with what do you specifically disagree? That banks were forced to take money?

5/14/2009 7:13:47 AM

#1 The opinion of the piece in discussion was the TARP money was to control the banks
#2 Your assertion was banks were forced to take TARP so to not reveal who was strong and weak

My contention is, giving the amount of TARP received, this bank wasn't a bank that DC was caring about, namely BAC, C, GS, JPM, and to a lesser extent WFC. These banks are the ones deemed to big to fail, and the forcing of money on GS and JPM was so that there wouldn't be a run on BAC and C. I previously held (not in this thread I don't think) that I thought even this was a silly idea, but like I just posted, I underestimated in a big way the lengths this administration would go to in it's effort to manufacture confidence and buy time. I can even imagine "national security" came up for the reason for this time and time again, or, maybe it was just Lloyd Blankfein doing all the talking, in which case the reasoning was "we want to keep our stupid large bonuses." So, my contention was with the idea that the Obama admin wanted some sort of de facto control of many many banks and was going to do this via TARP.

5/14/2009 7:35:49 AM

We can add BB&T to the list of recipients who were coerced:

Quote :

"Allison [BB&T Chairman and ex-CEO] has been vehemently opposed to the Treasury's Capital Purchase Program, in which the government has bought preferred equity stakes in banks, but the company ultimately participated under pressure from regulators."

http://www.thestreet.com/print/story/10463277.html

For those who don't know, BB&T was one of the better-run banks who sidestepped many of the riskier loans.

5/14/2009 9:29:18 AM

Yet they still offered 1.7 billion in equity to repay the 3.1 billion loan.

5/14/2009 10:38:04 AM

They are paying it back in full...

http://online.wsj.com/article/BT-CO-20090513-711928.html

5/14/2009 11:50:29 AM

can you provide an article that doesn't require a login? (unless i'm missing some secret button on the wsj website)

5/14/2009 11:52:37 AM

I know they are paying it back in full, but shareholder dilution isn't a sign of a perfectly healthy company or economy, it means they can't get access to the capital they need to do their business. It means they know this rally was orchestrated, and the coming foreclosure wave and CRE default problem is going to hit their books just like every other bigger player in the industry, so they did what everyone else did and raised additional capital while the getting was good to keep their Tier 1 (or is it TCE this week?) ratios pretty.

[Edited on May 14, 2009 at 12:08 PM. Reason : .]

5/14/2009 12:08:34 PM

So, now we see a $3billion amount forced on a bank... At what point are you going to begin to allow that some banks were forced to take less than a billion? And what would that mean at that point? Riiiiiiight...

5/14/2009 7:36:13 PM

Quote :

"May 14 (Bloomberg) -- The U.S. House passed a $96.7 billion war spending bill that includes money for President Barack Obama’s troop buildup in Afghanistan, a strategy some Democrats said they doubted would work. Representative Jim McGovern, a Massachusetts Democrat, said today Obama’s troop buildup in Afghanistan would only make it harder to withdraw from a war that lacks a “clearly defined mission.” “I wish the current administration would do in Afghanistan what I asked the previous administration to do in Iraq: And that is to simply put forth a clearly defined policy, a clearly defined mission -- it’s not a radical idea,” McGovern said. “I am tired of wars with no exits, no deadlines and no end.” "

Maybe president OBushma will find some WMDs in Afghanistan.

5/14/2009 11:01:01 PM

Quote :

"So, now we see a $3billion amount forced on a bank... At what point are you going to begin to allow that some banks were forced to take less than a billion? And what would that mean at that point? Riiiiiiight..."

The bank obviously needed some sort of capital else it wouldn't be diluting existing shareholders with a new equity offering. The truth probably lies somewhere between forced and the Fed thinking that they'd need an equity injection to shore up their ratios.

Edit: They also cut the dividend to save 725 million, this plus the share offer gets them real close to that TARP figure. In a nutshell, they still needed the capital, they just didn't want it with all the government strings attached.

This is something that you really need to get in your head and stop pretending everything is so black and white in politics, the real outcome is always some shade of grey between the two.

[Edited on May 14, 2009 at 11:28 PM. Reason : .]

