Watching the pre-show
Half are saying we will make money and we are all stupid, some bald guy saying how great it will be for the goverment to be foreclosing instead of the bank?!? Where do they find these people.
It's great for BushCo... if it goes well up until the election mini-me McCain is a shoe in, if it goes poorly it's because of the Democratic meddling and delays.
So, what are the odds that preznit will announce "special executive authority" for the Fed and Treasury to do a bailout without oversight.... Didn't BB say earlier today that the Fed would do "what's necessary"... ???
The problems developed over a long period of time. We had a large influx of money because we are good guys. It was all good. Unfortunately the housing market happened.
Isn't it disingenuous to only talk about the latest $700 billion being used to buy mortgage related securities? The Fed introduced no less than 4 new facilities and it now makes up the majority of their balance sheet -- as they become impaired, the Fed will need an infusion itself from the Treasury
I had hoped that the day would not come when a president would have to give this speech. I am surprised that President Bush's summary of the situation has been fairly accurate and he hasn't sugar coated anything. About time he stepped forward.
"Government to buy at current low prices" ... that isn't what Paulson and Bernanke said.
That's why they (HP & BB) have fought so hard against specifically including language about pricing in the legislation: promise the public they'll be paying market prices while passing the bill, then turn around and buy them at a premium rate.
2 minutes to mention tuition.
3 minutes to try to lay this all on housing.
5 minutes to "domino effect." Last time somebody used that term we had a land war in Asia.
8 minutes to 401(k) and farms.
9 minutes to bipartisan outreach.
Ain't never gonna say bailout or recession.
10 minutes to pay now or pay later.
11 minutes to propose congressional oversight. Put Ron Paul in charge!
12 minutes to the these are underpriced sales pitch.
13 minutes to more regulation.
14 minutes "times of real trial."
God bless us one and all.
Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including merchants, industries and mills of the country?
. . . Senator Carter Glass, author of the Banking Act of 1933
Speaks well despite heavy dosage of anti-depressants. People of every background can work hard, extend their talents, and realize their dreams...just so long as they pay their "protection" money to Wall Street Goons.
"Buy at current low prices" is a big change. I doubt he really meant that. Bernanke and Paulson are talking about buying at a premium to current prices.
"Nobody else can buy the MBS's and hold them until maturity." BS. Not only could sovereign wealth funds easily do so, but our existing investment banks could do so if they thought it was worth it. Utter BS.
"Taxpayers probably won't lose much money." More BS. The whole point of the plan is to put money into failed banks, which by definition causes losses to taxpayers.
This is utter crap. If anyone in the electorate didn't think Bush would straight-up lie to their face, this should give them pause to reconsider. Hey Bush, that flushing sound is your legacy, hope it was worth it.
Funny to watch the President go on primetime and itemize the very things discussed on Housing Bubble blogs over three years ago. Really out in front of this.
In commemoration of this historical event, my product now comes in a special limited edition, Red, White and Blue tube. Get yours before they are gone!
I can't stand to listen to the ape but I did catch a glance of him on TV and he looked like a very lost little boy (wizened little boy) who couldn't find his mama.
FYI -- a lot of talking heads on CNBC say the RTC made money. That quote comes from the administrator of the plan, and it was under the circumstance of "once the government bought those mortgages, their value increased"
In the end it took 5-6 years to unwind instead of the planned 1 or 2. It cost the tax payer $124 billion (1995 dollars) without including the increased cost of borrowing for the entire federal government, or the administration costs of the RTC
There is no way tax payers will make money with this plan, especially since it is a stealth recapitalization for banks.
Some banks may have a liquidity problem right now, but it is only because they are insolvent in the long ru
Sept. 25 (Bloomberg) -- For the first time since the Asian financial crisis more than a decade ago, Hong Kong has faced a bank run.
