Former Reagan Budget Director David Stockman Annihilates Wall Street, Federal Reserve Debt Monetization & The Bailout Super Cul

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By David Stockman
http://dailybail.com/home/former-reagan-budget-director-david-stockman-a...
Make no mistake. The banking system has become an agent of destruction for the gross domestic product and of impoverishment for the middle class. To be sure, it was lured into these unsavory missions by a truly insane monetary policy under which, most recently, the Federal Reserve purchased $1.5 trillion of longer-dated Treasury bonds and housing agency securities in less than a year. It was an unprecedented exercise in market-rigging with printing-press money, and it gave a sharp boost to the price of bonds and other securities held by banks, permitting them to book huge revenues from trading and bookkeeping gains.

Meanwhile, by fixing short-term interest rates at near zero, the Fed planted its heavy boot squarely in the face of depositors, as it shrank the banks’ cost of production — their interest expense on depositor funds — to the vanishing point.

The resulting ultrasteep yield curve for banks is heralded, by a certain breed of Wall Street tout, as a financial miracle cure. Soon, it is claimed, a prodigious upwelling of profitability will repair bank balance sheets and bury toxic waste from the last bubble’s collapse. But will it?

In supplying the banks with free deposit money (effectively, zero-interest loans), the savers of America are taking a $250 billion annual haircut in lost interest income. And the banks, after reaping this ill-deserved windfall, are pleased to pronounce themselves solvent, ignoring the bad loans still on their books. This kind of Robin Hood redistribution in reverse is not sustainable. It requires permanently flooding world markets with cheap dollars — a recipe for the next bubble and financial crisis.

Moreover, rescuing the banks yet again, this time with a steeply sloped yield curve (that is, cheap short-term money and more expensive long-term rates), is not even a proper monetary policy action. It is a vast and capricious reallocation of national income, which would be hooted down in the halls of Congress, were it properly brought to a vote.

The baleful reality is that the big banks, the freakish offspring of the Fed’s easy money, are dangerous institutions, deeply embedded in a bull market culture of entitlement and greed. This is why the Obama tax is welcome: its underlying policy message is that big banking must get smaller because it does too little that is useful, productive or efficient.
Make sure to follow the link back to the NYT on this one; it's an exceptional piece.
http://www.nytimes.com/2010/01/20/opinion/20stockman.html?hp

Your rating: None Average: 5 (1 vote)

Talk show Fred with his condescending rantings wonders why Congresswoman Marcy Kaptur is not in a higher position amongst the Democratic Elite? Well Freddy boy Marcy, as you see in the video is an equal opportunity offender. She attacks Pelosi and Bill Clinton without abandon. You seem to think she should suck up like a corporate whore to some higher level of power shredding her values and ethics along the way. No Freddy we have plenty of that in their now and I think Iott and Smith are both an iffy unknown product when compared to Marcy. No Fred I think Congresswoman Marcy Kaptur is a true independent, one who follows no one but the interests of the people of northwest Ohio!

Statements made are the opinion of the writer who is exercising his first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and are generally permitted.

HAHA Wolfman. When there was a viable car industry around here, Marcy was a blue collar Democrat. Now all of a sudden she's "independent." Now THAT is telling.

We are all born ignorant, but one must work hard to remain stupid.-Ben Franklin

So Dogboy....in an LSD induced haze...grabs Marcy by the ankles and beats the DEMOCRATIC leadership and OBAMA with her...

Confirming yet again...

Democrat leadership including the President are on the wall street Take....

LMAO...

DOH"

(you know you really need to check down range when you fire off that socialist cannon there...you keep hitting your own)

Wall street fatcats were Obama's biggest contributors dumbass...

“Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.”

OpenSecrets.org reports that Marcy receives almost no funding from Wall Street. http://www.opensecrets.org/politicians/industries.php?cycle=2010&cid=N00...
BOTH sides, Democrat & Republican elites receive funding from Wall Street. For example Republican minority whip Congressman John Boehner 2009 - 2010 receives 294 million from Finance and Insurance. http://www.opensecrets.org/politicians/industries.php?cycle=2010&cid=N00...
Congressman Robert E Latta received 23 million from Finance and Insurance. http://www.opensecrets.org/politicians/industries.php?cycle=2010&cid=N00...
So Zeitgeist who's the bigger sell out to Wall Street Marcy Kaptur or the Republican party?

