Step Aside The Bernank Here Comes Timothy Jeethner: The Bears Explain Banker Bailouts And The Screwing Of The American People

Submitted by Tyler Durden on 01/29/2011 15:21 -0500

The same two bears who explained Quantitative Easing so that even the ADHD afflicted could understand Bernanke's indirect subsidies to the PDs, once again simply finance and in 6 minutes explain the core issues behind the bank bailouts. Concepts explained include the Too Bigger To Fail banks (the JP Morgan Chase Bear Stearns Washington Mutual and the Bank of America Countrywide Merrill Lynches), Goldman Sachs' HoldCo position over the US government, the "very real evil empire's" Goldman Sachs profiting on the AIG, the reason why the failed CIT's boss is the same person who bought a $70,000 desk, and why "when you constantly get the bailouts you don't care about the shame." Also explained are NY Fed boss, The Timothy Jeethner, The Change brought from The President Obama, why The Ben Bernank will not lend you money, and The Screwing Of The American People.

Silver shortage, bond market manipulation figure in metals wrap at KWN

 

Silver futures trading has nothing to do with metal's real price, Sprott says

 

Kitco News reports on GATA's lawsuit seeking Fed's gold records

 

FOFOA: Who is draining GLD? Probably giants who want metal

Analysis: Egypt shows how easily Internet can be silenced.

Saudi Stock Exchange Plummets 6% 

 

In The News Today

Posted: Jan 29 2011     By: Jim Sinclair      Post Edited: January 29, 2011 at 6:29 pm
Filed under: In The News



Dear CIGAs,
On Friday we found out the supply on the Comex and hammering of gold was primarily the product of an undisciplined hedge fund trader who got caught in an outrageously large spread while heavily under-financed. We also learned the problems in Egypt have become a lot more serious than many anticipated.
Gold had two drivers Friday. Those drivers were the clear fact that the supply in gold was an aberration that drew the chart and yes, Egypt, but that was not fully appreciated.
Egypt is Iran and the Shah revisited. That is extremely serious.

The Egyptian Unrest: A Special Report January 29, 2011 | 2207 GMT
Egyptian President Hosni Mubarak remains the lifeblood of the demonstrators, who still number in the tens of thousands in downtown Cairo and in other major cities, albeit on a lesser scale. After being overwhelmed in the Jan. 28 Day of Rage protests, Egypt’s internal security forces — with the anti-riot paramilitaries of the Central Security Forces (CSF) at the forefront — were glaringly absent from the streets Jan. 29. They were replaced with rows of tanks and armored personnel carriers carrying regular army soldiers. Unlike their CSF counterparts, the demonstrators demanding Mubarak’s exit from the political scene largely welcomed the soldiers. Despite Mubarak’s refusal to step down Jan. 28, the public’s positive perception of the military, seen as the only real gateway to a post-Mubarak Egypt, remained. It is unclear how long this perception will hold, especially as Egyptians are growing frustrated with the rising level of insecurity in the country and the army’s limits in patrolling the streets.
There is more to these demonstrations than meets the eye. The media will focus on the concept of reformers staging a revolution in the name of democracy and human rights. These may well have brought numerous demonstrators into the streets, but revolutions, including this one, are made up of many more actors than the liberal voices on Facebook and Twitter.
After three decades of Mubarak rule, a window of opportunity has opened for various political forces — from the moderate to the extreme — that preferred to keep the spotlight on the liberal face of the demonstrations while they maneuver from behind. As the Iranian Revolution of 1979 taught, the ideology and composition of protesters can wind up having very little to do with the political forces that end up in power. Egypt’s Muslim Brotherhood (MB) understands well the concerns the United States, Israel and others share over a political vacuum in Cairo being filled by Islamists. The MB so far is proceeding cautiously, taking care to help sustain the demonstrations by relying on the MB’s well-established social services to provide food and aid to the protesters. It simultaneously is calling for elections that would politically enable the MB. With Egypt in a state of crisis and the armed forces stepping in to manage that crisis, however, elections are nowhere near assured. What is now in question is what groups like the Muslim Brotherhood and others are considering should they fear that their historic opportunity could be slipping.
One thing that has become clear in the past several hours is a trend that STRATFOR has been following for some time in Egypt, namely, the military’s growing clout in the political affairs of the state. Former air force chief and outgoing civil aviation minister Ahmed Shafiq, who worked under Mubarak’s command in the air force (the most privileged military branch in Egypt), has been appointed prime minister and tasked with forming the new government. Outgoing Intelligence Chief Omar Suleiman, who has long stood by Mubarak, is now vice president, a spot that has been vacant for the past 30 years. Meanwhile, Defense Minister Field Marshal Mohammed Hussein Tantawi (who oversees the Republican Guard) and Egypt’s chief of staff of the armed forces, Lt. Gen. Sami Annan — who returned to Cairo Jan. 29 after a week of intense discussions with senior U.S. officials — are likely managing the political process behind the scenes. More political shuffles are expected, and the military appears willing for now to give Mubarak the time to arrange his political exit. Until Mubarak finally does leave, the unrest in the streets is unlikely to subside, raising the question of just how much more delay from Mubarak the armed forces will tolerate.
The important thing to remember is that the Egyptian military, since the founding of the modern republic in 1952, has been the guarantor of regime stability. Over the past several decades, the military has allowed former military commanders to form civilian institutions to take the lead in matters of political governance but never has relinquished its rights to the state.
Now that the political structure of the state is crumbling, the army must directly shoulder the responsibility of security and contain the unrest on the streets. This will not be easy, especially given the historical animosity between the military and the police in Egypt. For now, the demonstrators view the military as an ally, and therefore (whether consciously or not) are facilitating a de facto military takeover of the state. But one misfire in the demonstrations, and a bloodbath in the streets could quickly foil the military’s plans and give way to a scenario that groups like the MB quickly could exploit. Here again, we question the military’s tolerance for Mubarak as long as he is the source fueling the demonstrations.
More…