Hundreds of depositors lined up at the city's third-largest lender Bank of East Asia Ltd. yesterday as the bank hit out at ``malicious rumors,'' and Chairman David Li rushed back to Hong Kong from the U.S. to reassure clients and investors. The city's central bank jumped to BEA's defense and police said they're investigating phone text messages questioning its health.
It's not that no one else can buy them and hold them until maturity, it's that no one else wants to. Because they are worthless. Oh, sorry, I meant they are discounted and a very good deal for taxpayers. We should pay more for them for good measure.
Actually the Bank of East Asia is very conservative with Tier 1 assets far over the minimum, and relatively low ROE since it is far less leveraged than US banks. The run in my view is purely emotional. Let's hope it stops soon.
What could he say: "We're doomed. We're all going to die!" ?
He came pretty close to saying that ... this has to be the most negative economic speech I've heard from a President.
But I don't see how this will be effective. If it was to soothe people's fears - it was the opposite.
Does he expect people to start calling their representatives "Please pass the $700billion bailout for Banks?" I don't really get the point of this speech.
Speech makes clear the entire proposal is a large-scale planned rape. Last attempt to hold power by looting the masses' resources to fight back.
Pure tissue of lies. Assets will not be purchased "low." And the taxpayer will not make money. And the bailout has nothing to do with mortgages.
Plus, clear coordination with McCain campaign. Down by 9 points, McCain is terrified Democrats will get hold of the federal powers of subpoena, investigation and prosecution. His announcement today asking to back out of the debate tomorrow was clearly coordinated with the White House's "offer" to sit down with McCain & Obama tomorrow.
Barney Frank is tearing up media morons. He took on Lou Dobbs tonight and I'm surprised they decided to broadcast it. Lou Dobbs was smashed to bits, it was the greatest thing I've seen in a long time.
Cr, do you really believe this was worse than Jimmy Carter's "malaise" speech? I thought that was the most depressing presidential address ever. This comes close though.
Does he expect people to start calling their representatives "Please pass the $700billion bailout for Banks?" I don't really get the point of this speech.
Essentially, yes. The goal of this speech was to scare people into supporting the bail-out.
Does he expect people to start calling their representatives "Please pass the $700billion bailout for Banks?" I don't really get the point of this speech.
Explained above, CR. This is the terra! terra! terra! pass the Patriot Act without reading it speech, part II.
And as I said, it was clearly coordinated with the McCain campaign.
Why couldn't have spoken during market hours? I need to cover the losses on the last two inverse ETFs I'm still holding. Luckily I'm not an American Citizen so I don't get lumped with all those "evil American short-sellers".
Well, that would be completely pointless. If those are the current prices, they are the current prices... doesn't matter who buys. You don't need $700 billion for that, or even one dollar.
I scroll, and I scroll, searching for constructive comments. I continue to scroll.
I really like how all of the Californians and Floridians are strongly opposed to anything but absolute failure of the economy, esp. considering that they are the root cause of the problem. I guess an "if i'm going down, you're going down attitude." Nice values to pass along the generations.
Funny too how many of these strongly opposing "Californians" and "Floridians" on the call-in shows (like C-Span) have an accent that is distinctly Northeastern.
I'm a homeowner current on a mortgage but upside down on equity. I intentionally start defaulting on the mortgage payment. Go to bank for "adjustment" to get me out of an upside-down state.
Bank says "hey, if it's distressed, I can sell the loan to the bailout fund for full value 'cause they use this mythical hold to maturity valuation thing".
Bank gets major brownie points and future business from 'cause they make me happy. Bank gets fully covered by bailout dollars.
Everybody happy except the poor sod who ends up with the future bill.
Isn't too much liquidity what got us into this mess with a bubble?
So now when it dries up it is financial armegeddon?
Is this just not the result of too much loose lending?
Seems the only way out of moral hazard is to let the chips fall where they may.
If we have to spend money can't we give it to a bank that does a good job of lending and have them "invest it for us" in American companies ie lend and not in toxic illiquid derivitives that even the experts disagree on the value?