Look at the tyranny of party -- at what is called party allegiance, party loyalty -- a snare invented by designing men for selfish purposes -- and which turns voters into chattles, slaves, rabbits, and all the while their masters, and they themselves are shouting rubbish about liberty, independence, freedom of opinion, freedom of speech, honestly unconscious of the fantastic contradiction; and forgetting or ignoring that their fathers and the churches shouted the same blasphemies a generation earlier when they were closing their doors against the hunted slave, beating his handful of humane defenders with Bible texts and billies, and pocketing the insults and licking the shoes of his Southern master.
- "The Character of Man," Mark Twain's Autobiography

Statements made are the opinion of the writer who is exercising his first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and are generally permitted.

Oh yeah...she's only up PMA's ass so far you can only see her feet...

http://swampbubbles.com/20090219/pma-questionable-behavior-demonstrated-...

Oh...and from your own source:

http://www.opensecrets.org/news/2009/03/congressmen-overseeing-defense.html

Congressmen Overseeing Defense Budget Got $8 Million from PMA Group and Clients
Published by Lindsay Renick Mayer on March 2, 2009 5:00 PM | Permalink | Comments (4)
The FBI hasn't been the only group continuing to investigate lobbying firm PMA Group, which specializes in securing federal earmarks for its clients. At the Center for Responsive Politics, we've expanded our original analysis of contributions from the lobbying firm to lawmakers, specifically those on the House Defense Appropriations Subcommittee, to include contributions from PMA's clients, as well. In total, current members of the subcommittee that's coziest with PMA have collected $7.8 million for their campaign committees and leadership PACs from PMA and its clients since 1998 (including contributions from the employees and PAC of the client's parent company and its subsidiaries). Democrats on the subcommittee collected nearly 75 percent of that. (Note: Calculations for PMA's clients include only contributions given during election cycles when the client reported hiring PMA to lobby for it.)

The chairman of the Defense Appropriations Subcommittee, Rep. John Murtha (D-Pa.), who has helped insert more than $100 million in defense-related earmarks into appropriations bills for 2008, according to government watchdog group Taxpayers for Common Sense, collected the most from PMA and its clients among all subcommittee members--$2.4 million. Rep. Pete Visclosky (D-Ind.) is next, having brought in $1.4 million. The PMA clients that have given the most since 1998 to the subcommittee's current members are three well-known defense companies: Lockheed Martin ($862,700), General Dynamics ($693,400) and Boeing ($578,600). (This research commences in 1998 because that's how far back CRP's lobbying data goes.)

The following two tables include: 1) A list of current members on the House Defense Appropriations Subcommittee who have received money from lobbying firm PMA Group and the employees and PACs of its clients since 1998 and 2) A list of the PMA Group clients that have contributed through their employees and PACs to current members of the House Defense Appropriations Subcommittee since 1998.

Members of the House Defense Appropriations Subcommittee who have received contributions from PMA Group and the firm's clients:

Name Total
John P. Murtha (D-Pa) $2,378,552
Pete Visclosky (D-Ind) $1,369,298
Jim Moran (D-Va) $997,348
Norm Dicks (D-Wash) $536,330
C. W. Bill Young (R-Fla) $460,750
Rodney Frelinghuysen (R-NJ) $359,041
Todd Tiahrt (R-Kan) $351,565
Kay Granger (R-Texas) $347,450
Hal Rogers (R-Ky) $249,499
Jack Kingston (R-Ga) $199,750
Marcy Kaptur (D-Ohio) $144,300
Allen Boyd (D-Fla) $143,000
Sanford D. Bishop Jr. (D-Ga) $93,500
Maurice Hinchey (D-NY) $80,000
Steven R. Rothman (D-NJ) $74,000
Carolyn Cheeks Kilpatrick (D-Mich) $13,500

Contributions from PMA Group and its clients to current members of the House Defense Appropriations Subcommittee:

