Henry Paulson Wouldn’t Have Done This
Treasury Secretary-designate Tim Geithner was reported to have mentioned yesterday that he believes the Chinese are “manipulating” their currency, presumably downward against the dollar in an attempt to goose their exports. This issue is going to get a lot of play in the next few months, because China’s mercantilist policy depends on an artificially undervalued currency. Since this causes tremendous imbalances in global capital flows, | Read More »
You admit you suck, Cox
In You suck, Cox, we wrote: SEC Chairman Christopher Cox became flustered when John McCain attacked him for not making stocks go up. You don’t want to see a cowardly politician when he’s flustered. Cox tried to appease McCain by lashing out at short-sellers about the financial crisis, which is roughly equivalent to lashing out at Siskel & Ebert for the box office failure of | Read More »
Scuttlebut Around America 2008
Mrs. Claus and the elves are restless whispering and sharing some more bad news – Santa’s gone to the White House with the out of money blues The “White House Mavericks,” Paulson, Pelosi, Dodd and Reid are hiding behind closed doors – playing dirty monopoly not attending to chores Dennis Miller has written a new speech for Biden – so now dear Joe is jumping | Read More »
, Barack Obama
, Michelle Obama
, Santa Claus
Jump On The Bandwagon – Pre-printed Application
Executive Summary I regret to inform the United Socialist States of America government that the economy is causing great stress, disalusionment and angst (no, not liberal angst…financial angst) in the town of (fill in your home address)…what do you mean my home is not a town? Are you some kind of racist? Are you redlining me? Anyway, we are suffering from a defict (some $34.00 | Read More »
So please, Sec. Paulson, do tell us what the hurry was?
I wish Sec. Paulson had written the last word on the Bailout Fiasco yesterday. But he gave the clearest summation of it’s failure, for he said it with his own words. Michelle Malkin today called the anemic Sec. Treasury Hank Paulson the “Naked Emperor.”. I’d like to say I am shocked that he admits that the bailout will not do what he intended already. But | Read More »
Folding the TARP: Analysis of Treasury’s Changes to the Plan
Clearly the market isn’t too excited about Hank Paulson’s announcement from this morning that they will be changing the direction of how the funds under the TARP will be used. No shocker there, right? As you can see by the big bold headline from the Financial Times’, the US Dep’t of Treasury has decided to not use TARP funds to purchase toxic assets. Instead, the | Read More »
Bailout Smail Out
Another bit of irritating news in regards to our governments wonderful bail out plan. A link to the article is below. In summary the Fed is refusing to release the names of some of the recipients of $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral. Can you say blank check?!?!?! In my opinion the | Read More »
Body Blows to the Country, to Capitalism, and to Conservativism
I doubt that the actions of the Bush Administration, Treasury Secretary Paulson, the Senate, and the House in the past couple of weeks mark the death of American Capitalism. The capitalist drive is strong in Americans as a whole and individually. I don’t doubt that their actions have severely harmed that system, however. The fact that the Government has acquired a controlling interest in Fannie, | Read More »
Bailout Passes – Economy Still Plummets?
When the inevitable finally happens and The Bailout passes the Congress later this week, the next question on everyone’s mind will be: what happens next? I have no doubt that this bailout could provide some short-term relief to the credit crisis, liquidity and recapitalization in the banking system, perhaps even serve as a sort of catharsis to the stress afflicting the credit markets. I also | Read More »
Why I’m against the bailout, or whatever you want to call it.
It’s semantics, after all. In political terms it’s called: kicking the can. It’s not the money, although it’s a staggering sum. It’s the root causes. Nobody wants to talk about those in any productive way. It’s the finger pointing and partisanship. We hear, let’s just pass this thing and work on the causes later. We have heard this time and again with every new crisis | Read More »
Newt Is Right – Paulson Needs To Go
Newt Gingrich called for two controversial things to happen, and I happen to agree with the Speaker on both of them. He said the President would be better served by having Deputy Treasury Secretary Kimmitt takeover as Treasury Secretary and to fire (or accept the resignation) of Hank Paulson. I completely agree. I have been a staunch supporter of Paulson since he was nominated, and | Read More »
Newt does bailout
Listening to Newt describe his take on the bailout. My apologies to Newt if I misinterpet his words. Newt is a straight shooter, so there is no doubletalk to wade through. Paulson, who as you all know by now, proposed giving himself carte-blanche over 700 Billion dollars with out administration, congressional or court oversight.
If George Bush owned a funeral home, nobody would die
Hoping the Greta Van Susteren interview with Newt Gingrich would further expose Democrats who backed Fannie Mae and Freddie Mac, instead we learn Bush’s treasury secretary Hank Paulson is scamming us with AIG, etc. Now, not only do we have to listen to financial lectures from Obama and Pelosi as if they, and the greedy bastards on Wall Street were not the absolute cause of | Read More »
The financial bailout finally has taken form and is expected to be voted on Monday, September 29. After its initial draft was thankfully rejected by House Republicans, this fiscal blow-up doll is on its way to becoming law. It is hard to say what its final effect will be; nobody really knows. Both Obama and McCain have given their tentative blessing, and the package is | Read More »
What I Wrote My Congressman…
“I am fundamentally against the bailout, but understand that it’s now a matter of the market’s perception of government’s willingness to act. Still, it’s grating to me to have to make amends for the greed that was allowed to run rampant in the financial markets. All the bankers would have needed to do is stay within time-tested LTV ratios and perform routine income checks. I | Read More »