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the stress tests have finally been revealed
what the results are
let's tackle an issue
the results are disastrous
uh... banks need ten ala nineteen banks that are tested uh... need seventy five
billion dollars more
now
you would think that this would mean that the
banks did not pass a stress test
because they need more money
but you would think wrong no great ovr ministration
uh... what sees a pass
i don't see that at all
if i can see the exact opposite
and is it will be skills that the banks are
full normal but viable
and of course the press to report it
reports and this is my problem with the press during the bush administration and
now undergo bomb administration as well which is they take for the government
says they write it down and an eight percent of the new story
but that doesn't make any sense
if so thats that interest rate in effect one of the banks the republicans seventy
five billion dollars would they still be vulnerable adult liable
with the still pass the stress test
with a spill off the installment
meeting bankrupt meeting you don't have enough money
what i think the two hundred and seventy five billion dollars
what they needed seven hundred and fifty billion dollars
is there no matter money
where you would say
well you know what these banks actually are bankrupt
and they don't have enough money
apparently not because the government says oh obama treasury department and
deborah i'd get the fed both say
we were in a rescue these banks no matter
what about how much money needed
we report in if we need to think and they said
from private capital
well then what was the point of the stress tests
not against it
this whole thing is a fraud
it is because the government is captured by wall street entrance
and it was shortly through the republicans were in charge
their bombs are even complaining about this not big complain about whether all
of our mba
recently teleprompter what kind of bernie
you know whether he smiles or or what body position he's dead
but what do you have something that they're actually greatest leader on of
course republican or to be proud because
the even think about bodies of the banks democrats are for this administration
so we have no winners here
democrats there
covered for the banks the republicans a cover for the banks and so forth a back
seat cover now i'm not alone in this position in fact but
there are people who have off
look for a four day that i have
but also the same thing for example simon johnson
uh... he is at the m_i_t_ as sloan school of management and more
importantly
he was not only the head of economic policy for and international
of monterey funny was the chief economist
from two thousand seven to two thousand eight
and he says this is like
russia all were any other developing country where
isn't all gorky that captures of the political interested within that country
and it was any country out
that was not in the united states of america the high end up with step in and
say no no no unify all the bankers
these banks are insolvent you have to do receivership
that and then keep a good and the bad assets clean everything up
and that's all the banks back into private pay
system erica's too powerful force
they boss around i_m_f_ and was not an i_m_f_ issue obviously 'cause which is
in favor of the american taxpayer instead which is also a battered now so
i mean *** johnson had said before the stress test came out
that they were joked that if we're not gonna
you know tell u debates actually resolve it or not they're just going to gloss it
over and that's exactly what's happened and also be uh... right before the
stresses came out it on television to say that's
let's go to work with number four well i think they did very well done
populations exercising competing in today
renewed their euphoria in the financial markets added substantively there's a
real here we're learning to have very little they haven't really stressed
uh... the balance sheet settled the banks in any meaningful way so it's not
yet mostly a whitewash only if you want to read float the bubble
and for some of the day of reckoning
then gets attractive if you're worried about the buildup of debt unsustainable
borrowing and the political power of the financial sector of the shenanigans that
as well as into ambani should be a little bit more work than i think that
was a moment when you could really started translation back in january for
every month that number has gone we are now locked into a off the next one to
two years of hungary float the financial sector basically we created an enormous
men seeking sets out the kind of thing you see in a rush or even easier
and problematic emerging market countries we've created united states
it's called finances discipline in the big banks it is a huge issue that will
be dealt with one way or another and the more you the summit led the bigger the
day of reckoning
diffuse antitrust appliances such the financial sector and go after anybody
was too big to fail is too big to exist at this point we need to be broken up
your interesting guy
well
notes
development administration or weekends
you're actually talking to true
powerful how do we allow this guy on t_v_ urals lane
bizarre things needed but the second
most back about that either by the religion of sam non-partisan his
about being a republican or democrat he said
i'm concerned about uh... spending uh... so much money other budget basically
debt financing
at night and he should be concerned about that i'm concerned about that and
he says on the other hand uh...
uh... protecting these banks is it crazy thought whitewash
uh... what you have to do is put them into receivership and annalisa in a
rational way
with republicans are very much against and so on the democrats
so is
doesn't have a political axe to grind here he's just tell you a picture of
this
and if you're busy stress tests were nothing but a big that