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I've been watching the 'New Fake Pecora Commission' aka as the Financial Crisis Inquiry Commission 'pretending' to ask 'serious and hard hitting questions' to the likes of Alan Greenspan and other Banking and Wall Street Wizards.

Phil Angelides — former California State Treasurer and Chair of the FCIC, — failed (on purpose, in my opinion) to elicit any admission of fault from Greenspan. As I watched Greenspan blatantly and openly lie about his lack of oversight and mandate to 'Regulate Wall Street and the Banks' I was horrified, but not surprised at his arrogant unwillingness to take any responsibility what so ever, for 'ruining the economy' and putting millions of people out of work, their homes, stealing their pensions/savings' ...the man is a liar, a cheat and a thief, and should be sharing a jail cell with Bernie Madoff.  

In addition to adding insult to injury Greenspan continually evaded personal blame for contributing to the financial crisis insisting  that regulation (or the lack of regulation) is not the cause or the solution–instead, regulators are completely helpless in their roles as financial watchdogs. Finance, he claims, is simply too complex for regulators to keep up:

"We [government] are reaching far beyond our capacities," Greenspan said. " It’s not a simple issue of ‘Let’s regulate better.’ It’s a different world."

No Alan, that is a bunch of shit, and no one is buying that.  You and Bernanke were warned dozens and dozens of times about the 'bubble,' about the out of control predatory lending, about how Lehman Bros, Goldman Sachs, AIG and JP Morgan and all the rest of them were 'cooking the books' with their CDS's and their 'risky' derivative madness and all you two idiots did, was look the other way, just like the SEC did, just like the OCC did, and just like all the other 'paid off Regulators' did.

You are not fooling anyone Mr. Greenspan, so STFU.  Mr. Angelides is not fooling anyone either.  His 'dog and pony show' is like watching a bunch of dogs and ponies shitting big turds on the carpets of anyone watching this farce play out. It is like watching 'Mr. Roberts Neighborhood' ...I keep waiting for Angelides to ask Robert Rubin, 'Can you spell FRAUD AND DISASTER Mr. Rubin (who walked away with a cool $240 million dollars from Citi-group)...who was cooking the books...while pretending to have $13 billion in 'exposure' when they really had over $50 billion 'off the books.'

The fact that this commission has issued no subpoenas even though it has the power to do so should tell you 'just how serious' Mr. Angelides really is about 'getting to the bottom' of any real accountability to the most outrageous scandal and 'cover up' that is permeating our government and key financial sectors.  

Greenspan says that he was 'right' about 70 percent of the time.  Well gee, I guess if my 'heart surgeon' was right about 70 percent of the time, or our 'Airline Pilots' were right about 70 percent of the time, or those that control our 'Nuclear Bombs' were right about 70 percent of the time, then Mr. Greenspan considers 'these odds' perfectly Okey Dokey.  But, let me be the first to say that Mr. Greenspan has his figures a little bit backwards:  He was wrong 70 percent of the time, and right 30 percent of the time, and as the nation's top Regulator and Steward of our economic 'Ship' he sunk the boat, hook line and sinker.  If he had been our 'heart surgeon' we would have heard that old adage:  

Well, the operation was a success, but the patient died.

The 30 percent that Mr. Liar Greenspan was 'right' about was just how all of his pals on Wall Street/the Banks managed to 'clean out our national treasury' and use the taxpayer to bail their asses out to the tune of over $121 billion dollars in bonuses, the highest amount ever paid to these crooks, during the most devastating and catastrophic financial meltdown in this history of our nation.  20 percent of our entire national wealth gone in the blink of an eye, because Mr. Liar Greenspan and Ben Bernanke's cozy relationship with Wall Street/the Banks is nothing more than the ultimate Ponzi Scheme.  

I caught this little piece of video over at ZeroHedge today, and once again Congressman Grayson 'nails' Greenspan to the wall.

Dylan Ratigan, joined by the inimitable Alan Grayson and Bill Fleckenstein, does one of the best comprehensive summations of the where we are, how we got here, and why those responsible for the upcoming US default are still doing exactly what they were doing, through the enabling of the Federal Reserve. The logical question arises: when will someone finally do something about the situation the US is in right now? At this point pretty much everyone understands how the con works (and if you don't, watch this clip). Why do we allow a handful of corrupt politicians and a select few of Fed members unaccountable to anyone, coupled with a small group of Wall Street CEO, to determine the fate of this nation, and how long will democracy be trampled by those very people who claim to represent nothing but the people's interests? Watch this clip.

The Full Video on MSNBC would not embed properly, so below is a shorter version that is presented on zerohedge, which I urge you to watch.

http://www.zerohedge.com/...

Thank you Congressman Grayson for telling it like it is: The Federal Reserve is indeed simply another 'tool' of Wall Street and the Banking industry and 'harakiri (腹切り, for Mr. Liar Greenspan would be 'the cowards way out' which is exactly what the man is: a dishonorable coward who is unwilling to accept responsibility or accountability for his blatant enabling of 'fraud' to take place in our key financial sectors that brought our nation to its knees.  

At least Ms. Born was 'vindicated' when she had the opportunity to question the Liar - Greenspan (let us remember that President Clinton, Larry Summers, Robert Rubin and Alan Greenspan ran Ms. Born out of town when she refused to back down from her repeated warnings about 'deregulation and risky derivative trading.)

Brooksley Born asked Greenspan today about his enthusiastic support for "over the counter derivatives" and reminded him that he fought against all regulations over the OTC derivative market. These derivatives, she pointed out, ballooned to having a $680 trillion notional value by 2008, and played a huge role in bringing down the nation's banking system. Greenspan's reply? "Credit default swaps did create problems," he admitted in one of his many monstrous understatements.

Greenspan gave no ground to Brooksley Born and dismissed her critique as if he were batting away a mosquito. He won't even acknowledge the obvious fact that he failed in his job and was partially responsible for setting up the system that produced the worst financial and economic crisis in a generation. Greenspan had all the tools necessary to have prevented the collapse (or at least mitigated its effects) if he weren't such an anti-regulatory zealot. He still affects the tone of the professor explaining complex ideas to a gaggle of college freshmen. Greenspan is not even a good Randian because he tries to hide his belief in Randism.

Born also pointed out that the problems with CDSs were known as far back as 1997. The federal government had to bail out AIG to the tune of $180 billion largely because of this unregulated market. Greenspan's answers were intellectually dishonest in the extreme. He still wants to blame a "few bad apples," instead of looking at his own role fanning the flames and pouring gasoline on the fire while the $8 trillion housing bubble was being pumped up. Greenspan said AIG's problems were with insurance, but Born countered that if CDSs had been insurance they would have been regulated. Greenspan is bullshitting us again. Born hit the nail on the head when she brought up the "Maestro's" extremist ideology. Your ideology has essentially been that markets are self-regulatory or that government regulation was either unnecessary or harmful, she said (paraphrasing). Did your belief in deregulation have any impact on your lack of regulation at the Fed? She pointed out that he served for eighteen years as Fed Chair and that the Fed utterly failed to prevent the housing bubble, or the predatory lending scandal, or the biggest banks from engaging in activities that brought them to the brink of collapse, and permitted the financial system and economy to fall into utter disaster; he also failed to prevent banks from becoming too big to fail - "Didn't the Fed fail in its mandate?" Born asked. But the only "flaw" Greenspan is willing to acknowledge is that he, like "virtually everyone" - academia, banks, etc., all missed it. Greenspan said that he "took a oath of office" and that his own Ayn Randian ideology played no role!

http://www.huffingtonpost.com/...

The devastation and destruction of our national economy and the people's lives that Mr. Liar Greenspan and Ben Bernanke have ruined, are both responsible for because they refused, after not just one, but repeated warnings over and over again from a plethora of regulators, banking and mortgage industries, and other sources, but it is now a matter of public record that both of these 'crooks' were warned.  I have read so many articles about just how they were warned, and the only conclusion that anyone that is 'not delusional' can honestly come to, is that the Federal Reserve has always worked in collusion with Wall Street/the Banks specifically to 'rip off' Main Street and Americans every single opportunity they can get away with.

As Simon Johnson has stated:  THIS WAS NO ACCIDENT.

But the financial crisis was no accident. It was the product of intentional action by a banking industry that knew exactly what it was doing. Of course, the bankers and their lobbyists did not intend to torpedo the global economy; but they did intend to create the unregulated environment that made the excesses of the past decade and the crisis of 2008 possible, and they used their growing political power to make it happen.

It was as if the government first repealed the laws against littering, eliminated all public sanitation services, and subsidized the consumption of bananas . . . and then the global economy slipped on a banana peel.

13 Bankers is not a story about complex financial instruments and economic models, although they crop up occasionally in its pages. It is a story about political power--about how one very large interest group made a large amount of money, amassed political power, and used that power to make even more money, placing our economic prosperity and our taxpayer dollars at risk in the process.

http://www.huffingtonpost.com/...

And that is the point of this diary:  THEY WERE ALL 'COOKING THEIR BOOKS' AND ARE GETTING AWAY WITH IT, because no one is holding them accountable, least of all this 'Fake Pecora Commission.'

I keep waiting for President Obama to give a national speech showing and telling the American people 'exactly' where he stands on 'real financial reform' and outlining his vision and strategy that would provide a strong message to Congress and the Federal Reserve as to putting the 'sane nuts and bolts' back into place, such as the Glass-Steagall Act, and standing behind a strong Consumer Protection Agency that has complete independence and 'teeth' and is not put under the Federal Reserve.

The messages we are now receiving from the White House, are mixed and confused at best.  As an example:

Paul Volcker wants to roll the clock back and restore Glass Steagall, the 1933 rule that separated commercial banking from investment banking, but Team Obama is politely ignoring him. Mervyn King, the Governor of the Bank of England, is giving a more strident version of the same message, calling on the biggest financial firms to be broken up, arguing that he sees no reason not to implement a Glass-Steagall type split.

But there is an interesting failure of all parties to discuss some of the real issues. First, a quick overview of the Volcker-Administration differences per the New York Times:

   The aging Mr. Volcker (he is 82) has some advice, deeply felt...He wants the nation’s banks to be prohibited from owning and trading risky securities, the very practice that got the biggest ones into deep trouble in 2008. And the administration is saying no, it will not separate commercial banking from investment operations.... The Obama team, in contrast, would let the giants survive, but would regulate them extensively, so they could not get themselves and the nation into trouble again. While the administration’s proposal languishes, giants like Goldman Sachs have re-engaged in old trading practices, once again earning big profits and planning big bonuses. Mr. Volcker argues that regulation by itself will not work. Sooner or later, the giants, in pursuit of profits, will get into trouble. The administration should accept this and shield commercial banking from Wall Street’s wild ways.  "The banks are there to serve the public," Mr. Volcker said, "and that is what they should concentrate on. These other activities create conflicts of interest. They create risks, and if you try to control the risks with supervision, that just creates friction and difficulties" and ultimately fails.

http://www.nakedcapitalism.com/...

After everything our country has been through as a result of the 'controlled fraud' and cowardly behavior of our government in now 'setting the stage with the new Peterson Deficit Hawks Commission' to come after Social Security and Medicare as a way to pay off the 'toxic debt' caused by the Federal Reserve, Wall Street, the Banks and the paid off Regulators. Paul Volcker is urging President Obama to 'raise taxes'...in other words: Double Down and figure out a way to 'finish off the Middle Class' once and for all.  

The lies become more delusional by the day, like this one:

McClatchy:

DALLAS -- Weighing his words, Federal Reserve Chairman Ben Bernanke declared Wednesday that the crisis that had the nation's financial system teetering on the brink of collapse is "largely behind us."

http://www.huffingtonpost.com/...

Mr. Bernanke should be made to stand up in front of the Lincoln Memorial in Washington DC with every single American who have lost their homes, their jobs (most of which, are NOT COMING BACK), the millions of people who were caught in the predatory lending schemes, the millions of people who lost their retirement and savings accounts, the millions of people who are now living in tent cities and tell them that 'the worst is largely behind us.'  Because nothing could be further from the truth. Greenspan and Bernanke are directly responsible for ruining our national economy and millions of American's lives.  They failed, and they failed miserably and the 'fraud and continued cover up' is being enabled by the Financial Crisis Inquiry Commission.

Now, not later is the time for President Obama to give a national speech on real financial reform.  The American people deserve to know where he stands, specifically and in detail prior to the 'financial reform battle' that is about to take shape.    

And this comes down to LEADERSHIP on the part of President Obama.  I sincerely hope that he does not make the same mistake he made on the Public Option, by leaving the American people in the 'dark' wondering as to where he stands on these vital issues.  

Now that the 'real battle on financial reform' is about to begin, it is way past time for President Obama to stand up and LEAD.  To give a sense of 'direction and sane decisions' on letting the 'taxpayers' on Main Street know without any shadow of a doubt, where he, as our President stands on these vital issues.

After everything the American people have been put through during the Great Heist of 2008, this is the very LEAST that President Obama should do.  Stand up and be counted Mr. President.  Stand up and LEAD Mr. President, give the American people and Congress a clear and concise 'plan of action' to bring sanity and a sense of fair play by helping to 'shape the legislation' NOW rather than LATER, when it will not matter.

All it takes is courage, Mr. President, all it takes is 'doing the right thing.'

I'd like to urge all of you to go to the http://fcic.gov/... page and note the area called: Contact Us.  There is a place to leave your comments.  Perhaps you have a few 'choice words of wisdom' to leave for the 'Fake Pecora Commission' such as why the hell they haven't bothered to call in Mr. Cox from the SEC, and why the hell they haven't used one single subpoena or perhaps you have 'questions on accountability' that you would like to leave for Mr. Angelides.

If this 'Commission' does not hear from everyday working Americans, the taxpayers who bailed these crooks and liars out, and are 'still' on the hook to do so in the future, then Mr. Angelides will get away with 'rubber stamping' the 'NOBODY SAW IT COMING' LIE.  Don't let him do that, please.

There is a war going on in our nation.  The war is between the Federal Reserve, Wall Street/the Bankers and the paid off Regulators vs. the American Middle Class.  If we refuse to stand up and be counted, to hold President Obama's feet to the fire, and let them know we expect accountability and real reform, to once again protect Americans, then what we can expect is more of the same:  Crooks and liars and thieves, who are getting away with Economic Terrorism and destroying our nation's middle class.  
 

Thanks.

Originally posted to Badabing on Thu Apr 08, 2010 at 09:32 AM PDT.

