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| User Info | FLASH: Do we have people that are THIS dumb..... in forum [Ticker] | |||
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Genesis Posts: 66463 Incept: 2007-06-26 
Royal Flush! 
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.... in Washington? http://market-ticker.denninger.net/2008/.... ---------- I used to play flute; I wonder if I can play a fife? I incite prosecutors to create "Bubba Sausage Parking Lot" projects Darrell Issa has a middle finger and knows how to use it - Me 2008-04-29 20:29:09
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Bear Posts: 6466 Incept: 2007-07-10 
SoCal, and my avatar is so ****ing small you cant see it
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The last sentence is key. Is Sheila short every bank and institution that holds mortgage-backed paper? Because I will be if this passes. Why? That last sentence. I'm already there man ---------- Cause GS got all the beef.....Mliu 2008-04-29 20:32:20
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Theone Posts: 6865 Incept: 2007-08-07 They crucified the only PERFECT one Banned
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hell yeah they are that stupid. remember that dumb bitch that called Bernanke the CEO of Goldman. BWAHAHAHAHAHAHA... what a ****tard ****. 
---------- Let me know when the DENIAL of who runs everything is over. Until then enjoy the circle jerk. I'm going fishing. State of the Union ---> http://www.mindspring.com/~lcruiser/Stat.... 2008-04-29 20:33:14
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Pika-steph Posts: 37242 Incept: 2007-09-11
^Why I keep^ fighting; so he is not fighting for nothing.
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Is this a rhetorical question? 
---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org  "America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards." 2008-04-29 20:50:03
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Raster Posts: 1884 Incept: 2007-08-16
Rar!
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Wicked video KD - and to everyone in it, cheers!
---------- ǝɹǝɥ ǝuo ןɐɯɹou ʎןuo ǝɥʇ ɯ,ı˙˙˙dn pǝʞɔnɟ ןןɐ ǝɹɐ sʎnƃ noʎ  2008-04-29 21:04:23
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Bubblesee Posts: 3620 Incept: 2007-06-27
nyc
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Bizzarre idea from Sheila. Outstanding video of the TF protest. Congrats - and THANKS! ---------- Ticker Forum Special: "Bennie and the Feds" Melody:Elton John Lyrics:Bubblesee http://www.youtube.com/watch?v=etfVMtCq9Oc (Larry Kudblow eat your heart out) 2008-04-29 21:17:27
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Nuke_engineer Posts: 628 Incept: 2007-08-19 NC
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Maybe this is the first step in the government taking over the banking business. They are essentially changing all residential mortgage law with the stroke of a pen by Congress. Would this be rubber stamped by the corporate stooges in the Supreme Court? You betcha! Nevertherless, this is really bad news for banks and everyone else. Everyone else because if they get away with this, then they can nationalize anything that today uses a bank for funds, yes even deciding who gets paid if a venture entrpreneurial business strikes it rich. The legal precendence of this action would place any American asset acquired by assuming debt in jeopardy at any time. The end of democracy as we know it? ---------- Trespassers will be shot. Survivors will be shot again. 2008-04-29 21:23:16
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Rebeltraders Posts: 1364 Incept: 2008-02-26
New Jersey
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KD, would it be OK if I put the video on my site tonight?
---------- http://blog.rebeltraders.net 2008-04-29 21:28:19
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Genesis Posts: 66463 Incept: 2007-06-26
Royal Flush!
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Good God Yes! Spread that video around and make it go VIRAL! ---------- I used to play flute; I wonder if I can play a fife? I incite prosecutors to create "Bubba Sausage Parking Lot" projects Darrell Issa has a middle finger and knows how to use it - Me 2008-04-29 21:29:56
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Rebeltraders Posts: 1364 Incept: 2008-02-26
New Jersey
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Thanks KD.. just wanted your approval before I posted it. Great job on putting it together.. top notch editing.
---------- http://blog.rebeltraders.net 2008-04-29 21:40:36
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Theneedles Posts: 2986 Incept: 2007-08-31
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Quote:Is this a rhetorical question?My thought too. Even before reading the article. 2008-04-29 21:44:00
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Genesis Posts: 66463 Incept: 2007-06-26
Royal Flush!
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I'm not the editor.
---------- I used to play flute; I wonder if I can play a fife? I incite prosecutors to create "Bubba Sausage Parking Lot" projects Darrell Issa has a middle finger and knows how to use it - Me 2008-04-29 21:44:28
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Hapablap21 Posts: 688 Incept: 2007-08-21 
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I'm already short a bunch of banks. Is it ok if I support this effort?
