Crockett's Take on Wall Street

[jcm8002204]

With today's STIMULUS & BAILOUTS....I can't think of a more timely and appropriate scene than Crockett's discussions about '..rocking the boat..or letting it fail/sink...' and 'I don't think that's gonna happen' with Mr. J.J. Johnston (played by Julian Beck) on Wall Street, during Prodigal Son's NY adventure. Beck's portrayal was fantastic, nonchalant memorized recitals of the two Miami detectives balances, credit histories, and asset holdings ... Tubbs retort ... and of course the 'You're Dirty Ace, and I'm Patient' closer...

[Guest neworder]

I watched this episode in about september/october time just as when everything was collapsing in the financial world and i thought these scene was extremely poignant"When America sneezes, the whole world catches cold" so true, so true lol. Was reading something interesting, a UK based car website WHATCAR discussing the consequences if american car giants went bust, basically if GM went, the car industry across the globe would be extremely affected because its interwined and connected with many different brands, Ford too would make a big impact. Then i had a thought, would the world really be that worse off if Chrysler was to go? Dont get me wrong i love the way they look but for driver appeal they are always slagged off. Chrysler to be fair is a disposable car marker, certanly wouldn't make a deal of difference anywhere except in America, and even there its been 'loosing it' a bit except for the 300C. Sorry ive gone comepletely off topic. Very good scene to watch in today's situation i say!SJB

[agent 47]

That scene is realistic!That J.J. Johnston is just like these guys running companies like Merrill Lynch and The failed Lehman Brothers,look at Madoff!Off topic:look at Blagojevich!He's just like a Vice type!The whole world of politics is being run by gangsters and thieves and ruthless men who fear nothing.

[COOPER&BURNETT]

The average American doesn't understand the basics about the car and bank bailouts. The Government is doing great harm in it's handling of both.1. The government did NOT include a provision for the explination of how the banks spent the money. Billions were given, now, the banks refuse to explain what they did with it. It's been suspected that some actually just bought other banks to grow larger, without fixing thier credit problems, or extending more credit to businesses or consumers.2. The government gave the car makers a TON of money. The Government is starting to insist that the car makers must now make the type of cars that the average american doesn't want. The AVERAGE american. The types that they are starting to demand have been poor sellers, even if it's in the right direction. If the automakers went out of business, and we go to a major war, we would need auto manufactuers to create the planes, tanks, etc. that only a major automaker factory has the ability to make. Who would make the stuff for us,...China???The Americans, in my opinion are being duped by fear, greed, and lets face it, the average American doesn't read the newspaper, or watch the news or even really know what's going on. They only know what the press tells them, and they believe it. Even though it's basically controlled by one type of thinking.

[Sonny-Burnett]

That scene is realistic!That J.J. Johnston is just like these guys running companies like Merrill Lynch and The failed Lehman Brothers' date='look at Madoff!Off topic:look at Blagojevich!He's just like a Vice type!The whole world of politics is being run by gangsters and thieves and ruthless men who fear nothing.[/quote']I'm embarrassed to admit Blago was my Governor as was Ryan. Ahhh the corruption of Illinois politics.

[COOPER&BURNETT]

I'm embarrassed to admit Blago was my Governor as was Ryan. Ahhh the corruption of Illinois politics.

Chigago lately has had some bad publicity in it's corruption. However, it's not exclusive to Illinois. It's becoming widespread.

[agent 47]

