Did the President just wake up? Denninger article

[Original_Intent]

Warning a couple of minor cuss words:

I'm not sure I believe what I'm hearing on CNBC coming out of The President's mouth.

Is he really listening to Paul Volcker? Finally?

Here's what I heard that I liked - a lot.

1. Limit the Scope - The President and his economic team will work with Congress to ensure that no bank or financial institution that contains a bank will own, invest in or sponsor a hedge fund or a private equity fund, or proprietary trading operations unrelated to serving customers for its own profit.

Did I really read that? REALLY? I've been saying this for more than two years, and FINALLY we are hearing it out of the administration.

IF YOU WANT TO TRADE FOR YOUR OWN ACCOUNT THEN DO SO WITH YOUR OWN CAPITAL IN A FASHION THAT CANNOT BE SUBJECT TO A TAXPAYER BACKSTOP!

This is EXACTLY what Paul Volcker, myself and a few others have been calling for. It is the essence of Glass-Steagall. It is the proper role of government to grant permission to use the sovereign credit only for the purpose of regulated lending and deposit-taking with strict supervision to prevent lies, scams, schemes, evasion of reserve requirements and fraud.

As I have said repeatedly with taxpayer guarantees come responsibility to act in a responsible fashion and this means no proprietary trading with taxpayer backstops.

2. Limit the Size - The President also announced a new proposal to limit the consolidation of our financial sector. The President’s proposal will place broader limits on the excessive growth of the market share of liabilities at the largest financial firms, to supplement existing caps on the market share of deposits.

YES! Look, AIG was not gambling with sovereign credit - but it was "too big to fail" precisely because it was permitted to write liabilities against which it held insufficient capital. If it had been a small company nobody would have cared.

But it wasn't a small company. It was a freaking huge monstrosity that threatened the stability of the system as a whole.

Now here's my message to Congress:

PASS THIS, PASS IT NOW, AND PASS IT FAST. NO DAMN EXCUSES - OR YOU'RE FIRED!

There remains one further critical step that must be taken:

We must INSIST as citizens that those in the financial industry - top to bottom, starting at the top (including The Federal Reserve) - who intentionally concealed the risks of these "products" and the "credit quality" (or lack thereof) in them are investigated and when appropriate indicted and prosecuted.

EACH AND EVERY FINANCIAL FIRM MUST BE SUBJECT TO A FULL FORENSIC AUDIT WITH ALL MISDEEDS DISCOVERED THEREIN TURNED OVER TO A GRAND JURY - PERIOD!

THIS INCLUDES "MARK TO FANTASY" ACCOUNTING BS, OFF BALANCE SHEET GAMES AND ALL OTHER FORMS OF DISTORTION AND LIES!

STOP THE LOOTING AND START PROSECUTING!

To the Citizens of this nation: You have just been given the MEANS to stop the crap that got us into this economic mess.

GET OFF YOUR @#$, PHONE, FAX AND PROTEST IN PERSON DEMANDING ALL OF THE ABOVE HAPPEN RIGHT NOW - OR SHUT THE HELL UP NOW AND FOREVER MORE ABOUT THE ECONOMY SUCKING!

http://market-ticker.denninger.net/

[Original_Intent]

Wow, no comments. First and final bump.

[SwissMrs&Pitchfire]

"The whole time you were talking I was trying to figure out what you meant by blood pressure..."

I think the idea is of course sound, but a drop in the ocean as far as I'm concerned. As to stinky ole BO waking up, I sincerely doubt that. He'll always stink.

I guess I'm just weary of all the life preservers being cast out without a line that sink quickly.

[ready2prepare]

Wow, no comments. First and final bump.

Hey OI I know what it's like to be ignored.
Look what happened to my post here:
http://www.ldsfreedomforum.com/viewtopi ... 72#p110572

Sometimes the ones who post the most
simply have other agendas/priorities than
yours and mine. And that's OK. It's a free
forum.

I'll just keep posting things that I feel are
important in the hope that at least someone
will read it and benefit from the message. I
hope you will continue to do the same, OI.

