As usual, the big guys want to stick the small guys with the bill.
Sure, they think, just make taxpayer pay for BSC, F&F, BofA, WAMU...
However, this time the financials may have outsmarted themselves instead of the public. Public is not only penny-less it is in debt to the ears.
Try to stick public with any more bills and you will learn first hand what BK on a national level is. Dollar collapse will make F&F failure look like an insignificant blip.
If they try to salvage the financial system by nationalizing or bailing F&F, they only make the total ruin of said system that much more likely.
I sense the house of cards will tumble this time around. If you bail everyone out (like we have done so many times in the past) these institutions learn to take on excessive risks at the expense of the donkeys that keep bailing them out (the U.S. tax payer).
We will either see the government inflate the sh*t out of our currency to keep the cycle of bail outs going, or there will be an abrupt turn away from out current path on the road to serfdom. Lets hope the latter is what we get this time.
"For market discipline to be effective, market participants must not expect that lending from the Fed, or any other government support, is readily available," Paulson said. In unrelated news, the Fed announced it was extending and expanding its facility for lending to investment banks to make sure they don't fail.
Ya know why they are saying institutions must be able to fail... Gotta save the funds for the 'connected' banks such as JPM, GS, BOA. Can't waste precious bailout funds on the also-rans like F&F
God, I'd hate to be the janitor who has to clean up after this meeting. It will take a Heraclean effort to clean all the Bull Sh*t out of that room after this gag fest is over.
The American financial system, sacrificed for a bunch of granite counter tops miles from anywhere.
The moral of the story-- keep the government out of it. Half-baked schemes like the GSEs and Fed "temporary" lending windows just create opportunities for Wall Street to stick their losses to the taxpayer.
The GSEs are catching the proverbial falling knife that is the housing market. Thanks, Congress, for those higher conforming loan limits.
(cynicism still on:)
"Restructured regulation" means: "it's worse than even we imagined, OFTHEO is totally over their head, and we need to move control to our place where we can cook the books and cover it up our way."
Some people believe these asshats can solve the problems they made.
"Sorry we let the financial system shit all over the country. We could have stopped it but didn't. Give us MORE power, and next time we'll be able to bail it out with taxpayer money BEFORE the taxpayers gets a clue."
Pimco just put a statement out that it continues to trade with LEH per a wire story. Also reporting that Bill gross & M.E.B agreed to the statement after repeated waterboardin. Developing...
Is it reasonable to hope for a time when American citizens finally constitute a populace that is too big to fool? Or does it go on like this right up to the revolt?
Notice the recurring theme. When government policy fails, we are supposed to entrust the same damn monkeys in Washington to fix the mistakes they made. How stupid can people be to ot realize that they are only going to screw up again, because one sized fits all centralized planning for a country of our size and diversity does not work. Just ask the Fins what they think of EU housing regulations.
Will these proposed changes make the market closer to a free market, where risk and reward are tied to the same entity and we have personal responsibility, or does this move the USA closer to socialism, where everyone shares the risks and there really are no rewards?
Did anyone understand what the hell Maxine Waters (evidently Laura Richardson's mentor) asked? Something about how profits made by banks AFTER foreclosure should go to the homeowner... Paulson and Bernanke just sort of ignored her.
Did anyone understand what the hell Maxine Waters asked?
Don't waste your time thinking such things. Ms. Waters has the mental capacity of a 2 year old. Which doesn't say much for the Californians that keep voting her in office. Just search on youtube for 'Maxine Waters socialize oil'.
Re: we must move much more quickly to update our regulatory structure and improve both market oversight and market discipline."
We must remove retards and crooks from office and keep criminals in jail as a starting point, and then, maybe it would be a good idea tnot to have a conduit between Goldman & The Treasury/Fed Bush!
How can you have a shill like Dodd running investigations or hearings related to the fraud he is involved with by being a member of Friends Of Angelo?? How can we have Paulson, who is in that club and still connected to Goldman adjusting policy for his connections? We have the most corrupt American political system in history and Americans as a collective group seem to be in a meth induced haze worried about the coulors of the next tattoos or whice orifice to pierce next!
