Obama No Longer Bothering to Lie Credibly: Claims Financial Crisis Cost Less Than S&L Crisis
by ilene - October 29th, 2010 3:29 pm
Obama No Longer Bothering to Lie Credibly: Claims Financial Crisis Cost Less Than S&L Crisis
Courtesy of Yves Smith at Naked Capitalism
I’m so offended by the latest Obama canard, that the financial crisis of 2007-2008 cost less than 1% of GDP, that I barely know where to begin. Not only does this Administration lie on a routine basis, it doesn’t even bother to tell credible lies. .And this one came directly from the top, not via minions. It’s not that this misrepresentation is earth-shaking, but that it epitomizes why the Obama Administration is well on its way to being an abject failure.
On the Jon Stewart Show (starting roughly at the 1:10 mark on this segment) Obama claims the cost of this crisis will be less than 1% of GDP, versus 2.5% for the savings and loan crisis (hat tip George Washington, sorry, no embed code, you need to go here):
The reason Obama makes such baldfacedly phony statements is twofold: first, his pattern of seeing PR as the preferred solution to all problems, and second, his resulting slavish devotion to smoke and mirrors over sound policy.
The savings & loan crisis led to FDIC takeovers of dud banks and the creation of a resolution authority to dispose of bad assets. That produced costs which were largely funded by the Federal government. I’ve heard economists repeatedly peg the costs at $110 to $120 billion; Wikipedia puts it at about $150 billion. This approach, of cleaning up and resolving banks, has been found repeatedly to be the fastest and least costly way to contend with a financial crisis.
The reason Obama can claim such phony figures is that many of the costs of saving the financial system are hidden, the biggest being the ongoing transfer from savers to banks of negative real interest rates, which is a covert way…
Jon Stewart On The Humor In The High Frequency Signing Scandal
by ilene - October 8th, 2010 11:57 am
Jon Stewart On The Humor In The High Frequency Signing Scandal
Courtesy of Tyler Durden
Just because every radioactive cloud has a humorous lining, here is how the event that will take home prices another major leg lower is made funny, thanks to Jon Stewart.
The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
Foreclosure Crisis | ||||
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David Walker With Jon Stewart: “There Is No Party Of Fiscal Responsibility In Washington.
by ilene - September 12th, 2010 1:02 pm
David Walker With Jon Stewart: "There Is No Party Of Fiscal Responsibility In Washington." (Daily Show Video)
Courtesy of The Daily Bail
The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
David Walker | ||||
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Video: David Walker with Jon Stewart
Originally aired in January, but it has never been posted here before. Walker is the former Comptroller General of the Untied States and is now President of the Peterson Foundation.
- "There is no party of fiscal responsibility in Washington."
- "When the statutory budget controls expired in 2002, Washington lost total control. Unfunded tax cuts, unfunded war costs, expansion of entitlement benefits. And we are where we are today."
David Walker Says US Government Immorality Will Lead To Bankruptcy (60 Minutes)
David Walker: "The United States Is On The Same Path To Bankruptcy As Greece" (VIDEO)
Movie Trailer For ‘I.O.U.S.A.’ America The Bankrupt
PBS Frontline Explores The National Debt: ‘$10 Trillion And Counting’
The Economic Crisis No One Saw Coming: A Convenient Untruth
by ilene - August 11th, 2010 1:32 pm
The Economic Crisis No One Saw Coming: A Convenient Untruth
By Elliott Wave International
The single most convenient untruth about the 2008 (and counting) financial crisis is that it was unforeseen. For two years policymakers have insisted "There was no way to know ahead of time" that the liquidity boom would come to a screeching halt. Back in November 2008, in fact, the usually tight-lipped Queen of England herself publicly described the turmoil of international markets as "awful" and openly asked a panel of experts from the London School of Economics "Why did nobody notice?"
Her Majesty is right: Most financial authorities did NOT notice the crisis before it was too late. Comedy Central’s "The Daily Show with Jon Stewart" of all places provided the most poignant evidence: A March 2009 video montage shows executives and economists from the world’s leading financial firms repeatedly forecasting continued upside strength in stocks, plus renewed bull market growth in financials — right as debt markets came unhinged and the US stock market headed into a 50%-plus selloff.
Dubbed the "8-Minute Rap" (after the "18-Minute Gap" of Nixon’s Watergate tapes), the Daily Show video feature sent an equally powerful message, as the clip below makes plain.
Yet even as the mainstream authorities failed to detect the economic earthquake moving below their own feet, somebody did "notice" well in advance. That person was EWI’s president Bob Prechter.
The clip below is from a 2007 Bloomberg interview. Clear as PLAY, the foreseeable nature of the crisis emerges from Bob’s October 19, 2007 interview.
As the historic trend change began to unfold, Bob issued this timely insight:
"We’ve seen the first crack in the credit structure with a huge drop in commercial paper… These are the harbingers of a change toward the downside for the stock market, commodities including oil, and the debt market itself."
Don’t believe the convenient untruths. Get objective market analysis today. Download this free report that contains valuable market forecasts directly from the desk of Bob Prechter. This article, The Economic Crisis No One Saw Coming: A Convenient Untruth, was syndicated by Elliott Wave International. EWI is the world’s largest market forecasting firm.
EWI also just sent me an offer for a free eBook on trading lessons (click on banner below). – Ilene
Video: Jon Stewart Blasts BP Over Oil Spill
by ilene - June 2nd, 2010 1:16 pm
Video: Jon Stewart Blasts BP Over Oil Spill
Via DAN FLETCHER at TIME
The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
The Spilling Fields | ||||
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Jon Stewart on the Flash Crash
by ilene - May 11th, 2010 2:02 pm
Jon Stewart on the Flash Crash
Courtesy of Josh M. Brown, The Reformed Broker
The market plunged because of a "Perfect Storm"…one that happens about every two weeks.
The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
A Nightmare on Wall Street | ||||
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Bigotgate
by ilene - April 30th, 2010 12:58 pm
Jon Stewart discusses Gordon Brown’s “bigoted” comment last night on the Daily Show. (Gordon Brown forgot to turn off his mic in the car, after speaking with the "sweetest old lady in England.") Opps. – Ilene
The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
Clustershag to 10 Downing | ||||
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Michael Lewis On The Daily Show
by ilene - March 17th, 2010 2:27 pm
Michael Lewis On The Daily Show
Courtesy of John Carney at Clusterstock
Michael Lewis talks about the financial crisis and subprime mortgages with the only news anchor Americans trust, Jon Stewart.
The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
Michael Lewis | ||||
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Elizabeth Warren Explains the Financial Crisis and the Problem with the US Banking System
by ilene - January 28th, 2010 11:13 pm
Elizabeth Warren Explains the Financial Crisis and the Problem with the US Banking System
Courtesy of Jesse’s Café Américain
This is from Elizabeth Warren’s 26 January 2010 appearance on The Daily Show.
Brilliant in its simplicity and its honesty. Very tough and straight talk.
Why do we have to see this on the Comedy Central Network, and hear the usual drivel and obfuscation on the mainstream media?
Watch it. Send it to a friend.
Jon Stewart: Clusterf#@k to the Poor House – Fat cat flight delay
by ilene - December 16th, 2009 7:03 pm
Jon Stewart: Clusterf#@k to the Poor House – Fat cat flight delay
Via Edward Harrison at Credit Writedowns
The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
Clusterf#@k to the Poor House – Flight Delay | ||||
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