Bair must be holding on simply because there's no one else to replace her. No other explanation is conceivable. She's admitted to allowing Indymac to backdate deposits from Bancorp that allowed the failing bank to seem capitalized to regulatory standards in last year's first quarter. A few weeks ago, she said 98 percent of bank assets were well-capitalized. And... we... keep on... a-trusting. Taste for grandiosity, too. To the pasture with her.

Thank you for being so responsive!

Here's another question for you as a seasoned participant and observer of the national political process. Why is it that regardless of party or ideology, politicians and the DC crowd in particular find it so hard to change course for the good of the country when it becomes clear to all that the policies they are pursuing are hurting the nation? Why are so few of them capalbe of any political courage at all? Obama promised to be different and unless, as you point out, there is a sharp change he appears to be just the same old thing literally in a different package. Are there any Andrew Jackson's left out there, let alone FDR's?

of course i made these same observations a month ago so nothing here is new to me.

but this is not business as usual and "they all do it stuff".

there is going to be a serious price to pay when the people realize they have been had and this is only a massive transfer of their money to the rich.
i give it all between 8-12 months before it exploads.

and its not possible to predict yet, what the people will do after they turn on obama.
but they will not support the republicans thats for sure.

stay tuned.......

Phillips starts off with a pardoxical remark which reads more like a contradiction than a subtle truth in hiding:

"I do agree with Paul Krugman's view that the crisis is one of insolvency, not liquidity, also describable as one of impossibility to value assets rather than liquidity."

Valuation problems are a CAUSE of illiquidity, as are what amount to metaphysical value differences (people with different value systems might not agree on a price, thus there is no market - the Bid is too low and the Ask is too high). There isn't enough consensus on the value, so only the maringally desperate buy or sell.

Furthmore, the inability to value an asset does not make the firm holding the asset insolvent, yet Phillips presents his "impossibility" as a description of insolvency.

So that's two strikes in the first sentence. Help me out here, please. Am I missing some deep meaning in my superficial analysis based on plain language?

I'm not clear on Phillips' reference to Black and how Obama is merely continuing failed Bush policies. What Pauslon ended up doing was Stock Injection, and that was a success. What Paulson wanted to do was to buy up toxic assets at some imaginary inflated price. While PPIP does bear some clear resemblance to what Paulson vaguely outlined, it isn't quite the same policy, and of course it cannot be said to have "failed" since neither has been tried yet.

Another strike.

"Let me add that I agree with the Congressional Oversight group's Tuesday contention that failed banks should be liquidated and some, at least, of the failed bank top executives fired."

Well, duh, it's like ... the LAW, dude. The serious question is what to do with banks which have NOT failed but which are 1) too close for comfort, or 2) heading into #1 territory fast enough that if "momentum" means anything, they are likely to crash under reasonable future conditions.

Another strike. Really, this is terrible stuff, Mr. Phillips. And Sheila Bair, "grandiosity"?? Sheeesh.

Phillips is pandering weak trash food to some hungry choir here.

Thank you Kevin Phillips!

I recently read your 1993 book "Arrogant Capital" and have been telling anyone who will stand still that you were onto the crippling "finacialization" of America sixteen years ago.

I was particulary impressed with the last chapter which listed an array of possible constitutional/governmental reforms. They were creative and imaginative, yet practicable.

What strikes me in 2009 is how the problem has blossomed - like a mushroom cloud - into full flower - and yet in 1993 you were already lamenting the inescapable evidence that great powers that underwent "financialization" usually couldn't put down the narcotic of debt and change course.

I've been thinking that Obama should (and probably won't) try the "Ivan the Terrible" prescription. By letting the mega-banks collapse and then setting up Federal bodies that would make short term business loans (so called "commercial paper") and more manufacturing oriented loans, he might have, in effect "slaughtered the nobles" and consolidated federal govt power - I would even call it re-asserting U.S. SOVEREIGNTY of the state over the bond market and Wall Street.

But instead, he's continued to hand trillions to the very elites who caused the problem. He's giving money - which is power - to the super rich who can finance opposition to financial reform - let alone labor rights (EFCA) consumer protections and the like.

Every good politician is an opportunist. If Obama doesn't take this opportunity to push through a complete overhaul of US banking/credit system ( - an overhaul of 'capitalism' in a sense) he is a terrible politician. Worse - he will be remembered a kind of shlemiel who was tricked and swindled - and let the rapacious banking overlords raid the US like the pirates they are.