5/14/2009 11:17:09 PM

Biden Reportedly Reveals Location Of "Secret" Vice Presidential Bunker
May 17, 2009

Quote :

"Washington, DC (AHN) - Vice President Joseph Biden reportedly gave away the secret location of a bunker designed for sitting vice presidents to stay during national emergencies."

Quote :

"The vice presidential bunker gained notoriety when it was reported then-Vice President Dick Cheney was secured there following the Sept. 11, 2001 terrorist attacks on the World Trade Center and the Pentagon. Its location was thought to be classified. The Gridiron Club dinner is an annual event for politicians and media elites. Biden was filling in for President Barack Obama, who skipped the dinner."

http://www.allheadlinenews.com/articles/7015170784

Sweet Jesus.



Days without a Biden foot-in-mouth incident: 0

5/18/2009 9:42:11 AM

Good Lord, what's next lol.

5/18/2009 12:59:40 PM

soda tax, seriously? what is next, a restroom charge? Like a dolla everytime you have to go?

5/19/2009 10:49:12 PM

Hey, Obama, how are those hugs and kisses with Iran working out? Oh, right, they just test-launched another missile...

5/20/2009 7:45:57 PM

we should invade

5/20/2009 7:52:02 PM

Boy, I can't WAIT to be taxed for my health insurance the next time I have surgery. It'll be awesome!

5/20/2009 8:44:57 PM

no one knows what the fuck you're talking about without a link, fratboy.

i assume you're talking about this though

http://www.bloomberg.com/apps/news?pid=20601087&sid=a3XQh1P9ixG4&refer=home

Quote :

"In a document laying out health-care alternatives, Chairman Max Baucus, a Montana Democrat, and Senator Charles Grassley of Iowa, the panel’s top Republican, said taxing health benefits would address so-called “Cadillac plans” they said promote overuse of health-care services and boost the cost of care."

fuckin' obama!!

[Edited on May 20, 2009 at 9:05 PM. Reason : .]

5/20/2009 9:00:12 PM

but, I thought that taxing health-benefits was the worst idea ever, according to Barack O.

5/20/2009 9:12:02 PM

ok.

???

5/20/2009 9:13:21 PM

Quote :

"Tracking Stimulus Spending May Not Be as Easy as Promised But three months after the (stimulus) bill was signed, Recovery.gov offers little beyond news releases, general breakdowns of spending, and acronym-laden spreadsheets and timelines. And congressional Democrats, state officials and advocates of open government worry that the White House cannot come close to clearing the high bar it set. Rep. Brad Miller (D-N.C.), who chaired a House hearing about stimulus transparency this month, hailed Obama for seeking more openness than the Bush administration. But he added that the Obama team, tech-savvy as it is, has promised more than it can deliver. "It's proven to be much more difficult than anyone imagined going in," he said. "They may not achieve the transparency they set out to." "

Who cares about Transparancy... Just make sure we know what Michelle Obama is wearing at the next big party.

http://www.washingtonpost.com/wp-dyn/content/article/2009/05/20/AR2009052003535.html

Quote :

"Fed Open to Buying More Securities WASHINGTON -- Some Federal Reserve officials are open to raising the amounts of mortgage and Treasury securities purchase programs beyond the $1.75 trillion that they have already committed to buying, according to minutes from the Fed’s April meeting. Officials, meanwhile, projected an even deeper recession than they expected three months earlier and a more sluggish recovery over the next two years as labor markets remain under pressure."

Now even more debt piled on by Team Obama. The President is really rolling the dice..hoping the economy turns around quickly enough to cover all of his red ink. If not, we will see Stagflation much worse than the Jimmy Carter era.

http://online.wsj.com/article/SB10001424052970203771904574177673022851160.html

[Edited on May 21, 2009 at 11:11 AM. Reason : .]

5/21/2009 11:10:48 AM

http://www.newser.com/article/d98a8r180/senate-votes-overwhelmingly-to-keep-guantanamo-bay-prison-open-in-rare-defeat-for-obama.html

Sorry if this has already been posted, but the Senate voted 90-6 in favor of shooting down Obama's bill which would've closed Guantanamo with a timeline and...sent many of the prisoners here to the United States...I'm glad both the republicans and democrats in the Senate felt so strongly that we didn't need terrorist suspects and detainees moved onto our own soil...but it's pretty scary that our president wanted this

5/21/2009 12:03:34 PM

we have terrorists in jail on american soil. right now. plenty of them.

no, seriously, what's so fucking scary about a few more in supermax?

http://www.thedailyshow.com/video/index.jhtml?videoId=228017&title=guantanamo-baywatch-the-final

pretty much.

