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| User Info | A Star of Sanity Shines Bright In The Senate in forum [Ticker] | |||
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Genesis Posts: 71400 Incept: 2007-06-26 
KD^2 
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http://market-ticker.denninger.net/archi....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-07-16 08:26:51
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Av8rphil Posts: 1817 Incept: 2007-06-26 
Platte City, MO
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"teticular fortitude" = balls that clank in nice words. See, Karl COULD be nice and to the point at the McCain rally. WTG Karl! ---------- "Two things in life are infinite: the universe and human stupidity; and i'm not sure about the universe" -Einstein
2008-07-16 08:41:41
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Rebeltraders Posts: 1370 Incept: 2008-02-26
New Jersey
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Karl.. that was a home run ticker! Chuck ---------- http://blog.rebeltraders.net
2008-07-16 08:48:38
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Emdeplam Posts: 1418 Incept: 2008-01-10
USA/Germany
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Great ticker...I sent him an email!
---------- http://www.alizee-forum.com/gallery/
2008-07-16 08:58:23
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Etz3l Posts: 9103 Incept: 2007-06-26
Online
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testicular fortitude? Where do you come up with this **** Karl? good stuff. ---------- Treating the symptoms of financial corruption isn’t the same as removing the causes. Last modified:
2008-07-16 09:29:47 by etz3l
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Crbianfool Posts: 190 Incept: 2007-07-18 
virginia
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One question: What has Jim Bunning said/done in the past to ensure he will follow through? I began to research this but am not able to put in the time I usually would being at work. Anyhow, for those who might find it of interest, here is Bunnings voting ecord via WaPo http://projects.washingtonpost.com/congr.... Didn't see anything that exciting, though he was one of the Steroid Controversy folks (makes sense with his HoF baseball career) something I always found silly and time wasting, as well as not in the purview of elected officials. He also voted for cloture for the FISA bill and telecom immunity. I am in the camp of those to really hoping he can derail the GSE/Housing bill because I find both to be nauseating as well as in all likelihood unconstitutional. However, it is also not in anyone's interest to lionize anybody over one of the many issues they work for/towards. I applaud Sn. Bunnings comments yesterday, and it takes a lot of guts to stand up to the bankers and tell them No Mas! Here's hoping he means it. ---------- "I give up. Let me know when you stop searching for The Holy Grail." Wise & Sagelike Advice From Genesis
2008-07-16 09:41:10
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Genesis Posts: 71400 Incept: 2007-06-26
KD^2
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He basically threatened a filibuster. I guess we'll find out if he will actually do it. My recommendation is to go after your Senators and demand they join him. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-07-16 09:44:59
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Crbianfool Posts: 190 Incept: 2007-07-18
virginia
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Emails going out at lunch (can't from here...) to Webb & Warner. Hopefully we are getting close to critical mass...time may be running out to arrest the slide.
---------- "I give up. Let me know when you stop searching for The Holy Grail." Wise & Sagelike Advice From Genesis
2008-07-16 10:03:12
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Wrldtrst Posts: 38 Incept: 2008-06-27 Chicago or Rio
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Well here I go one more time sending emails to all representatives of both my states. Bunning was awesome after having to hear Paulson ask for a blank check, WOW!! The balls it takes to ask for that, I doubt even FDR in his 3rd term, with a war going on had balls that big, and it was asked for so matter of factly, with Bush supporting it. Where the hell have we gone to with this executive branch. Oh well, nice ticker... everyone have good luck trading. The one thing that will come from this crisis is going to be a much more balanced level of risk diversification in global trade going forward.
2008-07-16 10:23:38
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Themortgagedude Posts: 3930 Incept: 2007-12-17
saint louis
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I like the idea of taking back the additional coupon if they are going to guarantee these bonds. But like you say Gen its impossible to do. At the very least they should not guarantee them but rather buy them from the bondholders and exchange them with treasuries at a reduced rate if the bondholder should so wish. Thus the .gov would receive the increased coupon at least. That is the most that should be done under any circumstance. To provide an implicit guarantee is absolutely assinine. How about this for a plan. The gov offers one time only to buy the bonds at a fair market rate of say 85 cents on the dollar. And they pay for it by issuing treasuries at 3.5% to exchange for them. Then the gov makes enough on the spreads on these to pay for the losses. There are all sorts of ways to solve this issue without the taxpayer just opening his wallet. ---------- "These are interesting times. We don't trust the government, we don't trust the legal system, we don't trust the media, and we don't trust each other! We've undermined all authority, and with it, the basis for replacing it! It's like a six-year-old's dream come true!"
