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This page contains a single entry from the blog posted on September 22, 2008 1:34 PM. The previous post in this blog was September surprise: an economic crisis. The next post in this blog is After the paint dries. Many more can be found on the main index page or by looking through the archives.

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Monday, September 22, 2008

DeFazio: "We won't be rolled"

The Oregon congressman calls it exactly right.

Comments (27)

Good for DeFazio, again, right on the money...pun intended.

At least someone behaves with a modicum of sense:

(Reuters) - American International Group Inc’s (NYSE:AIG - News) former Chief Executive Robert Willumstad has rejected a $22 million severance payment, the Wall Street Journal reported, citing a person familiar with the decision.

He's spot on and hopefully not a lone voice in the wilderness. The American people got the bum's rush on Irag with the bogus intel about WMD's, now they better not get it again from Wall Street. The old saying "If someone burns you once, shame on them, but if they burn you twice, shame on you" seems appropriate.

Usual Kevin:

I think the saying is "Fool me once .... shame on ... shame on you ... Fool me .... can't get fooled again."

Here's some video of our Fearless Leader uttering it:

http://www.youtube.com/watch?v=eKgPY1adc0A

Here's a thesis I'll post to see if this distinguished blog audience thinks its b.s. or not. I just don't know.

If the Dems in Congress pass the bailout then at the very least they should be able to make an unpublicized side deal that involves the Wall St. players committed to electing Obama.

I don't know if Wall St. has that kind of pull or the Dems have the cojones to make a deal like that but it's interesting to think about.

Obama saddled with a huge deficit or the possibility of dealing with McCain for four years.....?

Let's hope DeFazio is more successful at stopping this freight train than Russ Feingold was at trying to talk sense to Congress about Iraq.

I sure wish DeFazio was running for Gordon Smith's senate seat instead of Jeff Merkley. DeFazio's comments were spot on.

The Dems have rolled over on every other pressing issue of the day...why should they dig in their heels on this one?

If they want to play hardball for a week, I'll bet they'll have a change of hearts at DJIA 7,000 or 8,000.

By all means, let's fix the blame first We can fix the problem later.

By all means, let's fix the blame first We can fix the problem later.

How do you propose WE fix this?

How do you propose WE fix this?

Glad you asked. We have to do it through our elected representatives, but since the Democrats have a majority in both houses, there's a shot at it. As a matter of principle, a rescue plan should be aimed at people, not at market systems and financial institutions (except to the extent they are incidental to helping real -- "Main Street" -- people). Buying junk securities at some alleged real value from current holders doesn't meet that test. If we need to give financial institutions liquidity, the government can do it as an equity investor of last resort, in exchange for the right to control their operations. A moratorium on foreclosures of owner-occupied houses would give some time to develop longer-term solutions and stop the bleeding in the housing market. And these large sums of money can be spent on the things the country really needs: infrastructure investment, alternative energy programs, and health care for the uninsured, rather than pouring it down the Wall Street rathole.

If you require the government to become the equity investor of last resort, the government will own a bunch of undercapitalized banks who will either:

a) have to underprice their stronger competitors to survive (why would a depositor/borrower go to goverment owned bank when Wells Fargo or Bank of America are better/quicker/cheaper?)

b) fail eventually, leaving no saleable assets for the goverment to earn a profit on

Worse yet, by forcing the existing equity holders to lose everthing (including the "safer" preferred shares), most of the competing banks are going to suffer guilt by association. That's why all the existing preferred shares traded down 20% to 30% when they wiped out the preferred shares of FNM, FRE, and LEH.

which inevitably causes

The bottom line is that no matter how you slice it this whole bailout scheme is going to turn the U.S. Govt. into a bill collection agency. Are the tax payers going to be secured creditors or unsecured creditors? Paulson, a former Wall Street fat cat, is pushing for an unsecured "blank check" unsecured scenario. In my experience those with a secured equity position tend to come out much better in the end no matter the size of the transaction. The nature of this proposed transaction is that the tax payers are paying $700 billion for a pile of toxic paper without recourse. Anything short of a major secured equity position in exchange for a liquid capital infusion is unheard under these circumstances. Cutting out excessive executive bonuses and the like is just a beginning...making sure that we get our money back is the most important thing here.

...which inevitably causes the law of unintended consequences to mushroom. Now it's not just the preferred shares of banks and insurance companies which are being discounted, but all the other entities which may attract the goverment's "assistance".

So Treausry offers to guarantee money market funds which offer higher yields, and sophisticated investors quit buying Bank CD's in favor of higher yielding (and more liquid) money markets.

The troubled banks can't issue any more equity (common or preferred) because the "punish the investor class" rhetoric has scared away even the vulture investors.

Even highly liquid profitable banks/brokers can't raise any equity capital given the current lack of confidence.

"... Dems in Congress ... should be able to make an unpublicized side deal that involves ... electing Obama."

No need to 'make a deal' for something you already got -- Obama's a sure thing. Except for computer vote-rigging. So the deal is, what?, let Dems get to do the vote-rigging? And this is good because ...? Besides, "Dems in Congress" include more than a handful of Supremacists/MasterRacists who oppose Obama, or anything not Euro-Whitey ... {gasp} racists in Congress! Both sides of the aisle! They'd never 'deal.'

