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Simon Johnson: Big Banks Are Blackmailing the Country (Video)

 
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04/08/2010 01:11 AM
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Simon Johnson: Big Banks Are Blackmailing the Country (Video)
[link to finance.yahoo.com]

Posted Apr 01, 2010 10:55am EDT by Peter Gorenstein in Investing, Recession, Banking, Politics
Related: xlf, ^dji, ^gspc, dia, spy, gs, c
Treasury Secretary Timothy Geithner says "it's not fair. It's deeply unfair," that Wall Street has recovered so strongly from the financial crisis while millions of Americans are still struggling.

As we all know, when America’s banking system nearly imploded in 2008, our entire economy was nearly destroyed. Eight million jobs were lost, trillions of dollars in personal wealth evaporated, and bailouts turned our growing deficit into a black hole we may never be able to escape.

Simon Johnson, professor at MIT’s Sloan School of Business and author of 13 Bankers, says it's not only unfair, but that the bailouts Geithner and others engineered for the nation's biggest banks are dangerous. "They (the banks) really feel they're completely invulnerable," he tells Aaron and Henry in the accompanying clip. The prevailing thought on Wall Street is, "if things go badly it’s not your problem," he says.

Geithner, interviewed on the Today Show, went on to say that "what happened in our country should never happen again … people were paid for taking enormous risks. It was a crazy way to run a financial system."

What's even crazier is those conditions have gotten even worse thanks to the Too Big to Fail policy, which Johnson says bankers use as "a form of blackmail" on the nation; any mention of reform, and you'll hear the banks respond, "'oh my goodness, there maybe a double-dip recession.'"

But, isn't Geithner right that the economy would be in a depression if it were not for the bailouts? Plus, isn't the government actually going to make money on TARP?

To that, Johnson says nonsense. The cost of the bailouts are far greater than TARP.

Johnson, who is also a member of the CBO’s Panel of Economic Advisers, estimates the debt-to-GDP levels have gone from 40% pre-crisis to 80% post-crisis. "We've doubled our government debt for what?,” he asks. “Because the financial sector screwed up in such a massive, enormous and stupid way."
Anonymous Coward
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04/08/2010 01:13 AM
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Re: Simon Johnson: Big Banks Are Blackmailing the Country (Video)
We should have plenty tar left over after the Obama administration is locked up.
Anonymous Coward
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04/08/2010 01:14 AM
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Re: Simon Johnson: Big Banks Are Blackmailing the Country (Video)
We were robbed. It's time the perps were made to pay.
Cy Kotic

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04/08/2010 01:15 AM
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Re: Simon Johnson: Big Banks Are Blackmailing the Country (Video)
:T&Ger:
I'm just another freak in this never-ending cosmic freak show
Anonymous Coward
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04/08/2010 01:15 AM
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Re: Simon Johnson: Big Banks Are Blackmailing the Country (Video)
We should have plenty tar left over after the Obama administration is locked up.
 Quoting: Anonymous Coward 904514



why are you trying to pin the blame on President Obama???

this is G.W. Bush/cheney's failure...
Anonymous Coward
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04/08/2010 01:16 AM
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Re: Simon Johnson: Big Banks Are Blackmailing the Country (Video)
We should have plenty tar left over after the Obama administration is locked up.
 Quoting: Anonymous Coward 904514


No offense, but this isn't only about the Obama administration. This started during Ray-gun's tenure (under the helm of Poppy Bush) and has escalated ever since. The worst of it hit with Shrub's two terms. Obama is just the guy who is going to seal our fates. They all were/are traitors.
Anonymous Coward
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04/08/2010 01:19 AM
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Re: Simon Johnson: Big Banks Are Blackmailing the Country (Video)
We should have plenty tar left over after the Obama administration is locked up.


No offense, but this isn't only about the Obama administration. This started during Ray-gun's tenure (under the helm of Poppy Bush) and has escalated ever since. The worst of it hit with Shrub's two terms. Obama is just the guy who is going to seal our fates. They all were/are traitors.
 Quoting: Anonymous Coward 911359



Agreed!!!
Anonymous Coward
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04/08/2010 01:37 AM
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Re: Simon Johnson: Big Banks Are Blackmailing the Country (Video)
We should have plenty tar left over after the Obama administration is locked up.



why are you trying to pin the blame on President Obama???

this is G.W. Bush/cheney's failure...
 Quoting: Anonymous Coward 888989

Don't forget Bush snr. and the fucking Reaganomics BS of the 80's

Some idiots here just can't see that, can't even admit that the GOP's handling of the economy is one of the reasons that they lost the election ... a huge embarrassment having it all fall over 2 weeks out from the the election wasn't it?

The ongoing denial is somewhat amusing..
Anonymous Coward
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04/08/2010 01:42 AM
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Re: Simon Johnson: Big Banks Are Blackmailing the Country (Video)
We should have plenty tar left over after the Obama administration is locked up.



why are you trying to pin the blame on President Obama???

this is G.W. Bush/cheney's failure...

Don't forget Bush snr. and the fucking Reaganomics BS of the 80's

Some idiots here just can't see that, can't even admit that the GOP's handling of the economy is one of the reasons that they lost the election ... a huge embarrassment having it all fall over 2 weeks out from the the election wasn't it?

The ongoing denial is somewhat amusing..
 Quoting: Anonymous Coward 937458


that s.o.b.'ing Senator from Texas that allowed the banking deregulation got out of the fray just in time to keep his name from being associated with all the fallout from the banking scams...

dayyyuuummm if i can remember his name...

is it Phil... lol


[link to losangeles.injuryboard.com]
Anonymous Coward
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04/08/2010 01:50 AM
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Re: Simon Johnson: Big Banks Are Blackmailing the Country (Video)
The Brit Banksters crash the economy to get Obama elected.

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