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01.28.11 - 4:12 PM
Banking 101: When You Get the Bailouts, You Don't Care About the Shame
They're back! Another great, lucid, hilarious video from Omid Malekan, wherein these two guys explain bank bailouts, "too bigger-er to fail," and why Goldman Sachs, unlike other banks, didn't buy more banks with its new stash of taxpayers' money: "Because when you already own the US government, you don't need to buy any more banks." "Is this some kind of sick joke?" asks one dismayed guy. The answer, essentially: Yes.
"That does not sound like the gratitude, that sounds like the screwing of the American people."
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19 Comments so far
Show AllPsychopaths are not burdened by shame.
Organized crime that is overtly sanctioned by the US Government (Wall Street) is no different than organized crime that isn't overtly sanctioned by the US Government (Mafia)...both consider it nothing personal, its just business!
Wall Street speculators are using taxpayers' bailout money to speculate on commodities, thereby driving food and fuel prices up as more people have less money to spend on food and fuel.
Agreed. Those 'Too Big to JAIL' Wall Street Casinos are getting virtually free money from that counterfeiting outfit, AKA the Federal Reserve to buy and sell stock, driving up the Dow Jones and making it appear like the market's hot, so they can lure the 'marks' back to the craps table.
Once enough REAL money is invested in Wall Street, they'll pull the plug again and loot what wealth Americans have left.
They might be wearing custom-made $10,000 dollar suits, live in mansions and ride in limos, but they're still THIEVES and need their day in court.
Commentators were surprised at the actions of the people in Egypt because they have been so apathetic and not involved politically. This gives me hope. Americans have been sitting on the sidelines as we keep getting screwed and the joke is on us. Maybe we will join the people in Tunis and Egypt and get out on the street and shout, "THE GAME IS OVER!"
If only.
Most American minds are filled with toxic slop, like what's 'Li Lo' up to; watching 'Lady GAG GAG' videos and anxiously waiting to watch the upcoming 'STUPID BOWL.'
When the national pastime is sitting on the couch, staring at the 'Boob Tube' and eating endless amounts of potato chips, washed down with diet soda--gotta watch that weight!!--there's not much hope for enlightenment.
Love the bears, they should join the Saturday msm cartoon line-up.
This talked about TARP and the special AIG bailouts.
However it missed the PDCF and TALF and TAF and TSLF bailouts.
http://www.creditwritedowns.com/2009/02/talf-a-bailout-if-one-reads-the-fine-print.html
Maybe the next video will cover these bailouts.
http://projects.propublica.org/tables/treasury-facilities-loans
Sorry, but surely this stuff can be better explained than through electronic bears with robotic voices that mispronounce all the names and acronyms and place the the definite article in front of every mispronounced name.
But more importantly, it frames the issue in the "libertarian" manner where "government" is the bogeyman, instead of the corporations and banks, and if "free markets" had been allowed to reign, all would have been well.
If the government had NOT done the bailouts, they would have faced the same or worse demonization when the the bank failures precipitated a worse recession, and the assets ended up in even fewer hands.
So, it was damned if they did and damned if they didn't. The criminal capitalists hold all the cards.
Why are you defending the government? Government = Corporations, Corporations = Government. War is Peace, Freedom is Slavery, Ignorance is Strength.
There is no line between the government and the multinationals, the banks, the insurance companies. Its not a joke, they're not crazy. They're just doing what they do best.
Are you an anarchist?
I like to think the Anarchists hope of a society that can civilize itself without authoritarian threat of violence will someday become a reality. But if you define Anarchist as simply a lawless and violent advocate of chaos then you would be describing the situation we have now in which governments are now simply thugs hired to police its own people in service to the multinationals who use and exploit them and their resources. And these multinational elites are the only real global citizens - currently enjoying being subject to no law whatsoever. If lawlessness is your definition of Anarchy, this is it. Nationalism is for peasants. And in this sense I disagree with the Social Anarchists. The time is not yet ripe for a truly non-authoritarian society, because the lawlessness exhibited by multinationals and the governments which serve them is proof that some people DO need a gun to their head to force them to act right.
Humor and odd characters aid memory and comprehension. Should the public believe the little bears or the politicians? Who seems more trustworthy, the little bears or Obama, Boehner, McCain, Biden, Reid, McConnell?
I didn't see any "libertarian" slant to the discussion, but rather an honest report of the government's collusion with corporate America against the People, or perhaps more accurately, the Sheeple.
Perhaps next the little bears could discuss America's perpetual mass murder of innocent children, women, and men in the name of "freedom" and "democracy." See Yemen, Egypt, Tunisia, and hopefully Saudi Arabia and the rest or America's puppet dictatorships.
"But more importantly, it frames the issue in the "libertarian" manner where "government" is the bogeyman, instead of the corporations and banks"
Please listen to the video again especially the part about who owns the government. And an explanation of the term libertarian is always needed with that word since it is so inexact.
Finally, there were alternatives to just a blanket bailout-similar to sorting dirty laundry, or rummage sale items, a sorting job needed to be done with the financially failed ( and still failed) banks' assets as opposed to those who were under a cloud of panic but still had some value on the books, some of the banks had assets that had value, some had SO CALLED assets with value of close to zero-the books of all the banks needed to be redone to show the reality of the situation. The banks who came up as insolvent (over half of those in the TARP) should have been dissolved, put under new leadership or broken up. The bailout could have been done much more systematically so that we could see what the reality is-that so many of the monstrosities known as big banks are often paper shells where a lot of money moves around. We mistake the movement on the interior of these entities as signs of life when in fact they are rotting corpses swinging in the wind.
Our ever so wise Congress has slipped us a deal that should allow more $40,000 desks to overinflate on Wall Street--
"Banks scored a win yesterday as the Federal Accounting Standards Board backed off on attempts to force them to calculate their loan values using market values."
http://www.huffingtonpost.com/2011/01/26/mark-to-market_n_814228.html
Wall Street and The Federal Reserve and the Congress continue to imbibe their own special brand of Kool-Aide
What a ridiculous comment. "The Ben Bernank" is now such a commonly used term that it even appears regularly in my daily e-mails from my bank!
Very well done.
Let the apologists defend all they want. They wouldn't be who they are if they didn't.
Unless there is a societal choice to abandon dynamic markets and leverage for some form of central planning, I fear that preventing bubbles will in the end turn out to be infeasible. Assuaging their aftermath seems the best we can hope for. Policies, both private and public, should focus on ameliorating the extent of deprivation and hardship caused by deflationary crises. But if an effective way, other than substantial increases in capital, to defuse leveraged bubbles without a major impact on economic growth is discovered, it would be a major step forward in organizing our market economies. - Alan Greenspan
http://www.brookings.edu/~/media/files/programs/es/bpea/2010_spring_bpea_papers/spring2010_greenspan.pdf
Great cartoon :)
I love these bears, they have a wonderful sense of irony about them.