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Lying Karl Rove's lying about Elizabeth Warren and TARP

Simon Johnson provides his separate assessment of the lies and distortions used in attacking MA Senate candidate, Elizabeth Warren, at BaseLineScenario:

Karl Rove’s Crossroads GPS has another ad out attacking Elizabeth Warren. This is beyond ludicrous – the ad attempts to blame Ms. Warren for the Troubled Asset Relief Program (TARP) and for bank bailouts. The principle here seems to be that when the truth cannot be slanted in a way you want, just ignore the facts and go all out for disinformation.

I count at least five misrepresentations in the ad, and I suggest the following corrections (here):...

In case it's not so obvious, Karl Rove and American Crossroads / GPS are in full-blown service to launder the electoral interests of the richest 1% who don't have the numbers but have the money that designed the Citizens United decision exactly in order to be able to buy corporate speech, instead. 

Senator Bernie Sanders, just yesterday, offered a Constitutional amendment in what I consider to be the last-ditch effort to reverse the Citizens United-induced spiral into a straight-up representative fascism.

Until that Amendment is passed, I guess, American Crossroads Watch will continue to respond to, for further example, what is likely to be a ramping of attacks on the efforts of candidates or officials like Virginia Governor Tim Kaine.

But it takes more than documenting the expose, and your help is needed to get the word out.  Please help spread it to your friends and families. Make the jump»

False Sense of Security From Masters of Econ Disasters And The Markets Empty Threats

It is becoming pretty darn clear that the fools that created the economic disaster think they can push us through it on their wishful thinking. Idiots like Geithner are painting rosy pictures of what they are doing - with Obama noddingly approving of it - and hoping you, the average American and the ones that are still being crushed economically, won't notice. Yves there:

Geithner Yet Again Misrepresents TARP “Performance”

Meanwhile and according to Paul Krugman,

Against The Super-Asinine, The Gods Themselves Contend in Vain


Brad DeLong wonders how the proponents of tight budgets and tight money are prevailing in the midst of mass unemployment, low interest rates, and incipient deflation.

It’s actually not all that surprising. Horrifying, but not surprising.

The case for expansionary policies in the face of a slump is intellectually difficult; Keynes described the writing of the General Theory as a painful process of discovery, and so it is. The natural instinct of almost everyone is to think that tough times require tough measures, and that if the economy is suffering, the government should tighten its own belt. It would take a clear consensus from economists to overcome that natural bias.

And that consensus has, of course, been lacking — largely because a significant proportion of the economics profession has spent the last three decades systematically destroying the hard-won knowledge of macroeconomics. It’s truly a new Dark Age, in which famous professors are reinventing errors refuted 70 years ago, and calling them insights.

While we bear in mind that there may be real solutions that will stop this disaster from happening again, and the need to really address the results of it honestly, there are the underlying rules of a market whose obscene motto for years was: Make the jump»

Elizabeth Warren pursues Oversight, through TARP Maze

originally posted 2009-04-12 21:29:02 -0500, bumped by carol

Elizabeth Warren was appointed chair of a newly created Congressional Oversight Panel (COP), which is charged with keeping tabs on the $700 billion bailout of the financial sector - including Troubled Assets Relief Program (TARP).

Warren however, has had some "Trouble" getting straight forward answers ... as she explained to the Boston Globe:

Keeping tabs on the bailout

By Elizabeth Warren -- April 12, 2009

    Elizabeth Warren: There's a major problem and a minor problem. The minor problem is documentation. I've spent four weeks now looking for someone who can give me the details of the stress test so that we can do an independent evaluation of whether the stress test is any good.

    We get: "someone will call [you] right back." Only the call doesn't come. The major problem is ...

Moyers drops bailout bomb on Obama

This evening, Bill Moyers interviewed William K. Black, the former senior regulator during the savings and loan crisis of the 1980s, who blew the whistle on the Keating Five (the U.S. Senators implicated in taking “gifts” from S&L bankster Charles Keating was convicted of racketeering and fraud in both state and federal court after his Lincoln Savings & Loan). Black is now an Associate Professor of Economics and Law at the University of Missouri, and the author of the recently released book, The Best Way to Rob a Bank is to Own One. Make the jump»

Open Thread -- The Pending AIG Clawback Edition

The recent furor over the $165 million in bonuses paid to AIG executives -- allegedly for "retention" even though 11 of 17 recipients are now no longer at the firm -- has resulted in a whirlwind of activity on Capitol Hill and from the White House, resulting in statements and claims that virtually every last dollar of those ill-gotten gains (the bonuses) will be recovered.

According to this piece on Reuters, U.S. to claw back AIG bonuses, lawmakers eye tax,

WASHINGTON (Reuters) - The Obama administration turned up the heat on AIG (AIG.N) on Tuesday over its employee bonuses, saying the embattled insurer will be forced to repay U.S. taxpayers before it gets another bailout of $30 billion.

Treasury Secretary Timothy Geithner laid out the conditions in a letter to congressional leaders as irate lawmakers moved quickly toward legislation that would slap a heavy tax on $165 million in bonuses paid by American International Group Inc.

[...snip...]

Beyond the bonuses, anger flared anew on Sunday when AIG disclosed that Goldman Sachs Group Inc (GS.N) and a host of European banks were the major beneficiaries of $93 billion in payments from the insurer -- more than half of the U.S. taxpayer money spent to rescue it.

The ongoing bruhahas -- which I strongly suspect won't be the last ones related to this burgeoning crisis -- are not completely unexpected. For some interesting reading regarding clawbacks and the "polluter pays principal" see the following Journal articles by Michael Thomas:

Use Clawbacks to Fund Wall Street Bailouts, by Michael Thomas
US Treasury $copy; 2008 TH(ePluribus Media)  

Attorney Michael Thomas shares his insights from working with dot com and venture capitalists and witnessing first hand how they cleaned up the dot com bubble mess using clawbacks.

He has some suggestions for the Wall Street One Percenters.

 

Read more...
Use Polluter Pays Principle to Fund Bailout, by Michael Thomas
US Treasury $copy; 2008 TH(ePluribus Media)  

Michael Thomas recognizes that the Bailout bill that failed to pass in the House on Monday was at best, a compromise. Instead of a 700 billion dollar bailout, Thomas suggests that there is a viable alternative for funding the bailout through the concept of the "Polluter Pays" principle used in Super Fund Cleanup legislation. 

Read more...

Check 'em out, and keep an eye open for more "good stuff" as it comes along on both the ePluribus Media Journal and over here, on our Community Site.

This is an Open Thread. Make the jump»

Hey, Bernanke! Tell Us Please! Where Are You Burying the Loot?

Fed Chairman Bernanke went to the Senate Budget Committee yesterday to testify. The Senators asked him at least four times, and in different ways, where he is burying the loot that is being shovelled his way. And, at least four times, he refused to answer. Make the jump»

Political Power of Just 6 Banks is the Problem

Last week ago, Institutional Risk Analytics interviewed Josh Rosner of Graham Fisher & Co and David Kotok of Cumberland Advisors, and the discussion is one of the most direct and revealing of the true political nature of the financial collapse I have yet seen. Make the jump»

Saving the financial system without a national industrial policy is worse than useless

Sorry, President Obama, there simply is no time for a honeymoon. As you said in your Inaugural Address yesterday, "The ways we use energy strengthen our adversaries and threaten our planet." Unfortunately, it seems that this idea has not yet filtered into your administration’s thinking and planning regarding what to do about the financial collapse. Make the jump»

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