McCotter Gets It
The Market Ticker ® - Commentary on The Capital Markets
Posted 2009-04-09 07:37
by Karl Denninger
in Politics
Ignore this thread
McCotter Gets It
 

It's about time:

Like many Americans, McCotter is outraged that some TARP recipients have been able to "double-dip" on taxpayer bailouts via the $100-plus billion of funds that went in the front door of AIG and out the back door to its counterparties, including Goldman Sachs and a number of European banks.

The Congressman is trying to prevent a similar "misstep" by pressuring the White House, Fed and Treasury to ensure GM bondholders don't have credit default swaps with AIG that would pay off in the event of a forced bankruptcy.

"If you didn't like subsidizing GM's survival, certainly you don't want to subsidize their bankruptcy," the Congressman says.

Ding ding ding.

And instead of just being*****ed off that his "pet company" (and face it folks, being from Michigan Rep. McCotter would be expected to favor the automakers, right?), which would allow critics to immediately discredit him, Mr. McCotter instead is approaching this correctly - that TARP was improperly conceived and outrageously executed, and since it was bad law in the first place it can't be fixed - it must be stopped instead.

Watch the video in the attached link - he's spot-on, with the punch line being "The American People are done with TARP."

Yep.

Kudos Sir - you deserve 'em.

Discussion below (registration required to post)
 

Main Navigation
Full-Text Search & Archives
Archive Access
Get Adobe Flash player





Blogtalk 3:30 CT Mondays
Items To Look At


Discuss The Capital Markets along with daily technical analysis with our Gold Donor program.

Where We Are, Where We're Heading (2013) - The annual 2013 Ticker

Links and Blogroll
Our policy on reciprocal links: Send us an email with your information and why you think your blog or news site would make a good addition - in most cases reciprocal link requests will be granted.
Seeking Alpha Certified
Legal Disclaimer

The content on this site is provided without any warranty, express or implied. All opinions expressed on this site are those of the author and may contain errors or omissions.

NO MATERIAL HERE CONSTITUTES "INVESTMENT ADVICE" NOR IS IT A RECOMMENDATION TO BUY OR SELL ANY FINANCIAL INSTRUMENT, INCLUDING BUT NOT LIMITED TO STOCKS, OPTIONS, BONDS OR FUTURES.

The author may have a position in any company or security mentioned herein. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

Looking for "The Best of Market Ticker"? Check out
Ticker Classics.

Visit the forum to discuss this and other investing-related topics; see the FAQ on the forum for information about Gold Donor status including access to our technical analysis video server.

Market charts, when present, used with permission of TD Ameritrade/ThinkOrSwim Inc. Neither TD Ameritrade or ThinkOrSwim have reviewed, approved or disapproved any content herein.

Market Ticker content may be reproduced or excerpted online provided full attribution is given and the original article source is linked to. Please contact Karl Denninger for reprint permission in other media.

Submissions may be sent "over the transom" to The Editor at any time. To be considered for publication your submission must include full and correct contact information and be related to an economic or political matter of the day. All submissions become the property of The Market Ticker.

Leads on stories of current economic and political interest are always welcome. Our fax tip line is 850-897-9364; please include contact information with your transmission.

 
Comments.......
User: Not logged on
Login Register Top Blog Top Blog Topics FAQ
Showing Page 1 of 2  First12Last
User Info McCotter Gets It in forum [Market-Ticker]
Guyfawkes
Posts: 444
Incept: 2008-09-19
Silver
Texas
Report This As A Bad Post Add To Your Ignored User List
Wish more Congress members got it.
Patriarch
Posts: 982
Incept: 2007-10-18

your account summary
Report This As A Bad Post Add To Your Ignored User List
About freakin' time - hope this gets good exposure.

----------
Our elected take an oath to serve. Time to add: “I will not serve in a capacity which I am not able to comprehend or am incapable of by mental defect of any kind, nor will I use the excuse of intellective deficiency if found in violation of this oath/affirmation”, which backs charging wayward politicians with treason.
Pika-steph
Posts: 54715
Incept: 2007-09-11
Gold A True American Patriot!
Live Free Or Die; US Army Est. 1775
Report This As A Bad Post Add To Your Ignored User List
He also blasted the 'stress test' and said it isn't - either stressful or a test.

