Anybody heard from any PIMCO personality on TV lately ?
mmckinl | 09.26.08 - 5:52 pm | #
Schumer is on CNBC right now. Gross pops his head up every couple of days trying to get the contract to manage the superfund. Paulson made it fairly clear days ago that he had consulted a number of managers including Gross, and probably GS as well
@Charles Ponzi writes:
Is it just me, or does Sarah Palin conjure up the image of Peter Sellers as Chauncey Gardener in "Being There" for you too?
Charles Ponzi | 09.26.08 - 5:48 pm
Sarah Palin being told to leave the ticket by conservative GOP pundit. And CNN's Cafferty has choice words for her interview performance with Katie Couric. He then lays into Wolfie for defending her.
Here comes Rudy! or Bloomberg? to the ticket, mark my words.
Here is their philosphy:
Decades of investing have taught us that the perception of an investments worth fluctuates much more widely than its underlying fundamentals. We are skeptical that short-term market trends can be predicted with consistency, so we look further out in our analysis, focusing on the key fundamental factors that will determine investment value over the long-term. As our view diverges from the consensus, we find investment opportunities
If, by stable you mean, rests atop the growing bulge of the Yellowstone super volcano, on the way to the ionosphere and several laps round the Earth, one day settling in a languid arc across the Pacific and Indian Oceans.
Gold Hoarders Cause Mint Stoppage
The U.S. Mint has temporarily halted sales of its American Buffalo 24-carat gold coins because "inventories have been depleted," the Mint said.
The Mint can't keep up with demand from panicky investors looking for something -- anything -- that seems safe during the current crisis.
The price of gold has soared in recent weeks, topping $920 per ounce briefly today as concerns rose over the passage of the $700 billion Wall Street bailout and subsequent fears about a stock market drop.
Dodge and Cox are old timers. Their panel was closed for a while, I kept a wee bit in with them (Global and Balanced)so I could go back in if things turned around. I see they have openned those back up. https://www.dodgeandcox.com/
Wisdom Seeker: I agree. But nobody writes a check until after receivership. Bottom line = stockholders + bondholders are dead men walking and should sell while they still can.
Bloomberg: House Republicans will rejoin talks on a financial rescue plan as leaders of both parties vowed to keep Congress in session until a deal is reached.
I'm hoping that we will make progress,'' House Minority Leader John Boehner, an Ohio Republican, told reporters today. At the same time, he said his party's lawmakerswill not agree to a bill that sells taxpayers out to bail out Wall Street.''
Yesterday, Republican lawmakers offered a plan calling for Wall Street firms to purchase insurance on mortgage-backed securities and advocating tax cuts and relaxed regulations. They objected to a $700 billion bailout proposal put forward by Treasury Secretary Henry Paulson, derailing an agreement on the outline of a deal that had been reached by the administration, Democrats and Senate Republicans.
President George W. Bush and Senate Democratic and Republican leaders said earlier today that lawmakers could reach an agreement within days.
We are going to get a package passed,'' Bush said in a statement at the White House.We will rise to the occasion, where Republicans and Democrats will come together and pass a substantial rescue plan.''
`Sunday or Monday'
Senate Majority Leader Harry Reid, a Nevada Democrat, said an agreement could be drawn up today or tomorrow and a vote held ``this Sunday or Monday.''
Senate Banking Committee Chairman Christopher Dodd of Connecticut, Senator Judd Gregg, a New Hampshire Republican, and House Financial Services Committee Chairman Barney Frank met this afternoon. Dodd said formal talks involving House Republicans were postponed because of a scheduling conflict.
``We are still very optimistic that an agreement can be reached,'' Dodd said.
Frank said today that ``it doesn't sound like'' House Republicans want to scrap the Treasury Department's bailout plan.
The Republican staff is now joining the negotiations and it does look like they're ready to help work on this thing,'' he told reporters today.They came to a meeting in which we were negotiating on the Paulson plan'' and ``it would not have made sense to do that if you were against the plan.''
In a further sign the deadlock is easing, Alabama Senator Richard Shelby, the top Republican on the Senate Banking Committee, said he had reconsidered his decision to try to block a bailout package.
I know politics, I read the tea leaves,'' Shelby told reporters outside the Senate chamber today.There's going to be a deal here if there's any way to do it and it's not going to be, I believe, in the best interest of the American people,'
It just DOES NOT make sense to buy a company before receivership when you can buy it after receivership.
It does, however, make sense to do your due diligence as early as possible. There will be people lining up to pick over the corpse once Wachovia gets eaten by the FDIC. Best to get in on the ground floor.
These companies will take a look at Wachovia has, then circle overhead waiting for the inevitable.
Democratic Representative Paul Kanjorski of Pennsylvania told CNBC today that constituents were flooding lawmakers with appeals to oppose the bailout.
Calls to congressional offices are running 50 percent `no,' and 50 percent `hell, no,''' Kanjorski said.Out of 100 calls, you are lucky if one of them is positive.''
"In a further sign the deadlock is easing, Alabama Senator Richard Shelby, the top Republican on the Senate Banking Committee, said he had reconsidered his decision to try to block a bailout package."
When's WalMart gonna buy a bank--remember they wanted to start one a cuople of years ago. Maybe they are holding out to buy Goldman. But Wachovia shouldn't fret, I hear that McDonalds has a good credit rating. Maybe they will buy 'em. Would you like fries with that CD ?(snark)
Bond Girl writes:
Bloomberg: House Republicans will rejoin talks on a financial rescue plan as leaders of both parties vowed to keep Congress in session until a deal is reached.
have Pelosi and Reid chained the doors shut yet ?
the banksters will have their deal even if they all starve in there ...
Washington meltdown: Hopes for Bush's quick bailout plan burst like the credit bubble itself 404 - Resource not found
epublicans, including Senate Minority Leader Mitch McConnell and House Minority Leader John Boehner, also slipped away without talking to reporters, unaware that one colleague Sen. Richard Shelby, R-Ala. went to the microphones alone to denounce the $700 billion bailout package Bush was desperately trying to enact.
"I'm probably not welcome again," Shelby said, a candid remark in a day full of confusion, obfuscation and misunderstandings.
What happened?" That gave Frank the opportunity to declare: "Well, many of us had. I guess -- I signed on for a lot of jobs, I didn't know I was going to be the referee of the internal Republican ideological civil war."
Frank went on to accuse Republicans of an "ambush": "To our surprise yesterday, the House Republicans come up with their own entirely new plan. And it is an ambush plan." Rodriguez then followed Franks lead and asked Shelby: "Is this an ambush? And who are you looking to for leadership here? Are you looking to your president or are you looking to John McCain, Senator Shelby?" Shelby replied by suggesting that more time was needed to debate the legislation, but a panicked Rodriguez worried: "Do we have time, Senator? Do we have time?...What if the markets crash? Look at WAMU [Washington Mutual] failing today.
I do too. Unfortunately, people who've dealt with her type of challenges often have to battle fatigue and weakness. I picture her laying back on a chaise, bunny slippers on, reading all of us here and laughing her ass off at us. Laughter is the best medicine.
We miss you Ms. Tanta!
Comrade Midwest Product: Ronald Reagan drew me into politics when I was 10. I was a staunch Conservative until Clinton shattered my assumptions about Democrats and caused me to challenge all I believed about politics.
Now I am a Liberalitarian. Meaning that I live like a tree-hugging, bleeding heart Liberal and I don't care if you choose to live differently.
Most liberroral economists I've read merely oppose the terms of the taxpayer theft, as opposed to the existence of the taxpayer theft proposed. I find this baffling. What do people like Paul Krugman, James Galbraith, Joseph Stiglitz, William Greider, Nomi Pris etc. have to gain from such grand grand grand theft? This is not a rhetorical question.
From the Repub plan - "Too much private capital is sitting on the sidelines during this crisis and it is well past time to unleash it" through "removing burdensome regulatory and tax barriers"
This reveals a lot.
First, The Repubs want to use this "crisis" like they have every other crisis,reduce taxes. Reducing taxes is the reflexive response to every problem they confront.
Second, They want to reduce regulation, not enhance it.
Third, They admit that there's already enough capital out there but that the returns aren't there. Their solution of reducing taxes and having the government provide insurance creates guaranteed returns for investors
Why should the government (you and me) insure assets that are bound to fail. For the most toxic of these, the ones 'clogging' the system, there's no premium that would be affordable that would also cover the losses.
With the FDIC and Pension Guarantee funds in their current state do we really want to insure against almost-certain MBS losses? Don't premiums have to cover losses for an insurance program to do it's job (for the insurer)?
This once again shows that the problem is not liquidity, it's that these assets are worth almost nothing to anybody putting their own money at risk. No matter how you dress it up the problem is worthless assets looking for a sucker to buy them at a premium.
My fear is that Dem swill once again cave in and allow a tax-cut just to say they did something. Again, kicking the problem down the road and onto the backs of future generations.
Oh yeah, and then we'll still have a stock market plunge and deep recession within 6 months anyway!!
If someone would come up with a Bailout plan that would put CNBC's Dennis Kneale in the gutter for the rest of his life where we could drive by and spit and throw bags of shit and piss on him I could go for it.Kudlow and a few others would just be gravy.
Expanding Homeownership. The President believes that homeownership is the cornerstone of America's vibrant communities and benefits individual families by building stability and long-term financial security. In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high of 69.2 percent. Minority homeownership set a new record of 51 percent in the second quarter, up 0.2 percentage point from the first quarter and up 2.1 percentage points from a year ago. President Bush's initiative to dismantle the barriers to homeownership includes:
American Dream Downpayment Initiative, which provides down payment assistance to approximately 40,000 low-income families;
Affordable Housing. The President has proposed the Single-Family Affordable Housing Tax Credit, which would increase the supply of affordable homes;
Helping Families Help Themselves. The President has proposed increasing support for the Self-Help Homeownership Opportunities Program;
Washington has gotten the message but apparently it does not matter. Both sides will come to agreement even though the public has spoken out against this bailout. I want a list of who votes for this thing so I know who NOT TO VOTE FOR NEXT ELECTION.
Wisdom Seeker writes:
@Charles Ponzi writes:
Is it just me, or does Sarah Palin conjure up the image of Peter Sellers as Chauncey Gardener in "Being There" for you too?
no, actually she conjures up
(sorry mp no disrespect intended)
recollections of a lay teacher i had in catholic school in cincinnati ohio
she was sexy, wore tight clothing, would flirt with the boys and then punish them when they crossed over a line they she had delineated quite well in her mind
but which was a moving perimeter in ours.
i detested the woman and was drawn to her like a moth to a flame
I want a list of who votes for this thing so I know who NOT TO VOTE FOR NEXT ELECTION.
√
I want a list of who votes for this thing so I know who NOT TO VOTE FOR NEXT ELECTION.
It just DOES NOT make sense to buy a company before receivership when you can buy it after receivership.
Unless somebody's sweetening the pot. Tax incentives? Special federal guaranties or insurance? I'm sure FDIC has some tricks up its sleeve besides a shotgun.
WAMU...reading the editorials in the Seattle Times website about how poor Seattle is the victim of big mean JPMorgan made me want to puke. One compared JPM to Walmart and how Seattle's nice local banks have been Walmartized. Pathetic.