Separately, the presumptive Republican nominee for president, Sen. John McCain, said the government could not allow Fannie Mae and Freddie Mac to fail...
He has friends there for God's sake!! It is also alleged that Cindy McCain is being preserved in oil and that her status is not related to the allegation that she is also a vampire.
Attention Bushwhackers
The Government of the greedy, for the greedy, by the greedy, and the hell with the needy.
If todays foreclosure crisis was the Titanic, then the politicians would be in the life boat waving goodbye to the women and children aboard the decks of the USS Economy
MLB
Is there any evidence that the renowned Office of Federal Housing Enterprise Oversight is other than a bunch of Bush administration hacks? Has anybody (like Congress) ever tried to oversee them? I'm asking, I really don't know. They oversee a very large amount of money.
Don;t listen to the MAN!
Despite interest rates crashing over last several weeks... what's that I smell...?
Very readable analysis of fannie's problems from someone who saw it all clearly last Feb.
Short Lehman to ZERO!!
See ya, Dick!
Freddie now down 33%!
Lots of contradiction in those statements by Mr. Paulson. He is tripping over his own tongue repeatedly.
what's that I smell...?
Perhaps burnt Mac in the microwave? Hehe. Oops, I smell burning ramen...
Mr. Paulson, "For market discipline to effectively constrain risk, financial institutions must be allowed to fail."
Ok,,Gm,Fnm,Fre, Cfc, the company formally known as Dcx, F,
Just not JPM or Bear?
!@#$ Hank Paulson.....
Sorry had to vent...
Love how he has it so "figured out"
Ciao
MS
A bunch of old senile old farts. Don't they ever retire, no wonder they have it all screwed up.
Did you hear that? Paulson said "Financial institutions must be allowed to fail." What a country!
Is the treasury a financial institution? if we start there, we may have a chance at rectifying the nation.
Don't they all look so happy...........
As usual, the big guys want to stick the small guys with the bill.
Sure, they think, just make taxpayer pay for BSC, F&F, BofA, WAMU...
However, this time the financials may have outsmarted themselves instead of the public. Public is not only penny-less it is in debt to the ears.
Try to stick public with any more bills and you will learn first hand what BK on a national level is. Dollar collapse will make F&F failure look like an insignificant blip.
If they try to salvage the financial system by nationalizing or bailing F&F, they only make the total ruin of said system that much more likely.
Did Paulson just say "... engender a race to the bottom" ?
Sorry am only tuning in to certain phrases.
Can you say Banana Republic? I knew you could.
These guys have no plan and no clue.
Note that Mr. Market isn't really buying his assertion that the GSEs are 'well-capitalized.'
I'm not even sure they understand there's a problem, much less what the problem might be, much less what to do about it.
Zack's razor: Never attribute to malice that which is adequately explained by stupidity.
Watch out, they may fail today......
"Financial institutions must be allowed to fail."
Right, and BAC and WB won't cut their dividends and don't need to raise capital.
Uh-huh, sure thing, right on. Yeppers.
Hahahahahahaha..............
I may be naive but i think some people are taking the opportunity to consolidate more power.
I sense the house of cards will tumble this time around. If you bail everyone out (like we have done so many times in the past) these institutions learn to take on excessive risks at the expense of the donkeys that keep bailing them out (the U.S. tax payer).
We will either see the government inflate the sh*t out of our currency to keep the cycle of bail outs going, or there will be an abrupt turn away from out current path on the road to serfdom. Lets hope the latter is what we get this time.
"Did you hear that? Paulson said "Financial institutions must be allowed to fail."
Goldman Suks would get a free fleecing pass.
TED spread popped to 1.07 ATM...
"must be allowed to fail" ? Twisted language reflects twisted thinking.
"Try to stick public with any more bills and you will learn first hand what BK on a national level is."
Retroactive taxes on financial service bonuses.
Problem solved. Bailouts anyone?
Canadian watching with popcorn writes:
Hahahahahahaha..............
Don;t you ever run out of popcorn?
