The Day The PPIP Died.... [Ticker]

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The Day The PPIP Died.... in forum [Ticker]

Genesis
Posts: 71430
Incept: 2007-06-26

KD^2

http://market-ticker.org/archives/1196-T....

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"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

2009-07-09 08:12:39
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Solnow
Posts: 829
Incept: 2009-03-02
My Market Model

Can't wait to see Cramer's pitch on this one

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Adapt. Improvise. Overcome.

HOPE is for sissies

2009-07-09 08:21:16
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Mo
Posts: 5501
Incept: 2007-06-26

Florida
Online

Wasn't this the 'plan' to which Geithner said he had no backup plan when he testified in front of Congress awhile back?

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"The World has been cancelled. It doesn't even look like the world. There is one island that is maintained and is said to be owned by the Sheikh and the rest looks like a pile of muck."

2009-07-09 08:24:18
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Xanares
Posts: 1288
Incept: 2008-11-10

London

ppipsqueak, little Timmy's bird, died today causing people everywhere to flip him their bird in response.

2009-07-09 08:25:20
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Genesis
Posts: 71430
Incept: 2007-06-26

KD^2

Yep.

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"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

2009-07-09 08:28:32
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Stx_jay
Posts: 958
Incept: 2008-04-06

St Croix, USVI

TTT on the PPIP when this idiocy was first unveiled:

Quote:

Rep Gresham Barrett: "The last question I have guys, which is the $64 million question or I guess I should say $64 trillion question is: What’s the backup plan? If everything fails what do we do? Where do we go from here?"

Treasury Secretary Geithner: "Congressman this plan will work. This plan because of the authority provided not just by Congress but the treasury and the Fed gives us broad ability to do what you need to do to get through a financial crisis like this. It just requires will; It’s not about ability.

It's disastrous when these guys inadvertently let the truth out.

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Let's sing along to the old AC/DC song, shall we?
Cos I'm / TNX / I'm Dynamite / TNX / And I'll win the fight / TNX / I'm a power-load / TNX / Watch me explode

2009-07-09 08:32:08
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Throxxofvron
Posts: 2672
Incept: 2009-02-17

The Land of Bilk & Money

Yep, There is NO way the Banks are gonna let the Garbage get Priced as that will seal Their Fates.

What has been weighted and dumped into the water is staying there until Someone comes to drain the water...

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DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides

“During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell

2009-07-09 08:34:23
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Ldog
Posts: 185
Incept: 2009-06-11

FWIW, the losses on CMBS are going to be staggering. The valuations underwritten were completely insane. Cash money buyers will look to buy back their properties at 30 cents on the dollar. What a scam.

2009-07-09 08:34:40
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Spurlockrj
Posts: 9
Incept: 2009-03-08

Karl, Isn't it still likely that the PPIP may be abused? For instance, I believe a large portion of Blackrock is owned by Merrill Lynch which is owned by Bank of America which has a ton of toxic garbage via their Country Wide purchase. Might there still be an incentive for Blackrock to over pay (with the support of massive public funding and risk acceptance) for BA toxic assets and in the end move the ownership of these assets off BA's books (at above market prices) and leave the public with the losses?

2009-07-09 08:35:25
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Genesis
Posts: 71430
Incept: 2007-06-26

KD^2

Spur, they can try it, but Bair over at the FDIC threw cold water all over that a couple of months ago.

The day she did that the PPIP died - their entire intent was to scam in exactly this form, and once that disappeared, so did the attraction of this program.

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"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

2009-07-09 08:36:30
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Dji
Posts: 720
Incept: 2009-04-21

Fleming Island
Online

PPIP
**** Poor Insane Plan

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What goes up Must come Down- Alan Parsons Project
THE TRUTH HURTS! -Dji

2009-07-09 08:41:17
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Stx_jay
Posts: 958
Incept: 2008-04-06

St Croix, USVI

My guess is that IYR will no likey the fact that the taxpayers will only eat a lousy $40 billion of trash, CMBS paper. The REITs need to roll hundreds of billions each year to keep the shiny, colorful balls in the air.

