cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted

What would President Bachman do?

First, I've concluded that Obama doesn't deserve a second term. Reason bing the decision to kick the financial can down the road and hope it gets better. It didn't.

 

I posted these charts of the big banks over at marketing a few weeks ago- classic bankruptcy charts with multiple head and shoulders pointing to 0.

 

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=bac&insttype=&freq=1&show=&time=8

 

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=c&insttype=&freq=1&show=&time=8&x=65...

 

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=wfc&insttype=&freq=1&show=&time=8

 

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=jpm&insttype=&freq=1&show=&time=8

 

BTW, Citi had a 1:10 reverse split so that's a 2.60 stock.

 

Two choices back in '08-'09- either let them fail there or TARP 'em and then break them up. Both would have been more painful in the immediate term and you can argue forever about which would have been better.

 

Regardless, choice C has failed- the big banks are going under if left to their own devices.

 

Nobody ever said it would be easy- hey we're talking POTUS here. The only reason to support Obama at this point is if there isn't a better alternative.

 

So, just what do you think Michelle B. or Risk P. would do about this?

54 Replies
Highlighted
Honored Advisor

Re: What would President Bachman do?

I`ve heard for over the last 30 yrs "I don`t know who the next president will be, but he`ll get the blame", well not the last few yrs, those that had said it have passed away, so now I`ll have to start saying it.  Obama does deserve a 2nd term, needs to get credit for the mess that he exacerbated. `08 was our very last chance to straighten things out and you Obama voters picked the ulgiest girl in the leper colony. I wouldn`t wish this mess on Ron Paul or Michele Bachmann, this mess has to hit rock bottom like a crashing heroin addict and we`ll rebuild after that.  Let`s say a Risk Perry gets in, from there on forth Republicans will be known as the captains of the Titanic....No Thanks, Barry can have it again.

Highlighted

Re: What would President Bachman do?

I doubt that John McCain and his senior economic advisor Phil Gramm were exactly up to the task either- hell they created it or at least Phil did more than any other person in government and McCain just likes foreign policy stuff and admitted he was deferring to guys like Phil who knew more about it.

 

Palin thinks that Keynes are those things that old people use to help them walk.

 

The one thing that I could say is that McCain's temperment might have been a plus- he may have just gotten POed and at least have smacked some folks around, whether it was productive or not.

 

 I suppose you take no blame for GWB?

 

 

Highlighted
Honored Advisor

Re: What would President Bachman do?

Obama increased the Nat debt almost 50%!! and we haven`t even survived his entire first term yet!  Unemployment was 7% when he took the reins, look at it now. Bush was plagued with 9/11, just like a "angry birds" game the terrorists sucker punched us harder than anyone thought.  W was able to at least keep it thogether, with Obama it`s all kaput....too much spending, he was elected for every reason BUT his ability to deal with economic affairs.  08 was the last chance to focus like a lazer on jobs and spending..Instead of this gay sh!t.  Sorry but that`s just the bottomline.

Highlighted
Advisor

Re: What would President Bachman do?

Not so sure that blame of and finger pointing at Presidents will make up for anything. If there is blame, it's probably on the complacent, "whislting through the graveyard" citizenry that elected Clinton and GWB.

 

After S & L and then Enron it was glaringly obvious that the fix was in and that instead of those events making anyone repentant it simply inspired the banksters to get better at it.  And to ramp up their efforts to own politicians and think tankers and journalists. The Glass-Steggal repeal and then 15 years of  Congress, The Department of Justice, States AG's, SEC, FDIC etc.etc. being run by those who they were supposed to be watching, with the approval of the public, sealed what Bush ignored and actually facilitated with TARP and then Obama has faced since the fall of 2008. Granting, also,  that he has essentially ignored the matter also, only window dressing with a feeble stimulus and HAMP etc.

 

There should have been a comprehensive resolution process undertaken in the fall of '08 but there was this election thing going on. And there was no way that Obama was going to start taking down the major banks in the Spring of '09. That would have gone over like a lead balloon, and he'd packed his staff of advisors and cabinet with banksters or enablers. It he wouldn't have, the socialist claim would have become a household word. So instead he concentrated on medical insurance reform and got a cobbled together sack of dog **bleep**te that solved nothing critical and may or may not have made the situation better...I don't think anybody really knows ,and how could you with underwriting and budgets in a shambles?

