“A Thorny Issue” For Capitalism & Open Thread
By SusanUnPC on March 26, 2009 at 8:22 PM in Corruption, Economy, Open Thread, Stimulus Plan, Tim Geithner
I took notice that Timmy Geithner rolled out his big regulation scheme after the horses have already left the barn and are galloping free without restraints, freed from the reins, the saddles, the crops, or the boots in their bellies. Yes, the scheme arrives after he’s created a “toxic assets” plan that’s a one-sided bet, paid for handsomely by unknowing taxpayers, in order to enrich his influential friends and past and/or future benefactors to Mr. Obama’s campaigns and the Democratic parties. Yes, it’s “follow the money.” And it’s prioritize: Fill the coffers of “The One,” and then do a showy smackdown as the Mr. Moneybags chuckle over the taxpayers, kept unaware (unless they read economists’ columns) paying six times what they have to put down for every asset buy. (Pssst. What’s BELOW is for adults only.)
ADULTS ONLY — here is Bear Stearns’ famous (infamous) Jimmy Cayne, from a Financial Times book review of the January 2009 book, “House of Cards: A Tale of Hubris and Wretched Excess on Wall Street“:
Cohan does not offer us a guide through this maze. In spite of his subtitle about hubris we are meant, I think, to be in awe of the larger-than-life characters who populate Manhattan restaurants and New Jersey golf clubs, though also to be faintly appalled by their greed and aggression. They talk tough, certainly. Here is Cayne on Tim Geithner, then the president of the New York Fed, now the Treasury Secretary, when he refused to bail out his bank. “This guy thinks he’s got a big dick. He’s got nothing, except maybe a boyfriend. I’m not a good enemy. I’m a very bad enemy … for some clerk to make a decision about whether or not they’re a good credit? Who the f*** asked you? I want to open up on this f*****, that’s all I can tell you.”
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- An account of the steady growth of President Clinton as a master of the game of nations.
