Bevin Backed TARP and Federal Reserve buying commercial paper issued by banks.

[BamaFanNKy]

Politico is finally finding out what I knew of Bevin.... Seriously, I have no clue if people are just asking candidates questions and not digging in their background. http://www.politico.com/story/2014/...ky-senate-race-2014-103351.html#ixzz2t1ZmFGlc

Again, is replacing an OLD McConnell with a YOUNGER equally as bad guy a smart move?

 

[gnuschler]

From the Politico story…

An Oct. 28, 2008, report for investors of Veracity Funds obtained by POLITICO — signed personally by Bevin as president of the fund — praised the federal government’s unprecedented intervention in the U.S. financial markets at that time.

“Most of the positive developments have been government led, such as the effective nationalization of Fannie Mae and Freddie Mac, the passage of the $700 billion TARP (don’t call it a bailout) and the Federal Reserve’s intention to invest in commercial paper,” wrote Bevin and Daniel Bandi, chief investment officer and vice president of the fund. “These moves should help to stabilize asset prices and help to ease liquidity constraints in the financial system.”

Bevin and Bandi added: “The government actions to date have been reasonably swift and substantial. The Federal Reserve seems to understand the magnitude of the problem and the underlying issues involved.”

 

[eduardo89]

How many of us here understood that the Fed was the problem back in 2008?

 

[TheTyke]

Again, is replacing an OLD McConnell with a YOUNGER equally as bad guy a smart move?

Oh look, did Bevin just merit his own newsletter attack? The best opposition research McConnell's millions can buy! It's fascinating how the original poster both says it was impossible for us to win, yet is also asking if we're sure this is who we want to replace McConnell with. Which is it? It comes across as throwing everything possible at Bevin and seeing what sticks - the motivation for which is still lost on me.

Two things occur to me... 1) Bevin's deniability is the same as Ron's was when they smeared him. And 2) Bevin's grants/comments (if even actually his), Ron's earmarking or Rand's accepting medicare are on a completely different level than arranging, lobbying, and muscling through passage of those systems and spending in the first place, as the establishment did. One causes it... the others are dealing with it after the fact.

Despite all that, I'm not dismissing the information completely... these are issues I'm very wary of. There are a few things I want to check further into.

 

[BamaFanNKy]

Oh look, did Bevin just merit his own newsletter attack? The best opposition research McConnell's millions can buy! It's fascinating how the original poster both says it was impossible for us to win, yet is also asking if we're sure this is who we want to replace McConnell with. Which is it? It comes across as throwing everything possible at Bevin and seeing what sticks - the motivation for which is still lost on me.

Two things occur to me... 1) Bevin's deniability is the same as Ron's was when they smeared him. And 2) Bevin's grants/comments (if even actually his), Ron's earmarking or Rand's accepting medicare are on a completely different level than arranging, lobbying, and muscling through passage of those systems and spending in the first place, as the establishment did. One causes it... the others are dealing with it after the fact.

Despite all that, I'm not dismissing the information completely... these are issues I'm very wary of. There are a few things I want to check further into.

FWIW, I believe Ron knew about the Newsletters but was nearly 2 decades removed from them. TARP isn't even a decade. Couple that with the Blumenthal stuff...... welp.

 

[ctiger2]

I'm happily not sending ANYONE anymore of my money.

 

[jj-]

Brought to you by McConnell's foremost cheerleader in the forum. So consider it very carefully.

 

[BamaFanNKy]

Brought to you by McConnell's foremost cheerleader in the forum. So consider it very carefully.

Really? I've never 'cheerlead' for anyone. Guess lies are what you turn to when facts are against you.

 

[thoughtomator]

How many of us here understood that the Fed was the problem back in 2008?

A LOT of us did! I went from complete financial ignorance in 2005 to understanding everything that the Fed was doing by the time TARP came around. 2008 is actually quite late in the game - anyone who supported TARP did so with eyes open, there are no excuses for it.

 

[eduardo89]

A LOT of us did! I went from complete financial ignorance in 2005 to understanding everything that the Fed was doing by the time TARP came around. 2008 is actually quite late in the game - anyone who supported TARP did so with eyes open, there are no excuses for it.

I'd bet you the vast majority of those who now call for abolishing the Fed came to that view post-2008.

 

[jj-]

I'd bet you the vast majority of those who now call for abolishing the Fed came to that view post-2008.

Pfffft. I was cheering when the House voted against TARP in the first try.

 

[thoughtomator]

I'd bet you the vast majority of those who now call for abolishing the Fed came to that view post-2008.

I'd take the other side of that bet. Anyone who didn't wake up and smell the coffee by TARP time is unlikely to have yet come out of their Federal Reserve daze/brainwashing. Since you believe it is a "vast majority" who woke up post-2008, go ahead and name some names of notable people who now want to see the Fed abolished and wasn't already well along that path by TARP passage.

 

[Brian4Liberty]

How many of us here understood that the Fed was the problem back in 2008?

I knew the Fed was a problem in the 80s...

There are several ways in which the Bush family plays into the Savings and Loan scandal, which involves not only many members of the Bush family but also many other politicians that are still in office and still part of the Bush Jr. administration today. Jeb Bush, George Bush Sr., and his son Neil Bush have all been implicated in the Savings and Loan Scandal, which cost American tax payers over $1.4 TRILLION dollars (note that this is about one quarter of our national debt).

