More On The Tax Cut Fear Mongering
Larry Summers: The Sky Will Fall Unless We Cave Into the Oligarchy
Strange how history had been repeating itself lately, isn't it? Gee Larry, I thought you had left the building, but again, this reminds me how Hank Paulson and Chimpy did the 'first of many' transfers of wealth to the top 1 percent as 'they left the White House,' and it also reminds me of how Chris Dodd is leaving the 'Building' as he managed to both pass the absolute worst fake Financial Reform Bill evaaaaa,, while continuing to try to discredit Elizabeth Warren, and it also reminds me of when our Lord and Master, 'Ben Bernanke' was up for reelection how Robert Gibbs had the temerity to insinuate that he 'Our Lord and Master, Bernanke,' was not reelected, there good be 'repercussions.'
OMFG. The question was never that the American people are being held hostage: the real question is to realize that we are being held hostage, by both parties, but of course, we must not face that horrible truth, must we?
Yeah, I remember that fucking threat, so I'm not at all surprised by Larry Summers new threat, not at all:
Remember this? I do:
Asked about the potential financial repercussions of the U.S. Senate voting against Bernanke, (Robert) Gibbs said, "The best way to not have to deal with those repercussions is to support Ben Bernanke for a second term."
It does not matter if we don't want to take a good hard look at this veiled threat, or what that fucking idiot Bernanke and Greenspan cost this nation:
Bernanke intentionally allowed the growth of credit aggregates at rates of 50% to 100% faster than GDP over the last decade, a direct violation of the law governing The Federal Reserve and the underlying and necessary predicate for the bubble to occur. He was, in fact, the loudest Federal Reserve advocate of Greenspan's "easy money" policies after the 2000 Nasdaq market collapse. Bernanke has willfully and intentionally ignored basic mathematical facts related to the growth in credit aggregates - specifically, that permitting credit aggregates to grow faster than GDP always must eventually, if maintained, lead to a massive credit bust. This is a function of basic mathematics - specifically, exponents. All the fancy "econometric models" in the world cannot violate the basic laws of mathematics.
Bernanke refused to regulate lending and securitization by the banks during the housing bubble despite the fact that the FBI issued a formal warning of massive fraud in 2004 and both HUD and Corelogic issued studies in 2005 and 2006 showing nine of ten borrowers in "ALT-A" loans had lied about their incomes. Without suckers to buy these worthless securities this irresponsible lending could not have taken place. He willfully refused to both conform with the law and regulate the banks fostered the environment in which they have and continue to asset-strip the citizens of this nation. Bluntly put the big banks are paying out 1% of GDP to a few thousand people not due to hard work, industry and innovation but rather due to rank exploitation and deliberate mispricing of risk with the costs of these outrageous and intentional acts shifted to the citizens of this nation. In addition, Bernanke has intentionally concealed the terms and beneficiaries of bailouts and handouts despite multiple requests from Congress and The Press, has fought FOIA requests, has ignored Congress outright.
Bernanke has in fact been dead wrong on virtually every pronouncement he has made over the last ten years on economic matters, including claims that there was no housing bubble as late as 2006, that subprime was contained, that we would not experience a recession, that his policy prescriptions would stabilize the economy and job market and that if EESA/TARP was passed the stock market would not collapse. Each and every one of those claims was in fact wrong. Bernanke claimed, in sworn testimony, that he would not monetize the debt. While he was speaking - almost literally to the hour - The Federal Reserve was in fact monetizing $300 billion in Treasury debt and $1.2 trillion in Fannie and Freddie Securities - securities we now know are stuffed full of fraudulent mortgages that Fannie and Freddie bought during the bubble years. He has refused to accept responsibility for his policies. Bernanke claims to have a plan to exit his "extraordinary measures" but has refused to explain that plan. This is likely because he has not supported the mortgage-backed security market, he is, in fact, the market, having now bought literally more than the entire net issuance in 2009! The reason Bernanke has not explained his exit strategy is simple: he doesn't have one. Finally, Bernanke has willfully and intentionally ignored obvious and clear indications of front-running in the bond market while he has been running his "quantitative easing." There have been inexplicable pricing moves in the Treasury Market in the very specific issues that were then bought by The Fed just hours or days later. While there is no "smoking gun" proving that The Fed has communicated to certain market participants what would be bought, and then intentionally overpaid for those very same securities, it is impossible to look at this market's performance in an objective, statistical fashion over the last year and not reach the inescapable conclusion that someone, or a handful of someones, have been cheating.
http://market-ticker.denninger.net/
Me?
I'm getting sick and tired of these fucking threats, especially from the likes of Larry Summers. Fuck you Larry, because guess what? We already paid the greatest price of all:
Here is a clue Larry: We are already in a new Great Depression with double dip unemployment (not the fake 10 percent on the MSM) and here is another clue: Most of us have already lost all the equity in our own homes, which is holding us hostage to even looking for a new job out of our own states because of the the failing illicit Foreclosure Mills (that are getting away with murder) when Hamp has only spent 8 percent of the allotted funds to help out homeowners.
