Good for a giggle.
Deleted.
It was the biggest money grab in American history. It was caused on
purpose, just before the election.
The Stock Market was due for a correction and the government just
made it worse by springing this crap on the American people at this
time.
Your taxes WILL go up next year to pay for it.
You’ve been lied to by everyone from the President on down, Democrat
and Republican alike.
Corrupt politicians just bailed out their corrupt cronies on Wall Street and
as any money comes back to the government the corrupt politicians will
pocket it.
The corrupt business’s should have failed and the corrupt CEOs should
be on their way to prison.
Then honest people would have stepped in and filled the void.
But, then the crooked politicians would no longer be in charge,
so we get the bailout.
It was all so the government could stay in charge.
The American taxpayer will never see one red cent.
Unfortunately a huge chunk of it won’t be taxed or borrowed…it will simply be monetized and speed the decline of the dollar.
I agree 100% with everything else you said.
SPOT ON.
LOL.
here’s one for ya:
…the Paulson bailout plan is a government bailout of the previously failed government bailout which was a bailout of the previously failed government bailout, etc … Each bailout had its own unintended consequences which the next bailout tried to address.
Greenspan bailed out the economy after the stock market bubble popped with 1% interest rates which sowed the seeds for the credit bubble.
In order to bail us out, Bernanke slashed interest rates to 2% and a dramatic rise in commodity prices ensued. When that bailout didn’t work, he instituted a bailout of the investment banks with the initiation of the TSLF and PDCF credit facilities for investment banks. That slowed down the deleveraging process as it gave the investment banks a false sense of security.
I highlight Dick Fuld’s (CEO of Lehman) comments soon after it began where he sait it takes the liquidity issue off the table. The lack of dramatic deleveraging brought us to last week’s panic in Goldman Sachs and Morgan Stanely, a failed Lehman, and a shotgun wedding for Merrill Lynch which led us to the Paulson bailout.
The unintended consequence of this bailout will be a much lower U.S. dollar and selloff in the U.S. bond market which will leave us with higher interest rates and higher mortgage rates throws the intentions of the Paulson planout the window.
Who will bailout this bailout?
Peter Boockvar, Miller Tabak
How about this for a giggle. The newly appointed head of the “Office of Financial Stability” has the last name of Kashkari. Of course he’s a former Goldman Sachs man too.
Considering the massive international sell-off despite the bailout, the situation has become more fucked-up than I believe most of us can realize.
While no socialist by any means, I will say that there is absolutely no doubt unbridled capitalism has really screwed us.
We’ve had a bridle for it, but we’ve been struggling to force it onto the ass end of the horse for years…
The problem now is that we’re at the moment when it’s time to reap what’s been sown, and dishonesty and poor decision making are catching up with those involved, and NOW we’ve decided to try and apply controls and oversight and step in and fix the problem.
Unbridled is good, as long as it’s allowed to run its course. All that “financial engineering” has gotten us to where we are now…
actually, it was statist monetary intervention (=socialism for the wealthy) that brought about this mess!
We have not had unbridled ‘capitalism’ in a long time. Capitalism had nothing to do with the current situation.
Really? Please explain.
If you are going to talk about a lack of government lending regulation, that was brought up 4 years ago. It was denounced by most then, correct?
the money supply quadrupled because the fed.gov cranked up the printing presses. to bail out wall street.
it takes only $1 of central bank money to create $9 of loans, under our fractional reserve lending system.
guess what happens when you create dumpload of cheap money? you create bubbles and busts … and we saw that with dot-com stocks in '99-'01, and housing.
also, when you print more paper dollars (whose supply is theoretically limitless), the price in dollars of commodities which we import (whose supply is finite) goes up too. which is partly what happened to oil.
all you have to take away from this chart is:
money supply quadrupled
but the economy (not pictured) only doubled over the same time period
inflation, and asset bubbles and hot money following bad ideas are the result.
I’m clueless, given all the information I’ve read and heard, how you came to that conclusion.
STEP 1. Turn off MSNBC(don’t substitute CNN)…preferably the television altogether.
STEP 2. Listen to the posters above me. 30 cal slut laid it out very simply for you.
It’s been a lack of free market principles that created this mess, and the refusal to allow this mess to sort itself out that will make it much worse for all of us in the long run. The only logical place to allocate blame(aside from fraud, which should be handled in the courts), is government intervention in the marketplace.
Coming from an individual who endorses the 50 United States becoming separate, individual governments, I am not overwhelmingly surprised. Yes, let’s Balkanize the United States for real unity. :rolleyes:
Seriously, what have you missed? Unregulated, overly generous lending practices based on Wall St standards got us here. Sure, the liberal guidelines assessed to Fannie Mae and Freddie Mac aided in the debacle, but was that all? What about the ARMs and interest only loans given on a conforming basis? When it was proposed that the feds step in to regulate the lending in '05, or establish more sensible limits, most said “Let others make stupid judgments, that should not impede my ability to borrow”.
I never watch MSNBC, please let’s not resort to insults. 
Read what I wrote to rmecapn to understand where I am coming from. Perhaps I am wrong, but that’s how I see it regardless based upon events over the past few years.
The posters who have referred to social engineering etc are dead on, you can thank politicians from both parties, Carter, the Clinton/Reno DoJ, ACORN (and on that note Barack Obama), Barney Frank, the list goes on and on. The point is that they were NOT “unregulated” per se, they were regulated in a sense in that they were required abandon sound lending practices to give mortgages to people who had no business with mortgages (or at least mortgages of the value/type that were given) under color of law and threat of legal consequences if they didn’t. Aided in the debacle? I’d say they really started the ball rolling. Certainly lenders are at fault too, as once they started taking all the garbage and repackaging it, and the banks themselves didn’t have to assume that risk, well, it all started going downhill. There is an element of greed there for sure, if not enabled by government policy. Of course the idiots who took mortgages that they had no business having or tried to flip a bunch of properties thinking the market would always be going up up and away should be responsible for their actions as well. All that combined with what 30 cal slut talked about, i.e. the Fed printing money like it’s going out of style to keep the ever increasing housing market going and, well, what goes up must come down.
Agreed with most of what you said, and 30 cal, but look at the contradiction above.
To say the geed was enabled to an extent by government policy is fine. That said, why was there then complete and total resistance to proposed tighter lending regulations in '05? Don’t try to tell me it was just liberals resisting, because the resistance was well across the board. No one wanted government interference in lending during a strong economy, period.
And remember, I refer to “unbridled capitalism” being largely at fault, not capitalism in theory and principal.
There’s one word that explains it all…
“Greed”