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Thursday: Elizabeth Warren Reports

Knowledge is power.  Pass it around.

Other videos in this series can be found at oversightpanel

I picked up on a few things that Warren is too polite to say.  First, Geithner’s plan doesn’t get her full support.  Now, Warren is not a politician, so she doesn’t know how to speak out of both sides of her mouth with ease.  To me, it looks like conflict all over her face and body.  She’s trying really hard not to say what she really thinks.  Second, there are elements on her panel who do not even want to discuss alternatives to the Geithner plan.  Now, *that’s* weird.  The plan doesn’t get Warren’s full support and there are plenty of unanswered questions but you’re not allowed to discuss alternatives?  OK, this suggests that the terms of the plan as written are so favorable to some parties that anything else would be very detrimental to their outcome.

John Sununu wrote an objection to the current Warren Report in which he complains that the panel is overstepping its boundaries and criticizes it for trying to make predictions as to the success or failure of the plan.

In reviewing the drafting of the April Oversight Report, however, it became clear that
much of the content pursued topics which strayed far from the Panel’s core mission.  Moreover,
the April Report engages in a premature discussion of dramatic changes in Treasury’s chosen
approach to supporting stabilization in the US financial markets.  These and other concerns are
more fully discussed in the joint additional views which I have submitted with Richard
Given the magnitude of these differences, I am unable to support the full April
Oversight Report.

Oh, I don’t know, John.  With graphs like this:

World Stock Market Performance

World Stock Market Performance, now vs The Great Depression

And this:

World Industrial Output, now vs The Great Depression

World Industrial Output, now vs The Great Depression

it looks like it might be good to get out ahead of the curve, so to speak, wouldn’t you say?  However, it appears that Sununu would like to reduce the panel’s scope to that of a mere observer that reports what it sees and not as an oversight committee that monitors the plan, asks timely questions or issues warnings to the Congress that has the power to intervene where intervention is necessary.

Why is it that when smelly girls try to gain power or use power or even just report to power there is always a guy like Sununu sitting in the wings ready and willing to smite her?  We know that Tim Geithner and Larry Summers have no fondness for Sheila Bair at the FDIC.  And Obama treats Hillary like his personal servant.  Can I just say for the record that I am thoroughly sick of this?  It is undermining the credibility of all of these guys.  I distrust *everything* they say and my feelings are rapidly turning towards active hate of all of the male power elite who continue to stand in the way of women and good judgment.

Come to think of it, why *are* there so many women on the other side of the financial meltdown?  Elizabeth Warren, Sheila Bair, Hillary Clinton, Gretchen Morgenson (NYTimes reporter, Yves Smith at Naked Capitalism.  Many of the those who have objected to, reported on or have been pushed out of the way are women.

Go figure.


OT: It looks like WordPress has been nominated for a CNet WebWare Award.  Congrats to WordPress.  I have to give them a lot of credit for making it easy and safe to post a blog here.  Granted, we don’t have a lot of bells and whistles on our site but we do almost have 6 million hits and we couldn’t have done it without them.  They even have an app for the iPhone that I’ve been able to post from on occasion, when I’m desperate enough to type a whole post on the iPhone keyboard.  So, if you want to send a little appreciation their way, go vote for WordPress by clicking the pic below.

69 Responses

  1. “…my feelings are rapidly turning towards active hate of all of the male power elite who continue to stand in the way of women and good judgement.”

    Me, too!

  2. Elizabeth Warren was the first, of very few, with the guts to call what caused this economic calamity, “a giant Ponzi scheme”. When she did that, she became one of the people I admire most at Harvard…

  3. Is there any way to force the Obama administration to simply obey the rule of law?


    Yes, that was a rhetorical question. How can we change anything about this country when the government is out of control and lawless?

    • (shudder) Frightening.

    • William Black, the regulator who cracked down on the banks during the 80’s savings and loans debacle was interviewed by Moyers and he said point blank that while he had supported Obama during the election, he was now concerned about laws being broken:

      MOYERS:… To hear you say this is unusual because you supported Barack Obama, during the campaign. But you’re seeming disillusioned now.