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  •  Tip Jar (281+ / 0-)
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    ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

    by Badabing on Thu Apr 08, 2010 at 09:32:43 AM PDT

    •  Blaming Greenspan misses the point (41+ / 0-)

      And that is this entire mess was essentially set up by two pieces of Enron backed legislation:

      The Commodity Futures Modernization Act

      And the Financial Services Modernization Act of 1999

      Those two pieces of legislation put the Fed in a very precarious position by legalizing the very behaviors and financial innovations that caused this crisis.  While yes, I believe that Greenspan supported the legislation at the time it was proposed (I didn't bother to look that up), it was still those pieces of legislation passed by Congress that set up this entire collapse.

      •  Well, I don't think she is saying (71+ / 0-)

        that Greenspan is solely responsible, but the "Oracle" and Robert Rubin are up right now, and they were the ones primarily responsible for pushing the legislation you cite. That is why it is such a joke for me to hear Clinton exclaiming that this downturn could never happen on his watch with his team! They were the ones who engineered it!

        A Republican is someone who can't enjoy his privileged position unless he is certain that somewhere, someone is in excruciating agony. I Love OCD

        by nippersdad on Thu Apr 08, 2010 at 10:17:47 AM PDT

        [ Parent ]

        •  Greenspan never saw a bubble he didn't like (24+ / 0-)

          The Fed sets margin requirements for stock investors, and while Greenspan is credited with (blandly and belatedly) noting "irrational exuberance" in the securities markets, he never used the one really good tool he had to do anything about it: He could have required speculators to put up 100% of the money they were betting on stock prices.

          The mortgage meltdown is cut from the same cloth. Investors (including some home buyers) going wild on easy credit. The wonderful thing about leverage when assets are appreciating, is the horrible thing about leverage when asset valuation bubbles finally burst.

          There are just 10 kinds of people; those who know binary and those who don't.

          by RudiB on Thu Apr 08, 2010 at 11:05:33 AM PDT

          [ Parent ]

          •  But the Fed doesn't set margin for futures (7+ / 0-)

            which include commodities, one of the biggest of which, oil, directly deepened the recession in 2008.  The margin requirements for commodities are only 5-15%.  The margin requirements for stocks during the tech bubble were 50% and even at 100% we would have likely still had the tech bubble, as people were buying crap like etoys at $80/share.

            •  Once again Silver Oz: (34+ / 0-)

              This is what the Federal Reserve is legally mandated to do for our nation in the our laws:

              The Federal Reserve has four main responsibilities: to maximum employment and prevent inflation; to keep the financial system from imploding; to maintain the safety and soundness of financial institutions; and to protect consumers against deceptive and unfair financial products.

              And the Federal Reserve has failed, miserably on each of these mandates.  Failed.

              ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

              by Badabing on Thu Apr 08, 2010 at 11:35:42 AM PDT

              [ Parent ]

              •  Except (4+ / 0-)
                Recommended by:
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                Congress gets to establish the rules for the game in which the Fed operates.  So, when Congress passes laws that completely change the game (ie CFMA and FSMA), the Fed essentially has to play catch up to an escalating financial complexity picture without knowing for certain whether any given policy/regulatory move would have its intended (ie theorized) outcome.  I am not saying that the Fed didn't blow some of its duties, but the Fed wasn't put in a position to accomplish all of its mandates by the laws Congress hampered our economy with.

                •  Greenspan was God for years (26+ / 0-)

                  I still recall him sitting next to HRC at SOTUs.  According to Woodward, DC's court stenographer, he was The Maestro.  Except for Bernie Sanders, I can't recall anyone in either house who dared to question the Mighty Oz when he came to testify before Congressional committees.

                  Substantively, Greenspan treated Congress w/ the same disdain and the same sense of entitlement that Cheney displayed.  Greenspan did it w/ a diplomacy and an aplomb, however, that kept the Hill from challenging or resenting him.  The very idea that he was somehow hamstrung by Congress is akin to the idea that Cheney was somehow hamstrung by the Constitution.

                  Some men see things as they are and ask why. I dream of things that never were and ask why not?

                  by RFK Lives on Thu Apr 08, 2010 at 12:38:19 PM PDT

                  [ Parent ]

                •  Whatever, this doesn't go away: (17+ / 0-)

                  The Federal Reserve has four main responsibilities: to maximum employment and prevent inflation; to keep the financial system from imploding; to maintain the safety and soundness of financial institutions; and to protect consumers against deceptive and unfair financial products.

                  If Congress passes a law saying cornered burglars get a 3 minute head start when fleeing, the cops still have the job of catching the burglars. And they have the duty to inform Congress of the bad effect this law is having on their work.

                  Show me where Greenspan told Congress this would have bad consequences for the Fed doing it's job (see blockquote above.)

                  Until we break the corporate virtual monopoly on what we hear and see, we keep losing, don't matter what we do.

                  by Jim P on Thu Apr 08, 2010 at 12:42:54 PM PDT

                  [ Parent ]

                  •  And that is exactly the point Jim...what we are (10+ / 0-)

                    now seeing is the biggest 'power grab' by the Federal Reserve in this history of our nation.  The Federal Reserve is 'not a 4th Branch of our government' but is certainly acting like they are.  The 'rules' need to be re-written, and through audit needs to be conducted, and not by the current GAO standards as limited in the 1950 Accounting and Auditing Act, that veils the Federal Reserve into a semi-quasi private CIA type organization, that answers to 'NO ONE.'

                    Many people do not currently understand how that law works:  It enables the FED to act as a separate branch of our government, and that is not only unconstitutional but it also puts into question how independent the FED really is, because indeed, there is absolutely no public scrutiny nor Congressional Oversight.  

                    This is what the GAO is not allowed to audit:

                    The GAO is EXPLICITLY FORBIDDEN BY LAW from auditing the Fed in its most sensitive and most dangerous areas!

                    Federal Banking Agency Audit Act Pub. L. 95-320, July 21, 1978, 92 Stat. 391

                    http://thomas.loc.gov/...

                    PROHIBITS THE GAO FROM AUDITING

                    (1) transactions conducted on behalf of or with foreign central banks, foreign governments, and nonprivate international financing organizations;

                    (2) deliberations, decisions, and actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;

                    (3) transactions made under the direction of the Federal Open Market Committee including transactions of the Federal Reserve System Open Market Account; and

                    (4) those portions of oral, written, telegraphic, or telephonic discussions and communications among or between Members of the Board of Governors, and officers and employees of the Federal Reserve System which deal with topics listed in this Act.

                    The Fed is UN-AUDITABLE where it counts, BY LAW! They don't want you poking into their behind-the-scenes manipulation and foreign collusion.

                    www.themoneymasters.com
                    http://www.monetary.org/

                    If the American people truly understood the 'deal and partnership' that has been going on between Wall Street/the Banks all these years, then what we would understand is what Robert Kuttner has continued to voice and warn so many about:

                    That presently between Bernanke/Geithner there is a very dangerous dictatorship taking place.  It is past time to 'open the books' and shed light on these uncharted waters we find ourselves in...if for no other reason, than to stop as a country being so 'delusional and in denial' about what has and is taking place in our country:  That the Federal Reserve, as Joe Stiglize recently said, is 'fully corrupted system' and if we do not have the courage to stop this 'Oligarchy Shock Doctrine' from continuing, then in the end, we will be lost as a Democracy and as a Republic.  We have a choice: we can sit and do nothing, or we can demand that President Obama stand up and tell us, whose side he is on:  Main Street or Wall Street.

                    ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

                    by Badabing on Thu Apr 08, 2010 at 01:52:56 PM PDT

                    [ Parent ]

                •  Congress, both too powerful and too weak. (8+ / 0-)

                  It's a fun game.  When we don't like something, we can blame Congress.  The rest of the time we can carp about how Congress never gets anything done.  How conveeeenient.

                  It has been a long, sad time since Congress set policy.  They don't even approve wars anymore.

                  Legal chicanery and pitch darkness were the banker's stoutest allies. -1939

                  by geomoo on Thu Apr 08, 2010 at 03:03:59 PM PDT

                  [ Parent ]

                  •  I always love your comments geomoo...you have (2+ / 0-)
                    Recommended by:
                    blueoasis, nippersdad

                    amazing insight and always hit the bulls eye, right in the center.

                    Thanks.

                    ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

                    by Badabing on Thu Apr 08, 2010 at 03:24:54 PM PDT

                    [ Parent ]

                    •  Thank you most kindly. That means a lot. (2+ / 0-)
                      Recommended by:
                      Badabing, nippersdad

                      And thanks for covering the most important issue we face.

                      Legal chicanery and pitch darkness were the banker's stoutest allies. -1939

                      by geomoo on Thu Apr 08, 2010 at 03:28:23 PM PDT

                      [ Parent ]

                      •  Just cuz I have to say this ... (3+ / 0-)
                        Recommended by:
                        ksingh, Badabing, Arza

                        SilverOz must be a paid shill. He totes the Wall Street-powers that be line all the friggin time. I see that name and I gag. I've watched for more than 2 years. I don't believe for a minute that his/her comments are worth a hill of beans.

                        •  Thanks for the heads-up. (1+ / 0-)
                          Recommended by:
                          Badabing

                          It can take a while to get that, because such shills typically sound authoritative and offer "facts."  One defining characteristic I've notices, on display here, is the tendency to show up at the top of the comments section with attempts to add uncertainty and ambiguity to the debate.  Much appreciated, JuliaAnn.  I don't think you are violating any rules in offering your opinion so modestly.

                          Legal chicanery and pitch darkness were the banker's stoutest allies. -1939

                          by geomoo on Thu Apr 08, 2010 at 04:44:31 PM PDT

                          [ Parent ]

                          •  Julia Ann and geomoo: I think we all know by now (6+ / 0-)

                            the repeated 'Wall Street Trolls' who come on here consistently, and I will not 'name them' but everyone knows who they are...

                            They always try to do a few things:

                            Distract the present argument/debate by putting out this single meme:

                            You are a Ron Paul person, a nut case, and a conspiracy theorist.....none of which is ever proven by backed up facts...

                            I worked my ass off for Obama, and despite what some people believe, will continue to support him, until I know better........I keep waiting and holding his feet to the fire.......but I have to admit, he is losing ground with me......

                            These same group of people that come onto Kos, always protect Wall Street and the Federal Reserve, not by offering true debate and arguments of substance, but by always saying that 'Geithner and Bernanke' saved our country from a great calamity, which nothing could be more from the truth.

                            What they saved, was Wall Street/the Banks, which have turned right around and have been allowed to screw our economy into oblivion.  

                            Just look at our nation.  The 'results' are very clear as to 'who won, and who lost'.  There cannot be any clearer argument than reality.  

                            America was literally 'driven off the cliff' by those that President Obama is now 'seeking to protect'.....

                            I wish, more than anyone that this was not so, but actions speak louder than words.  

                            Most of the people on Kos, because of a few dedicated progressives and 'truth tellers' refuse to allow the 'trolls' to Ron Paul us to death, and call us all 'conspiracy theorists' know what has happened to our nation.  

                            Thanks to the great and amazing work of so many decent and honest people on the financial blogs, we have learned the 'truth' no matter how ugly it is.

                            This gives me a great deal of strength and hope to continue this fight, because, facts matter...and regardless of how certain 'hired hands' try to deflect the truth, now that this is all out in the open by people like William K. Black, Simon Johnson, Dean Baker and Joe Stiglitz, there is no 'going back' or pretending that this is about Ron Paul.  

                            This is not about Ron Paul, who I do not support.  This is about a devastating catastrophe of an epic cover up to allow the 'status quo' to prevail.

                            We must, now more than ever support people like Elizabeth Warren, Neil Barofsky and even those that were discredited:  Eliot Spitzer....because what we have before us is a modern day 'Pentagon Papers with Watergate to boot' that is being played as a conspiracy theory............and thank god, that people on DailyKos know better.

                            ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

                            by Badabing on Thu Apr 08, 2010 at 05:50:56 PM PDT

                            [ Parent ]

                          •  Add Grayson to the list. (4+ / 0-)

                            Perhaps the most satisfying thing these days is Grayson making mince meat of liars and thieves.

                            Legal chicanery and pitch darkness were the banker's stoutest allies. -1939

                            by geomoo on Thu Apr 08, 2010 at 07:18:53 PM PDT

                            [ Parent ]

                        •  I Don't Agree With Silver Oz A Lot (3+ / 0-)

                          I do this time. Congress is just as much to blame for this as anybody. Chris Dodd and Barney Frank did nothing but fellate Alan Greenspan every time he showed up on the hill. I know because I watched most of these appearances over the years.

                          Even when it was clear the whole house of cards was blowin' up in our faces in 2007, there were no serious questions asked or answered beyond those by Bernie Sanders (who was remarkably prescient about what the outcome was going to be).

                          Congress sat on its hands and let all of this happen, and the reason why is simple, Ratigan said it, money.

                          <div style="font-size:10px;text-align:center;background-color:#ffd;color:#f33">If the terriers and bariffs are torn down, this economy will grow - G. Bush

                          by superscalar on Thu Apr 08, 2010 at 05:24:14 PM PDT

                          [ Parent ]

                          •  that is true...they are all complicit...but that (5+ / 0-)

                            does not give credence to where we are today and what we must do about it.

                            Just because 'all the other kids did it' does not mean driving the car off the cliff, should not be addressed with strong push back.

                            I have often said, that our two party is really a one party system....that President Obama, as Candidate Obama are two entirely different people, and I believe that is what most Democrats are so deeply cynical about now.

                            Regardless.....we must not allow ourselves to play into the new 'Blue Dog' give America away to the Corporations, and Wall Street, that in the end, will leave us in the 'dust' .............living in tent cities........because we gave up and refused to fight.

                            Remember this: our grandparents and parents, never gave up.  Many of them, including my grandfather lost his life as an Irishman in a police riot, for a fare wage and a right to the American dream.

                            We have passed a few generations now, that have forgotten how we managed to sacrifice our lives, and ancestors for the right to dignity, and guess what?

                            They are taking that away again, and pretending to be Democrats, the party of the 'working class'...nothing could be further from the truth.

                            ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

                            by Badabing on Thu Apr 08, 2010 at 05:59:41 PM PDT

                            [ Parent ]

                          •  Exactly why I re-registered as an Independent (1+ / 0-)
                            Recommended by:
                            Badabing

                            right after the 2004 elections.

                            "Never believe anything in politics until it has been officially denied." Otto von Bismarck

                            by all circuits are busy on Fri Apr 09, 2010 at 03:10:26 AM PDT

                            [ Parent ]

            •  Commodity futures prices (2+ / 0-)
              Recommended by:
              Badabing, ozsea1

              intersect the spot market price at contract expiration. Spot market prices are determined by the underlying supply/demand/price oil. The only way to manipulate the price of oil is to have some capacity to hold it off the market (i.e., to keep it in the ground), which is what OPEC does.

