
Suite 112
Tucson, AZ 85712
Phone:(520) 881-3588
Fax: (520) 322-9490 Cochise County
Congressional Office
77 Calle Portal
Suite B - 160
Sierra Vista, AZ 85635
Phone:(520) 459-3115
Fax: (520) 459-5419 Click Here to visit my website |
_________________
Fight on all occasions. Fight the more for duels being forbidden, since consequently there is twice as much courage in fighting.
A. Dumas, The Three Musketeers. |
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Charles Carreon
Veteran
Joined: 25 Sep 2008
Posts: 34
Location: Tucson
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| Posted: Sat Nov 01, 2008 7:56 pm Post subject: AIG Bailout Cost $480 for Every Man, Woman and Child |
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Hi and welcome to Hater TV. That’s different from Gator TV, another channel altogether, so if you’re looking for reptiles, you’ll have to look elsewhere.
I’m your host, Lofi Nikita, here to drench you in ascerbic insights into all kinds of hateful things, of which there are more than enough to occupy twenty four hours of every day, but which I will boil down to a few delicious minutes of focused dislike such as you will not want to miss on any occasion.
I must caution you that I am an adult, and will not be wasting my hatred on childish matters. You have all of mySpace to satisfy petty dislikes. Here at Hater TV we focus on the truly despicable, the utterly hate-able, those almost beneath contempt, but not quite.
Let’s start out with those detestable bastards at AIG, the insurance company that has crept into our lives like a cobra into a child’s crib. AIG stands for American International Group, and it’s an insurance company that apparently has first dibs on your money, thanks to Henry Paulson, Secretary of the Treasury, not a bad man for someone who counts his millions in the hundreds, but otherwise not exactly a friend to humanity, who rushed to give AIG $85 Billion when the insurance behemoth felt a little faint after after gorging itself on mortgage dollars at the predator ball.
Suspicion is rapidly growing that AIG management lied about its true financial condition when it got the first infusion of $85 Billion to “save it from collapse.” A New York Times article quotes Don Vickrey, an analyst who says he believes A.I.G. must have already accumulated tens of billions of dollars worth of losses by mid-September, when it received the first $85 billion infusion. You see, that $85 Billion wasn’t near enough to keep AIG afloat. Not that they didn’t spend it wisely – hell they had to lay out a half a million in one night on a big party in LA for their “top producers,” including over $23,000 in “spa charges” – you know, those insurance guys, their work is so intense, and having to beg for money from the taxpayers was really hard on them, so you can hardly begrudge them a good LA-style massage. Then there was an even more exclusive event they just had to fund – a little shooting party in England where the really fat cats blew away little birdies with fancy shotguns and stuffed themselves on fine cuisine. And they wonder why we hate them.
Despite spending all their efforts working furiously to deal with their difficult financial situation, AIG found itself in need of, well, just a little more money. Fortunately, there was still plenty left on the taxpayer credit card, so Hank Paulsen shot ‘em another $38 billion. Sweet.
The Wall Street Bailout was rushed through Congress because we couldn’t wait – the economy was going to crater if they didn’t do something! You’ve noticed, of course, how much things have improved. I’d swear the people standing on streetcorners offering to work for food are getting younger.
It’s worth remembering, though, that AIG didn’t even have to wait for the bailout, and has gotten more than any bank. Sugar Daddy Hank Paulson invited AIG to the trough first, no doubt because it was the most deserving recipient of taxpayer largesse. Well things tend to continue the way they started, and since AIG didn’t have to open its books to get the money, they’re sure not going to do it now. So although we found out about the party thanks to the spa workers, AIG has refused to account for how it’s spending the money – they’re too busy stuffing their faces to do anything but ask for more. I think we can be pretty sure that AIG has socked aside a fat wad for bonuses, because stealing from the public is getting more and more hazardous. Edward M. Liddy, the insurance executive brought in by the government to restructure A.I.G., has already said that although he doesn’t want to seek more money from the Fed, he may soon “have to.” Just like those people on the streetcorner – they hate to do it, but they have to.
Well I’m sure they wouldn’t ask if they didn’t really need it. Some people say that our government’s liberality is an invitation to fraud. I like to think we’re bigger than that. We trust our politicians to take care of us. After all, most people don’t even know how many zeroes are in a billion. You know, they say if you started counting to one billion, one dollar per second, it would take a little under 33 years! You sure wouldn’t want that job! AIG has received $123 Billion of your money so far — counting at the rate of a dollar per second, it would take 4,059 years to count through all that cash. Fortunately, they can spend it in a few weeks. That’s efficiency in the private sector.
