http://www.bloomberg.com/apps/news?pid=20601087&sid=aP6xr9LsyklY&refer=home Man....It is essential to capitalism that these folks survive.... Ain't it great to have a bunch of "lawyers" running "ruining" what is left of the US' last stand on capitalism ? Lesson learned....eh ? The TARP grilling yesterday is proof positive US socialism does not work....and never will.... F SOCIALISM..... ........................................................................... The Govt. must "downsize" in a very big way .... What's needed ? 10% Consumption Tax Only .......................................................................... Obama etc should rarely be in the news.... What should be in the news is excitement about innovations, etc....new companies coming aboard.... You know....THE REAL CAPITALISM STUFF.... .................................................................. This does not mean the same leadership remains on the capitalism side.... It means getting rid of these people....all of them....that were causal for capitalism being in the position it is currently in.... There is nothing wrong with CAPITALISM....There is everything wrong with some of the people who claim to be capitalists....
This is such an empty threat, I'm sure there are many people willing to take their jobs. Smarter too, a lot of these guys are just politicians.
The real gist here is.... Since when is the Government all of a sudden.... A better bank manager A better real estate manager A better car manufacturer A better business manager The list is endless.... ............................................................ So just all of a sudden the "public emotive placebo" is to get back at "something".... Problem is....how does one accomplish this ? .......................................................... Government serves as a regulator....not a manager.... The point being.... There are some rotten apples in the basket of good apples.... Simply put.... "The rotten apples need to be removed." ...................................................... Capitalism is "man made" and must have "regulation".... The rotten apples are still in the basket of good apples.... .................................................... Perhaps "government" is the culprit ?
I read Bill Cara almost daily. His logic was ahead of others. I was really shocked when he went on day after day about how good Obama was going to be. Because for me when Obama hired the pigs that got us here, it was obvious. Anyway it is worth reading Bill's new insight : Cara's Commentary & Community Chat, Mon, Feb. 16, 2009 February 16, 2009 by Bill Cara [8:50am ET] [From the Week In Review} ...it came to me by the end of this week that President Obama's honeymoon is over. It would be easy to make that statement following the results of the vote on the economic stimulus bill that were 100% divided in Congress along Party lines. But, it's more serious than that. I saw great discord in the responses of the nation's top eight bank CEO's. I saw it in the blank and tired expression of the new Treasury Secretary. But mostly I saw it when, during what many regard as a superlative performance in his first press conference, Obama would not talk about the financial system rescue preparations, but said instead, âWait to hear that from Tim; he'll be terrificâ. That's not what I wanted to hear, and I don't think it's what others needed to hear from their General. The fact is, Tim wasn't terrific, and the equity market sold off almost 5 percent immediately. The fact is that Obama made precisely the same mistake that George Bush did when he appointed Henry Paulson to that role and referred to him as a star. The fact is that Paulson and Geithner and all those on the current A-Team like Summers, Shapiro, Romer, Volker, Stein, etc, are either central bankers, bankers or academic economists, who are not likely to change. None of them will be âterrificâ. They belong to a network. Moreover, Obama will bend over backwards to show he is a âteam player,â which is exactly what I don't want to see. America is in deep trouble and the last thing it needs is traditional thinking from within the same networks that got it there in the first place. Yes, we will cling to the memories â it's all comforting, isn't it? But we need to break the mold, and to explore new ideas and courses of action. I had been hoping Obama would be that person. In that critical one hour first press conference, I wanted Obama to say that the country needs a new securities act and financial services industry regulations as well as a regulatory system that will be removed from politics to the extent possible. That would have shown me the man is a true leader. All I see is the same old, same old. Same kowtowing to bankers, same advisors (this A-Team could have been Bill Clinton's), same legislators (Pelosi, Reid and Frank) in control, same bipartisan voting in Congress, same pork... So, as I see it: no change; no honeymoon. It's back to our jobs as traders, fighting the Humungous Bank & Broker proprietary traders who use the public's capital to trade against us â all of us. We are not âAmericans first, bankers secondâ as the Wells Fargo idiot CEO exclaimed in his testimony. No, I won't take that crapola. That's an insult. We