Thursday, February 05, 2009

let me get a coupla trillion mane

Was gonna do a fluff post today, since I know a lot of folks don’t like to read, and others say I’m too deep and still more say I don’t need to talk bad or negative about Obama. On the latter, I like the guy, smart, astute and talented, and a strong family man. But the policy is not the man so let us not forget such. I will put the fluff post up Friday for the weekend; it will be called ASK ME ANYTHANG U WANT. But for the time being, me still focused on loot and the economy.

Was reading between the lines of the press briefing new treasury secretary jones gave yesterday. From what I take, it is calculated that President Obama is preparing to do a new rescue plan for Wall Street next week which may hit the $2 trillion mark. The plan will likely include creating what he calls a “Bad bank”, which I might interject sounds like the RTC to me. I mean if we revisit our history, The Resolution Trust Corporation was a Governemnt-owned asset management company. It was designed to liquidate real-estate and mortgage loan that were once those of the Savings and Loan Association. The savings and Loan Association was declared insolvent by the Office of Thrift Supervision. This was due to the said savings and loan crisis of the 1980s

Now what is a bad bank you ask? Well like the RTC, it would be a government-run entity that will purchase assets that are fuckn up the balance sheets of financial institutions. Treasury Secretary Timothy Geithner has alluded that the government will purchase basically worthless mortgage-backed securities and other "toxic" assets held by the banks, provide guarantees against future losses and also inject cash directly into the banks. If the government buys common shares in these institutions, the likely outcome will be that weaker banks will become the property of the Feds.

It is perfect timing too since most media attention is focused this week on the debate on the economic stimulus package and because the general populous is blinded by the Obamafication of America. According to my math, with all the bail outs before with the last President’s, and capital injection as well as loans and guarantees to the major banks/financial firms, this behavior has cost we the people about $8 trillion. This when we see the proposed Obama recovery plan don’t do jack to deal with ending the wave of incessant job loss or high rates of home foreclosures. All it does is makes for some lucrative tax write-offs for these institutions.

And back to this “Bad Bank” idea, the Feds will not buy these assents for their face value (less than a dollar in many cases if not pennies) but based on a "valuation model," guaranteeing top dollar prices. Making these Banks richer than they were before. Lesson being we are rewarding criminal behavior. They won’t even open the ledgers and books of these financial giants (hedge funds and banks included) to the public.

I don’t know what is next, and I have not yet developed any statistical models to discern the tenable impact of a $2 trillion dollar bail out package, especially in reference to the impact on so called “Main Street.” But what I do know is that we don’t have that much loot in our coffers, that we will become more in debt to China, that our deficit will increase massively and last but least our GDP will be reduced basically to shit. Dang, aint that some shit? All this is just my personal rumination and is merely speculation on my part. But we may be seeing more robberies into the future folk – again it is real in the field. Maybe martial law aint so far fetched in the future afterall. So long live complex finincial instruments whose values are derived from the value of things that don't exist.

37 comments:

dc_speaks said...

How did i know that our discussion would evolve into such an informative blog post?

Long live capitalism in a socialist government. HA!

Ingie said...

That was an excellent post. I am not sure what the bailout will do. Not sure how I feel about it. I have heard that people believe the recession is going to go on for a while. And there will be more jobs lost. Lots more. So I need to be thankful for what I have. I'm glad I'm not in debt and living high on the hog. I think I should be rewarded for that. Unlike the other people who have lived on many credit cards and bought houses they should never of had, and now are screaming they need help. I can't really get with that.

Torrance Stephens - All-Mi-T said...

dc
should have called it THE PRESIDENT WHO KILLED THE FREEE MARKET ECONONMY LOL

ingie
thank u. and i agree. but many were not and just had hardship, like loosing their jobs. only a small number really have such a background.

Dana said...

Forgive me your Majesty...if I am allowed to address you as such?

I've been following your blog for just a little while and like MANY who have commented before me, I am profoundly impressed with your speak...passionate political or just plain kickin it. Profuse thanks!!!

KELSO'S NUTS said...

Did a pro-Nicholas Brady follow-up to the RDBR promo on my spot with regard to the equitable and politically visionary Latin debt restructuring.

I understand that the last thing he wanted to deal with was the mess the RTC was, so he ignored it and hoped it would go away. Luckily, George H W Bush, had Dick Thornburgh at Justice who has the green-light to kick everybody's asses but the Bush family's.

