Tag: banking

Obama to banks: Pssst. Don’t bank on U.S. defaulting

Fox News relates a tale of underhanded scaremongering for personal political advantage – in other words, just another day at the Oval Office in the Obama Administration:

What do you call a guy who yells “Fire!” in a crowded theatre while texting his cronies “Chill out and get ready to snap up free popcorn”?

Unfortunately, the proper appellation in this case would be “Mr. President”.

obama-yells-fire
"Fire! Fire! Fire! Just kidding! Just kidding! Just kidding!"

Fox News relates a tale of underhanded scaremongering for personal political advantage – in other words, just another day at the Oval Office in the Obama Administration:

While officials from the Obama Administration raised their rhetoric over the weekend about the possibility of a debt default if the debt ceiling isn’t raised, they privately have been telling top executives at major U.S. banks that such an event won’t happen….

…administration officials have told bankers that the administration will not allow a default to happen even if the debt cap isn’t raised by the August 2 date Treasury Secretary Tim Geithner says the government will run out of money to pay all its bills, including obligations to bond holders.

A senior banking official told FOX Business that administration officials have provided guidance to them that […] a default is off the table…

This guidance is a big reason why Wall Street has largely dismissed the possibility of default…

“They also know they can pay the debt with cash on hand,” this official told FOX Business.

Obamunists scream “Republican monsters are going to eat your social security checks!” to grandmothers while nudging the bankers and whispering, “Don’t take this crap seriously.”

– Written by Bonfire of the Absurdities

Source: FoxBusiness.com

A video guaranteed to piss you off: the IndyMac Bank scandal

George Soros to the rescue! We always suspected that the banks that acquired “failed” banks got some pretty sweet deals. But this is ridiculous.

George Soros to the rescue! We always suspected that the banks that acquired “failed” banks got some pretty sweet deals. But this is ridiculous.

Barbara Boxer working hard to prove to California voters that she’s just as stupid as people say

Barbara “Dumb As A Box of Rocks” Boxer actually stood up before the television cameras and asked the following question:…For community banks to lend, can you do that by executive order, because my understanding is that you can use some of the TARP funds that were paid back or use those funds that have not been used. Can you use that to get this going by executive order or do you need us to put that program into a jobs bill.

Barbara “Dumb As A Box of Rocks” Boxer actually stood up before the television cameras and asked the following question:

“I want to ask you about small business. We all know they’re the job creators. 64% of new jobs over the last 15 years came from small business. Your new proposal, which does mirror a couple of people…I look at a …Senator Merkley, I know, Senator Warner and others, we’ve worked hard on this. For community banks to lend, can you do that by executive order, because my understanding is that you can use some of the TARP funds that were paid back or use those funds that have not been used. Can you use that to get this going by executive order or do you need us to put that program into a jobs bill. And second are you using your influence as much as you can to get the big banks to lend? They’ve dropped lending by $12 billion over the last year. So I wonder if you can give us an update on that?”

Translation: Where do I sign up to abdicate my constitutionally-mandated powers to the executive branch.

What are the odds that California voters will do the right thing in November?

CIT goes bankrupt. Poof! There go those TARP profits the Obama administration bragged about last month

Remember how the media happily bought the Obama administration’s TARP storyline back in August?

Tim Geithner should remember the words of noted American philosopher and baseball pitcher Satchel Paige, "Don't look back. Something might be gainin' on you."
Tim Geithner should remember the words of noted American philosopher and baseball pitcher Satchel Paige, "Don't look back. Something might be gainin' on you."

Remember how the media happily bought the Obama administration’s TARP storyline back in August?

For example, this report from the New York Times:

As Banks Repay Bailout Money, U.S. Sees a Profit

Nearly a year after the federal rescue of the nation’s biggest banks, taxpayers have begun seeing profits from the hundreds of billions of dollars in aid that many critics thought might never be seen again.
The profits, collected from eight of the biggest banks that have fully repaid their obligations to the government, come to about $4 billion, or the equivalent of about 15 percent annually, according to calculations compiled for The New York Times.

That’s great news! TARP was pure genius. Give Obama a Nobel Prize in Economics to go on the mantel next to the Peace Prize. Except for one thing.

As the Naked Capitalist said, “Credit 101 is that your best borrowers repay first (unless you gave them overly generous terms, of course, then they might hang on to the proceeds). A quick but not conclusive search suggests that only a small portion of the TARP has been retired, so it is wildly premature to declare victory.”

Wildly premature, indeed, considering the latest news from Bloomberg:

Continue reading “CIT goes bankrupt. Poof! There go those TARP profits the Obama administration bragged about last month”

You gave half a trillion of our dollars to who? And why?

Florida Congressman Alan Grayson may be a Democrat, but watching him grill Federal Reserve Chairman Ben Bernanke before the House Financial Services Committee is a thing of beauty.

Florida Congressman Alan Grayson may be a Democrat, but watching him grill Federal Reserve Chairman Ben Bernanke before the House Financial Services Committee is a thing of beauty.

Bernanke sent half of a trillion dollars to overseas banks, but gets a little hazy when it comes to explaining where the money went.

The highlight is when Grayson laughs out loud at Bernanke. We think he’d been reading IHateTheMedia.com and knew that if he didn’t laugh, he’d cry.

Source: Author editorPosted on Categories News 2Tags , , 2 Comments on You gave half a trillion of our dollars to who? And why?

Katie Couric wants the DMV to be your banker

photo: Travis Isaacs
photo: Travis Isaacs

We’re pretty sure Katie Couric leads a damn glamorous life. Limos to the studio. Limos to dinners at fabulous restaurants. Limos to the Hamptons for long, leisurely weekends.

Yet when this shameless prima donna examined pros and cons of the federal government nationalizing the banks, she concluded by saying, “…a government bureaucracy may not offer the best customer service.”

Earth to friggin’ Katie. May not offer the best service? For god’s sake, woman, order your limo driver to take you down to the DMV tomorrow. Have your man servant help your dainty ass out of the back seat. Then have your assistant open the door so you can walk inside and see what the real world is like.

Take it from us, honey, you don’t want these people in charge of your checkbook.

I HATE THE MEDIA ™
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