“after a plan crash, you locate the BLACK BOX”

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eliot spitzer on cnbc

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Southpark on bailouts

funny stuff

matt taibbi rips into aig and the fiasco that is american banking

excerpt: The latest bailout came as AIG admitted to having just posted the largest quarterly loss in American corporate history — some $61.7 billion. In the final three months of last year, the company lost more than $27 million every hour. That’s $465,000 a minute, a yearly income for a median American household every six seconds, roughly $7,750 a second. And all this happened at the end of eight straight years that America devoted to frantically chasing the shadow of a terrorist threat to no avail, eight years spent stopping every citizen at every airport to search every purse, bag, crotch and briefcase for juice boxes and explosive tubes of toothpaste. Yet in the end, our government had no mechanism for searching the balance sheets of companies that held life-or-death power over our society and was unable to spot holes in the national economy the size of Libya (whose entire GDP last year was smaller than AIG’s 2008 losses).

excerpt 2:

The mistake most people make in looking at the financial crisis is thinking of it in terms of money, a habit that might lead you to look at the unfolding mess as a huge bonus-killing downer for the Wall Street class. But if you look at it in purely Machiavellian terms, what you see is a colossal power grab that threatens to turn the federal government into a kind of giant Enron — a huge, impenetrable black box filled with self-dealing insiders whose scheme is the securing of individual profits at the expense of an ocean of unwitting involuntary shareholders, previously known as taxpayers.

http://www.rollingstone.com/politics/story/26793903/the_big_takeover

i can’t believe its not insurance!

great AIG rant by congressman Gary Ackerman

eliot spitzer emerges from obscurity to hammer AIG bailout

just came across this today…

http://www.slate.com/id/2213942

update: this story is now being picked up everywhere. way to go spitzer! I hope this takes down insiders like hank paulson and tim geithner…..people are starting to figure out that the first bailout (sept) was really trying to save these a-holes’ goldman sach’s wealth……21st century robber barons….

here’s another post on this subject…hope these guys burn….

http://ftalphaville.ft.com/blog/2009/03/16/53626/point-counter-point-aig-goldman-and-the-nyt/

these articles make one think that spitzer was taken down by the same people that benefitted the most from the bailouts that followed the initial bear sterns collapse that started it all last february.

http://www.nydailynews.com/blogs/dailypolitics/2009/03/spitzer-slams-aig-wsj-geithner.html

good for bloomberg for suing the fed for not disclosing their $2 trillion in loans

what a continued cluster-f$Ak….the fed has silently lent out $ 2 trillion in loans to unknown companies for unknown assets….

mike bloomberg’s company is doing the american public a noble service in exposing this scam:

take it from these aig executives..

saw this on the consumerist.com.

ron paul on aig : even warren buffett didn’t understand these derivatives

ron paul on recent aig collapse. even fox news seems to be taking ron paul seriously.

wipeout of sub-prime financial system

here’s ron paul (once again proven right by this current crisis) breaking down how the fed causes bubbles like our current housing bubble. side note: us govt stopped tracking money supply in 2006.

great graphs of how the american banking industry was slaughtered this year. $1 trillion lost, which roughly equal to the amount of new money printed by the govemment over last few years. to me this is a scary relationship – print tons of money, which then gets lost on stupid loans? waaay easier to lend money when you have a feeling you won’t have to pay it back….

from tech crunch: http://www.techcrunch.com/2008/09/16/the-mess-on-wall-street-four-trillion-dollars-down-the-drain/