Geitner Works for the Banks

[et]

Fascinating story (not really) about a new development (not really) in the bank bailout situation (while everyone is looking at healthcare squabbles).

http://www.huffingtonpost.com/2009/07/22/ignoring-watchdog-report_n_243235.html    ---it isn't the best audio (skips alot), but the picture is useful.

There is a short You Tube attached to this article.  I want you to notice how big the committee room is and how few people are actually in it when Treasury is asked by Rep. Kilroy of Ohio
"Treasury, do you work for the taxpayer when making deals for the US Government, or do you work for the Banks?"----in so many words.

Elizabeth Warren (bless her heart) has been trying for weeks and weeks to get people to pay attention to the matter of warrants and how the banks are buying their way out of bailout loans at 66 pennies on the dollar while, at the same time, using every mechanism in their power to increase fees, interest rates, and penalties to avoid loaning real money. Buying out your car loan early would cost you money, you know.  You'd pay a penalty fee for ruining some loan company's revenue stream by shortening it.  You'd pay the expected interest plus penalty.  So why is it okay for the taxpayer to be shorted due interest on a bank loan to the banks?  Why is the Treasury Secretary and his minions worried about "options" on the sale of warrants at all?  What "options" are involved in your car loan early payoff?

[et]

One other thing that Warren looks at is family spending and relaince on credit cards. It is her idea to have a Consumer Protection Agency (which Barney Frank treats as a dream deferred...thanks Barn).

So here is some news on credit cards:

http://www.mybudget360.com/credit-card-companies-placing-financial-landmines-for-american-consumers-how-i-lost-my-499-percent-fixed-rate-and-got-it-back/

[et]

And the banks don't seem to work at all---and yet they award themselves bonus-after-tax paid bonus.

http://firedoglake.com/2009/07/31/bank-bailout-when-a-bonus-exceeds-earnings-how-is-it-not-fraud/

[destiny]

Wonder how much the bonuses after the bailout totaled?  Maybe enough to insure some people?

[et]

Surely enough to insure some people-- by January the figure was 20 Biliion-with-a-B.

http://www.nytimes.com/2009/07/31/business/31pay.html?_r=2&hp

[et]

As if you need more evidence, Geithner spits expletives for the Banks too:

http://www.huffingtonpost.com/2009/08/04/geithners-goes-on-profani_n_250708.html

[destiny]

How do you look in the eyes of the uninsured and with a straight face say there is no money for universal health care, or at least a public option? How do the uninsured continue to quietly take it? 

[et]

Remember how Lobbyists were going to be prevented from pedaling their wares in Washington?  I recall that promise.

Guess what?

http://online.wsj.com/article/SB125029615019933491.html

[destiny]

"All those pretty lies, pretty lies
When you gonna realise theyre only pretty lies
Only pretty lies, just pretty lies"

Joni Mitchell

[et]

Paul Volcker has decided it is bad enough to rescue banks, but the rescue being extended to insurance companies is too much.

http://www.huffingtonpost.com/2009/09/24/volcker-too-big-to-fail-s_n_298429.html

[et]

Geithner is getting pushed around by Bernanke. Geithner refuses to co-operate with Barofsky.

Barofsky is being pushed around by Bernanke.

Elizabeth Warren is being ignored.

Bank consolidation increases as more and more community and regional banks edge toward FDIC take-over. 

Barofsky says with a smile on his face:  Treasury has not been co-operative.

http://www.huffingtonpost.com/2009/09/25/neil-barofsky-tarp-inspec_n_300178.html

[et]

New Evidence of Duplicity by Timmie:

http://www.businessinsider.com/henry-blodget-how-tim-geithner-secretly-bailed-out-wall-street-and-screwed-the-taxpayer-last-fall-2009-10

[et]

Bloomberg reports:

Big Banks Are Not Lending---Still---after all this time and all these billions.

We owe this to Timmie and Bernie

http://www.bloomberg.com/apps/news?pid=20601087&sid=a7qDuw9C0YY4&pos=7

[et]

A Congress critter speaks up.  This is the second or third one in as many days. Apparently Liberals and Conservatives agree.

http://www.huffingtonpost.com/2009/11/19/geithner-asked-to-resign_n_363682.html

[destiny]

Not a Geitner fan, but....alot of what is going on was set in motion long before the current admin took office.   During the Bush years the country was strip mined and those connected sucked all the money and resources they could.  It will take a long time and alot of hard work to get back to where we need to be.  I don't see the proper focus or believable resolve coming from the entire executive branch.