2008-07-16 10:40:29
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Capeman Posts: 2169 Incept: 2007-07-12
San Diego
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I sent that guy a big thank you. Wish he were my Senator.
---------- "I believe all God's creatures have a soul... except bears, bears are Godless killing machines!" - Steven Colbert
2008-07-16 11:23:15
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Themortgagedude Posts: 3930 Incept: 2007-12-17
saint louis
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Hey he was a helluva pitcher too. HOF 1996. Two no hitters. Was one of two good pitchers for the Phillies who were overused in 1964 when they lost the 6 1/2 game lead in September. Oh the stories we're going to hear. This guy might be able to last a few days on a filibuster by himself. I've got a new hero.
---------- "These are interesting times. We don't trust the government, we don't trust the legal system, we don't trust the media, and we don't trust each other! We've undermined all authority, and with it, the basis for replacing it! It's like a six-year-old's dream come true!"
2008-07-16 11:41:06
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Wisdom-seeker Posts: 546 Incept: 2008-02-25
California / Bay Area
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Quote:The argument that "if one has a Bazooka in one's pocket one is less likely to need to use it than a water pistol", as put forward by Paulson, is true but not material to the argument. "Hey Mr. Paulson, is that a BAZOOKA in your pocket, or are you just happy to see Senator Bunning again?" ---------- Find me via http://investorscooperating.blogspot.com..... I no longer post on TF (reasons: http://www.tickerforum.org/cgi-ticker/ak....). Don't abuse the creditors (foreign or not) because of our own (nation's) debt problems! We must pay off the thermonuclear bonds!
2008-07-16 11:55:51
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R2judge Posts: 302 Incept: 2008-04-13
Burbank CA
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My E-mail letter to Senato Bunning this morning: Thankyou for what you said to Ben Bernanke. Why Central Banking Fraud for a subject? Alan Greeenspan in the 1960's, that 1920's FED monetary policy lead into The Great Depression. Greenspan repeated tha tpolicy- in spades. What Greenspan did was not a mistake- it was willfull and deliberate action on his part. 1. in 2000, Greenspan was warned by anohter FED member, to tighten lending standards. He refued to do so. 2. At the bottom of the rate cycle in 2003, Greenspan told home buyers they should get an adjustable rate mortgage. Rates had nowhere to go but up, when resetting. 3. Greenspan praised derivatives, which were the repackaging of junk debt and selling it as good structured investment vehicles to unsuspecting investors, including school systems. 4. In 2005, Greenspan praised reckless and fraudulent lending programs as helping people who could otherwise not be able to buy a home, to be able to do so. Zero down, interest only, negative amortized was a dead loan before the check was even prionted- and Greenspan had to know it- yet he praised it. Alan Greenspan is part and parcel of the mortgage fraud and yet he has not been held accountable. Now that all the damage is done, Bernanke tightens rules. Something Greenspan was warned to do in 2000. Bernanke's actions show that Greenspan could have acted in 2000. Greenspan's "excuse" was that it was too difficult to rein in all these variuos lenders. Bernake's actions prove Greenspan to have lied in 2000. Greenspan deliberately did not want to tighten regulations just so the fraud we have just witnessed could occur. No responsible banker would praise no down, interest only, no doc, negatively amortized loans. The golden standard is 20% down with no more than 36% debt to income. Banks took the standard to ZERO. That guaranteed a housing bubble and crash. Alan Greenspan must somehow be held accountable for his part in this. Additionally, as he FEDis at the center of this mess, the FED must be regulated, not given rewarded with more power to regulate. I is an injustice if the FED be given more power, when they abused and abdicated their responsibility to every depositor in the country. At the end of the week, i am closing my small savings account and keeping the money as cash. I no longer trust the integrity of the banking system. Today, my bank deferred 250 million in delinquent loans to beat the quarterly estimate and goose the stock. Ths does not instill confidence, either. Quite seriously, we are looking at another Great Depression, with this country as a debtor nation. Freddie and Fannie are insolvent. The reassurrancees mean nothing. A debtor will be bailing out a debor. The GSE's are not well capitalized. If they were, the FED would not have stepped in. These games have to stop. I have no trust in my government. Thankyou for speaking up
2008-07-16 12:17:16
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Ninjaphysics Posts: 42 Incept: 2007-08-09 San Diego
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Didn't Ron Paul speak up long before Bunning did? a clip from 11/08/07 for instance http://www.youtube.com/watch?v=nj9KHJRRU.... I'm not saying Bunning is not a hero, but why doesnt Ron Paul get any praise as well? ---------- "I can calculate the movement of the stars, but NOT the madness of men." Sir Isaac Newton, after losing a fortune (£20,000) in the bubble.