The average American doesn't understand the basics about the car and bank bailouts. The Government is doing great harm in it's handling of both.1. The government did NOT include a provision for the explination of how the banks spent the money. Billions were given' date=' now, the banks refuse to explain what they did with it. It's been suspected that some actually just bought other banks to grow larger, without fixing thier credit problems, or extending more credit to businesses or consumers.2. The government gave the car makers a TON of money. The Government is starting to insist that the car makers must now make the type of cars that the average american doesn't want. The AVERAGE american. The types that they are starting to demand have been poor sellers, even if it's in the right direction. If the automakers went out of business, and we go to a major war, we would need auto manufactuers to create the planes, tanks, etc. that only a major automaker factory has the ability to make. Who would make the stuff for us,...China???The Americans, in my opinion are being duped by fear, greed, and lets face it, the average American doesn't read the newspaper, or watch the news or even really know what's going on. They only know what the press tells them, and they believe it. Even though it's basically controlled by one type of thinking.[/quote']The reason Americans never really know things like this is because the government doesn't want them to,why don't we know what this new stimulus package is for?Why are they posting what it is AFTER they have sent it out?It's like the film business,film studios may make up lots of false claims and dead-ends to cover up holes in a contract,the previous stimulus was a failure,it didn't help anything,gas was $4.00,it was only good for paying bills and for gas.Believe it or not,you're right,the government is putting money into cars that people really don't want,like enviromentally friendly cars and fuel efficientcy,people still buy gas guzzling SUVs and 4 door sedans from Asia,a majority of Americans still buy Hummer H2s!All my neighbors drive either Dodges or Japanese cars that look like they came from a science fiction flick.We drive exclusively chevys and german cars,and we never buy new cars anyway!I know this post sounds too political and too controversial for this site but still.....WE,AS THE AMERICANS,WILL NEVER KNOW EXACTLY WHAT THE GOVERNMENT IS DOING!

[Stinger390X]

I don't mean to poke fun at the Americans here but they are not to blame for many things. They are ignorant, or uninformed would be a better term, because the media is controlled.Up here in Canada we are informed of most things "American"We also get a more unbiased outlook on any situation and do not have the doctored tesimony of some schlub reporter from CNN who is told to take a left or right side view in reporting.Americans love to debate. Look at any news channel and you get your Grace and Marsh and King etc. Everyone has a twist to any topic to suit their own agenda for either entertainment or diatribe, but not to genuinly inform.There is so much corruption in America that it sadly has just turned into a money machine and a bribery den. Yesterday I heard the testimony of the Congressional hearing as to the banks getting some of the bailout money!!! WTF!!! They caused this whole thing and now they come and ask for more?!?!?!?!?!??!?!?!?!?!?!?That episode when Crockett and Tubbs went to see the banker was so in tune to the times then..................and is also so true now, more than ever. Bankers have invested millions, nay billions overseas and scewed the working man of North America. All for the almighty dollar.Well said in that episode indeed. Kind of like telling the future, wasn't it?

[jcm8002204]

My Reponse (sorry delay)

