Rolling US Economy Into The Shitbin Thread

There's a good article by David Leonhardt in the NY Times about why executive compensation is a side-show, and lawmakers should be focused on exacting the best return for taxpayers:

One of the fashionable ideas of the week, supported by both Democratic leaders in Congress and John McCain, is to limit the pay of top executives at any Wall Street firm that sells assets to the government. In effect, this is an attempt to tell Wall Street how to split up a government subsidy among its various employees and shareholders.

Personally, I couldn’t care less how much of the subsidy goes to Wall Street’s chief executives and how much goes to Wall Street’s shareholders. I care about the size of the subsidy that we taxpayers are paying. And in a frenzied week, any time spent on talking about C.E.O. pay is time not spent on designing the toughest possible bailout package.

Issue Is Payback, Not Bailout
http://www.nytimes.com/2008/09/24/business/24leonhardt.html?_r=1&hp&oref=slogin

I think that the terms of the Buffett deal with Goldman should serve as a template for what taxpayers should insist on in return for any bailout.

jobs with justice action plan for citizens:

http://www.unionvoice.org/campaign/step_up/idui7664y75dnmnw?

Oh for dumb:

President Bush was considering whether to address the nation about the financial meltdown, which has wiped out all Wall Street's investment banks and resulted in government rescues of Fannie Mae, Freddie Mac and insurer AIG.

"This is a huge moment America," said White House Press Secretary Dana Perino, who did not specify when Bush might address the nation. "And if we don't take decisive and bold action, we could be facing financial calamity."

HUGE MOMENTS.

Also this:

"Although the retrenchment in household spending has been widespread, purchases of motor vehicles have dropped off particularly sharply," Bernanke said.

Wow, I'm crushed.

I think that the terms of the Buffett deal with Goldman should serve as a template for what taxpayers should insist on in return for any bailout.

^^^ otm

After Enron, WorldCom, AIG, Lehmen Brothers, and Bear Sterns, every thinking person should be seized by uncontrollable hilarity the next time they hear anyone claim "government ought to be like a business."

I think that the terms of the Buffett deal with Goldman should serve as a template for what taxpayers should insist on in return for any bailout.

Word. It's 10% return deal on his investment, isn't it? i don't mean to play rote conspiracist (though if you want their line, here: ) but it still makes me uncomfortable that Paulson was a GS guy

Max Kaiser is a terrible actor but apparently also an anchor on Al-Jazeera. I first saw that vid linked from a Ron Paul oriented discussion - who to make matters worse, has just endorsed the Constitution Party's fundie. Great, Ron, couldn't leave the Southern Evangelism at home, could you?

Whatever cuts into McCain's vote though is good for me

http://www.villagevoice.com/2004-08-31/news/passionate-conservatism/2

lmao @ GOP 2004 convention including bragging about minority home ownership:

Similarly fantastic, and repeated by nearly every speaker: that homeownership, and especially minority homeownership, is at an "all-time high." The number of homeowners has grown every year on record. Every year is an "all-time high." The relevant number is the rate of growth.

Word. It's 10% return deal on his investment, isn't it?

More actually. He gets 10% per year on the preferred until Goldman redeems at a premium of 10% to Buffett's purchase price. In addition he gets warrants struck below the current stock price valued conservatively at about $2.8 billion. So the effective yield is closer to 20%.

Details here:
http://bigpicture.typepad.com/comments/2008/09/a-very-expensiv.html

MANAGE YOUR GODDAM AMYGDALAE PEOPLE
http://www.businesspundit.com/amygdalae-management-key-to-avoiding-another-great-depression/

lets lock this thread now that mccain is fixing the economy

some rare good news on the economic front BAD NEWS ~~ ATTN: ALL PHIL COLLINS FANS

Ohh so shocking:

Goldman's shares get suspicious boost pre-Buffett
http://news.yahoo.com/s/nm/20080924/bs_nm/us_goldmansachs_sharesbiz;_ylt=AoiQ1ij6Rwv7vcFYddTHkDJv24cA

NEW YORK (Reuters) - An unusual surge in Goldman Sachs' share price in the last 10 minutes of trading on Tuesday raised eyebrows on Wall Street, as it came two hours before news of Warren Buffett's big investment in the bank.

