not too bright…apparently

hank-paulson

by problembear

caution:  do not stare at this photo: necromancers have been known to summon the dead…

when Hank Paulson begged for the bail-out and congress stampeded to give him 700 billion bucks some thought” it’s expensive but i guess we have to try something” didn’t we at least assume the guy would have some inkling just what the hell he was going to do with it? well. it’s official now. this bush appointee is living up to the usual degree of incompetence we have come to expect from the worst president in the history of the united states. he has no plan, apparently except to just hand it over to his buddies on wall street……meanwhile back at the economy where the rest of us live….

containers_540

North Dakota farmer Bob Sinner can’t ship his soy products to asia because of a strange shortage caused by declining sales in home furnishings.

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  1. djinn&tonic

    “End of Wall Street Boom” – Must-read history

    This is long but, does a REALLY does a great job of explaining this bullshit The money quote of the whole article is this:

    That’s when Eisman finally got it. Here he’d been making these side bets with Goldman Sachs and Deutsche Bank on the fate of the BBB tranche without fully understanding why those firms were so eager to make the bets. Now he saw. There weren’t enough Americans with shitty credit taking out loans to satisfy investors’ appetite for the end product. The firms used Eisman’s bet to synthesize more of them. Here, then, was the difference between fantasy finance and fantasy football: When a fantasy player drafts Peyton Manning, he doesn’t create a second Peyton Manning to inflate the league’s stats. But when Eisman bought a credit-default swap, he enabled Deutsche Bank to create another bond identical in every respect but one to the original. The only difference was that there was no actual homebuyer or borrower. The only assets backing the bonds were the side bets Eisman and others made with firms like Goldman Sachs. Eisman, in effect, was paying to Goldman the interest on a subprime mortgage. In fact, there was no mortgage at all. “They weren’t satisfied getting lots of unqualified borrowers to borrow money to buy a house they couldn’t afford,” Eisman says. “They were creating them out of whole cloth. One hundred times over! That’s why the losses are so much greater than the loans. But that’s when I realized they needed us to keep the machine running. I was like, This is allowed?”

    Can you say, ‘cognitive dissonance’? a system so complex and counter intuitive that generates incredible wealth is not borne of idiots,

    it requires idiots like mcdonalds requires cows,

    but mcdonalds wasnt created by cows and cows dont profit from it. Remember that folks, while shopping the dollar store for Christmas presents this year.

  2. Mayor of Mayhem

    I’m not sure I get this, But I’m really getting the feeling I’m getting hosed. The real question is who do the American people gotta screw to get out of this place.

  3. Man – I gotta say this. This is the second time you’ve posted a picture of this guy – one was over at your den – but Paulson sure is a creep looking guy. Death warmed over.

    Yuck.

  4. my daughter tells me he looks like the creepy old guy in poltergeist. p-l-e-a-s-a-n-t d-r-e-a-m-s everyone!
    mmmmwwwwaaaahhhaaaa……………….

  5. Lizard

    …once upon a time, children, there were little pieces of paper called dollars, and those big inside places where the flesh eating mutants now live used to be called shopping malls

  6. Jim Lang

    Shipping soybeans to Japan has got to be one of the most petroleum-intensive businesses conceivable, between fertilizer and fuel used in production and transportation… forgive me if I neglect to shed a tear for the demise of Bob Sinner’s business… ot sorta, next time just don’t shoot the darn pig and everything should be ok…

  7. Matthew Koehler

    SNIP: “when Hank Paulson begged for the bail-out and congress stampeded to give him 700 billion bucks some thought” it’s expensive but i guess we have to try something” didn’t we at least assume the guy would have some inkling just what the hell he was going to do with it? well. it’s official now. this bush appointee is living up to the usual degree of incompetence we have come to expect from the worst president in the history of the united states.”

    I’ve found it interesting that nobody in the media has covered a big Hank Paulson/Montana connection.

