Rolling Stone: The Big TakeoverDenninger: Geithner -- Banking Stooge
Denninger: Open Letter to the FDIC Ombudsman
NY Federal Reserve Bank: Dynamic Maps of Bank Card and Mortgage Delinquencies in the United States
Kunstler: Full Commanding Denial
The Geithner Disaster
Does Washington Even Want Recovery?
Thanks to the readers who sent the links. Read 'em all and pass 'em.
These shenanigans are not going to end well.
A few more.
ReplyDelete(I now wonder if there are any brains among those who have driven the stock market higher today, because the vast majority see it as bad. Unless this is being driven/partly driven by the the Fed pumping in money. BT)
Does Washington Even Want Recovery?
http://blogs.forbes.com/digitalrules/2009/03/does-washington-even-want-recovery.html
Nor am I sure that Washington even wants a recovery. "You never want a serious crisis to go to waste," after all.
Geithner's Plan Will Almost Surely Fail
http://www.nytimes.com/2009/03/23/opinion/23krugman.html?_r=1&adxnnl=1&ref=opinion&adxnnlx=1237800003-3/c4dQfc1sw2mLdPjSbiUw
The Geithner Disaster
http://www.tnr.com/politics/story.html?id=3adafc9c-0f8f-4db2-8fb1-26f13303426d
ok, i finally found a few points i agree with denninger on, here.
ReplyDeletecredit based on financing durable consumer goods is NOT securitzable. it has FAILED the market test.
it should have been obvious from the get go that this will always be the case, no matter what good you tie credit to -- homes, cars, guns, whatever.
so what is geithner saying? we need to re-inflate the bubble, we need to provide credit to consumers again, we need to find something else for the AIGs of the world to insure!
they're literally trying to force citizens (subjects?) to capitulate to new ways for the buggy-whip makers to deliver buggy whips and buggy whip accessories.
after all, if we were to return to sound money and private credit, there would be no significant market demand for "financial instruments" and "special investment vehicles" and the like. only for savings and loans and interest.
denninger asks, "Who are going to be the buyers?"
a better question would be: who will become the indentured servants? when the federal government is allowed to have a budget and a bank for the purpose of corporate activity -- nominally, mussolini's fascism -- an avenue is created for impoverishing the people with simple debt.
what we have to discover, all over again, is that fiat paper currency, backed only by this debt, is slavery. it is the life of the commune.
"none so hopelessly enslaved."