October 6, 2008 archive

$700 Billion Bailout to be Run by Man with 6 Years Experience

Today, Treasury Secretary Henry Paulson appointed Neel Kashkari to oversee the $700 billion bailout of the nation’s financial crisis. That’s right Kashkari is now the interim Assistant Secretary of the Treasury for Financial Stability.


Neel Kashkari, a former banker at Paulson’s old company, Goldman Sachs, who earned his M.B.A. from the Wharton School at the University of Pennsylvania in 2002.

Paulson’s move certainly inspires the confidence a panicky financial community needs right now, doesn’t it?

The “Deal Journal” blog at The Wall Street Journal has some background on Kashkari. The post notes, Paulson’s “move essentially puts a new title on what Kashkari he has been doing since he joined Treasury in 2006-examining the consequences of an economic housing fallout.”

So, after two years of watching the collapse, he’s in charge of fixing it?

Come on! Kashkari has only six years of financial experience!  

Four at Four

  1. CNN reports Paulson names bailout chief. Treasury Secretary Henry Paulson had appointed Neel Kashkari to oversee the $700 billion dollar bailout. “Kashkari, a former executive at Goldman Sachs, is the assistant Treasury secretary for International Economics and Development.”

    The Deal Journal blog at the Wall Street Journal has some background in Meet Neel Kashkari: The Man With the $700 Billion Wallet. “The full appointment would need Senate confirmation, which is unlikely to come given the short remaining tenure in this Administration. The move essentially puts a new title on what Kashkari he has been doing since he joined Treasury in 2006-examining the consequences of an economic housing fallout.”

    Kashkari… is an Indian-American who has a few things in common with Paulson… Both are former Goldman Sachs bankers, though Kashkari, at 35 years old, is much younger and was just a vice president-level banker in Goldman’s San Francisco technology banking effort when Paulson tapped him to join Treasury. Both also are Midwesterners. Kashkari grew up in Stow, Ohio, and earned a bachelor’s and master’s degree in engineering from the University of Illinois at Urbana-Champaign. Paulson was raised in Barrington Hills, Ill. And both sport similar hairstyles- or lack thereof…

    Kashkari didn’t take a conventional route into banking. He started out as an aerospace engineer… He earned an M.B.A. at the University of Pennsylvania’s Wharton School of Business…

    Paulson likes to surround himself with people he’s comfortable with: people, mostly, from Goldman Sachs… Kashkari’s appointment is another example of how deep those Goldman Sachs ties go. In fact, Paulson himself was recruited by a former Goldman Sachs banker: former White House Chief of Staff Josh Bolten.

    Doesn’t putting a person with only 6 years of financial experience in charge of $700 billion ring any Iraq-type alarm bells!?

    Meanwhile, the NY Times reports the Credit crisis drives stocks down sharply. The Dow dipped below 9,600 points before pulling back.

    In Washington, executives of Lehman Brothers were testifying before the House Oversight and Governmental Reform Committee. The NY Times reports Lehman managers are portrayed as irresponsible. “One Lehman document among thousands reviewed by the House committee showed that four days before the bank filed for bankruptcy protection, Lehman’s compensation committee was asked to grant $20 million in ‘special payments’ for three executives who were leaving”.

Four at Four continues with extinction projections, planning for climate refugees, and Iraq still not safe.

a real abrupt climate change plan

Several diarists have already suggested during last week’s debate about the bailout bill that the “real” crisis facing America is that of abrupt climate change.  This is an attempt to take them seriously.

The discussion of what to do about abrupt climate change is, in this author’s opinion, at an extremely preliminary level — this diary is intended to forward the conversation in conformance to what can be realistically expected from climate change.

(Crossposted at Big Orange)

Take the pledge. Pass it on.

From Bold Progressives

Please email the below message to your progressive friends and family.

This week, Democrats helped George W. Bush and Republicans loot the federal treasury and hand billions over to Wall Street.

For some reason, we can never find money for kids’ health care, clean energy, or other progressive priorities. But when it comes to right-wing priorities like war and giveaways to failed Wall Street executives, Republicans always find the money and Democrats go along.

There were progressive solutions to the financial crisis that would have truly held Wall Street accountable and helped the middle class. But instead of fighting for a bold progressive alternative, Democrats caved to the least popular president in history.

ENOUGH. Anyone with common sense will vote for Barack Obama and Democratic congressional candidates this November. But it’s time for citizens to fight back and take this pledge — will you join in signing it?

   “In 2009 and beyond, I will be part of the movement that pushes Democrats to be bold progressives — and that helps pass a bold progressive agenda into law.”

   Sign the Bold Progressives pledge here.

This pledge is endorsed by top progressive bloggers and activists. When you sign, you can also write a message to top Democrats about what bold progressive leadership means — BlogPAC will deliver it to top staffers for Barack Obama, Nancy Pelosi, Harry Reid, Chuck Schumer, and Steny Hoyer.

Revolt: How To?


Continuing the theme,  (I’ll stop when ‘they’ do!) of revolution and what it means. Especially in light of the bailout/robbery that was supposed to magically fix everything and save the economy. It was passed Congress over the weekend, and today of course, the economy (if you are naive or disingenuous enough to believe the Dow is the economy) is tanking big time.