              There are just 10 kinds of people; those who know binary and those who don't.

              by RudiB on Thu Apr 08, 2010 at 11:49:39 AM PDT

              [ Parent ]

              •  Sorry, this is completely wrong (2+ / 0-)
                Recommended by:
                Sanuk, DarkestHour

                futures prices absolutely do determine spot prices.  Futures are a broad term that also include the current contract and the spot price is directly affected by what is going on in the futures markets.  Look at oil for example, it went to 150/barrel not on current supply/demand, but on future speculation, then went to 30/barrel as speculative positions were unwound and is now back up to 85/barrel without a significant change in current supply/demand from the level it was at when it traded at 30/barrel.

                •  Absolutely right, or I couldn't make a living (5+ / 0-)

                  as an energy economist.

                  First of all, the spot price of oil has never been $150/bbl. Future prices have been that high, but the sap who took a long position at $150 probably lost his shirt when he had to unload for about half as much.

                  Here's a chart of historical spot prices.

                  As you can also see in the annotated chart, significant shifts in the spot price are influenced by changes in supply (typically OPEC actions or war) and demand (the world economic picture).

                  Please agree with me that there is relatively little storage in the system (a few hundred million bbls, or so) except for keeping oil in the ground. It's going to follow from Econ-101 that price is set by short-term supply and short-term demand. The fact that short-term demand is relatively inelastic accounts for much of the spot price-volatility. Volatility in the futures market, otoh, is a function of the hopes and fears of speculators. It won't affect you, assuming you refrain from buying/selling oil futures.

                  There are just 10 kinds of people; those who know binary and those who don't.

                  by RudiB on Thu Apr 08, 2010 at 12:36:25 PM PDT

                  [ Parent ]

        •  with his team (2+ / 0-)
          Recommended by:
          greeseyparrot, Badabing

          And now "his team" is back in charge and running things the same old way. In spite of the change we were told we were going to get.

          The Gramm legislation, which permitted the merger of investment and commercial banks into too-big-to-fail corporations (including Citigroup and AIG, two financial giants that had to be bailed out by taxpayers), was thought by Obama the candidate to be a key cause of the meltdown. But as president he reappointed the Clinton-era officials who had sided with Gramm in ending sensible banking regulations that had protected the public for 70 years and made the U.S. banking system the envy of the world.

          Rather than restore Glass-Steagall, the Obama-backed banking regulation bill passed last month by the Democratic majority in the House went along with the desire of Wall Street lobbyists to prevent the breakup of the big conglomerates and to block control of their massive trading in the derivatives that proved to be so toxic.

          http://www.commondreams.org/...

          Bipartinship means "Yes we can! As long as the Republicans agree to let us."

          by William Domingo on Thu Apr 08, 2010 at 03:10:32 PM PDT

          [ Parent ]

      •  No, I disagree with your take on this ... (58+ / 0-)

           

        The WSJ Reports:

              WASHINGTON—Former Federal Reserve Chairman Alan Greenspan urged U.S. policy makers Wednesday to place significantly higher capital and collateral requirements on the financial-services industry, warning of the likelihood of future financial crises if steps aren't taken to address "too big to fail" firms and the inability of the private market and regulators to predict major risks.

           This is the same Alan Greenspan that consistently put forward positions that did exactly the opposite.  Let's go back and revisit history:

                    Sweep accounts made a mockery of reserves in the banking system - an "innovation" that Alan Greenspan put in place.

                   The merger of Citi and Travelers, an act that was black-letter unlawful at the time it was entered into, was passed over by The Fed (even though they had authority to block it) and Greenspan then supported Gramm-Leach-Bliley that retroactively made the merger lawful.

           There's more, but that's enough - in short, Greenspan is a blatant, black-letter liar.  He personally put forward much of the so-called "innovations" that not only allowed new products into the market but he personally destroyed the capital and collateral requirements that formerly protected banks from ruinous losses as a consequence of bad lending decisions.

           Now, having witnessed the acts of his own hand blowing banks to little bits, he wants to go back and revise history, ignoring his own role in setting forward the conditions that made the mess occur!

           Puppies often go hide in shame after taking a dump on your carpet, but it takes a senile old coot like Greenspan to stand there and intentionally ignore the smelly edifice that he emitted and which sits directly under his nose.

              Commission member Brooksley Born, who chaired the U.S. Commodity Futures Trading Commission during the Clinton administration, was more blunt.

              "The Fed utterly failed to prevent the financial crisis," she said. "Failed to prevent the housing bubble, failed to prevent the predatory lending scandal."

           No kidding.  Ms. Born was one of the few who sounded the alarm - and was run out of town on a rail.

        There were certainly many reasons for the financial meltdown, but rewriting history, or pretending that Alan Greenspan was not 'active' in pursing the deregulation that led to the destruction of our economy is delusional at.......best.

        ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

        by Badabing on Thu Apr 08, 2010 at 10:18:22 AM PDT

        [ Parent ]

      •  Wall street has always been Gambling.. (12+ / 0-)

        ..Investment

        The Commodity Futures Modernization Act

        And the Financial Services Modernization Act of 1999

        ...opened up new ways to gamble with something the speculator/gambler didn't own.

           How many peoples hard earned life savings retirement portfolio lost 30% or more.. every  person with a mutual fund

           Glass-Steagall or some variation must be re-enacted.

           Institutions must own something before they are allowed to sell it, trade it or gamble on it's future. At least a possibly punitive % of it to prevent "irrational Exuberance"

        "you Are the Un-Americans, and You Ought to be Ashamed of Yourselves":Paul Robeson Appears Before HUAC

        by Eric Nelson on Thu Apr 08, 2010 at 11:19:07 AM PDT

        [ Parent ]

      •  He is to blame. (9+ / 0-)

        He's the one who took the interest rate down to 1% and then quintupled it during the time when teaser-interest, ARM, other subprime and CRA mortgages were peaking.

        No he's not completely responsible -- many other players factored in.

        But he was a major factor.

        Don't do vibrato. There'll be plenty of that naturally later when you're old and shaky. (Miles Davis, quoting his music instructor)

        by dov12348 on Thu Apr 08, 2010 at 11:22:07 AM PDT

        [ Parent ]

        •  The interest rate policy can be debated (3+ / 0-)
          Recommended by:
          Sanuk, Dauphin, ER Doc

          he took rates down to 1% during a recession and held them there during a jobless recovery with little inflationary pressures.  He raised them as job creation renewed and inflation picked up.  Had he kept rates high initially (or raised them as soon as the "official" recession ended) it is very likely that we would have seen the unemployment rate continue to rise and the jobless recovery worsen (it could have even caused a double dip).  Bernanke is in a similar situation today.  If he raises rates now, he will kill exports (by strengthening the dollar) and will likely slow the jobs recovery even more.  If he waits to raise rates, he risks creating another bubble or enabling inflation to establish itself.

          •  Given that "core" inflation is showing (5+ / 0-)
            Recommended by:
            RickD, 3goldens, Sanuk, Badabing, elwior

            a steady downward trend I think inflation is the least of our worries. Bubbles? Yes, a low interest rate policy means another one may form. However, the ball is also in Congress' court: With the right regulatory framework the chances of another bubble are reduced. You just need to reduce the availability or profitability of specuative investments.

            Iuris praecepta sunt haec: Honeste vivere, alterum non laedere, suum cuique tribuere. - Ulpian, Digestae 1, 3

            by Dauphin on Thu Apr 08, 2010 at 11:41:09 AM PDT

            [ Parent ]

            •  The Inflation Won't Occur Here (1+ / 0-)
              Recommended by:
              Badabing

              I think inflation is the least of our worries

              It will occur in Asia ... again ... which is where it has occurred over the past ten years.

              <div style="font-size:10px;text-align:center;background-color:#ffd;color:#f33">If the terriers and bariffs are torn down, this economy will grow - G. Bush

              by superscalar on Thu Apr 08, 2010 at 06:54:36 PM PDT

              [ Parent ]

          •  He raised them for all the old reasons. (2+ / 0-)
            Recommended by:
            Marie, Badabing

            Never considered the housing bubble.

            It doesn't matter what he does now with rates.  I think we're screwed in any Fed interest rate case.

            Possible ways out:

            Greater savings relative to consumption for capital growth; freedom of wage rates and prices to fall to their natural levels; rapid liquidation of unsound investments -- e.g., the quicker banks can cash out of their foreclosures and defaults the quicker they'll become more liquid, hopefully loosening up credit again.

            The Fed might help by just permanently increasing the money supply to get things moving again.  And inflation is not a worry at least for a good while --banks are hoarding, China products are low priced, individuals and businesses are still reluctant to spend.

            Don't do vibrato. There'll be plenty of that naturally later when you're old and shaky. (Miles Davis, quoting his music instructor)

            by dov12348 on Thu Apr 08, 2010 at 12:17:10 PM PDT

            [ Parent ]

          •  Also... (0+ / 0-)

            We can try going to a 100% reserve system -- ideally in gold, but a 100% paper reserve might be a huge step forward.

            A 100% paper reserve should prevent future credit expansion (which got us into this mess) and prevent declines in the money supply.

            Don't do vibrato. There'll be plenty of that naturally later when you're old and shaky. (Miles Davis, quoting his music instructor)

            by dov12348 on Thu Apr 08, 2010 at 12:25:45 PM PDT

            [ Parent ]

            •  Sorry, even Keynes thought the gold standard (2+ / 0-)
              Recommended by:
              Dauphin, ER Doc

              and 100% reserve systems were "barbaric relics".  There is nothing wrong with a fractional reserve system, so long as it is properly regulated.

              •  I guess you did not 'get the memo' the gold is (1+ / 0-)
                Recommended by:
                greeseyparrot

                missing in many banks...here is just one of the stories that is 'out there'...

                "My Son..Went Inside There And Basically Saw that the Vault was Empty."

                Every day when I think I am going to get a day off from this story, some revelation seems to be come out, each as compelling, shocking, and suspicious as the others, but all fitting together in what looks like a nasty picture of reckless behaviour gone wrong developing.

                Apparently some banks and brokers had been selling gold and silver which they do not have. We know it happens because Morgan Stanley was caught doing it, and was even charging storage fees from unsuspecting investors.

                Do these banks not have auditors? Are the regulators sweeping this under the rug? Are the insiders and their spokespeople correct in just dismissing this as a problem, as was done with the subprime market even by Ben Bernanke himself before it collapsed into a bank run that shocked the financial system?

                Now, we have to carefully distinguish between allocated metal, in which one holds a certificate and are assured of a firm ownership of actual metal, and an unallocated holding in which you hold basically a paper claim on metal, for which you may be an unsecured creditor, even if you are paying regular storage fees. But in the cases I am hearing about it is a firmly stated ownership of something that does not exist, and cannot be obtained at current prices.

                This is important because although there is always shorting, and some fractional reserve aspect to all banking , even in the case of bullion banking, in this case the proportion or leverage of the selling of the assets starts to look more like a Ponzi scheme than a rational and efficient market. There is a point at which 'speculation' becomes fraud, and the fraud becomes large enough to start risking the health of the bank.

                http://jessescrossroadscafe.blogspot...

                ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

                by Badabing on Thu Apr 08, 2010 at 01:59:28 PM PDT

                [ Parent ]

              •  First, it shoud be clear to everyone that the... (1+ / 0-)
                Recommended by:
                Badabing

                ...fractional reserve system is nothing but a cheap ponzi sceme.

                I don't buy Keynes anyway.

                Don't do vibrato. There'll be plenty of that naturally later when you're old and shaky. (Miles Davis, quoting his music instructor)

                by dov12348 on Thu Apr 08, 2010 at 03:47:19 PM PDT

                [ Parent ]

              •  Not to mention that the value of gold (1+ / 0-)
                Recommended by:
                Badabing

                is as purely psychological as is the value of 100% linen paper with special pictures on it.

                Gold has value because it's pretty.

                --Shannon

                "It is better to die on your feet than to live on your knees." -- Emiliano Zapata Salazar
                "Dissent is patriotic. Blind obedience is treason." --me

                by Leftie Gunner on Thu Apr 08, 2010 at 05:25:27 PM PDT

                [ Parent ]

          •  But you never go back to the 'cause' and the (2+ / 0-)
            Recommended by:
            greeseyparrot, Arza

            direct responsibility Silver Oz:

            If he raises rates now, he will kill exports (by strengthening the dollar) and will likely slow the jobs recovery even more.  If he waits to raise rates, he risks creating another bubble or enabling inflation to establish itself.

            Please feel free to write a thesis or diary based on these articles:

            http://moneymorning.com/...

            http://www.nakedcapitalism.com/...

            http://www.washingtonpost.com/...

            http://www.nytimes.com/...

            Specifically:  how is our nation now posed to 'pay off the toxic debts' that Bernanke is hiding off the books?

            How did we get here in the first place?  How is the system, that we all know is fully corrupt being addressed?

            Why is there a continued 'cover up' as opposed to coming clean by our entire government/financial sectors being upheld by these people who have failed our entire nation?

            You keep saying that this is just about laws, but what you never address is the 'human suffering and lack of leadership and courage or immoral attributes that led us here.  We cannot separate these basic concepts in a civilized society.  Technicalities only matter if there is system that is working.  When it stops working, because of complete corruption, that we are denial about, then no matter how many 'laws you quote' do not mean a damned thing to those that are suffering from the lack of courage in our government to 'fess up to what has happened, in the past, and how to 'fix it' no matter how you present it.

            This is a human disaster.  Not just a matter of laws on the books.  

            B.

            ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

            by Badabing on Thu Apr 08, 2010 at 03:50:56 PM PDT

            [ Parent ]

      •  And Democrats (6+ / 0-)

        Approved both Greenspan and Bernake. Until politicians of both parties care more about how the economy effects working Americans, than they do about the big money that keeps getting thrown their way, we will never dig our way out of this.

        I do not like thee, Doctor Fell, The reason why I cannot tell; But this I know, and know full well, I do not like thee, Doctor Fell.

        by opinionated on Thu Apr 08, 2010 at 11:27:39 AM PDT

        [ Parent ]

      •  Not entirely. Unless you want to say (5+ / 0-)
        Recommended by:
        pletzs, 3goldens, ER Doc, Badabing, ohmyheck

        his actions were entirely free of any bad consequences.

        I mean, yeah, Jesse James wasn't entirely to blame for every person the James Gang shot, and for lifting every single dollar from each safe, but then that's hardly a reason to minimize Jesse James' role, is it?

        And if you have him up in testimony, and he says "Not my fault..."