The average American doesn't understand the basics about the car and bank bailouts. The Government is doing great harm in it's handling of both.1. The government did NOT include a provision for the explination of how the banks spent the money. Billions were given' date=' now, the banks refuse to explain what they did with it. It's been suspected that some actually just bought other banks to grow larger, without fixing thier credit problems, or extending more credit to businesses or consumers.2. The government gave the car makers a TON of money. The Government is starting to insist that the car makers must now make the type of cars that the average american doesn't want. The AVERAGE american. The types that they are starting to demand have been poor sellers, even if it's in the right direction. If the automakers went out of business, and we go to a major war, we would need auto manufactuers to create the planes, tanks, etc. that only a major automaker factory has the ability to make. Who would make the stuff for us,...China???The Americans, in my opinion are being duped by fear, greed, and lets face it, the average American doesn't read the newspaper, or watch the news or even really know what's going on. They only know what the press tells them, and they believe it. Even though it's basically controlled by one type of thinking.[/quote']Your points are accurate, my 2-cents:1) TARP FUNDS / EXCESSIVE BONUS "TAX"The TARP funds were released with basically no metrics…thus the banks did what bank do…MAKE MONEY…they first order was to somewhat de-lever their own balance sheets. This is important because it does two things: 1) Gets the shareholders off the rear ends, and 2) Meets metrics to get their bonuses…which is what you do if you are contracted under a metric-based compensation model.This ‘bonus tax’ voted on today, is absolutely ridiculous....hmm, since they cannot open contracts up (that would probably set a court case precedent), so instead they’ll just tax them at 90%... If I recall, most of the retention ‘bonuses’ are contracted events to key employees, so that those key employees don’t leave, and are to stay/perform, with date certain closure / specific-measurable deliverables.... pay them an expense salary only, then a big pot at the end of the rainbow.....usually reserved for critical company events: Consolidations, Operation Shutdowns, Mergers, Reorganizations......some regulated businesses, such as the telecom guys (merging and de-merging all the time..) know this..why not Congress ?? oh, they don’t run businesses These employees most likely already know that they will be terminated/laid-off after they meet a specific metrics in ‘repairing’ or ‘reorganizing’ the company to a position of survivability or, better, profitability).... Insane...Insane2) AUTO BAILOUTS / AMERICAN MFG.The entire ‘repayment scheme’ for the Big 3’s Bailouts is predicated on people actually buying NEW CARS. With the implosion of the stock market back to summer 1997 levels, it would only make sense that folks would continue to drive there existing vehicle (and repair it) or buy an off-lease car if the car they have was non-repairable. AutoZone is seeing as much traffic as Smith & Wesson recently… (well, maybe not as much as S&W)Your comment about American manufacturing capacity is very poignant in that in the 1930s/40s it was fairly symbiotic to convert to a ‘guns rather than butter’ mode. Now, not so easy. So much outsourcing of hard processes due to OSHA, EPA and all of the local versions of the bureacuarcies have sent new factories, let alone simple product outsourcing flying offshore. Until the consumer considers origin over simple price-point we’re doomed. A high-tech machining center runs the same here as it does overseas, just over there you won’t have OSHA, EPA, ADA stifling your ability to get the machine up and on-line.Insane...Insane

[COOPER&BURNETT]

Which proves the point that the average VICE.WS member is smarter, and more informed than the average U.S. citizen.

[timm525]

Some one called in on a radio talk show today and stated that if the government had simply given the “bail out money” to each and every citizen of the US. The total amount to each and every citizen would have been approximately 1.2 million.Now I have now idea where this guy got all his figures and if they are correct, but if each citizen got over a million dollars to spend, then the bail outs would be unnecessary. The citizens of the US would end up “bailing out” all of the companies as they would have a huge amount of disposable income to do so with.Everyone would immediately pay off their credit cards, car payments, house mortgage and so on…This also brought speculation that if each citizen had that much money, then it would have a reverse effect on the economy as most would quit their jobs and no one would be around to take your order at McDonalds.Another speculation was if the government only gave 100k to each and every citizen, then they would be able to pay off the majority of their debts and this would also stimulate the economy is a way that has never before been seen. But then the elitists of this country would scream that there is a “Middle Class” again. Which is something they do not want.I’m guessing that this person calculated all the trillions of dollars that were given to the banks, AIG, and car manufacturers and that according to the US census bureaus, each citizen would automatically become millionaires.Another point was that if the government just gave 100K to each person, the economy would have skyrocketed as each person would payoff their own debt to the banks and this would in it’s self “bail out” the banks. Not to mention the car makers as people would purchase new cars with this money.Interesting point of view!

[jcm8002204]

