29 Comments

1. Jane DuBois  •  Feb 23, 2010 @6:17 pm
   

   Eric, some banks didn`t accept the forced bailout. Most banks have paid back the money already with interest. King Obama is taking over everything in sight and must be stopped. Backroom, sweetheart deals to unions, Bribes and state exemption and sticking it to the productive. America don`t need a dictator Obama. We like Freedom.

   Jane DuBois

2. Jennifer Cox  •  Feb 23, 2010 @6:19 pm
   

   Also Eric, please visit http://www.sourcewatch.org/index.php?title=Barack_Obama/Campaign_FinancingInvestment banks, hedge funds and Wall Street”Obama received more donations from employees of investment banks and hedge funds than from any other sector, with Lehman Brothers, Goldman Sachs and JP Morgan Chase among his biggest sources of support.”Individual donors included Ken Griffin, the multi-billionaire founder and chief executive of Chicago-based Citadel Investment Group, one of the world’s biggest hedge fund companies,” the UK’s Financial Times reported July 17, 2007.

   Jennifer Cox

3. Sam Masters  •  Feb 23, 2010 @6:21 pm
   

   Recently, the President insisted that these same banks lend more money to small businesses to create jobs. Before that could possibly be implemented, he now comes back, very predictably, to take the very money they would lend so he and his “party” could have it to spend on more pork.And the Democrats wonder why the economy is tanking? They, the Democrats, are the enemy of free enterprise (their actions make this obvious) and our economy will not be allowed to recover as long as they are in power.This should not be a government of the party, by the party and for the party. (Sounds like the former Soviet Union, doesn’t it Eric?)Can’t wait to vote!

   Sam Masters

4. Ileen Maan  •  Feb 23, 2010 @6:23 pm
   

   Oh, Eric, I can add to your precis as well. The major banks have repaid most of the TARP bucks, with interest. I didn’t hear Obama mention the auto industry which has returned chump change. Call you spell UAW?? Clearly, the unions have Obama in their pocket evidenced this past week in the blatant, special interest scam to grant unions exemption from the cadillac heath care tax.

   Ileen Maan
   Fort Lauderdale

5. The Oz Man  •  Feb 23, 2010 @6:24 pm
   

   Banks are paying obscene rates of interest like 0.2% on savings and CD accounts. Don’t you think these folks should be made whole before any banks pay bonuses to their executive staff?

   The Oz Man

6. Liz Gould  •  Feb 23, 2010 @6:30 pm
   

   Eric, you are right on the money. Obama hasn’t asked for a dime back from the Auto Industry or any Union related industries. So why go afer the banks? I think it’s great that Wall Street is making money. Everyone, haven’t you figured out that your guy in the White House is just as much in bed with Wall Street as any Presidnet would be…Obama is RUN by Walll Street and don’t forget it!!!! He just wants his base of anti-establishment voters to think he has their best interests at heart. He doesn’t…he’s buddy’s with all these Wall Street investment bankers from his days at Harvard. As you mentioned, Goldman Sachs is one of them. Maybe some of his Progressive followers will see the light. Obama knows Wall Street is God not him.

   Liz Gould
   Tel Aviv

7. Pamela Brothers  •  Feb 23, 2010 @6:36 pm
   

   What’s the matter with you people> The President said that next time, the federal government won’t be there to provide a fiscal safety net and he wants to avoid a next time. While full recovery of the financial system will take a great deal more time and work, the growing stability resulting from these interventions means we’re beginning to return to normalcy. JUst stop it.

   Pamela Brothers

8. Jeremy McClain  •  Feb 23, 2010 @6:43 pm
   

   Unfortunately Eric, there are some in the financial industry who are misreading this moment. Instead of learning the lessons of Lehman et al, and the crisis from which we’re still recovering, they’re choosing to ignore those lessons. I’m convinced they do so not just at their own peril, but at our nation’s.

   So I am going to quote the president again, when he said, “We will not go back to the days of reckless behavior and unchecked excess that was at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses. Those on Wall Street cannot resume taking risks without regard for consequences, and expect that next time, American taxpayers will be there to break their fall.”

