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| User Info | Barney Frank: Shut The F$#k Up in forum [Ticker] | |||
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Genesis Posts: 71411 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1269-B....
---------- "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
2009-07-29 23:40:28
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Raster Posts: 1902 Incept: 2007-08-16 
Rar!
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---------- ǝɹǝɥ ǝuo ןɐɯɹou ʎןuo ǝɥʇ ɯ,ı˙˙˙dn pǝʞɔnɟ ןןɐ ǝɹɐ sʎnƃ noʎ 
2009-07-29 23:55:12
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Olderobc Posts: 1580 Incept: 2007-08-01 
Kenso, Philly
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Put a... er... sock in it!
---------- "You can't always write a chord ugly enough to say what you want to say, so sometimes you have to rely on a giraffe filled with whipped cream." -Frank Zappa
2009-07-29 23:56:36
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Etz3l Posts: 9103 Incept: 2007-06-26
Online
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Quote:Frank's well-used pie-hole.eeww! ---------- Treating the symptoms of financial corruption isn’t the same as removing the causes.
2009-07-29 23:57:06
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Halfbrite Posts: 555 Incept: 2008-10-13
Arizona via California
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They can't foreclose - that forces the losses/insolvency into the open. They have to modify (cramdown) and have FASB allow reporting "modified" loans at full value on banks books, hiding the insolvency. Barney is frontrunning the above solution so he can take credit for getting the banks to modify, after he gets FASB to allow banks to lie about market value of modified loans. Gov must also give banks the cash to maintain cash flow to the actual note holders. (oops, they already did that) Failing the above solution, it's "extend and pretend" forever, which means all americans can stop paying their mortgages with no adverse consequences. ---------- "The Second Amendment is in place in case they ignore the others" "Go Galt,and Go Now!" Last modified:
2009-07-30 00:34:35 by halfbrite
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Djsnola Posts: 114 Incept: 2009-03-16 New Orleans
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Can we avoid using gay slurs here, not all of us are like that two faced dickhead!
2009-07-30 00:01:23
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Kylafoon Posts: 719 Incept: 2009-02-05
Zombie Portal Lookout
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Barney Franks' genius has suddenly collided with its' alter ego - stupidity. Unfortunately for Barney his alter ego "stupid" has a flashing neon sign. With subtitles. Pictures and arrows. And a paragraph on the back of each one. You can have anything you want... But, I digress. ---------- "...But whenever we see things done wildly, but taken tamely, then the State is growing insane..." - Gilbert Keith Chesterton 1910
2009-07-30 00:05:59
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Bigcat Posts: 1523 Incept: 2008-09-10
Nice, France
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here's his answer at 1:50 "I was approached by people and backed off" ---------- "When the goal shifts to simple survival for the Fed their goals will change drastically and their strategy will adjust accordingly...Like Congress, the Fed will throw its "allies" under the bus when they become a political liability. Look at Mozillo now! " Sushihorn, 07/09 Last modified:
2009-07-30 00:15:13 by bigcat
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1lumpsum Posts: 1731 Incept: 2008-02-01
Nashville
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2009-07-30 00:13:45
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Immoral_hazard Posts: 622 Incept: 2008-03-14 The Center of the Motorcycling Universe..Colorado
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I'm trying to meld the fact that previous tickers have called for cram-downs, but today’s ticker alludes to imminent insolvency of many banks if that takes place. Perhaps the unspoken part of this ticker is that we need cram-downs, which will inevitably result in seeing who is insolvent, and in turn, recapitalizing the surviving banks. ---------- Bin Laden should have become an investment banker...he could have done more damage and gotten a government bailout to boot
2009-07-30 00:23:38
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Genesis Posts: 71411 Incept: 2007-06-26
KD^2
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Correct.
---------- "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
2009-07-30 00:24:03
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Immoral_hazard Posts: 622 Incept: 2008-03-14 The Center of the Motorcycling Universe..Colorado
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Its too bad Barney Frank has everything assbackwards. He should have thought of this (cram-downs) before we ****ed away all of our money (talf ect)
---------- Bin Laden should have become an investment banker...he could have done more damage and gotten a government bailout to boot
2009-07-30 00:37:11
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Beachcomber Posts: 543 Incept: 2007-08-20
California
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The thing that ****es me off about this ****wad is he completely denies any culpability in the demise of Fannie of Freddie when the public record clearly shows him vociferously denouncing John Snow for suggesting that Treasury should impose stricter capital oversight over those firms. This guy is a tier one hypocritical liar and general piece of ****. The good people of Massachutes need to wake up and throw his fat ass out on the street where it belongs.
2009-07-30 00:39:16
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Emb145 Posts: 8706 Incept: 2007-08-25
Near saltwater
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How does he keep getting elected is what I want to know. I mean who in their right-****ing-mind goes to the ballot box and thinks: "Yup! He's my guy. I like his leadership abilities and competence." I mean...really. 
2009-07-30 00:45:29
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Donethat Posts: 69 Incept: 2009-04-22
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I suggest there are some additional bag holders out there besides the banks, for example insurance companies and stable value funds. The Banks allegedly only have 3.2T of the 11.4T in residential, and some of that is guaranteed by the Freddie and Fannie and Granny, VA, FHA etc. Trying to understand Congress's insane avoidance of just letting all these defaults flush through the system, their madness has only one effective method, to give credits to the debtors. They can Tarp the banks all they want, but the debtors will never pay off. So they have to give credits to debtors for their reflation plan to work. 125 percrent LTV, first time home buyers, cash4clunkers, buying CMREs from banks, none of it gives credit to debtors. they are just beating around their bush. Until the debt goes down, no one can borrow any more. I don't think they understand just how much debt they have to forgive and how big the trade barriers they need to get the FRB bank credit economy rolling again.
