We continue our coverage of Main Street Financial Economics with this latest FRANCONOMICS.COM podcast:
PODCAST (10 May 2010) - INCLUDES DETAILS ON 4 MILLION FORECLOSURES AND 19 MILLION VACANT HOMES
Everyone clapped when Tim Clark won his first PGA tour event in 206 tries. In fact, people were clapping for other golfers too, as they were putting well, chipping
well, driving well, and ironing well. And when Goldman CEO Lloyd Blankfein did "GOD's Work" on the Charlie Rose show
in the aftermath of Goldman being taken to the courts by SEC for fraud, we clapped for him too. After all, he resembled a circus clown for waxing eloquent on how Goldman is a market
maker, how the firm could be buying a stock and selling the stock at the same time, kind of similar to how the same stock gets bought and sold on NYSE. Way to go Mr. Blankfein! Also, what happened
to your Godly promises that you won't pay any bonus in 2009 to your employees: looks like you pocketed $9 million yourself as your 2009 bonus. Isn't that our
money, the taxpayer's bailout money? Uggh...
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Older Irregular Podcasts
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PODCAST (11th October 2009) - Includes Details on 1 in 8 mortgages being in FORECLOSURE / DEFAULT...
In this irregular podcast dated October 11th, 2009, we introduce new Congressional hearings and other relevant sound bites (including the barely audible TARP COP report for the month of October by Elizabeth Warren), interspersed with the FRANCONOMICS.COM analysis:
1. US has gone from being the largest Creditor to become the largest Debtor Nation, with National Debt well over of $11 trillion --- part of it is of course in TARP / TALF / pPiP which bailed out a few thousand Wall Street bankers at the cost of 300 million Americans. Do we need SIGNIFICANT CAMPAIGN FINANCE REFORM?
2. Federal Reserve has been loading up on Toxic Waste sugar-coated as Legacy Assets… listen into Congressman Grayson grilling the Inspector General of the Federal Reserve and quizzing Fed Chairman Bernanke; and our analysis … we need a REALLY STRONG AUDIT OF THE FEDERAL RESERVE.
3. Our presentation and analysis of the October TARP COP report by Elizabeth Warren: Foreclosures have worsened in the last 6 months. One in eight mortgages is now in foreclosure / default. Each foreclosure costs lenders like Freddie / Fannie to the tune of $120,000. This money ultimately comes from taxpayers like you and me.
4. Analysis of the newly formed Financial Enquiry Commission headed by Phil Angelides, who was no match for Arnold Schwarzenegger in the California Gubernatorial Elections. 5 of the other 9 members are Democrats, and 4 are Republicans.
5. We also give our two cents on the stock market moving up; Dow has closed with a new yearly high. (Disclaimer: Analysis / Recommendation is not investment advice. What you invest / buy / sell is at your own risk.)
While unemployment is pushing 15 million (more like 25 million are really unemployed), and while foreclosures are scheduled to top 12 million households, Fed Chairman Bernanke keeps saying that “we are out of the recession.” Instead of taking cash bonus, should the bankers be forced to pocket bonus in terms of toxic waste which they helped create? Are we being DEEPLY ROBBED by the Plutocracy / Oligarchy that is Wall Street + Washington? How long should we let our tax dollars fund the gas bills (and the bonus and the Swiss bank accounts) of the bankers driving the Lamborghinis? Listen to this eye-opening podcast to find out…
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PODCAST - 23rd September 2009 - From NINJA Loans through Paulson TARP to the Geithner Cover-up - Main Street Keeps Bleeding
In this irregular podcast dated September 23rd, 2009, we introduce and analyze the following sound bites / dialogues:
1. Secretary Geithner defending ex-Goldman CEOs / employees working for the US Treasury as deeply honorable men. He also claims that the jobs all these ex-Goldman employees did was complex, for it required complex negotiations with banks etc. However, it is common sense (and also there is great public mistrust) that these folks would not (and did not) take the side of Main Street. Certainly, from our prior podcasts where we have quoted Congressmen ripping Hank Paulson apart on this, it is clear that Congress now regrets passing the 700 billion dollar TARP, which went to "Paulson's Banker buddies"...
2. When the 700 billion dollars were being cooked by Hank Paulson as TARP (of which Goldman eventually got $22.9 billion --- $10 billion directly and $12.9 billion through AIG), there were many opinions as to how the taxpayers' money should be given. Since Warren Buffett had invested $5 billion during those times with Goldman Sachs for preferred stock, let's listen in to what Warren Buffett would have done / how Buffett would have negotiated with these banks, as per one Senate Banking Committee Economist (needless to say, nothing like this happened)...
3. If the CEOs / executives of financial firms deliberately set out to make bad loans / liars loans / NINJA loans (as per a S&L regulator Professor Bill Black, on the Bill Moyer's Journal), where is the Pecora II Investigation? Should we not be investigating these specialty lenders (such as Indy Mac) as a bottom-up investigation approach. Some of those loan specialists who sold these liars loans are jobless today, and would willingly co-operate. All we have to do is ask them...
4. Professor Black: Secretary Geithner is covering up, just like Secretary Paulson did before... This is a serious charge, and is all the more reason a Pecora II needs to get started ASAP (as soon as possible). Also, even though Geithner has gone on record saying that he was never a regulator (we play the sound bite), as per NewYorkFed.org, one of the jobs of the FED is to supervise and regulate depository institutions. Also listen to Prof. Black on how / why Paulson (and Geithner) ignored the LAW OF PROMPT CORRECTIVE ACTION...
5. Also listen in to Obama's speech urging the congress to pass the 700 billion TARP program, after it failed to pass the floor of the Congress: A package has not yet passed... Get this done... Even as you get it done to stabilize the markets, we have more work to do to make sure that Main Street is getting the same kind of help as Wall Street is getting...... This is followed by some FRANCONOMICS.COM questions to the current administration...
Are we in the middle of an ETHICAL and MORAL CRISIS? Where is our PECORA II? Where is the Investigation? What are we doing to find out why this happened? When will some of the culprits behind the crisis be put in jail? Don't give up, listen to the podcast...
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PODCAST (Updated on 3/12/2009): Sam Mishra on the current state of the Real-Estate related crises.
In this speech now available as a podcast, Franteractive President Sam Mishra discusses why we succumb to social pressures, why there is nothing like job security any more to keep paying for the mortgages, and why Americans will do well not to "buy" homes this spring-"selling" season.
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