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| User Info | Did Bank Of America / CFC Write The Housing Bill? in forum [Ticker] | |||
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Genesis Posts: 71432 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
2008-06-21 11:38:46
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Eternalblue Posts: 4230 Incept: 2007-08-09 
sokali
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damn this is infuriating, we have to ****ing babysit every ****ing inch that congress and banks move. it's like everyone who touched this bull**** needs to go to prison. i will say that my respect for bush went up alot when i read he wants to veto this bull**** train. ---------- my miniblog; http://economicpsychosis.blogspot.com/
2008-06-21 12:08:14
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Jooon_yer Posts: 839 Incept: 2007-06-26 
baba booey
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DUGG IT: Feel free to digg if interested: http://digg.com/politics/Housing_Bailout....
2008-06-21 12:13:28
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Fidgit Posts: 14065 Incept: 2008-02-18
AllyBammy
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It's been GlennBeck'd. :) :)
---------- I say it's spinach, and I say the hell with it.
2008-06-21 12:20:00
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Illdoyah Posts: 3443 Incept: 2007-09-12
Jupiter, Florida
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here comes the weekend stick saves, I am getting tired of this ****
---------- www.firejimcramer.com "Life is all about challenges and how we face them, the plays we make and the risks we take"
2008-06-21 12:29:13
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Etz3l Posts: 9103 Incept: 2007-06-26
Online
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---------- Treating the symptoms of financial corruption isn’t the same as removing the causes.
2008-06-21 12:41:50
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Aerius Posts: 410 Incept: 2008-03-19 GTA
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Comedy gold with the ad placement. 
2008-06-21 12:58:43
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Waverider Posts: 2785 Incept: 2007-12-23 Chicago
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>it appears that there is a veto-proof majority in Congress and the veto will get overridden. So all these congress men and women are totally dumb to understand this whole thing or ummmm ... they are all party in a big collusion... a scheme to stick the tax payers with this 3 trillion bail out ? Prez is the one who is doing the right thing I guess. Last modified:
2008-06-21 13:07:37 by waverider
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R2judge Posts: 302 Incept: 2008-04-13
Burbank CA
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In 1930 to 1933 the economy collapsed into a Great Depression. In 1933 we got the New Deal. The clock is coming back to 12. I think we are in a damned if we do, damned if we don't, situation. A massive financial bubble and massive financial fraud have occurred. Bank of America is trying to pass a hot potato, but whether they can or can't get this mortgage legislation passed off to tax payers, i think that it will come back at them anyway, though through a different door. B Of A might think they will get away with a big one and wind being nationalized by the federal government a little further down the road, as the Kress cycle declines into 2014, as payback for dumping their mess onto the tax payers. Do i want to see BofA nationalized- no, but neither did i want to see stock, housing and credit bubbles like the 1920's. Regardless of whether BofA gets this legislation passed, i see a disaster coming in this next decade. i see everybody getting hurt by it. After all, Hank Paulson is clamoring for more power for the FED. The democrats may wind up one upping him, as the situation deteriorates and the government gets more desperate for bread and circus fixes for the natural bottoming of a long term economic cycle. They built levees in Iowa, but the flood waters turned out to be greater than the powers that be's ability to control nature. Bernanke, Paulson, congress, think they can control financial and economic nature and will keep trying, until financial nature overwhelms their levees. There is nothing new under the sun. Some wise old man said that a long long time ago. Somebody else updated it for the modern era- been there, done that.
2008-06-21 13:06:09
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Grimreaper_4u Posts: 13 Incept: 2007-07-12
SoCal
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Fax(s) sent...Unreal.
---------- -Lurker Nobody- Vote Cthulhu 2008 Why vote for the lesser evil?