Please. This is not the end of the crisis this is the beginning for sure. Count on it. They just want their payoff before the get out of dodge.
Bush has lost it, if he ever had it. His lack of good sense is becoming very apparent. As long as he had Clinton's money and a stable US that he inherited he was able to pretend he was in control and in charge. Now that his stupidities and lack of wisdom are coming home to roost he is lost and confused and at whatever wit's end that he may have. A deflated and defeated President overcome by events of his own making.
Scare tactics. Get people to stop the protests, email, call, and letter campaigns, so the Congress feels less pressure (in an election year) and just passes the thing no questions asked.
But what's up with the "guess who's coming to dinner" thing at the White House tomorrow? McCain and Obama photo op with Shrub in the Rose Garden? How will that help?
Why are they insisting on ramming this un-proven solution down our throats without exploring other options or employing methods that have been proven successful previously?!
Well at least he said we'd buy at the "today's low prices". Maybe there is SOME hope IF that part is true.
My favorite is to hear them all (Paulson, Bernanke, Bush) use the term "recession" rather than "depression". Technically they're not lying.
But it does create a problem. If all we're talking about is a typical recession at the end of a business cycle, why are we spending over a trillion dollars on bailouts? At the same time, if you use the term depression, you risk a panic.
The funniest think is if that act as if it's a big secret. Go to Google news and enter "depression".
Ross writes:
He gave political cover for congress critters to vote aye!
Or fall asleep. My gosh, sorry, I get bored listening to him. Maybe if he really gave a damn about what he was talking about.
General Secretary Nemo, I understand, but I don't think it will work.
If anything, the people that haven't been paying attention will say: "Wow, this is bad. Let's make sure our money is safe, and watch our expenditures." I doubt they will pick up the phone or write letters.
holy cow...whoever wrote that speech had NO IDEA how to create a compelling case for action and clarify why it is in our best interest to take that action immediately and confidently. Bush needed a speech writer with Churchill-esque chops.
Essentially, yes. The goal of this speech was to scare people into supporting the bail-out.
Or to scare them into a panic that will justify more extreme executive measures.
/tinfoil
The problem is, I've talked to family and friends tonight and I haven't found anyone else who watched it. If that's general, then the press coverage of the speech will matter far more than the speech itself.
Will he blame the minorities too?
Short version: Support this or we're screwed.
Wha ... me I'm..
ot first... damn minorites
Watching the pre-show
Half are saying we will make money and we are all stupid, some bald guy saying how great it will be for the goverment to be foreclosing instead of the bank?!? Where do they find these people.
Come on... he will shake the specter that this is financial terrorism so we must act today!
The fundamentals of the economy are strong...nothing to see here, please move along
So if I'm in DC, does that mean none of my calls matter to any of the congresspeople?
It's great for BushCo... if it goes well up until the election mini-me McCain is a shoe in, if it goes poorly it's because of the Democratic meddling and delays.
We can't win.
"So if I'm in DC, does that mean none of my calls matter to any of the congresspeople?"
That is true whether or not you are in DC.
So, what are the odds that preznit will announce "special executive authority" for the Fed and Treasury to do a bailout without oversight.... Didn't BB say earlier today that the Fed would do "what's necessary"... ???
All hail comrade secretaries BB and HP!
The two best highlights of the Hank and Ben Circus today:
Maxine (pimpin ain't easy) Waters: " Kin you two crackers help a sista out?"
Barney (I'm just a gigolo)Frank: " I hope I never have to talk to either of you two ever again."
When is the greatest hits CD coming out?
He is our best hope to F this thing up.
SR
At least he decided to give his speech after the market closed.
Bush:" Y'all best approve this here bailout or I'll have Dick take y'all huntin'"
SEC should ban Bush Speeches too. they are more harmful to soundness of this econemy
At least he decided to give his speech after the market closed.
Bond Girl | 09.24.08 - 9:03 pm | #
Agreed give us another day before the market cliff dives.
