Posted on 04/04/2009 6:35:53 AM PDT by TigerLikesRooster
Where's My Pitchfork?
President Obama was said to have recently had a meeting in which he said:
But President Barack Obama wasn’t in a mood to hear them out. He stopped the conversation, and offered a blunt reminder of the public’s reaction to such explanations. “Be careful how you make those statements, gentlemen. The public isn’t buying that.”
“My administration,” the president added, “is the only thing between you and the pitchforks.”
Yes, Mr. President, you are. But let's be blunt - should your administration be exempt from the pitchforks?
Let's set the wayback machine to December 29th, 2007. On that date I wrote:
If the CDS writer has charged you an amount of money necessary to actually cover the risk of a default, plus their profit, the total amount of money available off that 200 basis points decreases. That is, the total profit available in the deal must decrease for each component that is added to the complexity of the transaction and for each person who has some “finger in the pie.”
The common law of business balance prohibits it from being otherwise in fact, no matter what you are told.
....
Because the person who writes that swap at a lower-than-actual-risk premium has effectively "created" money. They have made a promise to pay they cannot keep at the actual price of risk; in effect, they have "grown" the monetary base via cheating!
Go back and read that entire article again. It has now "aged" by more than a year.
(Excerpt) Read more at market-ticker.denninger.net ...
I have only one question left: Are you (the government) a cop or a felon?
I choose "felon", Karl.
0gabe and his stooge Guithner are just as bad as the banksters. They are in cahoots with them and the TALF idea proves it. TALF is just more robbery of future generations and this one. The scum who caused this meltdown are going to clean it up and make billions doing so!! It is a scam and the taxpayers will be burdened with trillions in debt doing it
Whatever. But why did we bail out AIG? We backdoored the money to a bunch of European banks. And the AIG unit responsible for the credit default swaps, the London group, got their bonuses no muss no fuss.
Obama and Co are creating class warfare and reaping the benefits of the popularist outcry to pass legislation that will bankrupt our economy and turn us into socialist Europe. Sure their is plenty of blame to attach to Wall St but that does not mean that the government is entitled to take over private companies and banks, run them, control salary and redistribute wealth.
For the Nazi's and Germans years past it was the Jews. In Russia, Cuba, today in Venezuela it's no different. Obama talks a lot about being a uniter bla bla bla, but in reality he's divisive and paints people as black sheep. He just talks sweet nothings he knows people want to hear, but he's about as partisan and divisive as you can get. He talks of hope; but all through his campaign and until recent, until himself president and bridled by others within his ranks that told him to tone down with his doom and gloom rhetoric, he was all about failure and our immanent demise.
Class-warfare and the picture of hopelessness is what people like him use to drive their agenda. Jesse Jackson, Al Sharpton...... all the same. Obama simply has packaged this nonsense to a broader mass of people (including whites), not singling out blacks only. Obama deals in fear and class-warfare, and when you listen to near all his speeches and look at the underlying arguments he presents, it's reminicent of some Jesse Jackson speech years past, only now he includes whites..
He talks a lot of hope and change, but in reality he's the antithesis of what he's selling to the “masses.”
Those forced minority loans due to "Community Revitalization Act" are 5% of the mess at most. Even all the sub-prime loans are one trillion so relatively containable. As you said, it is Wall Street's derivatives and credit default swaps and bundling mortgages into securities that created most of the problem
Karl Denninger is telling it like it is http://market-ticker.denninger.net/
We are being stripped of our freedoms...money is second...money didn’t buy our freedom to begin with!!
Keep your eye on the ball!!
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