2008-06-21 13:06:36
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Lemonaid Posts: 4782 Incept: 2008-01-20
Detroit Metro
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This bill squicks everyone in both eye sockets. Bailing out the housing crisis with tax payer money that isn't there which means National Debt ramps up by wide margins will continue to ramp interest rates on bonds as the world increasingly places U.S. treasuries on par with soiled toilet paper and go on buyer's strikes. The sad thing is... this bill will initially cause a rally in the equities market no doubt if passed (like the FED Put) ---------- "There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." Ludwig von Mises Last modified:
2008-06-21 13:19:14 by lemonaid
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Waverider Posts: 2785 Incept: 2007-12-23 Chicago
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>this bill will initially cause a rally in the equities market no doubt if passed. and a gigantic leap in Oil. $10 gas anyone ?
2008-06-21 13:19:59
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Stormsailor1981 Posts: 8449 Incept: 2007-06-26
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well, r2judge, that thought has merit, but im outraged that another large burden is being shifted onto the taxpayer and saver to cover the greed/ignorance, speculation, and fraud. it removes the risk from them, and puts it on us. and the out in the open in your face way it is being done. rub my face in it, there's nothing we can do, and when i talk about this to anyone their eyes get all dull and pretty soon nobody wants to talk to me at all. the outright fraud in our legislature has never been more exposed than now, and they know when the rubber meets the road, there is nothing we can do about it.
2008-06-21 13:20:08
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Uncleoxidant Posts: 1704 Incept: 2007-07-10 Stumptown
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Reddited: http://www.reddit.com/info/6odnu/comment.... KD: are you sure they've got a veto-proof majority on this? If so, it's very, very scary. ---------- I am NOT a consumer, I am a Citizen!
2008-06-21 13:27:10
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Lemonaid Posts: 4782 Incept: 2008-01-20
Detroit Metro
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That's the thing storm. People don't understand. I work in an office full of engineers and by and large they have no clue what is going on. The public understood the illegal immigrant bill that was on the verge of being passed. Congress got flooded with citizen opposition against the bill. The people got their way that time. It happens... it's just the average person simply can't understand what is happening here. ---------- "There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." Ludwig von Mises
2008-06-21 13:27:53
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Brandk3 Posts: 177 Incept: 2007-11-11
Phoenix AZ
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Justice! I want Justice! This is infuriating! I am beside myself. Impeach Dodd and Shelby. Impeach!
2008-06-21 13:29:23
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Genesis Posts: 71432 Incept: 2007-06-26
KD^2
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Uncle, it looks that way as there was an attempt to kill the bill last night in the Senate with a procedural vote and it went down via a veto-proof majority. So yes, at least in the Senate, I believe that it is veto-proof. ---------- "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
2008-06-21 13:29:43
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Morgan Posts: 99 Incept: 2008-02-29
Wisconsin
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http://www.ft.com/cms/s/0/569a70ae-3e64-.... FT published an interview today with David Bonderman the "irreverent co-founder of the buyout firm TPG". The interview is a must read for anyone with a sense of humor. Bonderman is so rich and powerful he does not have to be bothered with lying to the press, as do lesser mortals (or even answering all their questions). He discussed a deal he did in 1988 while still at the Bass Group. He and a partner bought American Saving Bank for $150 million. When Bob Bass sold the bank it was worth "billions". Bonderman told the FT, " The government waived all the rules to encourage capital to come in freely". "The government absorbed all the losses". Now Bonderman is injecting 7 billion into WaMu, which one would think would be a bridge too far. I guess Private Equity plans to be there to collect the government bailout, as they enjoy the opportunity to tell the taxpayer they are screwed, all at the same time.
2008-06-21 13:34:56
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Fidgit Posts: 14065 Incept: 2008-02-18
AllyBammy
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Gen, are procedural votes made public? I went on to RollCall to see if I could find anything out about this vote last night, but I don't have a subscription, couldn't find anything on Google. Do you have names? ETA: Thx :) ---------- I say it's spinach, and I say the hell with it. Last modified:
2008-06-21 14:02:35 by fidgit
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Waverider Posts: 2785 Incept: 2007-12-23 Chicago
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How much a PhD in physics make ? May be $100,000/yr. Real estate dudes, with probably a diploma from local community colleges, were making a lot more than that driving porche and closing mortgages from 5 star hotel suites. Now all those mega party bills are getting stuck to the tax payers.. Welcome to the bail out country. Unbelievable.