"At least he decided to give his speech after the market closed."
That's because they didn't want to crash the market today.
I'm still trying to reset my BS meter that pegged this afternoon with Hank and Benny.
My BS meter doesn't go that high.
Mr. Bernanke, will the TARP buy my upside down home at "hold to maturity" prices?
The CNBC Feed says they will carry Bush live....
I've started drinking...I don't think I started early enough.
well, get ready folks. Say goodbye to your country in 5...4....3...2...1...
extra ordinary indeed
I can't stand to watch this bastard. Keep me up on the details..
Bush looks Asian on CNBC... WTF?
Fresh off his mountain bike
Bush bashes the shorters...
looks a wee bit scared, dont he?
Bush bashes the shorters...
Are you serious?! BWAHAHAHA!
Preznit looks super plastic tonight... Makeup or nembutol? Only his hairdresser knows for sure...
I get this nervous twitch each time they say "troubled assets."
Credit credit credit...
Hear that ya dirty short?
Gitmo!
Short Sellers = Evildoers that knock down stocks for financial gai
Is this "Malaise" Part II?
Wall Street lost some money - so our entire financial system is in DANGER!
he looks like a deer in headlights
I wish 'sign guy' from yesterday's hearings was let in....
oh shit!!! blaming it on foreign investors
I'm sure Osama has an account on E*Trade.
And he shorts the hell out of WaaMuu.
Umm-m-m, did he say "troubled asses"? I must have misheard.
He probably doesn't understand a word he's saying.
Easy credit is to blame...so we need more of it.
oh shit!!! blaming it on foreign investors
And Clinton, hence the "for more than a decade"
"Faulty assumptions that home values would continue to rise..." Take that NAR!!
WOLF!
So it is the banks fault.
This is sounding like the usual Bush speech...i.e. nothing said.
He's reading from a tele prompter... of COURSE he doesnt know what he's saying
The problems developed over a long period of time. We had a large influx of money because we are good guys. It was all good. Unfortunately the housing market happened.
Is this Casey Serin on TV?
I got $5 he ends it with "Knibb High Football Rules"
Wolf, I say!
He sounds like he is talking to third-graders. Maybe he is right?
They should've let the Stephen Hawking voice box read this
This is the biggest example of National Cognitive Dissonance I have ever witnessed. Wow.
Gold price is taking off... ooops.
this speech isn't convincing J6P. NOT ONE BIT.
CNBC now has a timer in the lower right of my screen counting down until coverage of this speech will end.
Fantastic.
Mortgage-backed securities are neither secure nor safe. So we need to buy them.
few questions...because of absurd AAA ratings. Our goose is cooked.
Uhhh, is Bush high????? Really, I have decent radar for these things, and I'm sensing a blunt was smoke about 15 minutes ago in the Green Room...
Fannie and Freddie put our financial system at risk.
Let guess the next line: They hate our credit because we are free.
3rd graders? You're being optimistic here.
All confidence is LOST.
Buh bye $USD
so are you saying the banks aren't tustworthy? NO!
All hail the talking chimp!
holy crap, listen closely. He is gripping the podium so tight you can hear the mic pick up the noise. Scared witless...
We need oil for the gears! That's the answer...
That's so cute he thought it was his choice.
"I faced a choice..." Oh shit.
Its THEIR fault - they saved their money and LENT it - the, the the.. THIEVES !
-K
We must BAIL! I think bad companies should go out of business, but of course these are my friends, so pay up, America!
The market is not functioning properly?
I think the market would beg to differ
"I'm a strong believer in free enterprise. But these are not normal circumstances"
Under normal circumstances, I believe that bad companies should go out of business....
Fear! Fear! Fear! Gimme your checkbook now!!!!
BS! The market is functioning properly!
The market does not always go up, you POS!!!
Oh so this time it's different.
The market IS functioning properly. We just don't like the outcome.
Correction: The value of your home will plummet.
Massive amounts of money flowed into the US and now we have to assure international markets that we are sane.
