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137 Comments
- inactive, on 05/10/2009, -6/+56Great find StingingNettle!
Here's another one: watch Bill Moyers interview Bill Black here http://www.pbs.org/moyers/journal/04032009/watch.h ... - thegrantman, on 05/10/2009, -3/+492:58
"Geithner has a record of being a failure at every step of his career." - vbullinger, on 05/11/2009, -3/+43I forget who said it. I think it was Peter Schiff the other day. He said something like "these stress tests are like building a new bridge and running a few gerbils across it and calling it sound."
- GovernmentSp00k, on 05/10/2009, -8/+41"stress tests"
What a play on words- FARCE.
*****'s double talk government speak pseudo rhetoric to justify another multi-billion dollar banker "bailout" scam at our expense. And believe me, it's coming. That's all it is. To make it sound like there's some kind of legitimacy to the premeditated fraud. As if it all means something significant. When in reality it's all a CON GAME extortion sham. Give it a lofty sounding "technical" term. "STRESS TESTS" for the banks. The dumbed-down serfs will buy into it without question or further thought. That way the organized crime in power can lie to us claiming their so-called "stress tests" (LOL) "didn't work" and "we need another "bailout"! or America will collapse by tomorrow! Don't be fooled. What we need is a "stress test" of their ***** jobs. A "bailout" of their traitor-us, deceitful, sold out asses into the streets where they belong, know what I'm saying?
If the scam artists want a "bailout", they need to pay for it out of their own pockets with their own money instead of fleecing US taxpayers for their criminal friends. - dcodrea, on 05/10/2009, -7/+36Geithner employs mumbo-jumbo to bamboozle the cud-chewers into thinking they're being taken care of.
They are.
And how. - le0pardess, on 05/10/2009, -5/+31"stress tests" are used on heart patients and pregnant women. Way to go Pinocchio timmy using a medical technique to soften the massive failures of your career and preventing economic justice for the trillion$ in burglary committed by you, paulson, kashkari and the rest of your crime syndicate on wall street.
Great, honest interview by Mr. Black. Thanks for the post StingingNettle. - NorthMass, on 05/11/2009, -0/+21BTW, why don't we have a stress test/audit/w/e for the Federal Reserve?
HR 1207 FTW - thegrantman, on 05/11/2009, -1/+19"doesn't test for asset quality or losses."
Why make a test that is trying to determine strength against losses when you don't take into account potential losses? - joshstone100, on 05/10/2009, -6/+22Why is it every time this imbecile posts, his comments always get an extra Digg? +2 immediately.
I've noticed the same with other shills and government apologists here. Some ghost comes along and gives them an extra Digg seconds after their comment posts. Probably all of the many multiple accounts personalities these weirdos have. - scoottie, on 05/11/2009, -3/+19The whole government is a sham from the top all the way down.
- muckemuck, on 05/11/2009, -4/+18If I did a "pump and dump" like this I'd be arrested. Geithner and the bankers are going to get away with it.
- inactive, on 05/10/2009, -8/+21No one is talking about conspiracies old man. Go take your mess, your Alzheimers is acting up again
- geekee, on 05/11/2009, -2/+12It's not a question of hope. The reality is that Obama's policy of borrow and spend will require someone to pay for it eventually, with interest. When that person ids you, after inflation kicks in, maybe you'll get it.
- ninjaturtles1, on 05/11/2009, -0/+10Yeah it was Schiff!
- faskippy, on 05/11/2009, -5/+14His staircase is missing a step or two.
- inactive, on 05/11/2009, -1/+10Nice to see someone brave enough to "tell it like it is"...
- geekee, on 05/11/2009, -1/+10As long as banks are allowed to not mark their assets to market, their balance sheets will remain a joke.
- faskippy, on 05/11/2009, -2/+10Under certain conditions??? Not ours though, conveniently. Why are you so far behind? Just put one foot in front of the other...
- tzvika613, on 05/10/2009, -4/+12LOL - Are you two a new comedy team ? " Go take your mess, your Alzheimers is acting up again "
- 3The3Dude3, on 05/11/2009, -1/+8You are sort of on the right track. But it's actually not the bankers that want this, as this is damaging the ***** out of them.
Many of them tried to turn down funds and were basically bullied into it. Also, BofA and Wells Fargo were practically forced in to acquiring Merill Lynch and Wachovia, respectively, while they were strong. Both would be doing fine had they not. I'm not speaking 3rd rail conspiracy theory, either. A little bit of Googling will verify.
The stress tests are nothing more than an excuse for the lack of recovery and also the vehicle tying up credit to prevent it. This is necessary in order to reshape the economy in the way that the current administration has stated it would like to. - rotundo, on 05/11/2009, -1/+8The funny thing is that in a very real way, it is almost entirely about image. That is, if people believe it, it works, and if they don't, it won't. If enough people buy into this dissenting professors view, he'll be right. If they don't, he'll be wrong.
Such is the stock market -- and anything else based on trying to anticipate the actions of others. - kolobcreek, on 05/11/2009, -2/+9No but a ***** honest audit would be nice.
- leadfoot, on 05/11/2009, -0/+7This was the guy who was in charge of the investigation and regulation after the savings and loan scandals of the 1980's. Those are some pretty good credentials in my book since he was successful in putting rules and regulations with reasonable oversight that corrected the problems with the Now Credit Unions. He also let the savings and loans fail that were insolvent. The only bail outs were the FDIC insured depositors.
I would say he knows a little more than a regulator who did not even know his job was oversight and regulation of the interstate and international US banks. Hell the entire collapse was created and set in motion on his watch.
PS: This is not a party issue it is an issue about the survival of our way of life as a nation you MORON! - Ryanw430, on 05/11/2009, -2/+9The entire world economy is a sham for the most part.
