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Washington's Outrage On Cue
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Washington's Outrage On Cue
by deMolay » Wed 18 Mar 2009, 20:20:14
Obama is outraged at bonus money but knew about it since last fall. As Americans became outraged he responded on cue. http://news.yahoo.com/s/ap/20090318/ap_on_go_pr_wh/aig_what_did_they_know
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Re: Washington's Outrage On Cue
by Ludi » Wed 18 Mar 2009, 20:28:02
You mean like he was complaining about bonuses back on Jan 29?
'January 29, 2009 03:06 PM
President Barack Obama responded Thursday to a front page story in the New York Times which reported that Wall Street handed out $18.4 billion in bonuses for the year, calling the payments "outrageous"
From the AP:
President Barack Obama issued a withering critique Thursday of Wall Street corporate behavior, calling it "the height of irresponsibility" for employees to be paid more than $18 billion in bonuses last year while their crumbling financial sector received a bailout from taxpayers. "It is shameful," Obama said from the Oval Office. "And part of what we're going to need is for the folks on Wall Street who are asking for help to show some restraint, and show some discipline, and show some sense of responsibility."'
'January 29, 2009 03:06 PM
President Barack Obama responded Thursday to a front page story in the New York Times which reported that Wall Street handed out $18.4 billion in bonuses for the year, calling the payments "outrageous"
From the AP:
President Barack Obama issued a withering critique Thursday of Wall Street corporate behavior, calling it "the height of irresponsibility" for employees to be paid more than $18 billion in bonuses last year while their crumbling financial sector received a bailout from taxpayers. "It is shameful," Obama said from the Oval Office. "And part of what we're going to need is for the folks on Wall Street who are asking for help to show some restraint, and show some discipline, and show some sense of responsibility."'
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Re: Washington's Outrage On Cue
by seldom_seen » Wed 18 Mar 2009, 20:42:07
Maybe when he appears on Jay Leno he'll be able to restore con-fidence?
Obama Says He Has ‘Complete Con-fidence’ in Geithner
http://www.bloomberg.com/apps/news?pid= ... refer=home
Obama has 'Absolute Con-fidence' in T-Bills
http://abcnews.go.com/Business/story?id=7084281&page=1
Obama expresses con-fidence in financial regulators
http://www.reuters.com/article/marketsN ... 8920090312
Undoubtedly Obama is a con-fidence man.
Obama Says He Has ‘Complete Con-fidence’ in Geithner
http://www.bloomberg.com/apps/news?pid= ... refer=home
Obama has 'Absolute Con-fidence' in T-Bills
http://abcnews.go.com/Business/story?id=7084281&page=1
Obama expresses con-fidence in financial regulators
http://www.reuters.com/article/marketsN ... 8920090312
Undoubtedly Obama is a con-fidence man.
But how the world turns. One day, cock of the walk. Next, a feather duster.
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Re: Washington's Outrage On Cue
by Plantagenet » Wed 18 Mar 2009, 20:45:30
Seeing as how Obama and Geithner could have stopped the AIG bonus payments from ever happening when they gave AIG another 30 billion two weeks ago , their outrage now is a day late and a dollar short. 
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Re: Washington's Outrage On Cue
by smallpoxgirl » Wed 18 Mar 2009, 20:53:27
Politics of mass distraction. If Obama cared one wit what they do with our money, he would have stopped giving them more after they squandered the last two bail outs. This is like buying a third new car for your teenager after he's totaled two already. The admonitions don't speak nearly as loudly as the fact that you're there to save him every time he screws up.
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Re: Washington's Outrage On Cue
by mos6507 » Wed 18 Mar 2009, 21:46:00
AIG is a monopoly. Who else can we go to to insure the banks?
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Re: Washington's Outrage On Cue
by smallpoxgirl » Wed 18 Mar 2009, 22:10:51
mos6507 wrote:AIG is a monopoly. Who else can we go to to insure the banks?
Isn't FDIC supposed to do that?
"We were standing on the edges
Of a thousand burning bridges
Sifting through the ashes every day
What we thought would never end
Now is nothing more than a memory
The way things were before
I lost my way" - OCMS
Of a thousand burning bridges
Sifting through the ashes every day
What we thought would never end
Now is nothing more than a memory
The way things were before
I lost my way" - OCMS
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Re: Washington's Outrage On Cue
by Jotapay » Wed 18 Mar 2009, 23:36:54
mos6507 wrote:AIG is a monopoly. Who else can we go to to insure the banks?