Good luck with that.
J6P at risk and I am going to protect him...disaster scenario.
Panic, stocks drops, no credit.
COME TO JEEEESUS.
millions of lost jobs
Bwahahah
Bigger bonuses for me!
millions are GOING to lose their jobs already. Note to bush, 600k and counting. And were already in a recession dufus. Oy.
Stock market's gonna drop no matter what he says or does.
GREAT NEWS
By passing the bill as written, the USA will not go into recessio
is this mussalini. this is incredible. i never thought i would live to see something like this
"banks could fail in your community" ... I've never heard a speech this downbeat. Wow.
The value of your home could plummet....
No, really? No sign of that!
We might experience a recession! Oh noes!
(What's going on now? Remind me.)
Holy shit he actually just said "recession," I lose, and also drink.
I have to say to his credit he has not yet blamed the Dems.
It is simpleminded but not as extreme as it could be.
der normal circumstances, I believe that bad companies should go out of business....
Like everyone you used to own!
"The value of your home could plummet"
They still don't get it!!!!!!!!
"financial PANIC"
Value of your home could PLUMMET"
MILLIONS of americans could lose jobs.
BOO............BOO............BOO.....
since when is it a president's job to STOP ALL RECESSIONS AT ANY COST
Bond Girl --
That's so cute he thought it was his choice.
Ouch.
He is doing better than I expected, actually. Still full of crap, but the summary of the situation was reasonably accurate.
Can't send your childrens to college.
Pay now or pay more later bitches..
Makes me think of Chauncey Gardiner from being there...
Oil price taking off too !!!!!
"I'd rather go blind"
What economic rescue package?!?!?!
"Widespread agreement" on the bailout plan.
Must be nice weather on his planet.
Shock Doctrine.
Shock Doctrine.
Shock Doctrine.
What about those of us who are paying for this? If it will cost me later, why am I paying now?
Now I understand. It's a $700 billion campaign ad for McCain. Paid for by you and me.
It's A Wonderful Life bank run (full version)
YouTube - It's A Wonderful Life bank run (full version)
The money isnt in your house it's at Goldman ..
how about talking about how the plan wont work and how the dollar will devalue and all those predictions will happen anyway just to a worse reaso
"since when is it a president's job to STOP ALL RECESSIONS AT ANY COST"
It's in The Constitution.
He said cox, hehe...snort.
assertions without data - even NIxon had nice charts and graphs
Can i haz a bailout mr prezident??
Unreal, so this is what facism looks like. Your 401K falling. national disgrace
Nixon was smart.
Gold UP +4.20
$700 billion in draino to unclog the financial system here we go...
Go long draino
bs
Sounds like he wants to administer a financial enema to the banking system.
credit isn't gonna flow enough and at a low enough rate to GROW the economy for a while.
Bush= fail
big enough to solve only one serious problem
otice the noise again? When he is lying, he grips the podium tighter.
"My plan is big enough to solve a serious problem...." unclog those financial pipes baby -- it's all shit, and we're supposed to swallow it
No they won't why should they.
Assets will increase in value because millions of americans will repay their mortgages.
Ruh-roh
He did say buy these assets at the current low prices.
Hey Mr. Prez: How about sending a bailout check to the people I loaned money to last year? Never mind, just send it to me!
Liar! Liar! Liar!
"Government to buy at current low prices" ... that isn't what Paulson and Bernanke said.
LIES, LIES, and MORE DAMN LIES!!!
Give a platnium, and a Titanium, and a Gold card Puhlezee!
"... to buy these assets at their current low prices ..."
-- Bush, live on the air
Waitaminnit ....
"At the current low prices"
LIE
FDIC discussion = oh god here come the bank runs.
It's basically a nothing speech. I don't really know if it will change anything for the financially illiterate or not.