That left Brady to get the investment banks out from under their stupid speculation in Latin debt derivatives and to get the Latin governments out from under a debt load that would surely lead to massive seignorage and a world currency crisis. The Brady program managed to do more to liberate Latin America from dictatorships than Bolivar, Castro, Che and Villa combined.

I'm telling you, buddy, with each passing day, this Obama is making George H W Bush's Administration look like the best in three decades!

clnmike said...

I wasnt aware of the 2 trillion bail out. Food for thought.

Jackie E. said...

All I can do is shake my head and say how did we go in such a relatively short period of time from having "extras" lol, to being sooooo far in the hole. Unfortunately, there is no magic formula, pill or equation to solve this dilemma. Let's just all collectively hope and pray that Obama, with all his good intentions, will help realize the dream we all have of seeing the days of prosperity return so that we all can step from under this big dark cloud of economic depression.

Anonymous said...

That may be the problem...To much capitalism and not enough socialism. The old Adam Smith way of things is only making money for the rich and the poor be damned. The bad banks was a republican idea. At least, President Obama is trying to do something, unlike some people (republicans and more) who just sit on there asses and complain about his ideas.

rainywalker said...

RDB,
I go around picking pennies off the street. Not because I'm broke but a penny was something to behold when I was poor and young. Putting 2 trillion in my hand would be a hard concept to grasp. I would still be wearing jeans, might buy a six slice toaster and get some bondo for my old truck.
You continue to write from either side of your brain and this hillbilly will figure it out. Many folks today not only want the story but the answers handed to them. I remember when we used to think for ourselves, thus the need to read. I still enjoy the radio, it requires a person to think. Besides my grandfater used to say, "When they're talking about me, they aren't talking about someone else."
rainy

Tawana said...

Great post-keep doing what you do brotha-don't apologize for being deep. Damn-didn't know that we were talking about a couple TRILLION dollars....it boggles the mind.

Fly Girl said...

Very thoughtful post. There are plenty of us who like to read who will keep responding. This country has been headed in a downward spiral for awhile. People were just too caught up in bling, flossin,'media manipulation and reality TV to notice. The recession will get worse before it gets better but I'm hoping that this new administration is savvy enough to make even a slight upturn.

KELSO'S NUTS said...

This is one of the few open-minded intellectual American sites on the Telegraph-Wire, so I'm hopeful someone's reading this. People who comment here regularly are the ONLY American citizens I've seen who seem to want to make a difference and to question their leaders.

Let's get trivia out of the way first. Is Barack Obama a more talented man that either of George W. Bush or John McCain. Unquestionably yes. Is his election as the first African-American president important to the United States for itself and its standing in the world in and of itself? Absolutely yes. Was there a residual "Obama effect" in US dollar strength against the world basket in the weeks following November 4, 2008? There is statistically-significant evidence in support of that hypothesis. Is there any way that history can make that election null and void or tarnish it in any way? Not a chance.

Can Barack Obama SAVE the United States Of America? Not by himself. Can Barack Obama make the Unites States economy worse off by himself? Unfortunately, yes.

Folks, the hard part's over. It's in the books forever, now.

People have to ask themselves what's important to them and let the powers that be know. Right now, the Republican party is making it way too easy on a Democratic party that refuses to address the short-term needs of the least-fortunate and the long-term structural problems in the economy.

They do this by playing games and baiting the President. Cheney says bullshit like there will be a terrorist attack on Obama's watch and Obama takes the bait. Sure, he answers back, but now the debate is framed in such a way that Obama has zero flexibility on rationalizing "homeland security" redundancies to get himself some mch-needed budget room to address middle-class, working-class, poor people, small businesses and entrepreneurial needs. In other words, to get a relatively small package of high velocity dollars into the economy.

Right now, what is he doing? Is he worried about the millions who will go uninsured? Is he worried about the millions of jobless claims? Is he worried about the position the projected deficit and current debt has put his country in? OF COURSE NOT. He's looking in the mirror and wondering if the people think he's "patriotic" enough.

Is that the kind of leader you want? It may well be. I don't know. I know the president here hears a lot of bullshit every day about the handling of these series of eminent-domain seizures or this project auction or whatever. He's got a country to run, a protege to help elect in May, and a series of public works projects he wants to see to completion before May. So, he usually tells whoever it is that's hassling him to go fuck themselves.