Some one called in on a radio talk show today and stated that if the government had simply given the “bail out money†to each and every citizen of the US. The total amount to each and every citizen would have been approximately 1.2 million.Now I have now idea where this guy got all his figures and if they are correct' date=' but if each citizen got over a million dollars to spend, then the bail outs would be unnecessary. The citizens of the US would end up “bailing out†all of the companies as they would have a huge amount of disposable income to do so with.Everyone would immediately pay off their credit cards, car payments, house mortgage and so on…This also brought speculation that if each citizen had that much money, then it would have a reverse effect on the economy as most would quit their jobs and no one would be around to take you order at McDonalds.Another speculation was if the government only gave 100k to each and every citizen, then they would be able to pay off the majority of their debts and this would also stimulate the economy is a way that has never before been seen. But then the elitists of this country would scream that there is a “Middle Class†again. Which is something they do not want.I’m guessing that this person calculated all the trillions of dollars that were given to the banks, AIG, and car manufacturers and that according to the US census bureaus, each citizen would automatically become millionaires.Another point was that if the government just gave 100K to each person, the economy would have skyrocketed as each person would payoff their own debt to the banks and this would in it’s self “bail out†the banks. Not to mention the car makers as people would purchase new cars with this money.Interesting point of view![/quote']It’s Friday before Spring Break, so I don’t want to go on vacation in a torqued mood…but, There are two flaws in the concept that was provided by that caller:1) Currently the overall Derivative / CBO (Credit Backed Obligations) market is levered at approximately 30-to-1...for every 30 'vapor dollars' (those packaged from bad or sub-prime loans) there is only 1 'good dollar', a loan in good standing with any institution. Just ask yourself, have you EVER heard of an 'Interest Only' loan being given to an individual before 2000-02 timeframe ?? Interest-onlys were reserved for the best customers (commercial/industrial) when they were taking on (investing in) a huge capital upgrade (new plant, new processing system) until the back-end money flowed in from the increased plant capacity's goods/services......(assuming they didn't go to the bank with a W/Mart contract as collateral for the latter years, since W/Mart shops YOUR price to YOUR competitor often to maximize supply chain profitability)2) Secondly, and more importantly the reason why $$$ were not DIRECTLY given to Americans is for CONTROL !...if it was a direct infusion to individuals, the govt wouldn't have overriding control it wants....besides, the greatest motivator for people to become involved is if everyone (not just business owners) HAD TO PAY THE WITHHOLDING TAXES EACH MONTH…write a check to US Treasury, or your local State, County, City, etc. tax-collection repository entity….When YOU see YOUR money go BYE BYE, you definitely get instant awareness of the spenders.Meanwhile the masses are lining up to get their ‘advances’ (loans) on the Tax Refunds…a very sad statement on how financially ignorant the majority is…

[COOPER&BURNETT]

2) Secondly' date=' and more importantly the reason why $$$ were not DIRECTLY given to Americans is for CONTROL !...if it was a direct infusion to individuals, the govt wouldn't have overriding control it wants....besides, the greatest motivator for people to become involved is if everyone (not just business owners) HAD TO PAY THE WITHHOLDING TAXES EACH MONTH…write a check to US Treasury, or your local State, County, City, etc. tax-collection repository entity….When YOU see YOUR money go BYE BYE, you definitely get instant awareness of the spenders.Meanwhile the masses are lining up to get their ‘advances’ (loans) on the Tax Refunds…a very sad statement on how financially ignorant the majority is…[/quote']This is EXACTLY correct. CONTROL. This administration has created the largest Government ever. The more they help to create a bigger welfare state, which they just did, the more that Illegals are given pretty much everything they wish, the more that you rely on the Government and it's many, many programs, the more you will vote for the lparty which is "giving" these items to you. THAT is how that party stays in power. Creating economic fear, and reliance will keep them in power.It's quite simple thinking really.As we seem to be moving in the direction of Socialism, one recalls what British Prime Minister Margaret Thatcher once said, "The problem with socialism is that sooner or later there won't be enough money in which to take from the citizens".Or Ronald Reagan, "The problem with this country is big Government".

[Stinger390X]

What Obama needs to do is disolve the Federal Reserve. (if he has the balls?)This would eleviate the trillions in interest and stop lining the pockets of a the few (could count on both hands) and set the economy straight again.Your American Federal Reserve is neither "Federal" or a "Reserve" of any kind. There is no gold in Fort KNox. It is all a grand hoax on the American people.This whole death to the economy is scare mongering, at least up here in Canada from what I see???I went to the mall on Saturday and there was not a parking spot to be had! The movie thaatre was full to capacity. I passed by Ikea and the entire parking lot (both levels) were filled and the store was full. The loading docks were jammed with people lining up to get their purchases. Drive through any subdivision and you'll hear the hownl if a skill saw or the tapping of roofing hammers etc. Houses are still being built and the cranes on the skyline...well lets say the high rises are still going up? Canada is in great shape.Who says there is a recession..........I don't see it here?