Isn't it disingenuous to only talk about the latest $700 billion being used to buy mortgage related securities? The Fed introduced no less than 4 new facilities and it now makes up the majority of their balance sheet -- as they become impaired, the Fed will need an infusion itself from the Treasury
Now he's lying about the FDIC. And once the crisis is over, we'll have time to take care of pesky regulations.
lol....20th century laws. THOSE worked fine. Its the 21st century abandonment of them that was the problem.
New rule: no more large companies.
Abolish the Federal Reserve !
21 century economy yeah ok good one. This is the a perfect marketing campaign for our financial savvy. What a joke.
"No one has ever lost a penny on FDIC insured deposits. This will not change."
Since everything Bush says is opposite to the truth, I should take all my money out of the bank tomorrow.
Nice plug for The House of Cards in a Black Box on a Garbage Barge - AIG
FDIC does not have enough to insure all current deposits.
Make the bad monkey stop!
Too big ta Fail. That's right massa
Regulation shouldn't hamper ability to grow...
Outdated laws....
Now you tell us?
Wasn't anyone listening for the last eight years?
Memo to Comrade McCain:
The Rose Garden strategy only has a chance to work is if you're already in the White House.
HOME VALUES WILL PLUMMET... MILLIONS WILL LOSE THEIR JOBS....unless you give Paulson 700 billion.......riiiighhtttt.....
Did you hear? The rules of arithmetic changed in the 21st century.
"Democratic Capitalism is the best system ever devised"
Then why are we trashing it?
It's basically a nothing speech. I don't really know if it will change anything for the financially illiterate or not.
The 'phantom' that scares BB and HP is invisible to J6P.
Bush: "We have a banker's panic. Must restore the confidence the bankers!" -- paraphrasing
I am sick literally sick...
We will show the world what kind of country America is...
Too late, Mr. Prez.
elected officials rise to the occasion? no,...our citizens do.
I had hoped that the day would not come when a president would have to give this speech. I am surprised that President Bush's summary of the situation has been fairly accurate and he hasn't sugar coated anything. About time he stepped forward.
"Government to buy at current low prices" ... that isn't what Paulson and Bernanke said.
That's why they (HP & BB) have fought so hard against specifically including language about pricing in the legislation: promise the public they'll be paying market prices while passing the bill, then turn around and buy them at a premium rate.
Well that was great. We are fucked no matter what happens.
Cooked. Game over. Speech over. US, done.
Comrade SIFMA Helper --
It's A Wonderful Life bank run (full version)
http://www.youtube.com/watch?v=MJJN9qwhkkE
Wow. I'd like to meet the awesome person who uploaded that to YouTube...
2 minutes to mention tuition.
3 minutes to try to lay this all on housing.
5 minutes to "domino effect." Last time somebody used that term we had a land war in Asia.
8 minutes to 401(k) and farms.
9 minutes to bipartisan outreach.
Ain't never gonna say bailout or recession.
10 minutes to pay now or pay later.
11 minutes to propose congressional oversight. Put Ron Paul in charge!
12 minutes to the these are underpriced sales pitch.
13 minutes to more regulation.
14 minutes "times of real trial."
God bless us one and all.
Oh we are so FUCKED !!!!!!!
Get READY to BEND OVER !
No lube this time....
Step aside chimp in chief... no wait a sec.. tell your boss to step aside
just.
wow.
I love the way he ended it with a shit eating grin.
Charlie Gibson on ABC repeating chimpy's words like, uhhh, a chimp
We have a banker's panic.
The bankers are wimps !!!!
Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including merchants, industries and mills of the country?
. . . Senator Carter Glass, author of the Banking Act of 1933
I am actually worried that this speech will incite the very panic it is trying to avert.
CR, excellent point about the dissonance on pricing. Love ya, buddy!
Speaks well despite heavy dosage of anti-depressants. People of every background can work hard, extend their talents, and realize their dreams...just so long as they pay their "protection" money to Wall Street Goons.
So what did we learn?
Bush read a script claiming gov't can keep house & stock prices from falling. 700 billion isn't enough
That's it?