      WILLIAM K. BLACK: Well, certainly in the financial sphere, I am. I think, first, the policies are substantively bad. Second, I think they completely lack integrity. Third, they violate the rule of law. This is being done just like Secretary Paulson did it. In violation of the law. We adopted a law after the Savings and Loan crisis, called the Prompt Corrective Action Law. And it requires them to close these institutions. And they’re refusing to obey the law.

      More posted at IA….

      Also, TOTALLY OFF TOPIC for those who need a break…

      A new “sister site” is up and running with more to be added….Today….the fruit is growing!!! ENJOY!!!!!!!!



      …and thanks to WP for giving us the place to meet!!

  4. And oh, yeah: Now the HuffBlow has a new word for people like us: Baracknophobes. Never mind that he is a gay-hating, femaphobe–if we don’t like him, we are the phobes. Sigh. http://www.huffingtonpost.com/2009/04/08/baracknophobia-hannity-ba_n_184568.html

    • Sticks and stones, will break my bones, yadda-yadda-yadda
      It took them long enough to come up with it. I would think arachnophobia would be the first thing they thought of.
      I prefer Cassandras. It’s more accurate.

    • I’ve always liked Nobama.

    • I’m okay with being called a Baracknophobe.
      Suits me just fine.
      But then I am still just a bitter old hag.

      Cassandra is a beautiful female name. They cannot bring themselves to use that. Accuracy isn’t their strong suit after all.

    • I have been called much, much worse than that.

    • Huffington/Kos and Company will go down with the sinking ship if it comes to that. They are no different from the 20% who stayed with Bush until the end. They would prefer to live and worship their idol as opposed to getting them to do the right thing. When they fall (Bush and maybe Obama), their supporters will blame everyone else for the fall but themselves.

    • ophiophobe (fear of snakes) is more accurate.

    • I just ordered bumper stickers that say
      “GOT HOPE?”

      I intend to use them in a very tongue-in-cheek sort of way. (I got one for a friend who also is a tad snarky as well.)

  5. I would encourage you all to join in the April 11 protests nationwide sponsored by anewwayforward.org. Check the site for info on your town or city. I have had enough of Obamonomics and I hope more will agree with me and go out and rally. Bill Moyers journal will be making a montage of all these protests. Obama does not appear to have his priorities straight and his Wall St is much more important than the Main Streets.

    • I plan to go to the event on Lexington (MA) Green on Patriot’s Day (April 19). I’m curious about it. Military members who are pledging to refuse any orders to turn on American citizens in a national emergency. Is anyone else in the Boston area interested?


      • yes, I’m interested!

      • tremendous! Both the April 11 and April 19 events.

        Some times I see people ask ‘what good will a protest do?’ and I think the answer is – to let each other know we are out there. Let’s not let the dishonest media do the communicating between us citizens. Let’s make sure of that.

  6. In any other country, people would have already taken to the streets. We sit at the computer and bitch all day. There is power in numbers and if you are as outraged as I am, grab a few friends and go to these rallies. It’s the least we can do.

    • Ummm, I go to work from 9-5 (where I should be now) and *then* I come home to bitch all day. I’ve gone to PUMA events and I’ve been to Denver. I’m really sorry I can’t dedicate 24/7 to this but I do have a life. I was planning to go to NYC on Saturday. Would that be OK? Can I have a speaking spot? Because no one has asked me yet.

      • Who is running the event in NY?

        • There is a list of sponsors on their website. I noticed a few names, Jane Hamsher, Joe Trippi, David Sirota, to name a few. I disagreed with all of them during the primaries because they became Obama’s “besaculos”. I do give them some credit for finally seeing the light and having the courage to criticise the FraudObama.

          • With those people running it, I’m not that optimistic. But it can’t hurt to go see what is happening. I hope you’ll report back and let us know how it goes.

      • RD, go for it! Don’t wait to be asked. Contact their website and tell them you want to speak.

  7. Those are some scary graphs, RD…

    What I want to know is why all the Public Talk makes it sound like we’re (the economy) on the way back up? We go from Disaster, DISASTER, COLLAPSE! to, Nevermind (nothing to see here)….

    • Weird, isn’t it? Meanwhile everyone wants someone else to take the lead. I’m doing everything I can do right now. I’m 61 years old, living on the edge financially, and don’t know where I’ll be living or working come September.

