A Home Run
I am absolutely NOT a Larry Kudlow fan, but he sent out the following to the White House regarding the awful Robert Gibbs:
Since when is the bully pulpit of the Office of the President of the United States, used to launch personal attacks on individual members of the media?Go to Slider on the Black for the entire letter....Gibbs has been fired. But wait, there's more, and this time good ol' Larry actually speaks for all of us.....
This was an act of intimidation meant to discourage anyone else in the mainstream financial media from speaking out against the Obama stimulus package, that bails out and rewards the behavior of bad banks, and bad borrowers.
CNBC's Rick Santelli spoke for "tens of millions" of Americans who understand that both their government, and their tax dollars have been hijacked.
When the representatives that we elected and sent to Washington to be our voice… are forced to vote on a bill without even getting a chance to read it… we have no voice.
Governments by, of, and for the people… do not hand blank checks to bankers who cooked the books with Enron-style accounting, who paid themselves billions of dollars in outrageous salaries and bonuses on profits that never existed, and who made loans and bets on derivatives that they didn't have the money to cover.Kill Larry, Kill.
3 comments:
And just exactly what are we paying taxes for to cover regulatory agencies that haven't got a clue to what they are doing, whore themselves to their congressional masters and gull the public in to the belief that the system is being soundly regulated.
The public would be far better of if those agencies were shut down then there would be no illusion and fear would keep people awake and watching their money.
The Chris Cox deal is not a case of somebody (SEC chair)who was just unqualified for the job it is a case of an ideology governing the thought process. Cox, Greenspan, and many others actually BELIEVED that markets were self correcting. Any of us who has spent more than a year in the actual brokerage business can tell you that it's corrupt from the center out and portions of all firms are corrupt. He actually let the banks reduce the amount they had to put up to close a deal from ten percent to thirty (and as high as forty)percent, which meant that they could not cover a major move against them. That was Cox and purely him. Of course Bush and the rest just stood by and nodded off. More than any single individual it is Chris Cox who caused this mess.
Whoops, hit the wrong key before reading the above. It should read that Cox changed the broker/dealer net-capital rules which limited firms to a maximum debt-to-net-capital ratio of 12 to 1. This 2004 exemption allowed them to exceed this leverage rule. Only five firms — Goldman Sachs, Merrill Lynch, Lehman Brothers, Bear Stearns and Morgan Stanley — were granted this exemption; they promptly levered up 20, 30 and even 40 to 1. Nobody had enough capital to survive a major market drop. Go here for major article: http://caps.fool.com/blogs/viewpost.aspx?bpid=151067&t=01005200329092809507
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