Elizabeth Warren: "We Have A Real Problem Coming..."

[TwixVoy]

I suggest everyone watch this video. It explains why this "recovery" is completely bogus. New rules the feds have setup allow bad assets to be considered equal in value to what they were supposedly "worth" at some point in the past, even though they are worth much less today. If we were to be using the actual worth of the assets the banks would completely collapse. The question is how long this can go on until the house of cards falls down.

http://www.businessinsider.com/henry-blodget-elizabeth-warren-we-have-a-real-problem-coming-2009-8

[Warpy]

1. I haven't been posting much in the economy forums

because I'm just as full of doom and gloom as she is.

None of the systemic problems that led to this mess have been addressed. I was hoping some hint of re regulation would be coming out of the various committees by now but no luck.

The "jobless recovery" will let companies continue to exist for a short time. The customerless one won't.

[truedelphi]

2. "you could have a second big hit here, couldn't you?"

Sez Buchanan.

Well, skeptical people like me have been worried from that first gut-sinking moment when Obama said that Hank was doing a good job (Meaning Paulson, back when Obama was on Sixty Minutes in late Nov 2009.) We have expected this moment - and all we have heard from our colleagues here on DU is that we are Obama haters.

No, we are people who understand that an economy needs certain fundamentals in order to have a soundness restored. I spend more time over at pdAmerica.org these days, as most people there get it.

I'd like to LOVE Obama but knowing that all he did was put the foxes in charge of the hen house cannot let me offer him much LOVE.

"Write the check or else we kill the economy."

Yeah it was extortion, plain and simple. And any group of Congress people who were willing to hand over 700 Billion bucks without strings, without oversight, et cetera, are fools. Nine months later and we have offered up twelve point one trillion bucks. And we, not Congress, are the ones who have to pay for these mistakes.For a jobless economy, whose main recovery has gone to the investor class.And especially to the government position, inter-connected Goldman Sachs players.