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Newsweek: Obama’s Old Deal ("How Obama Got Rolled by Wall Street")
Newsweek ^ | August 29, 2010 | Michael Hirsh

Posted on 08/29/2010 7:54:08 AM PDT by maggief

Barack Obama was “incredulous” at what he was hearing, said one of his top economic advisers. The president had spent his first year in office overseeing the biggest government bailout of the financial industry in American history. Together with Federal Reserve chairman Ben Bernanke, he had kept Wall Street afloat on a trillion-dollar tide of taxpayer money. But the banks were barely lending, and the economy was still mired in high unemployment. And now, in December 2009, the holiday news had started to filter out of the canyons of lower Manhattan: Wall Street’s year-end bonuses would actually be larger in 2009 than they had been in 2007, the year prior to the catastrophe. “Wait, let me get this straight,” Obama said at a White House meeting that December. “These guys are reserving record bonuses because they’re profitable, and they’re profitable only because we rescued them.” It was as if nothing had changed. Even after a Depression-size crash, the banks were not altering their behavior. The president was being perceived, more and more, as a man on the wrong side of an incendiary issue.

(Excerpt) Read more at newsweek.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: journolist
Obama was clearly not pushing very hard to be FDR or even his trust-busting relative Teddy Roosevelt. Now it looks like grim growth and unemployment numbers could extend all the way into 2012. Distracting himself with health care and other issues, Obama may have politically maneuvered himself out of the only major remedy that could bring unemployment down and growth up enough to assure his re-election: another giant fiscal stimulus. Today, after engendering Tea Party and centrist Democratic resistance to more government spending by pushing his health-care plan, the question is whether he has the political capital he may well need, in the end, to save his presidency. And after a two-year fight over financial reform, one other question still lingers: has Wall Street come out the big winner yet again?
1 posted on 08/29/2010 7:54:11 AM PDT by maggief
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To: maggief

“Wait, let me get this straight,” Obama said at a White House meeting that December. “These guys are reserving record bonuses because they’re profitable, and they’re profitable only because we rescued them.”

Next time let about half fail, use a coin toss.


2 posted on 08/29/2010 7:59:08 AM PDT by mainsail that ("A man will fight harder for his interests than for his rights" - Napoleon Bonaparte)
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To: maggief
"....banks were barely lending...." Hey Hirsh, the banks are barely lending now, idiot; everyone is hoarding cash.....get the frakin memo yet? =.=
3 posted on 08/29/2010 7:59:08 AM PDT by cranked
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To: maggief
I don't believe a word of this supposed 'conversation' of incredulity on the part of Zer0. He is a tyrant who thinks himself above any law - "I will it, let it be so". "Don't trouble me with details." He knows EXACTLY what he did, is doing and wants to do. He has broken so many established laws designed to instil order and trust in this country, and he feigns outrage? This story is a complete concoction of bullshit sprinkled a dash of hatred of Wall Street.
4 posted on 08/29/2010 8:03:15 AM PDT by Gaffer ("Profiling: The only profile I need is a chalk outline around their dead ass!")
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To: Gaffer
This story is a complete concoction of bullshit sprinkled a dash of hatred of Wall Street.

Brilliant!

5 posted on 08/29/2010 8:05:34 AM PDT by MNJohnnie (The problem with Socialism is eventually you run our of other peoples money. Lady Thatcher)
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To: maggief

BS.

Obama knew what was going on with his Wall Street buddies. Hell, he capped off his Martha’s Vineyard vacation with a round of golf with his good buddy Robert Wolf, the CEO of UBS in the U.S.

Obama’s Wall Street bailout was all about ensuring future campaign contributions as well as financial backing for his other socialist programs.

Funny how the liberal media is now trying to paint the gay muslim from Kenya as a victim of his Wall Street buddies.


6 posted on 08/29/2010 8:08:15 AM PDT by jimbo123
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To: MNJohnnie

Aw poor little Obama.


7 posted on 08/29/2010 8:17:13 AM PDT by screaminsunshine (m)
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To: jimbo123

Obama ala bs. All he has got. Makes everything up as he goes.