- NorthMass, on 05/11/2009, -7/+14There are hundreds of trillions of $ in derivatives, that fact alone proves that the bank bailouts were a complete and utter joke.
- ConcernedCanuck, on 05/11/2009, -1/+7So what are we going to do about it?
- geekee, on 05/11/2009, -1/+7Of course with guys like Barney Frank running the show, it's not going to happen:
http://online.wsj.com/article/BT-CO-20090331-71080 ...
http://www.reuters.com/article/ousiv/idUSTRE5295YC ... - NorthMass, on 05/11/2009, -1/+7http://www.marketwatch.com/news/story/derivatives- ...
- youareretarded, on 05/11/2009, -1/+6"The problem was blatant fraud regarding the ratings of those combined mortgage securities, and the completely unregulated and abused CDS market."
Exactly!
We are essentially trying to back trillions of dollars in what amounts to gambling debts.
What I don't understand is that since CDS's have no real value to them and are essentially bets on bets, why not just invalidate them and write them off? The only losers would be those that gambled. - Dustin00, on 05/11/2009, -1/+6Umm.. this was one of the first things the NPR corespondent said Friday morning.
The stress was a very small dip in the economy for the test purposes. So basically everyone is praying we've hit bottom already and that saying the banks "pass the test" will restore confidence and help things recover more quickly.
But wall street bought on Friday... time will tell. - AngelBunny, on 05/11/2009, -2/+7Is this true? I'm a skeptic when it comes to most everything. A lot of the lies the bush administration pushed via the news to the public about the war made me this way. I now only trust info with a source.
Anyone have any sources that prove what he is saying? - Ebacherville, on 05/11/2009, -0/+5any fractional reserve banking is a sham, they have 1 dollar and loan out 10 .. any way you look at it its a sham.
- cheesylobster, on 05/11/2009, -0/+5It's refreshing to hear someone speak about the economy who knows what they are talking about.
- NorthMass, on 05/11/2009, -5/+10He said he doesn't know whether to accept evolution or Creationism, and he also said that the topic is irrelevant to his political views.
Seriously, that is how you try to debunk the well reasoned economic arguments of Dr. Paul? - leadfoot, on 05/11/2009, -1/+6Basically to sum this up is simple terms "The emperor is not wearing any clothes."
Did this really surprise anyone?????
The investment banks and hedge funds are just trying to make a little money and hope the average market investment folks don't catch on and will just continue to put money into the financial markets thinking the markets are in a recovery. Well to be honest the market is in recovery just as long as no one with any credibility points out that they also see a naked emperor.
Brings this prank new report to mind...
http://www.theonion.com/content/news/recession_pla ... - kolobcreek, on 05/11/2009, -3/+7Top notch.
- WoollyMittens, on 05/11/2009, -1/+5The only stress-test I approve of, is the strength of the rope we hang these corrupt wankers with.
- Jo9100, on 05/11/2009, -2/+6stress tests a sham...wow?
- roodammy44, on 05/11/2009, -0/+4I know it's wikipedia, and it's not a real source, but there are sources cited at the bottom if you want to check:
http://en.wikipedia.org/wiki/Derivative_%28finance ...
(Source) http://www.bis.org/statistics/derstats.htm - inactive, on 05/11/2009, -0/+4Science is a process. Nothing more. There is no such thing as an 'exact science'.
- sndream, on 05/11/2009, -0/+4In the stress test, 2009 unemployment rate is 8.4% for avg baseline and 8.9% for adverse case. Which is quite "stress" because US is already at 8.9% unemployment as end of April.
- kenlaw, on 05/11/2009, -0/+3Let's just admit it. This was the plan. Give the banks enough money to hire more accounts to hide the real losses.
Wall Street Plan: We will shuffle consumer debt around on computers for a few years and make a lot of phoney profit on stuff that never existed and retire millionaires. Let the next generation worry about the consequences. - geoffg, on 05/11/2009, -1/+4Since the government created much of this problem with the creation and support of the various mortgage related GSE's who actively pushed sub-prime mortgages, and since the banks that are getting crushed are the ones that invested in mortgage backed securities that were ultimately created in large part by these GSE's, doesn't it make sense that the government should help alleviate the crises that they in large part created?
- leadfoot, on 05/11/2009, -0/+3Before someone asks for a link here one is...
http://www.pbs.org/moyers/journal/04032009/watch.h ... - nedzeve, on 05/11/2009, -3/+6Wait. An academic economist holds a dissenting opinion contrary to the opinions of other economists in academia, industry, and government?
Shocker. - nedzeve, on 05/11/2009, -0/+3It hurts to be you, doesn't it?
- NorthMass, on 05/11/2009, -4/+7"You either believe rain is falling from clouds, or from god crying. You can't be wondering which one to accept. What kind of dumb answer is that?"
What are you talking about?
"Just like the time Ron Paul refused to comment to avoid alienating his white supremacist supporters."
So because a few white supremacist's supported Paul, that somehow makes most of his supporters white supremacists? Lulz, I guess Ron Paul is the only guy to have ever had bigots vote for him.
"A dispecable old man with no backbone and a "do-nothing-about-the-problem-at-hand" policy."
How is his plan of getting rid of the Federal Reserve and returning to sound money a "do nothing plan"? - inactive, on 05/11/2009, -2/+5Banks don't have enough capital to balance their portfolios, and this "stress test" is being used to make it appear that they do.
How can Bernanke and Geithner say that the banks will eventually need two trillion dollars more and then the next day say that they all passed the "stress test" - midnightliberty, on 05/11/2009, -8/+11In response to vbullinger, yes it was Peter Schiff.
- aheinzm, on 05/11/2009, -0/+3so the only time anything is ever allowed to be criticized is if someone claims it to be perfect?
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