Another way to look at it is to divide that $123 Billion by $50,000 – the average family income in America, which equals 2,460,000. Hank Paulson gave AIG the total yearly income of 2,460,000 families, and he’s not even an elected official. But maybe he would explain it by saying it’s actually only $408 for every man, woman and child in the United States. That’s not much for him – he’s worth $750,000,000 – but how about you – do you have an extra $408 in your pocket right now?
AIG is an insurance company – among other things, it sells auto policies. The average yearly auto insurance bill in this country ranges from $800 to $2,000. You’d think they could just give us free insurance for our money. But we’re not getting any insurance for our $408 — we’re not even getting any information about how AIG’s spending it. Meanwhile, the insurance companies can get the government to put you in jail if you don’t buy car insurance! Jeez! Don’t you just hate that?
_________________
Fight on all occasions. Fight the more for duels being forbidden, since consequently there is twice as much courage in fighting.
A. Dumas, The Three Musketeers. |
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Charles Carreon
Veteran
Joined: 25 Sep 2008
Posts: 34
Location: Tucson
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| Posted: Sun Nov 02, 2008 9:29 pm Post subject: Hooray for the Financial Apocalypse |
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Hi and welcome to Hater TV. I’m your host, Lofi Nikita, and tonight, let’s think big – Apocalypse. Lately, the financial meltdown has a lot of people talking apocalypse, and they make it sound like a bad thing. But here at Hater TV we can find the silver lining in a sackful of dogshit, and I’m here to tell you the Apocalypse is chock full of potential. Sure, Wall Streeters are telling you that your world will come to an end if theirs does, but since when did the price of caviar figure into your budget? But before we get into serious gloating, let’s review history, because economic devastation is nothing new.
Many industries have already suffered an Apocalypse. The record companies, for example – for them, the Apocalypse came in the form of MP3s, those demonic digital files that proliferated all over the Internet and made music free, free, free! That was an Apocalypse if there ever was one – one day CD sales were a reliable engine pulling the gravy train, listeners on board buying little silver disks to replace the cassette tapes that replaced their vinyl disks, the studios full of artists crooning bogus lyrics crafted by tin pan alley hacks, producing reliable profits and getting nearly none of it thanks to phony bookkeeping. The star machine, in short, was a beautiful thing for the record companies, and now it’s broken, crashed, knocked off the rails and virtually abandoned by armies of musicians who, heaven forfend, are marketing their own music over the Internet, performing live, booking their shows, hawking their own CDs and t-shirt and foregoing the obligatory pilgrimage to Hollywood. They might as well just tear the sign down, let it burn in one of those fires that threatens to consume all of southern California in a real, physical Apocalypse that even the Governator might not be able to hold back.
Ah yes, Apocalypse, but for who? The taste-makers of Sunset Boulevard thought that all of musical culture would collapse along with their profit model – listeners wouldn’t know what to listen to – musicians wouldn’t get recognition – radios would broadcast static – a tuneless reality would emerge – the sun would rise on a world devoid of melody. Right. That was so true that they had to sue their listeners by the thousands to prevent it from coming to pass. Thank god for those kind, self-sacrificing lawyers from the RIAA who held us back from the brink, who slowed the descent into chaos. It’s them we have to thank for the fact that the horrors of musical Apocalypse have not yet fully taken hold.
Broadcast television also faced an Apocalypse, and print newspapers as well. Classified ads have also been consumed in the same cataclysm. It has ever been thus. The relentless march of technology has consumed so many trades – the makers of arrowheads, the weavers of vegetable textiles, the armies of slaves who once picked cotton in the American south, the slave traders themselves, all people with jobs that were lost to the pitiless onward march of progress.
Now, it’s the money manipulators who have made themselves expendable – proved it right in front of our faces! They were supposed to be taking care of the money, keeping it ordered in neat little stacks, making sure it didn’t get lost, keeping the books accurate so that the money we saved didn’t lose value, so it would be there when we needed it – for retirement, for health care, for a rainy day, for our kids’ college education, for a flinkin’ vacation, for Christ’s sake. And now it’s gone. And where did it go? Well it didn’t actually just go poof! They stole it! They’re still richer than hell and trying to sell you the idea that if they have to step down a notch in the order of things your reality will go into the toilet. Hello! I hear a great flushing sound!