8 posted on 08/29/2010 8:17:14 AM PDT by auboy (Men who cannot deceive others are very often successful at deceiving themselves. Samuel Johnson)
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To: MNJohnnie

Absolutely right - the goofy author doesn’t even understand the difference between Wall Street and the big banks.


9 posted on 08/29/2010 8:20:44 AM PDT by RightGeek (FUBO and the donkey you rode in on)
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To: mainsail that; cranked; Gaffer; jimbo123; MNJohnnie; screaminsunshine; auboy; RightGeek

JOURNOLIST:

http://www.freerepublic.com/focus/f-bloggers/2567539/posts

Michael Hirsh - Newsweek


10 posted on 08/29/2010 8:22:39 AM PDT by maggief
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To: jimbo123; All

” Obama’s Wall Street bailout was all about ensuring future campaign contributions as well as financial backing for his other socialist programs.

Funny how the liberal media is now trying to paint the gay muslim from Kenya as a victim of his Wall Street buddies. “

Pathetic article. Obama and Goldman Sachs sleep together. Thick as thieves ;-)


11 posted on 08/29/2010 8:22:50 AM PDT by stephenjohnbanker (((.Go troops! " Vote out RINOS. They screw you EVERY time" Jim Robinson)
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To: maggief; All

” JOURNOLIST:

http://www.freerepublic.com/focus/f-bloggers/2567539/posts

Michael Hirsh - Newsweek “

LOL.....all we need to know.


12 posted on 08/29/2010 8:25:09 AM PDT by stephenjohnbanker (((.Go troops! " Vote out RINOS. They screw you EVERY time" Jim Robinson)
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To: maggief

tax cuts would work but that is like supporting pro life to the rats


13 posted on 08/29/2010 8:29:05 AM PDT by italianquaker (obama all hat no cattle)
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To: stephenjohnbanker

Wall Street is now steering some campaign contributions to the GOP for 2 reasons:

1. They’re mad at the Kenyan for not getting their Cap & Trade scheme passed

2. They’re afraid of what a GOP house with subpoena power will find out about the backroom deals that were made during Obama’s socialist orgy of the past 1.5 years. They need RINO’s to cover things up and have decided to pay protection money if the GOP retakes the House.


14 posted on 08/29/2010 8:30:17 AM PDT by jimbo123
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To: stephenjohnbanker

I should have checked the Journ0List before posting the thread, as I would have noted it in the title.


15 posted on 08/29/2010 8:33:21 AM PDT by maggief
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To: maggief

” I should have checked the Journ0List before posting the thread, as I would have noted it in the title. “

You mean to tell us you aren’t perfect??

NAW!!

;-)


16 posted on 08/29/2010 8:36:24 AM PDT by stephenjohnbanker (((.Go troops! " Vote out RINOS. They screw you EVERY time" Jim Robinson)
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To: jimbo123; All

” Wall Street is now steering some campaign contributions to the GOP for 2 reasons:

1. They’re mad at the Kenyan for not getting their Cap & Trade scheme passed

2. They’re afraid of what a GOP house with subpoena power will find out about the backroom deals that were made during Obama’s socialist orgy of the past 1.5 years. They need RINO’s to cover things up and have decided to pay protection money if the GOP retakes the House. “

FReeper jimbo123

Sunday morning W I N N E R !

Read it, folks.


17 posted on 08/29/2010 8:39:28 AM PDT by stephenjohnbanker (((.Go troops! " Vote out RINOS. They screw you EVERY time" Jim Robinson)
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To: maggief

“Joe Biden—the product of a working-class upbringing in Scranton, Pa” ??????

I thought Biden claimed that his old man was a diamond stickpin kind of guy.


18 posted on 08/29/2010 8:40:22 AM PDT by Chi-townChief
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To: maggief
Now it looks like grim growth and unemployment numbers could extend all the way into 2012.

And so it starts, the blame game begins for the coming election debacle in Nov 2010 and the probable Demo political collapse in 2012. Rahm is out, Timmy G and Summers are marked men, Biden will retire for “health reasons”. The deck chairs are about to be shuffled, but don't expect it to make much difference.

The power structures are at war right now, the political vs the economic interests, the previous uneasy alliance, is coming apart. And it will be war with fury. Bam etal decided to play along, The Fed and Wall Street laughed and took them for a ride. Newsweek is just a pawn for these tools.

