Final Segment #1:
'Outrage of the Day'
Thursday, December 4, 2008
 

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...

 

Continued below...     

 

Market Results today:

Dow - 215

Nasdaq - 46

S&P 500:  - 25

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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!...

[verbatim recap]


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