LK’s “AM 970 The Apple” PodKast-The 10/24/11 Show

Greece and Rhode Island find themselves in similar economic straights.  Suicide is illegal in China but a lot of Apple employees break the law anyway.  The Rediots and the Bludiots cannot dial it down enough to get anything done, and we the people get the short end of the stick

LK’s character flaw is your early warning system.  He can’t stop and smell the roses because he’s forever anticipating and extrapolating.  Yesterday he went to the Jet game and came back with observations on the Chinese solar industry, gratitude, and redemption.   Dr. John is back and in fine form.  Enjoy.

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Part 2:

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LK’s “AM 970 The Apple” PodKast-The 10/10/11 Show

As LK wrote to a mentor type last week:

We’ve gotten stupid and selfish and evil, but of the few who allow themselves to see that, even fewer are willing to say it.  Nothing good is going to happen unless and until there is a critical mass of revulsion for the culture we have embraced and/or succumbed to.

This week’s show jumps from Wall Street to Washington to war zones, from bailouts of too big to fail to failings of too small-minded to think straight.  Everybody’s doing “The Corruption” as if it’s the latest dance craze.

To lighten things up, LK and Dr. John deal with LK’s delusional belief that the Yankees are in the LCS, and they tip their hats to Governor Christie for speeding up the auto inspection process by putting brakes, wipers, and leaky gas tanks on the back burner.

Here’s the link to the show.

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Part 2:

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Stress Test Joke Continued-The Joke’s On Us

geithnerlaughingAs predicted in my brief piece on Friday, the bank stress test is indeed a joke, unless it was formulated to intentionally exacerbate the banking debacle. Even the so called extreme end of the parameters used to judge the banks’ abilities to stand up under pressure were well within the realm of reasonable possibility, so this was a test most of the banks were destined to fail.

The Treasury, still understaffed, is being manned by kids with crayons and coloring books whose homework is clearly above their pay grades.

The first piece of evidence supporting the above arrived this morning when Bank of America and Citigroup were informed that they’d have to raise additional capital and reserves in order to comply with the guidelines set forth, guidelines far less rigorous than would be required to insure a stable financial system.

Geithner, who made the stress test rather unstressful for his pals on the street (Wall, not Main), seems more of a mini-Paulson than a fresh face for change. While I understand that Obama wanted to preserve some continuity in his selection of a Treasury Secretary, he may well have done so at the expense of preserving the old boy network and their “heads I win, tails you lose” mentality.

They’re about to profit handsomely by, in effect, repurchasing the toxic assets they themselves created, which precipitated this money mess, for pennies on the dollar, with their risk backstopped by the government, AKA you and me, the taxpayers. We’re getting robbed, and then paying for the thieves’ defense.

It’s as if there’s a fourth branch of government, unencumbered by the checks and balances that the other three branches have to abide by. Let’s call it the rogue financial branch.

There’s got to be a Jack Bauer CPA type out there somewhere.

Bungled bailout opinion du jour

Kannon Fodder:

This one from the Miami Herald – quote:

“”Troubling” is the kindest word we can think of to describe the greed and irresponsibility displayed by Merrill Lynch chief executive John Thain as his brokerage was going down the drain. Forced to sell the company to Bank of America, Mr. Thain lavished billions of dollars in secret, last-minute bonuses to his staff last month, just before the takeover and just before the government had to fork over a second bailout to cover Merrill’s $15 billion fourth-quarter loss.”