So…if WE are FORCED to pay 700,000,000,000 dollars to the very rich people who fucked up enough to need it….who then tell us they can ‘fix it’ if we pay for it….and it DOESN’T ‘fix it.’ and we are out Seven Hundred Billion….AND stuck with a tanking economy…..NOW WHAT???

IF the Ruling Class takes our money. Extorts it from us with threats to ruin the economy, and then basically pockets it and the economy is NOT fixed, what do we do?

And how do we do it?

The Point of Speaking

It was a dream:  I was at a party

And even though so many friends were there,

And even though the naked lady dancing

Waved at me behind the stage and knew my name

I was extraneous.

I woke in cold and darkness,

Longing for a single human sound

To kill the silence, and you came.

But when you saw that I was nervous,

  You went away.

I admit to calling after you–too late.

A whisper in my head was all I heard.

I imagined it was something that you said

As you made your way back home:

  “I needed you.”

In that space between sleeping and awake,

A dream can be a filter for reality.

But darkness loses power.  Light gets stronger every hour.

So I wandered down the lonely path to see if you were home.

At my trepid knock, I heard you at the door.

  You said, “Hello.

  How are you?

  Come in.

  Meet some friends.

  Make yourself at home.

Then I knew there was no need to be alone.


Final throes strategy

I had lunch last week with a good friend of mine. She is in her mid-sixties and her husband is in his early seventies. They are white working class people and life-long Democrats. During the primaries, she had noted how interesting it was that she supported Obama and her husband supported Clinton. Last week when we were talking about the election, she mentioned that her husband would reluctantly vote for Obama. For the first time, I asked her what his concerns were about Obama…she said it was his race.

BAM…never saw that one coming. I know we read alot about this, but it felt like a different story coming from such close quarters. I haven’t been able to stop thinking about it since. I wonder what constructs he has in his head that would write-off someone he would otherwise support simply because of his race. I know he’s from an era where that was more common than it is today, but its still hard for me to get my arms around that kind of blatant racism – especially in someone who is otherwise fairly progressive.

Perhaps its because I’ve been thinking about that conversation so much, or maybe there has been an actual shift in the campaign back to racism, but I seem to be hearing about it a lot more over the last few days. I think the later is more the case as the McCain campaign recognizes its in the “final throes” (hope its more true this time than it was when Cheney said it) and they have announced a new surge in negativity.  

If not for Biden, she (and many other women) may be dead

It is well documented how much of a horrific record John McCain has when it comes to his views and votes and policies towards women.  And while some people know about the Violence Against Women Act that Joe Biden was nearly singlehandedly responsible for drafting and getting passed, the stark contrast between how the two tickets approach issues important to women is not getting nearly enough attention.

Hopefully the following story will help change that.

Vote All Current Politicians OUT OF OFFICE!

The Bailout has already failed.

This week the markets will continue to tumble.

Exercize YOUR POWER!

They have stolen 700 billion dollars from you and YOUR STANDARD OF LIVING to GAMBLE on helping corporations who support only THEIR representatives in Government. This government DOES NOT CARE ABOUT YOU.

You have no representatives. Soon you will have NO VOTE.

You MUST vote all current Politicians out of office for the simple purpose of exercising the POWER of the PEOPLE OVER THE GOVERNMENT.

Your standard of living includes, garbage pickup, street repair, availability of electricity, heat, water and all public services.

Can you not see these are being cut back in all cities. It’s just the begining.

Soon you will have no access to your money. ATM’s WIll not be functioning soon. There will be bank “holidays” to prevent you from taking your money out of the bank.

The dollar will be replaced with another currency. It will have a different name. You will have to buy the new currency with your old currency. It will cost you perhaps 4 dollars to buy one new dollar. That will certainly be true for all third world countries who use American dollars or who America owes money to.

In this way your paper dollar will be devalued. You will lose your pensions, your 401 K’s, your saving will lose most if not all of their value.

This is a great depression.



The current group of politicians are incompetent.


The current group of politicians are fund raisers. They are not knowledgeable about their jobs. They have time only to raise funds from corporations.


Quit lying to yourselves.


Today the Markets Will lose about 5% of their value.

More Banks, National CIty, Banco Popular will go under and eventually their will be no one to rescue them and Your money will be lost.

If you don’t have much money, your public services will diminish, your quality of life will be drastically reduced.

YES! It appears You are going to live through a very awful time. It happens. It can happen to YOU!

VOTE 3rd PARTY and reenergize or at least shake up the nation.

Open Thread


Do not arouse the wrath of the great and powerful Thread.

Open Thread


One thing I can tell you is you got to be free

Come together right now over thread.  

OK, I Got A Couple Of Important Thingies Here………..

First off it’s October 6th, and most days bring with them a history of the past, much forgotten quickly and lessons not learned.

Here’s just one for today which I’ll call The bush Families & GOP’s Favorite Terrorist Pal, and no it’s not the one nobody thinks about anymore, especially the little bush:

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