in the quest for the test to fulfill an achievement
everybody's only in it for themselves
when the fact of the matter is they just don't care
to extend a helping hand to anyone else
so tell me why, did you have to lie
and try to make me all confused about the U.S.A.
when the fact of the matter is you just don't care
to comprehend or understand a single word I say
I don't want to have I go against I
oh let me tell you
the same old story, no factual glory
I against I against I against I
and I say I don't like it, and I know I don't want it
I against I against I against I
almighty watching, almighty watching
I against I against I against I
and I say I don't like it, and I know I don't want it
I against I against I against I
I said who's gonna tell the youth about the drugs
about the drugs, mugs, bugs, and the police thugs
about the rotten stinkin' rackets and the fantasies
around the nation, around the nations
oh baby what you gonna do
I tell you the truth is looking straight at you
I got a brass continental with a 300 Z,
two color t.v.s,now a video too
I got a rest home in Jamaica for my fantasty, for my family
around the nation
around the nations
what you gonna do. -- Bad Brains, I against I
Warren Buffett, for whom I've always had the utmost respect and admiration for but who has a fresh $5 billion in cash and millions of warrants of vested interest in the firm that the Treasury Secretary used to run and which just coincidentally happens to be the same firm that will benefit the most from taking a trillion dollars from my mom and dad and giving it to Wall Street, is for the Treasury's Wall Street bailout plan.
I was hoping beyond hope he'd prefer to respect the rule of contract law and the private property rights built thereupon than to lobby the public for their hard-earned tax dollars for his own firm's direct benefit. Fear-mongering indeed.
The bailout won't change anything, but it'll certainly enrich Wall Street and its cronies. Only profit-seeking capital can create virtuous, productive cycles, not politically motivated capital, which is exactly what extorting a trillion dollars from Main Street for Wall Street is. That trillion dollars exists and wants to get back into the system. But there's no way it will when Wall Street and Washington are colluding to extort it from the system.
This ain't trickle down economics, which entails giving tax breaks and incentivizing large private investment with profit-seeking participants. Taking a trillion dollars from the bottom of the system -- the renters and savers who never benefited from the boom at all or those wisely sold out of the markets at the top -- and giving to the same guys who broke themselves with greed at the top of the system isn't going to somehow create a multiplier effect. No, it'll get sucked out the system by the same backdoor dealing and cronyism that always comes with governmental spending.
Talk about fear? The fear-induced knots in my gut and in my back and in my neck grow ever-larger as the socialization of our country seems ever more fait accompli.
I'm worried about class warfare if Wall Street and its Washington cronies pull this thing off. Illuminati indeed.
the man with the biggest bankroll wins
the people with the failed ideology of 'laissez faire' lose
we have now returned to the pre-glass steagall
Buffett, or Morgan, they are true to their ethics,
unlike the bought and paid for congress,
Wilson, Roosevelt trust busting was all for show
since the regulators failed their iversight duty,
now we will have some adult supervision.
September 26, 2008 at 5:21 pm
David Stewart @ my.SurfTheWeb.com
Plenty of blame to go around. Those that are guilty should go to jail. Bailout first announced - world markets jump. Next day do nothing congress does nothing. Market dumps. Another interesting fact. If there were any republicans knee deep in this the dems would be demanding hearings! We must keep current system going - then get a strong team in the white house that will clean house - regardless of party affiliation!
September 25, 2008 at 11:36 am
Ben
Cody - yeah right. I'm with Sam (9/24 at 6:15p). Buffet probably knows just a bit more.
Where were all of the calls to stop the sub-prime loans from being securitized and sold to the world on the premise that real estate will simply continue to rise at 15% per year?
Now that the size and scope of the problem is being identified some are advocating the government do nothing to put in a solution out of "fear"?
Get a grip. Put on your seat belt. Keep paying your mortgage. Enjoy the bumpy ride. Too many people drank the same kool-aid - now it is time to take the medicine.