        Until we break the corporate virtual monopoly on what we hear and see, we keep losing, don't matter what we do.

        by Jim P on Thu Apr 08, 2010 at 12:39:59 PM PDT

        [ Parent ]

      •  With Phil Gramm behind both n/t (3+ / 0-)
        Recommended by:
        ER Doc, Badabing, elwior

        Without geometry, life is pointless.

        by blindcynic on Thu Apr 08, 2010 at 01:13:25 PM PDT

        [ Parent ]

      •  Brooksley Born Blames Greenspan (5+ / 0-)

        From Free Republic;

         
        Born, who pushed to strictly regulate derivatives under the Clinton Administration, but lost the battle to, among other people, Alan Greenspan, told the former Federal Reserve chair that his agency "failed to prevent housing bubble, failed to prevent the predatory lending scandal, failed to prevent the activities that would bring the financial system to the verge of collapse."

        "You failed to prevent many of our banks from consolidating and growing to a size that are now too big or too interconnected to fail," Born added. She added that Greenspan’s views on deregulation, which he took as an article of faith, contributed to the Federal Reserve’s failure in delivering on its mandate."  

         
           
         
         
        If you haven't seen the piece by Frontlineyou need to. Born forecast all of this, in 1998. And she was shutdown by Greenspan, Rubin, Summers and a later regretful Arthur Levitt.

         
         
           
         

      •  You're both right! (1+ / 0-)
        Recommended by:
        Badabing

        I believe it was Thoreau who defended his not following the news of the day, saying that once one has understood the principles at work one need no longer acquaint oneself with the particulars.

        The general population has not yet grasped the fact that our problems are deep, systemic and to a large extent ideologically driven. Until such time as that principle is grasped, every particular instance adds to a growing body of evidence that more fundamental change through government action is needed.  

        The frog jumped/ into the old pond/ plop! (Basho)

        by Wolf10 on Thu Apr 08, 2010 at 03:14:21 PM PDT

        [ Parent ]

        •  It is too late for that Wolf...wake up and stop (1+ / 0-)
          Recommended by:
          Wolf10

          putting this into the 'esoteric' language.  

          The general population has not yet grasped the fact that our problems are deep, systemic and to a large extent ideologically driven. Until such time as that principle is grasped, every particular instance adds to a growing body of evidence that more fundamental change through government action is needed.  

          Your principals are correct, but we must approach this disaster like it is the 'true Katrina' moment for our entire nation.

          There is no time left to wax philosophical in terms of what 'some Americans need to grasp' because not everyone is at that level...nor do they care to 'go there'..

          What most people need to understand is this simple axiom:

          We were robbed, plain and simple.  We were held hostage as Bush left office, with Paulson, and Geithner and Summers and Bernanke/Greenspan that President Obama, for whatever reason has continued to perpetuate.  

          Until the 'denial and cover up' is allowed to continue, nothing will ever change.  It really is that simple.  

          The 'truth' is out there for everyone to see, and read about............what is happening now with this new 'fake Pecora Commission' is just more of the same: cover it up.

          I remember my dad used to say: Time to take your medicine like a man/woman.  Time to come clean.  Time to own up to your 'mistakes' and responsibilities....time to make a clean break and start over...with a clean slate.

          That is what is being denied by our government....and the longer we 'put it off' the more harmful it will become for all of us.  I don't relish the outcome, but I do know this:

          Denial will be our downfall...no matter what anyone else says.

          ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

          by Badabing on Thu Apr 08, 2010 at 05:20:48 PM PDT

          [ Parent ]

          •  The silence on the left is (1+ / 0-)
            Recommended by:
            Badabing

            appalling. How bad do material conditions have to get before the progressive answer to the teabaggers start showing up in our streets and on our teevee screens?

            There is still a widespread belief that Obama is doing or shall do the right thing coupled with a morbid fear of a Republican electoral resurgence.

            A subservient attitude toward capital has become so deeply ingrained in the collective US world view that reasonable solutions, either imaginable or for which existing models in other countries exist, are never even discussed.

            I guess things must get worse to see real movement, hopefully before they become irretrievably bad.

            The frog jumped/ into the old pond/ plop! (Basho)

            by Wolf10 on Thu Apr 08, 2010 at 06:07:19 PM PDT

            [ Parent ]

      •  One Also Needs To Add That Robert Rubin (1+ / 0-)
        Recommended by:
        Badabing

        Rewrote the rules to the Community Reinvestment Act during the Clinton Administration.

        <div style="font-size:10px;text-align:center;background-color:#ffd;color:#f33">If the terriers and bariffs are torn down, this economy will grow - G. Bush

        by superscalar on Thu Apr 08, 2010 at 05:16:17 PM PDT

        [ Parent ]

      •  Yeah, Bush's congress where (1+ / 0-)
        Recommended by:
        Badabing

        regulation regulation became "Let's Make a Deal"

        "The world is my country, all mankind are my brethren, and to do good is my religion." ~ Thomas Paine

        by third Party please on Thu Apr 08, 2010 at 05:18:00 PM PDT

        [ Parent ]

    •  Grayson and Ratigan MSNBC vid (18+ / 0-)

      Here we are now Entertain us I feel stupid and contagious

      by Scarce on Thu Apr 08, 2010 at 10:47:20 AM PDT

      [ Parent ]

      •  thanks Scarce...I could not get the entire video (11+ / 0-)

        to embed from MSNBC...I really appreciate your doing that!!!!

        Ratigan gives such a great description at the beginning of the video, as to exactly what has occurred economically, and how we got where we are today.  Excellent video...

        B.

        ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

        by Badabing on Thu Apr 08, 2010 at 10:53:27 AM PDT

        [ Parent ]

        •  thanks Badabing and Scarce (6+ / 0-)

          I listened to Elizabeth Warren's webinar on April 6th about the need for Americans to get involved and contact your Congress about real financial reform. When Professor Warren was asked why no indictments have come down, she could only say please contact your congressman.

          I've sent countless emails and made calls to my Senator for real financial reform.

          Everyone needs to GET INVOLVED.

          Lobbyists have spent over 500 million in the last year or so fighting any financial reform.

          Let's not bicker about details of who did what when.

          Everyone call/write your congressman now.

          ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos

          •  thanks (2+ / 0-)
            Recommended by:
            greeseyparrot, Badabing

            It will avail us nothing to simply demand "real financial reform" since that term does not have a uniform meaning. Rather, we must - MUST demand reform and spell out what that reform consists of and includes! Less than a completely comprehensive and explicit description of "reform", all we will get are more pious platitudes!

          •  LOL....I see you are wearing one of my fabulous (1+ / 0-)
            Recommended by:
            greeseyparrot

            Valentino Moo Moos....most people take me as a man, but that is because I was raised with 6 hell raising Irish brothers...(all died in the wool Kennedy Democrats)....

            You are so right lostinamerica.....

            Everyone call/write your congressman now.

            Everyone thought that HRC was difficult and it was, but if we do not 'get the money part straight' and return to sane protection for Americans, and most of all fight to overturn the Supreme Court's ruling on letting Corporations overtake our 'voting system' then HRC is going to seem like an easy trip to hell, when the very soul of the Democratic Party is being sold to the highest bidder.

            We are so tired of fighting now, but this is the time to really 'dig in' and not allow our party to forget where and whence we came from.

            Thanks so much for your support and sanity.

            ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

            by Badabing on Thu Apr 08, 2010 at 04:00:52 PM PDT

            [ Parent ]

    •  apparently I need more than reading glasses (5+ / 0-)
      Recommended by:
      3goldens, Badabing, elwior, JesseCW, MKSinSA

      I read the title as Alan Grayson rips Liar Alan Grayson a new one.  Twice.

      Lots of blame to go around.  I'd be ashamed to have my finger in that shit pie.  But why have shame when you're filthy rich, I guess.

      ~What Would Grayson Do?~

      by CWalter on Thu Apr 08, 2010 at 11:15:39 AM PDT

      [ Parent ]

    •  Great, Bada, tipped & rec'd. One minor nit... (3+ / 0-)
      Recommended by:
      NYCee, corvo, Badabing

      And this comes down to LEADERSHIP on the part of President Obama.  I sincerely hope that he does not make the same mistake he made on the Public Option, by leaving the American people in the 'dark' wondering as to where he stands on these vital issues.

      "Mistake"?  Perhaps, but I've seen an astonishing correlation between the taking of bankster money and the doing of bankster dirt.  Obama's greatest contributors were the banksters.  He is owned by them.  Here is the truth (with some obligatory climate-change crazy) from a right-wing perspective:

      http://www.youtube.com/...

      I am afraid we've been Fooled Again.  Meet the new boss/same as the old boss. The corporatists are still running wild--and Obama, far from being "mistaken", is serving them with every bone in his body.

      Well done. Tipped & rec'd

      "Listen, son, said the man with the gun/There's room for you inside." [-8.62/-8.62]

      by alamacTHC on Thu Apr 08, 2010 at 11:35:33 AM PDT

      [ Parent ]

    •  If we lived within a plutocracy (2+ / 0-)
      Recommended by:
      Badabing, Wolf10

      how would we know?

      All liberal values can be summed into a single issue: The dismantling of the American Middle Class. Publicly Funded U.S. Politics NOW!!!

      by innereye on Thu Apr 08, 2010 at 02:14:51 PM PDT

      [ Parent ]

    •  Recommended (1+ / 0-)
      Recommended by:
      Badabing

      just for the title. Hitting all the right notes! :)

  •  I have no audio right now. (6+ / 0-)

    Let me know if you see a transcript.

    Thank you for this.

    Don't do vibrato. There'll be plenty of that naturally later when you're old and shaky. (Miles Davis, quoting his music instructor)

    by dov12348 on Thu Apr 08, 2010 at 09:43:07 AM PDT

  •  I keep waiting too, (27+ / 0-)

    for President Obama to stand up.

    I am thankful that we have Grayson!

    I keep waiting for President Obama to give a national speech showing and telling the American people 'exactly' where he stands on 'real financial reform' and outlining his vision and strategy that would provide a strong message to Congress and the Federal Reserve as to putting the 'sane nuts and bolts' back into place, such as the Glass-Steagall Act, and standing behind a strong Consumer Protection Agency that has complete independence and 'teeth' and is not put under the Federal Reserve.

    I have watched some of the FCIC hearings and thus far find the whole scenario pretty weak.

    Rhetoric has to be matched with actions. "Only actions don't lie."

    by allenjo on Thu Apr 08, 2010 at 09:43:49 AM PDT

    •  Kabuki theater at its finest. n/t (18+ / 0-)

      ~War is Peace~Freedom is Slavery~Ignorance is Strength~ George Orwell "1984"

      by Kristina40 on Thu Apr 08, 2010 at 09:55:14 AM PDT

      [ Parent ]

    •  If President Obama does not step up to the plate (18+ / 0-)

      and give a much needed 'national speech' on what is about to take place in the Senate, I will know without a doubt, what that 'silence' on his part represents, and that will be his message that will be loud and clear to those on Main Street who have been waiting for him to 'provide real leadership' and sanity back to our financial markets.

      Sometimes you can tell more about a person from what they refuse to stand up for, and the 'silence' from the White House and current confusion going on between Geithner, Volcker and Bernanke is absolutely nothing more than a 'sham.'

      Stand up Mr. President.  LEAD.  Tell us where you stand and who you represent:  Main Street or Wall Street.

      ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

      by Badabing on Thu Apr 08, 2010 at 10:23:24 AM PDT

      [ Parent ]

      •  I'm afraid that (10+ / 0-)

        our president is unwilling to take an identifiable stance here.  His method is to smooth things over and look for common ground.  The banks don't want common ground, they want it all and they want it un-regulated.  Much unlike how Obama did not figure out that the Republicans would never compromise on his Health Insurance Reform (even though his "vision" become such a muddled miasma that it is nothing near what he promised as a candidate, due entirely to unilateral compromises with Rs that netted him ZERO votes), he seems to not understand that Rs have no interest in reforming the bloated, corrupt and leech-infested banking sector.
        Obama's ideals may be good, or even great, but his method has yet to yield much substance.

        •  We cannot sit back and 'pretend' that the (15+ / 0-)

          President, based on his 'silence' is leading.  He is not leading, he is simply allowing Wall Street/the Bankers and the paid off Congressional Whores to dig our nation in even deeper...

          Why bother to have a President if we cannot depend on him to stand up for what is right?  The longer that President Obama remains in the shadows and is 'silent' on the issue of real strong financial reform, the more 'voters' he is going to lose, not just for himself, but for our entire party.

          That is what is known as a 'political moral hazard' and I personally detest his 'silence' on this issue, the same way he dealt with the Public Option.  

          Where's the courage?  Where's the leadership?

          Where's the protection for Americans from the predators on Wall Street/the Banks?

          ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

          by Badabing on Thu Apr 08, 2010 at 10:45:23 AM PDT

          [ Parent ]

      •  umm, maybe better not. (5+ / 0-)
        Recommended by:
        Marie, esquimaux, Badabing, JesseCW, allenjo

        I wouldn't put it past him to come down on Greenspan's side.

      •  What am I missing about Volcker? (1+ / 0-)
        Recommended by:
        Badabing

        You agree he has the right idea, to bring back Glass-Steagall...

        What is this about? (from your diary)

        Paul Volcker is urging President Obama to 'raise taxes'...in other words: Double Down and figure out a way to 'finish off the Middle Class' once and for all.

         

        Should a "progressive" Dem blog dwell in the safe zones of a tame party, or should it drive a tame party to break out?

        by NYCee on Thu Apr 08, 2010 at 05:03:32 PM PDT

        [ Parent ]

    •  Obama, typically, does not speak up until (1+ / 0-)
      Recommended by:
      No one gets out alive

      he is sure what he wants to say.  The American people need to get a lot more informed about the financial sector before reforms are undertaken.

      In a sense, I agree with Greenspan because the way economic analysis is set up there is no provision for the middlemen.  The whole thing is constructed in a bi-polar model--producers and consumers, buyers and sellers, credit and debit.  The guys in the middle are nowhere in evidence in the accounting.  They were left out.  The invisible hand is invisible because nobody was looking at it.

      Who are the middlemen?  Well, in addition to bankers, brokers, salesmen, insurers, factors, jobbers and their public counterparts, the regulators, there are also auditors, accountants, managers, etc.

      Perhaps the reason they were assigned no formal role in the economy was because it was assumed that they served to keep everyone honest, to fill the gap between experience and expectation.  Nobody anticipated that the fixation on profit would render the impartial partial.  And, more important, nobody anticipated that money would be transformed into the primary lever for exercising control over the economy--that money, instead of doing double duty as lubricant AND measuring stick, would be elevated to the role of ruler.