They were both betting that this was just like other recessions, 2 years and things would be “improving” and all would be well. Spend a couple of trillion and the market and jobs picture would be better and the voters will come home to the Demos.

But it didn't happen because we have reached the end of the credit cycle, the marginal value of all this spending is now less than 1, it costs more than it helps. Many could see this, most were uneasy with it, but the warnings went unheeded.

Bam and his ilk will be on the ash pile of history, the Progressives are dead. And all us regular folks will have to pickup the pieces from their folly, the US will never be the same. I for one am very angry ....

schu

19 posted on 08/29/2010 8:42:03 AM PDT by schu
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To: stephenjohnbanker

LOL!


20 posted on 08/29/2010 8:50:22 AM PDT by maggief
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To: MNJohnnie

Don’t you think there is a responsibility, at this point, in critizing the bankster’s business practices and investment instruments used to demolish their institutions? They crashed the US housing market with their dishonest loan games. They ended up shaking down the US Treasury to cover for their failing “free market” ruse and stupidity. They left the American people - property owners and taxpayers - holding the bag for it all!

The critizisms in this article may not be the correct ones and are probably are designed to serve an anti-capitalism leftist agenda. But I sure hope conservatives admit there is a problem and have some accurate takes on what went wrong in the banking industry and are ready to bust some failing and scamming politician and bankster heads if we get power again. We need to make changes that will ensure the success of free markets, protect the Treasury and the economy from future shake downs.

What do you think? I hope conservatives have questions and solutions they want answered and addressed in the aftermath of this economic crash and bankster shake down. There will be investigations and hearings into the banking industry and political corruption if Repubicans win the House.


21 posted on 08/29/2010 8:50:58 AM PDT by SaraJohnson
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To: maggief

This seems like lamer than usual blame shifting. It doesn’t read as if it’s been groomed by an editor to get that slick, sleight-of-hand blame shifting prowess in place. Does this indicate that journo-listers have not re-established smooth communication yet and so each lame-stream media talking head is ‘on his own’ trying to make up stupid excuses or is this the best the ‘new and improved journo-list’ could come up with. Or maybe there’s just so few people left in the dinosaur media that no one who writes persuasively is left at Newsweek?


22 posted on 08/29/2010 8:52:04 AM PDT by ransomnote
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To: schu

Haven’t heard much from the little fairy Rahm recently. Is she in hiding?


23 posted on 08/29/2010 8:58:52 AM PDT by jimbo123
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To: SaraJohnson

” The critizisms in this article may not be the correct ones and are probably are designed to serve an anti-capitalism leftist agenda. But I sure hope conservatives admit there is a problem and have some accurate takes on what went wrong in the banking industry and are ready to bust some failing and scamming politician and bankster heads if we get power again. We need to make changes that will ensure the success of free markets, protect the Treasury and the economy from future shake downs.

What do you think? I hope conservatives have questions and solutions they want answered and addressed in the aftermath of this economic crash and bankster shake down. There will be investigations and hearings into the banking industry and political corruption if Repubicans win the House.”

Goldman OWNS Obama.

Now that McCain has won, look for him to be the lead Republican to kill any investigations into investment banking crimes.

Look at the top ten contributors to Obama

Now look at McCains.

Note the similarities? ;-)


24 posted on 08/29/2010 9:00:34 AM PDT by stephenjohnbanker (((.Go troops! " Vote out RINOS. They screw you EVERY time" Jim Robinson)
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To: SaraJohnson
Yes, there is a problem.

And it still hasn't been reformed.

A Government/Private organization called Fannie Mae and Freddie Mac, which both GW Bush and John McCain tried to reform, and which Democrats like Barney Frank stonewalled their attempt at reforming.

Instead of blaming the bankers for partaking in a mortgage back security market, blame the CREATORS of that Market, Fannie Mae and Freddie Mac.

So instead of regurgitating the Progressive Fascists lies about Bankers, try learning the REAL problem at the heart of the Housing Crash. Reckless US Government interference in the the private sectors lending practices.