--
All kind of unintended consequences happen in widespread gang warfare. That is what we got between financial gangs. Too big to eliminate gangs will survive.
Life will be simple with fewer more powerful gangs around. Every gang left will be too big to fail.
"EvilHenryPaulson writes:
[...]Paulson made it fairly clear days ago that he had consulted a number of managers including Gross, and probably GS as well"
Every now and then that asshole Paulson could consider consulting the US Taxpayers for a change instead of asking the gang of foxes if they want to take a stroll through the henhouse.
Bond Girl writes:
Democratic Representative Paul Kanjorski of Pennsylvania told CNBC today that constituents were flooding lawmakers with appeals to oppose the bailout.
Calls to congressional offices are running 50 percent `no,' and 50 percent `hell, no,''' Kanjorski said.Out of 100 calls, you are lucky if one of them is positive.''
Kanjorski is in an EXTREMELY tight race this fall. ... Given the voices of his constituents, you can count him as a guaranteed NO vote on the bailout. ... How many others are there like him.
I said it yesterday and earlier today. Wells has been strangely quiet over the last few weeks.
That doesn't mean any of these rumors are true. Look what we had right before LEH... KDB, CIT, WB AND MS were all touted as "potentially interested" in acquiring LEH.....all of those rumors were floated in TWO hours time on the friday before it was allowed to fail.
We've had virtually the same pattern this evening with WB and with BSC in mid-march.
The mantra is to make sure the FDIC does not have to get involved and deplete it's already dwindling insurance fund. The only way to do that is find a party that can bring something (not much in the case of JPM) to the table which will allow the deposit base to remain untouched (at least in that portion of the deal) but wipe out the common, preferred and bondholder's.
Those 3 are the equal to the depositor base having to be insured at this point. OTS holds an "auction" and whoever is interested is allowed to cherry pick assets while leaving the bad ones in the holding company. Any lawsuits on behalf of those three have to get in line at the holding company.
bloomberg: The uncertainty over the rescue package was exacerbated by the government's announcement of the takeover of Washington Mutual Inc., the largest U.S. savings-and-loan institution. Gregg said market conditions forced House Republicans to show more willingness to engage in discussions.
That should explain why this didn't wait until friday.
My parsing of the bailout bill is that the Dems damn well don't want to vote for it, but they want to be able to pin the failure on the House Republicans.
Many of the politicians who vote for the bill will need to line up new jobs soon.
Those who don't vote for the bill will have 2 years to find new sugar daddies.
I'm probably wrong - I normally can't think like a politico.
And if you ever see McCain/Jeb Bush on a ticket, you better put on the arm band too. Cause after the election, those Diebold records start the Red List.
It's like those dudes who put the police stickers on their car. They don't really support the cops, they just don't want a ticket.
Women viewers recognize that look. It's the one you perfect in high school, when the cool girls are combing their hair in the bathroom and the school tramp walks in.
Distain and loathing. LOL
Just finished the last thread and LMAO--you guys outdid yourselves!! I don't understand half (prob more) of it but the parts that I did are friggin' hilarious.
for what it's worth, I just called my rep's district office. It's a good way to get through if the switchboard is overloaded. I still have hope, but I hoped wrongly on FISA.
Still, go down swinging. Make the banks earn their gravytrain.
Republicans are scum - and that is just a fact. They are just pandering.
Who cares about their motivations? If they scuttle the bill, that's what's important. I couldn't care any less as to why they do it, so long as they do it.
For those of you more interest in facts than blowing smoke up each other's asses, Paul Kasriel has a nice summary (in pictures) of what the Fed has been doing this last year.
At the White House meeting earlier yesterday, Paulson, on his knee, asked Pelosi not to allow the negotiations to blow up, according to a participant in the meeting.
Comrade Midwest Product writes:
Republicans are scum - and that is just a fact. They are just pandering.
Who cares about their motivations? If they scuttle the bill, that's what's important. I couldn't care any less as to why they do it, so long as they do it.
The Democrats have enough of a majority to pass this bill without Republicans.
They just don't want to be seen as the bailout party.
For anyone who read my bit about munis on an earlier thread, I should say I'm not thrilled with tax-exempt private activity (or conduit) bonds. They have a higher default risk and you may get stuck with AMT. Should have said that, sorry.
Since a turbulent Monday, global currencies have been unnaturally stable/flat. Someone big is holding things steady, but it is inevitable that will come to an end sooner rather than later.
With money going from savings(/money market) to treasuries, banks are holding any cash tightly.
It seems like every trader in every market of every country is holding their breath until there is news of the bailout deal.
What are everyone's thoughts on a post-bailout financial world?
Look, let's be clear about this. Both parties are scum. Both parties are pandering. Both parties have sold out. NEITHER party is interested in the will of the people.
Wisdom Seeker writes:
My parsing of the bailout bill is that the Dems damn well don't want to vote for it, but they want to be able to pin the failure on the House Republicans.
WS
i have different information...i may be wrong
dems, (foolish dems) dont want to let it all go to hell cause they think their man is gonna win
and broken glass is hard to pick up
but the dems are afraid to go it alone
cause they know the bailout is 50 50 to fail at best
so dems want repub finger prints all over it too or no deal.
in some ways a re-run of the glass-steagal vote which was 92 yes 8 no in the senate (bipartisan and veto proof)...and somethin like 300 + yes in the house)
when the previous vote had been largely divided along party lines
once the dems got concessions that they felt helped their constituency {blue collar workers} they signed on
(note clintons signature was a mere formality as the tally was very very veto proof)
Look, let's be clear about this. Both parties are scum. Both parties are pandering. Both parties have sold out. NEITHER party is interested in the will of the people.
They are interested in the will of the people insofar as it affects their likelihood to stay in office. They are, of course, not at all interested in the will of the people for its own sake.
Popeye writes:
Look, let's be clear about this. Both parties are scum. Both parties are pandering. Both parties have sold out. NEITHER party is interested in the will of the people.
Right. Believing this is about a team of good guys in one color and a team of villains in another makes about as much sense at this point as believing the brunettes are betraying the country.
EvilHenry Paulson....all you can eat baby!
Louie Sez | 09.26.08 - 6:41 pm
I guess what has been steadying currencies are the swap-lines the Fed has been dumping dollars into.
Post-bailout the Fed might look to back off those, at the same time it might need to have free cash to conduct other operations (what another $330bn out the window in the last 2 weeks?)
If they do cut the FF rate cut (I've alluded to a 75bp, futures betting for a 50bp) then am I wrong in assuming they will need more treasuries than ever to conduct the repos necessary to keep it there reliably?
As near as I can tell, they've switched their nominal roles. (Looks like proof positive that there are not, in fact, two distinct parties.)
JP | Homepage | 09.26.08 - 6:14 pm | #
Open your eyes! This is kabuki theater.
jesus Christ, if you're smart enough to be reading CR you should be smart enough to realize this whole charade is a GOP farce to pretend they're not responsible for virtually this entire mess!
They've been running this country for the last 8 years . . . and 20 of the last 28, with control of congress for the 8 Clinton was in office!!
I can't believe people can be so easily taken in.
If you buy this latest GOP nonsense, you really are born and bred dopes.
Every time you deposit money in the bank, it is like giving these crooks a loan. Let them listen to your money talking--from far, far away. Don't let the banksters have the use of your money!
Popeye writes:
Look, let's be clear about this. Both parties are scum. Both parties are pandering. Both parties have sold out. NEITHER party is interested in the will of the people.
--half agree
there are good repubs and good dems
the money flooding the system is more magnetic than sex
there are saints among them who have resisted temptation on both sides of the aisle
there sinners who have sunk to the depths
these people, for the most part are not better nor worse than you and me
we have got to find a way to decrease the impact of money, corporations, and interest groups on our representatives
Bankers took over a log time ago but the level of the Heists and Cons has increased exponentially like the fictitious values of RE & CRE increased exponentially. This whole thing was based on Con values. It's a Grande Pump & Dump. Banksters on Monday will cash in on the latest Sting. Fortunes will increase exponentially for the Cons in the biggest Pump & Dump of all time. The dollar will be toast. This toxic mortgaged based crap will be worthless for a long time. Nobody wants this crap except apparently the public. What a score for the Big Boys. And Bush wins again. This is a Joke!
Anyone who bought FRE or FNM for about a quarter a share recently...Monday might be the time to dump a load of 'em. Just guessing.
I bet its BoA that buys these folks. Hech it really is kicking the can down the road (hehe)
Barley | 09.26.08 - 6:48 pm |
Maybe the deposits straight up, but neither BoA nor JPM are interested in acquiring more staff/branches because any new acquisition would have big overlap
There is no way Citi can wipe its own ass unless the NY Fed funnels it a loan for some toilet paper
In the next 6 months I expect the foreign investment limits in banks to be raised
we have got to find a way to decrease the impact of money, corporations, and interest groups on our representatives
mock turtle | 09.26.08 - 6:49 pm | #
ctrl+alt+del on the political and economic system.
However, this usually involves high-caliber pitchforks. And all we have is sporks.
Wow...just wow.
Discount window borrowing (also known as primary credit to banks) increased $20.4 billion between September 3, 2008 and September 24, 2008 (see chart 2).
Shelby has changed his position recently and is now supporting a bailout. We are doomed.
I think that's misrepresenting him. My read was that he thought a deal was going to happen if it could happen, but that it would not be in the best interest of the country.
Want to decrease the impact of money on government you've got to make government less powerful. That was the purpose of an old document no one pays attention to anymore save a few dreamers.
Wasn't it Reagan who noted ' a government powerful enough to give you everything you want is strong enough to take everything you have
There was the Paulson plan. that died when it arrived.
Then there was Frank/Dodd that addressed most (not all, but most) concerns expressed by repubs and dems in the senate and house hearings.
Shelby dumped the deal on Frank/Dodd, but when he dumped he did not refer to Frank/Dodd. he kept talking about the Paulson Plan.
Most people calling their Senators and Reps talk about "The Bailout." 100 to 1 against it. Against what? For most of them, the opposition is to the Paulson Plan. And even for those more up on what's going on, when a compromise is reached, whether it is frank/Dodd or something different, we will all be told that calls opposing a plan were about the Paulson Plan.
In fact, most of the opposition to a bailout will dissipate when it is clear to everyone that it isn't $700B (already wasn't with the Frank/Dodd installments) and that executive pay is capped and clawed back, and that there will be provisions for bankruptcy cramdowns and, I now expect some more left-populist goodies.
The new seasons of Designed to Sell, Dream Builders, Dream House, Get it Sold and Buy Me ... ought to be either the scariest or the funniest things on TV.
Gary writes:
...if you're smart enough to be reading CR you should be smart enough to realize this whole charade is a GOP farce to pretend they're not responsible for virtually this entire mess!
Any thinking person understands that you are right on that point.
Any thinking persons sees the Republicans brought this crisis to bear NOW - for the sole purpose of confusing votes.
I'm just thoroughly disgusted with this whole mess. But, in the end, you are right, and it is important to remember the facts.
Over the course of the last week, MP's son has been conducting a poll whose aim is to determine the level of public trust in the banking system. The results of that poll are now in.
Public trust is at levels not seen since the Great Depression. Many are withdrawing funds and many more are contemplating doing so. This is bad news.
