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I Want a Turd for This Punchbowl

11/26/08, 2:14 pm EST

Obama is building an economic dream team around Treasury nominee Tim Geithner that makes use of such marquee talents as Robert Rubin, Paul Volker, Larry Summers, to say nothing of Jason Furman and Austan Goolsbee.

You wanted Best and Brightest with an establishment bent? You got it.

But given that so many of these smartest-guys-in-the-room types have their fingerprints on the current financial crisis, what’s missing is a crusading, ball-busting reformer in the pre-hookergate Elliot Spitzer model.

I buy the argument that you need the kind of insidery A-Team Obama has assembled to try to bring the economy down in something other than a crash landing, and that the time for ballbusting reform is down the line.

My worry, however, is that there’s no one in the room to strike the fear of God into Wall Street execs — to scare them into walking a straighter, narrower line now that taxpayers are on the hook for, oh, three-to-five trillion in bad bets.

With the feds bailing out everyone in sight, we’ve created an off-the-charts moral hazard that could compound this crisis. Who, I want to know, is the guy tasked with looking around the corner and stopping the fat cats before they fuck us again?


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Comments

Anonymous | 12/10/2008, 1:25 pm EST

Jed Clampett

Amazing, isn’t it? that they would have the audacity of hubris as to do that, take away someone that could have done great things for the American people, all they did was delay the inevitable.

How about that new remake of “the day the earth stood still” with the guy from the matrix coming up on Friday? Pay attention to the premise and what the visitor is trying to tell us.

Peace

TinFoilHat | 12/9/2008, 4:28 pm EST

Yeah, that’s why they had Time put the film in their vault where the public couldn’t see it for 10 years. And then, when they did release it, there were several cuts and alterations made to the footage. It is fortunate indeed that modern technology provides a very clear and reproducible way to cut through these deceptions (such as the altered photo of Oswald holding the gun and leftist pamphlet).

Anonymous | 12/9/2008, 3:49 pm EST

Jed Clampett

It’s really hard to accept that the back of his head was intact when faced with the video evidence of the Zapruder film. It’s also quite inconceivable that the Zapruder film is the only documented evidence of that day. I’m sure someone is sitting on some film that shows at least one other source of lead but is too afraid to release it because of it’s implications.

Peace

TinFoilHat | 12/8/2008, 3:36 pm EST

Jed,
Supporters of the “official” story will point out that the autopsy photos show the back of Kennedy’s head intact. Interestingly, it was only relatively recently that sophisticated photo analysis proved that the back of his head was rebuilt with mortician’s wax. Just goes to show the lengths they went to cover it up.

Anonymous | 12/8/2008, 2:09 pm EST

Jed Clampett

The second shot, the one that blows out the back of JFK’s head is the evidence that seals it for me. It pushes him in the direction of trajectory and like any large caliber weapon makes a very large exit hole. Besides, any cop will tell you that during the heat of a dangerous situation, fear and nerves will make your accuracy useless, that’s how they wind up shooting each other when they surround a suspect even though they train at shooting all the time in all types of situations. That shooting was the work of experienced professionals that had seen battle; not some dreamer/looser with little training, planning or motive other than a desire for infamy.

Peace

TinFoilHat | 12/8/2008, 1:10 pm EST

Sorry for the repeat entries, RS seemed to have some performance problems this morning. I thought the first message had been sensored. I have studied the JFK thing quite a bit. I think I have an idea what happened. Too much stuff to list here. If you’re interested in such a discussion we should take it off-line.

DirtyDennis | 12/8/2008, 10:39 am EST

He fits the bill.

Too many factors stretch the limits of probability. Motive is always the prime element in solving a murder. Oswald had none. And aside from the business of wanting to shoot that General, of which there seems to be little substantiation, he gave no indication of being homicidal.

Of course, the first indication of a killer is usually a homicide so that’s really just more fodder for conjecture. The point is, however, nothing in Oswald’s history indicates any anger towards Kennedy. But there were a LOT of others with anger (motive) and means.

