Turbo White

Turbo Timmy € ™ s Sneaky Scam (Part Two)

Justice Litle, Editorial Director, Taipan Publishing Group

Second Party "Timmy Turbo Sneaky Scam," the court examines the manner in which Treasury orchestrated a giant fraud could be successful.

As part of this series on Friday, Why talk Geithner œrescue not flat â € € € ™ does not work as announced … and why no genuine attempt to implement this thing is doomed to fail (as many economists predict Accredited happens).

However, we have closed a game with the following warning (more or less): No honest version of this turkey is going to fly, outright, for fraud could be successful.

There are many ways to skin a cat … , Or U.S. taxpayer somehow. To explain what I mean, Wea € ™ ll turn in the analogy, again …

With A Classic

As the housing bubble has become a big bust, ugly stories of men arises with slick (and women), tearing of the bankers of the community, wide-eyed innocent, and none of what they could fly, with certain real estate fraud.

These scams typically € revolved around a false or fraudulent "deliberately inflated the value of a property, then start a fake exchange between buyer and seller with intent to defraud later.

There exist many variations of the scam, but the end was always the same. The original purchaser, the original seller, and sometimes, Counsel both thrown in for good measure, has been shown to be taken. The charlatans do not keep a low profile, be paid as unobtrusive as possible and try to be long gone when the truth came to light.

How this applies to the rescue Geithner?

Well, I remember the gist of the problem: â € € œpublic-private is doomed to failure because investors have no qualms about throwing money honest nature of the window. It Wona € ™ No more need be offered for keep banks solvent. (What we have here, incidentally, is not a liquidity problem but the solvency problem â € "something Timmy Turbo, Sheila Bair at the FDIC, and the Obama camp at all refuse to admit it.)

If private investors seem to forget Timmy Turbo honest. But investors dishonest … well now Thata € ™ s another story.

Dishonest only the investor is willing to buy assets Banks ™ € badly overpriced knowingly exposed to a loss … with other knowledge that the real advantage will come later.

Remember Flipper Franky Friday? Once again, Franky, her boyfriend is in trouble, and you are a government employee.

Did I tell you is a very powerful official in the government? So called his friend Harry Hedge â € "a major blow to investors â €" and this is what you say:

â € œSay friend Harry! Howa € ™ s things? Listen Harry, I have a deal for you. Youâ € ™ re going to love the promise of AI … Our Mutual Friend Franky â € "you know Franky â €" is a dead end. Then LIENA ™ € is what I need. I need to buy a couple of houses he specification, and I need that makes the high bid and good … you get paid a great price. I know Itâ € ™ Fire SA sales market, but a fire sale offer Wona € ™ t do. Franky is good people and we can only let-t € ™ run. Hea € ™ SA also connects if you know what I mean. What kind of offer price are we talking about, you ask? Well Leta € ™ s see. This values for these dogs around $ 300K each … so I need to make an offer, say, $ 270 – $ 280KÂ minimum, maybe even a little more.

â € œWhoa, whoa! Nâ € ™ t cry on the phone to Harry, IA € ™ m here. Believe me, I know. I know that properties are junk. I know it is not worth half of what IA € ™ m asking for the bid. And I know I wouldn € ™ t flush money down the toilet on purpose. Thata € ™ is why youâ € ™ re Harry Hedge, the investor big fish are. But it gives me a little credit also, eh? Should I call you without even a way to make it worthwhile?

â € OESO LIENA € ™ s the offer … all we need do is give the appearance of solvency Franky. Once HEA € ™ s looking good again Wea € ™ ll have time and space to mix all the money to some people related serious interest â € "including you, Harry wave € ™ PAL. If you take a small loss in this set of driving safety, IA € ™ ll well worth your time. Youâ € ™ ll just put a small fraction Wea total price € â "€ ™ to speak less than $ 25,000 per home. This section is the most youâ ™ € ll be endangered. All other levers, approximately 85% of the losses are for Uncle Sam and John Q. Taxpayers to worry about.

â € œYouâ € ™ ll probably lose your coverage deposited in advance. Thata € ™ s what will make a tender swollen … Finally, the real value of the asset is in the wash. But Harry age, if you do that if you take this short-term success, then I swear I'ma € ™ ll be worth the sorrow.

