Thursday, December 10, 2009

"Obama's Big Sellout"

As a follow-up to my post earlier today, I am linking the latest Rolling Stone piece from Matt Taibbi, the reporter who lifted the curtain to expose Goldman Sachs:

The president has packed his economic team with Wall Street insiders intent on turning the bailout into an all-out giveaway...

A president elected on a platform of change was announcing, in so many words, that he planned to change nothing fundamental when it came to the economy. Rather than doing what FDR had done during the Great Depression and institute stringent new rules to curb financial abuses, Obama planned to institutionalize the policy, firmly established during the Bush years, of keeping a few megafirms rich at the expense of everyone else.

Here's the link, and it's a must-read:  Obama's Sellout To Wall Street


  1. "Universe" is trying to tell us something by putting Tiger Woods on the cover of the magazine with The Great Mocha Hope.

  2. Well I would not let Tiger get behind me no matter what, but thats just me.

    The inbreeding among Washington policy makers and Treasury/FED officilas is disgusting. The Kashkari move to PIMPCO is the latest example. Tasked with bailoing out the world, you think that guy might have important info that a bond firm could exploit? Is Greenspan not on the PIMPCO board as well?

    Instead of seperation of church and state we need seperation of policy makers and wall street.

  3. Big up at you for the for LvM quote

  4. Edwardo: omigod "The Great Mocha Hope" moniker is seriously funny. I'm still laughing.

    @gyc: that's hilarious. and if yer standing in front of him and you drop your wallet, kick it across the street before you bend over to pick it up.

    It's funny because I was wondering why baldy (as opposed to the stuttering baldy) didn't go back to Goldman. Makes sense now because Pimpco is essential Goldman's bond market fuck-buddy. In terms of information value, note that part of baldy's new role at Pimpco is "new business development." Essentially baldy will be able to tell Pimpco how to take advantage of all the information he had access at the Treasury and I'm sure he's got all the data files he had access to saved onto his own personal discs. It's beyond disgusting.

  5. Dave,
    really, how is this even possible? No lockout period? What a joke. Only if I was Emperor!!

  6. heh heh hehhhh....wait til we see where Geitner ends up after Obama finally shit-cans him.

  7. Fantastic and well researched. I only have a problem with one thing. I think he is mis-reading SOME of the people at those tea parties he is so critical of. Next time, he should ask his questions of someone holding a Ron Paul sign. He might get a more informed answer. Libertarian types are increasing in number every day, but even a well-meaning, intelligent liberal like Matt can't or won't see it.

  8. Dave,
    I closed out all of my trading positions today (they were all small anyway). I need to get a new plan once things settle out, maybe after the holidays. I am in cash except for my core physical metals position which never changes.

  9. gyc, probably would have been worth holding onto your trading positions at this point in the pullback. I took the stock side of our fund to 50% cash the friday after Thanksgiving. I've been actually putting that cash back to work selectively this week.

    One add was Eurasian Minerals. I'm going to do a blog post on it at some point. Met w/management last week and put on a 10% position this week. It was actuall up 5% today LOL.

    We may have a little more downside weakness thru the FOMC meeting, but I plan on being about 90% back in on stocks before the end of next week.

    Of course, this scenario is always subject to revision LOL.

  10. Tiger Woods is/was a symbol of American greatness. His fall is a metaphor preceeding the fall of American Empire.

    Joe M.

  11. @Joe M: I'd be inclined to suggest that Tiger is a symbol of post-collapse fall-out. Nixon's closing of the gold window is what ultimately put the final nail in the U.S. coffin. And really, from a more long-term perspective, Woodrow Wilson sealed this coutnry's fate. In his own words:

    "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, after signing the Federal Reserve into existence

  12. It was a mtter of time; Roubini say SPAM is better than gold and Zero Hedge takes a look:

    I love both SPAM and gold, what to do?

    I pick the Broncos to upset the Colts tonight in a preview post.

  13. Man, Roubini really makes someone who studied economics at the undergrad and grad level wonder if he's a total fraud. Greenspan was fraud. He doesn't even have a bona fide Phd. He has an honorary Phd. Roubini looks more ignorant every time he serves up his thoughts on gold. Not only that, he demonstrates a thorough lack of understanding of history. What a waste of brain cells even reading what he has to say.

  14. gyc: back at ya with a comment at your place.

  15. BoulderBuddy: You're a real brave person hiding behind the anonymity of an internet nickname and hurling unfounded, ignorant, redneck insults at people. Shoo fly. Go romp around the yahoo chatboards where you'll find pleny of inept morons like yourself.