Sure, it's a blot on his legacy if Herrera gets beat in May, but in the real world, that's not what governing is about. Governing is about getting the job done. If his crankiness costs her the presidency in May, than the presidency wasn't worth having
anyway.

President Obama doesn't have to be loved to be successful. He has to have a plan that makes sense and doesn't leave out those least able to survive for the purpose of giving away cash to Wall Street, toys to the military, a promise of "market-based" screw-you health care, and a lot of tall tales about "green technology."

If the people don't ask for something different, though, they can't be disappointed when they don't get it.

The USA is in trouble in a way people haven't even considered yet. I don't live there and I'm lucky enough to live in a growing economy, but I talk finance down here every day and there's only one topic that everybody talks about every day: What's the best way to make a big killing when the USD blows up?

If that's what we're saying in South America, that's what they're saying in Europe, in Oceania, in South Africa and even in Canada.

There's a very simple way to make the talk stop. Call the empire quits. Get the troops out of Iraq and South Asia starting now and don't stop until they're all home. They built that palatial embassy in Iraq so I suppose they have to leave 5000 or so personnel to keep it pristine, but other than that, so what?

I suppose it's some kind of test of "reaching across the aisle" for Obama to continually needle Hugo Chavez and to a lesser extent Ignacio Lula da Silva. How exactly does that help the USA? Obama can't defeat Venezuela or Brazil in a conventional war. It's impossible. They'd have to fight them in Caracas, Maracaibo, Sao Paolo, Rio and Brasilia. In addition to having to fight 1 million men plus all the Russian reinforcements needed in big cities, the central banks would freeze all the dollars and dump all the US debt onto the market. That gets followed by an EMBARGO.

I cannot describe to you what all of that would be like at home with two other wars going and a crap economy.

Bill Clinton may be a good man or a bad man but he never had any problems dealing with Chavez or Lula, when they came in and he was leaving. They rolled over the contracts they, had and everything was fine. The streets of Caracas and Sao Paolo were a huge party on November 5, 2008. Obama-mania was all over the region. Barely three months on, he's alienated everybody. To what end? If I've written it here once I've written it 1000x, Ford Motor Company is thrilled with the no-emissions luxuury car assembly lines they've set up down here. So, it can't be the business community Obama's looking to impress. It can't be the Democratic Party. In general, the Democrats are a pro-business, pro-trade party, and have had good relations with Chavez and Lula,especailly in the Northeast with the CITGO arrangement.

So, who's he trying to impress by being George W. Bush II with this? The Republican Right is the only answer I can come up with. I just don't understand why.

If anyone figures it out, don't tell me, tell your president. And tell him why it's silly to make enemies out of countries that were ready to accept him with open arms.

Kiarah C. W. said...

I read about this yesterday and I was not shocked. A trillion dollars! My goodness that is a lot of money. I don't like the bailout idea because I think it reinforces the idea that all this frivolous spending is ok with us and, like they said on The View, if they're bailing out with my dollar, I aint feeling it! Especially these companies that are buying new planes and handing out bonuses...

freemanpress said...

Some people gamble and win and then someone says the company was cheating them out of more money and they win again. So make the RTC because overall the game is set up for the rich to stay rich so why would anyone think the banks are going to lose in this hustle called democracy. We got to get on the other side of the table otherwise we will all fell cheated.

Urban Thought said...

I cannot get past your first couple of sentences. Please don't allow the limited thought process of a few people limit your blogging. Share and allow your perspective of the world to be heard. Actually, I don't think you would ever let it stop you.

Keep doing you.

msladydeborah said...

This package needs to be broken down into parts. As it stands right now, there is no way for the average citizen to comprehend exactly what is business and how extensive the bullshyt really is at this point.

I watched C-Span for a couple of hours. It pissed me off to hear some of the non-essential funding requests that had been placed into the bill. Whoever placed it there needs to be slapped with a pair of gloves first, then a date to meet for the purpose of dueling should be set. It is no less than treason against the national population to suggest that golf courses, polar bears and Hollywood are important enough to filter money from this bill.

It is beginning to look like we will need to give everybody a slap of reality. Before trillions of dollars are just wasted on nonsense.

BuelahMan said...

Its all a lie, bro'. There is no way we have the money or can afford this shit. The $2T already gone to banks is gone... poof, like a puff of crack smoke.

And so will this new barrage of bullshit.

They are taking us to the brink and when it comes to money, people and countries go fucking crazy.