      That the latter wasn't going to work as expected started to become apparent towards the end of the '90s, when jiggling the cost of money proved inadequate to slowing the economy or speeding it up.  The apparent became obvious when lowering the cost of money to zero did not spur the economy either--something that is less likely to have escaped notice had it not been for the housing bubble and the military adventures masking what was really going on.  (How many bulldozers and loaders, for example, did the National Guard take to and leave in Iraq so they had to be replaced when the troops came home?  Equipment that was worn out in the service of the Army and Air Force, but not purchased by them is not counted as part of the defense budget.  States and local communities are faced with paying to have them replaced and coping with the work that had to be delayed).

      Monetizing the equity people had in their homes has been going on since the early '90s.  I can recall Greenspan explaining that the equity needed to be liberated as a justification for removing or reducing the capital gains tax on the sale of homes.

      The economists were obviously on a tear to get every last little transaction denominated in dollars so their models could be made more accurate.  In other words, people were to be persuaded to use money, not because that would facilitate their trade and exchange, but because the universal use of currency would make it easier for the money men to keep track.  In other words, the medium became the message.  And then it became meaningless and the economy seemed out of control.  So, the banksters took it upon themselves to put on the brakes by systematically taking money out of the system and secreting it in speculative arrangements with each other--a sort of mutual self-abuse.  And then, like an engine deprived of oil, the gears ground to a halt.

      The bailout poured more lubricant in.  But, it seems the banksters secreted that, as well.  Then, when they discovered they were expected to open their books (records) to inspection, they suddenly coughed the money up.
      The money hasn't been getting to Main Street for quite a while.  When speculators are into consolidation, and restructuring and re-alignment, there's not a lot of real enterprise going on.  Much less re-investment in industry and commerce.  We have been using up capital assets for decades and not replacing what naturally wears out.  The economy fell into the hands of middlemen who have no idea how to make or create anything.

      The only good thing is that the money itself is worthless.  Value is defined by the good faith and credit of the American people and to validate that all we have to do is put the crooks out of business.

      http://www.youtube.com/cyprespond

      by hannah on Thu Apr 08, 2010 at 11:11:47 AM PDT

      [ Parent ]

      •  I have to disagree with you hannah... (8+ / 0-)

        because once again, let us go back to the OCC law of 1863 that protected Americans for over 140 years.  This law was overturned by the Bush Administration on purpose, and the OCC stepped in, and would not allow States to use their own power and legislation against their local and national banks:

        "Predatory lending was widely understood to present a looming national crisis. This threat was so clear that as New York attorney general, I joined with colleagues in the other 49 states in attempting to fill the void left by the federal government...Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.

        Let me explain: The administration accomplished this feat through an obscure federal agency called the Office of the Comptroller of the Currency (OCC). The OCC has been in existence since the Civil War. Its mission is to ensure the fiscal soundness of national banks. For 140 years, the OCC examined the books of national banks to make sure they were balanced, an important but uncontroversial function. But a few years ago, for the first time in its history, the OCC was used as a tool against consumers.

        In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks."

        http://www.econblog.org/...

        To pretend, that this move on Bush's part, was not only outrageous, but that Greenspan and Bernanke were not privy or did not support these kinds of predatory practices is not being honest.  The OCC was absolutely part of the problem, and many government 'regulators' received huge bonuses for their part in pushing the sub-prime markets, specifically 'for the benefit of Wall Street and the Banks.'  And Greenspan and Bernanke, knew all about these efforts, and once again, ignored what was really going on in predatory lending, and in addition, were repeatedly warned.

        ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

        by Badabing on Thu Apr 08, 2010 at 11:53:50 AM PDT

        [ Parent ]

        •  Point well taken. Perhaps I should (1+ / 0-)
          Recommended by:
          Badabing

          amend my argument by suggesting that the unrealistic economic model is intentional--not just a consequence of a basic desire to exercise control (THE unique characteristic of economic "science" whose models aim to shape behavior, rather than illustrate reality), but a conscious effort to utilize how people sustain themselves as a tool for political power.  
          I've only recently come to understand the meaning of "political economy."  So, managing trade and exchange to coerce compliance with the dictates of leaders/rulers is a new thought for me.  I've recognized it as a consequence, but not a motivator.  If deprivation isn't just a source of sadistic satisfaction, but a conscious application of torture that aims to subjugate, then the offense is even worse.  A regimen of deprivation is worse than sadistic--sort of like the "experimentation" of the Nazi doctors.

          Deprivation in the pursuit of power.  Power, to be felt, has to hurt.  Inflicting hurt to experience potency is like rape or the intentional failure to incorporate safety measures at the Massey mines.  It's the difference between a rapist who can't control his instincts and a serial rapist who's out to instill fear in women.

          We know that the culture of fear was purposely created as a mechanism of social control and the instrument of that fear (some foreign group) was faked.  What you're suggesting is that the American people were intentionally put in fear of their ability to survive to render them more compliant.  The wrecked economy wasn't an accident, incident to the quest for power, a consequence of inattention, but rather the objective.  
          Why would they do that?  Failure is the key to longevity in power.

          They wrecked the economy to stay in power?  

          That's a thought that's going to take a while to digest.

          http://www.youtube.com/cyprespond

          by hannah on Fri Apr 09, 2010 at 12:27:32 AM PDT

          [ Parent ]

      •  Obama typically does not speak (2+ / 0-)
        Recommended by:
        hannah, Badabing

        "The American people need to get a lot more informed about the financial sector before reforms are undertaken." There is total truth in that statement!!! But the prospects of the American Public taking on that challenge are not promising! And if that is missing, "they" - fill in any "they" you want - will continue doing what "they" want which will have no bearing on the public welfare!

        I'm not prepared to fault Obama on this. The American public which is willing to let "them" (read: "experts") do what they think is right with no basis in fact and no proof of the correctness of their actions - we, the people, have to step up, become knowledgeable and SPEAK OUT!!!!

    •  Given Obama's economic team, (9+ / 0-)

      you have a better change of winning the lottery than ever hearing that speech you're waiting for.

      "Dulled conscience, irresponsibility, and ruthless self-interest already reappear. Such symptoms of prosperity may become portents of disaster!" FDR - 1937

      by Marie on Thu Apr 08, 2010 at 11:39:56 AM PDT

      [ Parent ]

  •  I get the impression Angelides is (14+ / 0-)

    auditioning for higher office. And because the Obama WH opposes any honest re-regulation like reinstating Glass-Steagall, the whole exercise seems moot. Kinda fake, too.

    When an old man dies, a library burns down. --African proverb

    by Wom Bat on Thu Apr 08, 2010 at 09:47:14 AM PDT

  •  This is a great diary! (22+ / 0-)

    What these people have done and are obfuscating is simply outrageous.  It won't change, they say they're "sorry".  Yeah, sorry that they stole all our money and are complaining about it nwhile they got disgustingly filthy rich.

    I agree with you, if we don't start fighting back somehow, nothing will change.  However, it's so complicated, such a tremendous, monstrous mess, that even wrapping your mind around a clear, cohesive message about it is impossible.  So if I were to go to the contact page of fcic and write something, I know I would sound like a raving maniac because I'm not intimately familiar with the characters and details, so I don't respond.

    What I'm trying to say is, can you come up with a message, and argument, a plea that voices outrage and indicates exactly what should be done that we can use?

    •  thanks cama....but don't think for a minute (10+ / 0-)

      that what has happened is so complicated that you as an American and taxpayer cannot voice your own outrage.

      You might want to ask Mr. Angelides why he has not  bothered to call in Mr. Cox from the SEC, and why the hell they haven't used one single subpoena.  Why hasn't he called in the OCC or anyone from Freddy and Fannie Mac, to question why these government employees received huge bonuses.  

      You might want to ask him, what the Commission plans to do in terms of accountability or prosecutions...ask him point blank?  Is anyone going to be held responsible?  Will anyone actually stand up and ask for accountability.  

      You might want to ask him, how the American people can expect a sense of 'justice and fairness' when fraud was allowed to happen and no one, it appears, will ever be punished.  

      Thanks.  

      ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

      by Badabing on Thu Apr 08, 2010 at 10:11:25 AM PDT

      [ Parent ]

      •  I see a pattern with this Administration. (11+ / 0-)

        You might want to ask him, how the American people can expect a sense of 'justice and fairness' when fraud was allowed to happen and no one, it appears, will ever be punished.

        It looks unlikely that we will ever see justice done, unfortunately.

        A Republican is someone who can't enjoy his privileged position unless he is certain that somewhere, someone is in excruciating agony. I Love OCD

        by nippersdad on Thu Apr 08, 2010 at 10:20:44 AM PDT

        [ Parent ]

        •  The President Obama will unfortunately get back (6+ / 0-)

          in terms of 'votes' exacting what he is giving to those who worked so hard to have him elected.

          I will not support a President who refuses to stand up for the Middle Class of this nation.

          ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

          by Badabing on Thu Apr 08, 2010 at 10:24:58 AM PDT

          [ Parent ]

          •  I agree. We already have an organization (2+ / 0-)
            Recommended by:
            corvo, Badabing

            to support his constituencies; it is called the Republican Party. After the next election we are going to have to retire the term Reagan Democrat. Such distinctions now appear to be irrelevant when it comes to support of our Party leadership these days.

            We have seen the enemy, and he is us.

            A Republican is someone who can't enjoy his privileged position unless he is certain that somewhere, someone is in excruciating agony. I Love OCD

            by nippersdad on Thu Apr 08, 2010 at 10:31:46 AM PDT

            [ Parent ]

      •  ok, I tried (13+ / 0-)

        I'm embarrassed, but this is what I wrote, trying very hard not to sound like Abraham Simpson - "I am not a crank":

        You do realize that these hearings being held now are coming across as a bit of kabuki theater, do you not?  No one is taking this seriously.  

        After all this time, where is Cox? Why has he not been subpeona'ed?  Why is the SEC getting off the hook?  Why are these thieves who concocted a way to get filthy rich while draining the rest of America's 401k's getting off with a simple "who could have known?".  That does seem a bit odd.  There were repeated warnings that these people claimed not to have heard or seen.  Either they are incompetent or they are lying. Either way, dismissing them with a mere statement of "carry on" seems odd, as if perhaps there is some collusion going on.

        It seems that nothing has been learned from the Enron fiasco.  Enron, with the blessing of their banks and the government lined their pockets on the backs of Americans, and still it is continuing today.  Is it any wonder that no one  trusts the government?

        Signed,
        A Very Dissatisfied Customer

    •  Here is the link to the MSNBC video (1+ / 0-)
      Recommended by:
      Badabing

      the diarists mentioned.  It's the best single summary I have seen anywhere--a perfect balance of being accurate and complete without being too technical to follow.

      Highly recommended for those like me who struggle with these things.

      Legal chicanery and pitch darkness were the banker's stoutest allies. -1939

      by geomoo on Thu Apr 08, 2010 at 03:16:31 PM PDT

      [ Parent ]

      •  Wasn't is easy to understand geomoo? It was such (1+ / 0-)
        Recommended by:
        geomoo

        a great and concise description of what has really happened to date.

        Thanks for that link, and it is as you say Highly recommended.!!!!

        ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

        by Badabing on Thu Apr 08, 2010 at 04:04:53 PM PDT

        [ Parent ]

  •  i watched most of the hearing yesterday (18+ / 0-)

    and understood maybe of half of it because i am economically ignorant.  what i did get was the huge brush-off Greenspan gave to Brooksley Born.  his thought bubble probably said "poor dear, just let the boys handle this, ok?"

    today, i'm just following http://www.huffingtonpost.com/...

  •  Maybe it's just me (17+ / 0-)

    But I'm not surprised when an organized crime figure like Greenspan refuses to confess to his crimes.

  •  The administration's "Restore" date (10+ / 0-)

    isn't far enough in the past. They seem to be trying to put the system bck to where it was in 2007, when what's really needed is a restore point that predates Ronald Reagan.

    Money=speech; every dollar has a right to be heard. The Supremes

    by orson on Thu Apr 08, 2010 at 10:18:12 AM PDT

  •  Who Did It? It's Mr. Bubbles! (11+ / 0-)

    Image Hosted by ImageShack.us

    We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

    by Gooserock on Thu Apr 08, 2010 at 10:20:17 AM PDT

  •  Greenspan's Bubbles Go Way Back (12+ / 0-)

    Image Hosted by ImageShack.us

    We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

    by Gooserock on Thu Apr 08, 2010 at 10:22:24 AM PDT

  •  I was reading commentary about this earlier, (9+ / 0-)

    and you could almost see the sneering sense of entitlement coming through from Rubin et al. God How I loathe those people.

    A Republican is someone who can't enjoy his privileged position unless he is certain that somewhere, someone is in excruciating agony. I Love OCD

    by nippersdad on Thu Apr 08, 2010 at 10:23:03 AM PDT

  •  Why do you expect Obama to do the right thing? (13+ / 0-)

    "I keep waiting for President Obama to give a national speech showing and telling the American people 'exactly' where he stands on 'real financial reform' and outlining his vision and strategy that would provide a strong message to Congress and the Federal Reserve . . ."

    It's just not going to happen with this caretaker president, champion of the status quo.  His attempts to engineer a reinflation of the housing bubble demonstrate that he is firmly wedded to the past, so that I would not doubt that he himself believes that Greenspan and the CEOs of investment banks are totally blameless.  

    Rhetoric aside, I sense that the economy the majority of Americans experience has no real meaning to him.  No friends and colleagues of his face the loss of a job or being asked to do more and more as a condition of remaining employed.  He hasn't a care in the world about making the choice between heath care or food for himself or his family.  American manufacturing doesn't touch him if he is aware of it at all.

    Distrust of authority should be the first civic duty. - Norman Douglas

    by Fossil on Thu Apr 08, 2010 at 10:24:42 AM PDT

    •  I expect President Obama 'to do the right thing' (8+ / 0-)

      because he owes this to the American people.  He owes it to the millions of voters who worked so hard to get him elected.  

      If 'we' do not hold his feet to the fire, and make him do it, then our sense of apathy is our own undoing and it is irresponsible.  

      President Obama is sworn to protect Americans from enemies both Domestic and Internationally and right now, we have a group of Oligarchs that are Domestic enemies who are destroying our entire country.  

      These people are 'immoral, out of control, and can no longer be trusted' with the stewardship of our national interests.  

      Apathy is our enemy right now....MORE COWBELL and more yelling louder is what is required of Americans, so place go to the Commission's website and put your two cents in !!!!

      Thanks.

      ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

      by Badabing on Thu Apr 08, 2010 at 10:34:12 AM PDT

      [ Parent ]

  •  I'm sitting here (10+ / 0-)

    trying to figure out what to do about my transmission when I know I will be losing one of my jobs in a couple of months.  I have no savings left, and won't be able to look for a job without transportation.  Heck, I won't be able to keep my other job if I can't get to it!

    The people who made this mess are now richer than god and are insisting they need/want more.  Ordinarily, Grayson's comment about hara kiri (sp?) would make me a little uncomfortable, but right now I wouldn't have the time or energy to worry about some rich fart doing himself in.  

