SNL: Tim Geithner Stress Tests Skit (VIDEO)

Saturday Night Live lampooned Treasury Secretary Tim Geithner and the nation's big banks last night with a skit about the government capitulating on the stress tests and the banks failing the part two of the stress tests: the written exam. Check out SNL's new digital short starring Justin Timberlake, Susan Sarandon, Patricia Clarkson and Adam Samberg here.

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Comments

[breakingpoint]

This would be funny if it wasn't true.

Capitalism is eating itself - Banks want to kill the Middle Class.

[PhilipTaylor]

Banks Lured Minorities into Needless & Rapid Recurring Mortgages Couldn't Afford

First-time homebuyers=less than 10% of subprime loans per Center for Responsible Lending
2006 over 50% subprimes=Refi existing home loans=Foreclosures outpace ownership by million
Particularly true in established black neighborhoods=banks+brokers target longtime homeowners
Banks+Brokers=Lured minorities into needless+rapid recurring mortgages=couldn't afford
2006 62% refi loans to African-Americans were subprime=according to analysis by ACORN. Low-income black borrowers sub-prime refi=over twice rate among low-income whites

Research: CarolAB

[Carolab]

From Reason:

Everything worked as long as housing prices continued to rise. Suddenly, though, there weren't enough buyers.

At the same time, the first wave of the more exotic mortgages began to falter. Interest rates on adjustable-rate mortgages moved higher; the Fed was finally constricting the money flow, with the federal funds rate peaking at 5.25 percent in July 2006.

Mortgages that were initially interest-only were close to resetting, with monthly payments jumping to include principal. A significant number of these mortgages moved into default and foreclosure, which further dampened housing prices.

The overall foreclosure numbers were SMALL; someone simply looking at housing statistics could be forgiven for wondering what all the fuss was about. Nationally, throughout 2007 and 2008, the number of mortgages moving into foreclosure was only about 1 percent to 2 percent, suggesting that 98 percent to 99 percent of mortgages are sound.

But the foreclosed mortgages punched way above their weight class; they were laced throughout the mortgage-backed securities owned by most financial institutions. No one fully understood how exposed the mortgage-backed securities were to the rising foreclosures.

http://www.reason.com/news/show/130330.html

[jimrs6]

Unless SNL has a current political issue to make fun of, the skits are terrible. As soon as I saw the Target checkout lady as the first skit after the intro, I knew it was going be a bad show. The cast is really good this year, but the writing is really bad.

[slaxx]

you should have given it time. last night was a really good show overall.

[redsongia]

It would have been super funny if it weren't true. Still, it was pretty funny.

It's hard to find something in the news to mock that Stewart and Colbert haven't already had the definitive word on.

[alexandrovich]

Doesn't sound or look like Geitnner at all. And not so funny either.

[Cameronj]

Umm... It's Andy Samberg -- not Adam. :)

[TiffanyHusseinBanned]

Two thumbs down.

[Diogenis]

six thumbs up

[Carolab]

The Urgency of the American Monetary Act:

On April 23, 2009, Stephen Zarlenga, director of the American Monetary Institute, delivered two briefings on Capitol Hill on the American Monetary Act that AMI drafted and that may be introduced as legislation during the current congressional session. This single measure has the potential of bringing together the tens of millions of people who have realized it’s our bank-run debt-based monetary system that lies at the center of the financial rot that is destroying our republic and its values.

Attending the briefings were congressional staffers and members of the public. Zarlenga was introduced by Congressman Dennis Kucinich (D-OH), who has spoken in favor of wholesale reform of the monetary system on the floor of the U.S. House of Representatives.

The main thrust of the act is to replace the bank-centered debt-based monetary system with the direct creation of money by the federal government which would spend it into circulation as was done with the Greenbacks of the latter part of the 19th century.

The money would be spent on all types of legislated government requirements but would focus on infrastructure improvements, including education and health care. The act not only would create a new monetary supply denominated in U.S. Treasury notes, but would rebuild our job base which has been outsourced to other nations by the globalist corporations and big financial interests.

http://www.pdamerica.org/articles/news/2009-05-09-12-15-56-news.php

[iridium53]

Will Forte gives it a good run.
He is, however, far more animated and interesting than the real Tim Geithner.
Will is going to have to learn to dial it down even more before he captures the essence of Geithner.

[LeeCalif]

Agree. Geithner always holds his head down, like he's ducking......

which is probably true, now.

[Carolab]

Let's have some more truth instead: Bill Black video:

Black is Back: Don't Trust Earnings New Accounting Rules, Stress Test is a SHAM!

http://www.youtube.com/watch?v=dPxRGCaABg0&eurl=http%3A%2F%2Fwww.electionfraudnews.com%2Findex.html&feature=player_embedded

More.

http://www.electionfraudnews.com/black.htm

[Rodney314]

Morgan Stanley wrote, "doable" XD

[PrinceHal]

As somebody said somewhere, the SNL-Ain't-Funny crisis is right up there with the banking crisis.

The exact same stuff Geithner is actually saying may be ridiculous, but satire it isn't.

[Brian Mpofu]

As much as I admire American comedians for their fearless take on the status quo, I find it awkward that americans in general would rather laugh than march. This crisis is a very serious issue and the opportunity for real change is slipping, meanwhile its all jokes and laughs on TV. Is there any humor in death and destruction? Because the shambolic events taking place at the highest level of finance and politics are just that. The effects are real pain and tears for us here at the bottom. Im all laughed out...we need anger please

[elsellel]

Absolutely agreed. I cannot laugh at this skit. It hits too close to home, and begs the question (repeatedly, repeatedly, repeatedly): why is this being allowed to continue, and why aren't more of the truly guilty being prosecuted and thrown in jail?

But, Americans have become sheeple over the last 4 decades. You can't expect anything more out of pod-people. The only thing they're going to respond to is complete disaster.

I grow oh so tired of the 50% faction of the population that continually makes it difficult, if not impossible, to move forward as a responsible, adult-minded species. Much more of this behavior, and trying to stick with status-quo = dead-end future for us all is spelling our doom.

[CapableOne]

I was surprised they didn't hammer the whole Miss Cali thing last night. Not even in Update. Plus JT needs to quit relying on the singing costumed dude and the Barry Gibb talk show. Motherlover was okay but no D*ck in a Box.

Update was good though, where are the clips from that?

[bayside]

SNL is right on. More truth in comedy than in news...

[teron678]

sad ... but sooo true ....