      • I also have lost faith in rallies and protests. They accomplish very little. And I’m convinced that the government hopes for riots–so they can crack down.

        • The reason they accomplish very little in this country is because the media fails to report or else they downplay these protests. The media is in cahoots with the gov’t. However, these bailouts are felt by millions of people and should bring out record numbers of people, unlike the Iraqi war protests. If the gov’t had reconstituted the draft, you would have seen marches every weekend. You may be right but I am an eternal optimist and am willing to try anything to bring attention to this fiasco.

          • OOPS! I meant Re-instituted the draft.

          • The Iraqi war protests did bring out millions of people though–even before the war started there were huge demonstrations. I think visibility on the internet is much more powerful these days. That is why Obama is currently working to shut down the internet and we need to fight him on that ASAP!

          • The Iraq war protests did accomplish something. They accomplished a huge change of hands in Congress, and then a change in the party in power in the presidency.

            I think all the protests were a big part of that happening. The Iraq war protests were a big influence that propelled 0bama to power, because people believed (however erroneously) that he would do things differently.

          • More than the protesters, I think it was the failure of the war which brought about a desire for change.

            This desire was then funnelled very efficiently by the media, and the DNC towards Obama.

            However the breakdown of the financial system is going to be (perhaps) the real black swan event in US politics.

  8. Where is Larry Summers-is he really at rehab?
    Malcolm Forbes said it this morning-the “naked shortseller” hedge funds coorinated in Septmber and drove the market down. They(Chanos) claim they did it in the name of searching out companies in trouble???
    Why doesn’t some MSM tell the truth and point the finger. Why doesn’t Obama do this? Is he beholden to those who supported his campaign?

    • “Is he beholden to those who supported his campaign?”

      Is the Pope Catholic?

    • Good article on Chanos (even if not new)


    • Don’t forget that McCain was ahead in the polls before the market meltdown. I think it was deliberate, to swing the election, and it became something bigger than anticipated. I don’t trust any of them. I bet Soros has made a fortune off of this crisis.

      • He is. It was in an article from march.

      • Here is the link to the article that I saved, emailed to myself and sent to as many people as I could. i was so angered by this article and still am.
        it is a long link and I wish I knew how to tinyurl it but I don’t.

        Click on this link to read about the $$$$ George Soros made and his thoughts about this “downturn”:


      • yes. he did. Sometimes I wish we had the kind of deity who would go ahead and smite evildoers.

        • Apparently, all the smiting was exhausted during the old testament days.

          I agree with you, it would sure come in handy now. Just the thought of rampant godly smiting gives me a warm glow….

          • Hi Erica! I have been thread-hopping in search of you 😉 , as I only just read your response on an earlier thread. Your rendition of your experience in Sweden re 9/11 moved me deeply. Silence often says more than words.

            In regard to the woman I told you about, here is a link from the day she arrived in Sweden

            I saw her 80 year old mother on tv the other day. That made me go awww 😥

          • Hi Pips!

            Thanks for the link, I have bookmarked that site.

            Remembering our time in Sweden (I was there 19 days with my mom, my partner, and my cousin) has really fueled my desire to go back. Next time, I want to take my daughter who is only ten, but a great traveler. Scandinavia is so beautiful and we enjoyed the people we met so much. And where else can you have potatoes prepared in seventeen different ways? Yes, we counted, almost one method per day! Swedish soul food, perhaps?

            I hope Annika and her mother get to see each other soon. Thanks again for the site. I’ll enjoy reading the news there.

    • Obama had the backing of some of the largest hedgefund managers around.
      Hillary did not. McCain had a few, but nowhere near as many managers as Obama did.
      Obama was the “establishment” choice.

  9. OT, but interesting:

    Sounds like some of the bloggers are admitting that they receive their talking points directly from Axelrod & Co., and now they are being stiffed.

    Big Liberal Bloggers Tee Off On Progressive Groups For Not Sharing Ad Wealth

    Some of the leading liberal bloggers are privately furious with the major progressive groups — and in some cases, the Democratic Party committees — for failing to spend money advertising on their sites, even as these groups constantly ask the bloggers for free assistance in driving their message.

