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View Diary: Obama goes directly to the Post (336 comments)

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  •  Unless Obama's economic team (5+ / 0-)

    decides to nationalize the banks instead of their absurd "bad bank" concept, we, the tax-payers, are fucked.  Completely fucked: NYTimes, Krugman - Bailout for Bunglers

    The oligarchy is intact.

    And Eric Holder is offering mixed signals: Eric Holder: No "Witch Hunts" on Wall Street Crime  

    New U.S. Attorney General Eric Holder said Tuesday he would prosecute Wall Street crime but was not planning any "witch hunts" despite mounting outrage among Americans over corporate excess.

    "We're not going to go out on any witch hunts," Holder told reporters after being sworn in as President Barack Obama's top law officer.
    Eric Holder

    "But yet, we'll drill down and see ... to the extent that what this nation is facing is a result of fraud or misconduct, we'll find it and hold people accountable," he said.

    Unfortunately, much of it was only "fraud and misconduct" before repeal of Glass Steagall and passage of the Commodities Futures Modernization Act... i.e it may no longer be "fraud or misconduct" as much of it was made legal - on Bill Clinton's watch, at the urging of Robert Rubin, Larry Summers and Tim Geithner.

    "History is a tragedy, not a melodrama." - I.F.Stone

    by bigchin on Wed Feb 04, 2009 at 10:47:38 PM PST

    •  Well I think part of that is reassurance (0+ / 0-)

      The market is somewhat skiddish these days.  Let the bankers feel at ease and then on a case by case basis determine who should be prosecuted.  

      As far as nationalization goes, I disagree completely with Krugman.  Nationalizing the banks sends a signal for everyone else to sell all of their stocks.  It wouldn't be pretty.  Everyone would be scared that they would be nationalized next.  We need to set confidence in the market not scare the crap out of it.  

      •  Markets (2+ / 0-)
        Recommended by:
        pamelabrown, island in alabama

        The markets are hanging by a fingernail.  During the Depression the markets didn't make one huge fall, they swung up and down wildly on any news.  I think this is what they are trying to stop.  It is already happening - and has been for a while.  But I think they are trying to get things stabilized.

        Meet me in Cognito, baby

        by out grrl on Thu Feb 05, 2009 at 02:01:36 AM PST

        [ Parent ]

        •  exactly. That is why TARP (3+ / 0-)

          was actually an important thing to do.  It slowly stabilized the wild 500+ point swings.

          TARP is the dog that didn't bark.  We did not see the effect bc it was to slow down and stabilize not make better.  I really believe that without it the economy would be much worse now.  

          I disagree on how it was managed/handled but not the fact itself

          Powell on palin: I don't believe she's ready to be president of the United States, which is the job of the vice president.

          by vc2 on Thu Feb 05, 2009 at 06:57:34 AM PST

          [ Parent ]

          •  TARP (1+ / 0-)
            Recommended by:

            Agree re: TARP.  If they had ignored the problem, the market would be completely out of control right now.  Of course, we will never know for sure because we can't prove the negative.  But I believe it would be much, much worse.  Obama said today (yesterday?) that things were worse than he thought when he was running.  I think they are much worse than we are being told and that we are seriously screwed.

            That said, the way TARP was implemented was just ridiculous.  People should be pissed.

            Meet me in Cognito, baby

            by out grrl on Thu Feb 05, 2009 at 07:36:04 AM PST

            [ Parent ]

            •  yep (0+ / 0-)

              actually when you think about it, the proof of how important TARP was is that Bush pushed for it.  It really did go against every thing he believed economically and ideologically, there was clearly a serious emergency that was going to get far worse.  I saw his pushing of TARP as analagous to cheney doing a 180 on "enhanced interrogation techniques".  Unthinkable unless something forced him.

              Many blame geithner, but he was not in control and imo the fact he was part of the decision making probably made TARP at least have a chance to stabilize than let the market spiral.  Unfortunately he was unable to force bushco or Paulsen to give it oversight teeth and yes ppl should be pissed.  I just think that Geithner is not in any way responsible for that part

              Powell on palin: I don't believe she's ready to be president of the United States, which is the job of the vice president.

              by vc2 on Thu Feb 05, 2009 at 08:11:03 AM PST

              [ Parent ]

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