normthefedup

Break Up the Big Banks

So Avery, what you're saying is that it's NOT ok for the government to bail out the banks (and let's not forget that in most cases they took common stock from which if sold, the government will make an ENORMOUS profit) , it's NOT ok for them to pay back the loans, it's NOT ok to get out from under the government's thumb, but it IS ok for the government to still have enough control to break them up. On what premise? A decree from the Pharaoh? So let it be written, so let it be done?

Let's Hurt the American Financial Services Industry

Felix: why don't you vent your venom at the ratings agencies? S&P, Moody's, et al? These useless bastards sold us ALL down the river. Including the bloated banks that your contend caused this problem. I tend to think of myself as a "savvy investor" and I bought Fannie preferreds last March. All based on the "implied backing of the US government and that all-powerful AAA rating." These a**holes have in truth missed the carnage that THEY caused. AAA ratings BOUGHT with monies paid to the rating agencies who prostituted themselves to the entities that invented the garbage that has cost us all so dearly. You're beating the wrong VICTIM here. You have plenty of venom to spew, son. Spew SOME of it in the direction it should be spewed.

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.

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 Market Is Improving, Cancel the Coffin

Author: sanity at it's finest. Outstanding job. It's reasonably obvious that even getting little inklings (spelling?) of good news, the crisis of confidence is going to rule this economy and market for awhile. And human nature being what it is, not to mention the constant doom and gloom from the news, financial stations, and your peers, most tend to concentrate on pessimism. Our situation is not good, but it's not 1932 all over again. Everyone needs to concede that it's going to take time to recover. If I may make a bad analogy, it's like going on a diet and expecting to lose in two weeks the fat you put on over 20 years. Patience folks, just like the diet, most of us are feeling fine, still working, and still eating, but we'll all feel better once we've....so to speak...lost the weight. Again, thanks, and keep up the great work.

Financials To Resume Meltdown Momentarily

Nice work Jason. I'm constantly the voice of dissention and usually disagree with these articles as sensationalism. Not this time. Whether or not I agree with your conclusions is immaterial. You gave us just the facts, son, and not too much in the way of conjecture. I applaud your honesty, lack of emotion, and reporting acumen. Kudos to you. I hope I see and will seek many more articles from you.

25 Ways to Tell a Banking System Is Unsound

Thanks Matty, I thought so, too! I guess it all boils down to the effect that comments like these have on the "great unwashed masses" who are currently involved with pennies in the market. Someone above commented about being down $1100. Try $100,000 a day.....all because of commentary that designed to frighten and impress...journalism's version of "shock and awe." I'm tired of it but I'm one very small voice in a very large and noisy wilderness. Thanks for the kudos and have a great day.

25 Ways to Tell a Banking System Is Unsound

Mike, I, unfortunately, agree with much of what you've said.

There's a but.....you, like all the other doomsayers continue to throw numbers around that are, indeed, impressive, but only tend to cloud the issues and reinforce your own arguments.

Case one: "There is roughly $6.84 Trillion in bank deposits. $2.60 Trillion of that is uninsured. There is only $53 billion in FDIC insurance to cover $6.84 Trillion in bank deposits. Indymac will eat up roughly $8 billion of that."

Are you implying that ALL of the $2.6 trillion in uninsured deposits are at risk? Well you are and of course they're not. So don't even use that number. If 1% of those deposits are at risk, that's $26 billion. There's enough money to cover twice that much in FDIC according to your numbers.

That's only one example. I could go on.

I'm, frankly, not going to take the time to argue every point you make. It's fruitless and I DO agree with SOME of them. But I'm really tired of you and your ilk using huge numbers to predict an apocalyptic scenario that is very unlikely to take place. Yes, Fannie and Freddy have $5 trillion in mortgages or whatever on their books. So what???? Again, the vast, vast, vast majority of that indebtedness is with people like you, me, and your readers. We pay our bills. For those that don't, won't, or can't, well, then the rest of us have to carry the burden. THAT will NEVER change.

But the bottom line is: stop sensationalizing a situation that doesn't need to be sensationalized. Give us real numbers that count, use facts that aren't distorted, and stop screaming doom and gloom. We're resilient.

Let me equate what your kind is doing with a hopefully mythical example in your own life: "Y'know Mike, your wife leaves the house every day for at least eight hours.....that's an average of 250 times a year....that's a lot of guys for her to be sleeping with.....are there really that many motels in your neighborhood...?" Reality check: she's very, very, very likely to be at work.

Grow up and cut the crap.