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Final
Segment #1: |
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'Outrage of the
Day' |
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Thursday,
December 4, 2008 |
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Jim:
Alright... I'm
steamed...
When Barack Obama
picked Tim Geithner
to be the Treasury
Secretary, I said
I'd give him a
chance, like my role
model, Abe
Lincoln... to be
magnanimous in
defeat. But Geithner
hasn't even been
installed at
Treasury, and
already he's making
me outraged...
According to
Bloomberg, Geithner
doesn't want Sheila
Bair to keep running
the FDIC, because
she's not a team
player, and that's
exactly why she
should keep her
job... because the
current team's
terrible...
The reason I didn't
want Geithner at
Treasury was because
he was willing to go
along with the
terrible twosome of
Bernanke and
Paulson, with the
Lehman Brothers, and
the Fannie and
Freddie, get rid of
the preferreds...
and all the nutty
stuff that hasn't
worked... except for
the last thing of
late that I kind of
like...
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Continued below...
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Thursday,
October 22, 2008
(Cont'd from
above)...
Jim (cont'd):
And now he's
saying to get
rid of Sheila
Bair?... And
these reports...
they're making
her sound like
T.O. (i.e., NFL
Dallas Cowboys'
wide receiver,
Terrell Owens),
if not youth
role model,
Plaxico Burress
(NFL Giants'
wide receiver,
who was just
arrested for gun
possession,
after shooting
himself in the
leg), at the
club... great
players who can
be cancerous
when the going
gets tough...
But the truth
is, that Bair is
the one person
we absolutely
need to keep.
She's a
franchise
player, one that
you want to
build a team
around...
Anyway, when the
FDIC seized the
notoriously bad
bank that was
IndyMac, it
became a
laboratory, the
central testing
zone for
figuring out how
to stem
foreclosures,
which are at the
root cause of
all financial
problems.
Sheila Bair is
the one person
with the
knowledge to fix
things, and
Geithner wants
to get rid of
her, because she
hasn't gone
along with the
stupid,
befuddling and,
at times,
malignant
schemes of the
Fed and
Treasury...
Bair's been
systematically
ignored by the
current team,
even though
she's the one
with the
knowledge
base... She knew
the orthodoxy
being peddled by
Paulson,
Bernanke and
Geithner
wouldn't work,
and she pushed
for another
view. She stood
up to a totally
complacent team
that kept
getting it wrong
until now, when
they've finally
taken my advice,
and started
tinkering with
mortgage
rates...
So Tim... Tim
Geithner...
Don't tell us
that the one
person on the
current team is
dispensable...
Sheila Bair is
to go... We know
the truth.
Geithner's been
the total team
player, on a
team that's been
late, behind and
wrong. Bair is
an honest,
independent
breath of fresh
air, who has
real answers.
Okay, enough
outrage... It's
time for a mercy
killing...
It's time to
take Wes Edens,
of
Fortress Investment Group
(FIG),
off the
Wall of Shame...
I am not going
to say anything
about Fortress.
Let me just read
you the headline
of an article in
The New York
Times today...
"Cracks Form In
Fortress"... Wes
Edens hasn't
done anything to
merit a
reprieve. We're
just taking him
off the Wall,
because it seems
cool to have his
face up there
when the stock's
already got a
$1.89 price tag.
I mean, we told
you to get out
of it for
months...
Besides, it's
not like FIG can
fall that much
further from
these levels...
At this point,
it's mean to
point out Wes
Edens'
failings... and
I am anything
but mean... as
we all know. So,
I'm taking Edens
off the Wall.
Consider it
euthanasia!...
Read Jim's next Segment
here
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