I heard on NPR that the total supply of all the money in the world was some very large amount in 2004, let’s say “X-Trillion dollars.” Today it is twice that – 2X-Trillion. That means that all the money represented by all of the efforts of all the civilized money-spending nations in the world over I guess about five or six thousand years was X-Trillion, and in four years our global financial geniuses doubled that! Obviously the financial geniuses “created” a whole lot of money that wasn’t connected to anything of real value. They created a fairy world of nonexistent riches out of what? Out of promises to pay money that no one would ever have.
The financial geniuses say they couldn’t figure out that all this would happen. Are you kidding me? Let’s think about this for a second – I’ve got a visual aid here – this is accounting, so don’t get scared – some people do it for a living. But some people, like the people on Wall Street, they can’t do it for shit, and I’m gonna show you how I know.
Here at the top it says TOTAL USA MORTGAGES in one column, and WAGES in the other column, so just imagine that the financial geniuses on Wall Street made a list of all the mortgages they were selling, these “adjustable rate mortgages” that start out cheap and get pricier and pricier as time goes on. So in the first year – that’s years down the side – in the first year, the total of all the mortages is a fourth that of all the wages, so people are spending a fourth of their money on their house bill, and they have the other three fourths to spend on other things. The second year, the mortgage adjusts up – it’s now half of the wages -- too high – you can see right away that you’re going to get people defaulting. Then in the third year, the total of all the mortgages is going to be equal to all of the wages, which clearly won’t work. And then, let’s just say it keeps going up from there, and the math is actually like this – people stepping into homes and debt, not knowing what they’re getting into, or thinking prices will go up forever, and the bank will always lend on the rising house prices, but the guys at the head of the class, the guys in the mortgage market, they’ve got all the numbers, they know that there is just too much on this side of the ledger, and this can never work out.
So they can’t tell me they couldn’t add up all the mortgage obligations and subtract them from all the wages available to pay those mortgages. That’s addition and subtraction. You don’t need “derivatives” to figure that out.
So when the financial geniuses tell you they “create wealth,” yeah, it’s true, they do, but it’s hocus pocus, it’s not real wealth, it’s imaginary, unreal wealth.
But what happened was that people bought these mortgage obligations, thinking, look at how much money we’ll be getting as they adjust upward, higher and higher. The interest will go up on these expensive homes, and we’ll just rake it in – those homeowners will just have to pay or we’ll evict them – not thinking that homeowners just wouldn’t be able to pay those rates. Then, when homeowners started defaulting – and not in droves – over 92% of mortgages in this country are still paid on time – just think about that – I run a small business and if I collected 92% of everything I billed, I would be ecstatic – but just that eight percent default rate has thrown their whole business into a tizzy. Why?
Because ultimately the mortgage business isn’t really even about collecting all that interest. It’s about packaging up and selling more mortgages. And we’re all bought up here in the US of A. We can’t borrow any more. We would if you let us, but we’re just indebted up to our eyeballs. And the banks finally looked at this here ledger, and they said, Oh Dear. And the banks said “We’re holdin on to what we got.”
So the vast majority of people are totally in hock, and the people who have the real money aren’t letting it out of their little grip. Indeed, they want Congress to give them more, supposedly so they’ll start lending again. But the three little pigs are more likely to throw open the doors of their houses and invite the big bad wolf in for a cup of tea than the bankers are likely to start lending again. They got the cash – but here’s the irony – it’s disappearing. Why? Because they need the unwashed billions to spend it. It loses value when it’s not spent. Money is meant to move, that’s all it’s for is to serve as a “medium of exchange,” and when nothing’s getting exchanged it’s about as useful as blood in a corpse.
The financial geniuses helped only themselves when they inflated the universe with phoney value, and now, as if deflates, we must remember that the real value of everything comes from labor. Even gold in the ground is useless until it extracted, refined, and put on the market. A pound of grain will still only make a certain amount of bread, no matter what price you put on it. A gallon of milk doesn’t become two gallons when the price doubles. And when the magic of the money magicians explodes, leaving everyone covered in fairy dust that somehow smells suspiciously like bullshit, nothing has been lost except what was unreal in the first place. And it sure as hell doesn’t mean that we need to do whatever the magicians tell us to do beause if we don’t there’ll be an Apocalypse. Instead, we need to do what you’d do with any other swindler when you realize you’ve been had, you dropkick them the hell out of your life, and don’t give them another dollar or a minute of your time. And they just hate that.
_________________
Fight on all occasions. Fight the more for duels being forbidden, since consequently there is twice as much courage in fighting.
A. Dumas, The Three Musketeers. |
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