Between 1981 and 1989, when George Bush finally announced that there was a Savings and Loan Crisis to the world, the Reagan/Bush administration worked to cover up Savings and Loan problems by reducing the number and depth of examinations required of S&Ls as well as attacking political opponents who were sounding early alarms about the S&L industry. Industry insiders were aware of significant S&L problems as early 1986 that they felt would require a bailout. This information was kept from the media until after Bush had won the 1988 elections.

Jeb Bush defaulted on a $4.56 million loan from Broward Federal Savings in Sunrise, Florida. After federal regulators closed the S&L, the office building that Jeb used the $4.56 million to finance was reappraised by the regulators at $500,000, which Bush and his partners paid. The taxpayers had to pay back the remaining 4 million plus dollars.

Neil Bush was the most widely targeted member of the Bush family by the press in the S&L scandal. Neil became director of Silverado Savings and Loan at the age of 30 in 1985. Three years later the institution was belly up at a cost of $1.6 billion to tax payers to bail out.

http://rationalrevolution.net/war/bush_family_and_the_s.htm

 

[Brian4Liberty]

Oh look, did Bevin just merit his own newsletter attack? The best opposition research McConnell's millions can buy! It's fascinating how the original poster both says it was impossible for us to win, yet is also asking if we're sure this is who we want to replace McConnell with. Which is it? It comes across as throwing everything possible at Bevin and seeing what sticks - the motivation for which is still lost on me.

Two things occur to me... 1) Bevin's deniability is the same as Ron's was when they smeared him. And 2) Bevin's grants/comments (if even actually his), Ron's earmarking or Rand's accepting medicare are on a completely different level than arranging, lobbying, and muscling through passage of those systems and spending in the first place, as the establishment did. One causes it... the others are dealing with it after the fact.

Despite all that, I'm not dismissing the information completely... these are issues I'm very wary of. There are a few things I want to check further into.

Agree.

The relevant portion of the article:

An Oct. 28, 2008, report for investors of Veracity Funds obtained by POLITICO — signed personally by Bevin as president of the fund — praised the federal government’s unprecedented intervention in the U.S. financial markets at that time.

“Most of the positive developments have been government led, such as the effective nationalization of Fannie Mae and Freddie Mac, the passage of the $700 billion TARP (don’t call it a bailout) and the Federal Reserve’s intention to invest in commercial paper,” wrote Bevin and Daniel Bandi [well, which one was it? -B4L], chief investment officer and vice president of the fund. “These moves should help to stabilize asset prices and help to ease liquidity constraints in the financial system.”
...
A Bandi-signed report from April 10, 2009, praised the Democratic-backed $787 billion stimulus bill — which McConnell opposed.

“Some of the positive developments include the numerous programs from stimulus to the various Treasury acronyms (TARP, TALF, PPIP) to the Fed’s aggressive balance sheet growth. To what degree is open to some debate, but our government has taken the challenge head on and has responded like no other country,” Bandi wrote.

Bevin later filed a Securities and Exchange Commission certification — as required by law — saying he had reviewed both reports and that they were accurate.

Semmel said Bandi, as the chief investment officer, was responsible for what was said in both documents, although Bevin was president and founder of the investment fund.

“The investment commentary in the Veracity prospectuses were always written by the Chief Investment Officer of the sub-advisor to the Veracity funds,” Semmel said in a statement. “In his role as President of Veracity, Matt signed every prospectus. Matt’s signatures were a formality that were not intended to be an endorsement of the opinions of others.”

Semmel added: “Accusations like these are ironic given that Sen. McConnell has been one the biggest champions of bailouts and misuse of taxpayer dollars in the U.S. Senate.”
...
Read more: http://www.politico.com/story/2014/02/matt-bevin-tarp-kentucky-senate-race-2014-103351_Page2.html

Read more: http://www.politico.com/story/2014/02/matt-bevin-tarp-kentucky-senate-race-2014-103351.html

The most disturbing part of this whole story is that Bevin was ever involved in running any financial/investment/hedge funds. That is cause for questions.

 

[TheTyke]

He set the record straight in an interview. Says that beyond being misleading on this subject alone, the Politico article is full of other factual errors.

http://www.theblaze.com/stories/201...ok&utm_medium=story&utm_campaign=ShareButtons

 

[cajuncocoa]

I'd bet you the vast majority of those who now call for abolishing the Fed came to that view post-2008.

meh. I took several Economics classes in the 80s in pursuit of my Marketing degree. I learned back then what the purpose of the Fed was and the consequences of "printing" money.

 

[jj-]

It seems just about everyone here was smarter than you, Eduardo.

 

[Brian4Liberty]

He set the record straight in an interview. Says that beyond being misleading on this subject alone, the Politico article is full of other factual errors.

http://www.theblaze.com/stories/201...ok&utm_medium=story&utm_campaign=ShareButtons

Wouldn't be surprised. The Democrats are really thinking they can pick up a Senate seat in Kentucky. They want McConnell to win the Primary, because they think he'll be easier to beat in the General.

 

[jj-]

The Democrats are really thinking they can pick up a Senate seat in Kentucky.

I agree with them. I think McConnell will not win reelection. If he wins the primary, conservatives will stay home and independents will flock to the non-McConnell candidate.

 

[Danke]

It seems just about everyone here was smarter than you, Eduardo.

Smarter? No, just older.


The guy is making bank with narcotics in Colombia.