{"id":6957,"date":"2009-08-23T19:00:43","date_gmt":"2009-08-24T02:00:43","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=6957"},"modified":"2010-01-18T19:49:33","modified_gmt":"2010-01-19T03:49:33","slug":"elizabeth-warren-were-not-out-of-the-woods","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2009\/08\/23\/elizabeth-warren-were-not-out-of-the-woods\/","title":{"rendered":"Elizabeth Warren: We&#8217;re Not out of the Woods"},"content":{"rendered":"<p>This is a few weeks old, but it&#8217;s definitely worth watching if you haven&#8217;t yet.  Elizabeth Warren, chair of the <a href=\"http:\/\/en.wikipedia.org\/wiki\/Congressional_Oversight_Panel#Congressional_Oversight_Panel_.28COP.29\">Congressional Oversight Panel<\/a> (which was created to oversee TARP), has some <a href=\"http:\/\/www.msnbc.msn.com\/id\/3036789\/vp\/32385463\" title=\"MSNBC: Toxic Assets Still in America's Banks\">frank words about the current state of the banks<\/a>:<\/p>\n<div style=\"width: 425px; margin: 0 auto;\"><iframe loading=\"lazy\" height=\"339\" width=\"425\" src=\"http:\/\/www.msnbc.msn.com\/id\/22425001\/vp\/32385463#32385463\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p style=\"font-size:11px; font-family:Arial, Helvetica, sans-serif; color: #999; margin-top: 5px; background: transparent; text-align: center; width: 425px;\"><\/div>\n<p>Here are a few transcribed excerpts.<\/p>\n<blockquote><p><strong>Scarborough:<\/strong> &#8220;Are we out of the woods when it comes to toxic assets?&#8221;<br \/>\n<strong>Warren:<\/strong> &#8220;No.&#8221;<br \/>\n<strong>Scarborough:<\/strong> &#8220;How bad is it still?&#8221;<br \/>\n<strong>Warren:<\/strong> &#8220;&#8230;by and large, the toxic assets that brought us to this point are still on the books of the banks.&#8221;<\/p>\n<p><strong>Buchanan:<\/strong> &#8220;Are you saying that if they mark to market, and these assets were priced at what they&#8217;re really worth now, these banks would still be under water?&#8221;<br \/>\n<strong>Warren:<\/strong> &#8220;&#8230;once the folks changed the accounting rules&#8230; that means you can carry them on your books at a higher level than the market would treat them.  And now the problem is the banks say: &#8216;In fact, why do I want to sell them?  Because if I sell them, I can&#8217;t sell them at that value, I&#8217;m gonna have to sell them down at the lower market value.  That means I have to recognize the loss.&#8217; Recognize enough losses, and some of them are going to be gone.<\/p>\n<p><strong>Buchanan:<\/strong> &#8220;If all these banks, or an awful lot of these great big banks are under water if you price their assets what they&#8217;re worth, you could have a second big hit here, couldn&#8217;t you?&#8221;<br \/>\n<strong>Warren:<\/strong> &#8220;You could have real trouble.&#8221;<\/p>\n<p><strong>Warren:<\/strong> &#8220;If the idea behind rebuilding the economy is: &#8216;let&#8217;s use a lot of the bad practices we&#8217;ve used over the last five years, and see if maybe we get a little bubble going&#8230;&#8217;  I have to say, much of what is wrong and needs to be fixed is not rocket science.&#8221;<\/p><\/blockquote>\n<p>The blunt truth is that the policies that have been enacted in response to this financial crisis to date are nothing more than &#8220;extend and pretend,&#8221; where we hope that the banks can just fake it until the economy somehow magically rebounds.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is a few weeks old, but it&#8217;s definitely worth watching if you haven&#8217;t yet. Elizabeth Warren, chair of the Congressional Oversight Panel (which was created to oversee TARP), has some frank words about the current state of the banks: Here are a few transcribed excerpts. Scarborough: &#8220;Are we out of the woods when it&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[25],"tags":[305,1115,10,474,140,576],"coauthors":[],"class_list":["post-6957","post","type-post","status-publish","format-standard","hentry","category-economy","tag-banks","tag-economy","tag-link_roundup","tag-msnbc","tag-video","tag-warren"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elizabeth Warren: We&#039;re Not out of the Woods \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2009\/08\/23\/elizabeth-warren-were-not-out-of-the-woods\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Elizabeth Warren: We&#039;re Not out of the Woods \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"This is a few weeks old, but it&#8217;s definitely worth watching if you haven&#8217;t yet. Elizabeth Warren, chair of the Congressional Oversight Panel (which was created to oversee TARP), has some frank words about the current state of the banks: Here are a few transcribed excerpts. Scarborough: &#8220;Are we out of the woods when it...