    Thanks for this diary.  It gives me a different focus for my anger ;-)

    -7.62, -7.28 "Hold fast to dreams, for if dreams die, life is a broken winged bird that cannot fly." -Langston Hughes

    by luckylizard on Thu Apr 08, 2010 at 10:28:50 AM PDT

  •  Grayson obviously has a problem (2+ / 0-)
    Recommended by:
    3goldens, Badabing

    With the "other Alan" having a name so similar to his own.

    You know it's got to be a pain every time some clueless TV talking head introduces you as "Representative Alan Greenspan".  (Or "Grayspan", or "Greenson"...)

    Hey, if it were me, I'd be all over him shouting "change your name!  change your name!  change your #$@%ing name!"

    Greenspan can be Al, or Lanny, or Alano, or Humbertkin. Grayson can keep plain old Alan.

  •  if greenspan was a plumber (12+ / 0-)

    Homeowner..ALan I have a leak in my house and I can't locate its origin,  but its ruining everything.  

    Alan the Plumber... well, to be honest , plumbing is difficult, and so far reaching, regulating the water flow just isnt something we can really do.  SO basically, that leak that is gonna ruin your house,  you're just gonna have to live with it.  Cause after all plumbing is hard work, and hard work is something we have to avoid,  cause you see,  its hard..

    Homeowner... whaaaa??

    (regarding the bank mess) They want to cure the patient but not deal with the disease.

    by dark daze on Thu Apr 08, 2010 at 10:31:07 AM PDT

  •  Rips "so-and-so" a new one? (2+ / 0-)
    Recommended by:
    David in NY, tacet

    I really hate violent metaphors like this.

    Can the title be something like "Grayson calls out the 'Liar' Alan Greenspan" or something that doesn't involve violence?

    Just sayin'

    Hopelessly pedantic since 1963.

    by admiralh on Thu Apr 08, 2010 at 10:40:52 AM PDT

  •  Well MSNBC must be an interesting place to be (10+ / 0-)

    Right about now. I'm sure Andrea Mitchell will cover this story fairly.

    "I don't mean to sound vile, bitter or cruel, but I am, so that's how it comes out." - Bill Hicks

    by Moon Mop on Thu Apr 08, 2010 at 10:44:42 AM PDT

  •  Wow... Can you imagine what we could (11+ / 0-)

    accomplish if we had Grayson, or someone of his caliber & willingness to fight, in a leadership position?

    Picture Grayson as Speaker of the House, with all of the power such position may wield.

    Picture him in Harry Reid's spot, with its attendant power.

    Fuck.

    Blue Dogs and ConvervaDems wouldn't stand a chance.

    Which is exactly why someone like Grayson isn't in a leadership position.  And why we must fight to return the Democratic Party back to its roots as the party which fought and countered run-away corporate influence & corporate led fraud.

    November Slogan: Pragmatic Moderation Corporations Can Believe In

    by Johnathan Ivan on Thu Apr 08, 2010 at 10:48:11 AM PDT

    •  Pelosi doing good job- Ried-not so much (3+ / 0-)
      Recommended by:
      3goldens, Badabing, JesseCW
      •  I disagree. I lost any respect for her (3+ / 0-)
        Recommended by:
        wsexson, corvo, AllanTBG

        when she took impeachment off the table. Her performance since then, following the leader in kicking dust in everyones eyes in the name of "looking forward", disgusts me no less. That she could corral a bunch of Democrats to vote for Republican legislation really isn't particularly difficult, IMHO.

        It is what they do.

        A Republican is someone who can't enjoy his privileged position unless he is certain that somewhere, someone is in excruciating agony. I Love OCD

        by nippersdad on Thu Apr 08, 2010 at 11:18:33 AM PDT

        [ Parent ]

        •  I don't think she took it off the table (3+ / 0-)
          Recommended by:
          3goldens, Badabing, nippersdad

          I think she recognized that it was off the table, since her majority largely rested on "New Democrat" assholes.

          Satrap Wanted. Lawless Central Asian region needs firm hand. Compensation paid in Opium, or an equal weight in Catamites. Must stay bought!

          by JesseCW on Thu Apr 08, 2010 at 11:50:33 AM PDT

          [ Parent ]

          •  Maybe, more likely to cover the asses (3+ / 0-)
            Recommended by:
            Johnathan Ivan, Badabing, JesseCW

            of those Democrats who enabled the mess, IMHO. However, what is the point of a majority without a difference, so to speak? I would rather a House minority leader who lead out of, rather than followed the crowd into a burning building.

            You may not get much done, but equally you won't spend the rest of your career and all of your political capital trying to cover up the past and can truly "look forward" with a degree of integrity.

            A Republican is someone who can't enjoy his privileged position unless he is certain that somewhere, someone is in excruciating agony. I Love OCD

            by nippersdad on Thu Apr 08, 2010 at 11:56:44 AM PDT

            [ Parent ]

          •  it was still ridiculous (6+ / 0-)

            She basically gave the Bush administration a carte blanche.  Impeachment should not have been declared to be "off the table" without any idea of what possible grounds for impeachment would be.

            It's like declaring a person immune to criminal arrest.

            Gentlemen, you can't fight in here! This is the War Room.

            by RickD on Thu Apr 08, 2010 at 12:11:51 PM PDT

            [ Parent ]

            •  If there is one thing that our Democratic (5+ / 0-)
              Recommended by:
              3goldens, wsexson, Badabing, elwior, JesseCW

              majorities have perfected, it is the process by which pols are declared immune from commonly held American ideas of justice.

              A Republican is someone who can't enjoy his privileged position unless he is certain that somewhere, someone is in excruciating agony. I Love OCD

              by nippersdad on Thu Apr 08, 2010 at 12:18:39 PM PDT

              [ Parent ]

              •  The other thing our Dem Leaders know how to do... (5+ / 0-)

                Is construct a kabuki play which constantly recycles the same old reasons why nothing truly progressive / liberal can be accomplished.

                It's the Rethuglicans fault.

                It's Lieberman's fault.

                We need to be bipartisan.

                We need to be moderate.

                It's the best we can hope for.

                He knows what he's doing.

                Give him time.

                It's only been 6, 9, 12, 15 16 months.

                He can't fix everything at once.

                November Slogan: Pragmatic Moderation Corporations Can Believe In

                by Johnathan Ivan on Thu Apr 08, 2010 at 12:48:33 PM PDT

                [ Parent ]

          •  It was BS. Reid took reconciliation off the (5+ / 0-)

            table in 2009.

            Lieberman then threatened to fillibuster.

            The senate only had 50x votes for the PO.  Not 60.  Hence, we couldn't have the PO.

            1.  Senators begin publicly signing an intent to support the PO.  The numbers kept going up, putting pressure on Reid & the Blue Dogs / Corporatists.

            It would be unseemly to force the Democratic Senate to kill the PO now that only 50 votes were needed.  The Senators going public in their support meant that they most likely could not be forced to kill the PO - such a public display and then a reversal would be a PR nightmare.  They were innoculating themselves against pressure to kill the PO.

            Nancy was the hero.  With it looking ever likely that 50 Senators would support a PO - thereby forcing the PO on Obama's desk, something had to be done.

            Nancy stepped up to the plate and took PO off the table cause "the Senate didn't have the votes".  

            Utter Bullshit.  Why should Nancy want to be the one to save the Senate?  Why didn't Nancy "take it off the table" in 2009, when we KNEW there weren't 60 votes for it in the Senate?

            Odd how when the PO couldn't possibly get to 60, Nancy left it on the table.  Strange how when we only needed fifty with 40 Sens publicly declaring their support that Nancy steps in to kill the PO.

            The absurdity of this bullshit is that too many people bought it.

            Nancy can kill the PO - she's in one of the safest districts in the land.  

            And it saved the Democratic Senate from finding 10 Dem Senators to vote against the PO (we only needed 50 + Biden to pass it).

            My belief in Nancy Pelosi being anti-corporatist is about as strong as my belief that Obama keeps Geithner, Bernanke, and Summers around because "they know where the bodies are burried".  

            November Slogan: Pragmatic Moderation Corporations Can Believe In

            by Johnathan Ivan on Thu Apr 08, 2010 at 12:46:02 PM PDT

            [ Parent ]

            •  Why have we not seen more of you? (1+ / 0-)
              Recommended by:
              Johnathan Ivan

              Welcome to the fight! I think this could be the beginning........

              A Republican is someone who can't enjoy his privileged position unless he is certain that somewhere, someone is in excruciating agony. I Love OCD

              by nippersdad on Thu Apr 08, 2010 at 02:40:17 PM PDT

              [ Parent ]

              •  Thanks ND =) I finally started having more "wake (2+ / 0-)
                Recommended by:
                Badabing, nippersdad

                up" moments late last year.

                Now that I look back, I'm astounded that I ever thought Obama was some liberal / progressive who was going to shake things up and begin to roll back the hyper-corporatism policies this country has been implementing since Reagan.

                Hell, even Reagan through executives affiliated with the S&L crisis in the 80's in JAIL.  And that was just for screwing over taxpayers to the tune of 8 billion piffling dollars.

                Ronnie, what a left wing radical he looks like in hindsight.

                Who knew?

                /snark

                November Slogan: Pragmatic Moderation Corporations Can Believe In

                by Johnathan Ivan on Thu Apr 08, 2010 at 03:13:26 PM PDT

                [ Parent ]

            •  She's Also Worth According To Some Estimates (1+ / 0-)
              Recommended by:
              Badabing

              Nancy can kill the PO - she's in one of the safest districts in the land

              92 million dollars.

              <div style="font-size:10px;text-align:center;background-color:#ffd;color:#f33">If the terriers and bariffs are torn down, this economy will grow - G. Bush

              by superscalar on Thu Apr 08, 2010 at 06:21:48 PM PDT

              [ Parent ]

        •  hear what your saying- (0+ / 0-)
          but she has done an effective job of getting stuff passed
          •  Credit Card Reform and HCR haven't exactly (3+ / 0-)
            Recommended by:
            Badabing, elwior, nippersdad

            harmed the industries they targeted.  

            Credit Card companies found & used the loopholes.

            HCR - Insurance Co's still practice the same bullshit and their stocks went UP, not DOWN, when the final HCR bill became known.

            November Slogan: Pragmatic Moderation Corporations Can Believe In

            by Johnathan Ivan on Thu Apr 08, 2010 at 12:49:49 PM PDT

            [ Parent ]

            •  both credit card and HCRshould have been better (1+ / 0-)
              Recommended by:
              We Won
              but short term stock  gains by insurance companies shouldn't be used as a measure of the bill's success or failure
            •  maybe we should just agree (5+ / 0-)
              Recommended by:
              Badabing, elwior, nippersdad, ohmyheck, We Won
              that greenspan is a lying weasle
              •  Prost! I think that is something we can all (1+ / 0-)
                Recommended by:
                We Won

                agree on. Well, almost all of us can agree on that. I think Vogel et al work for these guys. :)

                A Republican is someone who can't enjoy his privileged position unless he is certain that somewhere, someone is in excruciating agony. I Love OCD

                by nippersdad on Thu Apr 08, 2010 at 02:43:28 PM PDT

                [ Parent ]

            •  Check out factcheck.org (1+ / 0-)
              Recommended by:
              Badabing

              http://www.factcheck.org/...

              Howard Dean said on the Today Show on Dec. 20: "It is not a coincidence, David Gregory, that insurance company stocks, health insurance company stocks, hit a 52-year high on Friday. So they must know something that the rest of us don’t."

              Factcheck.org
              "UnitedHealth Group stock, for example, was being traded at a high of $32 on Dec. 18. That’s near the company’s 52-week high of $33.25 (as of Dec. 22). But the company’s stock price was actually down by more than $20 from the same time two years ago. On Dec. 18, 2007, UnitedHealth’s stock traded at a high of $57.47 a share.
              Other big health insurance companies have experienced similar trends."

      •  Pelosi took the PO "off the table" when it (2+ / 0-)
        Recommended by:
        Badabing, elwior

        appeared there might be too many Senators going on the record to support it.

        I lost all love for Pelsoi after that little act of discraceful kabuki.

        November Slogan: Pragmatic Moderation Corporations Can Believe In

        by Johnathan Ivan on Thu Apr 08, 2010 at 12:38:17 PM PDT

        [ Parent ]

    •  I'm with you!!!!! Grayson for President...the (4+ / 0-)
      Recommended by:
      corvo, Johnathan Ivan, elwior, nippersdad

      sooner the better....back to the real wing of the real Democratic Party and screw all these Blue Dogs that are nothing more than 'Fake Republicans'...

      ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

      by Badabing on Thu Apr 08, 2010 at 10:51:24 AM PDT

      [ Parent ]

  •  Why is anyone associated with these thieves still (9+ / 0-)

    in ANY position of power?

    Sure, I'd expect it under Bush.  But now that Democrats have control of government, the question that begs the answer:

    Why are any of these evil ass clowns still in positions of power?

    I'd really like to understand that question.

    Geithner?  Summers?  Bernanke?  Etc.?

    How do they continue to hold power after such an amazing display of abuse & fraud?

    November Slogan: Pragmatic Moderation Corporations Can Believe In

    by Johnathan Ivan on Thu Apr 08, 2010 at 10:54:11 AM PDT

    •  because our government is made of mice (7+ / 0-)

      None of whom dares to "bell the cat"

      Wall street is run by a legion of basement cats.

      fact does not require fiction for balance

      by mollyd on Thu Apr 08, 2010 at 11:02:52 AM PDT

      [ Parent ]

    •  Haven't you heard? (9+ / 0-)

      Geithner, Summers, Bernancke, etc., "they own the place."

      A Republican is someone who can't enjoy his privileged position unless he is certain that somewhere, someone is in excruciating agony. I Love OCD

      by nippersdad on Thu Apr 08, 2010 at 11:20:26 AM PDT

      [ Parent ]

      •  We should find out who is keeping these guys in (2+ / 0-)
        Recommended by:
        Badabing, nippersdad

        power and remind him/her that the Democrats control the government, not the Republicans.

        Oh wait.. that won't work.  We better just attack the corporatist employees since the boss has a (D) after his name.

        Wouldn't want to embolden the Rethuglicans or help our enemies.

        November Slogan: Pragmatic Moderation Corporations Can Believe In

        by Johnathan Ivan on Thu Apr 08, 2010 at 12:35:18 PM PDT

        [ Parent ]

        •  I like the way you think! (1+ / 0-)
          Recommended by:
          Badabing

          It would appear that it took approximately thirty minutes for it to become ok if you are a Democrat.