Name Total
PMA Group $940,191
Lockheed Martin $862,679
General Dynamics $693,400
Boeing Co $578,614
DRS Technologies $431,950
Textron Inc $382,650
Prologic Inc $310,634
General Atomics $306,847
Planning Systems Inc $273,600
L-3 Communications $202,750
Advanced Acoustic Concepts $136,000
Teledyne Technologies $123,950
MTS Technologies $120,600
Cryptek Inc $116,449
21st Century Systems $115,800
Concurrent Technologies Corp $113,700
Sierra Nevada Corp $107,600
Science Applications International Corp $106,500
Parametric Technology Corp $105,700
Argon ST $99,600
Washington Group International $99,000
BriarTek $91,684
Conemaugh Health System $84,500
Fibergate $71,300
United Technologies $63,000
Whiteco Industries $59,050
Urs Corp $56,500
H&S Ventures $56,000
Health Net Inc $50,950
Information Technology & Applications Co $49,050
EDO Corp $45,000
L Robert Kimball & Assoc $43,500
Titan Corp $41,400
Rockwell Collins Inc $40,000
Dynamics Research Corp $38,330
Mobilvox Inc $37,000
Battelle Memorial Institute $36,700
Unisys Corp $30,500
Applied Global Technologies $29,900
NiSource Inc $28,800
Intelligent Optical Systems $27,600
Lucent Technologies $27,500
Ocean Power Technologies $25,400
BearingPoint Inc $23,500
Goodrich Corp $22,500
Aeptec Microsystems $19,500
PPG Industries $19,150
Optimal Solutions & Technologies $19,000
Clean Earth Technologies $18,900
Ocean Systems Engineering $18,500
Evas Worldwide $18,000
General Mills $15,000
Caterpillar Inc $14,500
Sabreliner Corp $14,500
Flir Systems $14,000
Impact Instrumentation $13,600
Chicago Mercantile Exchange $13,500
United Industrial Corp $12,500
Carnegie Mellon University $12,050
Electronic Warfare Assoc $12,000
Raysat Antenna Systems $11,600
Seton Hill College $10,500
Intevac $10,325
St Vincent College $10,000
Nuvant Systems $9,800
Autometric Inc $9,750
Florida Sugar Cane League $9,500
General Aviation Manufacturers Assn $9,250
BF Goodrich $8,500
Siemens Corp $8,500
Artis $8,000
Innovative Concepts Inc $8,000
National Cattlemen's Beef Assn $8,000
Aeroflex Inc $7,300
American Crop Protection Assn $6,000
CACI International $6,000
Kollsman Inc $6,000
Noesis Inc $6,000
Windber Medical Center $5,480
Smiths Group $5,450
Nanomat $5,000
American Iron & Steel Institute $4,500
CropLife America $4,500
Windber Research Institute $4,200
Nlight Photonics $4,000
Ardiem Medical $3,500
Novartis AG $3,500
DDL Omni Engineering $3,300
Smiths Detection $3,050
ARES Corp $3,000
Emsolutions $3,000
Albany State University $2,500
Avaya Inc $2,500
ICx Technologies $2,500
Microvision Inc $2,500
National Pork Producers Council $2,500
Spyrus Inc $2,500
Syngenta Corp $2,500
Imaging Systems Technology $2,300
Advanced Concepts & Technologies Intl $2,000
Cartwright Electronics $2,000
Mount Aloysius College $2,000
Spatial Integrated Systems $1,500
Valley Technologies $1,500
Illinois Institute of Technology $1,250
Apptis Inc $1,000
Atmospheric Glow Technologies $1,000
Chang Industry $1,000
CPU Technology $1,000
Douglas Education Center $1,000
EFJ Inc $1,000
EMC Corp $1,000
Laser Energetics Inc $1,000
Mic Industries $1,000
Omega Air $1,000
Premier Micronutrient $1,000
Qtl Biosystems $1,000
Quintech Electronics & Communication $1,000
Sa Photonics $1,000
Samueli Institute $1,000
Xunlight Corp $1,000
AAR Corp $500
Adaptive Methods $500
Aeroflex Wichita $500
Smiths Group plc $500
Tekontrol Inc $500
Weidlinger Assoc $500
New Jersey Center for Biomaterials $300
Schaller Engineering $250
National Cooperative Bank $200

“Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.”

I'm wondering if she's figured out yet her seat is now in play?

Her seat is safe for the time Stain is still in charge of the LCRP.

MikeyA

Right now...I'd vote for Ed Emery if that's the only choice I had......

*evil grin*

“Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.”

Let me just say here and now that everything that wolfman posts is absolutely correct and I believe him 100%. All these years I have been wrong and he has shown me the light. I hope the rest of you will follow suit. Sorry for the condescending rant but you people needed to hear it from a wolfie convert. Hail to the wolfman.

Any statement I make is the opinion of me exercising my first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and is generally permitted.

Is it april already?

“Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.”

