Arianna Huffington, co-founder & editor-in-chief of the 'liberal' on-line news site HuffingtonPost.com, recently co-hosted an edition of CNBC's "The Squawk Box" morning financial show, and, whether by coincidence or from Arianna's insistence, the Squawk Box's uber-Wall St. cheer leading (and whitewashing) crew had two of Wall Street's most persistent & vocal critics on, Elizabeth Warren, Harvard Law President and Congressional ("TARP" Bailouts) Oversight Commission Chairwoman, and former New York Governor Eliot Spitzer, the oft proclaimed "FORMER SHERIFF of Wall St." before Spitzer was forced to resign as New York Governor, when it was disclosed in criminal charges that he had been spending thousands of dollars a night to hire 'premium' call girls (prostitutes) over a period of months, while he was NY Governor.
Note how (in the first of the two video as this HuffPost page) (link) JOE KERNAN is SO CONDESCENDING to the two women guests (Arianna & Elizabeth) appearing on his show:
"Welcome, we don't have any cookies, but thank you for coming in."
A few moments later, as "Cheerleader Joe" tries to spin a relentlessly pro-Wall St. "GLASS HALF FULL" assessment of Ms. Warren's "there is ZERO ACCOUNTABILITY... in the stress tests oversight" discussion, Arianna has to chide Kernan,
"If you stop interrupting her"...
Chairwoman Warren puts the Stress Tests in terms even cheerleader Joe can understand (at 4:20 in the video):
"Now [we have these] stress tests, the big moment. So where are we on 'Stress Tests'? I've been asking for 2 months 'How do the stress tests work?' 'HOW MUCH STRESS is in the Stress Tests?' And, WE DON'T KNOW."
To which Cheerleader Joe once again USELESSLY interjects, It's good, it's half full, and it's good."
(Cheerleader Joe gets paid HOW MUCH by CNBC to sit there and help the Wall Street titans MISINFORM and DEFRAUD American investors?)
Speaking of, former Gov. Spitzer comes on next and is even more explicitly condemnatory of the 'Stress Tests' than the soft-spoken "if you'll let me be teacher for just a moment, because that's what I do" Chairwoman Warren,
who, needless to say, is almost NOT afforded that "teacher' moment, as Squawk Box Joe walks all over her with "late breaking news" and Kernan once again starts interjecting "we Can't have Congress controlling the banks... in a free markets there's going to be booms & busts."
Fortunately, Chairwoman Warren uses Kernan's flippant
"FREE MARKET UBER-ALLES! - EXCEPT, that is, when we need TRILLIONS of "BAILOUT" dollars of TAXPAYER MONEY to SAVE US FROM OUR OWN FAILURES!"comment to launch into a discussion of America's "BOOM & BUST" BANK FAILURES cycles: (at 8:30 in the video)
"In 1794, [President] George Washington is in his first term, and what do we have? We had a CREDIT CRISIS, if you read the local papers it is described as A CREDIT FREEZE. And EVERY ten to FIFTEEN YEARS we have boom-and-bust, Boom and Bust, BOOM & BUST... we call them PANICS, the banks all shut down, we have complete financial system collapse, people lose their farms and small businesses, until we get to the GREAT DEPRESSION....[when we say] "WE CAN DO BETTER THAN THAT, we can write a set of rules that's going to make it work better than that, so we write a set of rules -[Kernan pipes in, "Or we allow GOLDMAN to APPOINT [their own people as] the REGULATORS"] Chairwoman Warren continues her outline of US bank crisis:
[#1.] "Make it safe to put your money in the banks, FDIC INSURANCE."
[#2.] "The second one, GLASS-STEAGALL, banks are going to be run like public utilities, they're going to be run boring, modest profits margins, risk taking will be WHERE WE CAN LET IT FAIL"
[#3.] "we CREATE the SEC"
"THOSE THREE RULES BOUGHT US FIFTY-YEARS OF SECURITY and PROSPERITY."
"And our response to that was to say, you know 'REGULATIONS just hang, let's get rid of it, IT COSTS us TOO MUCH, so we START PULLING THE THREADS OUT of the
regulatory fabric, and WE DO IT IN MULTIPLE WAYS, we change the laws [kill] Glass Steagall, we just don't APPOINT NEW REGULATORS, for whole new areas"
"SO WE DEREGULATE, and we had information about this -
FIRST THING was the SAVINGS & LOAN CRISIS, we DEREGULATE the S&Ls, and there's a BIG WARNING, SEVEN HUNDRED OF THEM COLLAPSE because they don't run them right.
The next one was LONG-TERM CAPITAL MANAGEMENT...
and then we hit the third one, which for me was ENRON... which told us THESE WERE DIRTY BOOKS, they were supposed to have ALL THESE CERTIFICATIONS FROM OUTSIDE, but they were ALL DIRTY [FRAUDULENT] BOOKS" !!!
In the next video clip, former Gov. Spitzer takes up on Chairwoman Warren's "DIRTY BOOKS" = FRAUDULENT BOOK KEEPING comments:
"We have had THE MOST MASSIVE BAILOUT of Corporate America ALL FUNDED BY TAXPAYERS - I'm not sure we've seen EVEN COSMETIC CHANGES"....
NOTE: Mr.Spitzer's comments, starting at about 5:00 in the second video, are even MORE EXPLICIT about the FRAUD of OBAMA's (Timmy-boy Geithner's) STRESS-TESTS, than Chairwoman Warren's "WE DON'T have ANY [real] INFORMATION on the 'STRESS' of the Stress Tests" were.
However, at a DOZEN PARAGRAPHS of TRANSCRIBING the SHEER FRAUD and LIES and "CRAM MORE FRAUD down American taxpayer's throats" of the OBAMA 'stress-tests' FLIM FLAM, we here at DemNationUSA SURRENDER to the SHEER CHALLENGE of KEEPING UP with all of Mr. Obama's SHEER FRAUD!!
This job - keeping up with the FRAUD of Obama & Giethner Co's STRESS TEST FLIM-FLAM - is like trying to empty an olympic-pool sized septic tank, BY BUCKET, alone!
Princeton Nobel prize winning economist PAUL KRUGMAN seconds Elizabeth Warren, Arianna Huffington, and Eliot Spitzer's contention that the OBAMA-Geithner "STRESS TESTS" are SHEER, FLIM-FLAM FRAUD, written BY Goldman-Sachs, OF Goldman-Sachs, FOR Goldman-Sachs WALL STREET FLIM-FLAM ARTISTS....
http://www.nytimes.com/2009/05/08/opinion/08krugman.html< I won’t weigh in on the debate over the quality of the stress tests themselves, except to repeat what many observers have noted: the regulators did NOT have the resources to make a REALLY CAREFUL ASSESSMENT of the banks’ assets, and in any case they allowed the banks to bargain over what the results would say. A RIGOROUS AUDIT it was NOT. >
So, President Obama - HOW MANY MILLIONS of Taxpayer dollars, DID YOU SPEND, over these past dozen weeks, to NOT do any rigorous audits?
ISN'T THAT, in and of itself, an example of DEFRAUDING American taxpayers, of the MAXIMUM VALUE of their "let's 'examine' the banks" taxpayer dollars??