    “They come to us, expecting us to give them free publicity, and we do, but it’s not a two way street,” Jane Hamsher, the founder of FiredogLake, said in an interview. “They won’t do anything in return. They’re not advertising with us. They’re not offering fellowships. They’re not doing anything to help financially, and people are growing increasingly resentful.”



    Bloggers revolt


    • Serves them right. They sucked up to power and became heady with their own importance and “access”, and let themselves be used as a tool JUST AS MUCH as the Right ever did with their “outlets”.

      I say fuck ’em. Notice they are not sorry they whored, only that the John didn’t pay up.

    • But, but, but… I thought the Obamabloggers were motivated by the highest moral calling. I thought they were doing what they did because it was the only way for America to become a great circle in the sky with red, white and blue rainbows emanating from it and little red white and blue faux wheat fields filling the land below. You mean they want money? What an incredible surprise.

    • I like what one poster said on The Plum Line – “You pick up a tool, you use it, you set it back down. You don’t pay it.” That about sums it up.

    • Just like with Chris Dodd, they kissed up to the popular guy and got burned.

    • It is my belief that Obama paid many bloggers to push his agenda the way the Obama people paid and bought off the superdelegates. I shed no tears for them. They get what they deserve.

    • Wow. Do they get that their “pay to play” demand is just a little off-putting? They would have a fit it that was a NYTimes editorial whine. Don’t people get that when they give themselves away, they are not going to make it to the church or the bank.

  10. Bostonboomer–do you know what time the Patriots Day event on the Lexington Green is scheduled to take place? I have to work that day, but if I can, I’d like to attend.

  11. Quite a while ago I saw a hearing with Iraqi Veterans Against the War trying to convince committee members to vote against more funding for the war. After listening to the vets speak, the woman who was chairman (I can’t remember now who she was) said “Can you get a group of at least 10,000 or more to come to Washington?” He said, “Well, yes mamn we can, but we’ve already done that and nobody noticed. We were ignored.”

    If there is no decent media coverage of these events, how can we hope to make change. Also, the media has always searched out the “worst” or most radical of the whole bunch to make the whole group look bad. There could be 100,000 peaceful protesters making valid points, but the media will only show the few who get out of control and vandalize. We need our own coverage to counteract the media spin.

    • Can I just say, “It’s the media, stupid”– not to you of course… but to highlight where I think the damn problem really exists. People brought brand Obama because they were told he could get your socks the cleanest, your smiles the brightest and make others swoon over you. It is the media who sold us the Iraq war, who handed the presidency to Bush (with a little help from SCOTUS) and who threw Obama at us.
      The media reports the numbers at rallies in nearly criminal disproportion. If you’re Obama, it’s millions and millions, if you’re a pro choice march, it’s thousands. And like the vets against the war.. you just don’t merit coverage.
      I think the answer to this country’s future is in getting a free press. And if it can’t be a free press due to our corporate sponsors (democracy sponsored by Pepsi, Kodak and whoever), then a diversified press where other viewpoints are given equal time. And is it too much to actually have news without cute, mugging for the camera by the anchorites?

      • actually, can anyone guide me a blog that is discussing the issue of the digital transition and the possible purchase of opening air space? I want to know what the FCC is doing.

  12. anewwayforward.org is being planned by Obama supporters. Joe Trippi worked with Howard Dean to get Obama rolling. There is another person from Dean’s campaign. The agenda may not be what you think-read the site carefully. Bill Moyers supported Obama and the far left.

    • Indeed. This reminds me that many of the protests at AIG executives homes in CT were bused in via ACORN associates . Barry Inc. trying to get in front of and direct the protests thier own policies generate. Check out thoroughly any group

  13. The April 15 Tea paries may be another thing.
    Does anyone know what is planned for April 19?

  14. “They come to us, expecting us to give them free publicity, and we do, but it’s not a two way street,” Jane Hamsher, the founder of FiredogLake, said in an interview. “They won’t do anything in return. They’re not advertising with us. They’re not offering fellowships. They’re not doing anything to help financially, and people are growing increasingly resentful.”

    I’m counting on Barry and co being too cheap with the checks as a means to wake folks up. Nothings cures a kool-aid pickle like a missed check. Nothing.

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