"Question one: Did FDR ever put his personal imprimatur on a 1933 continuation of Hooverism by coddling Wall Street and putting a Geithner into the Treasury? Of course not."

Obama misunderstands the historical moment. He, Hillary, most of the Democratic Party profoundly misunderstood the historical moment throughout the entire very, very long 2008 campaign.

Obama only pulled ahead of McCain when the financial crisis hit critical mass in the Fall and the public could no longer ignore it. You would think that would mean the political writing on the wall was pretty clear, but then again if you stumbled upon victory perhaps you didn't really grasp what it took to get there. And maybe your enablers constantly facilitate that feel-good moment.

It seems entirely possible that without the Paulson panic, there would be no Obama Presidency. That's not to say that Obama should effectively be paying Paulson's cronies tribute monies and passing out get of jail free cards for the privilege of pretending to inhabit the Oval Office.

Most of us here probably weren't around in 1934, but a rather interesting speech was given on the floor of the house. After endless hours on blogs, I kept asking myself what's wrong with this picture and then I found my answer. I would have provided the link, but I found this at a subscription site. Read this speech. Take it all in and then sit back and ask yourself if the old saying by Twain doesn't ring true. History doesn't repeat, but it sure does rhyme.

This is taken from Congressman Mcfadden’s 1934 speech. It explains why only the bankers get the money and all the bankers’ losses and debts are given to the people so as to impoverish all of us first off and then enslave us with higher taxes to pay off the debt incurred when the money was given to the bankers. It explains what Obama will do in the future. This is the blueprint that Bernanke, Geithner and Obama are following.

Roosevelt and the International Bankers

"Roosevelt did what the International Bankers ordered him to do!

"Do not deceive yourself, Mr. Chairman, or permit yourself to be deceived by others into the belief that Roosevelt's dictatorship is in any way intended to benefit the people of the United States: he is preparing to sign on the dotted line! "He is preparing to cancel the war debts by fraud!

"He is preparing to internationalize this Country and to destroy our Constitution itself in order to keep the Fed intact as a money institution for foreigners. "Mr. Chairman, I see no reason why citizens of the United States should be terrorized into surrendering their property to the International Bankers who own and control the Fed. The statement that gold would be taken from its lawful owners if they did not voluntarily surrender it, to private interests, show that there is an anarchist in our Government.

"The statement that it is necessary for the people to give their gold- the only real money- to the banks in order to protect the currency, is a statement of calculated dishonesty!

"By his unlawful usurpation of power on the night of March 5, 1933, and by his proclamation, which in my opinion was in violation of the Constitution of the United States, Roosevelt divorced the currency of the United States from gold, and the United States currency is no longer protected by gold. It is therefore sheer dishonesty to say that the people's gold is needed to protect the currency.

"Roosevelt ordered the people to give their gold to private interests- that is, to banks, and he took control of the banks so that all the gold and gold values in them, or given into them, might be handed over to the predatory International Bankers who own and control the Fed.

"Roosevelt cast his lot with the usurers. "He agreed to save the corrupt and dishonest at the expense of the people of the United States.

"He took advantage of the people's confusion and weariness and spread the dragnet over the United States to capture everything of value that was left in it. He made a great haul for the International Bankers.

"The Prime Minister of England came here for money! He came here to collect cash!

"He came here with Fed Currency and other claims against the Fed which England had bought up in all parts of the world. And he has presented them for redemption in gold.

"Mr. Chairman, I am in favor of compelling the Fed to pay their own debts. I see no reason why the general public should be forced to pay the gambling debts of the International Bankers.

Roosevelt Seizes the Gold

"By his action in closing the banks of the United States, Roosevelt seized the gold value of forty billions or more of bank deposits in the United States banks. Those deposits were deposits of gold values. By his action he has rendered them payable to the depositors in paper only, if payable at all, and the paper money he proposes to pay out to bank depositors and to the people generally in lieu of their hard earned gold values in itself, and being based on nothing into which the people can convert it the said paper money is of negligible value altogether.

"It is the money of slaves, not of free men. If the people of the United States permit it to be imposed upon them at the will of their credit masters, the next step in their downward progress will be their acceptance of orders on company stores for what they eat and wear. Their case will be similar to that of starving coal miners. They, too, will be paid with orders on Company stores for food and clothing, both of indifferent quality and be forced to live in Company-owned houses from which they may be evicted at the drop of a hat. More of them will be forced into conscript labor camps under supervision.