   I say, give the Prez a break and let his fiscal policies work their way back to financial stability. They cannot work if you constantly criticize them and not give them a channce to manifest. Lastly, was it not George Bush who gave Obama the hand he has now?

   Jeremy McClain
   Austin, TX

9. Maddy  •  Feb 23, 2010 @6:45 pm
   

   Eric, don’t expect many, if any, GOP votes on the new Obama package in the House. But the measure will advance more smoothly than health care. Why? There is no pitched ideological battle between the left and center right wings of the Democratic family when it comes to overhauling the nation’s financial system and installing more consumer safeguards.

   Maddy

10. Bernard Collins  •  Feb 23, 2010 @6:46 pm
    

    Obama wants to give consumers more help in the confusing financial marketplace, but he lectured that individuals shoulder some of the blame for the economic crisis the country is trying to dig out of.

    Bernie Collins

11. Bookman  •  Feb 23, 2010 @6:49 pm
    

    Eric, PEOPLE HAVE TO REALIZE AS DO EXPERTS THAT GEITNER PULLED AMERICA FROM GOING BACK TO THE MIDDLE AGES. HE IS GIVEN FAR TOO LITTLE CREDIT. IT’S NONSENSE TO BELIEVE THE FREEMARKET WOULD HAVE MADE IT. YEAH, BUT FIRST WE WOULD HAVE BEEN BARTERING FOR FOOD. AND, TO GIVE SUCH A GREAT AMERICAN THAT NICKNAME YOU USED IN YOUR ESSAY IS A HORRIBLE ACT.

    Bookman
    Miami

12. J.Zuckerani  •  Feb 23, 2010 @6:51 pm
    

    Today is the anniversary of the culmination of 20 years of Conservative Republican Economics, COMPLETE ECONOMIC COLLAPSE! THANK YOU REPUBLICANS! THIS IS WHY YOU HAVE NO ECONOMIC STRATEGY!

    J. Zuckerani

13. Estelle  •  Feb 23, 2010 @6:52 pm
    

    Take it from the lead goon, Rahm Emmanuel–”Never let a crisis go to waste.” I think the White House is getting every last drop out of this economic crisis, to reform our country into something we would NEVER have voted for.

    Estelle

14. Jerry Saxz  •  Feb 23, 2010 @6:56 pm
    

    Eric, it is the Republican conservatives are who got us at this point. Reaganomics stared it all, and Bush finished it up, because all Republicans worship Reagan, who took our National Debt from one trillion to four trillion with his buildup of the Military on our Credit Card. Bush took it from 5.7 trillion to over 10 trillion with his trumped up war. He gave Henry Paulson 700 billion to give the banks with no oversight at all. They fixed their bottom line, and bought up other banks, instead of lending small businesses capital, like they should. That gave Obama a deeper hole to try to climb out of. Now you slimey Republicans are trying to squirm out of any blame, and go after Obama. If the economy does turn for the better, I can hear you and George now,,,,,,,,it would have anyway. Morons.

    Jerry Saxz
    Ohio

15. George  •  Feb 23, 2010 @10:14 pm
    

    So Pamela… how did the banking industry and corporate America survive for the past 250 yrs with out the Marxist messiah there to save them… how did America survive the panics, recessions and depressions of 1843, 1893, 1897, 1921, 1929, 1937, 1987, 1999 with out Obama there to make sure it didn’t happen again ??? By the way government did not intercede until 1929 - and turned a 3 yr recession into a 16 yr depression. You might try to study a little history

16. George  •  Feb 23, 2010 @10:18 pm
    

    Zuckerani… can you explain the Community Reinvestment Act 1977 (Carter Admin) and the subsequent regulations a pressure by the Clinton administration to force bank and lender to lend money to people who were incapable of repaying the loans to live in houses they could not afford - impacted the current economy. You joined Pamela, Jeremy, Bernard, Bookman and jerry the DUNCE in a fool’s parade

17. Janet E  •  Feb 26, 2010 @7:05 pm
    

    I have worked on Wall Street and in London for over 20 years, voted for Obama and I can say this blog just touches the surface. I voted for change but realise that after these bailouts, political croynism and lies will only leave change in my pocket. The new SEC enforcement chief is a 29 year old Goldman Sach Lawyer. Blankfien purjered himself in from of congress as did Paulson. The GS bailout financied by AIG and the taxpayer was because of the money paid to Washington.