----------
Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org/
inline
"The only regulation that really works is failure."--Rick Santelli
Fortune
Posts: 1542
Incept: 2008-04-21

A deep dark place...scary
Report This As A Bad Post Add To Your Ignored User List
Said by others, but there's not enough McCotter's yet. Still, you know, I actually want them to try to sneak TARP funds through Congress as a side package within another spending bill. I just can't see it advancing through getting caught and the outrage would be palpable to such a degree, it could just be the catalyst that missing to get the armies of protesters out and to turn things around faced with millions of pitchforks. Perhaps hopeful thinking, but there's a decent chance that this could be the result. McCotter alone would do the exorcist head spin on this type of deceit.

----------
It's a toss up.
It is the Rule of Law that transforms assets into money: Martin Armstrong
Math IS: Karl Denninger
Viper
Posts: 1064
Incept: 2007-08-28
Green
Madison, WI
Report This As A Bad Post Add To Your Ignored User List
Wow, McCotter is directly referencing The Ticker in his press release! Way to go Karl!

A question though, in the ticker it says that there is a video in the attached link. I don't see any link to a video. Can someone point me to where it is?
Phirang
Posts: 10157
Incept: 2008-10-25
Green
Flogging a "little person"
Report This As A Bad Post Add To Your Ignored User List
Fortune, those who get what's going on are about 1% of the population.

----------
I'm not special, and I am not likely to accomplish anything extraordinary in my life. If you are reading this comment, the case is most likely that neither will you. http://www.cracked.com/article_18544_how-the-karate-kid-ruined-modern-world.html
Pika-steph
Posts: 54715
Incept: 2007-09-11
Gold A True American Patriot!
Live Free Or Die; US Army Est. 1775
Report This As A Bad Post Add To Your Ignored User List
http://finance.yahoo.com/tech-ticker/art....

Video is in upper left corner. Should start playing when you open the page.

I gave McCotter Karl's Tickers (2 of them) and the IRA report last week and told him to contact Chris Whalen.

McCotter was on 5 shows yesterday. Bloomberg, CNBC, Fox (2), and CNN (Lou Dobbs). I'm working on getting all of them together.

----------
Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org/
inline
"The only regulation that really works is failure."--Rick Santelli

Genesis
Posts: 130747
Incept: 2007-06-26
Admin A True American Patriot!
Report This As A Bad Post Add To Your Ignored User List
He hit it out of the ****ing park.

----------
I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
Pika-steph
Posts: 54715
Incept: 2007-09-11
Gold A True American Patriot!
Live Free Or Die; US Army Est. 1775
Report This As A Bad Post Add To Your Ignored User List
I was afraid to hope when I got his e-mail that this was what he was going to do. He did way more than I could have imagined.

I have a feeling Chris Whalen gave him some good stuff too.

Oh yeah, and I gave him the PPIP Report from IRA and your Ticker on that.

----------
Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org/
inline
"The only regulation that really works is failure."--Rick Santelli
Viper
Posts: 1064
Incept: 2007-08-28
Green
Madison, WI
Report This As A Bad Post Add To Your Ignored User List
Pika, thanks for the link! Let me know when you have all the videos together and I'll get them up on my website.
Gwesten
Posts: 496
Incept: 2007-07-04
Green
Gulf Coast, AL
Report This As A Bad Post Add To Your Ignored User List
Great jobs all around. Karl for penning it, Steph getting it to the right guy. Thank you.
Pelle031
Posts: 185
Incept: 2009-03-24
Green
Philly burbs - PA
Report This As A Bad Post Add To Your Ignored User List
McCotter is the real deal. I've been listening to him for a number of months now and actually now subscribe to his account at youtube because he's just so 'on message'

He and Tom Coburn can stay IMHO. The rest need to go! We need more like him!
Nuke_engineer
Posts: 2698
Incept: 2007-08-19
Green
Report This As A Bad Post Add To Your Ignored User List
Good man. It'll take this type of creative self-destruction by selfless public servants (once called patriots) who are willing to destroy it all including their futures, their constituencies, in order to re-create an effective new Republic.

----------
Trading and investing is understanding about people, emotions and corruption of government, corporations, banks and people using propaganda, lies, mathematics and bankster logic working against you.
Lemonaid
Posts: 9879
Incept: 2008-01-20
Green
Metro Detroit
Report This As A Bad Post Add To Your Ignored User List
I live in McCotter's district he is well received and has personally helped my uncle and a co-worker. He's a real go-getter and quite smart.