2008-07-16 13:53:54
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Capeman Posts: 2169 Incept: 2007-07-12
San Diego
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RP doesn't speak up anymore. TFer's praised him when he did speak up and now that he doesn't go after Bernankle or Skeletor when given the opportunity he loses his hero status. I speak for myself saying this but I'm sure others agree. When his aide told Karl he didn't want to hear this from his constituents I lost all respect. ---------- "I believe all God's creatures have a soul... except bears, bears are Godless killing machines!" - Steven Colbert
2008-07-16 14:05:03
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4sight2020 Posts: 34 Incept: 2008-02-26 Ann Arbor, Michigan, USA
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I don't mean to make too much tinny rattling, but it seems to be part of political reality that some moneyed interests can damn a well-meaning naively honest active politician with faint praise. Ron Paul did take several states' popular or delegates' votes in the primaries, which I consider quite significant praise, but he still became marginalized. By louder noise about other issues and people by the media. That issue of his office offending his constituents is outrageous, and does not even make sense. I consider it some kind of "character assassination", or simply "character suicide". I hope Bunning succeeds where Ron Paul failed. If he filibusters, I pray that his performance is so good that 200 million people repeatedly watch a video of it, and that he slips "the truth" into what he says, as well as those entertaining baseball reminiscences. Like, "In the real world, just as in the sports world, we win some, and we lose some. Back on that fateful day when I pitched my first no-hitter, Congress voted into oblivion one of the first bricks from the wall upholding our Republic's hard-won financial integrity..........." Last modified:
2008-07-16 14:39:41 by 4sight2020
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Mliu_01 Posts: 10621 Incept: 2007-07-15
Corona CA
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How can he filibuster it? when the chairman of committe are for it. And admin is behind it. HOw can he do that? Did he got enough senators behind him? ---------- A good guy gets friendship, a bad guy gets laid. J6P get the bills, Bankers get the bonus.
2008-07-16 17:07:41
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Genesis Posts: 71400 Incept: 2007-06-26
KD^2
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How? You stand up and Filibuster. To cut him off you need to be able to pass a Cloture. Go look it up if you don't understand how it works. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-07-16 17:10:41
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Mliu_01 Posts: 10621 Incept: 2007-07-15
Corona CA
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Yeah, but you will have to have 60 votes to make that happen. What is the chance for that? I will support him if he really stands up and make big ass long speeches to delay the process. We shall see. Since you know so much, so I don't have to tell you how easy it is to end a filibuster, right? I don't know inside out about filibuster. but I did spent a lot of time following the dems attempt of filibuster couple of years back. Yeah, you are right. I am just a dumb**** and don't know what I am talking about as usual. ---------- A good guy gets friendship, a bad guy gets laid. J6P get the bills, Bankers get the bonus. Last modified:
2008-07-16 17:33:13 by mliu_01
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Dave2882 Posts: 10 Incept: 2008-04-01
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Here are two "letters" I sent via the Senators' online contact forms. One is to Senator Bunning thanking him for his comments; the other to Senator Webb asking that he oppose a bailout of Fannie and Freddie. My other Senator (Warner) is temporarily absent from the Senate because of medical problems. - - - - - - - - - Dear Senator Jim Bunning: Thank you for your statement to Ben Bernanke regarding U.S. monetary policy and the bailout of Fannie Mae and Freddie Mac. Hopefully, you will have support among your colleagues in opposing this unwise idea. It baffles me that the same government officials who claimed that subprime was contained now expect us to believe them when they say that Fannie and Freddie are basically sound. Sincerely, [My name] - - - - - - - - - Dear Senator Jim Webb: I'm writing to you about Fannie