Stacy Summary: Kashkari’s Freudian slip, we had to “hold up the world.”
Mr Kashkari admitted that he plucked “a number out of the air” when deciding with Mr Paulson how much funding to request from Congress for the Tarp.
He told The Washington Post that he used his BlackBerry to calculate the bailout figures: “We have $11 trillion residential mortgages, $3 trillion commercial mortgages. Total $14 trillion. Five per cent of that is $700 billion. A nice round number.”
Recalling a conversation with Mr Paulson, he said: “It was a political calculus. I said, ‘We don’t know how much is enough. We need as much as we can get . What about a trillion?’ ‘No way,’ Hank shook his head. I said, ‘Okay, what about 700 billion?’ We didn’t know if it would work. We had to project confidence, hold up the world. We couldn’t admit how scared we were, or how uncertain.”
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Morning Stacy
Mike
@Y’all
On The One !!!
@Y’all
F5???
Was thinking about the films we had @ the end of the 70′s…..Escape from New York……Mad Max & your Fav……………..I wonder if we see that again……………i hope they don’t just copy the old ones!
Mike
@ Stacy – Nah, not a Freudian slip. He’s a Goldman boy, after all and into that whole doing God’s work thing. Sounds more like “holding up the world” meant projecting enough confidence to convince the world that the system wasn’t going to melt down, and that the Goldman boys in Treasury had a plan.
(Bummer about the heart attack guy.)
@#2mick/southport
21st century calling… hello!!!
@MEP & others interested in the most dominant news item at the moment:
Climate-Gate – Michael Coren with Lord Christopher Monckton –
http://www.youtube.com/watch?v=JBQYlIikLBM
A CALM, rational, 1 hour interview conmducted on Canadian tv
ICN Informed Citizen News broadcast Sunday December 6th, 2009. The news you should have heard, but didn’t.
This week’s stories…
#1 Update on 2009 Continental Congress
#2 Societe Generale, a major European investment firm, tells clients how to prepare for potential ‘global collapse’ http://www.telegraph.co.uk/finance/ec…
#3 Government takes aim at taxing yard sales, lemonade stands, fuel cells, and everything else sold on the black market which, by the way, is the free market.
#4 ClimateGate
#5 Leaked document details the horrors of China government’s one-child policy for population control.
http://www.youtube.com/watch?v=6TaxWQN1Evo&feature=sub
On the plus side, the US is having its infrastructure stripped out just like what one sees in Post-colonial Africa … its only a regional phenomena now but the effect will be national with only Alaska and HI being nominally spared.
http://www.youtube.com/watch?v=_j-vlW4aTpg
The US has lived in a dream-world, as Carter once mentioned in a speech — but now it must wake up to its own nightmare … the following words from the same Carter speech.
Mike/Liverpool:
They are not just copying the old ones, they are re-making them within a copyright control system whilst filtering out any edgy references to things like, free will and self determination – as someone in another film once said.
My guess is (and with respect to supergeek) the 21st century will have to wait as we hurtle back towards the 15th.
@ Alister – Thanks. I’ll bookmark it and take a look at it later.
@ all – Asian stocks slide after Fed warning:
http://www.huffingtonpost.com/huff-wires/20091208/world-markets/
Question: is the rest of the world really expecting US consumer demand to bounce back any time soon?
@ Aspadistra at Ashdown Forest – That video is misleading. There are 3 separate signs in it designating that site as a recycling center (Alamo recycling: http://www.alamorecycling.com/ ) — does that qualify as an “underground economy”?
@#2
hollywood deaded daddy!!!
As Max has said… “an arbitrary sum”
Article on credit rating agencies avoiding overhaul:
http://www.nytimes.com/2009/12/08/business/08ratings.html?pagewanted=1&_r=2&hp
Yes, Stacy, I read this fascinating article over the weekend.
Meanwhile, today, Bloomberg reports – he’s signed up to work with Pimco
Biggest inside traders in the bond market …
==========
That video is misleading. There are 3 separate signs in it designating that site as a recycling center (Alamo recycling: http://www.alamorecycling.com/ ) — does that qualify as an “underground economy”?
==========
There are several http://www.Inflation.us (NIA) website vids that are ancillerary evidence as to African style thefts of metal and other goods for resale. NIA to be blunt has barely touched the surface of the phenomena so to speak.
It is only a 1940-1960 assumption that US scrap metal and scrap goods traders are honest. Some US states, due to the excessive thefts of copper put in requirements that this sector refuse goods that are labelled as having municipal or federal ownership.
Not all US states have made the change.
If any country wanted to suck out substantial parts of the US metal infrastructure — they could. In the USA, 99.99% of the population is out for itself and itself only — and do not care a jot about property value damage or infrastructure damage.
Due to the 25 years ago total collapse of the US education system, most US adults are practically unfit to take care of themselves — only those with non-US public or private school educations and those graduating before say 1985 might be in any position to cope.
This selfishness and community collapse in the USA are 20 years old news, perhaps even 30 years old news.
YouTube and Blip.TV should have hundreds of ads that latently invite people to steal US infrastructure for money … but for some reason this is lacking at the moment. Wait 6 months.