Start by reading these

http://hnn.us/articles/1849.html

http://seekingalpha.com/article/85249-fannie-and-freddie-are-largely-responsible-for-the-housing-bubble

25 posted on 08/29/2010 9:05:16 AM PDT by MNJohnnie (The problem with Socialism is eventually you run our of other peoples money. Lady Thatcher)
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To: maggief
The president was being perceived, more and more, as a man on the wrong side of an incendiary issue.

perceived ?
26 posted on 08/29/2010 9:07:28 AM PDT by stylin19a (Never buy a putter until you first get a chance to throw it)
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To: maggief
Ah, OK.

So, Barry is gullible and incompetent, not complicit and evil.

Gotchya.


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

27 posted on 08/29/2010 9:34:02 AM PDT by The Comedian (Evil can only succeed if good men don't point at it and laugh.)
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To: MNJohnnie

Thanks. I will check out the links.


28 posted on 08/29/2010 9:41:53 AM PDT by SaraJohnson
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To: stephenjohnbanker

It is a disgrace this has not been highlighted in McLame’s election campaign along with his open border and amnesty betrayals! Would the country be better off if conservatives in Arizona sat out the election rather than helping Juan get back into the Senate?

Oh my goodness! Maybe Conservatives can organize to fight McLame off if he get re-elected and tries to protect his corrupt friends through unearned Rino “leadership” of the Senate Republicans?


29 posted on 08/29/2010 9:48:39 AM PDT by SaraJohnson
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To: SaraJohnson
I know, it really hard to let go of all the societal conditioning and deal with the facts.

For decades Americans have been brainwashed to hate and fear "evil corporate leaders" by Hollweird and TV.

Really hard to let go of the habit and deal with the world as it is, not as the Democrat Party's Progressive Fascist political/media machine would have you believe it is.

30 posted on 08/29/2010 9:58:23 AM PDT by MNJohnnie (The problem with Socialism is eventually you run our of other peoples money. Lady Thatcher)
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To: maggief

Have you actually picked up a copy of Newsweek lately..say in a doctor’s office, or the barber...has about 10 pages..and like ZERO advertising...$1 was waaaay too much to pay for it..


31 posted on 08/29/2010 10:03:02 AM PDT by ken5050 (Save the Earth..It's the only planet with chocolate!!!)
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To: maggief

Michael Hirsh

32 posted on 08/29/2010 10:05:16 AM PDT by kcvl
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To: maggief
I watched the movie Inglorious Bastards the other night.

It's too bad we don't have someone like the Brad Pitt character carving a big “J” (for Journolista), into the foreheads of these so called Journalists like he carved Swastikas into the foreheads of the Nazis.

It's always good to be able to recognize your enemies when you come face to face with them.

33 posted on 08/29/2010 10:05:39 AM PDT by Kickass Conservative (Obamunism, the fatal cure for Bush Derangement Syndrome.)
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To: maggief
Barry didn't get rolled, he paid off like if fixed boxing match.

He has no idea how the financial system works and doesn't care how it works. His only idea on any topic is for the government to take over more of whatever is under discussion. He was happy to take over all student loans, for example, on the excuse that it would help the banks. Student loans were a drag on huge banks built by combining regional banks, many of which were holding lots of "under performing" student loans. He was more than happy to take it off their hands, he was ecstatic to have a good excuse to gain control of student access to funding as an adjunct to the control of faculties the left has sopped up over the years. If he ever happens to get another majority, he'll try to replace Fannie and Freddie with some super agency that will handle all home financing the same way the Federal government now controls all student loans. He may even propose such a takeover prior to November as part of the "creative approaches" the Federal Reserve will be trying out.

Bankers in this country have become addicted huge short term deals, leveraging the risk, and getting in and out in a hurry. Not only will none of them ever again actually think through how to make money financing homes or cars without bankrupting those making the purchase, they're even busy trying to figure out how to turn credit cards over to the government as well. Then they're free to focus on the real theft, theft that the little guy pays for and the government covers up for them.

What could possibly go wrong with a system that determines who can and cannot be born based on their DNA, aborts any "mistakes" rather than "punishing" those involved, determines who deserves aid for any and all education, decides what your credit rating is based on your ideological purity, decides who deserves a home of their own, decides who deserves health care, and decides who should be permitted to burden the system for more than 60 years? Really, as long as the brightest people are at the helm, what could go wrong?

