Crunch

[jOHN rODRIGUEZ]

Originally Posted by gambit

Worst Crisis Since '30s, With No End In Sight
Asian markets tumble

Um, we're all fucked.

Oh, gambit, don't a drama queen.(I'm just joking) But still don't be such a fucking drama queen.

[chuck]

Right.

Been reading a little bit about this whole mess. Thought I'd throw these links out for those others interested.

Subprime works

Simple - yet vaguely powerful.

- the Bird and Fortune view

Class act.

Freakonomics FAQ

Bringing Down Bear Stearns

Not the current crisis - but all linked me thinks.

McMansions? The new slums

Moving on up? Don't think so.

[Troy McClure]

The first link pretty applies to any 'paper' not just subprime. Yet that's pretty much how it worked for awhile.

The below link is the text of the draft proposal submitted for the bailout plan:

http://www.nytimes.com/2008/09/21/bu...in&oref=slogin

Section 8 of the text titled 'Review' scares the crap out of me.
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

I hope people in Congress grow a pair and don't force this through without some review.

Jason

[BeautifulBurnout]

I have to say I am amazed at Poulson's plan to buy up the bad debt in the market rather than nationalise, like we did with Northern Rock here. At least with a nationalisation, the government would gain some benefit from the continued operation of these banks. As it stands, the government and the American tax payer will be taking a huge hit for seemingly no benefit at all, aside from "keeping the market viable".

However, I am incensed at Poulson's suggestion that if the US go down this route of sponging up all the gambling debts of the rich Wall Street players to keep the market afloat, that other countries should follow suit. For what? So the same greedy-bastard players can continue to make private fortunes out of non-existant equity while taxpayers suffer further cuts in funding for health, education, welfare, etc. etc., not to mention the risk that their personal taxes will be hiked up to fill this greed-and-stupidity black hole?



And excuse me but - wtf?!
$2,500,000,000 divided by 10,000 is $250k, if my maths is right. What possible reason could there be for paying these schmucks an average quarter of a million bonus each? For doing such a good job in fleecing the people, the shareholders and the government and still having a company left to sell to Barclays? Give me strength!

[Strangelet]

Originally Posted by BeautifulBurnout

However, I am incensed at Poulson's suggestion that if the US go down this route of sponging up all the gambling debts of the rich Wall Street players to keep the market afloat, that other countries should follow suit. For what? So the same greedy-bastard players can continue to make private fortunes out of non-existant equity while taxpayers suffer further cuts in funding for health, education, welfare, etc. etc., not to mention the risk that their personal taxes will be hiked up to fill this greed-and-stupidity black hole?

Hear, f'ing, hear.

And once again I'd like to trot out my man Ron Paul who, because he called this years ago, is now back on the news and being asked for comment, this time with a lot less smirk and more wide eyes.

I understand the free market/strict constitutionalist bent may tarnish his logic for some of you, but I think everyone on the left can see this bail out in similar terms. a fabricated debt ridden solution to a fabricated debt ridden problem. extra points for those that see the fascist elements.

[Strangelet]

....and look what happened.

http://www.bloomberg.com/apps/news?p...Q&refer=canada

clockwork....

[jOHN rODRIGUEZ]

Originally Posted by Strangelet

I understand the free market/strict constitutionalist bent may tarnish his logic for some of you, ...

Just a little bit.

[chuck]

So - no research of mine - but a judicious link from another friend brings out this small gem of policy from the GOP.

Rebuilding Home Ownership

"At the same time, government action must not implicitly encourage anyone to borrow more than they can afford to repay. We support energetic federal investigation and, where appropriate, prosecution of criminal wrongdoing in the mortgage industry and investment sector. We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself. We believe in the free market as the best tool to sustained prosperity and opportunity for all."

So - about that 700 billion.

Your party says one thing - your President asks for another - and Palin just babbles about Putin.

[BeautifulBurnout]

LOL at the new, improved scam email :

Dear Madame/Sir:
Compliments of the day. I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.
I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion USD. If you would assist me in this transfer, it would be most profitable to you.
I am working with Mr. Phil Gramm, lobbyist for UBS, who (God willing) will be my replacement as Ministry of the Treasury in January. As a former U.S. congressional leader and the architect of the PALIN / McCain Financial Doctrine, you may know him as the leader of the American banking deregulation movement in the 1990s. As such, you can be assured that this transaction is 100% safe.
This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.
Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.
Yours Faithfully in the Name of God,
Minister of Treasury Paulson

[jOHN rODRIGUEZ]

I can totally see him wearing some kind of leather get up, no?

Oh and with this: http://www.msnbc.msn.com/id/26906967/.

Third word needs to be edited to read "higheverythingd". Use your imagination. LOOK it's a new word.