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Late Night Open Thread: CNBC’s Mark Haines vs. Rep. Brad Sherman (D-CA)

Pro-Wall Street CNBC host Mark Haines accuses Congress of “witch-huntery.” Sherman gives as good as he gets. The arrogance of the CNBC interviewers is stunning. Sherman is a member of the House Banking Committee.

“You know, this is witch huntery, I’ll be perfectly honest with you,” Haines said. “You and people who share your opinions seem to feel that you know, let’s hold salaries on Wall Street to $100,000. Do you have any idea what Wall Street would look like if they did that?”

“All the business would go overseas,” Haines said. “That’s the bottom line.”

Sherman voted against the orginal TARP last October, and famously said in Congresss that in private meetings “a few members were even told that there would be martial law in America if we voted no.” This is his full speech. He’s talking about things that the administrations is supposedly just finding out about. The martial law comment is at the end, around 9:15.

This one is from Fox News today.

This is an open thread. Economics talk is not required. Feel free to post your favorite music video links and sip a glass of something if you are so inclined.

49 Responses

  1. Jimi at Isle of Wight

    • Isle of Wight was where I met my first husband (an Italian), whom I still have fond memories of…

      Hendrix was fabulous 🙂

      • God save the Queen on Hendrix’ guitar, drifting over the low hills was something else…. (and yes it was that distorted)

  2. Oh, this is fun, Boston Boomer. I love a good mix of politics and music!

  3. I am sipping hot milk.

  4. i just added barrack obama’s teleprompter as a friend on facebook … isn’t technology grand?

  5. Hendrix covers Van Morrison’s “Gloria”

  6. Can someone help me find some info? I keep hearing how Repubs stayed home on election day. I’m trying to find some facts about this and how the info was obtained? Any links would be greatly appreciated. Thanks so much.

  7. Wouldn’t it be funny if Eliot Spitzer brought down the Obama gang?


    Anger-fed populism now is no better a policy compass than libertarianism masquerading as capitalism was during the Bush administration. This may become evident all too quickly as public rage—generated by the catastrophic risk-taking of many Wall Street traders—is fanned by Washington legislators desperate to make up for their own decade of neglect. The faux surprise emanating from Washington—does anybody else think “gambling in Casablanca”?—is generating proposals that are emotional retorts, not wise policy.

    The economic cataclysm we are living through now is the consequence of 30 years of intentional destruction of the rules needed to keep capitalism on track. Capitalism does not survive in a vacuum, despite libertarian desires to the contrary. Just as democracy needs rules or it descends into anarchy, so capitalism needs rules to guide the behavior that becomes wealth creation.

    • Capitalism does not survive in a vacuum, despite libertarian desires to the contrary. Just as democracy needs rules or it descends into anarchy, so capitalism needs rules to guide the behavior that becomes wealth creation.

      This may sound simplistic, but I rode horses a lot when I was younger. A lot. I helped train some thoroughbred racehorses (though never a jockey – too tall.)

      Capitalism reminds me of racehorses. Racehorses are impressive, powerful beasts. And all they want to do is RUN. They are amazing at it. They also don’t have good sense, and if there is no experienced rider, they will get completely out of control and likely go through a fence killing themselves and anyone around. The solution to that is not to lock them in the barn – the solution is finessed control. You need reins, and leg, but just the right touch of both. Give them too much head and they will run away with you, but start sawing and jerking at their mouth or clamping down, and they shut down and can’t run.

      We get anti-capitalists who keep screaming “shut him completely down or he’ll trample the chiiildreeeen!”, and Rayndite libertarians who keep screaming “let him run freeeeee!” But the truth is, IMHO, that the great beast that is capitalism needs a cool-headed rider with a deft rein hand (prudent regulation) and a good seat (practical fiscal responsibility).

      • That is an excellent analogy. I admire your “horse sense.”

      • A good seat comes from long experience. Just saying.

        And a deft rein hand comes from sensitivity.

      • I have been wanting to tell you for about a week now, WMCB, that I am glad to see you back posting again.

  8. http://www.americanthinker.com/blog/2009/03/what_obama_hath_wrought.html

    “What Obama Hath Wrought (Updated: ACORN connection)
    Rick Moran
    Populist rage fueled by the President himself has now entered an area not seen in American politics for generations:

    The Connecticut Working Families Party this weekend has organized a bus store that will make stops at Wilton, Connecticut, AIG office as well as the security-patrolled homes of AIG execs who are fearing for their lives.

    “We’re going to be peaceful and lawful in everything we do,” said Jon Green, the director of Connecticut Working Families. “I know there’s a lot of anger and a lot of rage about what’s happened. We’re not looking to foment that unnecessarily, but what we want to do is give folks in Bridgeport and Hartford and other parts of Connecticut who are struggling and losing their homes and their jobs and their health insurance an opportunity to see what kinds of lifestyle billions of dollars in credit-default swaps can buy.””

    “…. ACORN is a co-founder of the Connecticut Working Families Party.”


    I don’t understand how the administration and congress can get away with deflecting taxpayer anger towards AIG employees, while it was well within the governments power to handle the AIG situation in a manner which would have resulted in a renegotion of salaries as well as the voiding of the bonus contracts. And, the ACORN connection is downright troubling.

    • I thought from the beginning that the bonus issue was a red herring. I kept saying that i thought that the real issue was why we gave AIG all that money in the first place.

      I guess people bought it because they stopped at the first level of thought.

      I think you are right to be concerned about ACORN. They are probably part of the Obama party (DNC) propaganda army.