Hi Barney Frank.
He's done, and I feel a little bit stupider...
I love how Barney Frank's expressions run the gamut from "frowning" to "deep frowning".
Not convinced. No new Data.
"Buy at current low prices" is a big change. I doubt he really meant that. Bernanke and Paulson are talking about buying at a premium to current prices.
Best to all.
Now Bush is talking about a possible severe recession such a crock
bbbbut, I thought we were ALREADY on the hook?
This is for all of you:
Are You a Doomer? - iTulip.com
Take a deep breath.
BIGGEST CRISIS IN AMERICA IN 200 Years, Bush gives 12 minutes of his time to say give CEOs casg for the casino!
NO SALE! they probably still pass something though
Sounds like "fuzzy math" to me. Har...har...har...
Man, such utter and complete BS.
"Nobody else can buy the MBS's and hold them until maturity." BS. Not only could sovereign wealth funds easily do so, but our existing investment banks could do so if they thought it was worth it. Utter BS.
"Taxpayers probably won't lose much money." More BS. The whole point of the plan is to put money into failed banks, which by definition causes losses to taxpayers.
This is utter crap. If anyone in the electorate didn't think Bush would straight-up lie to their face, this should give them pause to reconsider. Hey Bush, that flushing sound is your legacy, hope it was worth it.
Funny to watch the President go on primetime and itemize the very things discussed on Housing Bubble blogs over three years ago. Really out in front of this.
"I doubt he really meant that."
Maybe the script was meant to signal something?
A big nothingburger. 8th grade level analysis of the cause excluding all the bit ticket disasters.
GOOD SPEECH.
GAME OVER.
smlandlord: LOL
No lube this time....
or it costs $110 a barrell
you are so right- I am withdrawing tomorrow- I don't trust anything now
OOh, now back to regular scheduled programming: David Blaine is doing the Dive of Death on ABC.
Ironic, doncha think?
In commemoration of this historical event, my product now comes in a special limited edition, Red, White and Blue tube. Get yours before they are gone!
I can't stand to listen to the ape but I did catch a glance of him on TV and he looked like a very lost little boy (wizened little boy) who couldn't find his mama.
FYI -- a lot of talking heads on CNBC say the RTC made money. That quote comes from the administrator of the plan, and it was under the circumstance of "once the government bought those mortgages, their value increased"
In the end it took 5-6 years to unwind instead of the planned 1 or 2. It cost the tax payer $124 billion (1995 dollars) without including the increased cost of borrowing for the entire federal government, or the administration costs of the RTC
There is no way tax payers will make money with this plan, especially since it is a stealth recapitalization for banks.
Some banks may have a liquidity problem right now, but it is only because they are insolvent in the long ru
MP? What game are you talkin about?
CNBC: Market reaction - sinking further ...
January 20th 2009 End of an ERROR!
Oh, he forgot to blame the minorities
yay informed callers blasting the plan!
MP:
GOOD SPEECH
GAME OVER
Agreed. If this was exercising command presence, I recommend panic and rout.
I thought it was an okay speech.
Still hate the bailout but it was an okay speech.
Glod up $3 on that speech.
Bush didn't show me the EQUITY!
NO BOGEYMAN
Erin Burnett, you evil minx you. Stop begging Barney to give your Goldman Sachs pals all our money.
Sept. 25 (Bloomberg) -- For the first time since the Asian financial crisis more than a decade ago, Hong Kong has faced a bank run.
Hundreds of depositors lined up at the city's third-largest lender Bank of East Asia Ltd. yesterday as the bank hit out at ``malicious rumors,'' and Chairman David Li rushed back to Hong Kong from the U.S. to reassure clients and investors. The city's central bank jumped to BEA's defense and police said they're investigating phone text messages questioning its health.
Erin: I want the deal tomorrow.
Satan's own concubine
ot losing a penny (notionally) and not losing value on FDIC insured deposits are not the same thing.