UNFOUNDED RUMOUR
When fannie & freddie go to the wall, BofA nee CFC servicing unit gets the contract.
"For market discipline to be effective, market participants must not expect that lending from the Fed, or any other government support, is readily available," Paulson said. In unrelated news, the Fed announced it was extending and expanding its facility for lending to investment banks to make sure they don't fail.
http://www.weblinks247.com/indexes/idx24_usd_en_2.gif
Bucky getting boggered and right fully so.
I wonder if he would be so sanguine about failure if it was GS on the chopping block.
Well, this does represent a volte face to the presumption that we need less regulation.
I guess Phil and Wendy have moved on to the McCain campaign. As "economic advisors", Lol.
Good luck to them.
Someday this war's gonna end...
I can't eat popcorn anymore, too hard on my teeth.
financial institutions must be allowed to fail, except for those who are too big (or well-connected) to fail...
Paulson and the Wall Street Cronyies (a band name!) think we all ride turnip wagons to do our business.
WTF is Lockhart when you need him? Did he go shopping?
A rich bank? Where the hell are we going to find a rich bank?
gold up $14.60
Ya know why they are saying institutions must be able to fail... Gotta save the funds for the 'connected' banks such as JPM, GS, BOA. Can't waste precious bailout funds on the also-rans like F&F
Hahahahahaha.......
Man, give Dodd a pointy hat and he'd look like a wizard. A fat, lazy, stupid, corrupt, wizard.
idoc writes:
gold up $14.60
Ah. Not too bad all things considering.
Back in the day we had the balls to break up companies that were too big to fail.
Time limits got taken off, cause congress wants these guys to keep talking all day. As soon as they stop talking the market will tank.
I know a Rich Bank, he used to run a bar in Tempe, AZ
We need some regulations you waskly wabbits.
Is it normal to have my portfolio swing 5-10% within an hour? Should I be concerned?
God, I'd hate to be the janitor who has to clean up after this meeting. It will take a Heraclean effort to clean all the Bull Sh*t out of that room after this gag fest is over.
Cheers,
@Misean
I betcha Bernanke already pissed himself too...
Tell Me Lies
YouTube -
Now that we have had CONfidence restored time for some theme music.
wally writes:
Lots of contradiction in those statements by Mr. Paulson. He is tripping over his own tongue repeatedly.
He has a physical vocal impairment.
OTC derivatives - Ben said it... it's coming..!
"Lots of contradiction in those statements by Mr. Paulson. He is tripping over his own tongue repeatedly."
Must be the kool-aid
The American financial system, sacrificed for a bunch of granite counter tops miles from anywhere.
The moral of the story-- keep the government out of it. Half-baked schemes like the GSEs and Fed "temporary" lending windows just create opportunities for Wall Street to stick their losses to the taxpayer.
The GSEs are catching the proverbial falling knife that is the housing market. Thanks, Congress, for those higher conforming loan limits.
"He has a physical vocal impairment." --- Yeah, it's called brain damage.
"I betcha Bernanke already pissed himself too" --- That is definitely the BB look. Somebody call his mommy.
And the CR index is rising. 317 @ 1057 AM.
Earlier post is right on. Must be allowed to fail, yet the Fed has decreed "ponies forever!" by taking teh time limit off of the lending windows.
Watch what I do, not what I say.
Man, this beats soap operas.
Some people really think that giving more powers would actually solve the problems!
(cynicism still on:)
"Restructured regulation" means: "it's worse than even we imagined, OFTHEO is totally over their head, and we need to move control to our place where we can cook the books and cover it up our way."
You know it is bad when Steele is leeaving treasury for WB...I suppose a company is a smaller burden than a country
"Lots of contradiction in those statements by Mr. Paulson. He is tripping over his own tongue repeatedly."
Nah, they've got him rigged to a shock machine. Every time he makes a slip they give him another jolt.
BB,
Some people believe these asshats can solve the problems they made.
"Sorry we let the financial system shit all over the country. We could have stopped it but didn't. Give us MORE power, and next time we'll be able to bail it out with taxpayer money BEFORE the taxpayers gets a clue."