I would trust your propellor. If it starts spinning, there’s some ill wind afoot.

TinFoilHat | 12/8/2008, 9:52 am EST

Oswald was a patsy (says the man with the aluminum head-gear).

TinFoilHat | 12/8/2008, 9:49 am EST

Nor LBJ. In fact I doubt that Oswald fired a shot (at Kennedy anyway). But, of course, you will note my head gear.

DirtyDennis | 12/8/2008, 9:14 am EST

TinMan,

‘Perfect Storm.’ Good call. JFK made a sh-itpot of enemies. Choosing someone who had motive to want him ‘removed’ is like selecting from a smorgasbord. I couldn’t fathom a guess. All I know is LHO couldn’t have pulled it off alone.

TinFoilHat | 12/8/2008, 1:28 am EST

From DemocracyNow:

“Barack Obama is coming under criticism for apparently backtracking on a campaign promise for a windfall tax on oil company profits. The American Small Business League says the Obama campaign has deleted the windfall tax proposal from its transition website.”

Maybe Barack is attempting to avoid the same end as JFK. Some would say that Kennedy’s fate was sealed when he made moves to eliminate oil company subsidies. Or was that just one factor in a ‘perfect storm’?

Obameter | 12/6/2008, 12:40 pm EST

Q. Do all these D.C. insider whores gather after work in the back room of the county morgue to suck down a few cold ones?

A. Yes. They’ll do anything for money. Barack might as well hire them to assure they’re paid for by the right side.

TinFoilHat | 12/5/2008, 12:56 am EST

Bruce,
You are a funny guy! “interventionist” and “anti-free-market”. You must be talking about Bush, Paulson, and Bernanke, right? Neoliberal “free-market” policies have never been proven to do anything but make middle-class people poor, poor people destitute, and rich people richer. Unfortunately, Obama has never really indicated that he will depart from such ill-advised policies. The economist-pundit who has been consistently correct, Peter Schiff is estimating a 5-year recession in the best of circumstances. So I guess the Republicans’ policies guarantee a victory in four years via prior sabotage? That is unless we all get wise to this crap your spouting.

Anonymous | 12/4/2008, 1:59 pm EST

Jed Clampett

wow, Bruce seems to think the president has the powers of a king or perhaps a God. Frankly, no matter what Obama does, nothing will change the conditions on the ground until the conservatives that are holding on to funds start to release them. When 3% of the population control over 89% of the wealth, they then control the system. No illusion of a ‘free-market’ system can neutralize reality, as is being played out in our economy today. Decades of conservative elites funneling money out of key industries via obscene executive salaries and wasteful practices have now exposed the thievery. Wait till the healthcare system does the same thing next… did you think that paying Billions in salary to the executives of Healthcare providers wouldn’t have an effect on the system itself? resources are always limited unless you can create new ones. Humans have proven that they have lost their capacity for creation, they now only take and take.
BTW Bruce, do you find that the last decade under republican control and an ‘oil services and battlefield services corporate’ Administration has benefited or hindered the ‘free-market’ system?

Peace

Peace

Meltdown | 12/3/2008, 12:35 pm EST

D&C: You have GOT to be kidding, right? Already citing ‘unconstitutional’ behavior?

Where were you the last 8 years when we fraudulently accused a sovereign country of stockpiling weapons of mass destruction? Where were you when we illegally spied on our own citizens? Where were you when we illegally detained and tortured innocent people who ‘looked like terrorists’? Where were you when we tried to peddle port security to the middle east?

But, here you are. Citing, as unconstitutional, the appointment of Clinton to Secretary of State.

And, here we go. The same people that told us to quit whining during the Bush administration, are already whining before Obama even takes office…………..

