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More financial bailouts - 9/20/2008 10:28:12 AM   
thornhappy


Posts: 8596
Joined: 12/16/2006
Status: offline 		The Bush administration's seeking a $700 million dollar bailout of mortgage related assets from financial institutions in the US.

"The proposal was stunning for its stark simplicity: less than three pages, it would raise the national debt ceiling to $11.3 trillion. And it would place no restrictions on the administration other than requiring semiannual reports to Congress, allowing the Treasury to buy and resell mortgage debt as it sees fit."

thornhappy
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RE: More financial bailouts - 9/20/2008 10:36:44 AM   
Jeffff


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Joined: 7/7/2007
Status: offline 		"From each according to his abilities, to each according to his needs."

"The rich will do anything for the poor but get off their backs. "

Karl Marx

just sayin.............

Jeff



(in reply to thornhappy)
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RE: More financial bailouts - 9/20/2008 10:39:02 AM   
NuevaVida


Posts: 6707
Joined: 8/5/2008
Status: offline 		It's my understanding from everything I've read that this was a bi-partisan decision.

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RE: More financial bailouts - 9/20/2008 11:12:29 AM   
Hippiekinkster


Posts: 5512
Joined: 11/20/2007
From: Liechtenstein
Status: offline 		Huffington Post is laying this shit on Phil Gramm:

"How did we get here?

That's pretty easy to answer, too. His name is Phil Gramm. A few days after the Supreme Court made George W. Bush president in 2000, Gramm stuck something called the Commodity Futures Modernization Act into the budget bill. Nobody knew that the Texas senator was slipping America a 262 page poison pill. The Gramm Guts America Act was designed to keep regulators from controlling new financial tools described as credit "swaps." These are instruments like sub-prime mortgages bundled up and sold as securities. Under the Gramm law, neither the SEC nor the Commodities Futures Trading Commission (CFTC) were able to examine financial institutions like hedge funds or investment banks to guarantee they had the assets necessary to cover losses they were guaranteeing.
This isn't small beer we are talking about here. The market for these fancy financial instruments they don't expect us little people to understand is estimated at $60 trillion annually, which amounts to almost four times the entire US stock market.
And Senator Phil Gramm wanted it completely unregulated. So did Alan Greenspan, who supported the legislation and is now running around to the talk shows jabbering about the horror of it all. Before the highly paid lobbyists were done slinging their gold card guts about the halls of congress, every one from hedge funds to banks were playing with fire for fun and profit."

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RE: More financial bailouts - 9/20/2008 11:35:58 AM   
thornhappy


Posts: 8596
Joined: 12/16/2006
Status: offline 		The hotel I where I was staying this week had free Wall Street Journal papers for my breakfast enjoyment (although I usually stashed it and read it in the evening.)

Every day the market news was worse; Wednesday or so they spoke of the stall in institution-to-institution trading.  Basically all lending was at a standstill, which could bring the markets to their knees.

It was like whatever the worst case was on Monday, it was exceeded on Tuesday, etc.

thornhappy

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RE: More financial bailouts - 9/20/2008 12:04:58 PM   
bipolarber


Posts: 2792
Joined: 9/25/2004
Status: offline 		Just a little anecdote:

My wife and I stopped into a Pizza Hut for lunch on our way to do the grocery shopping. While waiting for our food, we struck up a conversation with the Manager. (The local SEC game was on, and one thing led to another.) I commented that the game days must be great for business.
   "Yeah," he replied, "we get plenty of orders, but we don't make much money. I've had my pay cut three times in the last year, and now the parent corperation just got bought out."
    "Oh?"
   "Yeah, we're owned by Merril Lynch these days... chances are, it'll be another round of pay cuts after the dust has settled. I'm thinking of quitting, and going into my brother's line of work... at least he makes good cash."
   "What's he do?"
   "Auto repo."

Yeah, this finacial crisis is going to have it tendrils into everything.

Enjoy the life of plenty while you can.

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RE: More financial bailouts - 9/20/2008 12:27:17 PM   
proudsub


Posts: 6142
Joined: 1/31/2004
From: Washington
Status: offline
quote:

The Bush administration's seeking a $700 million dollar bailout of mortgage related assets from financial institutions in the US.


I couldn't get your article to come up, but isn't that supposed to 700 billion?

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RE: More financial bailouts - 9/20/2008 1:12:54 PM   
Hippiekinkster


Posts: 5512
Joined: 11/20/2007
From: Liechtenstein
Status: offline 		"Primarily this is because rulers of the exchange of mankind's goods have failed through their own stubbornness and their own incompetence, have admitted their failure, and have abdicated. Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men. True they have tried, but their efforts have been cast in the pattern of an outworn tradition. Faced by failure of credit they have proposed only the lending of more money. Stripped of the lure of profit by which to induce our people to follow their false leadership, they have resorted to exhortations, pleading tearfully for restored confidence....The money changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths. The measure of the restoration lies in the extent to which we apply social values more noble than mere monetary profit." Franklin Delano Roosevelt

_____________________________

"We are convinced that freedom w/o Socialism is privilege and injustice, and that Socialism w/o freedom is slavery and brutality." Bakunin

“Nothing we do, however virtuous, can be accomplished alone; therefore we are saved by love.” Reinhold Ne

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RE: More financial bailouts - 9/20/2008 1:23:44 PM   
thornhappy


Posts: 8596
Joined: 12/16/2006
Status: offline
quote:

ORIGINAL: proudsub

quote:

The Bush administration's seeking a $700 million dollar bailout of mortgage related assets from financial institutions in the US.