â € œIf you have the nose and make this work for me, my friend Harry, in my capacity government official will make sure that you get a return on investment in some other sweet, say, € â € ~ Alternative A Way ™. Iâ € ™ m a guy so powerful … becomes every day as powerful … SOA you know, there are all kinds of things I can do for you. Think of all the different ways to put that money in your pocket. Heck, we can dream a little before the recovery plan gives me the same word. What? R €

The layer of complexity

Once the review is, with both sides Clued to the false and the government allowing it, the rest are details.

After all, Congress and the public are too easy to get wrong. Just keep â € ~ em distracted with a lot of populist … Bono Guff Take a high-level scapegoat or two (like the head of AIG) to the wolves to the media … then take on real activity and financial theft banditry under the symbol manipulation annoying and complicated spreadsheet.

Just think of all Mortgage disadvantages cunning angles came with the rise of milk. Then think about the fact that these kids were small, without the benefit of the training school Ivy League business or even decades of immersion in the esoteric world of high finance.

In other words: When you € ™ s Wall Street better and more motivated to put money in their pockets under the darkness, conjuring up the next David Copperfield could put to shame.

My expectation Generally, if things go according to Turbo Timmy € ™ s taste, is that the rescue will be charged as more or less successful. There will be numerous strange adventures, strange and dubious accounting flourish here and there but overall Wona € ™ t enough to cause the media problem. Some observers can quack … but in general, publication € ™ s eyes glaze over.

And then, if Nouriel Roubini € â € ™ s this evaluation is right "that banks are still filled with the assets of a rotten apple €" Most of these blocks will be transferred directly to the taxpayers ™ € s lap.

Geithner Pushing Plan is to provide participants with private leverage 14X (about 7 cents of every dollar). The government plans to leverage and take responsibility (on behalf of taxpayers) for the rest. This means that for every dollar that evaporates, you and I, as the taxpayers pay almost 93 cents.

If we see an increase again next year later this year or, as Roubini provides, the bill total could reach billions of dollars more. In more honest position would be more (much more) rescue additional money from the Fed and the Treasury would to request from Congress.

But thanks to the bait and switch bailout â € "Fraud, that is, the operation of private investors as paid hooks â € "Turbo Timmy set things up so that the American people have no say in the matter. Banks will be saved as smart … including the current culture of shareholders, bondholders and managers … while you and I pay through the nose on a scale that makes AIG Search premiums as a struggle for a piece gum.

A Pretty Good scam

Then Thata € ™ s my take on the rescue plan Geithner. I didnâ € ™ t bother with details because you can read about those in the U.S. Wall Street Journal Today and whatever.

Understanding the scam, since this kind of thing could also explain the different notes to be reached in the media … have people like Paul Krugman and James K. Example Galbraith. Both are left-liberal as they come.

Iâ € ™ M Galbraith Krugman is not insulting or saying â € "Itâ € ™ is simply outward-oriented and a source of pride for them. KRUGMAN € ™ s blog is called â € even know one liberal.â OETH € leftist proud are natural fans of Obama's team. If somebody in œhope € â € and change camp, ser.

However, these guys (Krugman and Galbraith) hatred and contempt Geithner plan, because they see it for what it is … absolute betrayal of Sunburst left wing idealism Barack Obamaâ € ™ s candidacy represented at all committed idealists like themselves.

Krugman and Galbraith know that the only fair legal assessments of the plan are Geithner œbadâ € â € and â € œworse: â € So I definitely will not work right, or if it works, it works through the sale of all principles good left wing idealist position.

And then cynical, happy as rubber hand Bill Gross, aka â € œThe King. € gross Bond bosses to PIMCO, one of the largest houses of the obligations and money management operations in the world.

I liked Bill Gross, and I made a point of reading his monthly commentary on a regular basis. I still read, but I'm more like him, for in the measure IA ™ M € gross totally and completely sold to America in search of its bottom line.

Bill Gross was on the record actually called the general plan Geithner wonderful fantastic, all the cliches happy … and why?

Because in its editorial € ™ s humble opinion, Bill Gross of PIMCO know will make a ungodly amount of money from this scheme and it is absolutely licking their chops over it â € "like a cartoon with a wide Wolf and a knife. Again this windfall Wona € ™ t go through the main entrance is through PIMCO pay inflated prices for the radioactive waste … but through the door back through all copies from scratches and pay contributions and asset inflation for PIMCO enjoy in exchange for their help Turbo Timmy of a jam.