      • ACORN being invovled confirms it for me: Obama is deliberately trying to refocus anger on AIG employees rather than what he and Geithner are doing.

    • These people are already receiving death threats. So the point of going to their homes and further enflaming the situation is what? We don’t like it when people stand in front of the clinic with the doctors’ names on signs because it’s creepy and scary. Here in ma, we didn’t like it when republicans sent bus loads of people to deval patrick’s house to harass him. Who’s organizing this, the guy who hung palin in effigy? Regardless of who’s right or wrong, these tactics are not cool.

      • It’s Obama’s favorite agitators doing it – focusing all the rage on the fence taking the goods, so we don’t go after the thieves doing the robbing.

  9. In case you don’t know, Brad was a huge pro-Hillary superdelegate. Great guy. Called the Democratic caucuses, worse than what we would tolerate from Robert Mugabe.

    • I wish I could trade my congressman for Brad.

    • BTW, Brad is no slouch. He was an accountant who helped recover assets from Ferdinand Marcos, he taught tax law at Harvard, and is one of the hardest working politicians in California. Locals joke that he’ll show up to the opening of a letter. I can’t think of CA a politician I’ve met who I think more highly of.

      • Wow, that makes me even more nervous about the martial law threat he talked about. He doesn’t sound like the irrational, tinfoil type at all.

      • We need more like him.

  10. Thanks. Glad I finally got to see that CNBC clip. Sherman seems tip top. Couldn’t agree with him more on compensation. It may be millions and not trillions, but overhauling Wall Street compensation is about introducing reform and a regulatory mindset, not just about fairness. It is essential, and the Administration should not be backing down. It’s pure blackmail in my view.

    On AIG receivership, agree in principle. But I don’t think last fall, with the markets free falling as they were, that anyone including Sherman could have predicted how the global CDS market would have shaken out. Totally uncharted territory, which is why it was unconscionable that the products were unregulated. The risk of a more complete meltdown seemed real and probably was.

    In that last third clip, he talks in the middle for a second about the current toxic assets bailout, and hedge funds. Sounds like he’s saying hedge funds (and presumably private equity as well) deserve bailout funds as much as the large banks. Guess he means through Geithner’s private/public charade and also the TALF program. HFs and PEs do not need handouts. If they want to take on as much risk as taxpayers to invest in these toxic products, that’s great. But they of all people should not be given a subsidy for participation. That’s crazy and the main reason why Geithner’s plan is so horribly flawed imo.

    Don’t mind me. And now back to your regularly scheduled music.

  11. sade


    elis regina

    billie holiday

  12. “Hillary Clinton, e-diplomat, embraces new media”


  13. at a blog called flopping aces there is a picture of the new teleprompter seal of the USA.
    It is pretty funny
    A commenter on No Quarter today said backtrack reminded her of that old song ” How could you believe me when I said I loved you when you know I’ve been a liar all my life” see I am not the only one who thinks that



  14. Just for fun-the Who at the Isle of Wight

  15. Marvin Gaye -heard it thru the grapevine 😉

  16. Well, I can’t sleep. What is wrong with this picture?

    Credit Unions?


    I’m leaving that for Dakini, tomorrow — I guess.
    See you all tomorrow.

  17. ps: I do have a few cadbury eggs on hand — those little sugar shell ones…but don’t tell RD!

    (the crunchy tiny ones….)

  18. Job security – only one man has it

  19. I’m trying to move my 401k (from a job I quit years ago) into an IRA at my credit union. The holder of the IRA tells me money invested in their companies real-estate whatever is frozen til they decide to let it out, possibly in little chunks over time (months or “maybe even years”). When I asked the guy when was this done and why wasn’t I informed, he said Sept and it was on their website news (or something) and “sorry ’bout that.” I can’t have a trickle-it-in traditional IRA except for a one-year certificate (least interest of course).
    Can anyone tell me if this was legal? Who should I talk to about getting MY money out of there. The guy was happy enough to offer me an IRA through THEM – as if. Anyone have any suggestions. Sounds smarmy and bogus but not surprising to me. The credit union lady said she’d never heard the like (maybe cuz they have standards?)

    • OOps missed alot of question marks there

    • That’s creepy and alarming, and no, doesn’t sound legal to me.

    • What kind of institution is your 401k in? It sounds like you’re invested in a REIT in something possibly from a brokerage firm in which case you are not in an insured account or institution and an extremely risky asset. And each of those things are ruled by laws that you should have a copy of in the prospectus… they should mail it to you annually.

      You can hold IRAs in a bunch of different things now, not all of them are safe, and not all of them are federally insured.

      You should always consider your ability to handle risk before you agree to put your money in nontraditional assets. It sounds like you got put into something without fully understanding its risk and your risk profile. I’d recommend you try to find some one to help you understand where you need to be based on who you are and what you can tolerate and not be forced into things by salespeople. It may be too late to recover this money but you need to ensure you don’t repeat the mistake.

      • Looking at my semi-annual statement from December, this “Principal Real Estate Investment” (from Principal Financial Group to drop its name) is actually in the “Fixed Income” category, the second from the least riskiest, according to them. And I have a bigger chunk of money in the less riskier categories (according to them) than they recommend for my age. But what’s up with them locking it up?

  20. Funny how most if not all of the most competent, well-meaning Democrats who work for their constituents over Wall Street were strong Hillary Clinton supporters. I think Riverdaughter’s post above is a perfect example of an insider politician who supported Obama because of his own self interests.

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