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Posts tagged “market oracle”

Yet another AIG junket planned for next week?

Oct 8

Posted by Patrick T. Lafferty in call to action, our kleptocracy | 1 Comment

Write Congress!

and/or

Call Congress!

Rep. Elijah Cummings (D-MD) said on Hardball today that the AIG executives evidently have another junket planned for next week. I’m not sure if the bad publicity will scare off these robber barons, but I’m not going to wait around to find out. Take a moment and write your congressional representatives and tell them to pull the plug on this outrageous spending or on the AIG bailout all together!

This time, I don’t think I’m going to offer up my letter right out of the gates. But if you are so inclined, I’d love to see what you end up saying about this. Please post your letters in the comments section so we can all bask in the glory of populist outrage!

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AIG Junket?!? As soon as I am done with my piece of cake, I’m coming for your fucking heads!

Oct 8

Posted by Patrick T. Lafferty in contemplations, our kleptocracy | 1 Comment

Aside from McCain’s new $300 billion bailout plan for homeowners, the AIG Junket was the big news of tonight’s debate for me. I missed this story earlier in the day. However, Jim Zarroli over at NPR seems to think it isn’t a big deal:

Obama talked about AIG executives on a junket which was apparently true, but they were from the clean side of the company, the insurance side, not financial products division. That’s an important distinction.Jim Zarroli
NPR

So, Jim would have you believe that the $85 billion bailout of AIG is going to be given only to the “clean side” of the company. Those dirty bastards over in financial services won’t get to see a dime of it? Uh, how about this, Jimbo: Bullshit! That isn’t how it works and you know it. If we had not bailed out the “bad” side, the “good” side would not have had the $443,344 to spend on the junket in the first place.

This is, pure and simple, you and I paying for $3 per minute (!) massages for the assholes that didn’t have the courage to stop their co-workers from running the nation’s largest insurer into the ground.

Not nearly good enough, Congress. Not nearly good enough, AIG. I want my money back!

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Wasn’t the bailout supposed to increase credit liquidity?

Oct 7

Posted by Patrick T. Lafferty in contemplations, our kleptocracy | 2 Comments

After the bailout sailed through the Senate on Friday, it took a bit of wind out of my sails. Thanks for noticing my absence. But after yesterday’s big drop in the Dow and the announcement today that the Fed is going to buy commercial paper, directly funding businesses, I found my voice again (Psst! You really should read that last link!).

As I write this (2:00 PM CST), the Dow is down 332.29, sitting at 9623.21. That is the lowest number in at least 4 years and it follows Bernanke’s announcement that the Fed will likely cut rates, an announcement that typically makes the market surge. Before I drift off on a tangent (ooh, it is such an important tangent!), I just want to hammer home the point that last Friday’s bailout was sold to the American public on the premise that it was “for Main St., not Wall St.” and that it would also increase liquidity in the credit markets. Why, then, is it necessary for the Fed to start buying short term debt from companies? As the New York Times puts it, credit markets have “all but dried up.” And what, exactly, is the Fed going to be buying from companies? Unsecured commercial paper. What is that? You might ask the Market Oracle and discover that it is the very same construct that got us into this mess in the first place! (Psst! You really should read that link, too!)

Is there any possible way this can be construed as a free market move? I think not. This is kleptocratic socialism of the highest (read worst) order. So, to sum up your situation as a American tax payer, you have bailed out the following organizations in the last six months (incomplete list):

  1. Bear Stearns
  2. IndyMac
  3. Fannie Mae
  4. Freddie Mac
  5. AIG
  6. $700 billion “Paulson” Plan (note: also available to foreign banks)
  7. Federal Reserve CPFF (the Commercial Paper Funding Facility)

I defy anyone to explain this as anything but kleptocratic socialism. See my next post for the tangent I promised earlier in this post.

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Exclusive: Local bank officer reacts to bailout

Oct 3

Posted by Patrick T. Lafferty in My friends, our kleptocracy | No Comments

I have an anonymous friend who has commented here under the name “Perhaps a sample of one was too small…“. He is a loan officer at a local bank and had this breaking news to report shortly after the House of Representatives passed (and Bush signed) the Bailout today:

I have been face deep in the awfulness of work and didn’t realize the bailout (complete with enough pork to feed the gentiles of this world for a decade) had passed. But things are starting to make sense.

I couldn’t figure out why, but about an hour ago money started flying from the teller drawers and shooting from my disk drive. Not one to look a gift horse in the mouth (or be too concerned with the textbook definition of “theft”) I immediately scooped some up, bought 20 Alt-A mortgages, packaged them, sold them for 3 times what they’re worth, and borrowed against my future earnings. Mortimer, we’re back!!!Anonymous
Loan Officer

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Ignore the Senate; Support the “No Bailouts Act”

Oct 2

Posted by Patrick T. Lafferty in call to action, our kleptocracy | No Comments

While the Senate did cave to the financial terrorists, the fight is far from over. In fact, a new alternative has emerged.

Take action!
Support the
“No Bailouts” act!

The “No Baiouts” Act “would impose a securities tax equivalent to one quarter of one percent of profits and empower the Federal Deposit Insurance Corporation to deal more effectively with bank failures,” according to John Nichols at The Nation.

Take a look and see for yourself. It is an alternative and it has the support of former heads of the FDIC. Then, take a moment, hit the link above and sign the petition. Even if you don’t think this is the best plan, perhaps it IS best to challenge Congress to pursue every alternative? I certainly think so.

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Quotable: Samuel Taylor Coleridge

Oct 1

Posted by Patrick T. Lafferty in our kleptocracy, quotable | No Comments

Water, water, every where,
And all the boards did shrink;
Water, water, every where,
Nor any drop to drink.Samuel Taylor Coleridge
from “Rime of the Ancient Mariner”

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Tell the Senate: “America won’t negotiate with financial terrorists”

Oct 1

Posted by Patrick T. Lafferty in call to action, our kleptocracy | 2 Comments

Write Congress!

and/or

Call Congress!

On the chance that the Senate is going to plunge us into the reality of being the world’s largest, stupidest socialist state this evening, I thought it might be wise to listen to a bona fide socialist like Herr Schulz.

According to that NY Times article linked above, House Minority Whip Roy Blunt (R-MO) “said one reason he was more optimistic was that lawmakers are hearing less vocal opposition from their districts.”

This, coupled with the drumbeat from every single msm outlet on television, might push this idiocy into law. I cannot stress this enough: this is a form of extortion and we are about to pay the blackmail. There is ample cash out there to be had, both in savings and in the huge printing runs by the Federal Reserve and the European Central Banks. We are being held up and we must say no to the financial terrorists on Wall Street!

Please, take a moment to (again!) contact your reps! The vote is scheduled for less than five hours from now. Remember, non-form letters carry much more impact!

The language of my letters (written today) to Congress (feel free to copy/edit/paste), after the jump.

I originally had this included with the previous quote, but it deserves it’s own headline.

Read the rest of this entry »

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