We all knew that the $700 billion bailout bill otherwise known as TARP was never intended to buy up troubled, assets it was a scam from the start. Congress was lied to the American people were lied to by the Bush administration and Paulson and you can bet that Obama will pick up the baton and run fast. Democrats or Republicans liberal or conservative pick your tag, but if you still don't believe that your guys are lying to you, then you are true blind believers."
Watch Darrell Isa make Kashkari squirm like a whining little worm that he is. Below are some comments by Karl Denninger.
Not the kind you buy on an exchange.
The kind you put in the public square.
This morning on CSPAN I watched Kashkari be asked repeatedly (under oath) whether or not there was an active person or group inside Treasury who was working on alternative plans to buying "distressed mortgage assets" prior to the plan's passage.
Kashkari never directly answered the question.
It was the most important question of the morning, because if that plan was in place before the bill was passed then what was represented to Congress by Paulson, Bernanke (and now we learn Cheney was in those meetings too) was less than truthful.
Paulson just skewered himself and Treasury on CNBC - he said that "by the time the bailout was passed buying distressed assets was no longer viable." (approx: 1:00 PM CT)
But Paulson did not come to Congress and tell them he inteneded to rip out entire portions of the bill and substitute other intentions before the bill was passed - even though he just said on national television that he knew that his original claimed strategy was not viable before the passage of the bill.
Congress, there's your answer to whether or not you were lied to.
We are left with one and only one question: are you going to act on this and protect the American people or not?
3 comments:
NO! Nobody is going to act on it. Not the MSM, not anyone in the government and not the simple minded citizens that are being led to slaughter.
This one little "One Liner of a lie" isn't going to get anyone excited. Anyone with half a brain knows they are getting screwed, but they are far too complaisant to do anything about it.
Besides, Henry is in his own stupid way is actually tell the truth. He and Ben don't have a clue about what they are doing from crisis to crisis and they have proven that many times already these past 15 months. How many "Mother of all Bailouts" do we have to have before we all get that. These two idiots NEED TO BE FIRED NOW and replaced by PAUL VOLCKER.
He won't take any shit from Wall Street, the Administration or the Senate & Congress! He'll fix the problem and he doesn't care who he takes out on the way to solving the problem. NO SACRED COWS! If you are part of the problem, you die and that's that. He doesn't bullshit around! Unfortunately, he takes out quite a few innocent people along the way but he does get the job done. He's kind of like the "Nuclear Option" very effective but a bit messy.
Then when he is done, we need to have a WAR CRIMES TRIAL for all of the guilty parties that really got us into this mess.
I don't have a full list, but I think we should start with these guys first. (G.B. & D.C.) I can't mention their full names, but you know who they are. Plus Angelo Mazilo of Countrywide, Jamie Diamond of JPM, Bill Gross of PIMCO. After these five are "Burnt at the Stake" then we can get the rest of the SOBs. There are plenty of them, the current or Ex-CEOs at B of A, Wells Fargo, CitiGroup, Merrill Lynch, Bear Stearns, Morgan Stanley, GM, etc., etc., etc........ the list goes on and on.
Probably not :(
Rep. Cummings of Baltimore, this guy is criminally uneducated, pandering to emotions rather than scrutinizing the questioner. After the first round of questioning, it became apparent that the whole testimony was nothing but a charade masqueraded by the officials to bluster and appear as if they are caustically fighting for the "average" citizen. They went on and on with specific examples of how their constituents are suffering and sophomorically dallying around trivial matters of financial market while entirely avoiding asking any meaningful question from Kashkari. I watched Kashkari's eyes popping out in disbelief that how these buffoons are not even bothering asking him any pertinent question what so ever only to condescend him with snide and array of misplaced rage. The only Rep. that had an ensemble of integrity to ask one or two relevant question was Rep. Issa but he too came short in actually unearthing the details. It was a pure pomp and show.
This obsession by our leaders to keep homeowners in their home will mark the end of whatever is left in this country resembling prudence and morality. I support saving all homeowners not just the irresponsible 3 million living in Mcmansions.
Congress and Sheila Bair's obsession with this spend-only bailout rewards the reckless and punishes the prudent. Consider the lesson it imparts to promote bailouts to the reckless. City by city, neighborhood by neighborhood, people who live beneath their means and manage money carefully will see more careless neighbors supported by federal decree. And what about the 30 percent of this nation who were smart enough to rent? Or how about the large percentage of us who gave plenty of warnings to these same people the government now wants to redistribute my taxes to so they can stay in a house twice the size the home I live in. The backlash to the 700 B bailout package was not only because of the bailout of wall street but also the bailout of the reckless homeowners and their relentless ATM / HELOC spending. As it is now these people can live in their home for over a year rent free while they find a home they should have been living in from the start.
We are becoming a nation of people who feel it is not only okay but justified to cheat, lie, and swindle each other and the rest of the population. Personal responsibility is discouraged by the government and the mainstream media. Our nation is eating ourselves from within just to keep a facade of prosperity. Hope is being replaced by anger and desperation. Welcome to the new dawn.
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