"At noon on the 4th of March, 1933, FDR with his hand on the Bible, took an oath to preserve, protect and defend the Constitution of the U.S. At midnight on the 5th of March, 1933, he confiscated the property of American citizens. He took the currency of the United States standard of value. He repudiated the internal debt of the Government to its own citizens. He destroyed the value of the American dollar. He released, or endeavored to release, the Fed from their contractual liability to redeem Fed currency in gold or lawful money on a parity with gold. He depreciated the value of the national currency.

"The people of the U.S. are now using unredeemable paper slips for money. The Treasury cannot redeem that paper in gold or silver. The gold and silver of the Treasury has unlawfully been given to the corrupt and dishonest Fed. And the Administration has since had the effrontery to raid the country for more gold for the private interests by telling our patriotic citizens that their gold is needed to protect the currency.

"It is not being used to protect the currency! It is being used to protect the corrupt and dishonest Fed. "The directors of these institutions have committed criminal offense against the United States Government, including the offense of making false entries on their books, and the still more serious offense of unlawfully abstracting funds from the United States Treasury! "Roosevelt's gold raid is intended to help them out of the pit they dug for themselves when they gambled away the wealth and savings of the American people.

Dictatorship

"The International Bankers set up a dictatorship here because they wanted a dictator who would protect them. They wanted a dictator who would protect them. They wanted a dictator who would issue a proclamation giving the Fed an absolute and unconditional release from their special currency in gold, or lawful money of any Fed Bank.

"Has Roosevelt relieved any other class of debtors in this country from the necessity of paying their debts? Has he made a proclamation telling the farmers that they need not pay their mortgages? Has he made a proclamation to the effect that mothers of starving children need not pay their milk bills? Has he made a proclamation relieving householders from the necessity of paying rent?

Roosevelt's Two Kinds of Laws

"Not he! He has issued one kind of proclamation only, and that is a proclamation to relieve international bankers and the foreign debtors of the United States Government.

"Mr. Chairman, the gold in the banks of this country belongs to the American people who have paper money contracts for it in the form of national currency. If the Fed cannot keep their contracts with United States citizens to redeem their paper money in gold, or lawful money, then the Fed must be taken over by the United States Government and their officers must be put on trial.

"There must be a day of reckoning. If the Fed have looted the Treasury so that the Treasury cannot redeem the United States currency for which it is liable in gold, then the Fed must be driven out of the Treasury.

"Mr. Chairman, a gold certificate is a warehouse receipt for gold in the Treasury, and the man who has a gold certificate is the actual owner of a corresponding amount of gold stacked in the Treasury subject to his order.

"Now comes Roosevelt who seeks to render the money of the United States worthless by unlawfully declaring that it may No Longer be converted into gold at the will of the holder.

"Roosevelt's next haul for the International Bankers was the reduction in the pay of all Federal employees.

"Next in order are the veterans of all wars, many of whom are aged and inform, and other sick and disabled. These men had their lives adjusted for them by acts of Congress determining the amounts of the pensions, and, while it is meant that every citizen should sacrifice himself for the good of the United States, I see no reason why those poor people, these aged Civil War Veterans and war widows and half-starved veterans of the World War, should be compelled to give up their pensions for the financial benefit of the International vultures who have looted the Treasury, bankrupted the country and traitorously delivered the United States to a foreign foe.

I think the approach of Obama and his financial advisers to the economic downturn will be his downfall. He is leaving it, as much as he can, to the markets to sort out. The markets will work but they work at their own pace. On this course the economy will recover...in about 10 or so years, once Obama has been voted out after one term and the Democrats are back to being the minority party in Congress.

Obama had (still has?) the opportunity to make real and meaningful changes in an economy and to break the stranglehold that the oligarchy has on it. Has he thrown away his chance for real change? I knew Obama was setting himself for failure when he allowed $250B in non-stimulative tax cuts for the wealthy be included in the 'stimulus' package just so he could have a handful of 'R's' say they supported it.

Posted by gamebookers : Good post and a fantastic read. You have raised some valid points. Great work, keep it up. I love returning back to this site and reading the quality content you always have on offer.

thanks admın its realintments of Summers and Geithner. It is his responsibility.

He also is at fault for not pressuring Bernanke to resigly good topic

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