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View Diary: President Obama's statement on withdrawal of Larry Summers for chairman of Federal Reserve (28 comments)

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  •  bleah (6+ / 0-)

    that is all.

    How is taking a hundred dollars worth of food from hungry kids or from old poor sick people equal to taking a hundred dollars from billionaires? -- howabout, 19 Dec 2012

    by billlaurelMD on Sun Sep 15, 2013 at 04:19:16 PM PDT

    •  Brilliance? (10+ / 0-)

      Throw a trillion dollars at the bank and then trillions more through the Fed.  

      Throw some stimulus at the economy padded with a whole lot of tax cuts.  Summers reduced the real stimulus numbers.

      Almost nothing for the little guy who paid for all of the above.

      Big corrupt banks got bigger and more corrupt.

      No bank execs indicted.

      HAMP program benefitted the banks more than the people. Millions and millions lost homes to foreclosure.

      Massive, massive fraud in the mortgage business and fraudulent robosigning, all whisked under the rug with a phony mortgage fraud task force that really never was a task force, just an election year gimmick.

      The rich are now much richer and the poor poorer.  All the gains went to the 1%.

      Unemployment remains disastrous for the country. The only reason the number goes down is because people give up on looking for a job, for good and the fall off the rolls.

      This is brilliance?  


      "Justice is a commodity"

      by joanneleon on Sun Sep 15, 2013 at 04:48:12 PM PDT

      [ Parent ]

      •  "This is brilliance? " (3+ / 0-)
        Recommended by:
        Tool, snoopydawg, joanneleon

        if they achieved what they wanted it is

        fact does not require fiction for balance (proudly a DFH)

        by mollyd on Sun Sep 15, 2013 at 04:52:04 PM PDT

        [ Parent ]

      •  Much of the loans to the banks have been repaid (1+ / 0-)
        Recommended by:
        Wee Mama

        with interest.

        It’s the Supreme Court, stupid! Followed by: It's always the Supreme Court! Progressives will win only when we convince a majority that they, too, are Progressive.

        by auapplemac on Sun Sep 15, 2013 at 05:36:54 PM PDT

        [ Parent ]

        •  Oh, why let the facts get in the way of a good (1+ / 0-)
          Recommended by:
          auapplemac



          Is it true? Is it kind? Is it necessary? . . . and respect the dignity of every human being.

          by Wee Mama on Sun Sep 15, 2013 at 08:54:07 PM PDT

          [ Parent ]

          •  One of the things (0+ / 0-)

            that makes me feel indignant is when people who are ignorant of all the facts throw around the propaganda and the spin and not the real story. But this is exactly what I would expect from the one who preaches kindness and other things and yet does not practice it herself.  Like the banksters and the 1% she behaves as if rules are for others and don't apply to her.


            "Justice is a commodity"

            by joanneleon on Mon Sep 16, 2013 at 05:22:33 AM PDT

            [ Parent ]

            •  Are you saying the loans were not mostly repaid? (0+ / 0-)

              If so, please share a link and then I will know better. But the various sources I've seen say they were. This was just a handy one.



              Is it true? Is it kind? Is it necessary? . . . and respect the dignity of every human being.

              by Wee Mama on Mon Sep 16, 2013 at 05:36:18 AM PDT

              [ Parent ]

              •  I urge you to read (2+ / 0-)
                Recommended by:
                nogo postal, Aspe4

                Neil Barofsky's many writings on TARP.  What you fail to address is how the banks paid back the TARP money and the wider subject of TARP.  After you finish with that, check out Elizabeth Warren's writings and her questions in hearings about it.  Look into the Fed's continuous buying of toxic assets and the 83 billion per year in subsidies they receive.  In general, look into the trillions that the Fed used to continue bailing out the banks after the front that TARP provided.  

                I'm not going to spend a lot of time trying to convince someone who wants to mislead people. I know you're a very sharp and intelligent woman, so I'm pretty sure you know all of this already and choose not to include the rest of the story.

                But if you want to defend Larry Summers' brilliance, don't let me stop you. Knock yourself out!

                There are many, many articles debunking the point you're pushing about how TARP was a good deal for taxpayers or how we got all the money back or other bunk about how we made a profit.  If you use a tiny little aperture you can sell that nonsense but honest people who discuss the subject look at the larger picture.  Here is just one taste of it and many have written about it but Barofsky is a good one to start with if you want to use a Google search (for anyone who wants the truth about it and is looking for a place to start).  This article isn't even the best of the lot but it's one of the more recent ones.  Barofsky also has a number of articles in the past few weeks which I haven't read in detail yet so I won't link those until I've gone through them.  

                TARP Was Even Worse Than You Think: “An Abysmal Failure,” Barofsky Says


                "Justice is a commodity"

                by joanneleon on Mon Sep 16, 2013 at 06:07:02 AM PDT

                [ Parent ]

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