Let Mama Make It Better

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Hat tip to Mish at Global Economics for this great rant about bailing out the big boys on Wall Street:

[youtube=http://www.youtube.com/watch?v=mbD62gNi9WE] Contact Ulli

Comments 9

  3. Ulli,

    Wow..great post…she really ripped them a new one!!! Obama should have picked her for a running mate.

    Thanks for posting this and Thanks for this fantastic website. I look forward to reading your insight everyday!!!

  5. Now, if Mama Congress will only tell The Boyz and the Lobbyists to shutup and listen to what they are going to get for oversight and regulation. Then implement the needed medicine without delay.

  6. Marcy makes me proud to be an Ohioan! She's got it exactly right. After Jimmy Cayne, Hank,Mozillo, Abbey and all the other Wall Street scumbags & bankers, as well as Frank Raines, and all the politicos turn in their bonuses to the "cause" (treasury) & ill-gotten campaign funds for the last 8 years…then maybe the taxpayers could consider a bail-out. Until then they can all go to jail & keep going for a hand out. Screw em.

  8. Uli, IMO you do great injustice to the Congresswoman’s comments by referring to it – even lightly – as a rant. Neither this nor what I am about to say should be called a rant. How about calling it the truth?

    WAMU Failure. Where does it end?

    I’m rolling on the floor not because I want to laugh anymore, but because my gut hurts. I’m sick to my stomach.

    What changed in the last 2 months? THEY will tell you “run on the bank”. LIES!

    There are a lot of penny stocks which survive for years. And so could WAMU. Run on the bank? How? Individuals trying to withdraw their deposits from bank accounts? And that is a problem, why? THIS is the precisely why we have FDIC insurance!

    But wait a second! The fact of the matter is the FDIC pool is grossly in inadequate. It cannot even support the deposits of WAMU. When a bank takes over another it is supposed to take over its assets AND liabilities. What has happenned here is an old fashioned bank robbery without a single shot being fired. Paulson’s Bazooka is not even needed. We are all so afraid and thinking only of OUR house and OUR big screen TV we are letting the Government screw us better than Stalin ever did his people. And we supposedly live in the land of the free.

    Let’s see what’s really happenning here. JP Morgan gets all assets of WAMU and NONE of its liabilities. In all probability, the WAMU executives have been told to shut up else the next law likely to be passed soon to revoke golden parachutes for company executives will apply to them if they are still in business. WAMU’s CEO of 3 weeks already received a $7.5 Million signing bonus and has another $11.6 million coming to him as severance.

    The retail client has apparently been “saved” by JP Morgan because his/her deposits are safe (sic). The retail investor including those who pumped money billions into WAMU are screwed. Imagine telling Buffet, “Hey, we are taking over GS. Your $5 Billion is toast.” That’s what has happenned with WAMU. On the one side GS and MS are being allowed to become retail banks, while the only money supply WAMU has access too, those same client deposits have been stolen from it and gifted to JPM.

    I’m not crying for WAMU. I’m crying for the taxpayer who ultimately is getting screwed in more ways than one. Whenever all of this ends and you will see GS and MS banks next to your BoA and COF, it will spark the end of free checking accounts and free online bill pay, and what not.

    Incompetence does not have any penalty when it comes to the Government or the Financial Industry. If they lose money, they simply take it from the tax payer. I cannot believe I’m living in the United States of America.

  9. This whole mess stinks.

    Maybe we should simply let everything fail and let the chips fall where they may.

    If that happens, and even more people start losing their jobs, health coverage, home, savings, etc., then the rant will be about why Mama didn’t lend a hand.

    Hold your nose and get it done.

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