20% Unemployment in CA counties

[Arraya]

[quote=CA renter]instead of bailing out the liars and thieves..[/quote]

Well our Treasury secretary could be indicted six way to sunday as well as the last one. So what do you expect. Goldman Sachs was shorting MBSs in a back room while selling them AAA out the front door. At this point Bernake has a rap sheet as well.

http://www.alternet.org/economy/146026/the_video_that_will_put_geithner_behind_bars_
Anton R. Valukas–the examiner who wrote the 2,200 page investigative-report which was released on Thursday– has provided plenty of information detailing Lehman’s “materially misleading” accounting and “actionable balance sheet manipulation.”

In other words, they cooked the books.

Eves Smith at Naked Capitalism sums up what was going on like this:

“Quite a few observers… have been stunned and frustrated at the refusal to investigate what was almost certain accounting fraud at Lehman. ….The unraveling isn’t merely implicating Fuld (Lehman CEO) and his recent succession of CFOs, or its accounting firm, Ernst & Young, as might be expected. It also emerges that the NY Fed, and thus Timothy Geithner, were at a minimum massively derelict in the performance of their duties, and may well be culpable in aiding and abetting Lehman in accounting fraud and Sarbox violations….

We need to demand an immediate release of the e-mails, phone records, and meeting notes from the NY Fed and key Lehman principals regarding the NY Fed’s review of Lehman’s solvency. If, as things appear now, Lehman was allowed by the Fed’s inaction to remain in business, when the Fed should have insisted on a wind-down ….. at a minimum, the NY Fed helped perpetuate a fraud on investors and counterparties.

This pattern further suggests the Fed, which by its charter is tasked to promote the safety and soundness of the banking system, instead, via its collusion with Lehman management, operated to protect particular actors to the detriment of the public at large.

And most important, it says that the NY Fed, and likely Geithner himself, undermined, perhaps even violated, laws designed to protect investors and markets. If so, he is not fit to be Treasury secretary or hold any office related to financial supervision and should resign immediately. (Naked Capitalism)

Repeat: “Accounting fraud”, “collusion”, “aiding and abetting.” These are serious charges by a usually restrained blogger.

And this is from Zero Hedge:

“Lehman has become merely the latest example of all that is broken with today’s crony capitalist system…. The evident conclusion is that the core driver of modern capitalist society is fraud at its very core, and nothing short of a massive revolutionary overhaul of the political system, which is the number one defender .. of very lucrative bribes and kickbacks originating from the same rotten Wall Street that (is) nothing but a sham filled with toxic assets” Zero Hedge

[scaredyclassic]

i thought the purpose of the bailout was to make sure we all remain slaves to onerous debts in the future.

[scaredyclassic]

i thought the purpose of the bailout was to make sure we all remain slaves to onerous debts in the future.

[scaredyclassic]

i thought the purpose of the bailout was to make sure we all remain slaves to onerous debts in the future.

[scaredyclassic]

i thought the purpose of the bailout was to make sure we all remain slaves to onerous debts in the future.

[scaredyclassic]

i thought the purpose of the bailout was to make sure we all remain slaves to onerous debts in the future.

[NotCranky]

Getting back to the little guys:
I don’t really get bothered by homeowner bailout too much.There are more people I will be happy or relieved for than not. Not that I think it’s “fair” but I don’t care. Lots of them have cut down on spending, are working very hard and weren’t really bingeing they just paid too damn much for a house going into this recession.

I would probably like to see homeowner bailouts be limited, at the very least, to people who only got themselves upside down on one owner occupied house in the last decade.I think that would cut out a lot of the most irresponsible…and those working the system.

I don’t agree with any implications against average bubble sellers or even people who divested themselves of a collection of properties… or flipped.The flippers had to deal with acquisition costs going up too. I think they earned a living like any other merchant. I am just saying this based on the real world we live in. It’s competitive and full of risks.

I don’t see why one party, the sellers, should live with one hand tied behind their backs. Nothing wrong with cashing in on the risk, work and sacrifices one has made towards becoming more self-reliant… even if it is a little more than one would normally expect.

I bought in 2004 and am not upside down or looking for a bailout.