"... they'll have a change of hearts at DJIA 7,000 or 8,000 ...."

Rephrase that: 'Dems might stop resisting when it is shown Bush/Republicans are tanking the DJIA at 8000, 7000, and falling.'

No, Dems are not going to 'change heart,' or 'stop resisting' as long as the sinking DowJonesIndustrials Anchor is tied tight on GOP necks. Especially if indictments come and trials start, accusing the persons, (not the faceless 'institutions') who cause economic ruin. It could look like scorched penthouses, or scorched gated-community McMansions. Plummet, baby, plummet.

---
But I did have my own idea for a 'deal', a two-fer 'win/win' kind of thing. Taxpayers could 'double down.'

Okay, we bail out the rich Fat Cats for $700 B's, AND we print another $700 B's and bail out regular folks. Namely: Free TV and internet for everyone for 20 years.

Let's buy The Media. Buy off Murdoch and he is outta here.

Socialize mass media. We'd own it. We'd run it. No more commercials.

We could use broadcasting to augment free public education, (as was the promise in the advent of it); so everyone could learn, for example, to understand finance and economics, and follow the data and decisions of it, (no more privileged 'insiders'), and be safe from economic screwjob ruin, hereafter.

$700 B's, times 2, would be a bargain price as long as right away and in the end people own and control mass media. First order of business: NO'Reilly. Then: All sports programming is confined to air only in Vegas, and stay in Vegas, where bettors wager -- to watch sports, go to Vegas.

While I respect Mr DeFazio, I'd like to hear his solution.

"those with a secured equity position tend to come out much better in the end" That seems a truism.

"A moratorium on foreclosures of owner-occupied houses would give some time to develop longer-term solutions and stop the bleeding in the housing market."
Great idea, now you've stretched out the repayment on bad debt further so we can extend the drama. SInce no income for banks tehn no one will be able to get a loan for any house and then prices drop 20% further across the board and retirees get wiped out. Retirees need more support so we need to raise Soc Sec taxes even further and the youth of America are only too happy to keep feeding a system that won't be there when they need it.

Do I hear a huge crisis being created? I really think you need to do something to make it possible for banks to return to freer lending practices.

Allan L said:How do you propose WE fix this?
Glad you asked. We have to do it through our elected representatives

I have been trying to get my birthday declared a national holiday for 10 years to no avail. How the heck can I get my elected representatives(how's that for an oxymoron) to listen to me on this issue?

Tensk - I was with you up until the end. I don't wanna have to go to sin-city to watch Phil Liggett and Paul Sherwin talk about Lance Armstrong. Or Al Trautwig and Bob "Bobke" Roll trying to be good enough to compete with the prime-time Brits.

Completely off-topic: I've got a whole bunch of snarky cycling comments stored up ... when are we getting back to the car v. bike war? I mean, with the dollar down, oil up and no money, I figure we'll all be on bikes pedaling through a mad-max landscape sooner rather than later. PS. car [is less than] bike [is less than] car w/ guns.

Curious....How come there are not any Congressional hearings or investigations on this financial mess? They are usually all over this crap when the Bush administration screws up this badly.

First order of business: NO'Reilly.

Why? He's the only one in the media who is calling out the government on how badly they screwed up. On the current financial mess, gas prices, Iraq...try actually listening sometime...

http://www.billoreilly.com/newslettercolumn?pid=24288


This problem started with Jimmy Carter and the Community Reinvestment Act. It continued with the government brow beating the bank's over red lining and culminated with the requirement that Freddie and Fannie make 50% of their home loans to "disadvantaged" borrowers. Congress is not immune here. Over site was to come from committees chaired by Sen. Dodd and Congressman Frank, both of whom did nothing. If you want accountability, Dodd and Frank should be forced to resign at once.

Yep, Dodd and Frank have been in the middle of this crap for years. Their fingerprints are all over years of silly legislation that have caused lots of issues in the financial sector. But guess who is now sitting there at the table acting all serious about solving the problems they helped create! Dodd and Frank, two cockroaches of Congress.

DeFazio is a true representative.

James Webb, US Senator from Virginia is another. Check out his comments on the bailout at:
webb.senate.gov

His book, "A Time to Fight" shows the signs of a real leader, perhaps an altruistic one!
I met him at a Marine Corps "Chosen Few" reunion in Washington, DC last month and he stayed for hours after dinner, meeting and talking with old veterans from the Korean War with great humility.

I'm glad to see Andy and Richard/s keeping up the tradition of the right-wing, excrement-slinging distraction machine. Way to go, boys! Do you have any idea how ridiculous you look?

AllanL. Do you have a problem with facts? All that was pointed out was that congress has a hand in this also. It's the left who continues to blame everything on Bush without so much as a mention of our congress's involvement in anything. Do you have any idea how ridiculous you look?

" Do you have any idea how ridiculous you look?" - Posted by Richard/s

That's a compliment, coming from a loser.

---

They should be standing beside DeFazio, but where is Blumenauer, Wu, and Hooley.

They deserve dethronement. They are Bushbutcher-lackeys.

IMPEACH this administration wholesale!, you three Democratic traitors. Eternal SHAME on your silence.


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