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Mbuna
21 Comments
Comparing Value-at-Risk to Crash-and-Burn
Global Cardiac Arrest
Bank Default Risk Decreases from Apocalyptic to Merely Catastrophic
-777.7: Where Do We Go from Here?
That may be true but ultimately it is beside the point. The point is that Wall Street has no credibility, period. The only way that Washington can change the lack of credibility on Wall Street is to nationalize it. That may bring in another set problems, hehe, but if you want change....
Otherwise the bailout is doomed to failure anyway because too many people are trying to hold on to the Titanic thinking they cannot or simply will not live without it. That is hardly creative thinking. Personally I think we are going to find out what we can live without and it may not be pleasant.
Bill Gross on the Bailout Plan
And how do you arrive at this estimate? Your argument is willing risk everything on this estimate and yet, like Paulson, you are saying, trust me. Does your financial record indicate you can be trusted?
Does your record of financial investment with these very toxic mortgage instruments indicate that your estimates are correct? I think not. If you look at what banks have been selling this stuff at, there is no way you can construe 65%. Give me full disclosure please. How much do you have to gain from this? The more I hear about all of this the more I get the feeling that Wall St. is holding a gun to Main St. This nothing more than a giant extortion scheme. You say the "need for speed is clear. This time there really are weapons of mass destruction...". I say your need for speed has to do with the limited amount of time that this extortion plan has before everyone will start to see more of what is really going on here. If this is such a dire situation then real steps need to taken to insure that it never happens again and yet nowhere, and I mean NOWHERE do I see anyone even interested in such topics, another pointer that self interest is king here.
Fannie and Freddie at the Congress Drive-Up Window: One HELOC To Go, Please
Unfortunately, not for long. Hmmm.... could that be the ulterior motive all along?. If you siphon all the money out of the government won't that eventually result in less government? Plus, you'll have all the money to boot. Sounds like plan.... stay tuned....
Little To Fear But Fear Itself
The Real Cost of the Agency Guarantee
This is all pretty much taken for granted as how things are supposed to work. I do wonder however whether Mr. Gross is simply thick and unconscious about this or whether he is a slick devil consciously advocating his cause. Either way there are far more 'Socialism for the rich" advocates out there than you think.
U.S. Government Is Heading for a Slippery Slope
Why the U.S. Government Is Using Your Money to Help Fannie and Freddie
The Great GSE Meltdown: Market Adding Fuel to Fire?
MBIA's GIC Exposure Could Trigger a Liquidity Crisis
Jim Chanos: A Short Seller Speaks
MBIA vs. Smith and Jones
put a band aid on it so the gravy train keeps running. Let's take for example the subtle dig at Yves Smith for attempting to bring some moral outrage to the situation. Sam Jones is "more balanced". Therefore Yves Smith must be unbalanced. Yeah someone that shows some moral fiber must be unbalanced. What is unbalanced is the suggestion that creating a new subsidiary with that $900 million is an elegant solution. Well lets see here, take this company which has lost billions of dollars as a result of simple corporate greed, let them create a new subsidiary and leave all that old mess behind and even though they still have that same greed, and will likely do more funny business so they can make more money and will likely be fleecing those investors from all that capital they raised, they are really good boy scouts so therefore we should just trust them. And that is in fact what you are suggesting Mr. Salmon. No new regulations, no government oversight, nothing. Until people like you start to speak up about actually changing the current mess nothing is really going to change and I suspect that is how you really want it be anyway.
My final point here is that just as political reporters these days have shown to be far too entwined with their government sources to be trustworthy I wonder if the same isn't true of business reporters (and bloggers) as well. No one really wants to upset the apple cart because its too mutually beneficial. So Mr. Salmon who is buttering your bread?
Proposed Regulatory Overhaul: Why are the Foxes Designing the Hen House?