This is the same old fascist crap about capital and government elites cooperating to build a better society by breeding for desired traits in the general population the same way cattle are bred. It's the end result of years of work by those who agree with every word in the book "Beyond Freedom and Dignity" that became a leftist must read years ago. The fact that they haven't actually started murdering the feeble minded (as the Nazi news reels called them) or weeding out and disposing of those "condemned to lives unworthy of living" just means that the czars haven't had time to put it into effect yet, not that it isn't part of the plan. If that's not enough, the fact that "brave" democrats are talking about how to deal with the "undue Jewish influence" problem this country has only means that they haven't yet decided on how harsh to be, not that they're just talking trash to garner Islamic votes and money rather than being truly antisemitic themselves.

Regards

34 posted on 08/29/2010 10:06:51 AM PDT by Rashputin (Obama is already insane and sequestered on golf courses or vacations so you won't know it)
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To: kcvl
Umm, really big forehead there.
35 posted on 08/29/2010 10:06:51 AM PDT by Kickass Conservative (Obamunism, the fatal cure for Bush Derangement Syndrome.)
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To: Kickass Conservative

Michael Hirsh:

“Palin responded to some of the criticism against her, with a “streak of vindictiveness toward her political enemies.”


36 posted on 08/29/2010 10:13:22 AM PDT by kcvl
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To: maggief

Two days after the death of G.O.P. icon Jack Kemp, Newsweek Senior Editor Michael Hirsh posted a classless obituary on Monday, “The Dangers of Amateurism,” calling the football player, politician, and self-taught economist Kemp an “amateur econo-cultist.”

Newsbusters.com


37 posted on 08/29/2010 10:15:12 AM PDT by kcvl
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To: SaraJohnson

Fannie and Freddie need to go. The problem with the Fed also needs to be looked into. Now I don’t want congress directly controlling the money supply (what a nightmare) but the Fed can’t be allowed to keep interest rates at obscenely low levels for years on end.

As far as the blatant corruption of politicians bailing out their friends and supporters - that’s water under the bridge. The past can’t be corrected; we can only move forward.


38 posted on 08/29/2010 10:15:34 AM PDT by eclecticEel (Life, Liberty, and the Pursuit of Happiness: 7/4/1776 - 3/21/2010)
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To: maggief

How much do reporters hate George Bush? Newsweek correspondent Michael Hirsh appeared on the left-wing Young Turks radio show and cheered on the Iraqi journalist who chucked his shoes at Bush. “They have reason to be upset with the author of this, and a shoe aimed at Bush’s head is not such a terrible expression of some of that frustration.” He suggested the Bush era was a time of “mass hallucination” and Obama’s rise put an end to the madness. Hirsh wished Bush good riddance: “This guy’s about gone, and we can stop pretending that there was any kind of, you know, rational strategic motivation behind this act of war that he committed.” Hirsh said Bush and his team have “blood on their hands,” but will never admit they were wrong. “Bush is not going to end up in The Hague obviously, there’s not going to be any charges against him, and so, you know, a shoe shied at him by an Iraqi journalist might be the one small measure of justice that was achieved.”

Newsbusters.com


39 posted on 08/29/2010 10:17:34 AM PDT by kcvl
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To: maggief

Michael Hirsh of the Post’s sister publication, “We are all Socialists Now” Newsweek:

MICHAEL HIRSH, NEWSWEEK: so many of you still seem tied down to your old ideological moorings. on the early evidence obama is not similarly tied down on any level, whether diplomatically or economically (or politically: note his big-tent approach to joe lieberman). a post-ideological presidency — what a novelty, and what a relief! but this new obamian world view, i fear, also puts many of you who are part of this group in danger of imminent irrelevance. cheers, mike hirsh


40 posted on 08/29/2010 10:21:49 AM PDT by kcvl
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To: kcvl

“Michael Hirsh appeared on the left-wing Young Turks radio show and cheered on the Iraqi journalist who chucked his shoes at Bush. “

This explains the weirdly stilted way the article is written. The account of Barry feigning surprise reads like fiction crafted by David Axelrod and fed to friendly, naive journalists who will unquestioningly and dutifully print whatever they are instructed to print from the WH. Barry is solely responsible for shoveling stacks of tax dollars into the pockets of bankers with no benefit to taxpayers. Barry has accomplished the near impossible feat of using the Federal Government as a tool to benefit the most undeserving people on both the right and the left. Dem. voters should abandon ship now that it’s clear that Barry will sell them out so easily whether out of ignorance or design.


