Henry Paulsons a turd

[mattahawk]

They were saying on FOX news yesterday that Henry paulson more or less just gave the money to the banks and didn't add on any strings attached as to how they use it. Unlike what they said they were going to do. So the banks are just buying other banks now instead of loaning it out to other businesses. On top of that I guess he bought some stocks in these businesses/banks? etc and the govt' still has no voice in it. They more or less just gave it away and we get nothing out of it?

[socal]

Nov 7, 2008 11:58:11 GMT -6 mattahawk said:

They were saying on FOX news yesterday that Henry paulson more or less just gave the money to the banks and didn't add on any strings attached as to how they use it. Unlike what they said they were going to do. So the banks are just buying other banks now instead of loaning it out to other businesses. On top of that I guess he bought some stocks in these businesses/banks? etc and the govt' still has no voice in it. They more or less just gave it away and we get nothing out of it?

This still IS the Bush administration. Did you really expect anything else?

[NOTTHOR]

Nov 7, 2008 11:58:11 GMT -6 mattahawk said:

They were saying on FOX news yesterday that Henry paulson more or less just gave the money to the banks and didn't add on any strings attached as to how they use it. Unlike what they said they were going to do. So the banks are just buying other banks now instead of loaning it out to other businesses. On top of that I guess he bought some stocks in these businesses/banks? etc and the govt' still has no voice in it. They more or less just gave it away and we get nothing out of it?

Don't let FOX's talking points sway your thinking here. There are a few things that most economists agree significantly contributed to the Depression: bank failures, increased tariffs and cuts to the money supply.

Treasury has bought preferred shares yielding 5%. The terms of the shares are that you have no management control. Do you really want Dodd, Fwank, Waters, Pelosi, et al having any say in the management of the banks? I sure as hell don't. To say the people haven't received a benefit is a misrepresentation. We've gotten a huge benefit. Morgan Stanley was hours away from a BK filing on Columbus Day. LIBOR has started falling. There is a massive overleverage problem and the fact that we haven't had a failure that casued a further spike in LIBOR (like what happened on the heels of the Lehman failure) is absolutely huge. That's the first step. After all the haircuts the banks have taken, as they sit there and look at their balance sheets, to assume they're immediately going to return to their old lending ways is wrong. The credit party is over. The market is obviously very tight right now, and there are incredible solvency concerns every time a loan is made today.

Despite all of the cash the Fed has pumped into the market, I think deflation is a very real possibility because the banks are being so tight fisted. The bank where my wife works still has a moratorium on new loan originations to US companies without a Japanese parent guarantee and sign off from top brass in Tokyo. Everybody's still scared to death. Ford's bonds that mature in 3 freaking months are yielding damn near 40%. GM's in the same boat. Many other industrial companies have debt yields that are eye popping because no one wants to lend money in this environment.

The banks that are buying other banks are doing it with a government plea to do so. The government begged Wells Fargo and Citibank to take out Wachovia. The government begged JPM to take out Wa Mu. The government begged PNC to take out Nat City. This will continue. The long term upside for the surviving banks is that net operating losses of the acquired banks are so fucking big, none of the surviving banks will pay taxes for probably a decade, or more.

[mattahawk]

Thanks Ralph. Even though I was only able to comprehend about 1/2 of what you actually wrote I always feel just a little bit smarter after reading something you write. You sure explained it a lot better than the other guy.

SoCal, I guess I was expecting Paulson to stick to his word. Kind of like Obama Tuesday night when he said he was going to have a diverse cabinet by putting dems' and conservatives alike in it.

Of course then he goes and adds the very partisan, votes with his party 98% of the time, most liberal Congressman, I only care about myself, screwed Bill Clinton over, send a pollster a dead rat, tell all the Reps' to F-off, Rahm Emanuel to it and all that BS he said on the 4th goes right out the window. I'll wait patiently for him to add those Republicans to the cabinet though.

But you know what? I wouldn't worry, i'm sure he will be fine.

[socal]

Nov 7, 2008 13:57:39 GMT -6 mattahawk said:

Thanks Ralph. Even though I was only able to comprehend about 1/2 of what you actually wrote I always feel just a little bit smarter after reading something you write. You sure explained it a lot better than the other guy.