China, Russia, et al will come a calling for their debt.

That will be the end.

What Obama is doing is trying to keep the status quo "credit mentality" alive. Its bullshit and will fail. We need to cut the bad debt. we need to cut the failing banks.

If you are going to give a stimulus, forgive my taxes one year and I promise I will buy some shit.

Been traveling with work and not much time to say hello.

I hope you and your little ones (hell, your son ain't little no more) have a wonderful and beautiful weekend.

I swear to God I'm gonna come visit you some day.

Craigjc said...

One problem with Obama's plan: Who's gonna be fool enough to buy the bad debt from the bad bank? China's hurting worse than us. I'm not buying it, you aint. Who?

rawdawgbuffalo said...

Dana
y thank u maam im vflattered i write how i talk and think - glad u enjoy

KELSO'S NUTS
and i thought that was impiossible to do,, make bush look good, albeit i know it wasnt his mess, but rather the last 5 administrations

clnmike
its a secret Mr treasury sec will slide it out some time next week, maybe even mionday

Jackie E.
babe im smh with you so much my neck hurt

Anonymous Anonymous
true but as i said, i was speaking at all the politicians, and the man and the plan are different to me

rainywalker
im with u and i cant evben imagine how many zero's that would be

Tawana said...
thank u sister and it is indeed mind boogling

Fly Girl
thanks flossing, i still dont get it, guess im like the governmet

KELSO'S NUTS
BRAVO, and not the telegraph LOL

Kiarah C. W.
like the song say i just wanna kown "do you (the feds) still lovbe me"

freemanpress
they cheat real good folk, real good

Urban Thought
thanks for the support folk

msladydeborah
im with u lets duel. can i represnet the people?

BuelahMan
crtedit killed us dead - its the new crack (thanks for the blog title for a future post)

Craigjc
good question, im glad im too broke to purchase anything now

Aunt Jackie said...

I'm not sure exactly where are how we think that the jobless claims in this country would be healed if the financial infastructure of the banks continues to decline.

Banking contracts and jobs go hand in hand, banks fail, business fails, jobs end. That's simple math. So unless or until our country devises another way to fortify its financial infastructure fortifying our banks is a start...

Without regulated and fortified banks, our money lending process will go renegade and any and every other country with a stronger dollar will buy into our market and we will lose the ground beneath us.

That sounds allot worse to me than what Obama is proposing, but then again we often don't see eye to eye.

Garth Sullivan said...

i have to say, i disagree. by all accounts, we need stimulus spending to get our economy rolling again.

interest rates are rock bottom.

unemployment is high and getting higher.

our infrastructure is badly in need of repairs.

and our banking system is collapsing.

if anything, this plan may not go far enough, but, it seems a reasonable start.

i would suggest to anyone here that they scan some paul krugman, keynes and brad delong.

the mortgage backed derivatives are worth far more than a dollar in virtually every instance, as they are backed by real estate.

the losses while considerable are only part of the problem.

Garth Sullivan said...

disagree with T.

i agree with Aunt Jackie.

ChocolateOrchid said...

This is economic situation we're in is really ugly. I do hope that our current administration will turn it around but.. Well, I'll just say that I'm still trying to remain hopeful although I must admit that this shit has gotten pretty bad. Especially with politicians doing/talking the same shit. Thanks for speaking on these things and for being straightforward w/how you see it.
Peace

Danie said...

I always love your posts..keeps me informed....

Ray Ray said...

i'm with ingie..i'm not too sure how i feel about this bailout plan and me being me, i'm a person that does NOT like uncertainty. i like to know EXACTLY what's going to happen and be able to at least speculate possible outcomes. the bailout plan seems a little to uncertain for me and i dont really like the fact that in the event that this doesnt work, no one knows what will happen next. this was definitely informative and well worth the read..oh and btw, that is my wtf\pimp face lmao. that picture has several different uses lmfao

Pamela said...

Here's something for you:
http://clusterstock.alleyinsider.com/2009/2/suspending-mark-to-market-accounting-the-tale-of-two-cows

Rich Fitzgerald said...

A lot of games being played these days. I suggest we all read between the lines and see where we can get in the game instead of paying for tickets to sit in the stands.

KELSO'S NUTS said...