If America's leadership continues to display its incompetence in the same manner it has up to now, the central bank will be driven by mass psychology, not public policy.
To that end, all public officials should shut the hell up and get on with the peoples' business until a decision is reached. President Bush, especially, should take an extended vacation in Crawford until an agreement is reached concerning a bailout of the financial system.
The public will not allow this circus to continue another week. So, federal officials, be afraid--very afraid.
jim, wells fargo has kept it's panties pulled very high all this time as bofa, and jpm were comming to the aide of c/wide,bears & now wamu.....all I can say, is they themselves better not get in any kind of trouble (cuz we don't know you)
Any thinking person understands that you are right on that point.
Any thinking persons sees the Republicans brought this crisis to bear NOW - for the sole purpose of confusing votes.
I'm just thoroughly disgusted with this whole mess. But, in the end, you are right, and it is important to remember the facts.
Popeye | 09.26.08 - 6:56 pm
yeah...and what about the "community reinvestment act" Einstein?
"Asian central banks, which have been selling off Fannie and Freddie bonds. A complete takeover by the government, effectively nationalising the institutions, was the only measure left."
An excellent article and gives an alternate perspective on the crisis. A very good read!
My post from the last thread:
This is now officially a confidence problem. Nobody trusts anyone to do the right thing, and the only proposal from the government is to send a trillion bucks to the people with demonstrated incompetence in running a business.
The confidence issue can only be addressed by proper & correct action over long periods of time. Until that occurs, the crisis will stay with us.
"The new seasons of Designed to Sell, Dream Builders, Dream House, Get it Sold and Buy Me ... ought to be either the scariest or the funniest things on TV."
This one is pretty sick, posted on HousingPanic the other day: (My House is Worth What?) A must see in these times:
In fact, most of the opposition to a bailout will dissipate when it is clear to everyone that it isn't $700B (already wasn't with the Frank/Dodd installments)
Because if the first hundred or two billion doesn't do the job, they will give up on it? Get real.
shmoe, maybe you're impressed with a few populist bells and whistles attached to a open check to Wall St. but most people can still smell the stench of a bailout emanating from under the Dodd/Frank 'perfections'.
'Cram downs' will not be popular unles you are a deadbeat. The guy who has been paying his mortgage won't get one so why in the hell should he be happy his deadbeat neighbor does?
The Greatest Story Never told is we have parasitical corporatist Socialism for selected wealthy 'insider' club member elites here and elite family club members from other 'nations' too, Jas, not just NYC.
I am a dumbie as far as all this is concerned (I am learning though), but why would the banks borrow and "hold on to" (excess reserves) that money. I thought the Fed only did short term loans?
I don't see why you and your son are all worked up about a collapse of public confidence in the banks. That's just a symptom of Mr market settign everything aright.
Mr Market is always right.
Mr Market was right when Enron went up, and right when Enron went down. the same for Dot.Com. the same for real estate and CDOs and credit default swaps.
It really is that simple. Just trust Mr Market. It is all okay.
(psst . . . just between us, I always thought the survivalists on this blog were crypto ne-nazi fruitcakes, but now I think being a survivalist may not be such a bad idea.)
This is the most dangerous part of the new surveillance society. It's also why it's pretty clea they were doing all this stuff before they got it ratified by Congress.
While J6P was convinced that the Feds were interested in his midget porn and 911 truth surfing, the real work was being done on those who might obstruct future plans.
Friday in my world...offiicially laid off today...I will "answer phones" next week as I am working on a deal for selling the business for the owner...but I wanted to get my unemployment application in as it will take weeks for the benefits to kick in...the business has No More Money...
we have put up a good fight...our credit froze in January...we have been treading water all that time, and liquidating hard assets in the process, moving through the prudent reserve...we're done.
Having said that....Conjure is right... AND I think this bailout is bullshit...oversight, equity...and NO SUPPORT FOR OVERPRICED ASSETS...
ades writes:
Does anyone have any good verbiage? I've seen a couple of standard letters regarding the bailout floating around here.
Nobody is actually going to read any of those letters dude. Just xerox your ass and fax it in. They'll put it in the "pissed" pile with the form letters.
Oh, I think there will soon enough be a HOLC like entity and people who have been paying their mortgages will get some debt forgiveness.
There are plenty of tricks up the left-populist sleeve that would actually benefit a lot of people, and benefit them a lot more than screaming about Wall St while handing out a capiatl gains tax holiday.
It is kind of a relief...been like hanging out at the Hospice...Luckily I have savings (Not in Wachovia LOL) and I am healthy and fit...and am great at pumping gas, slinging hash...whatever it takes....
Elvis writes:
Didn't Walmart try to get a bank charter recently, but either was denied or quit trying. I think Wlamart should buy WaMu.
Elvis | 09.26.08 - 7:02 pm | #
escariot: One toke for you, brother. Perhaps you'll be well entrenched in a new gig when more layoffs come...and it will turn out to have been god timing. I hope so.
" Many are withdrawing funds and many more are contemplating doing so. This is bad news."
I've been urging friends and family for weeks to get their money out...or at least 4 or 5k, and to put the rest in Vanguard or USAA...and that no bank is really safe, there are only perceived degrees of relative safety. Yes, I understand the macro implications, but nobody else is looking out for my friends or family.
Elvis writes:
Didn't Walmart try to get a bank charter recently, but either was denied or quit trying. I think Wlamart should buy WaMu.
~~~
Elvis,
The seller of gadgets and trinkets will not be allowed to set foot on our territory in any way shape or form. Arkansas hillbillies are not welcome in our club until they kiss our ring as did Clinton ... then they are still not allowed ...
Topic for tonight's debate. ARE 'WE' the bailout recipients of $700 billion of toxic worthless mortgage-backed debt going to find out which of 'our' candidtes is MAN UP enough to nuke the evil Superpower Iran before they nuke us.
In a further sign the deadlock is easing, Alabama Senator Richard Shelby, the top Republican on the Senate Banking Committee, said he had reconsidered his decision to try to block a bailout package.
I know politics, I read the tea leaves,'' Shelby told reporters outside the Senate chamber today.There's going to be a deal here if there's any way to do it and it's not going to be, I believe, in the best interest of the American people,''
FYI, note the reporter is imputing his intentions for him. What he said in pp2 is not what the reporter indicates in bold in pp1. As if the Bloomberg reporter was working for an organization run by a wealthy technocrat / fascist Republican and their editor decided what the story was going to say before it was written.
"On one hand, house Republicans sacrifice themselves to support their current president. On the other hand, the Maverick runs against them"
Not the repub's up for reelection. I wonder how many house repubs are having their fate determined in November. This will tell us how many they can deliver. The others are fighting for their job.
@JP, mp/Conjure - hear hear! Agree, confidence is shot and further jerking off by Washington is counterproductive.
@nades:
"Dear Senator/Congressman/Woman X,
I am writing to let you know that I oppose any version of the enormous bailout bill now under consideration. Please remove your hands from my [back pocket, purse] and let the economy get through this without any counterproductive intervention. Intelligent minds have noticed that each and every time Washington has tried to "do something", the problems have only gotten worse. Since we are now 15 months into this crisis, it's clear that either Washington doesn't know how to fix this, or Washington is deliberately exacerbating the problem.
I will be watching your vote on this bill and will vote accordingly. If you vote for it, I vote against you.
Project manager, sometimes Real estate development, International stuff, organizational project management (roll outs, realignments that kinda stuff)...best in gig with lots of moving parts...conflict, post conflict, community capacity building all kinds of stuff....
Mish has sample letters and phone and fax numbers for all concerned.
~yes, send your letters, make your calls, emails and faxes. and when we have prevailed you will know that defiance is useless because we own the system ...
DejaMU?
WaMu must be using a new cologne.
blah
Sorry, I meant Wachovia, not WaMu.
More wine!
Anyone else have dyslexia but w/ numbers?
sorry for the repost, but still appropriate.
re: citi + any other walking dead corpse
It just DOES NOT make sense to buy a company before receivership when you can buy it after receivership.
same old story, same old song ...
just like WAMU ... one of the Clearing House banksters will pick up Wachovia for a song ...
Persecuted Comrade Anonymouse --
Anyone else have dyslexia but w/ numbers?
Maybe stick to single digits?
BFF FTW!
Move over WaMu!
EPIC FAILS!
JP writes:
sorry for the repost, but still appropriate.
re: citi + any other walking dead corpse
It just DOES NOT make sense to buy a company before receivership when you can buy it after receivership.
Ergo, logic does not obtain.
Is this gonna be another deal where just the deposits are bought and the equity and bond holders are told to fuck off?
CA check third page it's serious
http://republicanleader.house.gov/UploadedFiles/09-26-2008_lettertopelosioneconomy.pdf
Anybody heard from any PIMCO personality on TV lately ?
Rats, not even close to first...
wachovia 8.88 after hours
ormaly Bill Gross show up every day lately he was asking for $500b now he's waiting
Anybody heard from any PIMCO personality on TV lately ?
mmckinl | 09.26.08 - 5:52 pm | #
Schumer is on CNBC right now. Gross pops his head up every couple of days trying to get the contract to manage the superfund. Paulson made it fairly clear days ago that he had consulted a number of managers including Gross, and probably GS as well
@Charles Ponzi writes:
Is it just me, or does Sarah Palin conjure up the image of Peter Sellers as Chauncey Gardener in "Being There" for you too?
Charles Ponzi | 09.26.08 - 5:48 pm
ROFLMAO!
Sarah Palin being told to leave the ticket by conservative GOP pundit. And CNN's Cafferty has choice words for her interview performance with Katie Couric. He then lays into Wolfie for defending her.
Here comes Rudy! or Bloomberg? to the ticket, mark my words.
wachovia 8.88 after hours
godhatesfangs | 09.26.08 - 5:55 pm
So the Chinese are still investing apparently
Wachovia failure imminent. Could this be the mysterious 'October 1 Event' that Mcain and Pelosi keep referencing?
Bad Day for some!
TOP INSTITUTIONAL HOLDERS
Holder Shares % Out Value* Reported
DODGE & COX INC 188,925,546 8.75 $2,934,013,729 30-Jun-08
Who is Dodge and Cox?
Here is their philosphy:
Decades of investing have taught us that the perception of an investments worth fluctuates much more widely than its underlying fundamentals. We are skeptical that short-term market trends can be predicted with consistency, so we look further out in our analysis, focusing on the key fundamental factors that will determine investment value over the long-term. As our view diverges from the consensus, we find investment opportunities
Stranded comment:
Wisdom Seeker writes:
@Zod, "Bank of American Taxpayers" would be BoAT.
We're in the same boat, brother... if you shake one end, you're gonna rock the other...
Saturday Night Live Season 14 Episode 1 First CityWide Change Bank 2 on SlashControl
HOW RELEVANT!
Either overpay for Wachovia now or enter your name on slip of paper for the FDIC to draw from hat.
If this wasn't a rigged game Wamu and Wachovia would have been siezed and then put up for PUBLIC auction.
evilhenrypaulson something tells me 8 isn't wachovias lucky number
julieng writes:
CA check third page it's serious
http:// republicanleader.house.go...sioneconomy.pdf
julieng | 09.26.08 - 5:52 pm | #
I'd say like that spells "no bailout plan".
barley: Is that D&C holdings for WaMu or Wachovia?