September 25, 2008 at 9:09 am
Raymond B
Unadulterated socialism. The only proof that an asset is worth X is when you find a person willing to pay X. It might be worth half of X or twice X.....all depends on finding a buyer. HOw can the Feds determine X reading tea leaves?
Congress has stolen all the billions of Social Security Administration and now we are going to give them $700B more???
September 25, 2008 at 7:53 am
David
Are you complaining? No shoulda woulda and couldas will, is or has EVER made a difference.
Have some courage to do the right things YOUSELF.
Buy a gum ball machine and throw it in Chichi's Pizza.
Who do you think Warren Buffet is? The devil's advocate? Some scam artist?
Warren is a regular guy who earned his fortune. The reason he is the richest man on earth is because he is one of the best at using a concept which is as a matter of FACT, very hard to grasp. This concept is called logic. Period.
We're so caught up we hardly know what logic even is.
-I apologize for being off topic and want to thank you for your time.
September 24, 2008 at 10:47 pm
Scott
" Hmmm. To listen to some random guy named Cody, or to Warren Buffett. Only one of them can be correct. What to do, what to do.
On balance, I believe perhaps I shall go out on a limb here and think that perhaps–just mayyyybe–Buffett knows a teeny tiny itty bit more about what is going on here than Cody.
Sorry bout that, Code-ster. "
- Sam
I think what Buffet realizes is that UNLESS there is an maasive display of dissent, Goldman is going to benefit the most from this.
I envision something like a scenario where the government bails out these organizations buypaying for the crap at a higher price than market. Then they mark it to market - selling the good stuff for pennies on the dollar to Goldman. Goldman gets valuable assets at arbitrage prices while the tax payer pays retail. This is the same company that fomented the excessive oil speculation through manipulative analysis, calling for arbitrary price targets of $200 per barrel with no empirical evidence to support their analysis. They were likely quite long oil at the time they were propounding this "objective analysis". This is treasonous in nature, treasonous toward the human race. Buffet is smart enough to know that this company with it's tenacles deeply around our state and national governments can do what they want - whenever they want - and they will be effectively stealing the best assets from the tax payers. I often wonder if they are "The Beast". Maybe they should change their ticker symbol to 666.
www.tableofwisdom.com
September 24, 2008 at 10:13 pm
Allen V
Fox mislead with their attribution. He responds “heaven help us” if congress does nothing. He does not specifically advocate the $700 Billion dollar bailout anywhere. Notice the creative quoting in the bold type.
September 24, 2008 at 7:28 pm
Sam
Hmmm. To listen to some random guy named Cody, or to Warren Buffett. Only one of them can be correct. What to do, what to do.
On balance, I believe perhaps I shall go out on a limb here and think that perhaps--just mayyyybe--Buffett knows a teeny tiny itty bit more about what is going on here than Cody.
Sorry bout that, Code-ster.
September 24, 2008 at 6:15 pm
Scott
Good blog Cody.
As you wrote Taking " a trillion dollars from the bottom of the system — the renters and savers who never benefited from the boom at all or those wisely sold out of the markets at the top — and giving to the same guys who broke themselves with greed at the top of the system isn’t going to somehow create a multiplier effect. No, it’ll get sucked out the system by the same backdoor dealing and cronyism that always comes with governmental spending. "
There is a way for the gov to engineer this without what you predicted happening. It's only a question of whether they we have a government "by Goldman Sachs, of Goldman Sachs and for Goldman Sachs.
I say to the government, go ahead and bail out AIG, banks and the auto industry – but I want 80% equity in each company - and every mortgage that turns out to be viable - to go into social security custodial accounts that cannot be touched by any government representative. They should continue to be run by the private sector but the people bailing them out should be given equity. The current management should be ousted and the taxpayers should get at least one seat on the boards of these companies. Perhaps the seats should be elected positions. Take it or leave it; no giving Goldman the wheat and sticking the tax payers with the chaff.