Mr Kashkari good for a Scene of “American Psycho” (that’s how he looks like anyways)
“I gained no further knowledge of myself”
“This confession ment ….nothing”
We need some tunes!
“He has got the whole world in his hand”.
How about a gazillonquillion?
OK, that’s good.
as usual they pretend to be bumbling idiots to cover up.
just look at that guy. is that the face of a psychopath or what?
he looks like the mummy, no, worse
just stop the video at 1:00
http://www.youtube.com/watch?v=cLnDT6uCr_I
Asian stocks were sliding due to the CRBC information about mandates for Chinese capital ratios in Chinese banks:
http://www.forbes.com/feeds/reuters/2009/11/23/2009-11-23T121128Z_01_HKG303608_RTRIDST_0_CHINA-BANKS-CAPITAL-UPDATE-2.html
“The third “pillar,” A Target Standard Ratio, unites the first and second pillars of the Basel I Accord. It sets a universal standard whereby 8% of a bank’s risk-weighted assets must be covered by Tier 1 and Tier 2 capital reserves. Moreover, Tier 1 capital must cover 4% of a bank’s risk-weighted assets. This ratio is seen as “minimally adequate” to protect against credit risk in deposit insurance-backed international banks in all Basel Committee member states.”
CBRC claims that the agency is not requiring a 13% capital cushion for Chinese banks: what is the capital adequacy ratio being implemented in 2010? The scramble for capital occurring with Chinese banks is a direct result of the Basel mandate for Asian banks set to be implemented in 2010 from the BIS. US banks are also under this onus.
https://jscholarship.library.jhu.edu/bitstream/handle/1774.2/32826/Basel%20I,%20Basel%20II,%20and%20Emerging%20Markets%20a%20Nontechnical%20Analysis052008.pdf
“Alongside the final draft of Basel II in 2006, all the G-10 countries, including the United States, pledged to implement Basel II in full by its target enaction date of December 2008. While progress to this goal is uneven, all G-10 countries have approved their strategies for harmonization with Basel II and have mandated its implementation by late 2008.”
(EU parliment voted to implement the accords in January 2007. US banks did not comply in 2008.)
The guidelines have been altered since the financial crisis of 2008, but the article is a good introduction to the Basel pillars emanating from the Basel Committee at the BIS.
Especially instructive is the difference in the standardized approach and the internal market approach to risk management.
http://www.newapproach.org/
Question: is the rest of the world really expecting US consumer demand to bounce back any time soon?
Mep: whom is this question directed towards? Are you referring to central bank policies, G20 policies, or the hopeful attitude of Chinese workers?
I meant internal management approach to risk management not internal market approach, but the latter has an interesting can of worms attached.
EU hegemony. The rising stars.
Oops! Kneel forgot the 2 Trillion (made up number) in credit card defaults! He blew it. I guess they’ll be back for more in 2010.
You’re most welcome Kash. My whole working life I’ve been butt f*cked by financial geniuses like you in order to smooth expedient papering-overs and to ensure self agrandising bastards like yourself die rich, and you know what? I love it!
@ Mep
Don’t bother book marking Lord Christopher Monckton.
Teh first thing that he does is compare the Pro AGW to Hitler as he claims not to.
Then he clams that he will debate anyone. But that they will not debate him.
Would you debate him?
Does not sound like he wants a debate at all.
“Sometimes I think: was it real?” he told The Washington Post in an interview at his shack in the woods of northern California.
—
Mr Kashkari quit and moved with his wife to the shack in California, where he chopped wood and exercised to lose his bailout bulge.
—-
-I wonder what that “shack” looks like. Sounds like a survival/safe house.
@Carmen Azul – well spotted! yes, I had a wtf moment reading that too . . . it sounds a little crazy, like maybe he asked the journalist to describe his mansion as such
I have previously run some commentary on CashandCarry over the weekend. This ass lick is emblematic of the implosion. Paulsen hands the ball off to a former aeronautic engineer in the war industry who’s specialty was developing tight seals on hatches for unites in outer space. ‘Gee he must must be the best and the brightest’. Another goddamn engineer. They should have an Island of Dr Moreau where they keep these nerd freaks with the lumpy left brains and restrain them from participation in humanity.
Now KashandCarry is posing as a simple backwoodsman in Lake Tahoe who did his service for the common good and has retreated just short of a nervous breakdown to a one room pine hut in the woods somewhere out there. What a load. The camera pulls back to reveal a multi-million dollar mansion with an expensive view on high of the Lake and all the typical accessories of any climber yuppie ass lick who did his time as a rug muncher for Goldman and a whipping boy and potential fall guy for Paulsen.
And all this comes to us courtesy of the roll out publicity for his new book coauthored with his idol and ‘boss’, H. Paulseoni
what a load all this is, the Media loves this kind of personal interest drivel. Besides being corrupt and a lie, its so condescending to sell whores to me as if their virgins and paint heisters as guardians of the public commonwealth. This is the Big Lie.
Hitler and Goebels are laughing hysterically in their cells beneath Dantes 7th Rung. “you see! you see Joseph!! It works every goddamn time!”