8.88 is lucky!
If this wasn't a rigged game Wamu and Wachovia would have been siezed and then put up for PUBLIC auction.
tbapple
yep, Wachovia will end with the Clearing House banksters at a big discount ... Wells or Citi ...
@JP - "It just DOES NOT make sense to buy a company before receivership when you can buy it after receivership."
It makes perfect sense, because... if you want to bite on the carcass, you gotta sniff for the juiciest parts while it's still alive.
The banks mentioned are effectively Vulture Funds.
Wachovia is dead and knows it. The various banks want sneak peeks at the books so they can bid with the FDIC.
A Palin swap is political suicide no?
......
Anon writes:
8.88 is lucky!
If your Chinese....
Maybe they will buy them...
...
If, by stable you mean, rests atop the growing bulge of the Yellowstone super volcano, on the way to the ionosphere and several laps round the Earth, one day settling in a languid arc across the Pacific and Indian Oceans.
dc1000 --
http://video.aol.com/partner/hulu/saturday-night-live-first-citywide-change-bank-2/H_9cWYCYzdD9hYZ8CqRJS9l0Pi4yk4R2
Oddly, that is a much better business plan than most real banks have used in the past five years.
Suitor?: http://www.dailyhaha.com/_pics/ugly_bride_to_be.jpg
Gold Hoarders Cause Mint Stoppage - Live Coverage -
Gold Hoarders Cause Mint Stoppage
The U.S. Mint has temporarily halted sales of its American Buffalo 24-carat gold coins because "inventories have been depleted," the Mint said.
The Mint can't keep up with demand from panicky investors looking for something -- anything -- that seems safe during the current crisis.
The price of gold has soared in recent weeks, topping $920 per ounce briefly today as concerns rose over the passage of the $700 billion Wall Street bailout and subsequent fears about a stock market drop.
julieng writes:
CA check third page it's serious
Julieng,
It's all posturing and pandering - and, incidently, it's the fourth page of your post.
If you look at the principles on page 4 [ http://republicanleader.house.gov/UploadedFiles/09-26-2008_lettertopelosioneconomy.pdf ], you see the points the citizen voters from both sides have demanded.
It is a political question. The issue is not Democrat vs Republican. The question is whether the political elite will heed the voice of the people.
Dodge and Cox are old timers. Their panel was closed for a while, I kept a wee bit in with them (Global and Balanced)so I could go back in if things turned around. I see they have openned those back up.
https://www.dodgeandcox.com/
Wisdom Seeker: I agree. But nobody writes a check until after receivership. Bottom line = stockholders + bondholders are dead men walking and should sell while they still can.
mmckinl writes:
yep, Wachovia will end with the Clearing House banksters at a big discount ... Wells or Citi ...
probably Wells as payback for Buffet
ades --
A Palin swap is political suicide no?
Unless maybe it's Michael Palin.
I give them 1 week. 2 tops.
ades writes:
A Palin swap is political suicide no?
Common Wisdom a few months ago probably had a Palin PICK as suicide
Anyone know what happens to safety deposit boxes when banks fail?
I'm only guessing that the owners get their stuff but boy oh boy would it be a bitch if they lost it and it was full of glod....
....
Here's something I didn't think I'd ever say again....
I support the House Republicans.
This must be a sign of the End Times.
i miss Tanta
did CR and Tanta have a falling out?
or,is she dealing with a personal challenge?
the first time i posted at CR was the day Tanta "returned" after a long absence
( i used a different handle cause i was an even bigger idiot than i am now...hard to believe)
will never forget how happy people were that she had made it thru
probably none of my business
i wish her well
tbapple
yep, Buffet is now in it up to his neck ...
they're all doubling down and the Clearing House banksters are closing the ranks ...
Bloomberg: House Republicans will rejoin talks on a financial rescue plan as leaders of both parties vowed to keep Congress in session until a deal is reached.
I'm hoping that we will make progress,'' House Minority Leader John Boehner, an Ohio Republican, told reporters today. At the same time, he said his party's lawmakerswill not agree to a bill that sells taxpayers out to bail out Wall Street.''
Yesterday, Republican lawmakers offered a plan calling for Wall Street firms to purchase insurance on mortgage-backed securities and advocating tax cuts and relaxed regulations. They objected to a $700 billion bailout proposal put forward by Treasury Secretary Henry Paulson, derailing an agreement on the outline of a deal that had been reached by the administration, Democrats and Senate Republicans.
President George W. Bush and Senate Democratic and Republican leaders said earlier today that lawmakers could reach an agreement within days.
We are going to get a package passed,'' Bush said in a statement at the White House.We will rise to the occasion, where Republicans and Democrats will come together and pass a substantial rescue plan.''
`Sunday or Monday'
Senate Majority Leader Harry Reid, a Nevada Democrat, said an agreement could be drawn up today or tomorrow and a vote held ``this Sunday or Monday.''
Senate Banking Committee Chairman Christopher Dodd of Connecticut, Senator Judd Gregg, a New Hampshire Republican, and House Financial Services Committee Chairman Barney Frank met this afternoon. Dodd said formal talks involving House Republicans were postponed because of a scheduling conflict.
``We are still very optimistic that an agreement can be reached,'' Dodd said.
Frank said today that ``it doesn't sound like'' House Republicans want to scrap the Treasury Department's bailout plan.
The Republican staff is now joining the negotiations and it does look like they're ready to help work on this thing,'' he told reporters today.They came to a meeting in which we were negotiating on the Paulson plan'' and ``it would not have made sense to do that if you were against the plan.''
In a further sign the deadlock is easing, Alabama Senator Richard Shelby, the top Republican on the Senate Banking Committee, said he had reconsidered his decision to try to block a bailout package.
I know politics, I read the tea leaves,'' Shelby told reporters outside the Senate chamber today.There's going to be a deal here if there's any way to do it and it's not going to be, I believe, in the best interest of the American people,'
Nemo - lol!
It just DOES NOT make sense to buy a company before receivership when you can buy it after receivership.
It does, however, make sense to do your due diligence as early as possible. There will be people lining up to pick over the corpse once Wachovia gets eaten by the FDIC. Best to get in on the ground floor.
These companies will take a look at Wachovia has, then circle overhead waiting for the inevitable.
Democratic Representative Paul Kanjorski of Pennsylvania told CNBC today that constituents were flooding lawmakers with appeals to oppose the bailout.
Calls to congressional offices are running 50 percent `no,' and 50 percent `hell, no,''' Kanjorski said.Out of 100 calls, you are lucky if one of them is positive.''
Tanta posted a few days ago. I think she is on vacation. Well thats what the news letter said.
....
"In a further sign the deadlock is easing, Alabama Senator Richard Shelby, the top Republican on the Senate Banking Committee, said he had reconsidered his decision to try to block a bailout package."
Why is Shelby selling out?
When's WalMart gonna buy a bank--remember they wanted to start one a cuople of years ago. Maybe they are holding out to buy Goldman. But Wachovia shouldn't fret, I hear that McDonalds has a good credit rating. Maybe they will buy 'em. Would you like fries with that CD ?(snark)
Currently Smoking Cannabis writes:
Here's something I didn't think I'd ever say again....
I support the House Republicans.
CSC,
No you don't. You support the principles they currently claim. You are still sane, it's just politics and economics that is currently crazy.
Bond Girl writes:
Bloomberg: House Republicans will rejoin talks on a financial rescue plan as leaders of both parties vowed to keep Congress in session until a deal is reached.
have Pelosi and Reid chained the doors shut yet ?
the banksters will have their deal even if they all starve in there ...
mock turtle, I spoke with Tanta yesterday - she has been distracted by personal issues, but I hope she will be posting again soon.
Thanks for asking.
Best Wishes.
No real news today, only rumors and meaningless bailout status updates.
Good time for me to slip in the weekly update on the index PE ratios:
S&P 500 = 23.25
Nasdaq = 25.40
Dow = nil
Russell 2K = nil
This is pretty astonishing (historic trend for S&P is 16, using trailing twelve months earnings), if you think about it.
When somebody tells you that stocks are cheap right now, just smile back at them and nod your head.
Unless it's a friend or family member, and then you need to slap them hard.
ot:
its over he won..
John McCain is headed to Ole Miss finally, wins the debate before it even begins! | Crooks and Liars
bailout will pass..
BBC NEWS | Business | Bush says bail-out will be passed
nothing to see
))
what happened to that other dude, shelby and his paper-waving bullshit?
Offers the post of vice vice president to Warren Buffett.
-- LOL....
Here's something I didn't think I'd ever say again....
I support the House Republicans.
That implies you supported them at least once previously. Any details?
Right on, CR. Many thanks for the update.
the banksters vs the masses cage fight of the century for the minds of the republican congressma
Washington meltdown: Hopes for Bush's quick bailout plan burst like the credit bubble itself
404 - Resource not found
epublicans, including Senate Minority Leader Mitch McConnell and House Minority Leader John Boehner, also slipped away without talking to reporters, unaware that one colleague Sen. Richard Shelby, R-Ala. went to the microphones alone to denounce the $700 billion bailout package Bush was desperately trying to enact.
"I'm probably not welcome again," Shelby said, a candid remark in a day full of confusion, obfuscation and misunderstandings.
CR
nades
thank you
wish you all the best
So is anybody else sufficiently immature to get a chuckle out of Banco Santander's ticker (STD)?
there is only 3 pages in this pdf
ShortCourage you're obviously using the wrong model!
You know what the wright one is...
Nades:
If the bottom falls out you can bet your bottom dollar the vault doors will be sealed. No access to safe deposit boxes.
I support the House Republicans.
This must be a sign of the End Times.
Well, that's because the R's are supporting the little guy. Conversely, the D's are supporting Big Biz at the expense of the common man.
As near as I can tell, they've switched their nominal roles. (Looks like proof positive that there are not, in fact, two distinct parties.)
What happened?" That gave Frank the opportunity to declare: "Well, many of us had. I guess -- I signed on for a lot of jobs, I didn't know I was going to be the referee of the internal Republican ideological civil war."
Frank went on to accuse Republicans of an "ambush": "To our surprise yesterday, the House Republicans come up with their own entirely new plan. And it is an ambush plan." Rodriguez then followed Franks lead and asked Shelby: "Is this an ambush? And who are you looking to for leadership here? Are you looking to your president or are you looking to John McCain, Senator Shelby?" Shelby replied by suggesting that more time was needed to debate the legislation, but a panicked Rodriguez worried: "Do we have time, Senator? Do we have time?...What if the markets crash? Look at WAMU [Washington Mutual] failing today.
CBS: Republicans Upset Bailout ‘Bipartisan Agreement’ | NewsBusters.org
Here is the full transcript of the segment:
7:00AM TEASER:
HARRY SMITH: The economy in peril and politicians blaming each other.
HARRY REID: John McCain did nothing to help. He only hurt the process.
probably none of my business
i wish her well
mock turtle
I do too. Unfortunately, people who've dealt with her type of challenges often have to battle fatigue and weakness. I picture her laying back on a chaise, bunny slippers on, reading all of us here and laughing her ass off at us. Laughter is the best medicine.
We miss you Ms. Tanta!
julieng writes:
there is only 3 pages in this pdf
I'm pleased to see that was your only correction.