I couldn't get your article to come up, but isn't that supposed to 700 billion?

Yep, busted.  It was 700 billion.  Maybe it was wishful thinking on my part.  The link is:
http://www.nytimes.com/2008/09/21/business/21cong.html?_r=1&hp&oref=slogin

thornhappy

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RE: More financial bailouts - 9/20/2008 2:55:14 PM   
LookieNoNookie


Posts: 12216
Joined: 8/9/2008
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quote:

ORIGINAL: thornhappy

The Bush administration's seeking a $700 million dollar bailout of mortgage related assets from financial institutions in the US.

"The proposal was stunning for its stark simplicity: less than three pages, it would raise the national debt ceiling to $11.3 trillion. And it would place no restrictions on the administration other than requiring semiannual reports to Congress, allowing the Treasury to buy and resell mortgage debt as it sees fit."

thornhappy



Just think....it only took 224 years to get to the point of owing 5.5 trillion dollars...and Bush has doubled that in barely 8.

And they said he didn't do shit.

< Message edited by LookieNoNookie -- 9/20/2008 2:56:15 PM >

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RE: More financial bailouts - 9/20/2008 5:02:33 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		Guy robs a bank.   he goes to jail.


Wall street robs the bank.


     they get billions....

(in reply to LookieNoNookie)
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RE: More financial bailouts - 9/20/2008 5:11:57 PM   
NumberSix


Posts: 1378
Joined: 12/30/2006
Status: offline 		So you guys are like bookies?

I told you he'd get it, Mortimer.
(Don Ameche)

6

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RE: More financial bailouts - 9/20/2008 5:16:37 PM   
slavejale


Posts: 174
Joined: 9/22/2007
Status: offline 		Greetings to All and all

i have just one question. we are so broke (the US economy) where in the world are we getting 700 kazillion dollars from to bail out these financial institutions.  Just asking.

well wishes to All and all.

Dont we owe the Chinese or somebody in the trillions.....

well wishes All and all.



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RE: More financial bailouts - 9/20/2008 5:19:52 PM   
NumberSix


Posts: 1378
Joined: 12/30/2006
Status: offline 		Well, we are either borrowing it, *recession* or printing it *inflation*

6 

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"The new Number Two."
"Who is Number One?"
"You are Number Six.".
"I am not a number — I am a free man!"

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RE: More financial bailouts - 9/20/2008 5:26:14 PM   
slavejale


Posts: 174
Joined: 9/22/2007
Status: offline 		Greetings

Doesnt printing alot of money cause our currency to go down in some type of way?


well wishes to All and all.

And if not, what DOES cause our currency to go down in value?

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RE: More financial bailouts - 9/20/2008 5:38:56 PM   
Anarrus


Posts: 475
Joined: 11/8/2005
Status: offline 		Actually, this is all a good thing. The American taxpayer can now list A.I.G., etc, etc, ad nauseum as collatoral for borrowing now. We OWN them all.

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RE: More financial bailouts - 9/20/2008 5:40:45 PM   
slavejale


Posts: 174
Joined: 9/22/2007
Status: offline 		Greetings Master (Anarrus),

That is so so funny and true.


Hmmm....will it work. *ponders* lol.

well wishes to All and all.

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RE: More financial bailouts - 9/20/2008 7:11:10 PM   
farglebargle


Posts: 10715
Joined: 6/15/2005
From: Albany, NY
Status: offline 		Now that we've socialized Property and Casualty insurance, can we socialize health insurance?



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RE: More financial bailouts - 9/20/2008 10:07:39 PM   
TheUtopian


Posts: 259
Status: offline
quote:

ORIGINAL: thornhappy

The Bush administration's seeking a $700 million dollar bailout of mortgage related assets from financial institutions in the US.

"The proposal was stunning for its stark simplicity: less than three pages, it would raise the national debt ceiling to $11.3 trillion. And it would place no restrictions on the administration other than requiring semiannual reports to Congress, allowing the Treasury to buy and resell mortgage debt as it sees fit."

thornhappy




I could write for a solid hour regards this subject.... but I'm just going to emphasize one point for the ideologically stubborn folks who reside here :

What you've seen transpire over the last ten days is pure Prima facie evidence that there is no such thing as '' Free Markets'' .

These are rigged and manipulated markets, where there is intervention ala an invisible hand every single day. And furthermore, had there been no intervention and everything left up to the free-flow and fury of a true free market - we'd have chain-reaction bankruptcies throughout the whole banking system and pandemonium in the streets right now.






- R



< Message edited by TheUtopian -- 9/20/2008 10:55:56 PM >

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RE: More financial bailouts - 9/20/2008 11:05:43 PM   
kinkbound


Posts: 387
Joined: 9/15/2007
Status: offline 		700 billion bailout explained in one sentence:

If the parasites allowed the host die, they wouldn't have anything left to feed upon.

So kiddies, expect to foot the bill either by additional taxation or by an increasingly devalued dollar.

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