My essay: “I’m Not your Sugar Daddy”
http://www.tableofwisdom.com/MrArbitrage_on_Market_.html
Also, we need to contact our representatives and demand a fair deal.
http://www.senate.gov/general/contact_information/senators_c...
https://forms.house.gov/wyr/welcome.shtml
September 24, 2008 at 5:18 pm
Justin
They all are Illuminati. I knew the guy was bad news when I caught on to his views of taxation and how rates are too low. And to think that all of these bureaucrats have the audacity to say that subsidizing corporate and social welfare queens will somehow help the middle class. The middle class are getting squeezed by people that don't want to provide for themselves and the monied interest of the banking establishment that has the power to run our shadow government behind the scenes.
September 24, 2008 at 4:50 pm
Larry Callaghan
Cody please tell people that main street also has a plan!
These 700 billion $ people are either so stupid I can't believe it or they are just stooges for the big investment businesses.
Try this Plan:
1. 700 Billion for loans
2. New loans ONLY no re-fi's.
3. Documented loans to qualified borrowers ONLY.
4. No politically motivated loans to the unqualified.
5. Limit to ONLY US businesses and/or US citizens with money to be used within the US 50 states or territories.
6. Preference for loans to business that will certify hiring new employees.
7. Originator can keep loan and get a guarantee or sell loan and get a fee.
8. For guaranteed loans leverage of 10 to 1 or less.
9. Originator and borrower held liable for documentation inaccuracies.
10. Full amount will go to jump start the economy.
September 24, 2008 at 4:20 pm
Alex
IWN is down what 1% so far this year...can anyone tell me how this is armageddon?
September 24, 2008 at 2:48 pm
aboutthis blog
Cody Willard is an anchor on the FOX Business Network. Willard is also the principal of an investment management company.
He was a long-time featured columnist for the Financial Times and TheStreet.com as well as a regular featured economist and stock picker on CNBC's ''Kudlow & Company."
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pohick
the man with the biggest bankroll wins the people with the failed ideology of 'laissez faire' lose we have now returned to the pre-glass steagall Buffett, or Morgan, they are true to their ethics, unlike the bought and paid for congress, Wilson, Roosevelt trust busting was all for show since the regulators failed their iversight duty, now we will have some adult supervision.
David Stewart @ my.SurfTheWeb.com
Plenty of blame to go around. Those that are guilty should go to jail. Bailout first announced - world markets jump. Next day do nothing congress does nothing. Market dumps. Another interesting fact. If there were any republicans knee deep in this the dems would be demanding hearings! We must keep current system going - then get a strong team in the white house that will clean house - regardless of party affiliation!
Ben
Cody - yeah right. I'm with Sam (9/24 at 6:15p). Buffet probably knows just a bit more. Where were all of the calls to stop the sub-prime loans from being securitized and sold to the world on the premise that real estate will simply continue to rise at 15% per year? Now that the size and scope of the problem is being identified some are advocating the government do nothing to put in a solution out of "fear"? Get a grip. Put on your seat belt. Keep paying your mortgage. Enjoy the bumpy ride. Too many people drank the same kool-aid - now it is time to take the medicine.
Raymond B
Unadulterated socialism. The only proof that an asset is worth X is when you find a person willing to pay X. It might be worth half of X or twice X.....all depends on finding a buyer. HOw can the Feds determine X reading tea leaves? Congress has stolen all the billions of Social Security Administration and now we are going to give them $700B more???
David
Are you complaining? No shoulda woulda and couldas will, is or has EVER made a difference. Have some courage to do the right things YOUSELF. Buy a gum ball machine and throw it in Chichi's Pizza. Who do you think Warren Buffet is? The devil's advocate? Some scam artist? Warren is a regular guy who earned his fortune. The reason he is the richest man on earth is because he is one of the best at using a concept which is as a matter of FACT, very hard to grasp. This concept is called logic. Period. We're so caught up we hardly know what logic even is. -I apologize for being off topic and want to thank you for your time.
