That, or if the camera pans back, he’s moments away from bum rushing the stage prior to being manhandled by the Secret Service. Why? Because what Mr. Obama is saying is a crock and Chazza would rather be bound and gagged in the backseat of a Buick than listen to it with the other sheep. Also, he’s just got better things to do with his time, like get back to his fighting weight for the next Golden Gloves tournament. This is his year.
President Obama is speaking tonight, apparently to assure us all that his administration has the financial crisis resolved. Don’t bet on it.
[...]
Wall Street will tell you that times have changed. One chief culprit of the financial collapse, “leverage” — borrowing to finance risk-taking activities — is way down these days, so the risk of losses spreading to dangerous levels has been minimized. Maybe so, but that won’t last — because it never does.
In economic circles, the problem is known as “moral hazard.” Average Americans will call it common sense. And common sense tells me that, given the nature of the last year’s bailout, moral hazard has been created on an unprecedented scale — setting the system up for a bigger demise somewhere down the road, when the memory of the horrible weeks following Lehman’s bankruptcy is forgotten.
It’s not just that Wall Street has a short memory — the last bailout made things worse: The federal safety net is no longer merely the promise to cut interest rates to rockbottom levels or prod firms to bail out a wayward hedge fund. After Lehman’s bankruptcy, the feds panicked and created the biggest safety net of all time.
Don’t worry though. Gaspo’s got a plan. He’s floated it before, but why not again today. It’s pretty genius and to the big timers reading this, please feel free to get in touch and discuss it further. San Pietro, 5 o’clock. You’re buying.
Goldman Sachs is now a commercial bank, meaning it’s regulated by the Federal Reserve and viewed as too big to fail. Ditto for Morgan Stanley, which just hired all those traders and salesmen to take risk — and did it with the imprimatur of the federal government.
There is, of course, a simple solution to all this: Goldman, Morgan and the rest of the “banks” should either become hedge funds — with no backing from the federal government and taxpayer funds when they engage in risk — or start handing out debit cards and toasters and become real commercial banks by concentrating on signing people up for checking accounts, instead of trading esoteric bonds.
have no fear, barney frank is on the case
YOU LIE!
-CG
He looks so regal in that pic
Charlie Gasparino = Cosa Nostradamus
Charles Gasparino is a friend of mine
-BHO
He looks like he punished the hell out of his pecks in that pic.
CG
I’m definitely rushing the stage. As I’ve said before it would be an honor to die on the job.
-CG
I cant imagine what Dennis Kneale is doing off camera right now
Just give me 5 minutes in the back alley with the blowhard. I’ll show him a thing or two…
CG
@7 hahah i forgot about that gem
He’s just pissed because the SS confiscated his pocket deli slicer.
It was a gift from Giuseppe Garibaldi, XXIV. It’s all fun and games until someone takes your talisman, broccoli dick.
Sorry, too fucking worked up. My comment @12 was for 11.
The US government is the biggest leveraged shop in the world, borrowing today to pay today’s bills, and paying back over many years. FNM & FRE are still bleeding money and will continue to. So who is really the model that Wall St. follows? If the politicians with Wall St. money in their pockets can do it, so can the street.
I listened to da speech, and awl I can say is dat Obama don’t know stugots about economics or fuckin’ finance. Doze kakkazotes he’s got workin’ for him are a buncha fuckin’ clowns. Dey need a serious financial journalist and analyst. A guy like me.
Barry, gimme a cawl. Cawl me Barry, now. Now means now. I stand ready to soiv America!
-cg
CG’s Editor: Charlie, why don’t we replace “fuckin’ go-ahead from Uncle Sam, that cocksucker” with “imprimatur”?
CG: I like that. Sounds classy and sophisticated.
@ 15- Your post makes no sense. If your going to post something, make sure it is english. After all this is an english website.
there’s only one way for bho and i to solve this. bench presses, 5 o’clock
@17:
Whaddya, think I’m a fuckin’ moron or sometin, tryin’ to bait like dat….?
I can tawk American just fine, pal. I got a book comin out soon, ya know. I wrote it awl by my self.
-cg
@ 19- I think you are fucking moron.
17
Fuckin’ bloggers. None of you could be a columnist, like me.
-cg
@17 = CG
I think he’s pissed
at 22 And I care?
@22
You’ll know when I’m pissed, ’cause I’ll be up your ass like a Scud missile enema.
-CG
@2 sorry to steal your thunder, cg, but you are about 1 week too late to pull that heckler’s stunt and don’t even think about jumping up on stage to grab the mike to say Beyonce’s economic plan is better.
i guess you could try going commando in cowboy chaps and be helicopter dropped from the ceiling with your tight, bare a$$ falling into the Mighty O’s teleprompter or something because it’s been about a year since we’ve had that one and hairy a$$es are always good for a week’s run in the press cycle.
cg is a gay fish.
i went there.
Bess, when are you going to see Charlie again? I would like to know if it’s true he finishes his triceps and traps by tossing an extra large pizza dough for 15 minutes.
@HAM you will SLEEP with da fuckin fish when im done witch you.
-cg
@25:
Oh yeah, you fuckin’ boccolone? I’m fuckin’ ricco sfondato! Eat yer hearts out, yous fuckin’ bloggers.
- cg
The prez is lucky he has that security detail because CG would mop the floor with him. CG’s a flooe mopper.
Do any of you have Erin’s “POT” comment recorded from earlier this morning?? I heard it was pretty funny. She thought the dude was talking about wacky tobakky I suppose when he was mentioning Potash Corp (POT)…
cg, who is your ceo?!?
-maxine
CG told BHO after the speech that the family dog had been left in a room alone with Dennis Kneale
Maxine Water’s is Barack Obama’s CEO at the White House
The word today is “imprimatur.” Cramer used it, too. “Imprimatur.”
cg, you’re about 1.5 years late on this one. where were you when it actually mattered?
CG, DK’s waitin’ for you at the kennels with a doggy chew.
Dennis Kneale says CG has a screw loose
“…don’t even think about jumping up on stage to grab the mike to say Beyonce’s economic plan is better”
fantastic!
I need Bo and a jar of peanut butter like the Knicks need another Ewing. Honest injun.
Does anyone know if Obama’s dog is hypoallergenic?
-DK
Dear Charlie,
And
“I swear to God I’ll eff-ing take the moral hazard and shove it down your eff-ing throat.”
is off-limits too.
Yours most sincerely,
Serena W.
CG telling us that BHO can’t fix the economy, D-Rat telling us we’ve been taken hostage, and JC telling us “Read my lips no more Lehmans.” It looks like Bess and Greg might be the last best hope for financial journalism.
God save us all.