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credit crisis

The Goldman Sachs Diversion

April 26, 2010

On April 16, 2010, the Securities And Exchange Commission (SEC) filed a civil fraud suit against Goldman Sachs, alleging that the Wall Street investment bank sold mortgage-backed securities to investors that were secretly designed to fail. About a week later, A Senate subcommittee investigating the financial crisis released internal Goldman Sachs e-mails that seemed to [...]

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The Financial Regulation Reform Bill

April 20, 2010

Reading through the Senate proposal for financial regulation reform, I was struck first by what the bill doesn't seem to do… It doesn't end subprime mortgages or adjustable-rate mortgages. It doesn't end derivatives. It doesn't break up institutions that are "too big to fail." It doesn't regulate Fannie Mae/Freddie Mac. It doesn't stop the massive [...]

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Savvy Businessmen

February 11, 2010

From Bloomberg Press: President Barack Obama said he doesn’t “begrudge” the $17 million bonus awarded to JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon or the $9 million issued to Goldman Sachs Group Inc. CEO Lloyd Blankfein, noting that some athletes take home more pay. The president, speaking in an interview, said in response [...]

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The Sunday Sanity Challenge

November 22, 2009

Here's President Obama doing his best Judge Roy Bean impersonation during an NBC interview: NBC: Khalid Sheikh Mohammed — can you understand why it is offensive to some for this terrorist to get all the legal privileges of any American citizen? Obama: I don’t think it will be offensive at all when he’s convicted and [...]

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If You Can't Dazzle 'Em With Brilliance…

May 9, 2009

Baffle 'em with you-know-what. If Washington D.C. has a credo, that must surely be it. The media isn't far behind. But before I get into that, I'd like to take a moment to thank President Obama for saving us all from last week's swine flu pandemic (worldwide epidemic). Just think, if Bush was still the [...]

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The Politics Of TARP Funds

March 24, 2009

Congress gets very upset when TARP bailout money goes to corporate employee bonuses, corporate jet rides, and corporate golf tournaments. What Congress doesn't get so very upset about is when TARP bailout money goes to Congress, in the form of campaign contributions. In recent filings with the Federal Election Commission, the political action committee for [...]

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Bait, Switch, Repeat

March 23, 2009

Back in September, 2008, as the subprime mortgage crisis reared it's ugly head, our government formulated the Troubled Asset Relief Program (TARP) to buy toxic assets from banks in order to make our financial institutions liquid agaiin. Treasury Secretary Hank Paulson told America that if we didn't act immediately, we faced a complete failure of [...]

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Fed Creates A Trillion Out Of Thin Air

March 20, 2009

Here's that old crank Ron Paul (R-TX) talking about the unconstitutional move by the House of Representatives to tax AIG bonuses at a 90% rate. Paul also mentions a……..somewhat larger issue that has received virtually no media coverage. Regarding the minor issue, the AIG bonuses, the usual partisan jibber-jabber is illustrated by the following quotes: [...]

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The AIG Follies

March 18, 2009

Congressman Barney Frank (D-MA) says allowing AIG executives to keep their $165 million in bonuses is "rewarding failure." Barney is right. It is rewarding failure. What Barney doesn't say is, it was Barney Frank and company (the federal government, under both Bush and Obama) who enabled the bonuses to be paid in the first place, [...]

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We Can't Bail Fast Enough, Time For A New Boat

November 14, 2008

In my previous understanding of free market capitalism, business had the opportunity to succeed or fail on it's own merits. If a company was well-run and consumers desired it's products, the company was successful. If not, the company wasn't successful, and it failed. It was survival of the fittest. That Darwinian concept led to the [...]

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Debate #3 – The Candidates Speak To Joe The Plumber

October 16, 2008

If any of you read my last post, called A Deficit Disorder, you probably know my feelings regarding our federal government's economic policies range somewhere between cynical and disgusted. Lately, with mob boss Hugo Chavez Hank Paulson running the Treasury like Don Corleone, making the big banks an offer they can't refuse to force a [...]

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Bill Clinton Blames Dems For Mortgage Crisis

October 1, 2008

The Chairman of the Senate Banking Committee, Chris Dodd (D-CT), has NO idea how the mortgage crisis happened. I repeat, he is the CHAIRMAN OF THE SENATE BANKING COMMITTEE !!! Dodd says, "American taxpayers are angry and they demand to know how we arrived at this moment." Well, Mr. Dodd, as CHAIRMAN OF THE SENATE [...]

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