Being the resident statist and defender of "The Man", Mos, I'm sure you can tell us. Who? You have an answer, right?
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Re: Washington's Outrage On Cue
by seldom_seen » Wed 18 Mar 2009, 23:42:27
mos6507 wrote:AIG is a monopoly. Who else can we go to to insure the banks?
I don't think you got the memo. The insurance side of AIG is not what got them in trouble. It was the casino side of the house trading derivatives.
As others have pointed out though, AIG is being used as a conduit to funnel money to Goldman Sachs. Goldman Sachs has a policy of trying to stay out of the spotlight.
But how the world turns. One day, cock of the walk. Next, a feather duster.
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Re: Washington's Outrage On Cue
by smallpoxgirl » Thu 19 Mar 2009, 00:58:17
To describe what AIG is doing for banks as "insurance" is a pretty gross misscharacterization. Being an insurer implies that you have the ability to absorb someone's financial loss and indemnify them. What AIG is doing is something more akin to mutually assured destruction. They have not the slightest ability to pay off on all those CDS's. What they are doing is sewing these companies together so that if one goes under the whole world economy collapses. FDIC is there to indemnify the depositors if banks fail. There's no one in the universe with enough money to indemnify all the debts if these banks collapse. We desperately need legislation to ban CDS's. Not prop. Not bail. BAN.
"We were standing on the edges
Of a thousand burning bridges
Sifting through the ashes every day
What we thought would never end
Now is nothing more than a memory
The way things were before
I lost my way" - OCMS
Of a thousand burning bridges
Sifting through the ashes every day
What we thought would never end
Now is nothing more than a memory
The way things were before
I lost my way" - OCMS
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Re: Washington's Outrage On Cue
by ReverseEngineer » Thu 19 Mar 2009, 01:10:05
smallpoxgirl wrote: We desperately need legislation to ban CDS's. Not prop. Not bail. BAN.
That is true, but its like closing the barn door after all the horses are gone. Sure, in the future, no more CDS. What is to be done with all the contracts still out there? If you don't honor them, the banks also go under.
Reverse Engineer
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Re: Washington's Outrage On Cue
by smallpoxgirl » Thu 19 Mar 2009, 10:20:34
ReverseEngineer wrote:What is to be done with all the contracts still out there?
Unwind. Give SEC some money to valuate them, insure each counterparty is properly reimbursed, and then nullify the contracts.
The problem is not so much that the banks need CDSs to stay afloat. The problem is that they (and many others) have invested a lot of money in CDSs and would go bankrupt if the CDSs were suddenly invalidated without compensation.
"We were standing on the edges
Of a thousand burning bridges
Sifting through the ashes every day
What we thought would never end
Now is nothing more than a memory
The way things were before
I lost my way" - OCMS
Of a thousand burning bridges
Sifting through the ashes every day
What we thought would never end
Now is nothing more than a memory
The way things were before
I lost my way" - OCMS
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smallpoxgirl - Expert
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Re: Washington's Outrage On Cue
by the48thronin » Thu 19 Mar 2009, 10:54:34
smallpoxgirl wrote:
<snip>
The problem is not so much that the banks need CDSs to stay afloat. The problem is that they (and many others) have invested a lot of money in CDSs and would go bankrupt if the CDSs were suddenly invalidated without compensation.
Let's not mention the dirty little secret of commissions.
Let's see 20 times the GGDP ( global gross domestic product) I wonder what percentage of the GDP ( gross domestic product) is represented by derivative transactions and the RESULTANT commissions.
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Courtesy and Courage Sincerity and Self-control Honor and Loyalty a Code to Live By!
What do the miners do when the canary dies? EVACUATE THE MINE not argue about the color of it's feathers or buy a parrot instead.
Where is my pitchfork and torch? I need them for a visit to the castle!
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Re: Washington's Outrage On Cue
by deMolay » Thu 19 Mar 2009, 19:16:52
Obama and his Congress signed off on the Bonus cheques last November, why the manufactured outrage now? http://blogs.reuters.com/great-debate/2009/03/19/a-show-trial-for-aig/
"We Are All Travellers, From The Sweet Grass To The Packing House, From Birth To Death, We Wander Between The Two Eternities". An Old Cowboy.
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Re: Washington's Outrage On Cue
by deMolay » Thu 19 Mar 2009, 20:52:32
Dodd blames Obama for AIG Bonus Cheques. http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aT_tMXRy2vDs
"We Are All Travellers, From The Sweet Grass To The Packing House, From Birth To Death, We Wander Between The Two Eternities". An Old Cowboy.
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