Hey Barry, good to see you on the trail. Keep movin'.
So I sees you got the big ol' dude Volcker to weigh in on the bank mess. At least he's bigger than Timmy.
But, really, 'Financial capitalism has to change,' or somethin' like that is what he says. Like I hear on my street: "No shit, Sherlock."
Anyways I took a look at the system and Holy Crap! it's really been gamed to within an inch.
It's not rocket science to figure out how to fix it. We have done it before and I did it again here: www.mkeever.com/bank_regulation_usa.doc
No, the hard part's when you make the changes. You will hear screamin', boy howdy, them bankers is gonna scream.
But, Barry, we gotta make them changes. There really is no choice.
Your girls' future is on the line here Barry, don't go chicken on us.
We got your back.
Sunday, February 22, 2009
Wednesday, February 11, 2009
Geithner Bombs
Barry, I really love ya. We need you a lot, so keep hangin' in there. Ya doin' all the right stuff.
But Barry, this Geithner guy is not ready for prime time. He is just too small. And, ya need some big guys there Barry, not some limited hack. Seems like a nice enough guy and competent in a limited way, but this here's the future of our country we're talkin' and you need some weight there. Ya need Wilt Chamberlin for cryin' out loud, not some pine warmer.
So, anyways the markets gave the plan a thumbs down and I'm gonna tell ya why.
You guys left out too much, that's why. And here's what you left out.
1. Nationalizing the banks. Ya need to give these bank idiots a timeline to get the lending going. If they don't make it, ya take 'em over, fire the managers and make loans.
I don't mean that you ask them politely for data, I mean that they make loans or get out.
Our national security is on the line here Barry, ya need to get everybody on board.
2. Banks and Investments. Bankers are just no good at making investments. We don't need any more proof, Barry. The Great Depression, the Glass-Steigal act, the Resolution Trust - for cryin' out loud. As sure as God made little green apples, that is something we know.
So, ya gotta create a firewall between bankers and investments. Maybe a new law. Maybe repealing the 1980's deregulation.
Ya gotta do something here and Geithner's not the guy.
3. Unregulated Securities and Banks. Barry, there's a whole bunch of poisonous crap out there and no rules against making more.
Those horse shit mortgage derivative bonds - where's the rule against making more? Nowhere, that's where.
Why the hell not, Barry? Why the hell not?
Unregulated banks - there's a whole bunch of them left over. That can't be Barry, ya gotta get a handle on all the banks. We just can't afford for you to mess this up.
The bankers and the Wall Street guys know they screwed up. And, they expect you to fix it with hard things, not namby-pamby things.
Ya gotta get tough, Barry, we got your back.
But Barry, this Geithner guy is not ready for prime time. He is just too small. And, ya need some big guys there Barry, not some limited hack. Seems like a nice enough guy and competent in a limited way, but this here's the future of our country we're talkin' and you need some weight there. Ya need Wilt Chamberlin for cryin' out loud, not some pine warmer.
So, anyways the markets gave the plan a thumbs down and I'm gonna tell ya why.
You guys left out too much, that's why. And here's what you left out.
1. Nationalizing the banks. Ya need to give these bank idiots a timeline to get the lending going. If they don't make it, ya take 'em over, fire the managers and make loans.
I don't mean that you ask them politely for data, I mean that they make loans or get out.
Our national security is on the line here Barry, ya need to get everybody on board.
2. Banks and Investments. Bankers are just no good at making investments. We don't need any more proof, Barry. The Great Depression, the Glass-Steigal act, the Resolution Trust - for cryin' out loud. As sure as God made little green apples, that is something we know.
So, ya gotta create a firewall between bankers and investments. Maybe a new law. Maybe repealing the 1980's deregulation.
Ya gotta do something here and Geithner's not the guy.
3. Unregulated Securities and Banks. Barry, there's a whole bunch of poisonous crap out there and no rules against making more.
Those horse shit mortgage derivative bonds - where's the rule against making more? Nowhere, that's where.
Why the hell not, Barry? Why the hell not?
Unregulated banks - there's a whole bunch of them left over. That can't be Barry, ya gotta get a handle on all the banks. We just can't afford for you to mess this up.
The bankers and the Wall Street guys know they screwed up. And, they expect you to fix it with hard things, not namby-pamby things.
Ya gotta get tough, Barry, we got your back.
Saturday, February 7, 2009
Soup Kitchens and Banks
So Barry, been helluva couple weeks. Hang in there, you're doin' good.
Anyway, couple weeks ago I double dog dared you to mention some things that get my goat. And you did - you talked about jobs, unions, bad food and pay-to-play. If I had any input into that, I thank you.
Now then, things are gettin' worse quick. Listen Barry: we need soup kitchens now. You saw the Denny's free breakfast deal, right? I mean two hour lines for a free breakfast, for Pete'e sake. Ya, we need jobs, but we need to eat too and there ain't no jobs. Ya gotta do something, people are starving out here.
Here's another thing. The only thing you say about banks is that the CEO can't make more than $500K. Gimme a break willya. Holy crap. $500K. Listen here, I'll run a bank for $25K. Here's my qualifications: I know absolutely nothing about running a bank but I am a bookkeeper. Guaranteed to be a better deal than the current crooks and losers.
I'm so pissed about the banks that I'm running a seminar for some local congress people about how to regulate banks. Trying to get FDIC, FED, SEC and all those guys in a room with the field reps.
Subject is this: what went wrong and how do we fix it.
Stay tuned. I'll let you know what happens.
So, Barry, take it easy and be nice to those great girls of yours.
I'm off.
Anyway, couple weeks ago I double dog dared you to mention some things that get my goat. And you did - you talked about jobs, unions, bad food and pay-to-play. If I had any input into that, I thank you.
Now then, things are gettin' worse quick. Listen Barry: we need soup kitchens now. You saw the Denny's free breakfast deal, right? I mean two hour lines for a free breakfast, for Pete'e sake. Ya, we need jobs, but we need to eat too and there ain't no jobs. Ya gotta do something, people are starving out here.
Here's another thing. The only thing you say about banks is that the CEO can't make more than $500K. Gimme a break willya. Holy crap. $500K. Listen here, I'll run a bank for $25K. Here's my qualifications: I know absolutely nothing about running a bank but I am a bookkeeper. Guaranteed to be a better deal than the current crooks and losers.
I'm so pissed about the banks that I'm running a seminar for some local congress people about how to regulate banks. Trying to get FDIC, FED, SEC and all those guys in a room with the field reps.
Subject is this: what went wrong and how do we fix it.
Stay tuned. I'll let you know what happens.
So, Barry, take it easy and be nice to those great girls of yours.
I'm off.
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