2009-07-30 00:51:13
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Berkleyreindeer Posts: 560 Incept: 2008-07-22 Minneapolis , MN
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I have to admit, I rather like his take on this one. The best thing that happened on wall st this year was the massive issuance of common shares when the treasury loaded the gun and switched the safety to off. the message was clear "you want out? prove it to me." Every major bank issued shares. Most banks sold non FDIC paper. The result was a gorgeous decrease in risk for the american taxpayer, the banking system, and the individual firms that were too stupid to figure out the benefits beforehand. now frank is trying to load the gun again. I have no problem with this. ANYTHING that forces the banks to raise common equity is welcomed in my opinion. Would I rather see it come from wells or JPM directly? yup. Will I smile if Frank simply maneuvers against them in a show of force, resulting in the same thing? yup. Let's not make the perfect the enemy of the good. anything that helps clear the bad debt is potentially a good thing. and when the banks have exhausted all other options, they'll do what they have to. ---------- It'll get worse. Just wait.
2009-07-30 01:04:37
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Mr_clueless Posts: 10 Incept: 2009-06-04
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What if the tax payer ponies up another $1T? Would that fix the system? If so, that is probably likely to happen. In other words, banks offload their bad debt on the tax payer and life goes on as usual. In addition, the govt. sanctions a free unlocked iphone for every American at the cost of $600x300M = $180B (which is small change at this point). Hurray. Problem solved and we can all go off and entertain ourselves with our new iphones.
2009-07-30 01:23:51
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Donethat Posts: 69 Incept: 2009-04-22
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Clueless, good sarcasm playing with your iphone, otherwise, Read what Karl says, 4,000 per person per year deeper in debt was what was supporting the US economy. That has stopped at the personal level. Consumption is down. Unemployment up, average hours down, wages down, manufacturing down ... You can make the banks whole, but the economy is still in the X@!TTER. THe banks already have 700B on deposit at the Federal Reserve, they don't have anyone who wants to borrow it from them.
2009-07-30 01:38:15
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Brewcrew Posts: 5 Incept: 2009-05-12
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So he's threatening the banks with what should have been done in the first place? Interesting policy roadmap. Instead of creating a sound policy to get us out of this mess, the politicians cozied up to their special interests, dicked around for way too long, and are now running out of options...so they threaten the banks with what would be the right thing to do in the first place. I guess I'm too dumb for politics because this sounds pretty effing stupid.
2009-07-30 01:41:17
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Goforbroke Posts: 980 Incept: 2007-11-30
Ohio Online
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Are data available to determine how many mortgage holders are writing checks on their revolving charge (i.e. credit card) accounts in order to pay their mortgage just because with the revolving charge they only have to pay off 1% of the balance each month rather than the full amount owed with the mortgage? As Gen has pointed out, why should a bank receive a measley 5-6% when it could earn 30%? ---------- Time to feed the chickens.
2009-07-30 01:42:42
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Alphaomegadebt Posts: 10 Incept: 2008-09-20
Minnesota
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Excellent Ticker! Always such a treat hearing good ol' Barn shoot his mouth off about his latest bright idea to rescue the housing market. Emb145: I totally agree with you -- how does this guy keep getting elected? If your an FB user, this group's title says it all. http://bit.ly/R3Hty
2009-07-30 01:49:23
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Mlshawaii Posts: 466 Incept: 2009-05-13
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How much longer can the banks play "pretend and extend?" Sooner or later they will run out of actual cash. They don't really expect to "earn" their way out with 30% credit card rates, do they? I don't think people are going to keep paying once they realize other people are living in their should-be foreclosed homes for free. On a confused note, has the order of tickers changed? They used to be listed in order of when the last post was....now they seem to be listed in order of when they were written. (i.e., the California post and the Ten Things You Must Do Now ticker aren't on page 1 any longer.) Anyone???
2009-07-30 02:15:57
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Lastchance Posts: 1132 Incept: 2008-11-19 Las Vegas
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Plenty of folks will keep paying on a depreciating asset (homes). They are convinced it is the right thing to do, as the consequences (FICO score, bad credit, whatever) create fear. As far as banks running out of cash, I think Bernanke and Geithner have made it quite clear that it will not be permitted to happen to the chosen ones. As for the rest, seizures will continue and should actually accelerate. Eventually, a true nation of debt slaves to the banking oligarchy will be complete. This economic cleansing is actually a good thing for the country in the long term. If citizens cannot live within their means voluntarily, that it must be done for them. It's the only proper thing to do in order to promote the general welfare of all. ---------- "We don't quit. I don't quit" President Obama 1/27/10 Man, I would to have him in one of our poker games.
2009-07-30 02:46:29
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Reza30 Posts: 233 Incept: 2009-02-15
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The bond market will shut him up...Quote:"It was just a horrendous result," said William O'Donnell, head of U.S. Treasury strategy at RBS Securities in Greenwich, Connecticut. Last modified:
2009-07-30 03:23:33 by reza30
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Bozonian Posts: 14033 Incept: 2007-09-01
PFT - Pure F'n Tin
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If they start forgiving mortgage debt they have two problems: 1) This will motivate everyone to stop paying their mortgages. 2) How much do they forgive, and when do they stop? House prices will continue to go down. This months forgiven will be next months underwater again. There's only one easy solution to this: Go back in time and have everyone do their jobs, especially the regulators and ultimately Congress, the ultimate authority who was asleep at the switch. ---------- I'm so depressed about outsourcing I called the suicide hotline and got a call center in Pakistan. They got all excited and asked me if I could drive a truck. Everything I write is my opinion and not to be considered proven fact. Nothing I write should be considered financial advice. Last modified:
2009-07-30 05:16:10 by bozonian
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