2008-06-21 13:49:56
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Genesis Posts: 71432 Incept: 2007-06-26
KD^2
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Fidgit I believe it was on a voice vote, not recorded. ---------- "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
2008-06-21 14:00:24
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Ksfq Posts: 1017 Incept: 2007-07-11
California
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Hehe .... I just received letter from Rep. Jackie Speier day before yesterday explaining how the bill is not meant to help "lenders" and "banks". She wrote: Quote:
This news is perfect ammunition - she needs to explain how it can be that bill which is written by banks and lenders is not going to help them. Maybe BofA and CFC are just plain stupid? I'm fighting, but I don't think she will change her mind. She got $43K in donations from real estate industry, just during short special election cycle to fill up Tom Lanto's position. (http://www.opensecrets.org/politicians/s.... So, I lose. We need to get to NPR, Fox, NBC, etc. My opinion regarding legalization is that the most important legalization is to regulate financial market to ensure more transparency. That will actually help good companies (including good banks) and hurt bad once. Last modified:
2008-06-21 14:39:44 by ksfq
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Genesis Posts: 71432 Incept: 2007-06-26
KD^2
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BTW I emailed Boortz, Hannity and Limbaugh. Note that on the 18th Limbaugh went after the Dodds of the world on their "special deals." He MAY be willing to blow the doors of this. If he is and does, Dodd is finished. Love him or hate him, he can AND WILL stir up the Republican Base if he gets "on" the issue. ---------- "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 Last modified:
2008-06-21 14:36:44 by genesis
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R2judge Posts: 302 Incept: 2008-04-13
Burbank CA
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well, r2judge, that thought has merit, but im outraged that another large burden is being shifted onto the taxpayer and saver to cover the greed/ignorance, speculation, and fraud. it removes the risk from them, and puts it on us. --------------- I think the risk remains on us regardless. The numbers on the derivatives bubble reached as high as 500 trillion. The junk debt is in everything, directly or indirectly. There is no place to hide, as far as i can see. Stick cash in a safe- oil is 135- it will drain the cash out of your safe, before cash can become king. How many brokerages we all trade from, will go under and the insurance will be overwhelmed? How many 401K's and IRA's will be trashed? How many of those companies will be out of business? Is your life insurance policy really of any value? what are the premiums invested in- a bunch of garbage debt, set to lose a large percentage of value? All these things run through my head. I am angry about what is going on, but i think the situation is overwhelming, to the point that regardless what action is taken or not taken, i see an absolute disaster coming. As Karl noted, there were economic depressions before the FED was ever more than a gleam in a bankers eye. The risk didn't just fall on the banks. The corporate CEO's and Wall Street insiders have already dumped off the risk to the average shareholder. The Toll brothers, Bruce and Robert walked off with 400 million before taxes. 16 Google insiders sold 3 billion dollars worth, for an average of 200 million apiece. Friday Karl mentioned the island flag, good for a 100 dollar a share decline in the GOOG investors account, if it breaks to the downside. The 16 GOOG insiders will still have their 3 billion minus taxes.
2008-06-21 14:40:01
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R2judge Posts: 302 Incept: 2008-04-13
Burbank CA
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The Hannity's and the Limbaugh's are only interested in the Dodd's because there is a D after their title. Did Grahm get a special loan from Mozillo, too? Both republicans and democrats are up to their eyeballs in this corruption mania. Dodd should be out, not replaced by a republican, but an independent, who will not be beholden to the moneyed interests or big government.
2008-06-21 14:50:51
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