normthefedup

Why AIG Needs to Go into Prepackaged Bankruptcy

Will your prepackaged bankruptcy give me and my fellow Americans back our $180 billion? No. We have, unfortunately, rolled the dice on this and now we've got to let the bet ride. You and your ilk need to STOP PLANTING THE SEEDS OF DISSENT AND DISCONTENT.

Credit Rating Reform No Substitute for Investor Vigilance

Ravi, outstanding article and it's about time that they've (Moody's et al) are taken to task. They ruined us. Granted, the investor is the ultimate decision-maker when it comes to investing one's own money. But bear in mind, that most investors, do not have the slightest idea how to read a balance sheet, or p&l statement, or how to analyze an entity's cash flow and the resultant ramifications. They see Fannie Mae rated AAA with "the implicit backing of the Federal Government" and AIG-like entities and companies whose names they recognize also with AAA ratings and they plunk down their money. And lose it. These guys (the ratings agencies) are RESPONSIBLE FOR THE LOSS OF TRILLIONS OF DOLLARS OF AMERICAS WEALTH AND SECURITY. We continue to chastise the Rick Wagoners and the John Thains of the world but do any of us know the names of the executives at Moody's, or S&P? Nah. And they've caused INFINITELY more damage than the aforementioned "villains." Now, they seem to have developed a conscience. Sure.....downgrade Citi and GE at a time when their "honesty" can cause even MORE carnage. As far as I'm concerned, their "rubber stamp" or I should say their PAID FOR rubber stamp on all the garbage investments that brought down the entire world should be evidence enough that these people should be charged with criminal negligence. Thank goodness that the days of mobs and drawn and quarter punishment are over. Or maybe not. Thanks, again. Great, great job.

The AIG Death Star

Outstanding Mark, simply outstanding. Talk about your pennywise and pound foolish..................

Exclusive: Big Banks' Recent Profitability Due to AIG Scam?

I gotta be honest....I'm lost on this one.

How to End the Credit Crisis

All good points and well presented, author. I've been a proponent (and made my opinion known to everyone I THOUGHT was a listener and decisionmaker) of changing the mark to market rules since I perceived this "crash" coming. At least as I see it, it would have dramatically altered the bank writedowns and PERCEPTION of the problem we're in. Granted, this is bad, but, as they say, perception is reality and I'm convinced that changes in the rules and consequently, the perception of how bad this really is, would have mitigated some of the damage early on and possibly saved us the radical fall that we've taken. Monday morning quarterbacking, I know. Good luck to all of us and a good piece, author.

Congress' Handling of AIG Bonuses Is Shameful

...and somewhere the "great" was lost in the last sentence. Great job, Todd.

Congress' Handling of AIG Bonuses Is Shameful

Todd, if I may use a British term: Huzzah. Nice work. This letter needed to be published and this needed to be said. Send it to the Wall Street Journal. Let's see if those wimps have the intestinal fortitude to publish something criticizing the so-called "public servants" we have in Congress. They don't give a crap about us...they're too busy protecting their own jobs and killing a guy like the above letter writer. It's unfortunate that the American public fails to realize or is just too stupid to realize or just to damned complacent to realize that term limits do exist. Just make it a practice to vote against the incumbent and you'll get a brand new congress every six years and a brand new president every four. Jeez....what a concept...government by the people and for the people...now where have it heard that before................... job.

Wall Street Breakfast: Must-Know News

Listen..is it just me or am I missing something? Has it REALLY been two days since that idiot Felix Salmon has written something about the "inevitable nationalization of the US banking system?" Or did he finally put himself out of OUR misery???? One can only hope. Go back to writing another set of fairy tales, Felix. It seems to be your expertise. Thanks, US Government, for saving our butts. I know nothing is free, we'll all pay this back eventually. But for today, most of us are still working and eating. Have a great day, all.

Is Bank Nationalization Still an Option?

