” One thing, which I wish Taibbi had emphasized more is that it looks increasingly like credit would not have “seized up” across the board, for very long anyway had the big banks been allowed to fail. The mid-sized banks and the community banks, which lacked exposure to much in the way of toxic assets (because they sold them off to the big banks which then folded them into Mortgage Backed Securities) would have survived. It would have been bumpy but well run banks just outside of big bank status, BB&T for instance, would have filled in the space.
The bailout was, as David Stockman says, a Wall Street crisis. The bankers all freaked out when their bets turned terrible, and then played the information leverage game with Washington to get the tax payers to pay for their mistakes. They basically said that the entire economy was going down (it wasn’t) and therefore an unprecedented abandonment of what was left of our market based economy was justified. It was a giant con. “
Illustration By Mike Keefe
” TheBlaze is continuing to monitor the ever-growing list of companies that have announced layoffs or closings in the wake of President Obama’s re-election.
Wednesday was another tough day on Wall Street. And the stock market seems to reflect the mood of the country’s business community. Since last Tuesday, we have seen a decline in the Dow Jones Industrial Average from 13,244 to the close today of 12,570 — a loss of over 774 points in one week’s time. “
” Here is the list of domestic layoffs compiled by DailyJobCuts.com since Monday of this week:
Keep in mind the fact that this list is just this week’s contribution to the growing layoff parade . The last three days of last week … post-election … turned in some impressive layoff numbers of their own , what with Boeing , Westinghouse , Caterpillar and Harley-Davidson leading the way . Drip , drip , drip …
NBCUniversal – 500
In a round of year-end belt tightening, NBCUniversal is cutting about 500 employees, or about 1.5% of its total workforce. The cuts are distributed throughout the media company, which boasts nearly 30,000 employees, according to a person close to the situation who asked not to be identified discussing the sensitive topic.
Xerox Corp. – 2,500
On Tuesday, Xerox provided some sketchy details of that restructuring: By the end of the year, 2,500 current employees will be former employees.
Citigroup Inc. – 100 in Long Island NY
Citigroup Inc., the third-biggest U.S. bank, is dismissing 100 people on New York’s Long Island as the lender seeks to cut costs amid a slump in revenue. “
Read The Whole Thing . The List Goes On And On .
Illustration By Ribor Hansson
“Judging by the records of the last two Democratic administrations, just the opposite appears to be true. Certainly, President Obama and, to some extent, Bill Clinton like to talk a good game in terms of class warfare, but under both men, real corporate crime-fighting has been at best a side issue — despite the immense amounts of white-collar fraud their administrations faced. In fact, neither Obama nor Clinton can hold a candle to the corporate crime-fighting record of George W. Bush, that supposed lapdog for large corporate interests.
Consider: As we near the four-year anniversary of the financial crisis, not a single Wall Street fat cat has been charged with violations of securities laws in connection with the 2008 collapse.”
A National Wall of Shame
“What we need is a National Wall of Shame. A distinguished group of citizens, led perhaps by General Stan McChrystal, would serve as the
“admissions committee.” $25 million would be allocated for the acquisition of the site and the
construction of the wall itself. And on that wall would go the names of those whose actions brought disgrace upon the United States of
If a republican is raising funds in the “Hamptons” with Perelman’s help there is trouble brewing for the democrats .
” The New York Times reports that Romney had a big fundraiser at Revlon chairman Ron Perelman’s house in the Hamptons over the
weekend. But just four years ago, Perelman maxed out for Barack Obama. according to federal
records. Why the change? Well, Perelman has also given a lot to Orthodox Jewish causes, and the Times says one of the people coming to Perelman’s house for the fundraiser had Israel on her
A repudiation of the past forty years of profligate government spending ? What’s not to like ?
Combine that with the ever so slight lessening of the boot at small business’ neck and you’ve got the start of a recovery ; Not just economic but the recovery of the most precious and exceptional of commodities … the American spirit .
The significance of Governor Walker becoming the first sitting governor to survive a recall cannot be overstated.
Perhaps we’ve left the darkest part of night behind us and are seeing the first glimpse of new dawn , one that will usher in ” morning in America ” .
“You didn’t see it in the mainstream financial media Wednesday morning. But stocks loved Governor Scott Walker’s spanking of public-sector unions and Democrats in Wisconsin.
The Dow jumped about 165 points right at the opening on Wednesday, and was up over 200 points later in the day. There really was no other
There was some speculation about central bank stimulus in Europe and the United States. Blah, blah, blah. But there was nothing specific or concrete. So it’s an easy point to make: Markets love the Scott Walker landslide.”
Since we are on the subject of campaign finance perhaps now is a good time to look at Dear Leader’s donor lists in a bit more detail than the bootlickers are wont to do .
In the 2008 election cycle Wall Street ( who reaped billions from Obama’s Bailouts , see below ) gave him nearly $16 million and that trend continues. Now that is a fine return on their investment , wouldn’t you say ?
|TROUBLED ASSET RELIEF (TARP) BAILOUT PROGRAMS
|*See Glossary at the bottom of this page for definitions of “disbursed,” etc.
This whole TARP business is very convoluted ( intentionally so ? ) and I won’t pretend to be able to understand all the numbers but it is clear that in exchange for a few paltry millions the banks reaped BILLIONS in return . If only my financial adviser could provide me those kinds of return on my investments .
This should dispel the notion that Obama is anything but a 1%er and that he shuns corporate money .
Next up from the special interest gift horse that funds this man ( and all Dems for that matter ) we have the unions . Ah yes , the working people you say , but you would be wrong . While the money comes from the worker’s paycheck they have no say as to where that money goes . Nor for that matter do they have any choice as to whether to donate at all . The big wigs ( more 1%ers ) make the decisions regarding campaign donations . The SEIU alone ponied up $60.7 mill towards his election . Surprisingly I was stumped in searching out hard numbers for the multitude of of union contributions to Obama 2008 .
Then we can take up the legal industry . As we know there is no interest group less enamored with the idea of tort reform than the legal profession . It is their cash cow and who but dems to prevent the necessary reforms . Hence Obama and the dems harvest profusely from the legal field . Yes , $45 million profusely . With that kind of money in play is it any wonder why there is nothing that you can do today where the presence of the ambulance chasers isn’t felt . We have become a litigation society at the behest of the legal industry and their future employees in congress .
We haven’t addressed the public service unions , like the teachers , bureaucrats , police , fire and such that overwhelmingly go to Barack and the dems but i’m running out of steam . Trying to find documented figures for these organizations proved more taxing even in this internet age than I thought . To be continued…