SoCal, I guess I was expecting Paulson to stick to his word. Kind of like President Obama Tuesday night when he said he was going to have a diverse cabinet by putting dems' and conservatives alike in it.

Of course then he goes and adds the very partisan, votes with his party 98% of the time, most liberal Congressman, I only care about myself, screwed Bill Clinton over, send a pollster a dead rat, tell all the Reps' to F-off, Rahm Emanuel to it and all that BS he said on the 4th goes right out the window. I'll wait patiently for him to add those Republicans to the cabinet though.

But you know what? I wouldn't worry, i'm sure he will be fine.

To quote the Rude One:

Why the Hell Not? Let's Gloat Some More:
Yesterday, the Rude Pundit blew his long held-in load all over the face of the past eight years. Today, let's wipe off on the current reactions of some of our beloved right wing pundits:

One of the deep pleasures of yesterday and today has been seeing how nutzoid conservatives in the media attempt to deal with Barack Obama's victory. It's like the visceral thrill and hilarity of watching a bunch of skateboarding face-plant videos, where you point and laugh and say, "You stupid douche. Did you really think you could make that kickflip off those steps?" There's a descent into madness happening on the right with breathtaking speed, like they're on a swinging rope bridge over a mountain crevasse and they're scrambling to figure out which side to run to while the ropes unravel.

For instance, here's Rush Limbaugh, kicking out the racist jams, actually having a conversation with an imaginary black man about Obama's call for people to sacrifice and work for the good of the country: "'What's this, bro, you asking us to join in the work of remaking the nation?' That [sound]bite where he's going on and on and on about sacrifice, gonna take hard work, the crowd, that's when I finally saw some consciousness on their face, they said, 'What?' I mean, the cheering stopped, a little puzzlement, looks of perplexed on these faces, 'Whoa, whoa, what is this sacrifice? We, we gonna sacrifice?'" Beyond the obvious of not knowing what fucking station Limbaugh was watching where the cheering in Grant Park subsided, there's the utterly charmingly quaint degradation of blacks as too lazy to work to make the nation better.

Ann Coulter's cunt is just filled with sour grapes. Already a self-mutilating chode-guzzler of Olympian appetites, you can read Coulter's Joycean urine stream of deranged consciousness dribbled onto the page and actually see her go more and more insane as the column (if by "column," you mean, "a visit to a puppy abattoir") goes on. She scribbles out her usual piquant mixture of bugfuck insane arguments and shitty jokes before turning on her own party. Coulter rips into McCain, going at him for the very mavericky things that got him any attention in the first place and that he turned his back on during the election: "How could we go after Obama for his illegal alien aunt and for supporting driver's licenses for illegal aliens when McCain fanatically pushed amnesty along with his good friend Teddy Kennedy?"

The best is when Coulter actually bends her legs over her head and bites her own clit: "I am now liberated to announce that all I care about is hunting down and punishing every Republican who voted for McCain in the primaries." It's always great when a stripper stands on stage, tells the guys staring at her tits that they're not tipping enough to see her cooter, and then the guys still don't toss any more bills at her. It's democracy at its finest.

Bob "A Lack of a Brain Won't Stop Me" Novak and Jonah "Making the National Review Even Shittier for Over Half a Decade" Goldberg try to appear relevant to any conversation by asserting how Obama and the Democrats are supposed to behave now. It's sort of like a prison bitch telling the guy who just bought him for two packs of cigarettes and a crusty Hustler that he thinks it would be so much better if there was no face raping. It's already been well-mocked that Novak, who said that Bush's 50.7% popular vote victory to Kerry's 48.3% in 2004 was a "mandate" for Bush, says Obama's 52% to McCain's 46% is "no mandate." And Goldberg? That little fuck tries a more conciliatory tone: "The conservative in me hopes that Obama sees the wisdom in governing as a centrist, if not a center-right, president." The problem with that (and there are so very many) is that a "centrist" for Goldberg is conservative and "center-right" is, for most of us, "crazy."