Blackrock, one of the â € œ the world € ™ s largest publicly traded investment firm managing a money € is another great home ready to make a plan to kill â shamelesss Geithner € "probably cut and slaughter of taxpayers in the process.

Some merchants have taken to bring together the two large bodies of PIMCO and rock together and PIMROCK calling. Is it a surprise BlackRock was founded by a man named Larry Fink? Hmm … Fink and Gross. Probably just a coincidence that the cosmic irony, but who knows.

Something sad

The good news is that if Geithner & Co. this trick, the markets may have a better walk the short term, due to its creation.

That is, if Turbo Timmy and his band of accomplices managed to deceive the public with a successful maneuver Shell Game all portfolios with padded fingers and according to plan, then the concept â € € œhooray that are stored in banks would boost market valuations bank placed higher in the black again, and restore a sense of confidence in the country.

But if that happens, we must ask what price?

What price does not only refused to punish ex-mounted Crony, smoke-filled room systems that put us in this trouble, but take steps to restore their health and make them even more powerful than before?

If you weren ™ € t so sad, it would be funny. All this propaganda and publicity and rabies in a stupid $ 165 million in bonds at AIG, and we are about to be lured hundreds of billions of billions of dollars, and people are smiling and nodding happily to him. (Many people still not entirely ….)

The mind boggles … I want to thank you for the antics of Congress coup, now we have a crazy sending death threats intrigued and frightened AIG executives, many of whom had nothing to do with the credit default swap debacle that allowed AIG to its knees (the company had many business lines, only some of them fraudulent) … and meanwhile, the U.S. is once again ready to be beaten and robbed kidney blind by the same group of white collar cocky bastards who brought knees first, and not necessarily € ™ t even paying attention.

Shaking hands with the devil

Obama Team Member, Larry Summers, â € "has been called a financial manna € € œwise Premier â €" â € would be € œgratifiedâ gone to the s ™ € Marketa mass rally on Monday in response to Geithner's plan.

And I say: Of course, Larry, I mean, nâ € ™ t know how this sort of thing? When you sell your soul to the devil, good things happen, usually in the short term. Itâ € ™ s long-term need to worry.

And let me be clear, Itâ € ™ s long-term rather than short-term that IA € ™ m concerned too much here.

For IA M € ™ is concerned, all the Obama administration has made a pact with the devil and Timmy is to detail the elaborate contract Turbo Guy. (I donâ € ™ t know where the president is in all this, but can not be one of the two judgments: accomplice or ignorant. Obama knows and approves, or hea € ™ pawn SA. I wish there was another option, but hea € ™ s head. What can be?)

Assuming that Wall Street should remain more or less OEAs is â €, â € leaving only the power structures, we are setting ourselves back as soon as possible in the same boat then.

The new regulatory efforts Wona € ™ t mean a hill of beans … Congress expected to stop in Wall Street is like asking the Keystone Cops to hunt down Lex Luthor. Worse yet, I strongly suspect that all the guff about € â € œnever again and a new regulatory regime is a little more smoke â € "more ways to calm a gullible public, while the concentration of power every time in the hands of the powerful.

Thus, in the short term, maybe putting something back into this thing sweet and markets continue to grow. Maybe we take another step toward healing with all the guilt of hunting the water, enjoying their all-to-large health restored.

And maybe then too, instead of having to actually € Wea ™ have given opportunity for the reconstruction of a wound corrupt, crony-based financial system better, we stick to what we had before … and get mounted on the ground by the same group of drooling, greedy teachers as before … and sign up for an even more detestable days, counting in a point on the road.

Ugh … time to relax and have a drink and some laughs. If youâ € ™'ve read this far, perhaps the need to drink too.

And let me know what you think: Am I wrong in my assessment Geithner Plan (which is – there must be an inside job is a scam on the taxpayer is the only way that makes sense)? If IA M € ™ right that the Obama team is signing a pact with the devil, who can somehow try to justify economic issues, or is simply beyond the limits?

And last but not least, there is nothing we can do as citizens, also remain vigilant in protecting and developing our own wealth in the face of all this madness? You know the e-mail: justice@taipandaily.com

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