    Janet E

18. J. Zuckerani  •  Feb 26, 2010 @7:10 pm
    

    Ok George. I expected better from you. What Carter did was to try to save the economy at a time when the economy was suffereing as a result of Nixon and Ford. Clinton also tried to stumulate the eeconomy but you Republicans sabotaged him as well. But since you asked. Did not George Bush squander the people’s money on WAR? Tell us what did he do to stimulate the economy; and while you are at it, how did he squander the surplus left by Clinton. Please enlighten us.

    J. Zuckerani

19. Pamela Brothers  •  Feb 26, 2010 @7:14 pm
    

    George, America survived because of our sheer ingenuity and skills. WE also had some very good leaders like, Roosevelt, Clinton, Obama, to name a few. So, if you would only give the President a chance, we can pull of what Roosevelt did in the Great Depression. If you loved your country, you would do just that.

    Pamela Brothers

20. Marcus Trainer  •  Feb 26, 2010 @7:16 pm
    

    Suggested Solution to Government Failure

    What is at the bottom of just about all of this government’s major problems is the single fact that big business investors have purchased the White House, the Congress and most all of the politicians. To correct this someone must convince the U.S. Supreme Court that they have an obligation to the citizens to decree that no office holders will be permitted to accept any money or favors from anyone and our government will finance all political campaigns. Their basis for this is that current office holders now chose to promote corporate welfare and not “promote the general welfare” as required by our Constitution. Also, our citizens are not represented by members of Congress or the White House and they can not afford to hire a lobbyist to obtain what they need and desire.

    Marcus Trainer

21. Telly Norvous  •  Feb 26, 2010 @7:17 pm
    

    Finally a blog that tells the truth about our economy and our bought politicians. I am very ashamed that I voted for Obama and I hope God forgives me. He is told what to do by his Masters on Wall Street. I love his capitalism for the poor and middle class but socialism for the rich. I can’t believe I’m wishing for the days of George Bush Jr.

    Telly Norvous
    New York

22. Jeremy McClain  •  Feb 26, 2010 @7:21 pm
    

    George, the fact is that Obama is walking a tightrope. He must be an acrobat in these times. this is not the time to be taking sides or using stupid old arguments. The us or them argument is over with because it is not about money my friend-it is about respect. It’s time for you to hit the streets and learn your lessons all over again.

    Jeremy McClain
    Texas

23. Robbie  •  Feb 26, 2010 @7:23 pm
    

    Sorry folks, but reality (and the choices you tolerate your rulers to make) will determine economic / jobs outcome. Prognosis: grim.

    We are, and have been, for all of history, involved in an eternal war between the productive (those who produce more than they consume) versus the greedy (those who consume more than they produce). Civilizations rise (honesty in control) and fall (predators in control) according to the choices taken according to:

    Mathematics of Rule (explains current economic stall):
    http://www.nazisociopaths.org/modules/article/view.article

    Robbie

24. Elijah Johnson  •  Feb 26, 2010 @7:25 pm
    

    BRAVO, Eric!!!!! Your blog article fits well with Griffin’s book “Creature from Jekyll Island, A Second Look at the Federal Reserve.” I’m trying to decide what is more nauseating to me, the current financial crisis, or the American public’s ignorance of how we are being bled to death financially courtesy of the banking cartel elite, all with the gushing help of our President…..a man, who vowed to stop Wall Street’s corruption! Ah, but wait, if you’ve ever read “Weapons of Mass Instruction,” by Gatto, then I suppose it’s understandable why the vast majority of the public is ignorant!

    Love your blog! Can’t wait to read more!

    Elijah Johnson
    Manhattan, NY

25. eric  •  Feb 26, 2010 @7:31 pm
    

    Gus.
    Two things.
    What about the US financial institutions that created the US crisis exposed for contributing to a worlwide financial crisis with legal but twisted financial deals with poor countries?