5/21/2009 5:19:20 PM

seems the vast majority of congress disagrees with you

5/21/2009 5:43:06 PM

great answer

5/21/2009 5:50:32 PM

double post

[Edited on May 21, 2009 at 5:53 PM. Reason : .]

5/21/2009 5:52:42 PM

you're the one posting daily show clips in response to my actual numbers of senate votes

5/21/2009 5:53:05 PM

Quote :

"but it's pretty scary that our president wanted this"

Quote :

"no, seriously, what's so fucking scary about a few more in supermax?"

....

5/21/2009 5:53:36 PM

maybe we should take terrorists who are locked up in prisons all around the world and bring them to the united states too? what would be so bad about that?

5/21/2009 5:55:41 PM

Twice in a week pbo has gotten the name of his Defense Secretary incorrect, leading me to believe that either:

1) He and his VP have switched brains, or
2) He doesn't meet with him or doesn't care enough about what he says.

5/21/2009 5:57:20 PM

just looking for an honest, well reasoned answer. thanks anyway

5/21/2009 5:57:39 PM

Seems like common sense to not want them. I'd be more curious to know why Obama does want them brought over here. I'd love to know Obama's well-reasoned answer and I'm sure 90% of the Senate would also like to know.

5/21/2009 5:59:44 PM

transcript and video of his speech addressing exactly that today are all over the internets for your reading and/or viewing pleasure.

[Edited on May 21, 2009 at 6:04 PM. Reason : .]

5/21/2009 6:04:36 PM

OBAMA: I'll meet Mahmoud Ahmadinejad, Kim Jong Il, et al without preconditions.

http://www.youtube.com/watch?v=oSFSUbMWenU

BATSHIT IRANIAN DICTATOR: Okay. We'll send our response by air mail. LOL!



Iran tests new Sajil-2 missile that can hit Tel Aviv, Athens
Published: May 20, 2009

http://tinyurl.com/qv3yha

BATSHIT NORTH KOREAN DICTATOR: Okay. We'll send our response by "radiological." LOL!



North Korea Claims to Conduct 2nd Nuclear Test
Published: May 24, 2009

http://www.nytimes.com/reuters/2009/05/24/world/international-korea-north-test.html

OBAMA: LOL! Wait. . .wat?

[Edited on May 24, 2009 at 11:41 PM. Reason : I feel safer already. ]

5/24/2009 11:37:08 PM

if either attack US property, we will turn them into a parking lot and they know this

they are testing us, and BHO is going to get someone killed.

5/24/2009 11:59:24 PM

We can't have America attacked while the Messiah is in office. If a city gets nuked, the press will cover for him....

"Strange Mushroom-Earthquake Hits Los Angeles- President Obama Says It's a Sign We Need National Healthcare Now!"

5/25/2009 1:06:20 AM

If we just be nice to the bad people, they won't be mean to us.

5/25/2009 8:56:18 AM

Quote :

""Strange Mushroom-Earthquake Hits Los Angeles- President Obama Says It's a Sign We Need National Healthcare Now!" "

LOL

5/25/2009 10:55:49 AM

OH SNAP!!!111one

THE UNITED NATIONS JUST CONDEMNED NORTH KOREA'S MISSILE LAUNCH AND WEAPON TEST!!!

IT'S GETTING SERIOUS NOW!!!11

I'M SO GLAD PRESIDENT OBAMA IS IN THE WHITE HOUSE TO STAND UP FOR ALL OF THESE CONDEMNATIONS!!!

I'M SURE THE NK'S ARE GOING TO STOP NOW!!!

5/25/2009 6:19:49 PM

Quote :

"Seems like common sense to not want them. I'd be more curious to know why Obama does want them brought over here. I'd love to know Obama's well-reasoned answer and I'm sure 90% of the Senate would also like to know."

Because the alternative is what, exactly? Seriously, what exactly is your alternative proposal? Keep them in legal limbo forever? Great job.