are not on the same team; it's them â HB&B CEOs, and their army of slaves, against the rest of us, the 99% of society who are being dictated to. I see in Obama much of what I saw in the 1960's in Canada's Pierre Elliot Trudeau. Trudeau had the brilliance of mind and charisma we see today in Obama. But overwhelming adoration for Trudeau in Canada at the beginning turned sour later when he was discovered to be so lacking in fiscal responsibility. It's easy to give the people what they want; bankers will always go along with it because they are the ones who hold the debts. In debt, the public becomes a banker's chattel. http://en.wikipedia.org/wiki/Pierre_Trudeau I do agree that massive government spending is required, and that money can only come from debts to be repaid in the future, largely by our children and their children. But, why is Obama letting HB&B off the hook? These bankers caused the financial and economic crisis in the first place, so why should they benefit now? I'll tell you why: it's because they can. They own Obama, just like the banks owned Trudeau. Fool me once, with Trudeau, shame on him; but fool me now with Obama, shame on me. So, for me the honeymoon's over. I haven't seen a shred of evidence yet that he's up to the task of saving America. I now have to put my faith in Pelosi, Reid and Frank â God help us â and say, have your pork, but at least bring us a new securities act and regulations to replace those of 1933 and 1934. Do the right thing and destroy the Federal Reserve Bank's credit monopoly; make the country understand where money comes from and that debts have to be repaid, necessitating balanced budgets and fiscal responsibility. Yes, I am forced to put my hopes in Congress because I think America has just elected a General who will soon be without an army; a leader in his own mind, able to do little if anything that's really important to the country other than maybe look good. Focusing in on the trading, I do admit it's been tough to manage risk. More to the point, it's been costly. The market drops -1% and we're flat. A couple days before that when the market goes down -5%, we're down -1%. Yes, we're winning the race, but we're losing, and I hate to lose. We're not actually losing over the course of a month, but I think you understand where I'm coming from. It's not easy being a trader today because there is also a risk of not being positioned in the stocks that will benefit from rallies, if and when those occur, and that is another risk that must be managed. So, when we go down -1% on those positions, we have to make it up during the day on other positions. At the end of the day, we are more active than we want to be. I am guessing, probably correctly, that the equity market loss of -5% this week was directly suffered by the pension and mutual funds of Mom & Pop because I know it wasn't me or my clients hurting. Frustrated yes, but not hurting. Frustrated because Obama is not giving us a level playing field, nor giving us the confidence that capital markets will return to doing what they are supposed to do, which is to be a value pricing mechanism. But, I can already see that it is still, under Obama, a casino, owned and operated by HB&B. [Being a President, I am going to celebrate the President's Day holiday by taking the day off. You'll find me in a hammock on Cable Beach. If not there, I'll be in the water... or enjoying a G&T... you get the picture. If not, I'll have to post some in the photo library linked to the top menu bar Site Index.] BILL CARA HOW COME IT TOOK YOU SO LONG !
"Share/Redistribute the wealth"... not a capitalistic concept. We already have a great deal of "wealth distribution" with our tax structure... a very small percentage of the population pays a very large portion of the tax to run the country... that is, the majority of citizens are already "tax-subsidized"... NObama wants to "share some more"... taken to an extreme (and since when does Gummint ever know when to prudently stop any destructive practice), we end up like the former Soviet Union before its collapse.
What ever happened to simply "telling the truth" ? Or is it the case "the truth" is not seen ? How about this.... Yeah we the government are what we are .... And we really do not have to answer to anyone but ourselves.... And what we are dictating is that the people who lost your money will mostly get to keep at their jobs.... And the truth is we are going to be replacing your money that was lost at the banks ....with more of your money.... Thus we the government have decided to loan you the money you lost at the cost of you losing more of your wealth whether it be through theft or mismanagement of the banks by bad apple people, taxes, or inflation.... And of course for those who save....we are never going to give you better prices through deflated prices....nor are we going to make fair interest rates available for your hard earned money.... ............................................................................................ The bottom line is.... Justice does not exist.... Not at the moment.... And every "saving" sensible American should be "outraged".... This "Government CRAP" has to end with proper structural changes.... Namely....a better form of government....