BS : 7 Confidence : 0
Now for the halftime show...
the house republicans think we need to cut the capital gains tax and more business taxes... what the fuck will that do? NOTHING.
Why do you need to cut capital gains taxes when everyone is losing their ass?
If we are going to be handing out money, fuck wall st. Just give it to people.
Comrade Midwest Product: Ronald Reagan drew me into politics when I was 10. I was a staunch Conservative until Clinton shattered my assumptions about Democrats and caused me to challenge all I believed about politics.
Now I am a Liberalitarian. Meaning that I live like a tree-hugging, bleeding heart Liberal and I don't care if you choose to live differently.
The Democrats are doing what the GOP asked to be done. Or are you people that silly? I guess so.
I give up.
GOP is pro-bailout, they are not fighting for the little guy. Both parties are owned.
Re Link above about Bush pushing the bail-out.
So let me get this straight:
Bush and the Democrats are on the same page and the Senate Repubs are against them...
My this has been an interesting week....
Anon writes:
GOP is pro-bailout, they are not fighting for the little guy. Both parties are owned.
I believe you meant "pwned."
.....the beatings will continue,until morale improves.
Most liberroral economists I've read merely oppose the terms of the taxpayer theft, as opposed to the existence of the taxpayer theft proposed. I find this baffling. What do people like Paul Krugman, James Galbraith, Joseph Stiglitz, William Greider, Nomi Pris etc. have to gain from such grand grand grand theft? This is not a rhetorical question.
From the Repub plan - "Too much private capital is sitting on the sidelines during this crisis and it is well past time to unleash it" through "removing burdensome regulatory and tax barriers"
This reveals a lot.
First, The Repubs want to use this "crisis" like they have every other crisis,reduce taxes. Reducing taxes is the reflexive response to every problem they confront.
Second, They want to reduce regulation, not enhance it.
Third, They admit that there's already enough capital out there but that the returns aren't there. Their solution of reducing taxes and having the government provide insurance creates guaranteed returns for investors
Why should the government (you and me) insure assets that are bound to fail. For the most toxic of these, the ones 'clogging' the system, there's no premium that would be affordable that would also cover the losses.
With the FDIC and Pension Guarantee funds in their current state do we really want to insure against almost-certain MBS losses? Don't premiums have to cover losses for an insurance program to do it's job (for the insurer)?
This once again shows that the problem is not liquidity, it's that these assets are worth almost nothing to anybody putting their own money at risk. No matter how you dress it up the problem is worthless assets looking for a sucker to buy them at a premium.
My fear is that Dem swill once again cave in and allow a tax-cut just to say they did something. Again, kicking the problem down the road and onto the backs of future generations.
Oh yeah, and then we'll still have a stock market plunge and deep recession within 6 months anyway!!
there is only one power here ... the public is dead set against this and barraged DC with emails, calls, faxes and letters yet ...
the will of the banksters will be done ...
Excuse me: grand grand grand grand theft
are we really going to set idle as we expierence the tyranny of the minority?
it only takes a few mafiosi to rule an entire borough
Louie Sez writes:
are we really going to set idle as we expierence the tyranny of the minority?
As long as my TV works I will
If someone would come up with a Bailout plan that would put CNBC's Dennis Kneale in the gutter for the rest of his life where we could drive by and spit and throw bags of shit and piss on him I could go for it.Kudlow and a few others would just be gravy.
Louie Sez writes:
are we really going to set idle as we expierence the tyranny of the minority?
did you mean the tyranny of money ?
Have you all seen CNN's Jack Cafferty's reaction to Sarah palin's interview with Kaite Couric? It is time for a reality check:
YouTube - Jack Cafferty Tells Us How He Really Feels About Sarah Palin
@CR, thanks for the update Re: Tanta. Turtle wasn't the only one wondering...
It's okay, Bush has a comprehensive plan to boost home ownership
404 Page Not Found | The White House
Expanding Homeownership. The President believes that homeownership is the cornerstone of America's vibrant communities and benefits individual families by building stability and long-term financial security. In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high of 69.2 percent. Minority homeownership set a new record of 51 percent in the second quarter, up 0.2 percentage point from the first quarter and up 2.1 percentage points from a year ago. President Bush's initiative to dismantle the barriers to homeownership includes:
American Dream Downpayment Initiative, which provides down payment assistance to approximately 40,000 low-income families;
Affordable Housing. The President has proposed the Single-Family Affordable Housing Tax Credit, which would increase the supply of affordable homes;
Helping Families Help Themselves. The President has proposed increasing support for the Self-Help Homeownership Opportunities Program;
Washington has gotten the message but apparently it does not matter. Both sides will come to agreement even though the public has spoken out against this bailout. I want a list of who votes for this thing so I know who NOT TO VOTE FOR NEXT ELECTION.
Wisdom Seeker writes:
@Charles Ponzi writes:
Is it just me, or does Sarah Palin conjure up the image of Peter Sellers as Chauncey Gardener in "Being There" for you too?
no, actually she conjures up
(sorry mp no disrespect intended)
recollections of a lay teacher i had in catholic school in cincinnati ohio
she was sexy, wore tight clothing, would flirt with the boys and then punish them when they crossed over a line they she had delineated quite well in her mind
but which was a moving perimeter in ours.
i detested the woman and was drawn to her like a moth to a flame
a mild form of a sado sexual $!+(#
Is it just me or has Cramer just instituted the Two Minutes of Hate?
I havent emailed yet. Anyone have the CA senators email's handy?
I didnt see them on the congress.gov site...
TIA...
...Bush, sheeh! did you see that god awful look on his face last night. It looked like the "just got pumped by neighbor cat look" did'nt it?
Mirror, mirror on the wall, who are we ?
I want a list of who votes for this thing so I know who NOT TO VOTE FOR NEXT ELECTION.
Anon | 09.26.08 - 6:21 pm | #
~~~~~~
We do not care about your vote, we own both sides of the aisle .
sincerely,
Banksters Clearing House LLC
More like this, please:
http://cache.gawker.com/assets/images/jalopnik/2008/09/Jump-You-Fers.jpg
@Anon: all roll call votes are public, so procuring a list won't be difficult.
Katie Couric's look was awesome.
"Are you an idiot or do you think I am an idiot?"
I was hoping for a b!tchslap.
"We do not care about your vote, we own both sides of the aisle"
Damn, good point.
guy with a rollformer writes:
Is it just me or has Cramer just instituted the Two Minutes of Hate?
Yeah....he is losing dinner companions by the minute. They are too busy liquidating their assets to return his calls.
mock turtle writes: Chauncey in drag.
updated
Lawmakers Renew Talks on Rescue Plan Amid Signals of Compromise - Bloomberg.com
email sen b boxer
http://boxer.senate.gov/contact/email/policy.cfm?CFID=63198066&CFTOKEN=37734941
Cramer is doing the "Bernanke has no idea" bit on CNBC right now (it's on in the background, and I think the show is cute)
"What this town needs is an enema"
@Anon: all roll call votes are public, so procuring a list won't be difficult.
Comrade Midwest Product
they'll have a voice vote , yea or neigh ...
the cameras won't show the few against it gagged in the back of the chamber ...
email senator dianne feinstein
United States Senator Dianne Feinstein, California : Contact Us
Quote of the day?
Democratic Representative Paul Kanjorski of Pennsylvania told CNBC today that constituents were flooding lawmakers with appeals to oppose the bailout.
Calls to congressional offices are ``running 50 percent no,' and 50 percenthell, no,''' Kanjorski said.
I want a list of who votes for this thing so I know who NOT TO VOTE FOR NEXT ELECTION.
√
I want a list of who votes for this thing so I know who NOT TO VOTE FOR NEXT ELECTION.
√√√√
Agree
√√
A Palin swap is political suicide no?
......
nades | Homepage | 09.26.08 - 6:01 pm | #
Can a dead man commit suicide?
It just DOES NOT make sense to buy a company before receivership when you can buy it after receivership.
Unless somebody's sweetening the pot. Tax incentives? Special federal guaranties or insurance? I'm sure FDIC has some tricks up its sleeve besides a shotgun.
..."Annie, get your gun"
Republicans are scum - and that is just a fact. They are just pandering.
mock, thanks!
WAMU...reading the editorials in the Seattle Times website about how poor Seattle is the victim of big mean JPMorgan made me want to puke. One compared JPM to Walmart and how Seattle's nice local banks have been Walmartized. Pathetic.
Jeez Cramer is crrrraaaaaaaazyyyy! He needs some doggy downers.
--
All kind of unintended consequences happen in widespread gang warfare. That is what we got between financial gangs. Too big to eliminate gangs will survive.
Life will be simple with fewer more powerful gangs around. Every gang left will be too big to fail.
Jas
Cramer's lifestyle is about to take a huge hit.
Fear and anger are the same thing.
"EvilHenryPaulson writes:
[...]Paulson made it fairly clear days ago that he had consulted a number of managers including Gross, and probably GS as well"
Every now and then that asshole Paulson could consider consulting the US Taxpayers for a change instead of asking the gang of foxes if they want to take a stroll through the henhouse.
I'd love to see a McCain/Jeb Bush ticket.
I'd not only vote it, I'd volunteer.
Is a Palin swap like a wife swap? Or can she be swapped for a pony?
What are two words you never, never, never want to hear?
Bond Girl writes:
Democratic Representative Paul Kanjorski of Pennsylvania told CNBC today that constituents were flooding lawmakers with appeals to oppose the bailout.
Calls to congressional offices are running 50 percent `no,' and 50 percent `hell, no,''' Kanjorski said.Out of 100 calls, you are lucky if one of them is positive.''
Kanjorski is in an EXTREMELY tight race this fall. ... Given the voices of his constituents, you can count him as a guaranteed NO vote on the bailout. ... How many others are there like him.
I said it yesterday and earlier today. Wells has been strangely quiet over the last few weeks.
That doesn't mean any of these rumors are true. Look what we had right before LEH... KDB, CIT, WB AND MS were all touted as "potentially interested" in acquiring LEH.....all of those rumors were floated in TWO hours time on the friday before it was allowed to fail.
We've had virtually the same pattern this evening with WB and with BSC in mid-march.
The mantra is to make sure the FDIC does not have to get involved and deplete it's already dwindling insurance fund. The only way to do that is find a party that can bring something (not much in the case of JPM) to the table which will allow the deposit base to remain untouched (at least in that portion of the deal) but wipe out the common, preferred and bondholder's.
Those 3 are the equal to the depositor base having to be insured at this point. OTS holds an "auction" and whoever is interested is allowed to cherry pick assets while leaving the bad ones in the holding company. Any lawsuits on behalf of those three have to get in line at the holding company.
Neat way to do it eh?
Ciao
MS
bloomberg: The uncertainty over the rescue package was exacerbated by the government's announcement of the takeover of Washington Mutual Inc., the largest U.S. savings-and-loan institution. Gregg said market conditions forced House Republicans to show more willingness to engage in discussions.
That should explain why this didn't wait until friday.
mock turtle
how many times today ?
Feinstein's husband is a big business man ... she ain't about to rock their $500 million piggy bank ...
I call her Senator Diane Frankenstein ... and that is being kind ...
"Katie Couric's look was awesome."
