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Jim Myrtle

Jim Myrtle
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  • Bernanke: We Must Be 'Humble' [View article]
    "No rational person will claim that there was no purchase of toxic loans by the government from the banks"

    Maybe a rational person would post some proof?
    Hint: your feelings don't count as proof.
    May 8, 2012. 09:02 AM | Likes Like |Link to Comment
  • Bernanke: We Must Be 'Humble' [View article]
    Alrighty then, get back to me when you know what you're talking about.
    May 7, 2012. 05:50 PM | Likes Like |Link to Comment
  • Bernanke: We Must Be 'Humble' [View article]
    You're whining about the Fed?
    They hold government guaranteed bonds, not "fraudulent paper".
    And they made about $80 billion last year.
    Maybe you should read up before you post more of your confused rant?

    "we are told Wall Street has "paid off" TARP"

    Huh? GM and GMAC and Chrysler have not (and will not) pay back their entire TARP loans, but I already said the auto portion will lose money.
    Try again? LOL!
    May 7, 2012. 12:40 PM | Likes Like |Link to Comment
  • Bernanke: We Must Be 'Humble' [View article]
    Except the Treasury doesn't have assets on their balance sheet.

    Try again?
    May 7, 2012. 11:53 AM | Likes Like |Link to Comment
  • Bernanke: We Must Be 'Humble' [View article]
    "It may have escaped your attention that taxpayers balance sheet is bearing $trillions of, remember, "toxic assets""

    The Treasury has trillions of toxic assets on its balance sheet? How?
    May 7, 2012. 09:45 AM | 1 Like Like |Link to Comment
  • Bernanke: We Must Be 'Humble' [View article]
    "Small Banks Unlikely to Repay Tarp Funds".

    And yet, the bank portion of TARP has been repaid at a profit to the Treasury.
    Do you know what that means? The banks have paid back in total, so far, more than they were lent in total. That doesn't mean every single bank has repaid their TARP loan.

    "Losses on Tarp are now expect to run $60-$120 billion."

    Yes, the auto portion and the mortgage portion of TARP will never be repaid.

    "Even with the Fed's feeding banks free money"

    Free? Prove it. And exactly how much "free money" are the banks borrowing from the Fed?
    May 7, 2012. 09:44 AM | 1 Like Like |Link to Comment
  • Bernanke: We Must Be 'Humble' [View article]
    How near 0%? How much are they borrowing at such an excellent rate?

    Where did you answer the above questions?

    "US Treasury Bonds"

    Could you be more specific?
    May 7, 2012. 09:41 AM | Likes Like |Link to Comment
  • Bernanke: We Must Be 'Humble' [View article]
    "whether or not that's true"

    It's true.

    "takes no account of the $trillions of loans they passed onto the government "

    Huh?

    "A ponzi only works until it doesn't."

    We aren't talking about Social Security.

    "The ponzi financialism that led to the 2008 meltdown remains all-too-lucrative for those bailed out at the top"

    Yeah, banks are eager to make more bad mortgage loans. LOL!

    "while the costs and hardships are being borne by the great shrinking American middle class"

    Yeah, the ones who defaulted on their mortgages and cost banks tens of billions are bearing the costs.

    Still confused?
    May 7, 2012. 01:04 AM | Likes Like |Link to Comment
  • Bernanke: We Must Be 'Humble' [View article]
    ""Tarp being repaid with profit" is a classic crock "

    Who said that? Where?

    All I've seen, and said, is that the BANK portion of the TARP has been repaid at a profit to the Treasury. The auto portion and the mortgage rework portion has not and will not.

    Does that help clear up your confusion?
    May 6, 2012. 04:10 PM | 1 Like Like |Link to Comment
  • Bernanke: We Must Be 'Humble' [View article]
    "According to an article by Graham Summers it could be as much as $1.4 quadrillion. Who is going to guarantee this market of $1.4 quadrillion?"

    I made a $5 bet on a baseball game yesterday. The underlying teams are worth over $1 billion. How will I ever cover my bet?

    "Of course, banks can pay back TARP money when THEIR central banker, Mister Bernanke, hand feeds them m/billions of dollars through nearly-free loans (nearly 0% intererst rates)"

    How near 0%? How much are they borrowing at such an excellent rate?

    "and a risk-free carry trade on Fed-protected TBonds that has been engineered since 2009 and still continuing"

    Risk free? LOL!
    Which bonds do you feel they are buying with these "nearly-free loans"?
    May 5, 2012. 11:40 AM | Likes Like |Link to Comment
  • Bernanke: We Must Be 'Humble' [View article]
    You said,
    "Leverage derivative losses become debt when banks fail and when government bails them out with tax revenues and balloon government debt"

    I guess all "leveraged derivatives" are not the same?
    LOL!

    " Please explain to me how the bankruptcy of Lehman and AIG created 'winners' somewhere else..."

    Every Lehman CDS holder made money on their CDS.
    Do you really not understand how these things work?

    "oh that's right, bailout money from taxpayers went to the banks"

    Lehman got no bailout money.

    "bailout money from taxpayers went to the banks, and more deficit went to the US government"

    The banks repaid TARP at a profit to the Treasury.
    You're not doing too well, are you?
    May 4, 2012. 04:30 PM | 2 Likes Like |Link to Comment
  • Bernanke: We Must Be 'Humble' [View article]
    "Amen. Let's put an end to the 'market know all' propaganda."

    Let's wait until after we put an end to the 'government know all' propaganda.
    May 3, 2012. 05:39 PM | 1 Like Like |Link to Comment
  • Bernanke: We Must Be 'Humble' [View article]
    "I'm leaning toward making banks like the public utilities."

    Maybe we should make martgage lenders like public utilities?
    We could call them Fannie Mae and Freddie Mac.
    What could go wrong?
    May 3, 2012. 05:36 PM | 4 Likes Like |Link to Comment
  • Bernanke: We Must Be 'Humble' [View article]
    "Leverage derivative losses become debt when banks fail and when government bails them out with tax revenues and balloon government debt (defiicit)."

    If a bank buys a leveraged derivative, let's say an IBM June 210 call for $266, they "control" over $20,000 worth of stock.

    How is the option in any way "bad debt"?

    You realize that for every loss on a "Leveraged derivative", there is an identical gain? And the gain isn't "bad debt" either.
    May 3, 2012. 05:34 PM | Likes Like |Link to Comment
  • Bernanke: We Must Be 'Humble' [View article]
    "According to some, America's big five banks have over $200 trillion in bad debt on leveraged derivatives"

    Since when is the "face value" of a derivative considered debt?
    May 2, 2012. 12:12 AM | 3 Likes Like |Link to Comment
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