Bruce1776 | 12/3/2008, 12:53 am EST

It may well be that there is absolutely nothing anyone can do to prevent a 1930’s-style depression. Obama’s got at least four years. If his anti-free-market economics is going to work, he’ll have the chance to prove it. Of course, if his economics “don’t work” after 4 years, the Republicans can pile on. In reality, all the government can do is make things worse and prolong the agony. The only control Obama will have is whether he wants to get the depression over with or prolong it. My sense is he’ll go the interventionist route and prolong it. He’d do a lot better letting it all happen and getting over in two or three years in time for a recovery in the year before his term is up. Then he would get credit for being a strong leader who brought the country through hard times. It will be tough, since the people will want things to be easier than they can reasonably expect. If your kid eats some tainted food and gets sick, it’s better to let the kid puke and get it out of his or her system, rather then give the kid anti-puke medicine, thereby enabling the poison or disease to go through his or her whole system. Then the kid really gets sick. Most people I know don’t like puking. But when you got to do it, you got to do it. It’s time for the economy to puke out all the bad debt and bad investments, and go through hard times as the economy retrenches. The quicker we can get it over with, the better.

D&C | 12/2/2008, 7:21 pm EST

Hillary’s appointment is unconsitutional! blogs.wsj.com/law/2008/12/01/i s-secretary-of-state-hillary-c linton-unconstitutional-some-s ay-yes/

madmilker | 12/2/2008, 10:40 am EST

told you so!

TinFoilHat | 12/2/2008, 9:52 am EST

For those of you who subscribe to the Reagan “small government” ideology. Here’re the results:

npr.org/templates/ story/story.php?storyId=975353 22

Time to rethink methinks.

DirtyDennis | 12/1/2008, 7:14 pm EST

TinMan,

Seems as though the man could contribute anywhere; I hope to see him brought in sometime/somewhere. Of course, it’s quite possible he let it be known he does NOT wish to return to public service. I sure can’t fault him for that.

As for today’s ‘introductions,’ I am a little surprised but believe in granting Obama all the latitude he wishes.

As for the absence or presence of change, anonymouse, I think that more or less depends on your perspective. Mr. Obama has stated he wants divergent opinions from his advisers. THAT is a change.

The only ‘change’ possible is to the man in charge. You look around at the various ‘pundits,’ especially when it comes to foreign policy and you won’t see a LOT of differences.

You were either for or against invading Iraq. How much more do you know about the various people he named? Hillary isn’t ‘change’ for State? Gates and Jones may not seem to be obvious choices, but Obama wants people to run the various departments and advise him, NOT make policy.

Now, if you like Bushney, perhaps all this is troubling to you. Georgie surrounded himself with yes men and was NEVER in charge. If being the most manipulated Prez ever isn’t included within the purview of being the worst Prez ever, then Georgie is in line for yet another honor.

He was told what he wanted to hear and because he wanted to hear it, he believed it to be divine guidance.

Anonymous | 12/1/2008, 6:12 pm EST

He’s appointing a dream team because he doesn’t know anything. He ran on change and “new politics” yet hires the whole brigade of the old Clinton cabinet. He ran on the basis that he wasn’t the most qualified yet should be President, why doesn’t he return the favor and pick people HE knows that are worthy, regardless of qualifications. The truth is he won, and now he’s assembling people to think for him because he obviously can’t…

TinFoilHat | 11/28/2008, 11:00 pm EST

DD, He’s a political science professor and an NPR commentator. One of the few on NPR that has made any kind of sense out of this disaster.

Anonymous | 11/28/2008, 12:52 pm EST

Jed Clampett

You want a turd for the punchbowl? Have you not realized the punch itself is made of sh!t? Bushney ALLOWED the markets to circumvent the laws and regulations with creative new products, the administration ALLOWED unregulated institutions to act like mortgage lenders without any of the controls placed on traditional lenders, then ALLOWED credit rating companies to be paid off by securities issuers ensuring a built in conflict of interest that could be easily exploited, yet these Harvard and Yale graduates with the most expensive MBA’s in the world didn’t see it coming, were incapable of foreseeing the results of their actions? Please!!??!!?? I may not have all the proof and documentation that SWIM requires to believe something isn’t right, but I can tell when I’m being deceived, and when I deduce the reason for the deception I can intuit the real crime here, our democracy is being destroyed from within by the wealthy oligarchs that have their own ’selfish hat’ to wear and any symbolic ‘changing of the hats’ cannot erase this truth; it’s crazy that we continue to allow them to victimize us without as much as a viable investigation by a special prosecutor.