Looked pretty scary to me.
.....ans: fix bayonets!
MS,
For the love of Pete, keep the real name and drop the anoymous name. I read a lot of crap thinking it might be you.
CSC-
I hope that's a little black humor...
It is isn't it??
Just have to ask...
Ciao
MS
Anonymous writes:
"Katie Couric's look was awesome."
Looked pretty scary to me.
Awesome Scary. Like she might turn to the camera and say, "Remember, remember the fifth of November," and disappear through the skylight.
Wasn't tis supposed to have been a slam-dunk? B&P panic the Congresscritters and the money's in the bag?
Looks like in addition to all their other misaccomplishments, The Administration can add:
The Gang That Couldn't Loot Straight
Jim Cramer, Man of the People!
Douchebag extraordinaire has his own TV show....one question- Why?
barley: Is that D&C holdings for WaMu or Wachovia?
JP
as far as I can tell Wachovia as of June 30/08
WB: Major Holders for WACHOVIA CP - Yahoo! Finance
to dbl check
Life will be simple with fewer more powerful gangs around. Every gang left will be too big to fail.
Jas
~~~~~~~~
Jas,
There can only be one boss, the money boss ...
sincerely,
Bankster Clearing House LLC
.
Comrade Volker the Viking writes:
mock turtle writes: Chauncey in drag.
did i?
or was it
hey babe
take a walk on the wild side
Money for nothing and the chicks are free.
Anonymous writes:
I want a list of who votes for this
They have it in there power to make it a secret ballat - National Security / Patriot Act.
...Dire, "that ain't working..."
My parsing of the bailout bill is that the Dems damn well don't want to vote for it, but they want to be able to pin the failure on the House Republicans.
Many of the politicians who vote for the bill will need to line up new jobs soon.
Those who don't vote for the bill will have 2 years to find new sugar daddies.
I'm probably wrong - I normally can't think like a politico.
Whenever I watch Palin I get the urge to go to Alaska and declare myself emperor.
Cramer just called himself a "calm, gentle guy."
I have a grenade for him to swallow...
MS: No. I'm serious.
And if you ever see McCain/Jeb Bush on a ticket, you better put on the arm band too. Cause after the election, those Diebold records start the Red List.
It's like those dudes who put the police stickers on their car. They don't really support the cops, they just don't want a ticket.
the "politicos" are playing a high stakes version of pin the tail on a (their ass) donkey..
New congressional bailout (Dow rescue)plan emerging...
Congress stays in permament session and GWB comes on tv everyday to scare the sheeple
Dow 14,000!
"Katie Couric's look was awesome."
Women viewers recognize that look. It's the one you perfect in high school, when the cool girls are combing their hair in the bathroom and the school tramp walks in.
Distain and loathing. LOL
Just finished the last thread and LMAO--you guys outdid yourselves!! I don't understand half (prob more) of it but the parts that I did are friggin' hilarious.
for what it's worth, I just called my rep's district office. It's a good way to get through if the switchboard is overloaded. I still have hope, but I hoped wrongly on FISA.
Still, go down swinging. Make the banks earn their gravytrain.
Republicans are scum - and that is just a fact. They are just pandering.
Who cares about their motivations? If they scuttle the bill, that's what's important. I couldn't care any less as to why they do it, so long as they do it.
Cashburn
Who has the most cashburn and debt??
"Anyone else have dyslexia but w/ numbers?"
No, but I am like a chocoholic, but for booze.
For those of you more interest in facts than blowing smoke up each other's asses, Paul Kasriel has a nice summary (in pictures) of what the Fed has been doing this last year.
http://www.ntrs.com/popups/popup_noprint.html?http://web-xp2a-pws.ntrs.com/content//media/attachment/data/econ_research/0809/document/dd092608.pdf
At the White House meeting earlier yesterday, Paulson, on his knee, asked Pelosi not to allow the negotiations to blow up, according to a participant in the meeting.
Many of the politicians who vote for the bill will need to line up new jobs soon.
Those who don't vote for the bill will have 2 years to find new sugar daddies.
In two years a politician's yay or nay on this bailout will be forgotten. Bigger shitstorms will have engulfed us by then.
With all these angry calls, we should all be buying Verizon!!
Comrade Midwest Product writes:
Republicans are scum - and that is just a fact. They are just pandering.
Who cares about their motivations? If they scuttle the bill, that's what's important. I couldn't care any less as to why they do it, so long as they do it.
The Democrats have enough of a majority to pass this bill without Republicans.
They just don't want to be seen as the bailout party.
For anyone who read my bit about munis on an earlier thread, I should say I'm not thrilled with tax-exempt private activity (or conduit) bonds. They have a higher default risk and you may get stuck with AMT. Should have said that, sorry.
Bad Day!
15-Sep-08 GOODWIN WILLIAM H JR
Director 1,000,000 Indirect Purchase at $11 per share. $11,000,000
WB: Insider Transactions for WACHOVIA CP - Yahoo! Finance
Since a turbulent Monday, global currencies have been unnaturally stable/flat. Someone big is holding things steady, but it is inevitable that will come to an end sooner rather than later.
With money going from savings(/money market) to treasuries, banks are holding any cash tightly.
It seems like every trader in every market of every country is holding their breath until there is news of the bailout deal.
What are everyone's thoughts on a post-bailout financial world?
FWIW:
one of my personal indicators that we are getting close to the bottom is when Mad Money and Fast Money are taken off the air.
this will signal that retail has given up, and gone back to watching NASCAR.
Mad Money will be first; fast Money will take longer.
With all these angry calls, we should all be buying Verizon!!
Instant Rimshot
@mp - thanks.
But remember it's Friday night for many folks.
EvilHenry Paulson....all you can eat baby!
"With all these angry calls, we should all be buying Verizon!!"
Can you hear me now you c$#&#@s moth$&#@ #$($##@?
LOL (@ barley's post.)
I think the Dems want the bailout plan because they see it as a way to get their Xmas tree ornaments - foreclosure moratorium, stimulus, etc.
"As long as my TV works I will ;)"
Well then, come February the S will really HTF!
Jas,
I saw where you said you were once a dope but are reformed now. Cool. What's the secret to recovering from 'American' dopiness?
Look, let's be clear about this. Both parties are scum. Both parties are pandering. Both parties have sold out. NEITHER party is interested in the will of the people.
And that is just a fact.
Republican Plan:
Step 1: Lower Taxes
Step 2: ???
Step 3: Collect Underpants
The fact is both parties are choking on 700 Billion inches of reality.
Wisdom Seeker writes:
My parsing of the bailout bill is that the Dems damn well don't want to vote for it, but they want to be able to pin the failure on the House Republicans.
WS
i have different information...i may be wrong
dems, (foolish dems) dont want to let it all go to hell cause they think their man is gonna win
and broken glass is hard to pick up
but the dems are afraid to go it alone
cause they know the bailout is 50 50 to fail at best
so dems want repub finger prints all over it too or no deal.
in some ways a re-run of the glass-steagal vote which was 92 yes 8 no in the senate (bipartisan and veto proof)...and somethin like 300 + yes in the house)
when the previous vote had been largely divided along party lines
once the dems got concessions that they felt helped their constituency {blue collar workers} they signed on
(note clintons signature was a mere formality as the tally was very very veto proof)
@EvilHenry -
Agreed, currencies have been too stable.
The dog that didn't bark ... is a big clue.
But what does it mean?
Louie Sez writes:
the "politicos" are playing a high stakes version of pin the tail on a (their ass) donkey..
~No they are pinning your ass with debt. 1.8 trillion and going up ...
Mad Money will be first; fast Money will take longer.
nullpointer | 09.26.08 - 6:41 pm | #
excellent contrarian call.
Look, let's be clear about this. Both parties are scum. Both parties are pandering. Both parties have sold out. NEITHER party is interested in the will of the people.
They are interested in the will of the people insofar as it affects their likelihood to stay in office. They are, of course, not at all interested in the will of the people for its own sake.
"one of my personal indicators that we are getting close to the bottom is when Mad Money and Fast Money are taken off the air"
I'm still waiting for HGTV to get dumped.
How is for a repub plan...
Shelby takes down the bailout bill and McCain dumps Palin and adds Shelby. This would get my vote.
blowing smoke up each other's asses
You say that like it's a bad thing.
Popeye writes:
Look, let's be clear about this. Both parties are scum. Both parties are pandering. Both parties have sold out. NEITHER party is interested in the will of the people.
Right. Believing this is about a team of good guys in one color and a team of villains in another makes about as much sense at this point as believing the brunettes are betraying the country.
This is the top versus the bottom. No switches.
EvilHenry Paulson....all you can eat baby!
Louie Sez | 09.26.08 - 6:41 pm
I guess what has been steadying currencies are the swap-lines the Fed has been dumping dollars into.
Post-bailout the Fed might look to back off those, at the same time it might need to have free cash to conduct other operations (what another $330bn out the window in the last 2 weeks?)
If they do cut the FF rate cut (I've alluded to a 75bp, futures betting for a 50bp) then am I wrong in assuming they will need more treasuries than ever to conduct the repos necessary to keep it there reliably?
mmckinl....at least if they walk in on me while in the stall, I have the option of pretending to have been tying my shoe laces.
at this point as believing the brunettes are betraying the country.
Erin is betraying the country, tho.
You gotta love those House Republicans. They say the bill shouldn't be to benefit Wall Street...
And the propose eliminating the capital gains tax.
"Shelby takes down the bailout bill and McCain dumps Palin and adds Shelby."
Shelby has changed his position recently and is now supporting a bailout. We are doomed.
mp-
That will be news for some but not I.
I gave up blowing smoke year's ago.
Ciao
MS
I bet its BoA that buys these folks. Hech it really is kicking the can down the road (hehe)
Shelby has changed his position recently and is now supporting a bailout. We are doomed.
Anon | 09.26.08 - 6:47 pm
I wonder what they gave him?
As near as I can tell, they've switched their nominal roles. (Looks like proof positive that there are not, in fact, two distinct parties.)
JP | Homepage | 09.26.08 - 6:14 pm | #
Open your eyes! This is kabuki theater.
jesus Christ, if you're smart enough to be reading CR you should be smart enough to realize this whole charade is a GOP farce to pretend they're not responsible for virtually this entire mess!
They've been running this country for the last 8 years . . . and 20 of the last 28, with control of congress for the 8 Clinton was in office!!
I can't believe people can be so easily taken in.
If you buy this latest GOP nonsense, you really are born and bred dopes.
Sheesh.
I forgot to mention my main point. The dollar drops when the bailout is passed, which leads to money moving back over to commodities
MP
thanks for the link to the fed charts.
but don't they show that there really isn't a problem?
I mean, when lines on graph spike upward, isn't that good? And isn't only bad when they spike downwards?
Don't the charts show that fed has lots of money to lend? And if they have money to lend, then doesn't everyone have money to lend?
Therefore no credit crisis!
Problem solved.
I'm off to compete in the Sarah Palin sound alike contest. How do you think I'll do? Someone said I need to work on my grammar a little.
Cheers
Kudlow and a few others would just be gravy.
Full Tillt Boggie Band | 09.26.08 - 6:19 pm | #
Is Kudlow still pushing that 'greatest story never told?" I think it's being told now...with more to come.