2008-04-29 21:48:06
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Jkilkelly Posts: 1394 Incept: 2007-07-20
Mercer Island WA
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Karl, either the article isnt written very well or it was some transcribed in error. the quote suggests two things - first the original first lien is modified to an affordable level (whatever that means) and stays in place (not sure if that is what this means or not?); then the government provides thru funds raised in a debt offering some addiitonal loan product to make up some sort of shortfall. Who gets the proceeeds from the government provided loan? the first lien holder and is this to cover the "write down" of the first mortgage? then it says the "investor" would pay the government interest on its loan in this transaction. The investor presumably would be the buyer of the bond, and the buyer of the bond should receive interest not pay it. what am I missing here? ---------- “They say there are no atheists in a foxhole. Well, there are no libertarians in a financial crisis, either.'' Jeffrey Frankel, Harvard economist 2008-04-29 21:53:31
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Jkilkelly Posts: 1394 Incept: 2007-07-20
Mercer Island WA
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so is this the government basically buying down the banks exposure? If so, setting aside the impact on HELOCS and 2nds, could this be a scheme to make the first lien holders whole? remember this is the FDIC that insures the deposits of the very banks that may or may not be receiving a forced write down of mortgages it holds. why would the FDIC impair the capital of banks it insures? Unless the money it raises in this offering replaces this capital. I suppose that is what I am trying to figure out here ---------- “They say there are no atheists in a foxhole. Well, there are no libertarians in a financial crisis, either.'' Jeffrey Frankel, Harvard economist 2008-04-29 21:57:39
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Mawachter Posts: 88 Incept: 2007-06-26
satx
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JESUS H. CHRIST If a person can't afford the mortgage payment, let them default. Put an asterisk on their credit report and help them buy a house they can afford. Hell, it might be the exact same house next door, but at half the price. Let the mortgage lender take the hit. I refuse to accept the .gov can keep people in their house until incomes increase enough to where the payments are affordable. The .gov is inept. We do have a pretty good military machine, at a bloated cost tho. Lets tighten our belts, take the hit and restart with a solid foundation. ---------- "When it comes to the future, there are three kinds of people; those who let it happen, those who make it happen, and those who wonder what happened." John Richardson Jr. 2008-04-29 22:02:35
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13thgeneration Posts: 636 Incept: 2007-12-03
rock <-----> hard place
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I suspect that FDIC has "crunched the numbers" and looked in their vault. Then they shook out their pants pockets and looked in the couch cushions. Then their Minsky monent culminated in a lot of job postings and a back of the envelope calculation of what they will need from Treasury. Problem is, they're not yet staffed and they don't have the luxury of using smaller institutions as training grounds for the larger ones, since the larger ones are in more trouble than the smaller ones. Watching even a smaller regional go now will be an horror show, she will go the way of Brownie, and it will not be any better. So...they can't afford a larger failure and, worse, they can't execute one. So it becomes an exercise of how much money will buy how much time, and what formula to use. ---------- Not this way, master! There is another way. O yes indeed there is. Another way, darker, more difficult to find, more secret. But Smeagol knows it. Let Smeagol show you! --Andy Serkis as Gollum 2008-04-29 22:10:45
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Nuke_engineer Posts: 628 Incept: 2007-08-19 NC
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She wants the banks to be paid back no matter what, even if they fraudulently loaned you the money, knowing you'd never pay it back. She doesn't want to allow for defaults, she wants to force the poor indentured person to pay somehow, somewhere, sometime to the bank. This cleanly ties to the previous legislation designed to stop individual BK's. Cutting off all and any way for the individual to not pay the piper his due. In the 1800's and before, we called that indentured servitude. The basis for many of the 20th century white slavery laws. What's to stop this constituional grab at just residential loans? Let's go for commercial loans, and the control of banks over democracy and the public is complete. We'll just have to live like in the cotton mills of the old south, indentured for life. ---------- Trespassers will be shot. Survivors will be shot again. 2008-04-29 22:16:50
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Acgreyhound Posts: 4817 Incept: 2007-08-20
Worcester, MA Online
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That's a hell of a point, 13th. We lost two banks in my hometown back in the '90-'91 debacle. I think they had two, maybe three branches, all within a 5, 10 mile radius tops. I knew a couple of FDIC people back then and they had all they could handle with these tiny fish. What the hell do they do with even a small regional (even those on staff and already trained)let alone something really big?
---------- At what point in the descent into bat**** insanity does it become required that you start arbitrarily capitalizing words in your writing? - JFedak 2008-04-29 22:30:26
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13thgeneration Posts: 636 Incept: 2007-12-03
rock <-----> hard place
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What's rule #1 if you are a government employee? She has a long way to finish her tenure. AC, you have PM. ---------- Not this way, master! There is another way. O yes indeed there is. Another way, darker, more difficult to find, more secret. But Smeagol knows it. Let Smeagol show you! --Andy Serkis as Gollum 2008-04-29 22:47:54
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Utowna Posts: 160 Incept: 2008-02-26
Ancocisco
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The Govt. of pigmen fear jinglemail!Our great great great grandchildren will still be paying for this debacle should it go forward.
---------- Great Hunter of Bull and Bear. 2008-04-29 23:10:25
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Ajc1970 Posts: 1045 Incept: 2008-03-05
bangkok, thailand
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Quote:
So, what you're saying is that this differs slightly from the typical hair-brained government scheme, in that in addition to f*king things up, it also has some positive side effects (though unintended)? That makes it the least-worst proposal anybody from DC has put forward to-date. Last modified:
2008-04-29 23:15:19 by ajc1970
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Emb145 Posts: 8182 Incept: 2007-08-25
Orlando, Florida
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We need to get behind this and makes sure it passes. We all short the ever-loving **** out of everything that ever looked at a mortgage...then we pool our money and buy our own TICKER ISLAND. NO ****TARDS ALLOWED!
---------- It's the age of hobos: Prepare to teach your children how to grift. 2008-04-29 23:19:37
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Ewok Posts: 41 Incept: 2008-02-13 Boston Suspended
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I've signed a number of petitions and done a fair amount of writing to my legislative reps over the last few months, and now I've written them again about this latest FDIC idiocy. Quel surprise, no one has responded to my latest missive, sent many weeks ago, requesting that they cease and desist supporting any initiatives that make private debts public.
2008-04-29 23:20:00
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Patentleathershoes Posts: 7132 Incept: 2007-09-13
Looking forward to PB&J time!
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Ummmmm. JkiKelly nailed it. OMG. HS!! Sheila is not so stupid after all. She's hoping we all are though. 
2008-04-29 23:24:48
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