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nicole_powers

nicole_powers

NEWSWIRE

I'm lost

JUL 13, 2009 06:18 PM

Moving the discussion on to the subject of Moore's documentary, greedy bankers, rather than the merits of the the documentarian, The New York Times is reporting that Goldman Sachs, who recently paid off their bailout loan to avoid the strings that come with it, is likely to report record profits on Tuesday.

I recently read Vanity Fair's AIG expose in this month's mag -- which explains a lot -- namely how a bank can return to record protability so soon after it had it's hand out to the taxpayer for bailout funds.

According to VF, AIG was basically the patsy/fall guy that accepted all the risk for the crazy sub-prime loans made by investment banks such as Goldman Sachs. AIG eventually woke up -- and stopped accepting the toxic deals. However, this meant the likes of Goldman Sachs were only exposed to a couple of years worth of sub-prime risk. As a result of this their losses were largely limited -- at AIG's expense.

However, when the government bailed out AIG, it made good on all the insurance payments due to Goldman Sachs et al when these sub-prime loans went bad -- meaning they received 100% coverage from AIG for the bad loans they knew they should never have made in the first place.

Goldman Sachs may have paid back their own bailout loans, but they still pocketed billions in bailout money that came by way of AIG ($13 billion out of a total of $85 billion). The best bit -- they'll never have to pay back the bailout money that was essentially laundered through AIG -- meaning they've got off virtually scott free for all those sub-prime deals that were so obviously toxic and should never had been done (and indeed wouldn't have been done -- had a few dummies at AIG not been in the mix to mitigate risk).

Stiles

Stiles

Oakland, CA
November 2002

JUL 13, 2009 06:36 PM

Yep, huge privatized profit, while the taxpayer picks up the risk and losses.

This is why regulation was and is so essential, and why the intentional lack of it under mostly Republican leadership was so disastrous.

vermicious_knid

vermicious_knid

Shreveport, LA
February 2008

JUL 13, 2009 06:45 PM

Stiles said:
Yep, huge privatized profit, while the taxpayer picks up the risk and losses.

This is why regulation was and is so essential, and why the intentional lack of it under mostly Republican leadership was so disastrous.



You do realize that a huge chunk of this shit happened under Obama right? supported wholeheartedly and ramrodded through legislation in a decisively Democrat congress right? ... and that he has surrounded himself with Wall St. insider after insider right? ... and that all of his advisers are the very people who embraced the deregulation (rubin, summers, geithner) right?

There was a seamless transition in January. You have the biggest Wall St. puppet ever to exist.

The foxes are guarding the hen houses. And all the right wing attacks do nothing but buttress Obama - his weakness is at his left flank. That is why he takes every opportunity to mention Hannity, Cheney, Limbaugh, and others - it props him up to be called a "socialist" or "left wing radical."

More right wing, fascist stuff can be accomplished under left camouflage than in a full frontal assault. whatever

nicole_powers

nicole_powers

NEWSWIRE

I'm lost

JUL 14, 2009 02:42 PM

Stiles said:
Yep, huge privatized profit, while the taxpayer picks up the risk and losses.



Nice article in Rolling Stone on Goldman Sachs which supports this scenario:

In fact, at least $13 billion of the taxpayer money given to AIG in the bailout ultimately went to Goldman, meaning that the bank made out on the housing bubble twice: It fucked the investors who bought their horseshit CDOs by betting against its own crappy product, then it turned around and fucked the taxpayer by making him pay off those same bets.

Stiles

Stiles

Oakland, CA
November 2002

JUL 14, 2009 03:18 PM

vermicious_knid said:

You do realize that a huge chunk of this shit happened under Obama right? supported wholeheartedly and ramrodded through legislation in a decisively Democrat congress right? ... and that he has surrounded himself with Wall St. insider after insider right? ... and that all of his advisers are the very people who embraced the deregulation (rubin, summers, geithner) right?

There was a seamless transition in January. You have the biggest Wall St. puppet ever to exist.

The foxes are guarding the hen houses. And all the right wing attacks do nothing but buttress Obama - his weakness is at his left flank. That is why he takes every opportunity to mention Hannity, Cheney, Limbaugh, and others - it props him up to be called a "socialist" or "left wing radical."

More right wing, fascist stuff can be accomplished under left camouflage than in a full frontal assault. whatever



Obama has been in office for less than six months, and was handed a disaster on the scale of the Great Depression that was eight years or more in the making. The worldwide scale of this disaster by nature limits the ability of any one chief executive to remedy it, as does the obstructionist nature of the GOP opposition.

Even in the best of times, it takes more than 6 months do undo 48 months of bad policy and total fiscal chaos - and these are far from the best of times.

While I certainly do not agree with everything the obama administration has done, nor all the choices for regulators they have made, I realize that they are limited in many ways.

They were handed a huge shit sandwich and no matter what they do, it's going to stink to someone.

reprobate

reprobate

New Orleans, LA
December 2002

JUL 16, 2009 09:43 AM

SergeantPsycho said:
I'm somewhat disappointed with Micheal Moore. One would think that after all these years of Documentary experience that he would take on more challenging subject matter, perhaps the economic crisis in Zimbabwe, or maybe the Drug cartels in Mexico?