[jcm8002204]

What Obama needs to do is dissolve the Federal Reserve......

To pull the quote straight from J.J. Johnston's mouth:'I don't think that's gonna happen'

[chum981]

Thought you guys might want to read this – from Wall Street’s point of viewhttp://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_lewis&sid=aZruAW7s2eLIRead the whole thing…here’s a little excerpt:“-- Play the hand you’ve been dealt rather than the handother people insist that you hold. Pandit and Mack and the rest have completely swallowed “thepeople’s†line that because they’ve taken taxpayer money theyare somehow now required to care how “the people†feel aboutthem. Think about this. Some fool comes along and gives you $15billion, no strings attached. The fool doesn’t own you. You ownhim. Mack needs to stand up and say, “We at Morgan Stanley arepleased by your investment. Now, if you ever want to see a dimeof it back, go away. We’ll call you if we need you.â€

[timm525]

I think this guy is gonna get himself shot talking like that!

[chum981]

I think this guy is gonna get himself shot talking like that!

There must be many like him!It seems to be a case of grab what you can, as long as you don't end up going to jail.The banks don't care, they're getting billions and the men at the top are very rich and their banking practices though seemingly catastrophic have made them rich! And now they get bailed out, so the bankers at the top don't lose out - just a little bad publicity:tasse_prost:

[Stinger390X]

It is the capatalistic society.....isn't it?They will steamroll anyone who gets in the way of "The Almighty Dollar"

[jcm8002204]

Obama and his 'team' have not impressed me at all....a facade that requires a teleprompter to continue his (though articulate when reading/speaking) same agenda to transfer from those that pay taxes to those that don’t, either directly or by bureaucracies that support that increasing voting block....When he speaks extemporaneously, he really doesn’t have the mental chops that everyone initially thought he had when reading from the teleprompter. Seems as if he has trouble speaking from the heart on subjects, or only has a very very shallow understanding of various subject matter....Just watch this, and you will see that he is completely lost without a teleprompter...it is almost as if the puppet-master has dropped the manipulator of the marionette:

HOPE / CHANGE !!

[COOPER&BURNETT]

[agent 47]

I'm glad vice members are not ignorant like the rest of the people. Here in America, it feels like the government has been disattached from the people. All this bailout and stimulus is just politicians, republican and democrat, syphoning money from our country! By the end of this admnistration (I hope Obama is a one termer!) the country will be even more broke and in debt than it already is, foreign countires will buy so much companies and land, it will be the United States of (insert country name here).

[jcm8002204]

GM's CEO 'Fired' by The O-ministrationGuess we're entering a new era. Funny that AIG has received 10x the tax-payer infusion (yes, $150,000,000,000.00 fully shown somehow seems to get people's attention, rather than the simple word 'Billion') and most of them seem to get job offers by the O-Ministration. No one's been 'fired', just courted.Also funny that since Exec Pay has been capped that tax revenues will fall for those taxing districts in which those execs live in...maybe it's O-nintented Consequences....

[jcm8002204]

Chrysler BANKRUPTCYThis week’s BANKRUPTCY of Chrysler (divested from Daimler a few years ago)…will be the initial ‘death’ of the old-school, unionized mentality of American business. The ‘you owe us’ mentality of unions cannot be sustained in a consumer market that expects ‘low prices’ as their normal shopping experience W/Mart…not made here…due to customer’s LOW PRICE credo…. This bankruptcy will be very closely watch by the ‘new’ GM, now sporting a balance sheet that include a UAW ownership of better than 33%....imagine how they negotiate the rest of the defined benefit plan….Get Real…. You cannot be paid $ 35 per hour (benefited at basically $75 per hour) for those who understand basic cost factors of business for assembly work. PERIOD....

[DJWannaB]

Which proves the point that the average VICE.WS member is smarter' date=' and more informed than the average U.S. citizen.[/quote']Amen brother!