...read the rest here if you can take it: http://www.dailykos.com/story/2010/12/8/927165/-Larry-Summers:-The-Sky-Will-Fall-Unless-We-Cave-Into-the-Oligarchy
Strange how history had been repeating itself lately, isn't it? Gee Larry, I thought you had left the building, but again, this reminds me how Hank Paulson and Chimpy did the 'first of many' transfers of wealth to the top 1 percent as 'they left the White House,' and it also reminds me of how Chris Dodd is leaving the 'Building' as he managed to both pass the absolute worst fake Financial Reform Bill evaaaaa,, while continuing to try to discredit Elizabeth Warren, and it also reminds me of when our Lord and Master, 'Ben Bernanke' was up for reelection how Robert Gibbs had the temerity to insinuate that he 'Our Lord and Master, Bernanke,' was not reelected, there good be 'repercussions.'
OMFG. The question was never that the American people are being held hostage: the real question is to realize that we are being held hostage, by both parties, but of course, we must not face that horrible truth, must we?
Click to viewYeah, I remember that fucking threat, so I'm not at all surprised by Larry Summers new threat, not at all:
Remember this? I do:
Asked about the potential financial repercussions of the U.S. Senate voting against Bernanke, (Robert) Gibbs said, "The best way to not have to deal with those repercussions is to support Ben Bernanke for a second term."
It does not matter if we don't want to take a good hard look at this veiled threat, or what that fucking idiot Bernanke and Greenspan cost this nation:
Bernanke intentionally allowed the growth of credit aggregates at rates of 50% to 100% faster than GDP over the last decade, a direct violation of the law governing The Federal Reserve and the underlying and necessary predicate for the bubble to occur. He was, in fact, the loudest Federal Reserve advocate of Greenspan's "easy money" policies after the 2000 Nasdaq market collapse. Bernanke has willfully and intentionally ignored basic mathematical facts related to the growth in credit aggregates - specifically, that permitting credit aggregates to grow faster than GDP always must eventually, if maintained, lead to a massive credit bust. This is a function of basic mathematics - specifically, exponents. All the fancy "econometric models" in the world cannot violate the basic laws of mathematics.
Bernanke refused to regulate lending and securitization by the banks during the housing bubble despite the fact that the FBI issued a formal warning of massive fraud in 2004 and both HUD and Corelogic issued studies in 2005 and 2006 showing nine of ten borrowers in "ALT-A" loans had lied about their incomes. Without suckers to buy these worthless securities this irresponsible lending could not have taken place. He willfully refused to both conform with the law and regulate the banks fostered the environment in which they have and continue to asset-strip the citizens of this nation. Bluntly put the big banks are paying out 1% of GDP to a few thousand people not due to hard work, industry and innovation but rather due to rank exploitation and deliberate mispricing of risk with the costs of these outrageous and intentional acts shifted to the citizens of this nation. In addition, Bernanke has intentionally concealed the terms and beneficiaries of bailouts and handouts despite multiple requests from Congress and The Press, has fought FOIA requests, has ignored Congress outright.
Bernanke has in fact been dead wrong on virtually every pronouncement he has made over the last ten years on economic matters, including claims that there was no housing bubble as late as 2006, that subprime was contained, that we would not experience a recession, that his policy prescriptions would stabilize the economy and job market and that if EESA/TARP was passed the stock market would not collapse. Each and every one of those claims was in fact wrong. Bernanke claimed, in sworn testimony, that he would not monetize the debt. While he was speaking - almost literally to the hour - The Federal Reserve was in fact monetizing $300 billion in Treasury debt and $1.2 trillion in Fannie and Freddie Securities - securities we now know are stuffed full of fraudulent mortgages that Fannie and Freddie bought during the bubble years. He has refused to accept responsibility for his policies. Bernanke claims to have a plan to exit his "extraordinary measures" but has refused to explain that plan. This is likely because he has not supported the mortgage-backed security market, he is, in fact, the market, having now bought literally more than the entire net issuance in 2009! The reason Bernanke has not explained his exit strategy is simple: he doesn't have one. Finally, Bernanke has willfully and intentionally ignored obvious and clear indications of front-running in the bond market while he has been running his "quantitative easing." There have been inexplicable pricing moves in the Treasury Market in the very specific issues that were then bought by The Fed just hours or days later. While there is no "smoking gun" proving that The Fed has communicated to certain market participants what would be bought, and then intentionally overpaid for those very same securities, it is impossible to look at this market's performance in an objective, statistical fashion over the last year and not reach the inescapable conclusion that someone, or a handful of someones, have been cheating.
http://market-ticker.denninger.net/
Me?
I'm getting sick and tired of these fucking threats, especially from the likes of Larry Summers. Fuck you Larry, because guess what? We already paid the greatest price of all:
Here is a clue Larry: We are already in a new Great Depression with double dip unemployment (not the fake 10 percent on the MSM) and here is another clue: Most of us have already lost all the equity in our own homes, which is holding us hostage to even looking for a new job out of our own states because of the the failing illicit Foreclosure Mills (that are getting away with murder) when Hamp has only spent 8 percent of the allotted funds to help out homeowners.
...read the rest here if you can take it: http://www.dailykos.com/story/2010/12/8/927165/-Larry-Summers:-The-Sky-Will-Fall-Unless-We-Cave-Into-the-Oligarchy