You're not disappointed, you just figured that was the best argument you could hang your hat on. Moreover your assertion is inane, and rather like saying, "Gee, I was so hoping that now Michael (that's how you spell Michael, BTW) Bey has matured as a director, he would take on a sensitive costume drama instead of Transformer 3".

Only you would assert that a global economic collapse wasn't a challenging or fit subject for exploration.

PointBlank

PointBlank

New York, NY
November 2004

JUL 16, 2009 09:57 AM

FearTheReaper said:
Yes, he's biased and a liar. Unless your an insurance industry whistle blower, then apparently he's spot on.


CIGNA Public Relations Chief turned whistleblower Wendell Potter said the words to Bill Moyers that no insurance company wanted said out loud in this country:

BILL MOYERS: You were also involved in the campaign by the industry to discredit Michael Moore and his film "Sicko" in 2007. In that film Moore went to several countries around the world, and reported that their health care system was better than our health care system, in particular, Canada and England. [..]

So what did you think when you saw that film?

WENDELL POTTER: I thought that he hit the nail on the head with his movie. But the industry, from the moment that the industry learned that Michael Moore was taking on the health care industry, it was really concerned.

BILL MOYERS: What were they afraid of?

WENDELL POTTER: They were afraid that people would believe Michael Moore.



link


Agreed. Michael Moore has been demonized and mocked by right-wing media types. And, look, it worked! He's a fatty and a liar!

AceT

AceT

Portland, OR
April 2004

JUL 16, 2009 11:15 AM

SergeantPsycho said:
I'm somewhat disappointed with Micheal Moore. One would think that after all these years of Documentary experience that he would take on more challenging subject matter, perhaps the economic crisis in Zimbabwe, or maybe the Drug cartels in Mexico?


I think Michael Moore picks topics he thinks he can do something about, instead of just raising awareness for. The majority of the people that watch a movie about Zimbabwe or Mexico would leave saying "that's a shame" and not do much from there, whereas something that seems to affect them personally would have a greater call to action.

Admittedly, this is a very Obama way of thinking ("let's ignore gay marriage right now so we can take care of health care") and I don't necessarily agree with it, but at least I understand it.

ChrisSick

ChrisSick

Philadelphia, PA
March 2008

JUL 16, 2009 11:45 AM

Not speaking for anyone else, my issue with Michael Moore has a lot less to do with how truthful his information is & more to do with how is information is presented, & the tactics he uses. I think his presentation leaves a lot to be desired, regardless of the veracity of his facts, & that the presentation he often uses is part of what opens him up to criticism.

Bowling for Columbine being a particularly good example, presenting information in cartoons, juxtaposing images that are unrelated to underscore points that don't need to be underscored, & his interview with Charlton Heston in which he appeared to just be badgering a confused old man. Not saying any of his points are invalid, or even that he distorted fact to support his claims, just that in many ways he comes off as just as insane as the extreme right wingers who target him.

I feel pretty similar to him the way I do to Maureen Dowd or Keith Oberman. There's nothing inherently wrong with what they're doing, they're just not the public face I want put on liberals, & I don't want to be lumped in with them just for holding similar views.

bean

bean

STAFF

Los Angeles, CA

JUL 16, 2009 11:59 AM

bdeaxn said:
SergeantPsych, i see your point but i suppose he just feels the need to try and make his own people wake up and realise the injustice in their own communities first. I've only been to America once but the general view the rest of the world has is that you are a bunch of fucking morons. Which obviously isn't completely true, but i suppose as you as a country have so much power, it makes more sense to start with you guys and work out. You'll never be able to help other countries so long as your government are corrupt.


Funny you should say we can't help other countries because our government is so corrupt. I just watched this documentary last night, which discussed the pervasiveness of corporate corruption of governments with specific examples, some of which involving the US, but centering on the Guardian's reporting on the massive investigation into BAE's British/Saudi corruption (an investigation which saw its core UK piece cut short by Tony Blair under pressure from the Saudi prince receiving the slush fund money).

The US has the toughest laws in the world against corruption. The biggest problem with cracking down on corruption here is that the rest of the world is so fucked up.

To be certain, there's a whole heap of corporate corruption in the US. It's a major problem, and I'm glad there's going to be a documentary about it that at least has a high profile. But for you to tell us to clean our shit up before we start pointing the finger at other countries is hilarious.

motorfirebox

motorfirebox

Pittsburgh, PA
March 2004

JUL 16, 2009 01:23 PM

PointBlank said:
Agreed. Michael Moore has been demonized and mocked by right-wing media types. And, look, it worked! He's a fatty and a liar!


even a broken clock is right twice a day.

Gringo

Gringo

Spokane, WA
May 2006

JUL 16, 2009 01:50 PM

AceT said:

SergeantPsycho said:
I'm somewhat disappointed with Micheal Moore. One would think that after all these years of Documentary experience that he would take on more challenging subject matter, perhaps the economic crisis in Zimbabwe, or maybe the Drug cartels in Mexico?


