Federal Regulator Says Obama Stress Test is a Scam

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  1. bgamall profile image70
    bgamallposted 15 years ago

    While I support Obama's foreign policy, I hate the scam of Summers and Geithner, which will allow a huge transfer of wealth from the taxpayer to the banks. This is the biggest rip off of the American taxpayer in history.

    Here is the link and video:
    http://finance.yahoo.com/tech-ticker/ar … lator-Says

  2. profile image0
    pgrundyposted 15 years ago

    I read it and watched the video all the way through. I'd like to be able to disagree with the guy, but I do think he nailed it. I don't think these 'stress tests' are much of an improvement and the biggest scandal continues to be lack of transparency. The whole 'legacy assets' plan (aka 'cash for trash') strikes me as just a covert way of funneling even more money right to the people who caused this mess anyway. Plus, I notice the government did relent on easing the mark to market restriction---Um, excuse me but isn't that part of what GOT us in this mess????? Now the banks can pretty much make sh*t up again in regard to what's on their books. Yeah, that eases the strain alright, but only because it gives them permission to go back to lying.

    It all stinks pretty bad.

  3. bgamall profile image70
    bgamallposted 15 years ago

    The government is desperate to hide the financial situation of the banks, and that is a red flag that things are much worse than they are letting on. I would highly recommend this Marty Weiss read. Interesting that Jim Cramer has this knowledge through the street.com that he owns yet he still pumps. Some have said that Cramer drives up prices so that his short selling friends can make more when the stocks go down.

    Anyway here is the link: http://www.businesswire.com/portal/site … ewsLang=en

  4. profile image0
    pgrundyposted 15 years ago

    Yes, I think the megabanks should be broken down asap and the weak portions of them should be seized by FDIC or allowed to fail, whichever is appropriate. It looks to me like this attempt to 'save' the system is just forestalling the inevitable collapse long enough for a few very rich people to get a lot richer.

    But then, they never ask me for my opinion. I have a feeling they'd do whatever they pleased even if I gave it.

    1. earnestshub profile image79
      earnestshubposted 15 years agoin reply to this

      PGrundy I guess they just don't want to see the elephant in the room because they are an evil pack of bastards!If Obama wants to get the economy back on track he will need to jail the lot of them! The Average American will not participate in an economy that is loaded in favor of the rich any longer.No matter how much priming the economy gets. One ounce of truth would work better than a billion dollar injection.

      1. profile image0
        pgrundyposted 15 years agoin reply to this

        I don't know Earnest, I'm kind of shocked by how calm Americans have been about the whole mess. Sure we complain, but you'd think that people would be out torching banks. (Not that I'm advocating that!)There have been riots in France and Britain, but here in the U.S. there are just lots of strongly worded blog posts. I don't really think these evil bastards care how strongly we word our blog posts, do you? lol!

        You nailed it. They are "an evil pack of bastards."

        Jail would be too kind a fate for them.

  5. Misha profile image62
    Mishaposted 15 years ago

    Pam, may be it's better not to stop half way? Why don't we execute all bankers, and all rich with them, distribute their money - and will live a happy communist life thereafter?

    1. Aya Katz profile image82
      Aya Katzposted 15 years agoin reply to this

      Misha, that is an extreme position! Shame on you for suggesting it. Here is a moderate proposal: how about we only execute half the bankers and re-distribute half their money? That way, we won't be communists, but we'll have a healthy mixed economy?

    2. profile image0
      pgrundyposted 15 years agoin reply to this

      Can't you play nice Misha? I'm baking an apple pie. I'll give you some. smile

      1. profile image0
        Leta Sposted 15 years agoin reply to this

        Hey, Misha-
        I guess I'm writing this because I've noticed a couple threads were recently closed today, ahem, plus this funny 'lil tiff with Pam, (though I realize she's tough and can take care of herself, as can the others), but concerning what I'm addressing below I'm really wondering if you are aware of what you are doing.

        And--I'm going to be all Country Women-like, and say I don't mean to be disrespectful, truly, but I have been watching this for a while. So...can you please stop trying to moderate out or push out or insult these youngish, smart male hubbers who post strong opinions here on the forums?  I've watched it happen with a few for over 6 months now, and I'm sort of tired of it, nor do I understand it....  Right now I am primarily referencing RK, but there were others. 

        They ADD to the quality of Hubpages by encouraging interesting discussion and usually bring up and post very relevant topics.  If they seem a little edgy or controversial in your book, so be it.  They have a right to free expression, as long as it doesn't cross the line.

        I for one am not interested in lukewarm or boring discussions and it is almost like that's what you'd prefer...or something.  (I think its a little weird the targets always seem to be these certain kinds of guys.)