Jesus is nothing beyond limits? I have to read the rollout in CashandCarry along side of speculation that Playgirl may be posting cell phone photos of the Tiger knob? Is this ridiculous or what? Just how far down the rabbit hole does gravity take us before we warrant some kind of respectable bounce?
shit’s about to get crazy in the next 6-8months me-thinks.
Paulson was only scared that he would lose his 400 million in credit-default swaps @Goldman Sucks.
He didn’t give a damn about the world and Mr. Kashkari is too young and inexperienced to understand that Amargeddon wasn’t
avoided but postponed.
These idiots shoud be behind bars NOW!
Wow, Mr. Kashkari should be getting a call from Mr. Kucinich some time soon.
Also, where did this Kashkari come from. Sounds like he comes from a long line of nut crackers.
Kashkari was just hired by PIMCO.
http://www.businessinsider.com/neel-kashkari-to-pimco-2009-12
I guess now that he’s “held up the world”, PIMCO is going to hire the guy in order to have his assistance.
Is this sort of like rehabbing of Michael Milken by naming an Economics school at UCLA after him?
As if… NOT!
@ Stacy,
Perhaps you’re misreading Kashkari:
We had to project confidence, hold up the world.
That’s just what any decent bank robber would advise.
“Dillinger had an outstanding ability to remain calm in an emergency, and to act quickly and rationally.”
PBS: People & Events: John Dillinger, 1903-1934
‘Lie down on the floor and keep calm.’ … That’s been the motto of the JAMs ever since Diogenes the Cynic.
Illuminatus! Trilogy, Robert Shea and Robert Anton Wilson (1975 )
Lady luck must have been whispering that magic $700 Billion because she knew that we’ll be needing that $200 Billion for job creation.
@ frances – Investors, I guess. It seems that every other month, there’s news that the markets aren’t doing so hot partly because people are “worried” about the lack of consumer rebound in the US economy. Given the rate of unemployment coupled with average debt levels, wages, and the continuing credit crunch, it seems silly that anyone really believes the US consumer is going to rebound any time soon.
@ Gordo – Thank for the heads up. I’m still going to take a look at it; I want to see this Mockton’s face.
Yes, Mep. But the Asian stocks dropped as a result of the capital adequacy ratio rules coming out of the CBRC. The newspapers are run by the people who would rather that not come to light, so they make up silly stories for people to believe.
Can’t trust Reuters.
Are you serious? “Hold the world up” is not meant in the burglary sense, but in the sense that the world’s confidence in markets needed to be supported in a time of upheaval. You guys are slipping badly…
Stacy …. you do mean “FRAUD-ian slip”, right?
Its simply stupifying how out of touch these guys are. For those of you who have not read this article yet, please dont I upchucked a little. So here is a brief summary from Kashkari, getaway in the woods of Northern Cali.
Times Oline: So tell me a little about the general feeling around your office while in the leadup to TARP.
Kashkari”Dude man this whole bailout thing was totally whack like my buddy dude he screamed like a chick when he found out what was up”
Times Online: really?
Kashkari “Sha really so then we totally got stoned on some medical marijuanna an old frat brother brought down from cali you know to calm our nerves. Man I ate so many Doritos I got totally Phat”
Times Online: You got high on marijuanna?
Kashkari “dude not marijuanna this is sensi man humboldt county’s best, I was like seeing dollars and things and I was like ‘hey I wonder if this is real’”
Times Online: So Mr. Paulson asked you to craft a special plan in February of 2008 to craft a plan to deal with a potential credit crunch even as he told everyone everything was ok.
Kashkari “who man slow your roll the way you say it makes it sound bad. Hank was like a spiritual leader man he could see things before they happened. Like he would tell us the market was gonna go up today and then it would.”
Times Online: So he knew this was gonna happen before it did?
Kashkari “yea he was always down with that stuff so he was like hey man you gotta get us a bunch of money. So one night me and my gf were getting stoned and just for laughs we turned on the 700 club. That Pat Robertson is hillarious and I was like 700 billion thats the number.”
Times Online: So you just made up a number?
Kashkari ” Yea but check this out man I went on wikipedia later and crunched the numbers it totally works. 11 trillion residential mortgages plus 3 trillion commercial mortgages=17trillion times 3 divided by 11 equals 700bilion/pi. But I ate the pie so we get 700billion.”
Times Online: None of that makes sense.
Kashkari “whatever man, so then me and Hank be like ‘dude we totally gotta jack the world’ and i was like ‘SWEET’. Then Hank you know he blew chunks”
Times Online:….
Kashkari “then this dudes like ‘Oh my God the systems collapsing’ so i was like snitch shut your trap and I backhanded him.”
Times Online: Mr. Kashkari are you done?
Kashkari “nah check this out I totally got this sweet gig at PIMPCO”
Times Online: I think you mean PIMCO.
Kashkari: “dog you be trippin cash n carry out!”
To paraphrase Edgar Alan Poe and Alice Cooper, ” Life is nightmare within a nightmare. Welcome to your global nightmare: USA.”