No, really, are you one of those people that thinks "Prison Break" is a documentary, rather than a primetime drama on Fox? Is there any serious concern that any of these people will somehow suddenly break out of supermax, especially considering that we already hold other terrorists - such as Ramsey Yousef, the terrorist responsible for the first WTC attacks:

http://en.wikipedia.org/wiki/Ramzi_Yousef#Arrest

Apparently, we managed not only to hold him successfully for over a decade without incident, we managed to do it all through the civilian justice system to boot!

Oh gnoes! How is it possible we managed to prosecute and contain a terrorist on U.S. soil? It's clearly unpossible!

5/25/2009 6:30:16 PM

lets slap N. Korea on the wrist again. Talk big with no backbone.

Hey, N. Korea - you better not detonate any more nukes, or we're gonna do something someday down the road, once I've reduced our military to about the size of Greenland's.

5/25/2009 6:50:41 PM

Quote :

"WASHINGTON (CNN) — Nevada's Republican governor has turned down an invitation from the White House to briefly greet President Obama when he visits the state tomorrow for a Democratic fundraising event, citing comments the president made earlier this year calling on companies that received taxpayer-funded bailouts to avoid wasting money on luxuries like company planes and Vegas vacations. “While I appreciate the offer, I am not interested in a handshake and a hello from President Obama, I am interested in an apology and plan to undo the damage the President did,” Gov. Jim Gibbons said in a Monday statement. He again called on Obama to publicly promote Nevada tourism, and to apologize for his remark that business leaders receiving money from the government "can’t get corporate jets. You can’t go take a trip to Las Vegas or go down to the Super Bowl on the taxpayer’s dime,” blaming the president for the recent cancellation of hundreds of conventions and other meetings originally scheduled to take place in Las Vegas, and the loss of more than $100 million in revenue. "

whoops.....

http://politicalticker.blogs.cnn.com/2009/05/25/nevada-governor-turns-down-obama-airport-meeting/#more-53259

5/25/2009 7:44:09 PM

^ how is that a whoops?

5/25/2009 8:34:53 PM

$100 Million is a lot of money for a city to loose out on

5/25/2009 8:41:30 PM

I'm not upset about $100 million in taxpayer money not being spent on a vegas trip.

5/25/2009 8:44:22 PM

Quote :

"blaming the president for the recent cancellation of hundreds of conventions and other meetings originally scheduled to take place in Las Vegas, and the loss of more than $100 million in revenue. ""

Neal Boortz was railing on about this a few weeks ago. People canceling golf outings, the purchase of private jets, and trips to these spas are obviously because the president and media raised a ruckus about it and not at all because the economy is in the shitter and people can't afford to do any of the mentioned anymore. I didn't hear that guy drumming up any outrage the past 5-10 years as the banksters pulled years worth of earnings forward and used Vegas as one outlet for all that excess.

5/25/2009 9:03:30 PM

Quote :

"once I've reduced our military to about the size of Greenland's."

lol

5/25/2009 11:30:23 PM

to be fair, some of the companies probably bailed on LV. 100million dollar bux worth? I dunno.

The irony is that some companies instead went to more local places, and spent more doing so than they would have done in Vegas. woops!

5/26/2009 10:45:45 PM

i'd rather the sas conference be in raleigh than las vegas

5/26/2009 10:53:12 PM

If we just be nice and talk to the bad people, they won't be mean to us.

Iran's president rejects nuclear talks with West

http://televisionwashington.com/floater_article1.aspx?lang=en&t=2&id=10703

Iran Uses Warships to Escalate Aggressive Stance Toward Israel

http://www.digitaljournal.com/article/273170

North Korea quits six-party talks and threatens to restart nuclear programme
North Korea expelled nuclear inspectors on Tuesday night in a furious response to criticism from the United Nations.

http://tinyurl.com/qafz3c

North Korea in new threat: Talks of military hit vs. Seoul, end of '53 armistice

http://preview.tinyurl.com/oyjw8w

US pledges to defend South Korea

http://www.abc.net.au/news/stories/2009/05/28/2582724.htm?section=world

[Edited on May 27, 2009 at 6:26 PM. Reason : PS: Sweet Jesus. ]

5/27/2009 6:25:25 PM

But all those countries like and respect us now, since GWB is no longer President

5/27/2009 6:32:19 PM