    Turns out that before Hank became Bush’s Secretary of the Treasury (and orchestrated the largest looting of taxpayer dollars in US history, he was Chairman of the Board of Directors, The Nature Conservancy. See: http://www.nature.org/pressroom/leadership/art11950.html

    You know, the same organization that was called out for questionable land deals that benefited their high donors and other controversial dealings. See here: http://www.washingtonpost.com/wp-dyn/nation/specials/natureconservancy and here: http://foundationcenter.org/pnd/news/story.jhtml?id=33200033

    So, it’s pretty surprising to me that “Bailout” Hank’s connection to The Nature Conservancy wouldn’t, at a minimum, convince someone in the Montana media to look into the Montana Legacy Project…$500,000,000.00 land deal to purchase 320,000 acres of logged over (and in many cases, logged over and then burnt over) Plum Creek Timber Company lands in Western Montana (that used to be public lands before President Lincoln gave 40 million acres to the railroad companies in the 1860s).

    This land deal has “Bailout” written all over it. And do you suppose that someone at Plum Creek knew about the 1/2 billion dollar land deal while Plum Creek was also meeting behind closed doors with the Bush Administration’s Mark Rey (a former timber industry lobbyist who runs the Forest Service) to hoodwink the public? Hmmmm…

    Hey Missoulian, can’t we get a three part series on the Montana Legacy Project instead of just writing a few stories based on their press conference? Oh, that’s right…you’ve fired your environmental and business reporters.

  8. Ruthlmm

    Matthew: you make some good points on the Plum Creek land deal ‘bailout,’ but it ends with some bad information.
    I read in the paper, in one of those Editor’s Columns, that Betsy Cohen covers business and Rob Chaney covers environment. They were not fired. They’re still there.
    The Paulson/Montana connection scares me, but does not surprise.
    — Ruthie

  9. Mayor of Mayhem

    Not that it really matters, but I think U.S. Grant gave all the land to the railroads not Lincoln.

  10. Matthew Koehler

    Not that it really matters, but Lincoln did indeed sign the Northern Pacific Railroad Land Grant on July 2, 1864.

    This was the largest of the railroad land grants: 40 million acres in a 100-mile wide band running 2,000 miles from the Great Lakes to Puget Sound, including many of the lands in Montana currently “owned” by Plum Creek Timber Co.

    A good history of the Railroad Land Grants is available from our buddy George Draffan at: http://www.landgrant.org. Thanks.

  11. Jim Lang

    All the Plum Creek land in my neighborhood (Petty Creek) is included in the Montana Legacy Project so for this one I’m gonna hafta go YIMBY. Without expressing an opinion about whether this is a good deal for the taxpayer or a sweetheart deal for Plum Creek, to me, the important thing is that the lands go into public ownership before Plum Creek can inflict additional damage or start putting up McMansions.

  12. Matthew Koehler

    Ruthllm:

    In late August 2008 the Missoulian fired John Cramer, their environmental reporter and Pamela J. Podger, their business reporter. I see now on the Missoulian’s contact page that Cohen covers the economy and Chaney the environment. So I stand corrected on that…kinda.

    After all it’s important to note that the Missoulian has cut their newsroom staff. What they appear to have done is consolidate some positions or eliminate some beats. After all, who was hired in the newsroom to take Cohen and Chaney’s beats after they moved to economy/environment to fill in for the firing of Cramer/Podger?

    Regardless, my point is that one would assume that western Montana’s daily paper would take a more detailed look into a $500,000,000.00 land deal involving Plum Creek Timber Company, given some of the facts that have been surfacing about it…and other issues that are just below the surface, but available to those willing to do a little digging/investigating.

    Given the fact that I was wrong, and the Missoula does in fact have a current enviro and economy reporter, I would think this three part series on the ins/outs of the Montana Legacy Project will be forthcoming. Now there are no excuses, eh? After all, it’s not like a 1/2 billion dollar land deal involving the largest (and most controversial) land owner in Montana happens every day. Thanks.

  13. Jim Lang

    You want the Missoulian to actually do some reporting? Investigative journalism?

    Gee, I want a pony.

    Guess which is more likely to happen?

  14. Mayor of Mayhem

    Mathew, My bad on the Lincoln vs. Grant. My frontal lobe suffered much during the 70s and 80s. and Jim Ponies are nice

  15. JC

    Matty, what do you think all those full page ads bought Plum Creek (er, bought by Plum Creek) over the years, if not a few reporters? ;-)

  16. Matthew Koehler

    JC, or perhaps nobody in the Missoulian newsroom wants to be Dick Manning’ed…

    P.S. That would be a verb :)

  17. JC

    I think you could just call it “getting Dicked”.




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