Jim Sinclair’s Commentary
The unrest continues.

Mubarak appoints ally as vice-president By Heba Saleh in Cairo and agencies
Published: January 29 2011 19:08 | Last updated: January 29 2011 19:08
Hosni Mubarak has appointed the head of military intelligence, Omar Suleiman, as vice-president, in a move analysts said signalled the beginning of the end of his 30-year reign, following five days of unprecedented street protests across Egypt.
“I think this is effectively the end of power of Hosni Mubarak,” said Mustapha Kamel al-Sayed, a political scientist. “If and when he serves out his term in November, real power will be in the hands of Mr Suleiman.”
Mr Mubarak has ruled without a vice-president since coming to power in 1981.
Mr Mubarak also appointed Ahmed Shafiq, a former commander of the air force, as prime minister, a day after he appeared on television to say he would dismiss the government and replace it with one that would carry out reforms.
It also been announced that Ahmed Ezz, a steel tycoon, close confidante of the president’s son and senior official of the ruling National Democratic party, had resigned.
More…



Jim Sinclair’s Commentary

CIGA Edward correctly observes the absolute gaul of the demon banksters attempting to rewrite history.
Bravo Sarkozy!

Davos diss: JP Morgan head Jamie Dimon gets public smackdown from French President Nicolas Sarkozy BY Corky Siemaszko
Thursday, January 27th 2011, 12:36 PM
JP Morgan boss Jamie Dimon got a humiliating public slap down from the French president Thursday after he whined that bankers were bashed unfairly for the Great Recession.
Nicolas Sarkozy told the Manhattan moneyman that bankers made moves that "defied common sense" and harmed millions of people around the world.
"Don’t be accusatory of us," Sarkozy snapped at Dimon at the World Economic Forum in Davos, Switzerland.
"The world has paid with tens of millions of unemployed, who were in no way to blame and who paid for everything."
Dimon drew the ire of the French president – and some of the other participants in the forum – by calling the persistent criticism of bankers "unproductive and unfair."
More…




Barron's Roundtable Wrapup