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Posted by: Doug Henwood | March 29, 2009

One down, dozens to go

So Obama fired Rick Wagoner at CEO of GM. No doubt he deserved it, but why do all the idiot bankers that Pres. Yeswecan met with on Friday get to keep their jobs? Oh yeah, I know. Only automakers get put through the wringer for a little federal spare change. Bankers get blank checks, no questions asked. And only autoworkers get their contracts ripped up. Ripping up bankers’ contracts would be governing by anger, and we don’t want to do that!

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Responses

  1. Attack of President Goldmanigger-
    Can find Trillions for CDS’s for AIG/Goldman,et al
    The industry that lifted more black Americans out of poverty and was the last bastion of unionism-go bankrupt to shed your pension obligations and health care contract with retirees-
    Next up Social Security-

  2. I voted for Obama for all of the racists I’ve run into over the years. Andt for all the hetero white male out there (like me).

    Bill Gross of PIMCO thinks the Geithner plan might work (I know Doug has quoted him approvingly before). I think it has a 50-50 chance of working – depending on how much it’s a illiquidity problem versus a toxicity problem.

    If not, we’ll get more stimulus and some bank nationalizations. I agree there’s a chance it all might not be enough or quick enough.

  3. Oh and the American auto industry should be allowed to die.

  4. As David Sirota said, kicking Detroit when it’s down is a way for Obama to both sell himself as tough on corporations while sparing the bankers. He says it’s a contradiction but a conscious tactic. Like Reagan taking down the welfare queens while larding up the economic royalists.

  5. Should be: not a contradiction by a conscious tactic

  6. One should hardly take solace in the world’s largest bond fund manager as extolling the virtues of a government program that inflates his portfolio’s value.
    Oh,by the way,PIMCO has the fifth largest CDO( a/k/a toxic assets) portfolio of major bond funds.
    What a surprise he’s imbibing Geithner’s kool-aid.

  7. Geithner’s Non-Recourse Gift That Keeps on Giving to Bill Gross
    Share | Email | Print | A A A

    By Jody Shenn

    April 2 (Bloomberg) — Treasury Secretary Timothy Geithner’s plan to rid banks and markets of devalued assets may be a boon for Pacific Investment Management Co.’s Bill Gross.

    From today’s Bloomberg News

  8. “One should hardly take solace in the world’s largest bond fund manager as extolling the virtues of a government program that inflates his portfolio’s value.”

    Oh I think he’d say if he though it wouldn’t work, regadless. Doug has repeatedly quoted him as a straight talker, no matter his “interests.”

    And we’ll see if he’s right, won’t we, smart guy?

  9. “April 2 (Bloomberg) — Treasury Secretary Timothy Geithner’s plan to rid banks and markets of devalued assets may be a boon for Pacific Investment Management Co.’s Bill Gross.”

    May be. It might not. And that’s the point. They wouldn’t invest if they didn’t think they could make money of it. DUH.

  10. Am I to infer from your comments “Well,what the fuck,let’s shoot craps with several trillion bribing the same class of oligarchs who got us here in the first place.Sure hope they deign to scrape a few crumbs from the table if its successful.’
    Do you enjoy the taste of a boot to the teethl?Are you really as obsequiuos as your epistles?


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