    Alos, interestingly, the US congress frying Toyota for its recalls. Never seen such an energy to protect the US consummers when GM, Ford or Chrysler recalled their lemons. Maybe because companies such as GM are among the biggest supporters of senators and representatives…in millions of hard cash! lol
    Maybe that is why they have been bailed out for free.

    You must be so proud!

26. Eric Patterson  •  Feb 26, 2010 @7:32 pm
    

    I got as far as the third paragraph [the links to the Internet] before the credibility of this article was blown:

    C’mon Eric and George. You all are GREAT writers. Even though I do not agree with you, I still dig in for a good read of your blog articles - even your newsletter articles. But drop the smirk and try to be a bit more thorough and rigorous in your research, or you’ll never be taken seriously outside the pages of Vonfrederick Group.

    It also may help if in future articles on the economy you could mention your credentials on the subject. Sometimes you come off like you’re giving a report on a book you haven’t bothered to read.

    Eric Patterson
    Dieppe, FRance

27. Kelly Ashford  •  Feb 26, 2010 @7:37 pm
    

    Hi Eric and George,

    I need your help. I have been denied for a loan modification from IndyMac (now OneWest) bank.

    I’ve been doing some more research and I’ve found these links:
    http://iamfacingforeclosure.com/blog/2009/12/01/anatomy-of-a-government-abetteded-fraud-why-indymaconewest-always-forecloses/

    http://onewestbankfail.com/act-now/

    http://homeownerrevolution.com/

    http://www.loansafe.org/forum/loan-modification/20357-indymac-lies-3.html

    And in the San Jose Mercury News http://www.mercurynews.com/ci_14142901?source=most_emailed&nclick_check=1

    There are plenty more links and examples. Basically OneWest, funded by a private equity firm funded by George Soros and Michael Dell cut a sweetheart deal with the FDIC to purchase IndyMac at a substantial discount along with the FDIC picking up 80% of the book value of any losses on ‘toxic’ loans. The net effect of this is every foreclosure, no matter the ‘loss’ to OneWest, will end up reaping a nice profit, thanks to the FDIC subsidies, which are funded by us taxpayers.

    So in a nutshell, IndyMac/OneWest will not do any loan modifications because they want to foreclose on all the loans and make windfall profits. In order to execute this strategy they are using fraudulent practices to force homeowners into foreclosure by offering a temporary modification and then denying it after the homeowner pays the agreed upon amount. This has the makings for one of the biggest scandals out there.

    I ask you to please report on this, do further investigation into this, and hopefully provide myself and others being victimized by this most unethical and heinous entity some good advice on how to fight back.

    Thank you for your time.

    Kelly Ashford
    North Carolina

28. George  •  Feb 28, 2010 @4:50 am
    

    Zuckerani… check your economic history instead of liberal talking points and you will find the economy was doing quite well before Carter… Nixon did create some problems with the power his administration gave to various regulatory agencies like the EPA…

    And I hate to admit it but I was enough of a brain dead liberal to have voted for that incompetent clown… worst vote I ever made! Carter was so bad they coined a new measure for the economy – the misery index. Reagan turned the economy around with conservative economic policies.

    And NO President Bush did not squander the people’s money on war – the dam republican congress behaved like liberals and spent the increased revenue from President Bush’s tax cuts – and yet they still paid down the deficit to $169 billion when democrats took control of congress in 2007 and passed minimum wage laws and increased ethanol gas laws which was the spark that started the housing crisis and started this recession..

    And the so-called surplus Clinton left Bush is another liberal MYTH… it was smoke and mirror accounting – what Clinton did leave Bush was a recession that began in late 1999 and a strong al-Qaida… and how about the next time you offer liberal democrat talking points check your facts first.

29. George  •  Feb 28, 2010 @4:54 am
    

    Pamela… FDR & Clinton gave us more Socialism and Obama is Marxism on steroids… I want him to FAIL… with what he is doing to our economy he will go down is history as one of the worst presidents ever - worst than the clown Carter and skirt chaser Clinton… you might check the rankings of presidents… Reagan is in the top ten with Washington, Lincoln and yes FDR is there too… Not Clinton or Carter who happens to be near the bottom… Soon to be joined by the Marxist messiah

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