Who cares about Geithner ?

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The Flash Brothers lover

quote:

Originally posted by otec Who cares about Geithner ?

The people who are currently grilling his midget ass in Congress right now. Namely Edolphus Towns.

i wasn't going to bother, but since you went back to highlight the passage:

quote:

Originally posted by D-res Bernanke's distress was revealed last week when he suddenly announced that he wants a GAO audit of the entire AIG deal-making. That was jarring because Bernanke has repeatedly claimed the Congressional demands for a GAO audit of the Federal Reserve would destroy this sanctified institution.

this is completely untrue. Bernanke has no issues with being audited by the GAO, indeed its done regularly. He has problems with congress sticking their noses where they don’t belong in an effort to undermine the independence of the fed. Somebody needs to get their facts straight.

Hasn't the government made money from all these bail outs!?

quote:

Originally posted by Shakka The people who are currently grilling his midget ass in Congress right now. Namely Edolphus Towns.

If people actually understood, even remotely, some of the topics, and watched today's hearings, they should be more outraged with the ignorance of our Congress people.

___________________
"Go back to bed america your government is in control
Here's American Gladiators, here is 56 channels of it,
Watch these picturary retards bang their fuckin' skulls together and congratulate you on living in the land of freedom,
Here you go America you are free to do as we tell you
We want your soul
Your cash, your house, your phone, your cash, your house, your life" -Adam Freeland - We Want Your Soul

quote:

Originally posted by Groundhog Boy If people actually understood, even remotely, some of the topics, and watched today's hearings, they should be more outraged with the ignorance of our Congress people.

This.

Could you imagine the grilling people would be receiving had the economy imploded? Everyone’s just trying to feather their own nest by being seen to be tough on the big evil banks, even the big evil banks that prevented an economic meltdown and helped save the world’s economy.

quote:

Originally posted by pkcRAISTLIN i wasn't going to bother, but since you went back to highlight the passage: this is completely untrue. Bernanke has no issues with being audited by the GAO, indeed its done regularly. He has problems with congress sticking their noses where they don’t belong in an effort to undermine the independence of the fed. Somebody needs to get their facts straight.

For fucks sake it's not about audits. Audits happen, but their scope is limited.

quote:

The public billions devoted to AIG went in one door at the insurance company and came out another door to the private banks. Goldman Sachs alone collected $13 billion.

Why is this necessary? Justify why the bankers get their investments back in full and everyone else gets shorted. That's the point.


from last nov:
http://www.marketwatch.com/story/pa...heet-2009-11-19

quote:

WASHINGTON (MarketWatch) -- Rep. Ron Paul, who has sought to audit the Federal Reserve for 26 years, has inched ever so much closer to his goal. A key congressional panel on Thursday approved legislation introduced by the Texas congressman that - for the first time in the central bank's 95-year-history -- would require government audits of Federal Reserve monetary policy, as well as how much the central bank has lent and will lend to specific banks.

quote:

Paul's provision would seek to alleviate concerns that the audits would be politicized by setting a six-month time lag on the publication of previously unreleased audit data about the Fed's monetary policy decision-making. No additional scrutiny would be placed on transcripts and minutes of the Federal Open Market Committee meetings.

Wouldn't that alleviate some worry about political influence

Last edited by D-res on Jan-28-2010 at 01:49

quote:

Originally posted by Shakka The people who are currently grilling his midget ass in Congress right now. Namely Edolphus Towns.

video?

quote:

Originally posted by D-res Why is this necessary? Justify why the bankers get their investments back in full and everyone else gets shorted. That's the point.

I'm just curious if you know who else besides Goldman got paid out 100% for their CDS portfolio? You do realize they weren't even the highest paid, they're just the most successful, so the easy scapegoat for our uninformed populace and the Congressmen pandering for votes that tell them what they want to hear. Societe General was the highest, and THEY'RE NOT EVEN A US BANK! When do you ever hear about them? Just Goldman, and they've repaid the TARP money. They could even pay back the $13 billion they got from the AIG pass-through, and STILL no one would back off. As a company, in terms of society's, perception, they're fucked, and might as well go private by having partners buy back the company.

Secondly, you realize that in exchange for the CDS exposure, Maiden Lane III was set up, whereby the Fed took possession of the CDOs on the banks, like Goldman and SocGen. Those are now worth more than they were when the transaction took place because of the economic recovery (http://dealbook.blogs.nytimes.com/2...o-us-taxpayers/). Recent news has actually shown that Goldman approached AIG to cancel the CDS contracts long before this happened, because they realized that in the long run, they'd be more valuable, but AIG wouldn't concede (http://www.huffingtonpost.com/2010/...d_n_437041.html). And that was before the CDOs really went to shit, showing they were a) thought the CDOs in the long term would be worth more in the long run, and/or b) worried about AIG's solvency.

Lastly, last year, the Fed paid Treasury $45 billion in RECORD profits (http://www.washingtonpost.com/wp-dy...0011103892.html).

The public is plainly ignorant of all of these aspects, and our Congress just continues that problem. If any of these spineless fucks actually spoke up about some of the truth, it should mitigate some of the populist animosity (from both sides), but they don't, they just exacerbate it.

BTW, Stephen Lynch from MA was by far the biggest fucking moron of the day.

___________________
"Go back to bed america your government is in control
Here's American Gladiators, here is 56 channels of it,
Watch these picturary retards bang their fuckin' skulls together and congratulate you on living in the land of freedom,
Here you go America you are free to do as we tell you
We want your soul
Your cash, your house, your phone, your cash, your house, your life" -Adam Freeland - We Want Your Soul

quote:

Originally posted by Rasidel Slika video?

Currently all of the video on pages 3 & 4 of CNBC's US Video - http://www.cnbc.com/?id=15839263&ta...13318776457944.

There's probably a good 4-5 hours of testimony.

___________________
"Go back to bed america your government is in control
Here's American Gladiators, here is 56 channels of it,
Watch these picturary retards bang their fuckin' skulls together and congratulate you on living in the land of freedom,
Here you go America you are free to do as we tell you
We want your soul
Your cash, your house, your phone, your cash, your house, your life" -Adam Freeland - We Want Your Soul

quote:

Originally posted by D-res For fucks sake it's not about audits. Audits happen, but their scope is limited.

So, you’re in favour of a “limitless” audit scope are you? so you think that monetary policy should be audited by congress? You don’t think a central bank’s monetary policy should be off-limits to politicians?

http://www.forbes.com/feeds/afx/200...afx6726149.html

quote:

Originally posted by D-res Why is this necessary? Justify why the bankers get their investments back in full and everyone else gets shorted. That's the point.

Investments?? Uh, AIG is an insurance company. All the banks that had coverage from AIG had a right to access that coverage during the crisis. Given the situation however, AIG didn’t have nearly the funds to pay up to everyone. The fed propped up the insurance company to prevent risk spreading even further. This is all a matter of public record, and you should already know the answer to your question.

quote:

Originally posted by D-res from last nov: http://www.marketwatch.com/story/pa...heet-2009-11-19 Wouldn't that alleviate some worry about political influence

No, it would do the EXACT opposite. See my link above. Its time you grew out of your childish fascination with ron paul’s conspiracy theories.