Why creating a Bad Asset Repository Fund for Wall Street’s toxic assets could make banking even sicker.
First there was TARP. Get ready for BARF.
They haven’t named it that yet, but calling a federal “bad bank” to soak up toxic assets the Bad Asset Repository Fund would be truth in advertising at least. Despite Washington’s renewed enthusiasm for the idea, there is a strong case to be made against it.
The problem boils down to bank profitability, which is depleted, and the industry’s ability and willingness to lend. Offloading the worst assets into an aggregator fund would still leave banks with loan books under pressure from rising defaults. Banks would still be forced to build reserves at a time when their earnings power is reduced, and that earnings power would only shrink more with a smaller asset base. More HERE
We at ATAW realize conservative capitalists will have a difficult time stomaching BARF and present the official Presidential BARF bag – originally created for the Inauguration and debuted at BlogmeisterUSA, it looks like we’ll have to have a large supply of BARF bags around….
GLENN: When this economy has turned around, and we’re going to have a great party. You don’t need to celebrate my inauguration. I’ll give you a speech, you watch it on television and I have to talk to you about our plan for America. That guy would have a 90 rating! Because if somebody would say common sense. Instead what are they doing? Declaring a state of emergency to be able to pay for this. They are expecting millions of people to show up on the mall, and how many Porta-Potties are they going to have on the mall? How many Porta-Potties are they going to have there for an estimated crowd of 4 million people. 4 million people, if you went in and had to get a permit to do, you know, a big event anywhere, in any city in America and you said, I’ve got 4 million people showing up, how many Porta-Potties would you need? Can you call Kevin real quick or Google? You have — oh, you have it? How many Porta-Potties? We have the strangest meetings at 6:00 or 7:00 in the morning. Kevin walked in and I said, Kevin, I need a little bit of research done. And he said, sure, okay, what do you need? I said, I need the number of Porta-Potties that would be needed for a party of about 4 million people. He said, what? I said, I need a Porta-Potty count. All right. Wrote it down. So how many Porta-Potties, if it was just you or me, how many would you need to get your permit? Read more from Glenn and Stu here
This is of serious concern, because there is going to be more poo than usual in Washington next week…..
On today’s show you’ll hear breaking news about the possible disclosure of Barack Obama‘s being born in Kenya as a copy of the
Hawaiian Divorce Decree of Obama’s parent’s is going to surface on the Internet…
There’s just one problem with this and that is nomatter what shows up, Barack Hussein Obama WILL be sworn in as President on Jan. 20th in
Washington, DC. For anyone who is thinking otherwise, it’s NOT going to happen…
The Democratic controlled Senate and Congress is NOT going to allow anything that will upset Obama’s proverbial ‘apple cart’ for the next
4 years and everyone needs to accept that as a fact and get on with the Country’s business at hand…
Our guest today, Frank Salvato, Managing Editor of the New Media Journal echoes that fact as there’s also talk about MN’s new Senator-
Elect and the legal challenges facing him from GOP Senator Norm Coleman as more votes than voters have surfaced in 25 MN
You’ll also hear the breaking news about
Not to forget about the news coming from the Gaza Strip and straight from reporters in the area with Israeli News…
You’ll also hear the latest from our Dept. of Defense in the Global War on Terror as “The Captain’s AMERICA” Radio Show keeps you informed
on what’s going on in the World around you…
Get in on knowing what others won’t talk about and become a regular listener…
ILLINOIS GOV. ROD R. BLAGOJEVICH AND HIS CHIEF OF STAFF JOHN HARRIS ARRESTED ON FEDERAL CORRUPTION CHARGES
<a href=”http://chicago.fbi.gov/dojpressrel/pressrel08/dec09_08.htm” target=”_blank”>Press Release from FBI.gov
Blagojevich and aide allegedly conspired to sell U.S. Senate appointment, engaged in “pay-to-play” schemes and threatened to withhold state assistance to Tribune Company for Wrigley Field to induce purge of newspaper editorial writers
CHICAGO – Illinois Gov. Rod R. Blagojevich and his Chief of Staff, John Harris, were arrested today by FBI agents on federal corruption charges alleging that they and others are engaging in ongoing criminal activity: conspiring to obtain personal financial benefits for Blagojevich by leveraging his sole authority to appoint a United States Senator; threatening to withhold substantial state assistance to the Tribune Company in connection with the sale of Wrigley Field to induce the firing of Chicago Tribune editorial board members sharply critical of Blagojevich; and to obtain campaign contributions in exchange for official actions – both historically and now in a push before a new state ethics law takes effect January 1, 2009.
Blagojevich, 51, and Harris, 46, both of Chicago, were each charged with conspiracy to commit mail and wire fraud and solicitation of bribery. They were charged in a two-count criminal complaint that was sworn out on Sunday and unsealed today following their arrests, which occurred without incident, announced Patrick J. Fitzgerald, United States Attorney for the Northern District of Illinois, and Robert D. Grant, Special Agent-in-Charge of the Chicago Office of the Federal Bureau of Investigation. Both men were expected to appear later today before U.S. Magistrate Judge Nan Nolan in U.S. District Court in Chicago.
By Aaron Klein
© 2008 WorldNetDaily
“My message to [Obama] is threefold,” declares Egyptian cleric Hassan Abu Al-Ashbal, speaking last week on the state-funded Al Nas religious television network. “First, I invite him to convert to Islam. This is the call of the Prophet and of Allah. Oh, Obama – convert to Islam, and you will be saved.” More from WorldNetDaily
Ali ibn Abi-Talib, the seventh-century figure central to Shiite Islam, is said to have predicted when the world will end, columnist Amir Taheri points out. A “tall black man” commanding “the strongest army on earth” will take power “in the west.” He will carry “a clear sign” from the third imam, Hussein. Ali says of the tall black man: “Shiites should have no doubt that he is with us.”
An Iranian in Tehran sports a badge of Barack Obama. (AP: Hasan Sarbakhshian)
Barack Hussein in Arabic means “the blessing of Hussein.” In Persian, Obama translates as “He [is] with us.” Thus does the name of the presumptive American president-elect, when combined with his physical attributes and geography, suggest that the End of Times is nigh – precisely what Iranian president Mahmoud Ahmadinejad has been predicting.
Back down on earth, the Muslim reaction to Obama’s victory is more mixed than one might expect. More from DanielPipes.org
Voice of Marxism announces, ‘hard work is just beginning’
By Bob Unruh
Hailing Barack Obama’s win as a victory for the “working class,” the Communist Party USA is calling on the president-elect to carry out his promises, including his noted commitment to “spread the wealth.”
An editorial by the People’s Weekly World said the victory was for “workers of all job titles, professions, shapes, colors, sizes, hairstyles and languages.”
The newspaper, which boasts of its “partisan coverage,” identifies itself as “a national, grassroots weekly newspaper and the direct descendant of the ‘Daily Worker.'” More from WorldNetDaily
Does it come as any suprise that the racist, hate filled Farrakhan and Pfleger are speaking out now? Come to think of it, they’ve been outwardly supporting Obama all along, it is just that the MSM decided after the election to make it news.
Just hours after the election, mayhem erupted in the streets of Philidelphia as Obama-bots took to the street. The only visable arrest? A young man wearing a McCain/Palin shirt, apparently guilty of nothing more than walking down the street…
This filthy-mouthed black Obama-bot verbally assaults a white McCain/Palin supporter… Is this the future of America?