[NotCranky]

Getting back to the little guys:
I don’t really get bothered by homeowner bailout too much.There are more people I will be happy or relieved for than not. Not that I think it’s “fair” but I don’t care. Lots of them have cut down on spending, are working very hard and weren’t really bingeing they just paid too damn much for a house going into this recession.

I would probably like to see homeowner bailouts be limited, at the very least, to people who only got themselves upside down on one owner occupied house in the last decade.I think that would cut out a lot of the most irresponsible…and those working the system.

I don’t agree with any implications against average bubble sellers or even people who divested themselves of a collection of properties… or flipped.The flippers had to deal with acquisition costs going up too. I think they earned a living like any other merchant. I am just saying this based on the real world we live in. It’s competitive and full of risks.

I don’t see why one party, the sellers, should live with one hand tied behind their backs. Nothing wrong with cashing in on the risk, work and sacrifices one has made towards becoming more self-reliant… even if it is a little more than one would normally expect.

I bought in 2004 and am not upside down or looking for a bailout.

[NotCranky]

Getting back to the little guys:
I don’t really get bothered by homeowner bailout too much.There are more people I will be happy or relieved for than not. Not that I think it’s “fair” but I don’t care. Lots of them have cut down on spending, are working very hard and weren’t really bingeing they just paid too damn much for a house going into this recession.

I would probably like to see homeowner bailouts be limited, at the very least, to people who only got themselves upside down on one owner occupied house in the last decade.I think that would cut out a lot of the most irresponsible…and those working the system.

I don’t agree with any implications against average bubble sellers or even people who divested themselves of a collection of properties… or flipped.The flippers had to deal with acquisition costs going up too. I think they earned a living like any other merchant. I am just saying this based on the real world we live in. It’s competitive and full of risks.

I don’t see why one party, the sellers, should live with one hand tied behind their backs. Nothing wrong with cashing in on the risk, work and sacrifices one has made towards becoming more self-reliant… even if it is a little more than one would normally expect.

I bought in 2004 and am not upside down or looking for a bailout.

[NotCranky]

Getting back to the little guys:
I don’t really get bothered by homeowner bailout too much.There are more people I will be happy or relieved for than not. Not that I think it’s “fair” but I don’t care. Lots of them have cut down on spending, are working very hard and weren’t really bingeing they just paid too damn much for a house going into this recession.

I would probably like to see homeowner bailouts be limited, at the very least, to people who only got themselves upside down on one owner occupied house in the last decade.I think that would cut out a lot of the most irresponsible…and those working the system.

I don’t agree with any implications against average bubble sellers or even people who divested themselves of a collection of properties… or flipped.The flippers had to deal with acquisition costs going up too. I think they earned a living like any other merchant. I am just saying this based on the real world we live in. It’s competitive and full of risks.

I don’t see why one party, the sellers, should live with one hand tied behind their backs. Nothing wrong with cashing in on the risk, work and sacrifices one has made towards becoming more self-reliant… even if it is a little more than one would normally expect.

I bought in 2004 and am not upside down or looking for a bailout.

[NotCranky]

Getting back to the little guys:
I don’t really get bothered by homeowner bailout too much.There are more people I will be happy or relieved for than not. Not that I think it’s “fair” but I don’t care. Lots of them have cut down on spending, are working very hard and weren’t really bingeing they just paid too damn much for a house going into this recession.

I would probably like to see homeowner bailouts be limited, at the very least, to people who only got themselves upside down on one owner occupied house in the last decade.I think that would cut out a lot of the most irresponsible…and those working the system.

I don’t agree with any implications against average bubble sellers or even people who divested themselves of a collection of properties… or flipped.The flippers had to deal with acquisition costs going up too. I think they earned a living like any other merchant. I am just saying this based on the real world we live in. It’s competitive and full of risks.

I don’t see why one party, the sellers, should live with one hand tied behind their backs. Nothing wrong with cashing in on the risk, work and sacrifices one has made towards becoming more self-reliant… even if it is a little more than one would normally expect.

I bought in 2004 and am not upside down or looking for a bailout.

[CA renter]

That was an excellent post, Arraya.

[CA renter]

That was an excellent post, Arraya.

[CA renter]

That was an excellent post, Arraya.

[CA renter]

That was an excellent post, Arraya.

[Author]

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