          A Republican is someone who can't enjoy his privileged position unless he is certain that somewhere, someone is in excruciating agony. I Love OCD

          by nippersdad on Thu Apr 08, 2010 at 01:41:50 PM PDT

          [ Parent ]

    •  Wow...where did you come from? (5+ / 0-)

      I'm loving your comments and would rec each twice if I could for your sig line.

      If we don't collaborate to save Alan Grayson's seat then we deserve to be in the wilderness.

      by jec on Thu Apr 08, 2010 at 11:48:21 AM PDT

      [ Parent ]

      •  thanks =) My tag line comes from the exhaustion (4+ / 0-)
        Recommended by:
        jec, Badabing, elwior, nippersdad

        of my patience with Obama, Reid, Pelosi and other Dem "leaders" to govern like they campagin - liberally & progressively.

        It astounded me that during 2009, Obama (who of course supported the Public Option) could not bring himself to mention it during his few (ha) public and media appearances.

        I'm tired of the repetitive excuses.  I either want some advances made to roll-back the power of corporatism or, at the very least, some new excuses.

        November Slogan: Pragmatic Moderation Corporations Can Believe In

        by Johnathan Ivan on Thu Apr 08, 2010 at 12:33:37 PM PDT

        [ Parent ]

        •  I'm tired of the 'excuses' and I'm way tired (0+ / 0-)

          of Blue Dogs, and the progressives getting shit on in our party.  

          or, at the very least, some new excuses.

          Problem is, 'our fake Democrats' have run out of excuses.  Either they return to our party 'platform' of protecting American jobs with the Unions, and protecting Americans from predatory economic terrorists, or this 'critical point of total corruption' that is now evident to every single American with a 'pulse' is going to eat our nation alive.  When the Supreme Court voted that Corporations are 'people' that was the last straw.  There will come a day, when unemployment benefits are no longer there, and cities in America are turning into ghost towns where lawlessness and crime are on the rise.

          I remember living through the 60's and I saw American cities being 'burned down' by the voters, because of this same kind of corruption and disregard for the very people who 'built' this country from the ground up.

          There will come a day when people just will not put up with what is going on in our country, and that day is coming soon.

          ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

          by Badabing on Thu Apr 08, 2010 at 02:16:46 PM PDT

          [ Parent ]

      •  I know, jec! (5+ / 0-)
        Recommended by:
        jec, 3goldens, Badabing, elwior, nippersdad

        I always say to myself, "Oh goodie!" when Johnathan Ivan comments.  He's bay-yad!  (In a good way....)

        One man alone can be pretty dumb sometimes, but for real bona fide stupidity nothing beats teamwork." - Mark Twain

        by ohmyheck on Thu Apr 08, 2010 at 01:31:21 PM PDT

        [ Parent ]

    •  I ain't tryin to derail (6+ / 0-)

      But our Secretary of State voted to launch a war of agression against Iraq.

      And we're like, hey, yeah, you should totally have the top foreign policy post!

      Our Secretary of Defense used to fund death squads in Central America.  

      And we're like, hey, yeah, you should totally be the guy in charge of winning the battle for hearts and minds!

      And...aw, fuck it.

      Satrap Wanted. Lawless Central Asian region needs firm hand. Compensation paid in Opium, or an equal weight in Catamites. Must stay bought!

      by JesseCW on Thu Apr 08, 2010 at 11:52:55 AM PDT

      [ Parent ]

  •  Hari Kari remark is over the line (0+ / 0-)

    That remark was mentally ill.

  •  Oh, man, is Angelides a wuss. (5+ / 0-)

    He's probably smart. I'm sure he's done good things in his career, but constantly deferring to Republican "judgment" and talking points, isn't one of them. I'm thinking of his failed gubernatorial run against Arnold Schwarzenegger. Well, duh. Of course you lost, weenie. For people to vote for you, you gotta BE somebody.

  •  Dammit (3+ / 0-)

    Can we give the cliche "ripping [him/her] a new one" a rest?  Please!?  

    I say this as a resident of the 70th Precinct in Brooklyn.  Some of you may recall that a police officer decided to "rip" a fellow named Abner Louima a "new one" causing him incredible internal injuries and resulting in the officers lengthy imprisonment.  

    Ripping someone a "new one" is a totally unnecessary and unpleasant and overused cliche.

    How about exercising your superior command of the English language instead of leaning on this tired formula, which really doesn't tell us anything about what Grayson actually said.

  •  Almost none of them have a frickin' clue. (4+ / 0-)
    Recommended by:
    3goldens, corvo, Badabing, elwior

    I bet no one even raised the issue of commercial mortgages -- the next meltdown wave.

    http://cop.senate.gov/...

    Don't do vibrato. There'll be plenty of that naturally later when you're old and shaky. (Miles Davis, quoting his music instructor)

    by dov12348 on Thu Apr 08, 2010 at 11:26:22 AM PDT

  •  The more I read, the more I feel like that bug (5+ / 0-)
    Recommended by:
    Timbuk3, 3goldens, corvo, Badabing, elwior

    underfoot.  I don't understand all of it, but it seems like there are plenty of people with far more power than they should have.

  •  I think it's pretty obvious to just about anyone (6+ / 0-)

    who looks objectively at the abuses of Greenspan and his cohorts and realizes that the entire economy was taken into a pyramid scheme of the highest order and those on the very top got away with all the filthy lucre.  Greenspan was the willing enabler.

    A gigantic, worldwide pyramid scheme.  Really extraordinary, considering how blatantly OBVIOUS it was to anyone with half a brain.

    Watching the housing market in California just explode, with no logical explanation as to how so many people could possibly afford to pay such inflated and ridiculous prices for properties that were OBVIOUSLY not worth what they were paying was just stunning to behold.  Now that it's crashing everywhere on everyone, Greenspan is so surprised.  What crap.  He knew what he was doing and that's how pyramid schemes work.  Sell something for nothing and get out before those below you figure it out, leaving them holding an empty bag.

    •  I said that Ayn Rand should be... (5+ / 0-)

      ... viewed as a villain in history...  But I have to say, Greenspan and the hotshot financial CEOs should be regarded as villains as well.

      Any sycophant subscribing to Randian principles (as a purist or out because it suits them in their greed) has done a horrible and reprehensible thing.

      "I look forward to an honest debate with Governor Palin on the issues, in the unlikely event that she ever learns anything about them." Alan Grayson, D-FL

      by Rich Santoro on Thu Apr 08, 2010 at 12:21:00 PM PDT

      [ Parent ]

      •  the most reprehensible thing, is how they are all (3+ / 0-)

        getting away with this 'total cover up' and how President Obama is just standing by and not speaking up.

        His silence is deafening.  

        ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

        by Badabing on Thu Apr 08, 2010 at 02:20:07 PM PDT

        [ Parent ]

      •  Re (0+ / 0-)

        ... viewed as a villain in history...  But I have to say, Greenspan and the hotshot financial CEOs should be regarded as villains as well.

        All of those CEOs would be bankrupt if the government hadn't bailed them out.

        (-5.50,-6.67): Left Libertarian
        Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

        by Sparhawk on Thu Apr 08, 2010 at 03:15:24 PM PDT

        [ Parent ]

        •  And what about the rest of us Sparhawk? nt. (0+ / 0-)

          ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

          by Badabing on Thu Apr 08, 2010 at 04:09:31 PM PDT

          [ Parent ]

          •  What *about* the rest of us? (0+ / 0-)

            We're all on the hook for our banks' debts. The bank bailout just made a big problem today a gigantic problem tomorrow. Oh, and allowed rich bankers to not go bankrupt when they should have.

            (-5.50,-6.67): Left Libertarian
            Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

            by Sparhawk on Thu Apr 08, 2010 at 04:13:56 PM PDT

            [ Parent ]

            •  Rich banker go bankrupt??? (0+ / 0-)

              More like banks... the rich guys could just walk away with the millions they have already pilfered. The bankers were never in danger... the banks, the companies that rely on them and have money invested in them, the people working at said companies... no sir... there was a lot at stake.

              I just wish that the approach was to bail out the banks from the bottom (by infusing cash by backstopping failing loans via resetting the mortgages as standard loans with fixed rates.  Banks would have gotten their money (albeit with a smaller profit margin) and people would have kept their houses.

              "I look forward to an honest debate with Governor Palin on the issues, in the unlikely event that she ever learns anything about them." Alan Grayson, D-FL

              by Rich Santoro on Sun Apr 11, 2010 at 09:40:51 PM PDT

              [ Parent ]

    •  -- Who knew? Nobody could have predicted. (3+ / 0-)
      Recommended by:
      3goldens, Badabing, elwior

      Everybody agreed. --

      The defense claims of 21st Century, big honcho American fuck-ups.

      However, moving from Yes, I've Found a Flaw to "I'm wrong 30% of the time" almost suggests that Dr. Bubbles is human.

      "Dulled conscience, irresponsibility, and ruthless self-interest already reappear. Such symptoms of prosperity may become portents of disaster!" FDR - 1937

      by Marie on Thu Apr 08, 2010 at 01:04:36 PM PDT

      [ Parent ]

    •  I was in San Diego from 2000 to 2006. Cali (1+ / 0-)
      Recommended by:
      Badabing

      real estate prices were just insane.

      Brand new homes popping up for 800K and people buying them with enough income to support 300-400K.  It was just insane.  I was baffled at the time.  I knew the weather was nice there and it was a pretty clean and safe city, but no way could that justify 20-30% price appreciation.

      I moved back to Mass before the bottom fell out, but I have heard stories about the widespread foreclosures which followed.  THAT must have been something to behold as well.  Truly a crazy period of time.  And everyone buying a massive SUV with a home-equity loan.  I thought I was in ancient Rome.  Bizarre.  Really.  You know though.

      Hope it's getting better, which I hear it is, slowly, very slowly.

    •  60 Percent Of All Mortgages Written In 2007 (1+ / 0-)
      Recommended by:
      Badabing

      Watching the housing market in California just explode, with no logical explanation as to how so many people could possibly afford to pay such inflated and ridiculous prices

      Were 100% loan to  value. That means that the people buying those houses had zero invested in the house beyond the closing costs, and in many cases this was also rolled into the financing.

      They could pay such inflated prices because it didn't really cost them anything up front.

      <div style="font-size:10px;text-align:center;background-color:#ffd;color:#f33">If the terriers and bariffs are torn down, this economy will grow - G. Bush

      by superscalar on Thu Apr 08, 2010 at 06:10:25 PM PDT

      [ Parent ]

  •  all my Ayn Rand devotee friends agreed . . . (7+ / 0-)

    Great diary--thanks

    as you note---what he really is saying is that all of my friends agreed with my ideas and policies and of course all my friends worship at the altar of Ayn Rand.

    as you note:

    But the only "flaw" Greenspan is willing to acknowledge is that he, like "virtually everyone" - academia, banks, etc., all missed it. Greenspan said that he "took a oath of office" and that his own Ayn Randian ideology played no role!

    Part of the problem is that he was reappointed by D's who were charmed and/or afraid to dump him like should have been done.

  •  Take Hollywood, for example, (5+ / 0-)

    to clarify the difference between banking and gambling:

    Hollywood Tries to Block Market for Movie Bets

    ...many of the film industry’s major players, and some sympathetic lawmakers, have aligned in an 11th-hour push to block new financial instruments that would allow traders to swap contracts tied to box-office results, ...

    These instruments which the financial sector creates are nothing other than gambling addicts making things to bet on. Why pretend otherwise? There's nothing beneficial to society in it at all.

    Before long we'll be seeing a new class of "Financial Instruments" called "The next guy to walk into the restaurant will wear a tie." Then we'll sell insurance on people's "position" on that. Then we'll bundle both the positions and the insurance and sell that.

    Seriously: gambling is economically useless for a society, and destructive of common sense and perspective. Cut all forms of it completely away from banking, call it gambling, and tax winnings at 95%.

    Until we break the corporate virtual monopoly on what we hear and see, we keep losing, don't matter what we do.

    by Jim P on Thu Apr 08, 2010 at 12:35:53 PM PDT

  •  Grayson should be careful! (0+ / 0-)
    He's being challenged by a Whig! Yes, the Whig party is alive again in Florida!

    http://politicalwire.com/...

    Fifty-Four Forty or fight!  Manifest Destiny!  The tarriff!!!  The tarriff!!

    I'm not making this up, folks!  What a crazy district Grayson is in!

    DARTH SPECTER: I am altering the deal! Pray I don't alter it any further!
    LANDO REID: This deal keeps getting worse all the time!

    by LordMike on Thu Apr 08, 2010 at 12:41:20 PM PDT

  •  Why that worhless piece-of-shit is not (3+ / 0-)

    spending the rest of his life in prsion is almost as big as mistake as not prosecuting the war criminals.
    The republican ruling class has always been a code word for terrorist.  Republicans always support terrorist and terrorism when it serves their cause.  Simply read the history of any Central or South American country. Then in the past when true American patriots have tried to stand up for the truth, liberty, and freedom our forefathers died for they called them unpatriotic, American hating, communist supports.  

    It is so cute to see the MSM aided by the rightwinghatenuts violently attacking the Obama administration when a few months ago they were yelling that anyone not supporting the government should get out. The dems are far from perfect and we need libertarians, green party, and independents to speak for average Americans.  But compared to the American hating, freedom hating, and liberty hating republicans they look like archangels.  

    It is time the war criminals pay for their crimes!

    The world must never forget: the crimes and atrocities committed by the republicans in the Bush administration!

    by Freedom Loving American on Thu Apr 08, 2010 at 12:46:19 PM PDT

  •  Ron Paul, Ron Paul, Ron Paul, awk, (0+ / 0-)

    Ron Paul, Ron Paul, Ron Paul!!

    /snark

    "Fascism should more properly be called corporatism because it is the merger of state and corporate power." -- Benito Mussolini

    by enhydra lutris on Thu Apr 08, 2010 at 12:55:21 PM PDT

  •  Very interesting diary and comments. Thanks. (3+ / 0-)
    Recommended by:
    3goldens, Badabing, ohmyheck

    Poverty is a weapon of mass destruction. Dennis Kucinich

    by keeplaughing on Thu Apr 08, 2010 at 01:10:51 PM PDT

  •  time for "transparent banks" or 'TRANKS" (3+ / 0-)
    Recommended by:
    3goldens, Badabing, elwior

    A new paradigm where all transactions are visible to people who allow them to hold their money.

    Everything, everything is clear, simple and transparent.

    Where's that bank, because that's where I and most others sentient beings would place their hard-earned cash.

    Let the market sink these crooks if the government lacks the uncorrupted will to do so.

