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Advisor

David Stockman

12 Replies
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Senior Contributor

Re: David Stockman

These fools don't care about that, bruce. Stockman as far as their concerned is a back stabbing traitor! They don't want to hear the truth. It's easier to live in their cozy little world, oblivious to what really matters.

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Honored Advisor

Re: David Stockman

I guess my take away info from the Radigan round table was we didn`t `pay the piper` the QE2 just threw more borrowed money on the problem.  This is the bad thing about politicians running the economy, no one wants to be in office or Fed Chairman on the inevitable day of reckoning.  That just pushes the mess down the road further, whoever gets elected in `12 will get burned by the hot potatoe Smiley Happy   Stockman did say banks are covered by FDIC, well if 2% of banks went broke then FDIC would need bailed out.

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Senior Advisor

Re: David Stockman

One could argue tha fdic should only be guaranteeing deposits in ordinary banks. Investment banks should not qualify for fdic coverage. That should reduce deposits to the high risk firms.

Advisor

Re: David Stockman

I was just going to post that when I read your response don.

 

Since the repeal of Glass-Stegal and commercial banks officially becoming casinos it's really not that many people who have picked up on that distincition so that it becomes hard wired, as BA doesn't here.

 

I'm quite certain that was what Stockman was talking about. That only deposits are covered. That, of course, being the reason for TARP.

 

A few of us here, from varying bands of the political spectrum actually, said back in Sept. of '08 that the investment banks and their non-deposit  insurers should be allowed to seek whatever level of water they'd settle at. Their CEOs, officers and shareholders would suffer the consequences, but there would be an otherwise unattainable education for everyone in it.

 

Congress and the Bush Administration were obviously convinced otherwise. Sen. Durbin later commented on it when he said of the Senate: "The banks own this place." Then Senator, now President Obama apparantly bought the same argument.

 

Too many of us think, when we hear the word "bank", of that little brick building down town where we took our first pocket gopher bounty, bean walking  or rock picking money and opened a savings account when we were kids.  Those accounts would have been insured then AND in 2008.

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Senior Advisor

Re: David Stockman

Yes and raising the limits on the guarantee protected who? Guys like us that have a few bucks a risk or the big guys that have more than alittle at risk. Of course it was mean to stablize the banks but more security for the more affluent. A smaller guarantee provides incentives for depositors to limit there risk by spreading their deposits around. That would cost FDIC less when a bank does go down.

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Senior Contributor

Re: David Stockman

Thanks for the link Bruce.   After watching it I finally decided to do something I had been meaning to do for some time, set my DVR to start recording Ratigan's show. 

 

 

I have to agree with Stockman and also think there were many chicken littles out running around telling us the sky was falling when it was never that dire.  Once again the rich and powerful ask for and get another bail out from tax payers when as you say they should have let the chips fall and allowed things to find their own level.  Let some of those businesses take a hit and restructure and their CEO's be out on the street.   Wake up their board members to what is really going on.  That's what needs to happen if capitalism is going work properly. 

 

 

Who was the black member of the panel in that clip?   He appeared to be shaking his head no as if he did not agree with what Stockman was saying.

 

 

By the way, I enjoyed your quaint description of people's idea of what a bank is even more then I chuckled at Stockman's line about pilate instructors being the ones losing their jobs.  I also deposited my bean walking and rock picking money along with that from baling and shelling corn but never got in on the pocket gopher bounty although I recall stories of my father collecting when a young man.

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Advisor

Re: David Stockman

The African -American young man is named Capehardt(?). He's a regular panelist one or two times a week. Works for the Washington Post which has become the offical propoganda organ for crony capitalism and sanctification of the marriage of Congress to the investment banking world.That would be contrary to what most people think is the N.Y. Times, which has become incredibly balanced since Douhat got a regular column along side David Brooks. I honestly beleive it was new to him.

 

The other guy who was visibly taken aback was Alter, who argued that the Bush-Paulson-Bernake bailout of '08 had kept the world form ending, which got Stockman as fired up as he was by anything. He's heard it all before but was shocked to hear it put so logically. And quite likely represents that highly compensated, pension (presumed) fat class that comprises much of the population of salaried boomers, who have one heck of a bunch of generated out of thin air money in funds that would take haircuts. People who can't envision life without the cash resources that they presume themselves to have. People who are presuming that there is no reason that there cant be a continuim of bailouts.

 

.It's becoming evident that there can't.. Did you see Ron Paul on the program? He talked about the tea party and progressives coming together on an issue. The man really gets it. He and Barney Frank are sponsring a bill to do what we should have 50 years ago in the decriminalization of pot.

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Senior Contributor

Re: David Stockman

I did not see the Ron Paul clip but will go back to see if I can find it as I enjoy hearing Paul speak.

 

 

I am very familiar with Alter after being a Newsweek subscriber for twenty plus years before allowing my subscription to expire last year.   Under Alter's watch the magazine went from a good and fairly independent news magazine to one that now had eight pages of prescription drug ads for every one page of average news reporting and they were no longer the first ones breaking news storied but had become more akin to ambulance chasers.  I always wondered if the magazine couldn't have maintained their higher standard if Alter had spent more time doing his job as columnist and senior editor as opposed to being a daily guest on numerous MSNBC programs?

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Advisor

Re: David Stockman

We've got a standing tradition here of ordering Time from the FFA members when they have their magazine drive. With the internet and now smart phones magazines aren't that much of a priority. Haven't had a daily newspaper since we got access to the net.

 

As for Newsweek, I tend to think it is a good idea to soak up and process every word that comes out of Fareed Zakariaa's mouth or come off of his fingertips. I'll pck up a copy now and then...always read him on-line.