Want to read an interesting take that may give you some insight into the AIG scam/bailout? Try AIG: Collusion Of Epic Proportions Between Goldman's US Treasury Branch And Goldman Sachs Proper I thought is was a good read. It actually made me sick to my stomach. If what GS pulled off was that savvy, we are truly screwed and the inmates are running the asylum.
Follow that up with Oh, So The Fed *DID* Hide Documents? from Denninger. "Additionally, Barofsky said he is reviewing the cooperation of the Federal Reserve with his staff's attempt to conduct an audit of the AIG transactions. Some of the documents recently turned over to the Oversight panel "were not provided to the SIGTARP audit team during the course of the audit."" Uh...do you really think they will ever truly turn over everything? What rose colored glasses scenario do you think will happen with this fiasco? All documents will be turned over, every phone call documented, a complete accounting for all cash involved and sworn testimonies from all involved will just appear? I don't think so. When you rip someone off for $18bn plus and have set up the play for years and you have the government in you back pocket, Naaaah, I don't think this ends in any satisfactory manner for anyone other than GS.
Then you throw Timmahh into the mix (I think he gets thrown under the buss). Questions Geithner Cannot Escape compliments the two posts above and ties it all together. I suggest you read them all and have a hefty bad near your chair in case the overwhelming desire to puke your guts out occurs. Will you be angry. I sure as hell hope so. I guess it is a matter of national security that we need to commit fraud and conceal evidence and lie to cover up how much money was stolen from the taxpayers on Obama's watch. That's right, I said it. This all happened on Obama's watch. Oops, was that a racist statement? that will be the claim du jour in a year or two. Be ready for it. (Hell, is Barry even eligible to be president? Was that the biggest part of the heist? Think about it?)
The best video of the day is AIG Spbpoena from CNBS. This morning Senator Jim Bunning just railed the system. I loved it. This may help with some of your anger management issues after reading all of the above.
Prag Cap brings you Cry Wolf Part 4 - ooops - I mean ROBERT PRECHTER: THE MARKET IS ENTERING THE NEXT BEAR PHASE. Hey, maybe the 4th time is the charm. RP totally chickens out on giving a projection when we all know he could have given a window based on his principles very easily. Me thinks he's been stung one to many times this past year. My thoughts on EWT, it has it's moments of brilliance, but not when Hotchberg is counting. Stick with Kenny or Daneric, they do it for free and run circles around the guys making millions (friggin ass backwards like everything else in this country). Lord I hope they are right this time. Me - I have not called a top yet. I want to this time more than any other. I'll be patient, trade it like the top is in and let form confirm the top. The other thing about EWT that is 100% certain - they will always get the count right AFTER the fact!
If you need a return to econ 101 and want the most creative and entertaining history lesson ever please see Hayek vs. Keynes - Straight Outta Compton from Zero Hedge. It is a classic.
GL out there. It is so comforting to know that our government, the treasury, the fed and the banksters have everything under control and we can trust them implicitly with or future. I'll sleep well tonight!