IBGYBG...So Let those Idiot Taxpayers Get Caught Holding the Bag

Now it's CIT's turn. Read the link and and just feel your backside get hot.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aGR8yTH2eLwY&pos=1

Early in the banking crisis, before we ever passed Hank's bailout bill, I wanted to see every one of those insolvent banks go broke. Into receivership. Yes and have the great depression that we all so richly deserved. Get it over with.

In fact, that is the law. Government may have broken the law by passing TARP or so we'll find out.

http://www.beachwoodreporter.com/politics/is_tarp_legal.php

I remember this local brainiac telling me that the banks were going to pay back those loans. With interest. "We'll make money!" he said. Well, dude...it's like this. It's like loaning money to a soon to be dead guy. Dead guys don't earn money nor do they pay you back. Of the famous 4 "C"s of lending, the most important "C" is capacity. And broke banks, and dead guys, are fresh out of capacity.

So we lost 2.5 billion on the CIT deal, which more than offsets the 1.5 billion we made in interest from our loans to Goldman Sachs. And Bank of America gets stiffed for 7.5 billion by CIT. Bank of America as you recall, received 45 billion from taxpayers.

And the last snippet, of our Government Nannies, comes via Naked Capitalism and goes like this:

JAMES GALBRAITH: They let all of this run, because they were getting a superficially stronger economy out of it. The ownership society, all that was a scam, basically, designed to lure people who could never afford these mortgages into accepting them. And yes, I think they, any rational person, certainly people in the industry, knew that this was not going to last. There was a little industry code, I’ve learned, IBGYBG. “I’ll be gone. You’ll be gone.”

BILL MOYERS: Really?

JAMES GALBRAITH: Yeah.

BILL MOYERS: The industry being the securities industry?

JAMES GALBRAITH: Well, and the mortgage originators and the bankers, generally.

BILL MOYERS: But that’s criminal fraud.

JAMES GALBRAITH: Oh sure. There was a huge amount of it. The Bush administration did not actively investigate the fraud that they knew, that the FBI knew was occurring, from 2004 onward. And there will have to be full-scale investigation and cleaning up of the residue of that, before you can have, I think, a return of confidence in the financial sector. And that’s a process which needs to get underway.

*sure it will. About the same time they begin playing ice hockey in hell.

The Only Sane Politician I Know

The Mistress of Disaster

I don't care much for lawyers as a whole. A few exceptions, the good ones. A few.

Worse than simply being a lawyer, is being a self serving and greedy lawyer. (although some would make an argument (pun intended) that there is no other kind) This Ms. fits all that. I might never have heard her name but I dug it out.

Another one of those privileged kids. Hey Harvard! Is this the best that you can do? A blurb about this criminal who was a Deputy AG and who of course while cooking the books, was never prosecuted.

Next up is Jamie S. Gorelick, whose official résumé describes her as "one of the longest serving Deputy Attorneys General of the United States," a position she held during the Clinton administration. Although Gorelick had no background in finance, she joined Fannie Mae in 1997 as vice chair and departed in 2003. For her trouble, Gorelick collected a staggering $26.4 million in total compensation, including bonuses. Federal investigators (PDF) would later say that "Fannie Mae's management directed employees to manipulate accounting and earnings to trigger maximum bonuses for senior executives from 1998 to 2003." The New York Times would call the manipulations an "$11 billion accounting scandal." Gorelick, it should be noted, has never been charged with any wrongdoing.

Reading about this woman is like guzzling Syrup of Ipecac. For those tougher than me...linkeration...

http://directorblue.blogspot.com/2008/09/jamie-gorelick-mistress-of-disaster.htmlh

This Is What 58,000 People Had To Say About the Great Recovery

They said bullshit.

1. How strong is any economic recovery in your area?

Very strong	5%
Small signs of a rebound	31%
No recovery here	64%

Total responses to this question: 58511

Got HIV? Welome!

I honestly didn't know that the U.S. had a travel ban on foreigners with HIV traveling here.

Really. I mean how do they screen for that? If you cross the Rio Grande and sneak into the USA, or catch the midnight express do the "coyotes" require a mouth swab before getting your fake ID?

Many, many times, I have stated that the only real purpose of any government is the health and safety of it's citizens. So just where does this fit in? As I ask that question, I suppose some knucklehead will tell me that not allowing HIV infected people into the country is discriminatory and unfair. Un-progressive.

Interesting. President Progressive while taking over private banks and auto makers, dictating salaries with a pay czar, now sees fit to lift this travel ban- Frankenstein never lets me down.

http://news.yahoo.com/s/ap/20091030/ap_on_bi_ge/us_obama_aids

Obama Claiming He Created 650k Jobs

That's probably the number of bounty hunters the IRS is going to need to collect taxes this year.

That GDP number, 3.4 yesterday, included the one time aberration of "cash for clunkers." That was 1.7 or half the total. Not to mention all of those people rushing out to buy shacks and claim that "free" 8k tax credit. Real GDP, not this manufactured variety, was probably much closer to 1%.

Here at Frankenstein Government, my analysis of the effectiveness of Obama is that he has lost over 4 million jobs and that is simply the number that they will confess to. God knows how many jobs have been lost and frozen as employers wait to see what their new tax rates are going to be and just who is going to pick up the tab for socialized government run health care.

I snipped this quote from a CNN Biz New article. Hey dude! You want a job writing here?

Facebook User5:30 am

What a complete and utter fraud. Government doesn't "create" jobs and it sure doesn't "save" jobs. This is the Obama administration making it up as they go along in an attempt to defend their massive spending and attempted takeover of every aspect of our country. Who would have thunk, just a year ago, we'd have government "firing" CEO's of private businesses, reducing salaries of private businesses, high level gov't officials calling Mao their favorite philosopher that they look to most, and a White House at war with private citizens who dare to disagree with them. Jefferson was correct when he said "All tyranny needs to gain a foothold is for people of good conscience to remain silent." I refuse to remain silent with our "government" is full of enemies of our way of life and are doing their best to both take our government away from us and silence it's enemies. Defend it if you will, but know that they'll come for the willing dupes after they first silence the opposition.

The Last Pirate Finds Treasure

Page last updated at 05:50 GMT, Thursday, 29 October 2009 E-mail this to a friend Printable version Somali man, '112', weds girl, 17 Hundreds of people have attended a wedding in central Somalia between a man who says he is 112 years old, and his teenage wife. Ahmed Muhamed Dore - who already has 18 children by five wives - said he would like to have more with his new wife, Safia Abdulleh, who is 17 years old. "Today God helped me realise my dream," Mr Dore said, after the wedding in the region of Galguduud. The bride's family said she was "happy with her new husband". Mr Dore said he and his bride - who is young enough to be his great-great-grand-daughter - were from the same village in Somalia and that he had waited for her to grow up to propose. "I didn't force her, but used my experience to convince her of my love; and then we agreed to marry," the groom said. The BBC's Mohamed Olad Hassan in Mogadishu says the marriage in the town of Guriceel is being described by Somalian historians as the first of its kind in the Horn of Africa nation for over a century.