Cheers,
Gavshire Hathaway,
"Nah, they've got him rigged to a shock machine. Every time he makes a slip they give him another jolt."
ROFL.
But I actually don't think he's that honest.
Cheers,
"Realistically it's going to be difficult to get things done.... this year" Says Paulson.
That's the signal!
Pimco just put a statement out that it continues to trade with LEH per a wire story. Also reporting that Bill gross & M.E.B agreed to the statement after repeated waterboardin. Developing...
FED wants merger with SEC and CFTC... DID i hear correctly????!
Is it reasonable to hope for a time when American citizens finally constitute a populace that is too big to fool? Or does it go on like this right up to the revolt?
Notice the recurring theme. When government policy fails, we are supposed to entrust the same damn monkeys in Washington to fix the mistakes they made. How stupid can people be to ot realize that they are only going to screw up again, because one sized fits all centralized planning for a country of our size and diversity does not work. Just ask the Fins what they think of EU housing regulations.
Will these proposed changes make the market closer to a free market, where risk and reward are tied to the same entity and we have personal responsibility, or does this move the USA closer to socialism, where everyone shares the risks and there really are no rewards?
there really are no rewards
Oh, there are plenty of rewards. Bugatti's and Hampton's estates don't just grow on trees, you know.
Oh, you mean rewards for the people absorbing the risks? Of course not.
Cheers,
prat
Did anyone understand what the hell Maxine Waters (evidently Laura Richardson's mentor) asked? Something about how profits made by banks AFTER foreclosure should go to the homeowner... Paulson and Bernanke just sort of ignored her.
Wow! CR index above 400@11:25am est
Ron Paul is on the clock...
Argento said:
Did anyone understand what the hell Maxine Waters asked?
Don't waste your time thinking such things. Ms. Waters has the mental capacity of a 2 year old. Which doesn't say much for the Californians that keep voting her in office. Just search on youtube for 'Maxine Waters socialize oil'.
Bugatti's and Hampton's estates don't just grow on trees, you know
who should get these now? they've been built, they should be utilized.
Was Ron Paul's part good? details please!
A rich bank? Where the hell are we going to find a rich bank?
Dubai.
Did Ron Paul say I told you so?
Ron Paul: "WHO'S IN CHARGE OF THE F'ING DOLLAR???"
Re: we must move much more quickly to update our regulatory structure and improve both market oversight and market discipline."
"market discipline" ??
uh, how can one truly have a "market", and have it be "disciplined" at the same time ? it's an oxymoron.
SHows what Paulson and Co really think about the so-called "markets".
How can you have a shill like Dodd running investigations or hearings related to the fraud he is involved with by being a member of Friends Of Angelo?? How can we have Paulson, who is in that club and still connected to Goldman adjusting policy for his connections? We have the most corrupt American political system in history and Americans as a collective group seem to be in a meth induced haze worried about the coulors of the next tattoos or whice orifice to pierce next!
Separately, the presumptive Republican nominee for president, Sen. John McCain, said the government could not allow Fannie Mae and Freddie Mac to fail...
He has friends there for God's sake!! It is also alleged that Cindy McCain is being preserved in oil and that her status is not related to the allegation that she is also a vampire.
"For market discipline to effectively constrain risk, financial institutions must be allowed to fail."
Oh man, I want to believe! Why do they torture me so? They are probably just gearing up the jawbones for the Mother of All Bailouts.
Attention Bushwhackers
The Government of the greedy, for the greedy, by the greedy, and the hell with the needy.
If todays foreclosure crisis was the Titanic, then the politicians would be in the life boat waving goodbye to the women and children aboard the decks of the USS Economy
MLB
I'm a big time bear and this is sending a chill down my spine. It's not even funny anymore.
that guy is stuttering retard.
Is there any evidence that the renowned Office of Federal Housing Enterprise Oversight is other than a bunch of Bush administration hacks? Has anybody (like Congress) ever tried to oversee them? I'm asking, I really don't know. They oversee a very large amount of money.