Scott
" Hmmm. To listen to some random guy named Cody, or to Warren Buffett. Only one of them can be correct. What to do, what to do. On balance, I believe perhaps I shall go out on a limb here and think that perhaps–just mayyyybe–Buffett knows a teeny tiny itty bit more about what is going on here than Cody. Sorry bout that, Code-ster. " - Sam I think what Buffet realizes is that UNLESS there is an maasive display of dissent, Goldman is going to benefit the most from this. I envision something like a scenario where the government bails out these organizations buypaying for the crap at a higher price than market. Then they mark it to market - selling the good stuff for pennies on the dollar to Goldman. Goldman gets valuable assets at arbitrage prices while the tax payer pays retail. This is the same company that fomented the excessive oil speculation through manipulative analysis, calling for arbitrary price targets of $200 per barrel with no empirical evidence to support their analysis. They were likely quite long oil at the time they were propounding this "objective analysis". This is treasonous in nature, treasonous toward the human race. Buffet is smart enough to know that this company with it's tenacles deeply around our state and national governments can do what they want - whenever they want - and they will be effectively stealing the best assets from the tax payers. I often wonder if they are "The Beast". Maybe they should change their ticker symbol to 666. www.tableofwisdom.com
Allen V
Fox mislead with their attribution. He responds “heaven help us” if congress does nothing. He does not specifically advocate the $700 Billion dollar bailout anywhere. Notice the creative quoting in the bold type.
Sam
Hmmm. To listen to some random guy named Cody, or to Warren Buffett. Only one of them can be correct. What to do, what to do. On balance, I believe perhaps I shall go out on a limb here and think that perhaps--just mayyyybe--Buffett knows a teeny tiny itty bit more about what is going on here than Cody. Sorry bout that, Code-ster.
Scott
Good blog Cody. As you wrote Taking " a trillion dollars from the bottom of the system — the renters and savers who never benefited from the boom at all or those wisely sold out of the markets at the top — and giving to the same guys who broke themselves with greed at the top of the system isn’t going to somehow create a multiplier effect. No, it’ll get sucked out the system by the same backdoor dealing and cronyism that always comes with governmental spending. " There is a way for the gov to engineer this without what you predicted happening. It's only a question of whether they we have a government "by Goldman Sachs, of Goldman Sachs and for Goldman Sachs. I say to the government, go ahead and bail out AIG, banks and the auto industry – but I want 80% equity in each company - and every mortgage that turns out to be viable - to go into social security custodial accounts that cannot be touched by any government representative. They should continue to be run by the private sector but the people bailing them out should be given equity. The current management should be ousted and the taxpayers should get at least one seat on the boards of these companies. Perhaps the seats should be elected positions. Take it or leave it; no giving Goldman the wheat and sticking the tax payers with the chaff. My essay: “I’m Not your Sugar Daddy” http://www.tableofwisdom.com/MrArbitrage_on_Market_.html Also, we need to contact our representatives and demand a fair deal. http://www.senate.gov/general/contact_information/senators_c... https://forms.house.gov/wyr/welcome.shtml
Justin
They all are Illuminati. I knew the guy was bad news when I caught on to his views of taxation and how rates are too low. And to think that all of these bureaucrats have the audacity to say that subsidizing corporate and social welfare queens will somehow help the middle class. The middle class are getting squeezed by people that don't want to provide for themselves and the monied interest of the banking establishment that has the power to run our shadow government behind the scenes.
Larry Callaghan
Cody please tell people that main street also has a plan! These 700 billion $ people are either so stupid I can't believe it or they are just stooges for the big investment businesses. Try this Plan: 1. 700 Billion for loans 2. New loans ONLY no re-fi's. 3. Documented loans to qualified borrowers ONLY. 4. No politically motivated loans to the unqualified. 5. Limit to ONLY US businesses and/or US citizens with money to be used within the US 50 states or territories. 6. Preference for loans to business that will certify hiring new employees. 7. Originator can keep loan and get a guarantee or sell loan and get a fee. 8. For guaranteed loans leverage of 10 to 1 or less. 9. Originator and borrower held liable for documentation inaccuracies. 10. Full amount will go to jump start the economy.
Alex
IWN is down what 1% so far this year...can anyone tell me how this is armageddon?