        I tried humor--it didn't seem to work.  This is what I was referring to when I stole Sandra's phrase about 'Meta Gods,' ie.--so now I'm being straight forward.  I've also noticed several threads have included and ended with CW blaming herself, and she shouldn't have to do that.

        So, I'm calling you out.  smile  You gonna insult me, too, since I 'spoke like a man,'lol (or the 'intellectual' feminist socialist you know I just might be)here?

        RK's just a smart Jewish black guy with a little attitude, so what?

        1. Misha profile image62
          Mishaposted 15 years agoin reply to this

          So now Pam is a youngish male hubber? Pam, could you by chance share with us how you managed? I won't mind getting youngish too wink

          Pam's definitely smart though and she's a pleasure to converse with. I think we'll sort issues between us without your help Lita.

          If you have noticed, I don't answer your posts lately. This was a conscious decision, I got tired of your relentless search for fight. I wouldn't have said this if not for this call of yours.

          I like Hubpages as they are - as a place for people to converse much more intelligently and respectfully than your average internet forum, and I am putting my effort in to keep it that way. If you don't like it, you are probably better off trying Myspace or other alternatives.

          Good luck smile

  6. Misha profile image62
    Mishaposted 15 years ago

    Umm, good thoughts Aya! Now, we have to decide how exactly we are going to make a selection. You know what - I can't afford a house, I rent. I can contemplate that one house per family is OK and is a necessary evil to satisfy people's greed. Yet two and more houses seems to me are way too greedy. Let's execute everybody who has two or more houses and share their money, I think it's fair enough! lol

    1. Aya Katz profile image82
      Aya Katzposted 15 years agoin reply to this

      The wonderful thing about a mixed economy is that we have so many ways to slice the pie!

  7. profile image0
    pgrundyposted 15 years ago

    Aya can have some too. smile

  8. Aya Katz profile image82
    Aya Katzposted 15 years ago

    PGrundy, thanks! If it's a real pie, instead of a metaphorical one, I'd love a piece.

    1. profile image0
      pgrundyposted 15 years agoin reply to this

      It absolutely is. Granny Smith apples. Cinnamon. Yum, yum.

      I'm actually way to busy baking and planting to string up any bankers. I guess they'll have to string themselves up! lol

  9. Misha profile image62
    Mishaposted 15 years ago

    LOL I would love to. Thank you Pam, it was tasty smile

    1. profile image0
      pgrundyposted 15 years agoin reply to this

      Yer so welcome Misha! If only we could really share. I think we'd all have a great time. :0

  10. Misha profile image62
    Mishaposted 15 years ago

    You never know what is ahead, especially when you live in interesting times smile

  11. bgamall profile image70
    bgamallposted 15 years ago

    Misha, you are far too capitalistic for being a renter.

    But if we are for capitalism the banks must be temporarily nationalized, otherwise the treasury and taxpayers will pay a disproportunate amount. The credit rating of the US could come into jeopardy, then your capitalism will cost alot more, like a banana republic. Yep that is what we are going to have, a banana republic kind of capitalism.

    I believe that the banks are hiding their real problems. Now the stress test results are being postponed, bad sign. And then individual bank assessments will be kept secret. We are in a whole lotta trouble.

    Spank the banks. Walk away from your usurious loans!

    1. profile image0
      pgrundyposted 15 years agoin reply to this

      I think this is happening already by default. People don't make money, they don't pay back their loans. This will all end badly I fear, for all of us.

      On the up side, I do have two apple trees. smile

    2. Misha profile image62
      Mishaposted 15 years agoin reply to this

      Well, I am renting. You either take my word for it, or not. smile

      As for the banks and corporations "temporary" nationalization, the is one Russian saying that says - there is nothing more permanent than a temporary thing.smile

  12. bgamall profile image70
    bgamallposted 15 years ago

    Misha, you have a neck like a football player. Of course I believe you!!

    As far as the smokescreen regarding temporarily nationalization, we did it in the S and L crisis. It is the way you fix the banks. I am an independent, but Bill Seidman, the guy who nationalized the S and L's is a staunch Republican.

    My point has been from the beginning that it is a fascistic socialism for the US to allow the banks to control our sovereignty, to raid the treasury, and put all the bailout upon our taxpayers without their investors sharing the pain as they are in the GM bailout.

    It is an international banker/hedge fund counterparty scam led by Larry Summers and Tim Geithner, both who have conflicts of interest in this whole deal. We are being ripped off bigtime.