Chinese banks told to stop lending to US banks:
China banks told to halt lending to US banks-SCMP
| Reuters
Next we know the Chinese government will stop lending to the US government. That'll be the day!!!
Erin is betraying the country, tho
I think Little Miss Pinocchio might be a dye job, though.
Every time you deposit money in the bank, it is like giving these crooks a loan. Let them listen to your money talking--from far, far away. Don't let the banksters have the use of your money!
JP: Evil is sexy in a one nighter. Hot and dangerous, man.
Popeye writes:
Look, let's be clear about this. Both parties are scum. Both parties are pandering. Both parties have sold out. NEITHER party is interested in the will of the people.
--half agree
there are good repubs and good dems
the money flooding the system is more magnetic than sex
there are saints among them who have resisted temptation on both sides of the aisle
there sinners who have sunk to the depths
these people, for the most part are not better nor worse than you and me
we have got to find a way to decrease the impact of money, corporations, and interest groups on our representatives
"Shelby has changed his position recently and is now supporting a bailout. We are doomed.
Anon | 09.26.08 - 6:47 pm
I wonder what they gave him?"
Palin and a cigar
These guys are like a bucket of assholes......with the good ones tossed out.
"I wonder what they gave him?"
Maybe he was client #10
Bankers took over a log time ago but the level of the Heists and Cons has increased exponentially like the fictitious values of RE & CRE increased exponentially. This whole thing was based on Con values. It's a Grande Pump & Dump. Banksters on Monday will cash in on the latest Sting. Fortunes will increase exponentially for the Cons in the biggest Pump & Dump of all time. The dollar will be toast. This toxic mortgaged based crap will be worthless for a long time. Nobody wants this crap except apparently the public. What a score for the Big Boys. And Bush wins again. This is a Joke!
Anyone who bought FRE or FNM for about a quarter a share recently...Monday might be the time to dump a load of 'em. Just guessing.
Shelby has changed his position recently and is now supporting a bailout. We are doomed.
Anon | 09.26.08 - 6:47 pm
I wonder what they gave him?
X
~~~~~~~~
It's not what was given him, its's what would be taken ...
sincerely,
Banksters Clearing House LLC
.
The dollar drops when the bailout is passed, which leads to money moving back over to commodities
Or
Russia and China anticipate the drop and liquidate US paper (unintended consequences)
I bet its BoA that buys these folks. Hech it really is kicking the can down the road (hehe)
Barley | 09.26.08 - 6:48 pm |
Maybe the deposits straight up, but neither BoA nor JPM are interested in acquiring more staff/branches because any new acquisition would have big overlap
There is no way Citi can wipe its own ass unless the NY Fed funnels it a loan for some toilet paper
In the next 6 months I expect the foreign investment limits in banks to be raised
Photos from a Wachovia branch...
Forums - A Photo of a run on the bank
we have got to find a way to decrease the impact of money, corporations, and interest groups on our representatives
mock turtle | 09.26.08 - 6:49 pm | #
ctrl+alt+del on the political and economic system.
However, this usually involves high-caliber pitchforks. And all we have is sporks.
I expect the foreign investment limits in banks to be raised
EvilHenryPaulson
I thought the limtis had already been dropped. On Monday I think. Or last Friday.
Shelby got an 'anthrax' letter maybe...
Wow...just wow.
Discount window borrowing (also known as primary credit to banks) increased $20.4 billion between September 3, 2008 and September 24, 2008 (see chart 2).
Shelby has changed his position recently and is now supporting a bailout. We are doomed.
I think that's misrepresenting him. My read was that he thought a deal was going to happen if it could happen, but that it would not be in the best interest of the country.
can't find the link at the moment...
@jim - that bullshit about China was debunked.
Read it yesterday already. And it was posted on the 24th.
Go get a clue.
WTF am I doing in Shelby's bed?
Is Kudlow still pushing that 'greatest story never told?" I think it's being told now...with more to come.
Baca | 09.26.08 - 6:48 pm
"it's a goldilocks ECONOMY!!!!!!!"
At least for the reps, they are up for public yea or nay in less than 6 weeks. Could every supporter of this crap in the House be evicted?
Wells Fargo seems the only strong suitor. Citi is pretty weak itself and Santander is not super healthy with its exposure in Spain.
keep calling, protest on Saturday all over!!
push this into Oct. and you have won..
Want to decrease the impact of money on government you've got to make government less powerful. That was the purpose of an old document no one pays attention to anymore save a few dreamers.
Wasn't it Reagan who noted ' a government powerful enough to give you everything you want is strong enough to take everything you have
Another day, another rumor.
"The Bailout" doesn't exist.
There was the Paulson plan. that died when it arrived.
Then there was Frank/Dodd that addressed most (not all, but most) concerns expressed by repubs and dems in the senate and house hearings.
Shelby dumped the deal on Frank/Dodd, but when he dumped he did not refer to Frank/Dodd. he kept talking about the Paulson Plan.
Most people calling their Senators and Reps talk about "The Bailout." 100 to 1 against it. Against what? For most of them, the opposition is to the Paulson Plan. And even for those more up on what's going on, when a compromise is reached, whether it is frank/Dodd or something different, we will all be told that calls opposing a plan were about the Paulson Plan.
In fact, most of the opposition to a bailout will dissipate when it is clear to everyone that it isn't $700B (already wasn't with the Frank/Dodd installments) and that executive pay is capped and clawed back, and that there will be provisions for bankruptcy cramdowns and, I now expect some more left-populist goodies.
just watch......
I Am Not My Bankers Keeper writes:
I'm still waiting for HGTV to get dumped.
The new seasons of Designed to Sell, Dream Builders, Dream House, Get it Sold and Buy Me ... ought to be either the scariest or the funniest things on TV.
The winter wheat is up. At least we'll eat.
Anyone notice that rough rice is back over 20 cents? Not a good sign...
I expect the foreign investment limits in banks to be raised
EvilHenryPaulson
~~~~~~~~~~
Only on banks we do not want ...
sincerely,
Banksters Clearing House LLC
Gary writes:
...if you're smart enough to be reading CR you should be smart enough to realize this whole charade is a GOP farce to pretend they're not responsible for virtually this entire mess!
Any thinking person understands that you are right on that point.
Any thinking persons sees the Republicans brought this crisis to bear NOW - for the sole purpose of confusing votes.
I'm just thoroughly disgusted with this whole mess. But, in the end, you are right, and it is important to remember the facts.
X writes:
Shelby has changed his position recently and is now supporting a bailout. We are doomed.
Anon | 09.26.08 - 6:47 pm
I wonder what they gave him?
they didnt give him anything
they took something away
the department of homeland security showed him his secret file
indicating detailed record of where he had been the night he told his wife he had to work out of tow
all phone calls made in the last 20 years and to whom and why,and with transcripts
and a list of all prescription medication he's been issued by doctors 9patriot act allows gov to see your med records)
not to mention the warrantless sneek and peek of his several residences with retrieval of the digital recording devices placed by the secret police.
get over it folks...they can bend anybody over*
(* see Winston, 1984, orwell)
I'm sorry, but I do not support the Frank/Dodd plan. I am a lifelong Democrat but I think those two are as crooked as they come.
****CONJURE COMMUNIQUE****
Ladies and Gentlemen, Mr. Conjure Bag.
Fellow Bears:
Over the course of the last week, MP's son has been conducting a poll whose aim is to determine the level of public trust in the banking system. The results of that poll are now in.
Public trust is at levels not seen since the Great Depression. Many are withdrawing funds and many more are contemplating doing so. This is bad news.
If America's leadership continues to display its incompetence in the same manner it has up to now, the central bank will be driven by mass psychology, not public policy.
To that end, all public officials should shut the hell up and get on with the peoples' business until a decision is reached. President Bush, especially, should take an extended vacation in Crawford until an agreement is reached concerning a bailout of the financial system.
The public will not allow this circus to continue another week. So, federal officials, be afraid--very afraid.
Thank you, Mr. Conjure Bag.
****END OF CONJURE COMMUNIQUE****
A Horse's Head writes:
WTF am I doing in Shelby's bed?
LMAO
jim, wells fargo has kept it's panties pulled very high all this time as bofa, and jpm were comming to the aide of c/wide,bears & now wamu.....all I can say, is they themselves better not get in any kind of trouble (cuz we don't know you)
That "Wachovia" picture smells fake.
It must be Friday around here.
Any thinking person understands that you are right on that point.
Any thinking persons sees the Republicans brought this crisis to bear NOW - for the sole purpose of confusing votes.
I'm just thoroughly disgusted with this whole mess. But, in the end, you are right, and it is important to remember the facts.
Popeye | 09.26.08 - 6:56 pm
yeah...and what about the "community reinvestment act" Einstein?
Santander is not super healthy with its exposure in Spain.
jim
Satander is just doing due diligence for our Anglo brothers ...
sincerely,
Banksters Clearing House LLC
.
Conjure has never insisted on being called Mr before.
We are in deep shit.
Excellent communique, Conjure
"Asian central banks, which have been selling off Fannie and Freddie bonds. A complete takeover by the government, effectively nationalising the institutions, was the only measure left."
An excellent article and gives an alternate perspective on the crisis. A very good read!
China Worker
re conjurescope:
My post from the last thread:
This is now officially a confidence problem. Nobody trusts anyone to do the right thing, and the only proposal from the government is to send a trillion bucks to the people with demonstrated incompetence in running a business.
The confidence issue can only be addressed by proper & correct action over long periods of time. Until that occurs, the crisis will stay with us.
CR, will you have a stream for the debate???
Couric's Debate Webcast - CBS News
"The new seasons of Designed to Sell, Dream Builders, Dream House, Get it Sold and Buy Me ... ought to be either the scariest or the funniest things on TV."
This one is pretty sick, posted on HousingPanic the other day: (My House is Worth What?) A must see in these times:
YouTube -
In fact, most of the opposition to a bailout will dissipate when it is clear to everyone that it isn't $700B (already wasn't with the Frank/Dodd installments)
Because if the first hundred or two billion doesn't do the job, they will give up on it? Get real.
Down to 363 visitors. ... Has everyone shuffled off the bar to drown their sorrows? ... Or are bars to expensive, and everyone is now on moonshine.
Photos from a Wachovia branch...
Elite Trader Forums sh...threadid=138500
Commenters on the thread agree it's not Wachovia. Looks like IndyMac Pasadena to me (and a couple posters).
"Someone big is holding things steady, but it is inevitable that will come to an end sooner rather than later."
Yea it's called the BOJ keeping rates at .5%.
That's the only thing that is keeping anything afloat at this point.
Ciao
MS
What if McCain says tonight he cannot support the modified Paulson plan?
On one hand, house Republicans sacrifice themselves to support their current president. On the other hand, the Maverick runs against them.
shmoe, maybe you're impressed with a few populist bells and whistles attached to a open check to Wall St. but most people can still smell the stench of a bailout emanating from under the Dodd/Frank 'perfections'.
'Cram downs' will not be popular unles you are a deadbeat. The guy who has been paying his mortgage won't get one so why in the hell should he be happy his deadbeat neighbor does?
Ok I've emailed called and faxed.
And best yet convinced a friend or two to do the same.
However being the stereotypical Americans that we are they want me to write up the letter.