In other words, Novak and Goldberg want the Democrats, who just won, to act like Republicans, who just lost. Let the face-raping commence.

Finally, to leave you with the image of conservatives sitting in a padded room where they have scrawled unreadable manifestos on the walls with their own shit, here's Sean Hannity from his Fox "news" show last night, regarding Obama's first pick for his administration: "He's picked Rahm Emmanuel, one of the hardest left-wing radicals on the left, as his chief of staff. There's all the evidence that he's going to swing to the hard left. And I think they're going to overreach, and I think we're going to see the person that I think Barack Obama is. I think he is hard, hard left." That's tasty idiocy.

Hannity (and, to a lesser extent, Colmes) was interviewing Joe the Plumber in some kind of summit of retardation. In all his inarticulate glory, Joe answered a question on whether he thinks Obama is "loyal to the United States": "To a democracy, yes. I mean, you know, right back to as far as the socialist issues, spreading the wealth. I mean, you know, Alan, that is right out of Karl Marx. You know, Webster dictionary I had this morning for another show I did. I mean, if you read it, that's exactly pretty much word for word what Obama said earlier. You know, government health care...Yes, he was democratically elected, but he's asking about -- he's proposing a lot of changes that could, you know, change the core of America, don't you think?"

Oh, Joe, Sean, Rush, Ann, Bob, Jonah, and the many, many rest. God, you know they're so fucking pissed that Obama blew McCain away, that they couldn't even try to steal this election or declare it illegitimate. Now they have to actually grapple with a reality, and they can't get their tiny, narrow minds around it. But for we who won? Let's enjoy the sight of the ants swirling and drowning in their own toilet.

rudepundit.blogspot.com/2008/11/why-hell-not-lets-gloat-some-more.html

[The Flying Spaghetti Monster]

Funny how the lunatic fringe hammers for six months on Barry that he is too inexperienced, so when he gets a very experienced fellow in there to head his internal staff, now he's already breaking his "promises"?

BTW, if you didn't vote for him, shut the fuck up until he actually takes office.

[iammrhawkeyes]

Nov 7, 2008 14:48:41 GMT -6 The Flying Spaghetti Monster said:

Funny how the lunatic fringe hammers for six months on Barry that he is too inexperienced, so when he gets a very experienced fellow in there to head his internal staff, now he's already breaking his "promises"?

BTW, if you didn't vote for him, shut the f**k up until he actually takes office.

He apparently has already taken office. Has anyone ever heard of The Office of the President Elect? Amazing. He hasn't taken The Oath yet and he's already continuing The Bushian government expansion. From a very recent press conference(the picture is real).

[lpcalihawk]

He needs to start work now in order to fix the fuck ups of the last 8 years. Too bad Bush didn't have a President-elect office....maybe he wouldn't have been as shitty....oh wait nevermind.

Chuck Hagel, Colin Powell, Dick Lugar will all hold top level positions in the Obama White House. Shut the fuck up about not having GOPers involved.

[mattahawk]

Nothing in that post socal was too bad. Agreed completely with the coulter article about why Mccain lost the election. He can't really bitch about Obama being against the Bush tax cuts when he was against them in 01' can he? Or are you actually agreeing with Mccain now? As far as what Hannity said, what about that was wrong? I'll tell you what, nothing. He was right on and we shall see if he puts any republicans in his cabinet. I'll believe it when I see it. I'm betting he is all talk and no show. Big surprise.

Funny how Obama is doing with his transition to the white house. Oh wait there wouldn't be one if it wasn't for bush setting up the transition team like a year ahead of time. Oh, there is the fact that Bush and the wife personally called them and invited them to come check it out ahead of time. I wonder how that went for Bush back in 00'?? Anybody know? Oh wait, he didn't have that because that fat bastard clinton didn't offer the courtesy did he? Bush may have done a piss poor job in the white house but at least we know he's a classy guy. Can't really say that about ANY of the libs' can we now?

Funny how you nut jobs laugh like a couple of dogs when you are in an upright position and not crawling around on all fours for once but when, not if, when it turns around you'll be crying about the horrors of the way your being treated.