Most of these wankers in Congress are corrupt, stupid, and arrogant.

----------
"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." Ludwig von Mises
Pika-steph
Posts: 54715
Incept: 2007-09-11
Gold A True American Patriot!
Live Free Or Die; US Army Est. 1775
Report This As A Bad Post Add To Your Ignored User List
He spent two weekends ago playing guitar (in his brother's band) and hanging out in Ferndale for a 48-hour 'marathon' fundraiser for out of work families in Michigan.

----------
Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org/
inline
"The only regulation that really works is failure."--Rick Santelli
Asimov
Posts: 104010
Incept: 2007-08-26
Gold
East Tennessee Eastern Time
Online
Report This As A Bad Post Add To Your Ignored User List
Wow, Karl, you should be proud. You're being DIRECTLY mentioned in congressional letters to ben and timmy.

*claps*

----------
It's justifiably immoral to deal morally with an immoral entity.
If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
Pauperbear
Posts: 1676
Incept: 2008-01-22
Green
norwalk, ct
Report This As A Bad Post Add To Your Ignored User List
Where in the clip is Karl or the ticker credited?

----------
The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end; there it is.
Winston Churchill
Asimov
Posts: 104010
Incept: 2007-08-26
Gold
East Tennessee Eastern Time
Online
Report This As A Bad Post Add To Your Ignored User List
Pauperbear: http://mccotter.house.gov/HoR/MI11/Newsr....

At the bottom (and it's linked):

Quote:
According to articles from The Market Ticker and The Business Insider, many GM bondholders could hold credit default swaps (CDS) with Troubled Asset Relief Program (TARP) recipient AIG on GM debt. Secretary Geithner has previously stated that, due to the injection of taxpayer dollars, AIG “fully met its obligations” – in sum, it paid 100 cents on the dollar on AIG’s CDS contracts. Thus, if GM enters bankruptcy, GM’s bondholders with CDS contracts from AIG could be assured of getting all their money back – if not more – because the American taxpayer is now guaranteeing these contracts with AIG.

----------
It's justifiably immoral to deal morally with an immoral entity.
If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
Pika-steph
Posts: 54715
Incept: 2007-09-11
Gold A True American Patriot!
Live Free Or Die; US Army Est. 1775
Report This As A Bad Post Add To Your Ignored User List
I sent him a letter of thanks this afternoon.

The cool thing is, I've now got a direct open line to him - so we DEFINITELY have someone to send important information to.

smiley

----------
Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org/
inline
"The only regulation that really works is failure."--Rick Santelli
Phantomace
Posts: 6393
Incept: 2009-03-16
Green A True American Patriot!
Las Vegas, NV, and your screen
Online
Report This As A Bad Post Add To Your Ignored User List
This guy at least seems to have a clue and some semblance of ethics.
How the hell we got stuck with an ass like Harry Reid out here is just ridiculous...

----------
"That was a little trick I call math. Oops, now I'm not emotionally invested..." - Dilbert
The only good thing I have to say about Barney Frank is at least he's not breeding...
Truthseeker
Posts: 8476
Incept: 2007-10-07
Silver A True American Patriot!
NorCal
Report This As A Bad Post Add To Your Ignored User List
Awesome work, Steph. This guy is the real deal. What a performance!

----------
"...But people better realize that the worst-case scenario could actually happen.9/11 happened. This can happen. An economic 9/11, the likes of which we've never seen." Gerald Celente
Gamma
Posts: 5567
Incept: 2008-01-20
Gold
Northern CA
Report This As A Bad Post Add To Your Ignored User List
McCotter is terrific.

What I find depressing is...the level of his clarity of thought and principle resides in a mere single digit number of representatives in the sleazepit known as the US Congress.

----------
This stuff we're going through, this is nothing compared to the Middle Ages.
They told me if I voted for John McCain, an idiot would be a heartbeat away from the presidency. Sure enough...
Icanhasbailout
Posts: 9939
Incept: 2009-03-10
Green A True American Patriot!
Imaginationland
Report This As A Bad Post Add To Your Ignored User List
Are there 10 righteous men in the city of Gomorrah, DC?

----------
Xanares
Posts: 2595
Incept: 2008-11-10
Green
Between Sicily and Tunisia
Report This As A Bad Post Add To Your Ignored User List
Great work Steph!
Login Register Top Blog Top Blog Topics FAQ
Showing Page 1 of 2  First12Last