\" \/>\n<meta name=\"twitter:creator\" content=\"@The_Tim\" \/>\n<meta name=\"twitter:site\" content=\"@SeattleBubble\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Tim\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2009\/08\/23\/elizabeth-warren-were-not-out-of-the-woods\/\",\"url\":\"https:\/\/seattlebubble.com\/blog\/2009\/08\/23\/elizabeth-warren-were-not-out-of-the-woods\/\",\"name\":\"Elizabeth Warren: We're Not out of the Woods \u2022 Seattle Bubble\",\"isPartOf\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\"},\"datePublished\":\"2009-08-24T02:00:43+00:00\",\"dateModified\":\"2010-01-19T03:49:33+00:00\",\"author\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\"},\"breadcrumb\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2009\/08\/23\/elizabeth-warren-were-not-out-of-the-woods\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/seattlebubble.com\/blog\/2009\/08\/23\/elizabeth-warren-were-not-out-of-the-woods\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2009\/08\/23\/elizabeth-warren-were-not-out-of-the-woods\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/seattlebubble.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Elizabeth Warren: We&#8217;re Not out of the Woods\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\",\"url\":\"https:\/\/seattlebubble.com\/blog\/\",\"name\":\"Seattle Bubble\",\"description\":\"local\u00a0real\u00a0estate\u00a0news, statistics,\u00a0and\u00a0commentary without\u00a0the\u00a0sales\u00a0spin.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/seattlebubble.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\",\"name\":\"The Tim\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/image\/37756956c11dcc50d2559761ffa5ee70\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g\",\"caption\":\"The Tim\"},\"description\":\"Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer \/ internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.\",\"sameAs\":[\"http:\/\/SeattleBubble.com\/\",\"http:\/\/facebook.com\/is.totally.pointless\",\"https:\/\/x.com\/The_Tim\"],\"url\":\"https:\/\/seattlebubble.com\/blog\/author\/timothyellis\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Elizabeth Warren: We're Not out of the Woods \u2022 Seattle Bubble","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/seattlebubble.com\/blog\/2009\/08\/23\/elizabeth-warren-were-not-out-of-the-woods\/","twitter_card":"summary_large_image","twitter_title":"Elizabeth Warren: We're Not out of the Woods \u2022 Seattle Bubble","twitter_description":"This is a few weeks old, but it&#8217;s definitely worth watching if you haven&#8217;t yet. Elizabeth Warren, chair of the Congressional Oversight Panel (which was created to oversee TARP), has some frank words about the current state of the banks: Here are a few transcribed excerpts. Scarborough: &#8220;Are we out of the woods when it...","twitter_creator":"@The_Tim","twitter_site":"@SeattleBubble","twitter_misc":{"Written by":"The Tim","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/seattlebubble.com\/blog\/2009\/08\/23\/elizabeth-warren-were-not-out-of-the-woods\/","url":"https:\/\/seattlebubble.com\/blog\/2009\/08\/23\/elizabeth-warren-were-not-out-of-the-woods\/","name":"Elizabeth Warren: We're Not out of the Woods \u2022 Seattle Bubble","isPartOf":{"@id":"https:\/\/seattlebubble.com\/blog\/#website"},"datePublished":"2009-08-24T02:00:43+00:00","dateModified":"2010-01-19T03:49:33+00:00","author":{"@id":"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f"},"breadcrumb":{"@id":"https:\/\/seattlebubble.com\/blog\/2009\/08\/23\/elizabeth-warren-were-not-out-of-the-woods\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/seattlebubble.com\/blog\/2009\/08\/23\/elizabeth-warren-were-not-out-of-the-woods\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/seattlebubble.com\/blog\/2009\/08\/23\/elizabeth-warren-were-not-out-of-the-woods\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/seattlebubble.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Elizabeth Warren: We&#8217;re Not out of the Woods"}]},{"@type":"WebSite","@id":"https:\/\/seattlebubble.com\/blog\/#website","url":"https:\/\/seattlebubble.com\/blog\/","name":"Seattle Bubble","description":"local\u00a0real\u00a0estate\u00a0news, statistics,\u00a0and\u00a0commentary without\u00a0the\u00a0sales\u00a0spin.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/seattlebubble.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f","name":"The Tim","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/image\/37756956c11dcc50d2559761ffa5ee70","url":"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g","caption":"The Tim"},"description":"Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer \/ internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.","sameAs":["http:\/\/SeattleBubble.com\/","http:\/\/facebook.com\/is.totally.pointless","https:\/\/x.com\/The_Tim"],"url":"https:\/\/seattlebubble.com\/blog\/author\/timothyellis\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p6wh0F-1Od","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/posts\/6957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/comments?post=6957"}],"version-history":[{"count":0,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/posts\/6957\/revisions"}],"wp:attachment":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/media?parent=6957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/categories?post=6957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/tags?post=6957"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/coauthors?post=6957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}