I think Michael Moore picks topics he thinks he can do something about, instead of just raising awareness for. The majority of the people that watch a movie about Zimbabwe or Mexico would leave saying "that's a shame" and not do much from there, whereas something that seems to affect them personally would have a greater call to action.


I disagree. I think Moore chooses subjects for his documentaries that he knows won't be fixed. I have yet to see a "follow up" documentary from him on any of the subjects/problems he's chosen.

I believe that just like the large, cold-blooded corporations and individuals that he opposes, he is still in it for the money. In my opinion, he's just very talented at playing the role of a compassionate, caring person who just wants to "make a difference" by pointing fingers.

That's not to say he didn't start out being sincere - but I do believe money has changed him.

Ace, please find a way to watch Manufacturing Dissent. You may be a little surprised with Moore's early career moves. You may be even more surprised with the uncut video of him avoiding a Canadian reporter confronting him on the spin he put on the auto manufacturers and the copies of replies they sent to Moore (even though they were shitty in my opinion). Moore claimed that nobody from the auto industry even bothered to respond.

Now, I am NOT saying they aren't douche bags. But there was a significant amount of spin orchestrated by Moore to make situations seem worse for sensationalistic reasons.

Stiles

Stiles

Oakland, CA
November 2002

JUL 16, 2009 08:46 PM

Gringo said:
I have yet to see a "follow up" documentary from him on any of the subjects/problems he's chosen.



You're not looking very hard.


Moore did a follow up to Roger & Me three years later, called "Pets or Meat: the Return to Flint"

http://www.imdb.com/title/tt0105134/

Oh, and the guy is such a money grubber that he is giving away his latest movie (Slacker Uprising, a Toronto Film Festival selection) for free - download here:

http://slackeruprising.com/






Gringo

Gringo

Spokane, WA
May 2006

JUL 16, 2009 09:21 PM

Dunno, dude. 1992 was a pretty long time ago - even for a 30 minute update.

And Slacker Uprising (2007) was made free for download in late 2008 - long after the film's release.

But I guess that is something considering he probably realizes all of his movies are available for download via USENET and Torrents.

I hope that isn't coming across as sarcastic...I guess it's just that I don't find those efforts impressive. What he didn't do in that update was include the responses from Roger Smith's attempts to meet him. That was just one of the issues addressed and deliberately avoided by Moore in the Canadian documentary "Manufacturing Dissent."

My problem with Moore has nothing to do with the issues he addresses. I am totally behind him in those issues. My problem is in the spin and misinformation/lies he uses to make his point. He doesn't disclose return comments, opinions, or questions from his opponents.

I do appreciate you posting that stuff though.

AceT

AceT

Portland, OR
April 2004

JUL 16, 2009 09:41 PM

Gringo said:
And Slacker Uprising (2007) was made free for download in late 2008 - long after the film's release.


He also pleaded that people be allowed to watch Fahrenheit 9/11 for free before the 2004 election, and he streamed Sicko online for free (it's still available on Google Video).

Greedy bastard.

Stiles

Stiles

Oakland, CA
November 2002

JUL 16, 2009 10:02 PM

Gringo said:
Dunno, dude. 1992 was a pretty long time ago - even for a 30 minute update.

And Slacker Uprising (2007) was made free for download in late 2008 - long after the film's release.

But I guess that is something considering he probably realizes all of his movies are available for download via USENET and Torrents.

I hope that isn't coming across as sarcastic...I guess it's just that I don't find those efforts impressive. What he didn't do in that update was include the responses from Roger Smith's attempts to meet him. That was just one of the issues addressed and deliberately avoided by Moore in the Canadian documentary "Manufacturing Dissent."

My problem with Moore has nothing to do with the issues he addresses. I am totally behind him in those issues. My problem is in the spin and misinformation/lies he uses to make his point. He doesn't disclose return comments, opinions, or questions from his opponents.

I do appreciate you posting that stuff though.



No prob. You said he never did a follow up, and he did do one. That's all.

To be clear, I'm not a huge Moore fan, but I find the criticism that

He doesn't disclose return comments, opinions, or questions from his opponents.



kind of wanting. After all, what documentary filmmaker does do that? Come to think of it, how often do you see an in-depth follow up story on a complex, wonkish issue on your local TV news? Not too often. How many tickets do you think he'd sell at ten bucks each for another follow up to Roger & Me?

That said, it looks like he is taking things more seriously this time around, to wit:

Here's Moore's fact-checking page for Sicko:

http://www.michaelmoore.com/sicko/checkup/

I'm not printing it here because it is around 470 lines long.

Here's Moore's page tallying mistakes and inaccuracies (and subsequent corrections and retractions) made by CNN (on Larry King live and the Situation Room shows), USA Today, and the AP in reference to articles involving Sicko:

http://www.michaelmoore.com/sicko/checkup/setting-the-record-straight/

hadees

hadees

Austin, TX
December 2003

JUL 17, 2009 07:20 AM

Its all been down hill for him since Canadian Bacon

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