Does anyone have any good verbiage? I've seen a couple of standard letters regarding the bailout floating around here.
Anyone have one handy?
TIA
and no i didnt ask for a pony, yet
........
The Greatest Story Never told is we have parasitical corporatist Socialism for selected wealthy 'insider' club member elites here and elite family club members from other 'nations' too, Jas, not just NYC.
I am a dumbie as far as all this is concerned (I am learning though), but why would the banks borrow and "hold on to" (excess reserves) that money. I thought the Fed only did short term loans?
Sorry, I am looking at the link that mp posted.
Folks, if you're communicating with Congress this weekend, make sure they know you don't want ANY KIND OF BAILOUT BILL.
Otherwise they'll think you're just against the old one that they've ditched and ignore it.
Shelby has changed his position recently and is now supporting a bailout. We are doomed.
Anon | 09.26.08 - 6:47 pm
Any link??
ThatsBallgame...make sure you eat, you will need something to throw up.
MP
I don't see why you and your son are all worked up about a collapse of public confidence in the banks. That's just a symptom of Mr market settign everything aright.
Mr Market is always right.
Mr Market was right when Enron went up, and right when Enron went down. the same for Dot.Com. the same for real estate and CDOs and credit default swaps.
It really is that simple. Just trust Mr Market. It is all okay.
(psst . . . just between us, I always thought the survivalists on this blog were crypto ne-nazi fruitcakes, but now I think being a survivalist may not be such a bad idea.)
mock turtle | 09.26.08 - 6:56 pm
This is the most dangerous part of the new surveillance society. It's also why it's pretty clea they were doing all this stuff before they got it ratified by Congress.
While J6P was convinced that the Feds were interested in his midget porn and 911 truth surfing, the real work was being done on those who might obstruct future plans.
Coup coup katchoo, Mrs. Robinson.....
Didn't Walmart try to get a bank charter recently, but either was denied or quit trying. I think Wlamart should buy WaMu.
Friday in my world...offiicially laid off today...I will "answer phones" next week as I am working on a deal for selling the business for the owner...but I wanted to get my unemployment application in as it will take weeks for the benefits to kick in...the business has No More Money...
we have put up a good fight...our credit froze in January...we have been treading water all that time, and liquidating hard assets in the process, moving through the prudent reserve...we're done.
Having said that....Conjure is right... AND I think this bailout is bullshit...oversight, equity...and NO SUPPORT FOR OVERPRICED ASSETS...
I will be on the threads a LOT more now LOL
sorry to hear it escariot. Take care.
Any link??
Comrade Clueless Dufus | 09.26.08 - 7:01 pm | #
See Bond Girl post at 6:07p.m. in this thread.
pizza for everybody...
ades writes:
Does anyone have any good verbiage? I've seen a couple of standard letters regarding the bailout floating around here.
Nobody is actually going to read any of those letters dude. Just xerox your ass and fax it in. They'll put it in the "pissed" pile with the form letters.
Sorry to hear about your job loss, escariot!
Didn't Walmart try to get a bank charter recently, but either was denied or quit trying. I think Wlamart should buy WaMu.
Elvis | 09.26.08 - 7:02 pm |
Good memory. I would really like to see that happen and WalMart get a bank -- who would have the balls to refuse these days
Here is the start of my Senator Shit List, just waiting to fill in the votes.
http://spreadsheets.google.com/ccc?key=pKrKEDjrLEI3LdMNh3mCZfg&hl=e
escariot
Sorry to hear about your layoff. On the bright side it is Friday and they haven't closed the bars yet!
Unit 472
Oh, I think there will soon enough be a HOLC like entity and people who have been paying their mortgages will get some debt forgiveness.
There are plenty of tricks up the left-populist sleeve that would actually benefit a lot of people, and benefit them a lot more than screaming about Wall St while handing out a capiatl gains tax holiday.
Thanks JP
It is kind of a relief...been like hanging out at the Hospice...Luckily I have savings (Not in Wachovia LOL) and I am healthy and fit...and am great at pumping gas, slinging hash...whatever it takes....
Elvis writes:
Didn't Walmart try to get a bank charter recently, but either was denied or quit trying. I think Wlamart should buy WaMu.
Elvis | 09.26.08 - 7:02 pm | #
Wal-mut?
escariot,
My condolences. Hopefully UE will be enough for long enough.
As CR says:
Best wishes.
....
escariot: One toke for you, brother. Perhaps you'll be well entrenched in a new gig when more layoffs come...and it will turn out to have been god timing. I hope so.
" Many are withdrawing funds and many more are contemplating doing so. This is bad news."
I've been urging friends and family for weeks to get their money out...or at least 4 or 5k, and to put the rest in Vanguard or USAA...and that no bank is really safe, there are only perceived degrees of relative safety. Yes, I understand the macro implications, but nobody else is looking out for my friends or family.
Shelby link -
Lawmakers Renew Talks on Rescue Plan Amid Signals of Compromise - Bloomberg.com
In an earlier thread, someone else, I think it was Nades, said it most accurately,
... this is not a question of political parties; it's a question of fundamental principals.
escariot
very sorry to hear that news, comrade.
escariot-
my heart goes out to you, thats f*ckd.
its no consolation, but i am sure i will be joining you in the next 6 months.
back to the nomad life, taking crap assignments 500+ miles away from home, just to make the monthly nut.
2009 == 2001
Elvis writes:
Didn't Walmart try to get a bank charter recently, but either was denied or quit trying. I think Wlamart should buy WaMu.
~~~
Elvis,
The seller of gadgets and trinkets will not be allowed to set foot on our territory in any way shape or form. Arkansas hillbillies are not welcome in our club until they kiss our ring as did Clinton ... then they are still not allowed ...
sincerely,
Banksters Clearing House LLC
.
yeah...and what about the "community reinvestment act" Einstein?
X | Homepage | 09.26.08 - 6:57 pm | #
am i hearing you right?
community investment act?
in round numbers
100 million home owners
50 million have mortgages 50 million dont (again round numbers)
25 million issued loans in last 8 year
one third of these are sub prime
8 million
4 pecent of subprime has forclosed
320 thousand
so are you saying that all it took was
320 thousand people failing to pay their mortgages
to bring down the financial system of the United States of America???
or was it
it was the way the mortgages were mixed, tranched, sliced diced, resold leveraged and derivitized that brought the system to its knees
guess you gotta choose
who is more powerful
wall street
or
a bunch of wanna-be starry eyed home owner poor people
escariot....stud it out dude.
CSC good point.
escariot what do you do?
That picture looks like the the IMB bank in Pasadena a few month's ago.
and the limit on foreign purchase was lifted on Monday I believe....can't remember the day but it was lifted already.
How stupid is Al-Waleed with his 9.9999999999% of C now?
Very IMO
Ciao
MS
and I am healthy and fit...
Then you are truly a wealthy person. I know many that would trade great amounts of worldly goods for health.
"ades writes:
Ok I've emailed called and faxed.
And best yet convinced a friend or two to do the same.
However being the stereotypical Americans that we are they want me to write up the letter.
Does anyone have any good verbiage? I've seen a couple of standard letters regarding the bailout floating around here.
Anyone have one handy?
TIA"
Mish's site has letters and contact information: Mish's Global etc.
Topic for tonight's debate. ARE 'WE' the bailout recipients of $700 billion of toxic worthless mortgage-backed debt going to find out which of 'our' candidtes is MAN UP enough to nuke the evil Superpower Iran before they nuke us.
Mock Turtle
the soul of wit is brevity, and you've got it!
In a further sign the deadlock is easing, Alabama Senator Richard Shelby, the top Republican on the Senate Banking Committee, said he had reconsidered his decision to try to block a bailout package.
I know politics, I read the tea leaves,'' Shelby told reporters outside the Senate chamber today.There's going to be a deal here if there's any way to do it and it's not going to be, I believe, in the best interest of the American people,''
FYI, note the reporter is imputing his intentions for him. What he said in pp2 is not what the reporter indicates in bold in pp1. As if the Bloomberg reporter was working for an organization run by a wealthy technocrat / fascist Republican and their editor decided what the story was going to say before it was written.
Nades,
Mish has sample letters and phone and fax numbers for all concerned.
"Does anyone have any good verbiage?"
I'm sorry, I believe the word you're looking for is "verbage". Ms. Palin said so!
"On one hand, house Republicans sacrifice themselves to support their current president. On the other hand, the Maverick runs against them"
Not the repub's up for reelection. I wonder how many house repubs are having their fate determined in November. This will tell us how many they can deliver. The others are fighting for their job.
The only guy in Congress that has it right:
Congressman DeFazio: We're Going to Be in the Repo Business!
YouTube - Congressman DeFazio: We're Going to Be in the Repo Business!
I'm voting DeFazio for President as a write in!!!
Escariot, many years ago, I went through an experience somewhat similar to yours. It was devastating.
Good Luck to you.
This country is ONE SICK PUPPY. No wonder there's a rush for the doors.
@JP, mp/Conjure - hear hear! Agree, confidence is shot and further jerking off by Washington is counterproductive.
@nades:
"Dear Senator/Congressman/Woman X,
I am writing to let you know that I oppose any version of the enormous bailout bill now under consideration. Please remove your hands from my [back pocket, purse] and let the economy get through this without any counterproductive intervention. Intelligent minds have noticed that each and every time Washington has tried to "do something", the problems have only gotten worse. Since we are now 15 months into this crisis, it's clear that either Washington doesn't know how to fix this, or Washington is deliberately exacerbating the problem.
I will be watching your vote on this bill and will vote accordingly. If you vote for it, I vote against you.
Sincerely,
XX, a concerned voter and taxpayer"
MOT-
Project manager, sometimes Real estate development, International stuff, organizational project management (roll outs, realignments that kinda stuff)...best in gig with lots of moving parts...conflict, post conflict, community capacity building all kinds of stuff....
Which existing company will make an expansion into the US banking market in the next 16 months?
Wal-Mart
Grameen Bank (microloans)
Costco
TD/RBC/Scotiabank (canadian)
HSBC (still has cash despite acquiring mortgage broker in 2006 of all years)
BNP Paribas (French)
Deutschebank/Allianz (German)
Macquarie (Australian)
Honda/Toyota (Japanese auto)
Bestbuy
something from a developing country?
while im on a toot, please let me say again
the 700 billion is enuf money to pay off the mortage of every subprime home owner- defaulter in the nation
with hundreds of billions left over
this bailout has nothing to do with subprime
it has everything to do with credit default swaps and in general the world of leverage and derivatives.
never met a poor person yet who knows jack shit about leverage, CDSs and derivatives.
but wtf... let them take them blame
Write it yourself, and it gets a bigger count. (And keep it to one paragraph + salutation etc.)
The staffers keep a count. They figure that each comm represents some number of voters. Last I knew:
1 mail = 5 votes
1 phone call = 50 votes.
info is old, but I doubt the basic system is different.
Wells Fargo should get Wachovia. Have a look at the coverage areas
https://www.wellsfargo.com/locator/
ATM Bank and Branch Locations for Wachovia
Mish has sample letters and phone and fax numbers for all concerned.
~yes, send your letters, make your calls, emails and faxes. and when we have prevailed you will know that defiance is useless because we own the system ...
sincerely,
Banksters Clearing House LLC
.