41 posted on 08/29/2010 10:32:48 AM PDT by purplelobster
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To: eclecticEel

“As far as the blatant corruption of politicians bailing out their friends and supporters - that’s water under the bridge. The past can’t be corrected; we can only move forward.”

You know, I think it is a real bad idea when we “move along” before dealing with the criminals and traitors in power. When they get away with crimes and treason, their peers commit worse crimes and treason down the road. I think watching their pals frog marched off to prison and/or the subject of extreme public exposure, ridicule and rejection is ultimately good for the political process. Dark secrets or cover ups are poison to a Nation’s government as it leaves the corrupt open to blackmail for more and deeper corruption.

It is not pleasant to be of a prosecutor’s mentality. But I think it is necessary - especially now that things have gotten so bad. If we stand for honor...let’s try acting like it for a change. “Move on” is a Soros organization and ideal of elitist double standards to protect corruption.


42 posted on 08/29/2010 10:33:14 AM PDT by SaraJohnson
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To: SaraJohnson

Besides being to big to fail these banks were too big to not profit and too big not to accumulate that profit into new equity to stabilize them. This was no surprise and it is no surprise that they are holding more reserves and not lending much..they need to hold a lot of profitable govt bonds to regain their capital position. Plus..they need about 60% of the market in lending and credit cards to make enough money to be profitable. A new monster of a banking system has been created. Fannie and Freddie need to buy and guarantee their mortgages.


43 posted on 08/29/2010 11:28:34 AM PDT by Oldexpat
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To: MNJohnnie

I know, it really hard to let go of all the societal conditioning and deal with the facts.
For decades Americans have been brainwashed to hate and fear “evil corporate leaders” by Hollweird and TV.

Really hard to let go of the habit and deal with the world as it is, not as the Democrat Party’s Progressive Fascist political/media machine would have you believe it is.


Well, you have called me brainwashed by hollywood...but I am going to let that insult go. Thanks for the vote of confidence.

I’ve known some CEO’s in my time, MNJ. Some are good, honest people and some suck toe lint. Life is not so black and white - like those old time movies. ;)


44 posted on 08/29/2010 10:17:17 PM PDT by SaraJohnson
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To: schu
Bam and his ilk will be on the ash pile of history, the Progressives are dead. And all us regular folks will have to pickup the pieces from their folly, the US will never be the same. I for one am very angry ....

The death of the Progressives could well be worth it. Although Freddie and Fannie still remain, and Wall St. still needs fixing.

45 posted on 08/30/2010 2:52:39 PM PDT by neverdem (Xin loi minh oi)
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To: neverdem
The death of the Progressives could well be worth it. Although Freddie and Fannie still remain, and Wall St. still needs fixing.

Yes, hope your correct. What I think we are looking at is a multi-generational repair program. The institutions and structures in place, dominated by progressives and progressive ideas, can not survive. There simply is insufficient money.

The question is how it gets fixed, dictator, anarchy, destruction, a semblance of a sane society or who even knows. 100 years of these crazy ideas (The Fed, IRS, SS, welfare, etal) foisted on us by the progressive movement will take a long time to undo. Fannie, Freddie and Wall Street will be unrecognizable when this thing is done coming apart.

schu

46 posted on 08/30/2010 6:08:25 PM PDT by schu
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To: Oldexpat

...This was no surprise and it is no surprise that they are holding more reserves and not lending much..they need to hold a lot of profitable govt bonds to regain their capital position. Plus..they need about 60% of the market in lending and credit cards to make enough money to be profitable...”

That makes sense to me. I know the Obama and the left are upset that the bailouts did not produce more bad loans. There is no way corporations should be paying large bonuses to losers who just got bailed out by my tax dollars, though. The performance incentive system is as warped as are the loan qualifications.


47 posted on 08/30/2010 9:13:42 PM PDT by SaraJohnson
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