Wolfman thanks Fred for his endorsement on SwampBubbles but would appreciate the acknowledgment over his tainted radio airwaves. He wishes Fred all the best in his born-again conversion but the enlighten Wolfman offers compelling evidence that the Republican party is beholden to the Financial industry (Wall Street) and the Insurance lobby. These two entities led the economic slide that Wolfman speaks about. They obstruct meaningful reform of both Wall Street Banksters and Healthcare. While Wolfman realizes the "relationship" of the talk show host and his Big Brother employer that speaks for corporate American interests and not average Americans. No Fred, Americans need the status quo in unaffordable healthcare with preexisting restrictions and denial of care by healthcare insurance executives. We also love the Banksters with rising credit card rates and restricted money available for small business and homeowners. Not to mention their casino banking that ruined our economy. Even Republican David Stockman gets it. He speaks in an nonpartisan way about the power of Finance and Insurance.

Statements made are the opinion of the writer who is exercising his first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and are generally permitted.

Did she say "Tarbaby"? WTF?

Time has passed her by. She needs to retire with her bloated health care and retirement package that we will all are paying for. Bring in some new fresh meat to screw us.

We can only hope!!

We are all born ignorant, but one must work hard to remain stupid.-Ben Franklin

Yep

It did wonders for Deeds, Corzine, and Coakley.

I hope he campaigns for Pelosi and Reid too.

MikeyA

We're to believe that a Temperance, Michigan resident is renting a home in another state to vote out a Democrat in the House of Representatives when Temperance is represented by a Democrat in the House of Representatives. That's as dumb as saying you're planning on moving to Detroit to look for a job. If you're going to make shit up, at least make it sound plausible.

There's a city full of walls you can post complaints at

" If you're going to make shit up, at least make it sound plausible."

Ohhh ohhh!

I got one!

BUWHAHAHAHAHAHAHA!

“Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.”

Shouldn't you be masturbating to tentacle rape hentai right now?

There's a city full of walls you can post complaints at

Got any good links?

“Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.”

Sorry, I don't twist off to cartoons. But if you're interested, I know a bunch of sites that have video of your mom getting DPed and choked by Mexican day laborers that she hired outside Home Depot...

There's a city full of walls you can post complaints at

You know a bunch of sites that have video of my mom getting DPed and choked by Mexican day laborers that she hired outside Home Depot?

Did you bookmark them?

“Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.”

Is Sarah Palin retarded? Of course I did.

There's a city full of walls you can post complaints at

Ah....so your ARE into granny porn...

Shew....man even I dont go there....*shudder*

“Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.”

Thanks wolfie, but big radio owns me baby and they give me a paycheck and bonuses. Big labor doesn't do a thing for me, nor does big pharma, big banks, or big tobacco. Although I will say "I like big butts and I cannot lie......................................

Any statement I make is the opinion of me exercising my first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and is generally permitted.

And little tiny cars...

Heh heh...

“Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.”

After consulting with Wolfman and referring this subject matter for his opinion, he has the following to say of Fred's and the mental midget Der Brian's 5:30 comments. The Black Swamp of Toledo talk radio has no equal. They operate in a vacuum of the one sided uninformed unbalanced hate speech. All that they believe comes from a group of media hucksters selling the public over-priced gold, financial flimflam, or the all to common book salesmen with the latest in extreme right wing titillating filler.
Wolfman's Blog was an exercise of thoughtful presentation of facts. A rebut of the local propaganda radio station! Marcy as was presented does not take money from Finance or Insurance period! These industries have been the biggest offenders of our economic system. They have caused more destruction for middle America than any labor money that Marcy has ever garnered. Marcy is right to go after the oligarchy of Wall Street. They are turning back the clock on the American Dream to a time that you and Wolfman have never experienced. This country belongs to you, Wolfman, and me not some group of elites that have brought us to this point.

Statements made are the opinion of the writer who is exercising his first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and are generally permitted.

have no equal because they ask questions. I am glad they are there irritating people.

Fred lobbed him some softballs and gave him an air of legitimacy. I'm irritated by WSPD because Bob Frantz, Denny Schaffer, and even Drinky McStabbedalot held local politicians feet to the fire better than the current WSPD lineup.

There's a city full of walls you can post complaints at

So you got a commie pen pal .....whoo whoo!

Youz gotz fanzboyz!!!!!1111!!!
L33TZ!!!111
DOGBOY RULZ!!!!

“Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.”

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