Elizabeth Warren Talks Toxic Assets On MSNBC
Elizabeth Warren, the chair of the Congressional Oversight Panel charged with monitoring the bank bailout, appeared on MSNBC [yesterday] morning to talk toxic assets. On Joe Scarborough’s Morning Joe, Warren warned of the hard-to-price assets that are still lingering on many bank’s balance sheets.
[…]
Warren, who’s been leading the call of late to reconcile the shoddy assets weighing down the bank sector, warned of a looming commercial mortgage crisis. And even though Wall Street has steadied itself in recent weeks, smaller banks will likely need more aid, Warren said.
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If you have been paying attention this is not news. We also have a credit card repayment issue coming down the pike as well. So nice to live in interesting times, eh?
Correctomundo. I saw this rather redundant interview – live. Restating the obvious.
The beginning of the year, folks predicted about 100 bank failures around the country over the course of the year. If you watch this stuff, it happens Friday afternoons, guys. Gives the FDIC time to come in and sort everything out for bank customers by Monday morning – no run on the bank – business as usual while they straighten out what’s left from incompetent management.
Sort of what Obama’s been trying to do in Washington.
We’re up in the 50’s as well as I recall on the numbers – on track for that magic 100.
Do not forget commercial real estate. That mess is showing sign of death also!
I attended my 341a bankruptcy hearing yesterday. Each filling is allowed 6 minutes to complete. This continues 8 hours a day, 5 days a week. So many lives down the drain so quickly. Such a waste.
THE PEOPLE are wearing out the carpets in the bankruptcy courtrooms across this once great country as our government policies continue to eat the middle class.
SCREW THE BANKS AND THEIR “TOXIC” ASSETS.
THEY ARE ONE OF THE TOXIC ASSETS OF THIS COUNTRY.
So, Bush’s corporate friends just took the money and kept it as a parting gift from their pet President.
What a surprise. I’m so shocked.
Oops, sorry. This is Dvorak the Mighty Investigative Reporter’s Blog, isn’t it?
We can’t say anything bad about the lamented, brilliant and effective white, corporate former President and we can’t say anything good about the current guy — not unless we want scumbag neocons crawling all over us, making up shit, apparently at random.
Sorry!
#5 Well that was simple minded.
It’s nice to see Germany and France coming out recession. They are far less dependent on the banking sector than the US or Britain, consumer debt is far lower, they have a different regulatory system which is open to peer review, their cash for clunkers program has been effective, and their subsidies to employers to avoid layoffs seems to have worked better than expected.
What do I mean by a “different regulatory” system? I think it’s stupid to have some sort of linear ruler saying more vs. less on the regulatory and taxation process equals better or worse. There are also significant structural differences in the systems which account for different outcomes.
#8 Alfred1
Are you actually familiar with what Reagan did?
Go look up what happened to the trade deficit during Reaganomics. After you’ve done that why don’t you come back and explain how that’s so great. And if it is great why do you say it’s an economic disaster when Obama does it.
And whilst you’re at it – why don’t you explain why Reagan was so great period.
You have Reaganomics, the star wars program (how’d that work out?), Iran contra …
And before you say ‘end the cold war’ that had little to do with Reagan, but was the result of prior years of effectively economic war during the cold war. Don’t believe me? Go look it up.
Alfred1,
Your ignorance is astounding.
You don’t have a clue about finance and economics, your politics are boring and the idea of arguing with you is tiresome because you have the intellect of a 5 year old.
Please stop posting, you are making a fool of yourself.
Hey Alfred1.
Go find a god to talk to. There’s surely lots of them hanging around these days with nothing much to do.
Then come back and tell us god told you to say Ronald Rayguns saved the world from recession and no-one will be able to refute you.
Go back to your roots, young Alfred1. Trust The Forces Of Ignorance.
#2 “Sort of what Obama’s been trying to do in Washington.”
Did Obama simply hire all the incompetent bankers and put them in charge of the treasury?
These banks and bankers are criminal. We are witnessing a coup d’etat by the banksters.
Frankly, I’m amazed TARP and President Obama’s stimulus programs have worked as well as they have. I fully expected half to two thirds of the banks and eighty or ninety percent of the mortgage companies to have failed by now, drowned in an ocean (with tsunamis) of red ink.
Letting financial markets regulate themselves is equivalent to allowing drivers in New York City to make up their own traffic laws!
Stop blaming Obama for this mess which was basically allowed to snowball during the Bush administration.
Alfred1 is right about Reagan. He began deregulating many industries in the 80s, which slowly began to deteriorate this country’s standard of living and has now led to this disaster.
I meant freddybobs68k was right.