 

And the people who were "consuming large quanities" didn't want the banking system scuttled, easy as it is for the modest % of people who understand what happened to some degree or other and have been saying that they had to be resolved in some manner or other, some of them since way back early in the 2000's to say. They were all considered to be fruitcakes and mostly are still considered to be so. Have you seen that there is a renewed legal attack on Eliot Spitzer? That's not coincidental. Somebody must be getting close to something. The new NT AG is a stud, not particlualry in the manner that Spitzer was found to be maybe, and the virtual crucifixtion of Elizabeth Warren by the banksters privately held  members of Congress has to be an alert that they are worried about somebody getting to close to the truth in a form that the public can grasp.

 

The dammed bubble conditions never made sense..but they were there and were taken advantage of by property owners and consumers AND large business interests. The big winners, of course, being the interests up an down the banking line who profited  mightily on the transactions.  Now bank are sitting on equity equal to around 30% at best of what their books say they hold and it's starting to be reflected in their stock prices. And yet there is still huge demand for bonds that yield virtually nothing.  Bond seekers evidently are satisfied in simply wanting their money safe somewhere.  Growth can wait.

 

And we've got a political system that is being held hostage to a loosely knit coalition of social and cultural vigilanties who are pretending that their concerns are centered around taxes and economic issues.

 

It's probably now left up to the press to enlighten the masses....everything, really, has been up to the press since 1972.  And as evidenced here, the press is utilized by consumer choice. No report or nor story stands for an hour without the obligatory politically guided revision, rebutal or opinion piece.

 

Only thing that I can think of that would be a step in the right direction would be for the President to give an LBJ/Vietnam like speech ("I will not seek the nomination and if elected will not serve") in hopes of unleashing a reformist politics that, and it's why I remain one, only can be mustered  up from within the ranks of the Democratic Party.

 

 

Highlighted
Senior Contributor

Re: What would President Bachman do?

"I doubt that John McCain and his senior economic advisor Phil Gramm were exactly up to the task either- hell they created it or at least Phil did more than any other person in government and McCain just likes foreign policy stuff and admitted he was deferring to guys like Phil who knew more about it."

 

 

Nox, I think most POTUS defer to other supposed economic experts.   Isn't that what Obama has done himself allowing Timmy and others to do what ever they want and with poor results? 

 

I have always said the best thing for correcting a recession is time.  However when our government quite obviously needs to get its spending under control I strongly disagree like you with kicking the can down the road yet again while waiting for yet another committee to make the hard choices. 

 

It seems these days that politicians at all levels don't want to be responsible for making these types of tough choices so they form one committee after another or in some cases hire someone from the private sector to do their dirty work for them.   A couple of years ago in Iowa while trying to decide how and where to cut spending they hired an outside private firm to make recommendations.    I don't recall the exact amounts but recall the company's proposed savings amounted to less then what they charged the state for their services.  

 

Highlighted

Re: What would President Bachman do?

Sure.

 

I think that Obama's apparent thrall with "mainstream" (meaning, connected to the Fed and Wall Street) economists is every bit as tragic as the Rasputin lock that neocon stategerizers had on GWB.

 

I would have liked to see him make Bill Black SecTreas but like that was going to happen, from either party.

 

 

Highlighted
Advisor

Re: What would President Bachman do?

Don;t know if you read thorough Craig's cut and past on Libya, but right on cue to your mention of the neocons, within it are bold proclaimations from John Bolton and Daniel Pipes. 

Highlighted
Veteran Advisor

Re: What would President Bachman do?

GWB was able to "at least" keep WHAT together?  Does the fact that he raised the debt $4.9 trillion (that is ALMOST 100% more than what it was when he started)  bother you at all and that a lot of the new debt is the direct result of Obama not stopping those reasons but continuing them???  Yes, I'm disappointed that the wars w started didn't end the first of Feb. '09 but they didn't and money had to be spent and yet the repubs and tea party refused to increase revenue to help finance them just as they voted to lower taxes after the start of those wars.  You guys don't get off that easy.  You DO have a dog in this hunt!

Highlighted
Senior Advisor

Re: What would President Bachman do?

Yep democrats are bound to go down with a sinking ship rather that admit their leader is not a leader.