Pay no attention to the $hitpile behind that curtain!

wizardcurtainHere’s a great 30 minute seminar from Bill Moyers’ Journal last week with Savings and Loan crisis expert William Black on Big $hitpile and the Wall Street Banksters inside and outside the Obama administration who are hoping we all just clap louder so that tinkerbell our economy doesn’t die. There are three YouTube clips here–you will want to hear Black’s comments as to why General Motors (and its unionized workers) have to eat their previously negotiated contracts, but investment banks on welfare don’t:

Don’t miss Black’s parting shot at Tim Terriffic in the last 15 seconds of the third video: “And by the way, the folks who are the better regulators? They pay their taxes, so you can get them through the vetting process a lot quicker.” Ahem. We stand by our judgment on L’il Timmy Geithner from the start. Chalk it up to Historiann’s “Broken Windows” theory of adulthood: if a guy isn’t paying taxes, he’s schtupping the nanny, and probably up to even worse. On what planet does a guy with his disasterous record get the keys to the U.S. Treasury department? And what would many of you Dems say if this guy was a Republican president’s pick?

0 thoughts on “Pay no attention to the $hitpile behind that curtain!

  1. Thanks, Brassai–good tip. Here’s the comment about the comparison between G.M. and the banksters:

    BILL MOYERS: Why are they firing the president of G.M. and not firing the head of all these banks that are involved?

    WILLIAM K. BLACK: There are two reasons. One, they’re much closer to the bankers. These are people from the banking industry. And they have a lot more sympathy. In fact, they’re outright hostile to autoworkers, as you can see. They want to bash all of their contracts. But when they get to banking, they say, ‘contracts, sacred.’


  2. Like you, I remain confused as to why Geithner was appointed at all, much less why he retains his job. It’s hard not to think that Obama is making a huge — HUGE — mistake by linking his own reputation to his crooked Treasury Secretary.


  3. Good point–especially considering how quickly he was willing to dump Bill Richardson and Tom Daschle (in both cases, the right decision.) What does this Geithner guy have on the White House and Congress? It’s a total mystery, but Black’s analysis helps make sense of it.


  4. Meanwhile, on a related topic, check out the piece in Saturdays NY Times about a bunch of apparent historians, heavily weighted (down) with U. of Chicago type economists, who are claiming that Obama is going down the same historically dead-end road by which FDR prolonged and exacerbated the Depression. All that alphabet soup government intervention just totally bummed out the investment community, it seems, and dragged out an otherwise market self-correcting hiccup into a decade long nightmare that took one of those Democrat wars to get out of. Hoobert Heever was right after all, one presumes.


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