Overview: http://www.federalreserve.gov/monetarypolicy/bst.htm

http://www.federalreserve.gov/monetarypolicy/bst_lendingprimary.htm

http://www.federalreserve.gov/monetarypolicy/bst_lendingother.htm

I think the failure of the PPIP’s legacy loans program was due to the clout of the small banks. They did not want to be subsidizing the big banks. See http://seekingalpha.com/article/146683-geithner-s-toxic-asset-plan-reborn

The government is owned and controlled by the predatorclass and will not help us.

There is no such thing as justice, no fair legal system. The predatorclass is immune from accountability, and the people are subjected to deepstate oppression and onesided legal system that woefully and intentionally disatvantages the poor and middle class. Corporate Amerika is bent on paper profits alone and delirious with greed, and would enslave every worker, and capture and sell our daughters to the highest bidder if possible.

No one, and no thing is going to help us. The people are mercilessly alone. Our future will be determined by our capacity to colasce as a mass and force – FORCE real change.

We either go silently like moths to the flame, or sheep to the slaughter, or prisoners to the Homeland Security detention centers or the ovens – or not.

If we are sheep or prisoners, we will be sheered and butchered, and served as meat on the oppulent tables of the predatorclass. If not, – the people will strike back, FORCE real change, and there will be a reckoning and a balancing.

Our only hope for real change is asymmetrical action and predatorclass blood.

http://en.wikipedia.org/wiki/Goldman_Sachs

“In 2006, Goldmans Sachs’ mortgage-bonds division, Alternative Mortgage Products (known as GSAMP for short), issued 83 home-loan-backed bonds, valued at $44.5 billion. In the subprime sector, it grew its business by 59% from 2005, offloading some $12.9 billion on to fund managers.

According to Inside Mortgage Finance, that made GSAMP the 15th biggest issuer of subprime-backed bonds in 2006. According to the website ABAlert.com (Asset-backed Alert), Goldman Sachs was one of the top 10 sellers of Collateralized Mortgage Obligations (CMO’s) and may have sold about $100 billion in CMO’s over the last two and a half years.

But, by the start of the third quarter this year, those securities were being downgraded by the credit ratings agencies faster than any other subprime lender. According to a Reuters report, Citigroup’s research (June 22, 2007), stated “portions of Goldman’s GSAMP-issued bonds, which include subprime loans from a variety of lenders, have been downgraded a combined 69 times by Standard & Poor’s and Moody’s Investors Service in the year through June 15. Sixty of the GSAMP downgrades refer to classes from 2006 bonds,” Citigroup added, and Allan Sloane in The Washington Post stated that one of Goldman’s 2006 crop – the GSAMP Trust 2006- S3 – may actually be “the worst deal…floated by a top-tier firm.” One in every six of the 8,274 mortgages bundled together in GSAMP Trust 2006-S3 was already in default 18 months later. Whoever bought the S3 bonds will have either taken a 100% loss, or are waiting to sell it off at a heavy discount.”

In 2007, you’ll recall, they made $4 billion shorting “securities” like this.

There is an amusing exchange recounted between Rolling Stone’s Matt Taibbi, who characterized GS as “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money” in his recent piece, and as GS spokesman, who said, “”We reject the assertion that we are inflators of bubbles and profiteers in busts, and we are painfully conscious of the importance in being a force for good.”

That is truly laughable stuff. You can’t make this up. At this year’s partner meeting, after the $20 billion of comp’s been showered on everyone at GS, they’ll be laughing and high-fiving all around at how adriot they all were in surviving as a government ward and still managing to have their biggest payout ever. Next year they might very well be gone, a footnote in this whole process; but this year they’ll sup at the federal trough like never before. And they’ll be bloated beyond recognition.

Taking up pitchforks and torches to demand “More Red Tape”!

BTW, Paulsen was always a big time influential partisan Democrat.
I no longer consider the left wing of the Democrat party to be liberal. Liberals support Democracy and human rights. It seems the Democrats don’t anymore. Liberals don’t try to install dictators in Honduras, or release Terrorists to try to get negotiations going with a butchering, head cracking, thug regime that massacres people in the streets like Iran.

Yours truly,
Bill Woody

The good folks storm the Springfield branch of Zombie Bank with James and Homer bringing up the rear.

“Regulation not Revolution!”More red tape!” chanted the picket waving crowd.

http://www.lemonde.fr/societe/article/2009/07/03/harvard-le-blues-de-la-business-school_1214980_3224.html

The article is about the role and response of the Harvard Business School to the current financial crisis. SJ is cited as a critic of the school.

1st citation:
“Que reproche-t-on à Merton, ses pairs et leurs émules ? D’avoir fourni l’arsenal théorique – ” un vernis de légitimité académique “, dit Simon Johnson, professeur à l’Ecole de management du Massachusetts Institute of Technology (MIT) – et aussi bénéficié d’une évolution qui a vu la finance passer en trente ans de 16 % à 41 % des profits réalisés aux Etats-Unis. Merton n’est qu’un exemple : les passerelles entre postes d’enseignant et de consultant dans des institutions financières se sont multipliées.”

2nd citation:
“Franck Darmon : ” Les gens arrivent ici très différents et sortent tous un peu avec les mêmes idées dans la tête. ” Simon Johnson, enseignant au MIT de Boston, résume les choses ainsi : ” Plus que d’autres, Harvard a développé une vision unifiée du monde. Et elle donnait un accès accéléré aux élites. ” Parce que sa ” vision ” corroborait au plus près celles de ces élites ?”