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xsuddensam
132 Comments
Trying to Make Sense of Cramer's Advice
You've Gotta Have Friends: How Bear Stearns Dodged Misvaluation Charges
Let's get the Wall Street crooks and hang 'em high along with their politician friends. Convict 'em, jail 'em and confiscate their assets. We need to make an example of these sub-slime operators. White collar crime needs to be re-defined. If a convenience store robber can get 10-20 years, these Wall Street scumbags, who stolen billions on the backs of hardworking people, need to get life or worse.
Is the End of the Crisis Near?
Dream on..................
You could hear the hope in the voices of the talking heads this morning on CNBC. They've been asking everyday if we're near the bottom. Like you, they don't have a clue. This decline is far from over and it will last for years, not weeks or months.
Too Soon to Move From Equities to Gold
Gold and silver are the best bets now.
Fannie and Freddie Did Not Cause This Crisis
In a speech on the senate floor May 25, 2006, John McCain said:
"For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac...and the sheer magnitude of these companies and the role they play in the housing market...the GSEs need to be reformed without delay."
May 25, 2006? Sorry, the damage had already been done; as usual, too little too late.
If McCain had been so concerned for so many years, why didn't he raise the red flag during his campaign in 2000? Since he's been in the Senate for 26 years and if he felt so strongly about the GSE's, he certainly has had many opportunities to bring up the importance of reform.
McCain, like Obama, is just another self serving opportunist who will say anything to further his ambitions.
Fannie and Freddie Did Not Cause This Crisis
Why don't you call it like it is--cheap money, greedy lenders, crooked investment bankers and dishonest rating agencies all operating with the blessing of the criminals in Washington, including McCain and Obama.
Get Ready for Government Taxation Without Representation
We've accepted taxation without representation for years and it looks like nothing will change.
I hear no outcry for accountability, no call for investigations, no demand for term limits and no insistence on real campaign finance reform. If the people do not demand responsible government, we will get more of the same--a greedy Wall Street with dishonest politicians in the pocket.
Rename the Bailout
The Deal's Getting Done, But Will It Work?
John McCain was involved in trying to steer the bank regulators to ease up on Charles Keating's Lincoln Savings which bellied up. His friend, Keating, let McCain use his private jet and vacation home in the Bahamas numerous times, gave him $112,000 and let McCain's family participate in a shopping center deal. All this from a guy who claimed during the debate that he has been fighting special interests and corruption for the past 26 years. What a jerk!
The Deal's Getting Done, But Will It Work?
As I recall, taxpayers picked up around $126 B of the $160 B in losses. Of course, the balance was lost by depositors.
As the rich will get richer in this current bailout scheme, the rich picked up great properties for pennies on the dollar through the Resolution Trust Corporation's giveaways. It's the same old story; the little guys get bent over while the bigs guys laugh all the way to the bank.
Unfortunately, this bailout will only give these thieves a temporary respite. The next shoe to drop--commercial real estate loans, credit default swaps, derivitives?
On Board the 'U.S.S. Titanic'
It is a bailout for the Wall Street elite and a face saving move by the corrupt politicians. If you think that they have any concern for you and your family's welfare, I'm sorry but you are naive; they couldn't care less about us. Their only concern is how to line their pockets off the hard work of honest Americans. They are a disgrace.
On Board the 'U.S.S. Titanic'
You need to go back read my posts again. Somehow, you have confused my response to Fourbrane's post with your own.
The following quote was Fourbrane's:
"The U.S. Treasury, however, can print money which it does not have to pay back to anyone, so it can afford to hold these mortgages for five or ten or even twenty years until home prices have recovered and the financial system can re-absorb the mortgages. "
This was your statement:
"By the way...the Treasury does not print money, it only borrow. The federal reserve can print or monetized debt. "
There's a big difference between "print " or "monetize debt " My response to you was quoted right from the U.S. Treasury website:
"Throughout Treasury's history, the Department has been in charge of overseeing the production of U.S. coins and currency notes for our nation. The United States Mint is responsible for producing coins and the Bureau of Engraving and Printing produces paper money. The Treasurer of the United States advises the Director of the Mint, the Director of the Bureau of Engraving and Printing, the Deputy Secretary and the Secretary of the Treasury on matters relating to coinage, currency and the production of other instruments by the United States."
And yes, the Federal Reserve is the gatekeeper, albeit a terrible one at that. We need to get rid of the Fed and put our financial system on a sound monetary foundation that cannot be influenced by bankers or politicians, who through their malfeasence and greed, have run our great nation into the ground. My stomach turnsover everytime I see Bush, Greenspan, Bernanke, Paulson, Dodd, Frank, Fuld and the rest of the bastards that are ruining our lives and abridging our freedoms. Worst of all, the media including CNBC and Bloomberg are lending respect and credibility to these thieves in the night. All these people are totally out of control.
On Board the 'U.S.S. Titanic'
"By the way...the Treasury does not print money, it only borrow. The federal reserve can print or monetized debt. "
You need to take a refresher course in Banking 101.
From Treasury's website:
"Throughout Treasury's history, the Department has been in charge of overseeing the production of U.S. coins and currency notes for our nation. The United States Mint is responsible for producing coins and the Bureau of Engraving and Printing produces paper money. The Treasurer of the United States advises the Director of the Mint, the Director of the Bureau of Engraving and Printing, the Deputy Secretary and the Secretary of the Treasury on matters relating to coinage, currency and the production of other instruments by the United States."
On Board the 'U.S.S. Titanic'
"The U.S. Treasury, however, can print money which it does not have to pay back to anyone, so it can afford to hold these mortgages for five or ten or even twenty years until home prices have recovered and the financial system can re-absorb the mortgages. "
This statement doesn't surprise me. It's this kind of thinking that has got us into this mess. Hopefully, sane minds will eventually prevail and will lead us to a responsible and equitable economic and monetary system.
On Board the 'U.S.S. Titanic'
"It is obvious to most that when you arteries are clogged, the blood doesn't flow. When you have blocked arteries it is an emergency, and to avoid a heart attack it is critical to get the blood flowing, which implies the use of a stent or open heart surgery. A complete blockage will result in a heart attack or worse. Time is critical, and the required correction is an emergency. "
Nice analogy and a good try. However, if the patient keeps on eating at Berger King or McDonalds, the procedure is a waste of time and money.
Alleviating the blockage in the credit market by bailing out those who feasted on sub-slime mortgages and other fraudulent security schemes is not the answer. We will never have a healthy and sustainable economy until we change our belief that credit rather than productivity is required for growth and prosperity. As a society, we must change our way of thinking and become financially responsible both publicly and privately.