Bernake and Paulson used to lead the companies most responsible for the economy’s downfall, yet that is being ignored by our media, why?
These are the guys who put in place the system that led us to fail, ignored the warning signs, understood the problem way ahead of time and did nothing to prevent or mitigate it’s damage, yet they are tasked with fixing it?… good luck with that, hope you like trains and harmonicas.
C’mon guys, where have you been the last 2 decades, don’t you realize by now that we are under the control of a select few that have monopolized their industries to such an extent that they have become indispensable… too big to fail, so to speak (perhaps that is why they don’t get arrested and convicted for stealing millions from their companies via backdated stocks)?
Individuals as well as institutions monopolize knowledge and experience to such an extent that it becomes so homogeneous that it doesn’t matter who leadership is, leadership still only has the same ideologues and compromised individuals to choose from.
Remember how long it took Bushney to find Gates and get him to actually ACCEPT the job of sec def? Then there’s the difficulty of finding people with experience and then some degree of loyalty. When Bushney wanted a new general in charge of the quagmire in Iraq they had to promote a 3 star that was willing to take the job. Does that mean we got the best guy for the job or the weakest fool? When they needed someone to replace Gonzales, did the next best candidate take the job or did they have to shop around for a dying, weak old man that would do their bidding?
BTW- Sec State in such an environment as we have today may be more of a hinderance than a gift. If the whole mess goes further down the tubes, it will be on Hill’s shoulders and you can then kiss a presidential run good bye.
Did anyone maybe stop to think that R Reich imposed too many huge demands on the administration in order to take the job of Treasury? Maybe he asked for prosecutorial powers that the administration was not willing to cede. That said, nothing is written in stone, and like the contracts we are beholden to even though they are unfavorable, anything can be dissolved, people can be dismissed and replaced by others, people can be made to account for their professional misconduct and incompetence… just don’t hold your breath, use it, make it into a reverberating cacophany they cannot ignore.

So today we have this, on thanksgiving no less… are the Pakistanis with us or against us? Has our brilliant leadership been giving Billions of dollars to the world’s enemy for the past 7 years? Could this be Bushney’s good bye gift to PE Obama in order to scuttle the next administration as much as they have done with their own? Hitting Mumbay is an event that is as much symbolic as it is horrendous in it’s scope. This is the ISI telling Bush he was wrong for helping India with it’s nuclear program. Guess what comes next. In case you haven’t noticed, this is a strike on a major eastern commercial center, an attempt to bring the world economy to an even worse level and to try and start a war between India and Pakistan because during war and economic hardships, demons rule and angels loose their virtues; guess what group the ISI, and via proxy al-Qaeda, is influenced by the most.
Why is it fools never realize the unintended consequences of funding and promoting evil?

Peace

DirtyDennis | 11/28/2008, 7:37 am EST

Good call TinMan, I’ve always liked him and he sure seems like a ‘natural’ for Obama. Odd we haven’t heard him mentioned.

TinFoilHat | 11/27/2008, 12:44 am EST

I wish Robert Reich was involved this time. We could use a voice advocating for the rest of us.

DirtyDennis | 11/26/2008, 6:06 pm EST

Coach,

The media was my second choice.

My first choice is Obama.

I don’t believe you’re going to find a ‘maverick’ in the economic community although I hold high hopes for Volker’s influence.

Coach | 11/26/2008, 5:44 pm EST

Tim, the media is responsible for exposing the crooks and ’striking fear’ into these execs. The justice department is in charge of charging the crooks. And the people are in charge of making sure the laws are enforced by voting in the right people. Or, recalling when necessary.

alansky | 11/26/2008, 5:06 pm EST

Man, have you got that right!

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