Mae and Freddie Mac and the proposed bailout. No less than former St. Louis Federal Reserve President William Poole has said that Fannie and Freddie are insolvent. Not “illiquid,” which can be patched over with loans. Insolvent. And they have more losses still to come as home prices continue to plummet with no signs of stabilizing. A better alternative to a bailout of Fannie and Freddie would be to place them into conservatorship, the sooner the better. Over time, they would pay off what portion of their debts that they can; their bondholders would take losses on the rest. The prospectuses clearly say that bonds issued by Fannie and Freddie are not backed by the U.S. government. Their bondholders get a 50 basis point premium over Treasuries -- they were getting paid extra for the extra risk they were taking on. Together, Fannie and Freddie hold or guarantee $5 trillion in mortgage securities. Given the performance of other mortgage securities and the fraud that went into appraising property values and verifying borrowers' income, it is prudent to consider that that Fannie and Freddie are likely looking at losses too big for the government and taxpayer to bail out. If Fannie and Freddie suffer losses of even 20% on their mortgage portfolio, that's an additional $1 trillion in Treasuries that the government would have to sell if it goes the route of a bailout. Fannie and Freddie are a case in point of a systematic problem with our banking and financial system: we don't enforce regulation on the way up, and on the way down, we try to bail things out and socialize losses -- paving the way for an even greater recklessness the next time around. In the case of Fannie and Freddie, the result may finally be a mess too big for the taxpayer to bail out. If Fannie and Freddie go into conservatorship, an alternative to fill their role would be for mortgages to be securitized via covered bonds. Fannie and Freddie failed at their mandate to promote affordable housing, and they failed to manage their risk. They do not deserve taxpayer money nor do I think it prudent to give it to them. Sincerely, [My name] P.S. You may wish to consider the following link, at which Karl Denninger discusses our choices going forward and their consequences for Fannie, Freddie, Banks and Government Debt http://market-ticker.denninger.net/archi.... Last modified:
2008-07-16 17:30:21 by dave2882
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Strongholder Posts: 339 Incept: 2008-04-01 The Jerz
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Doesn't anyone remember when he was up for reelection in 04, he almost lost because he was acting like a nutcase? They thought he was senile. It's fun to watch him backtalk, but maybe you should be praising him for his insanity instead of his sanity. Total respect for him as a former Phillie's pitcher though :) http://www.cbsnews.com/stories/2004/10/2....
2008-07-16 22:20:00
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Degaston Posts: 1100 Incept: 2007-07-27
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I got an idea I'd like to reintroduce that'll help us get a stronger dollar and stronger economy long-term. Why don't we FIRE any politician who doesn't invest the supermajority of their money in US treasuries? Imagine having Congress be full of critters who work hard for a STRONG US ECONOMY WITH A STRONG DOLLAR.
---------- 8/20/2009: Strong Buy ratings - PACR, GIGM, UNG, CSR, PBW - 10 percent in the market right now with 90 percent in cash
2008-07-16 22:39:01
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Genesis Posts: 71400 Incept: 2007-06-26
KD^2
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Mliu, if you can't get the Cloture votes, you can't cut him off. That's that. Usually the THREAT of a filibuster is enough. Once in a while, it actually has to be done. We'll see if he's got the 'nads to go along with the words. I noted a marked change of tone today in the House Hearing over what we've seen in the last year or two....... it would appear that the "blank check" idea may in fact be dead in the water. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-07-16 22:41:11
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Pikachu Posts: 5074 Incept: 2007-08-24
Down under
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lets hope so haha he has a history of criticism against the fed, so its not a total surprise i guess. acid test though - will he go through hell and high water to block it ?
2008-07-16 22:48:17
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