Thanks for sharing the article. Reminds me of
some old cartoons where the main character
runs out of the room screaming with his pants
on fire. Is the guy really awake or just reacting?

Best Regards,
Sharon (Helping people get prepared) in Mississippi

[Jason]

In isolation it sounds nice but as Swiss pointed out....in the big sea of conspiracy (which we KNOW exists) its just a false flag or a trigger event for the next step in the game plan. Collapse is coming and they know it better than anyone.

[gruden]

Isn't this more or less the reincarnation of one of the basic pillars of the Glass-Steagall Act of 1933 where limitations are placed on investment banks? It seems like they're replaying an 80 year-old script.

[Jason]

Isn't this more or less the reincarnation of one of the basic pillars of the Glass-Steagall Act of 1933 where limitations are placed on investment banks? It seems like they're replaying an 80 year-old script.

LOL great point!

[2BFree]

Too little and way too late. The banksters got theirs now it's time to shut the door baby. Typical collectivist/liberal thinking. I got mine now you can't have yours. Their all crooks and criminals and should be behind bars.

[Jason]

Too little and way too late. The banksters got theirs now it's time to shut the door baby. Typical collectivist/liberal thinking. I got mine now you can't have yours. Their all crooks and criminals and should be behind bars.

Should be prone attached by rope to fallen trees!!!

[pjbrownie]

We've had democratic presidents wake up before and look where it got them (JFK). I think that some of those proposals would alarm the FED. Have you noticed that Geitner and BO have not been talking. Basically the FED is not excited about the direction of some of the limitations the Congress wants to put on them. It could be a false flag, but I don't think so. We corral thieves only out of fear. There is a lot of fear about the people now and politicians are afraid for their jobs. This is also not an old story. Remember, progressives wanted one world government by the 1930's.

[truthseeds]

No, he's still a controlled puppet playing the hegelian dialectic game...we were given a contrived problem, we reacted and many awoke, and they offer up "solutions".

[kathyn]

Maybe I'm just cynical, but isn't Paul Volcker one of "them"?

[Rose Garden]

I personally can't believe anything Obama says. When he puts his money where his mouth is, then I'll believe he's changed.

[Toto]

Yes, in deed he is.

In a meeting in Aspen Colorado, George Green was asked to be the finance chairman for the next President. George asked, “Who is going to be the next President?” Paul Volker said, “Jimmy Carter.” George replied, “But I always vote republican”, to which Paul responded, “Don’t worry George, we control both parties.”

Later, George’s daughter walked in the room and Ted Kennedy said, “Wow, I want to go to bed with that!” George replied, “No you don’t Ted, that’s my daughter and she’s only 16”, to which Ted responded, “I don’t care.”

But it was the little boxes of white powder and the free basing equipment that really turned Mr. Green. He thought that if it had come to this, he no longer wanted to be a part of it. After pondering the situation over the weekend, he turned the job down.

A week later, the bank called in all his loans.

[pjbrownie]

No, he's still a controlled puppet playing the hegelian dialectic game...we were given a contrived problem, we reacted and many awoke, and they offer up "solutions".

What's your evidence? I'm sorry, but I don't believe the conspirators control all levers. If they did, why are we still "free."

[pjbrownie]

Maybe I'm just cynical, but isn't Paul Volcker one of "them"?

Volcker did the responsible thing in the early 80's by hiking interest rates, the "r" rate to reel in inflation. What he did, most economists, even Chicago and libertarians agree, was to restart the American engine in the 1980's because he wasn't trying to play footsie with interest rates to avoid a recession. The recession of 1982 was one of the worst in history and one of the deepest, but also, ONE OF THE SHORTEST. Couple that with Reagan's tax cut then stimulate nothing policies, and you have the makings of a economic rebound.

Now, either he's not totally on board with the conspiracy program, of TPTB needed America to have one more shot at prosperity to further their agenda of world control, whatever it may be. I tend to think, however, that what happened in the 1980's was NOT what the TPTB wanted, but was a victory for liberty that was short lived.