Get with the program T^3 and Ben... our nation's regional malls, class B office space, luxury lofts and public storage facilities are depending upon you!

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Let's sing along to the old AC/DC song, shall we?
Cos I'm / TNX / I'm Dynamite / TNX / And I'll win the fight / TNX / I'm a power-load / TNX / Watch me explode

2009-07-09 08:42:05
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Micronin127
Posts: 607
Incept: 2008-01-21

Swampscott, MA

The government undercut itself by announcing this plan and then a few weeks later suspending mark-to-market accounting.

They should have done one or the other, but not both.

I had read that General Electric had been the single largest participant in the PPIP to date. Any idea how much crap they unloaded and how much of a write down they were forced to take?

2009-07-09 08:42:49
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2banana
Posts: 168
Incept: 2008-02-25
Online

Quote:

We're talking about a program that was announced as a $1 trillion dollar initiative, financed mostly by the government. The announcement was responsible for a monstrous stock market rocket-shot, if you remember, on the day it was first "announced."

So does the opposite hold true? Time to get out the phone book for shorting?

2009-07-09 08:55:40
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Throxxofvron
Posts: 2672
Incept: 2009-02-17

The Land of Bilk & Money

Mo: That is correct.

There is no Plan B.

2009-07-09 09:03:42
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Icanhasbailout
Posts: 2170
Incept: 2009-03-10

Imaginationland

Plan B is the same as Plan A: keep stealing as long as possible

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I can has TARP? http://icanhastarp.com

2009-07-09 09:04:41
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Bozonian
Posts: 14033
Incept: 2007-09-01

PFT - Pure F'n Tin

I remember Geithner testifying with a sneer "It will work Senator".

I forgot who the senator was but he should be sent this ticker.

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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.

2009-07-09 09:05:01
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Sribb
Posts: 938
Incept: 2009-06-10

Tampa, FL

We'll soon see that the emperor has no clothes!

It seems like they are in the cash cage and trying to grab as much as they can before the bell rings and the wind stop blowing the money......

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"We don't make market predictions. We just ride the bucking bronco" BILL DUNN-Dunn Capital Mgmt

"I don't trade for excitement. I trade to win" Larry Hite

Last modified: 2009-07-09 09:11:06 by sribb

2009-07-09 09:10:51
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Assassin
Posts: 52
Incept: 2009-05-21
Illinois

A sneer? I thought he always has a puzzled look.

2009-07-09 09:12:14
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Seriousslacker
Posts: 68
Incept: 2008-09-30

Spelling police

Quote:

contast

Brilliant analysis as usual, KD is way ahead of the curve, again!

2009-07-09 09:39:06
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Jata1
Posts: 2378
Incept: 2009-03-08

mi
Online

PPIP turned out to be like a wake-up woody. Quickly disappears with no results

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Mayorquimby says- My Idea- Everyone gets Dick

2009-07-09 09:45:35
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Genesis
Posts: 71430
Incept: 2007-06-26

KD^2

"Instant stupid - just open mouth."

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"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

2009-07-09 09:47:29
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Anti
Posts: 1289
Incept: 2007-10-09

Online

I recall that PPIP has been dieing - but forgot what it was Bair did - can anyone help with a link or summary? thanks,

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Health is better than health insurance
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Over the past 60 years, thousands of people have used the Gerson Therapy to recover from so-called “incurable” diseases such as cancer, diabetes, heart disease and arthritis.

2009-07-09 09:58:15
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Otiswild
Posts: 1341
Incept: 2009-03-09

Teegeeack

Quote:

Wasn't this the 'plan' to which Geithner said he had no backup plan when he testified in front of Congress awhile back?

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It appears that the yard wolves has grown up. Are we finally finished with the colds dead winters?

2009-07-09 09:58:36
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Genesis
Posts: 71430
Incept: 2007-06-26

KD^2

Bair said that she was not going to permit the banks to game it by buying their own ****, directly or otherwise.

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"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

2009-07-09 09:58:45
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