I am SO sorry this has gone up late! I had it queued up and neglected to post it!
Judging Honesty by Words, Not Fidgets New York Times
In Attics and Closets, ‘Biohackers’ Discover Their Inner Frankenstein Wall Street Journal
Loomis Rent-A-Cops Have Shopper Cuffed, Hauled Away Over ATM Photo Consumerist
Financial Psalm 16 Cassandra
Hear: Elizabeth Warren Checks In NPR. She got in a row with NPR, but NPR took up the talking points of the right wing vis a vis her role on the COP! No wonder she got ticked off.
Art makes poor hedge against inflation Breaking Views
French Find Safety Nets Multiplying in Pastures New York Times.
Tight storage may lead to huge oil price drop The Oil Drum. We mentioned this last week.
Goldman agrees $60m subprime deal Financial Times
Whitney’s Wisdom CNBC (hat tip reader Don), She calls bank earning “manufactured”, and expects that to continue for the next quarter or two. plus core earnings “negligible”.
Bernanke Says U.S. Banks Must Test More to Identify Other Risks Bloomberg. So Bernanke is already distancing himself from this exercise?
Antidote du jour:
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For a transcript of Warren’s appearance on Planet Money, see here.
God that Elizabeth Warren thing is so galling. Adam Davidson gets me yelling at the radio when Planet Money comes on.
In regards to the NPR/EW interview…yep its simple in their minds, just fix the IBs balance sheets and all will be well, so don’t get in the way or the carriage will run you down (down souths twin city’s ref). No distractions or complexity allowed, we must bend over and fix the very fools that created this hole mess and make them more powerful than even before the ball got rolling, their survival is paramount and must occur before anyone else can be given the right to breath again.
Its becoming painfully clear that the citizens of America are last in line when anything untold occurs Katrina, hazmat issues with the 9/11 clean up, enforced regulation in the food industry, reasonable health care/pension plans with out having to fork over earnings so some guy looking to make his bonus loses 40% of your future, policy and law that is a one way street for the merchant class.
Crisis after crisis of we must fix today and never a chance to look ahead to our future and what that should look like, no the wealthy are becoming poor and with out them we will sink until our heads are truly under water as they stand upon our low brows, for they must breath or we will all suffer greatly with out their wisdom that brought us her in the first place.
Skippy…who ever coined the phrase…you break it, you fix it should have their ears clipped, if one can not have care in dealings not to break things, what pray tell suggests they have the ability to fix it after wards, me thinks, they would only make matters worse eh.
PS my happy thought for the day is, to take all the nefarious malfeasance’s and dress them up in Uncle Sam suits with G. Bush masks and do a 500ft pop and bang static-line drop out of a C5 Galaxy with the DZ being Swat valley…lets see them fight for their ideology/way of life then. BTW I humbly summit myself for the position of Master blaster/Jump Master so if any big talkers waver in their exit of the aircraft, I will pull the last mans chute in the chalk, resulting in every one exiting the aircraft in one almighty cluster fk, which from the ground would resemble a large Pelicans evacuation of its lower intestines or the dreaded Bird Shit Drop.
I can not even say “I feel better now” for the fear of giving out free advertising, infringe copyright or to buy a car, DAMM YOU!
Skippy
The NPR “interview” was infuriating. They had an hour of tape and only ran that?
TARP is the only government funding that has any stings attached to it. All of the other government programs are completely lacking any teeth, and do nothing to change the bad behavior of the banks that got us into this mess.
To sum it up:
700 billion to the banks, with a few stings attached….(TARP)
12,000 billion (12 trillion) in other government programs that demand only that the banks take the money. (Everything else)
Yes, she should be using her position to try and fix things, no one else is.
Remember, they are all trying to pay that tarp money back now, they have plenty of FED money to play with now.
In other interviews I’ve seen (the guys on NPR are unbearable), Warren comes across as grandiose and bored with the mundane task of educating the public about where our trillion dollars went. Her manner makes her easy to discount, and I predict the banking industry will brush her off like lint.
Holy shit,
these mf’ers. I can’t believe these are NPR radio folks, they are as cluesless as the IG from the Fed Reserve interviewed by Alan Grayson
wow,EW says, the NPR dude’s perspective is of the narrow view, i.e. the notion you can save the banking system while the American economy goes down the tubes is just foolish.”
I love EW more every day.
And the problem I have with this Mr. objective NPR journalist (dubbed by himself):
I rely on friends who listen to NPR to relay objective info to me. Now,NPR just lost their credibility.
And whoa! NPR labels EW as highly controversial and left wing democratic party. The conclusion they draw is that is this is just one more “bickerfest.”
This was not a happy ending interview by the NPR folks.
Tres disappointed in their labeling and misunderstanding of EW
My personal Planet Money Indicator: 84Adam Davidson’s actual IQ is 84, based on his narrow-minded, over-compartmentalized analysis of EW’s position.
“Pet Issues?”
“EW’s personal crisis?”
“Not in the mainstream on this issue?” Gee, I hope not!
“Not accepted broad wisdom?” Like, duh, the Mainstream View on this issue is what got us here.
Elizabeth Warren is the only person in government, that I’m aware of, who is able to integrate, rather than compartmentalize, different aspects of our economic problems.
Tim in Sugar Hill
To understand Bernanke’s remarks here simply read Whitney’s in the other link. The Stress Tests were shams, masking the fact that most of the Wide Boys in finance have huge losses, and more importantly huge exposures to future loss potentials against which their ‘reserves’ are government-manufactured. Whitney says, simply, “They’re making NO money.” Ergo, when those losses materialize themselves, whoever put their name to the ‘Stress-less Tests’ is going to look like a fool, a fraud, a loon, a mountebank, and mostwise all of the above. No one can say, now, “Er, we didn’t know,” because the books of these pirate bases were putatively reviewed.
Meredith Whitney for SecTres. Her analyses are dead on; she’s got more brains than the lot running The Show in aggregate; and more balls, too (since they have none while I’m sure she can borrow a set and probably has a lein on several).