    Separation of Church and State AND Corporation

    by Einsteinia on Thu Apr 08, 2010 at 01:12:15 PM PDT

  •  Bill Thomas The Vice President On The Commission (4+ / 0-)
    Recommended by:
    3goldens, Badabing, elwior, ohmyheck

    is an arrogant asshole and assisted the Bush Administration in the destruction of the USA.  Now he sits up there on this commission and likes to listen to himself pontificate on bullshit in his whiney irritating voice.  He just a big know it all and has no interest in improvement of America only destruction with his right wing ideology.

    "July 2003, Thomas called the U.S. Capitol Police to eject Democrats from a meeting room. A few days later, he tearfully apologized on the House floor for what he called his "just plain stupid" decision to ask the police to eject the Congressmen."

    http://en.wikipedia.org/...

  •  This clip by Peter Schiff is pretty righteous (2+ / 0-)
    Recommended by:
    superscalar, ohmyheck

  •  When I explain to my wingnut relatives (4+ / 0-)
    Recommended by:
    leema, Badabing, elwior, ohmyheck
    - or to folks who are genuinely receptive - why I'm so jaded about the financial/freemartket system, I put it (simplistically) thus:

    Big Money runs the world. Been that way since the Medicis....

    To the wingnuts in particular who love to babble Faux squawking points about deregulation, I ask, you do love and even bet on your college and NFL football games, right...?.....

    Well, how safe would your bet be if the games were played with little to no rules, let alone referees to enforce them. Level playing field, anyone?

    Although not really breaking through their thick little skulls, it usually deflates and deescalates the argument, which is about the best I can get for now....

    Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it. -- Mark Twain

  •  Is anybody looking at serious 'sanctions' ?? (3+ / 0-)
    Recommended by:
    3goldens, Badabing, elwior

    The ruling class will get away with it.

    They've destroyed all savings (home equity and 401(k)s, etc., for the middle class.  They're doing a pretend penance on TV, then laughing over wine at the Four Seasons.

    Yuk. Yuk.   And it's at our expense.  Their money is off shore.  And where is your money?

    Osama bin Laden:  read, and weep.  These guys are so much smarter than you. They've destroyed two generations of U.S. citizens, and meanwhile, they're living, fat and happy, in New York. (When they're not jetting to Paris.)

    And you're in a CAVE??

    WHEN.IS.CHUCK.TAKING.OVER.MTP?

    by muddy paws on Thu Apr 08, 2010 at 01:39:21 PM PDT

  •  Greenspan is "dirty", and they all knew full.... (3+ / 0-)

    well what they were doing.  

    Want more info on the subject of the Federal Reserve??

    "Secrets of the Temple: How the Federal Reserve Runs the Country" by William Greider

    Read this and other books he has written if you want to get depressed, but educated as well.

    "Try not to become a man of success, but rather to become a man of value." ~ Albert Einstein

    by LamontCranston on Thu Apr 08, 2010 at 02:34:43 PM PDT

  •  Jail (3+ / 0-)

    For all of them.  They've robbed us blind.

    Words will always retain their power -V

    by studentofhistory on Thu Apr 08, 2010 at 02:37:50 PM PDT

  •  This is what I think of all these commissions (4+ / 0-)

    They accomplish nothing but an open mike to a few gas bags.

    I believe in criminal investigations, not commission hearings.  And I believe in indictments, not getting someone to admit they're guilty.  

    If there's a charge, make it.  If not, stop wasting the tax payer's money on these commissions.  

    •  that is why AG Holder should be held in contempt (1+ / 0-)
      Recommended by:
      bleedingheartliberal218

      for being such a total sell out and coward.  He is essentially, without a doubt aiding and abetting and obstructing justice by not complying with the law of the land.

      Cris Dodd wrote him a letter, as the Chairman of the Senate Finance Committee...to fully investigate Lehman Bros...and other organizations that may have been criminally involved in what I am calling, and others are calling 'cooking the books'...

      The fact is, we have heard not a peep since that letter was sent out.  Why is that?

         In a letter to Attorney General Eric Holder, Sen. Chris Dodd (D - Conn.), the chairman of the Senate Banking Committee, called for an investigation into the accounting activities used by Lehman Brothers during the financial crisis.

         

      Last week, Lehman's bankruptcy examiner issued a scathing report that detailed the firm's use of "Repo 105" transactions to keep debts from being reflected on their balance sheet. The deals were essentially loans that were improperly classified as revenue on Lehman's books. The effect was to remove $50 billion from Lehman's balance sheet -- an act that then CEO Richard Fuld, was "at least grossly negligent" in allowing, the examiner said.  Based on Dodd's letter, it seems that NPR was correct in saying that it's a "safe bet" criminal trials are not far off. Here's Dodd's letter:

      I'm posting the letter since this is 'public domain' information:

       

         

      Dear Attorney General Holder:

            I am deeply concerned about the facts that have come to light regarding the demise of Lehman Brothers and the accounting manipulation that contributed to it. I respectfully ask you to commission a task force to investigate the Lehman situation as well as other companies that may have engaged in similar accounting manipulation with a view to prosecution of employees or agents who contributed to any violations of the law.

            According to the Report of the U.S. Trustee-appointed Examiner Anton R. Valukas, Lehman presented a misleading picture of its financial condition to the public by using extensive repurchase agreements known as Repo 105 transactions. The Examiner found that "Lehman did not disclose its use - or the significant magnitude of its use - of Repo 105 to the Government, to the rating agencies, to its investors, or to its own Board of Directors." The result was to conceal its holdings of bad assets and to temporarily remove approximately $50 billion of assets from its balance sheet at the end of the first and second quarters of 2008. The Examiner found that Lehman used Repo 105 transactions for no other articulated purpose than to shrink its balance sheet at the quarter-end, in a manner that deceived investors and creditors about its true financial state and misleading others.

            We must work tirelessly to reduce the incidence of financial fraud in order to restore trust and confidence in the financial markets. A task force investigation and taking appropriate Federal actions in these matters will contribute to these goals.

            Sincerely,

            Christopher J. Dodd
            Chairman

      http://www.huffingtonpost.com/...

      I have been calling for an 'Independent Investigation' of Wall Street from the beginning...

      As have this same group of 'trusted' public servants:

      Dear Members of the Financial Crisis Inquiry Commission,

      In this moment of great economic turmoil, there is a simple but critical question that we must ask and answer together as a nation:

      What caused the crisis?

      We, the undersigned, call on you to fulfill the responsibilities of your position by joining together in non-partisan cooperation to investigate the origins of the financial crisis in ways that lead to a full understanding of the institutions, people and practices that are responsible for our economic collapse.

      In particular, we encourage the adoption of three guidelines that history has taught us are essential to an effective inquiry:

         * Appoint a single investigator. This individual must have a proven record of exposing fraudulent elites and institutions, and must provide a professional, non-political spirit to the investigation.
         * Afford no special treatment. No one is off-limits or gets special protection in the investigation.
         * Provide the tools to do the job. The investigator must be given ample budget and time, full subpoena authority, and the ability to hire and fire staff.

      These principles were applied in the 1930s when Congress launched a formal inquiry into the causes of the Great Depression. That commission - led by Ferdinand Pecora - was willing to reach into the highest levels of Wall Street and finance to determine the causes of the economic collapse of 1929. The courage with which the commission greeted its task - and the revelations that courage ensured - inspired the sweeping banking and financial reforms that were the bedrock of our financial system for decades.

      Building a new financial foundation requires us to begin on solid ground - the truth. It is only by illuminating the mistakes of the past that we will be able to meet the great challenges of the future.

      http://www.whatcausedthecrisis.com/

      Unfortunately, I believe that AG Eric Holder is being 'held hostage' just like the rest of our country, and the President Obama has chosen to 'continue the cover up' no matter what it costs our nation, and I for one, cannot let that stand.

      ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

      by Badabing on Thu Apr 08, 2010 at 03:21:23 PM PDT

      [ Parent ]

  •  Alan Grayson Rips (1+ / 0-)
    Recommended by:
    cas2

    It does no good to call him a liar and a thief. Rather, he was an extreme ideologue whose religion (a belief not based on fact) was that what Ayn Rand said was fact. No double-blind studies, as are required by FDA before drugs can be sold. Greenspan had  no data to support  his vehement support for his views and was able to make people believe that it was soooo complicated, they couldn't possibly comprehend it and must do as he said. Gotta give the man credit - he had people bamboozled for a very long time (remember the naked king in the fairy story? One day someone said "the king has no clothes"). He sort of recanted when the market came apart at the seams but now he is defending himself. Best he should shut his mouth and quietly retire into a dark corner!!! I wish him no ill - I just want him to shut up and go away!!!

  •  Stripping Greenspan of his government pension (2+ / 0-)
    Recommended by:
    Badabing, LynneK

    would help him realize the errors of his ways ..... let him see if Andrea Mitchell wants to pay the freight for his retirement .....

  •  Hey congress (2+ / 0-)
    Recommended by:
    cas2, Badabing

    I lent this friend of mine some money so he could by something to make money with. I asked him how long it would take to pay me back and he said it would be just a month but he lost his job and he couldn't make money like he thought.
        It was only $600.00. So if you could include me in the bailout I'd appreciate it. He said he was good for it. How was I to know? I think I did as much due diligence as any of the bigshot bankers did, and I didn't even get a bonus.

    Slow thinkers - keep right

    by Dave the Wave on Thu Apr 08, 2010 at 03:58:32 PM PDT

    •  Are you too big to fail, Dave? (1+ / 0-)
      Recommended by:
      Badabing

      ...probably not.  That's what separates you from very important CEOs with golden parachutes and yachts.  We taxpayers only bail out people who need the bucks to maintain their private planes, multiple residences, and lots of illicit sex.

  •  Get Mr. Grayson! (1+ / 0-)
    Recommended by:
    Badabing

    This is what Bernie Sanders used to do to the lying prick when he was in Congress.  Greenspan created much of the crisis.  He is a lying sack of shit.

    I'm trying to free your mind, Neo. But I can only show you the door. You're the one that has to walk through it.

    by noofsh on Thu Apr 08, 2010 at 04:02:05 PM PDT

  •  btw, great diary. Greenspan was good buddies (1+ / 0-)
    Recommended by:
    Badabing

    with Ayn Rand.

    I get the sense that Ayn Rand was not much different than Orly Taitz, Palin, Bachmann.

    For some reason, typing those names reminds me of this:

     title=

  •  On the Marketplace program (1+ / 0-)
    Recommended by:
    Badabing

    this evening, Rubin and Prince were going on about how they had absolutely no idea CDSs were risky or that there was the slightest thing wrong with Citi's balance sheet.

    Funny thing, they got paid well into 7 or 8 figures, and those of us with considerably lower incomes could figure it out right smart.

    And as for not knowing there was something wrong with the balance sheet? That's what a CEO gets paid for, you worthless piece of dog leftover.

    If men could get pregnant, abortion would be a sacrament.--A Boston cabbie, to Gloria Steinem, in the 1970s

    by Mnemosyne on Thu Apr 08, 2010 at 04:26:40 PM PDT

  •  rhetoric (0+ / 0-)

    I refuse to read any more diaries where the title says that someone destroys someone else or someone rips a new one. I like Grayson, but I got nothing worthwhile from this diary because I didn't read it.

    •  If it isn't worthy of a reading, why comment? (1+ / 0-)
      Recommended by:
      Badabing

      The thing about political blogs...we don't have to read shit we don't agree with.  Two hundred sixty KOS bloggers at least think this diary is worthy of their time.

      •  didn't say (0+ / 0-)

        I didn't say it wasn't worth reading. I said that the titled defeated the purpose of getting THIS reader to read it. I could give a flying fuck about 260 people recommending it. I form my own opinions.

  •  Frontline (2+ / 0-)
    Recommended by:
    cas2, Badabing

    <div style="font-size:10px;text-align:center;background-color:#ffd;color:#f33">If the terriers and bariffs are torn down, this economy will grow - G. Bush

    by superscalar on Thu Apr 08, 2010 at 05:26:24 PM PDT

  •  Angelides guided Rubin to dig himself in deeper. (1+ / 0-)
    Recommended by:
    Badabing

    I thought his questioning was deft, and in his comments tonight on the News Hour he showed disgust for the whole lot of them.  He wasn't going to get a confession out of either Rubin or Greenspan, but he got them to say really stupid stuff.  I loved his incredulity at Rubin saying he knew nothing of what was going on at his company, slight paraphrase here: You're chair of the executive committee, and you didn't know? 15 million dollars compensation and you didn't know?

    Rubin says something like: Well, we didn't meet very often.

    Whee!

  •  Harakiri, huh? (0+ / 0-)

    To quote Mrs. Greenspan in another context, "he should be so lucky".

    The context was when she heard a news item about him which stated that he had undergone an operation to relieve effects from an "enlarged prostitute".

    It must be true because she said it in an interview.

    Anyway, he hasn't got enough honor for that, so just take this as very un PC snark.

    Moderation in most things. Except Reactors. IFR forever!

    by billmosby on Thu Apr 08, 2010 at 07:46:36 PM PDT

  •  Too complex for regulators to keep up? (1+ / 0-)
    Recommended by:
    Badabing

    This assumes that you don't regulate against the complexity that makes "keeping up" a problem.

    "The Universe is change; our life is what our thoughts make it." Marcus Aurelius

    by Mosquito Pilot on Fri Apr 09, 2010 at 04:13:56 AM PDT

  •  Alan Greenspan is the Master of the "Masters of (1+ / 0-)
    Recommended by:
    Badabing

    the Universe" -- that makes him GOD.

    He's actually Shylock.

    Glass-Steagall needs to be reinstated -- it worked since the Great Depression.  

    Let's put Phil and Wendy Gramm in prison for enabling the largest banking fraud in the history of mankind so they can be "whiners" like they called the American people who got screwed by their deregulation of the Wall Street thieves which they engineered in 2006.

  •  "SAVVY" Businessmen!?! (1+ / 0-)
    Recommended by:
    Badabing

    Try THIEVING Scum, Mr. President.

    And you graduated from Harvard Law School and were the Law Review editor.

    Your comment about the existence of only 1 justice system in this country spoke volumes about your inherent intellectual dishonesty.  
    As a black man who was a community organizer, you should have picked up on the fact that there are at least 2 different justice systems in this country -- one for the rich (Immunity from Prosecution) and a totally different one for the poor (CRIMINAL JUST US).

    Did you ever read a truthful history book?  
    Oh, you were a professor of Constitutional law at Neocon U. (Chicago U.), and neocons believe in perpetual war and using dishonesty to obtain and keep political power.

    Your promise of Transparency in Govt. was bullshit.
    Your economic advisors are known thieves and tax cheats from your college alma mater.
    Going after UBS tax evaders ended after you went golfing with the UBS president at Cape Cod.
    How much money did Massey Coal give to you to not enforce coal mine safety regulations?

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