Goldman Sachs (GS.N) shares rose more than $5 heading into the close of trading even as the rest of the market tumbled, leaving traders suspicious that inside information was used to make a profit.

lol not when everyones watching guys

"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."

Did the Treasury spokesman play for Spinal Tap?

amirite

Wow. I mean wow.

So who wants to set up the rules to the Bush speech drinking game?

When he opens his mouth, finish your drink.

I'm guessing there's a former treasury spokeswoman posting resumes on monster.com right about now.

When he opens his mouth, finish your drink.

An IV tap sounds more practical.

Every time the word "derivative" is not used I will take a drink. Country before liver.

You go with the data point you don't have not the one you wish you had.

http://media.washingtonpost.com/wp-srv/photo/homepage/hp9-24-08vv.jpg

Anyway, threats of a 'long and painful recession' then. Uh.

Mistakes were made.

ROFL - http://wonkette.com/403005/403005#comments

Michael Douglas asked about Wall Street crisis
Wed Sep 24, 3:23 PM ET
UNITED NATIONS - Michael Douglas had to field questions Wednesday about the financial turmoil shaking world markets from reporters recalling his role in the 1987 film "Wall Street."

The actor sought to focus on the subject of Wednesday's news conference — urging the United States and eight other holdout nations to ratify a nuclear test ban treaty.

Douglas won an Academy Award for portraying the rapacious banker Gordon Gekko, who popularized the phrase "greed is good" in the movie.

After world leaders here condemned the "boundless greed" of world markets, Douglas was asked to compare nuclear Armageddon with the "financial Armageddon on Wall Street."

But the likening to Gekko did not end there, with a reporter asking: "Are you saying Gordon that greed is not good?"

"I'm not saying that," Douglas replied. "And my name is not Gordon. He's a character I played 20 years ago."

Bright side of coming Depression: Mets and Yankees take a bath on their new stadia.

(a boy can dream)

god michael douglas no sense of humor wtf hate that guy

Congressional negotiators reach agreement in principle on bailout terms

thanks to john mccain

i knew he could do it

New agreement actually looks sane-ish on the face of it. Don't know enough to be sure of anything other than that Barney Frank is on point and hilarious:

House Financial Services chairman Barney Frank (D-Mass.) said the agreement should calm the markets, and noted, "Some of us have been invited to the White House to try and break a deadlock, and I'm glad that well be able to go and tell them that there isn't that much of a deadlock to break." He paused and added, "But I'm always glad to get to go to the White House."

I would totally vote for Barney Frank right now. Frank/Dodd 16!

barney frank has always ruled

2003, the ruler speaketh:

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

Probably more true than not in 2003.

Barney also a big non-fighter for transsexual civil rights, the gay press says.

Puts him in a broad company along with 99.7% of politicians. Not a big transsexual vote out there to court.

Right, and who are the big fighters for transsexual civil rights in the House of Representatives again?

Er yeah, what Aimless said. But don't expect that to stop Dr. Morbius from looking for reasons to completely write off every politician ever in office or even with chance of being elected.

guys this thread is about the economy

Dr. Morbius is entitled to see the world through the lens of whatever seems right and good to him. I would love to know what fighting he has done recently for transsexual rights, though.

xp to tbot

oh, yeah. er. the economics of transsexual surgery should be looked at more closely.

there was a bill that had the "transgendered" part of the LGBT rights stripped right out, Hurting. People who are not me wrote about it.

http://www.huffingtonpost.com/sara-whitman/barney-frank-bails-on-the_b_66604.html

You may now return to the Official Thread Topic as per the ILX norm.

4/10.

Frank was part of the deck chair re-arrangement committee in 2003.

I think his callboy brought the deck chairs, in fact.

But who paid for them?

So I noticed at Monday night's Mets game that the years-old ad on Shea Stadium's left-field fence -- "AIG: THE STRENGTH TO BE THERE"

now says

"AIG AIG"