Comments on: The Real Weakness of Big Banks Reform Strategy http://wallstreetpit.com/6964-the-real-weakness-of-big-banks-reform-strategy Tue, 22 May 2012 19:21:52 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Bayard Waterbury http://wallstreetpit.com/6964-the-real-weakness-of-big-banks-reform-strategy#comment-26884 Bayard Waterbury Sat, 04 Jul 2009 02:50:26 +0000 http://wallstreetpit.com/?p=6964#comment-26884 Simon, I find this less than fascinating, that the ABA, a shill of the oligarchs, would choose to speak and act in such a way. What we need is an equivalent opposing force to offset their rhetoric and power. And, I don’t see one blooming on the horizon, although, inspite of what one blogger said about 30 to 40% unemployment, the actual rate has climbed to 20 with another 5 in the offing, once California is forced to do business exclusively by IOU’s, and the many other states in similar straits go up in smoke. This is just another stage in the upcoming oligarch meltdown. The propup of the economy is falling short and the piper is awaiting payment. Sometime in the next six months, the next crest of the economic tsunami will hit, and then the firebrands will take to the streets. If the single payer folks are vociferous (and unheard), just wait for the next wave, after the remaining taxpayers see what the Congress is NOT doing to get us back on track. I feel for Obama. He picked the right people for the job, but failed to understand that Larry and Tim are not “get tough” guys. They are brilliant, but way to close to the forest to hold the trees at bay. I am betting that many of those whose rates have just been raised by CITI are going to either (a) default by not being able to keep up, or (b) default intentionally, as a rebellion. By the way, you need to look next at the state bond markets, now that most states are running major deficits, and their bond issues can’t get ratings. They will default, and that chain reaction will be spectacular (they can’t find guarantors with their ratings dropping). And this is also true of municipal bond issuers. Simon, I find this less than fascinating, that the ABA, a shill of the oligarchs, would choose to speak and act in such a way. What we need is an equivalent opposing force to offset their rhetoric and power. And, I don’t see one blooming on the horizon, although, inspite of what one blogger said about 30 to 40% unemployment, the actual rate has climbed to 20 with another 5 in the offing, once California is forced to do business exclusively by IOU’s, and the many other states in similar straits go up in smoke. This is just another stage in the upcoming oligarch meltdown. The propup of the economy is falling short and the piper is awaiting payment. Sometime in the next six months, the next crest of the economic tsunami will hit, and then the firebrands will take to the streets. If the single payer folks are vociferous (and unheard), just wait for the next wave, after the remaining taxpayers see what the Congress is NOT doing to get us back on track.

I feel for Obama. He picked the right people for the job, but failed to understand that Larry and Tim are not “get tough” guys. They are brilliant, but way to close to the forest to hold the trees at bay.

I am betting that many of those whose rates have just been raised by CITI are going to either (a) default by not being able to keep up, or (b) default intentionally, as a rebellion.

By the way, you need to look next at the state bond markets, now that most states are running major deficits, and their bond issues can’t get ratings. They will default, and that chain reaction will be spectacular (they can’t find guarantors with their ratings dropping). And this is also true of municipal bond issuers.

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