Steven Perlstein writes about the Bail-out and the Wall St. Cowards!

[FrenchieCat]

Big Lessons in Finance From a Little Bank You've Never Heard Of

Wall Street is not pleased.

Hunkered-down executives and hyperactive traders were more than a little disappointed with what they heard from our straight-shooting new Treasury secretary as he unveiled his plans for Bank Bailout 2.0.

Not enough clarity, they complained. Still no light at the end of the tunnel, bemoaned others. Like spoiled, petulant children, they demonstrated their dissatisfaction by driving stock prices down another 5 percent.

By now, I hope you've learned enough not to be taken in by the self-serving floor patter. These guys won't be happy until the government agrees to relieve them of every last one of their lousy loans and investments at inflated prices, recapitalize every major bank and brokerage and insurance company on sweetheart terms and restore them to the glory days, so they can once again earn inflated profits and obscene pay packages by screwing over their customers and their shareholders.

For the Wall Street wise guys, bailout politics is just another game to be played, another market to be manipulated, another set of risks to be arbitraged.

Later today, nine Titans of Finance will testify before the unwieldy House Financial Services Committee about the fine mess they have got us into and how the first $350 billion in bank bailout money was used. The chief executives have probably wised up enough to know to leave the Gulfstream back home and fly in commercial with the hoi polloi. But don't hold your breath waiting for an expression of contrition or gratitude, let alone any clarity on their own plans for using the government's bailout money.

more..... http://www.washingtonpost.com/wp-dyn/content/article/2009/02/10/AR2009021003583.html?nav=emailpage

[FrenchieCat]

1. He was just on CNN defending the Bail Out Proposal and Geithner......

stating that Wall Street just wants easy money, just like I stated in an earlier thread.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x8188390

That is why everyone on television have been panning Geithner; not because of the "presentation", or the lack of specific, but because of what his address contained; a forewarning that they will have to be transparent and accountable if they accept bail out funds! And that is why the Stock Market tanked yesterday.....because folks were pulling out of financial stocks out of fear of what audits will reveal.

[Undercurrent]

3. Help!

After seeing the Wall Street freak out I can't get the Steve Miller Band song about
Billy Joe and Bobbie Sue out of my head!

Make it stop!

Bobbie Sue, whoa, whoa, she slipped away
Billy Joe caught up to her the very next day
They got the money, hey
You know they got away
They headed down south and they're still running today
Singin' go on take the money and run
Go on take the money and run
Go on take the money and run
Go on take the money and run
Go on take the money and run
Go on take the money and run
Go on take the money and run
Go on take the money and run

[butterfly77]

2. Exactly...

[FrenchieCat]

4. The Television Boobs, in particular CNBC are trying to discredit Geithner......

when they are the ones that should be discredited!

I watched about 5 minutes of Morning Hoe this morning,
and they were literally laughing at Geithner....
But I believe that it will be the Obama administration including Geithner,
who will get the last laugh. Hope the CEOs have been saving their money,
cause they are going to need it to continue to live their lavish lifestyles! :)

[Cha]

5. Thankfully, Steven Perlstein

gets it and is writing about it in the WP. There's so much cmwhoredom going on now to marginalize Obama admin in the beginning that Obama will always have to take his case to the peeps.

[FrenchieCat]

6. Yes, it appears that the monied class want to be the only ones holding microphones......

and our President will have none of that!

[Cha]

7. What a battle is on his shoulders and

he needs all the help he can get..thanks for doing what you do.