FINALLY...I HAVE SOME ALLIES!!!!!!!!!!! I've been screaming the two commentors sentiments since the first time this idiot started his "nationalization of the banks" campaign. Felix, I actually thought I'd have at least ONE day of not reading your negative misinformed rhetoric. No such luck. Nationalization. PUT IT TO BED. FIND SOMETHING ELSE TO BEAT TO DEATH. SOME OF US ARE ACTUALLY RETIRED AND HOPING FOR THE INCOME FROM FINANCIAL STOCKS AND MUTUAL FUNDS TO CONTINUE TO PAY FOR THEIR FOOD. I hope, I mean I really really really hope, that at some point in the future, after I'm dead and buried and you're my age, that some self-appointed experts and those of your ilk, help to destroy your portfolio. It's just time for you to shut the hell up.

Proceeding with Nationalization: Where to Begin

And yet another voice in the wilderness is heard from. I hope you own about 25,000 shares of Citi because you and those of your ilk who keep spouting your negatives opinions are a substantial part of the problem we're now experiencing. You must be related to that other moron, Chris Dodd....oh...he's the head of the Senate Banking Committee. Another one who doesn't have to worry about his 401K or IRA or feeding his family through retirement after this mess finally comes to an end. Of course not, because people like me will be paying to feed HIS family, too. Shut up, author. Keep your opinions to yourself. We don't want to hear it anymore. It's time to turn this economy around and you are NOT helping.

The Gloom Talk from the Top Needs to Stop

Agreed...the doom and gloom HAS to stop. I'm not sure I completely agree with your overall analysis and comparison to the past (we never learn from the past anyway), but this is well thought out and you make a convincing argument. If those of you who think that attitude has nothing to do with our current mess, what happened to the market when that genius Chris Dodd said Citi needs to be nationalized. HOW IN HELL did that guy get to be, of all things, head of the Senate Banking Committee? Thanks for the insight author. Just a different opinion, more information, and another resource (for those of us who care to think about it) to help make a decision as to what to do.

Where's the Bottom? Still Anybody's Guess

Smart man, Lloyd, smart man. The best article I've ever read at this site. Excellent, excellent, work.

This Is Not "the Big One"

Years ago in my youth, I had an elderly neighbor who was a steadfast democrat. Being a young Republican, I couldn't understand his philosophy about politics, the country, the economy, etc. When I sat and spoke with him one day to get a little benefit of his years, he summed up his entire dissertation with one phrase: "I remember Hoover."

When queried about why I became a steadfast Democrat, I hope I have the same conversation with a young Republican neighbor, just so I can make the statement: "I remember Bush."

God bless you Louie, and please forgive me my past sins and doubting you.

Author, I sincerely hope you're holding Morgan Stanley stock. A friggin pile of it. Errors like yours just add gasoline (even at $4 a gallon) to this flaming market. I can forgive mistakes.....not this one.

Banks Scramble to Refinance Their Long-Term Debt

I usually disagree with Michael. I've found him to favor the negativity of what's going on and it's disturbing because, again, there are too many out there on the verge of panic seeking a direction, and more importantly, a reason, to run. And in their panic, they are knocking down and stampeding over those of us who have decided to stand and fight. The current mess with Fannie and Freddie are a perfect example. They were "recovering" (and I frankly use the term loosely) over the last week or so. Some Barron's genius decided they are going down the tubes and the "panicked," let's call them the wildebeest, are off and running again, dragging down the entire market and eroding millions of people's net worth. According to Merrill Lynch, the "analysts," and they have just a FEW of them themselves, are only right 44% of the time. That means they're WRONG 56% of the time, yet they drive the markets...and the wildebeest. Fannie has a $2 billion auction tomorrow, it will be a disaster. If the auction had been Friday, no problem. But now it's Wednesday, post-Barron's, and they'll get crushed. Why? One person's opinion. That is ludicrous. Keep it up folks, the doom and gloom about Fannie and Freddie and all the dire forecasts are about to become a self-fulfilling prophecy. Again...why?...because the analysts, who are right less than half the time....are scaring the wildebeest. Let the panic and stampede begin. It's gonna be a rough ride. I used to be a millionaire. Not after yesterday.

Corporate Fraud + Government Intervention = Bailout Nation

...oh,...almost forgot....author, I've never seen agreement with an article to this degree. And by highly intelligent, articulate and LITERATE participants. Also unusual. Again, nice work and I applaud those of you who commented. Nice work, too.