  13. Misha profile image62
    Mishaposted 15 years ago

    Yeah, I know your position and it definitely does have some merit to it, yet I tend to think it is a part of much more powerful natural processes, and this makes bankers conspiracy doomed. smile

  14. bgamall profile image70
    bgamallposted 15 years ago

    Oh, I think the bankers are hiding something and there very well may be a meltdown. An example of hiding is that the stress test results are being extended to the end of the month. And even then, the stress test of individual banks will not likely be revealed. I think it is potentially an terrible situation with cc, auto loans, commercial loans, and alt a/option arm resets.

  15. profile image0
    Leta Sposted 15 years ago

    That's completely nuts, Misha.  I don't remember a time when we conversed all that much, frankly, or when you answered any posts of mine.  I tried to be funny with you once or twice, but was misunderstood, so?  I stopped.  And could you misunderstand anything of what I said here anymore than you already have?

    You successfully shut down a couple of RK's posts by hounding him.  Relevant topics I was interested in. 

    I'm saying stop it.  Other people on the forum have said this before.  Let admin. do the monitoring.  Not all the rest of us are interested in how you think Hubpages should be.

    And what you just said to me I consider very rude. But that's OK, I guess, isn't it?

    And sorry to the poster for Hubjacking the thread--that's it.  I said what I wanted to say...  Maddie or whoever--don't feel like you have to shut this down, as there is no fight & I will not post again like this.  This is just COMPLETE misunderstanding, sigh...  sad

  16. bgamall profile image70
    bgamallposted 15 years ago

    Hi Lita, as far as discussions are concerned, I don't think that Misha and I are that far off. We both share a profound mistrust of government. We both wish the banks could just fail. However, I think it is probably too complex for that, so I want the government in charge of the banks temporarily rather than the banks in charge of the government permanently.

    I appreciate your comments Lita, but really Misha has engaged me in discussion. He just believes that there is nothing that can be done, and that the banks will melt down no matter what.

    I hope that does not happen but I don't discount it as a possibility because I think they have years of assets that are declining in value just piling up daily. I see the most honest banker, Jamie Dimon, with nothing but worry on his face. So, Misha may be right and we may be ordering apples from Pam.

    Certainly if it comes to that, the government will have to create an entirely new bank and hope they can lend responsibly. As far as the lending bubble, I would hate to see it repeat itself and I don't see how it can.

    1. profile image0
      Leta Sposted 15 years agoin reply to this

      As far as the topic here, bgamall, I agree with what your take is on the situation. smile

      No--all that I was talking about was actually in response to seeing that a couple forum topics do not exist anymore, because they were shut down by admin. after the topic poster was basically hounded. And I have been watching these scenarios (not as bad as this, albeit) for like I say, 6 months, and I am tired of it.

      I just quoted Pam there because it was a light version of what is going on. (Sorry I hijacked your hub.)

      But it is all OK--because I am now researching info. for a hub on censorship and free speech.

      Apple pies, sour lemons ground up into lemonade, what the heck, smile

  17. bgamall profile image70
    bgamallposted 15 years ago

    Free speech. That is the only thing that distinguishes the United States from a dictatorship. Reason is: the elite do what they want anyway. That is why George Bush 2 was so hated by the populace.

  18. RKHenry profile image63
    RKHenryposted 15 years ago

    Lita you are definitely a person with great moral and personal integrity.  Misha's nothing more than a hound dog.  He has only written 16 hubs, but has something like 1000+ fans.  He sticks his nose in forum threads, that make no sense, bear any valuable weight, aren't interesting, abusive commentary.
    I don't understand how he generates a 96 hubscore when he has only written 16 hubs and has so many fans.  His fan base ratio against the hubs he has written, according the hubpages' hubscore rules should not be at the level it is. 

    And yeah, for me when he makes his unnecessary proclamations and predictions- he is only causing destruction and ruin in the forums.  Look at the fact that he has already caused interesting forum issues to be shut down.  That's destruction and ruin.  He is like bad Karma to me- and I know I don't like hanging around people like that.  They do nothing but use and abuse other people.

    1. profile image0
      Leta Sposted 15 years agoin reply to this

      Well, RK...  I hope they don't shut this topic down, too now--though I think as a topic it has about run its course, anyway.

      Misha's not ALL bad, really.  I DO NOT understand this monitoring of certain people and I never did.  But he does also help people out, I've always seen, in the technical forums...I think the fans are about promotion--I don't know.  I don't have an issue with that, if that's what he wants to do.  Just like I'd hope he doesn't have a problem with me if I like politics and debate, wink.

      I think people need to be more aware of freedom of expression--something your new hub will help with, and my forthcoming one on 1st amendment rights & censorship should to.


      A good hub!


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