If anybody's interested in reading the "stimulus" package with the most recent Senate amendments, line by line, just go to thomas.gov and it's all there. No guesses. No secrets. You see exactly what's being spent and on what. And it's not pretty. There is 10x the expenditure for the Daley Drug War Program which by the way is yet to face constitutional muster on privacy grounds than there is for basic foodstuffs for hungry children.

@ AUNT JACKIE: I'm not sure whether the right thing is to let irresponsible banks fail or not. My libertarian side says it's the right way to go because it's fair, clear and eliminates any moral hazards and financial industry/government self-dealing problems. Moreover, the government wasn't throwing multi-million dollar bonuses at Meriwether, Hillenbrand, Scholes, Leahy, Hawkins,et al, when Long Term needed to be rescued. The government made those guys work for two years for free and they still came out of it with nothing.

My more open-minded side tells me that it's no good for big investment banks to fail even if they were taking irresponsible gambles they had no business taking. So, instead of the giveaways, I would have structured the bailouts from the start as on-the-run lines of credit, with oversight.

Keith said...

Point Taken...I admit that I am just now seeing and hearing about this. A Trillion dollars?? Really?? I know that we don't have that much..I have tried to understand this stimulus package, but I and most Americans are baffled by it. The average citizen doesn't fully grasp just what has happened and why they are losing their job and their house.

As Dc said...We now have a situation where the Government has to nationalizs the means of wealth and production, because it can't trust the leaders of the so-called
"free market" (socialism if you will) yet we still have to maintain
a semblance of a so-called "free market economy " (Capitalism)

I don't like the idea of the Government bailing out these fat cats and not holding them accountable. The books should be made public, (even though the average person wouldn't understand what he/she was reading.)And they should be made to pay the government back in part if they got themselves on their feet..

It remains to be seen if this will ever happen. All I care about is if this package will create jobs and save the ones that are on the chopping block. Anything else or less is just snake oil being repackaged..I sure hope that that won't be the case...but I am not totally naive, I've seen it happen more times than not.

Aunt Jackie said...

Kelso,

I only support the banking bailout because I know what the ramifications would be of a rogue lending market to Americans in a declining economy. It's nothing but bad news and more lost homes and businesses.

I think it's easy for us as Americans to criticize however few are involved enough in the financial crisis to understand what happened to whom and why.

Ponzi schemes are nothing new. Nor are gambling bankers and untrustworthy brokers, for that matter the recession isn't new, however Obama is new and everyone knows the new kid on the block gets the short end of the stick.

Debbie said...

$8 trillion, oh my. I'm noticing some folks who voted for Obama and finding out he's not who they thought he was, especially the families of the Americans killed in the Cole attack. Other things to keep in mind:

(1) $20.3 Million for the Resettlement of Radical Muslims: PRESIDENT OBAMA INVITES HAMAS TERRORISTS TO AMERICA ;

(2) HR 45: Blair Holt's Firearm Licensing and Record of Sale Act of 2009: Ammunition Accountability Act;

Debbie Hamilton
Right Truth

Torrance Stephens - All-Mi-T said...

Aunt Jackie
I understand your point and agree. All i am saying just throwing money will not work if the same laws (commdities furtures modernization act 200) for example, that got us into this mess remain on the book. hey need to change, amend and even abrogate some these laws so it wont happen again. money a,lone aint the ans. They just like rappers that go to strip clubs and make it rain to me

Garth Sullivan
i agree but is this stim ulus. What happens when the 5 mths it takes to rebuild/repair a bridge in some low populated county ends?

ChocolateOrchid
i try but like i said itys just speculation or opinion on myt part - what i think - n either right or wrong

Danie s
thank u sister

Ray Ray
lol at the pimp face

Pamela s
thanks for the link will chk it

Rich Fitzgerald
that is so true rich and so sad at the same time

KELSO'S NUTS
im with structure as well, but well thought out requires changing laws in addition to just giving them loot.


Keith
well said, and u right, they may not understand them but that would be transparency. Besides the gov who giving the loot aint even privy to such ledgers.

Aunt Jackie
good point. I would add that they feds dont even know how a bunch more of the complex papers work. It will take a long time for them to figure them out, not to mention they make new ones in the forms of puts, calls and opitions every week.


Debbie
thanks sister for the info, we spending so much and doing so much that we americans being left out the loop

Sister Girl said...

Deep post....appreciate ya !

T.

Torrance Stephens - All-Mi-T said...

Sister Girl
anytime home slice what u been listening to lately folk

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look said...

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youyou said...

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