Long on "explanation" short on "specifics" - like how does he intend to reverse falling house & stock prices with a mere 700 billion?
If we do not invade Iran right now to find and destroy those Nuclear-backed Securities, the world will end.
get ready for bank run thursday....
They have no idea what they just unleashed....
Hope you got cash.
Ciao
MS
It's not that no one else can buy them and hold them until maturity, it's that no one else wants to. Because they are worthless. Oh, sorry, I meant they are discounted and a very good deal for taxpayers. We should pay more for them for good measure.
sorry, Nucular-Backed Securities
Erin: no dollar limit? OK!
how many coors lights did Bush shotgun prior to the speech.
by the glazed look in his eyes, I say the whole 6 pack.
Barny Frank is pretty awesome.
Nucular-Backed Securities
JIMMY is that you?
At least he didn't mention 9/11 or the terrorists.
Although he did mention the evil short sellers.
I thought it was an okay speech.
It was okay. Unfortunately, it needed to be historic to have any particular influence over events.
Barney repeats his "I never want to speak to you again" skit that he closed today's hearings with.
Whew, Bush that musta been some hard work.
Actually the Bank of East Asia is very conservative with Tier 1 assets far over the minimum, and relatively low ROE since it is far less leveraged than US banks. The run in my view is purely emotional. Let's hope it stops soon.
What could he say: "We're doomed. We're all going to die!" ?
He came pretty close to saying that ... this has to be the most negative economic speech I've heard from a President.
But I don't see how this will be effective. If it was to soothe people's fears - it was the opposite.
Does he expect people to start calling their representatives "Please pass the $700billion bailout for Banks?" I don't really get the point of this speech.
Best Wishes.
Need Scotch...
Speech makes clear the entire proposal is a large-scale planned rape. Last attempt to hold power by looting the masses' resources to fight back.
Pure tissue of lies. Assets will not be purchased "low." And the taxpayer will not make money. And the bailout has nothing to do with mortgages.
Plus, clear coordination with McCain campaign. Down by 9 points, McCain is terrified Democrats will get hold of the federal powers of subpoena, investigation and prosecution. His announcement today asking to back out of the debate tomorrow was clearly coordinated with the White House's "offer" to sit down with McCain & Obama tomorrow.
I thought he quit drinking?
Barney Frank is tearing up media morons. He took on Lou Dobbs tonight and I'm surprised they decided to broadcast it. Lou Dobbs was smashed to bits, it was the greatest thing I've seen in a long time.
CR,
Nice summary. I agree, no clear point to his speech.
That was a pretty short speech...nothing impressive
I have started forgetting it already...
Maybe he will have to do one more tomorrow
Man, he couldn't sell a Slurpee in a desert
Politburo Member Nemo-
I was actually accused of being a criminal by my own family.
"evil short sellers"
It's working.....not on the level they want it to ....but it's working.
Ciao
MS
by the glazed look in his eyes, I say the whole 6 pack.
Definitely not drunk. Drugged, maybe some xanex?
"You mean -- this ISN'T delerium tremens I'm seeing?" -- himself
Cr, do you really believe this was worse than Jimmy Carter's "malaise" speech? I thought that was the most depressing presidential address ever. This comes close though.
4 more years! 4 more years! 4 more years!
glad they arent just picking from the support line... funny all the support people are pretty much j6p and relativly uninformed
Calculated Risk --
Does he expect people to start calling their representatives "Please pass the $700billion bailout for Banks?" I don't really get the point of this speech.
Essentially, yes. The goal of this speech was to scare people into supporting the bail-out.
Is that so hard to believe?
Does he expect people to start calling their representatives "Please pass the $700billion bailout for Banks?" I don't really get the point of this speech.
Explained above, CR. This is the terra! terra! terra! pass the Patriot Act without reading it speech, part II.
And as I said, it was clearly coordinated with the McCain campaign.
holy craap...republican on Lehrer pushing a two year cap gain tax wipeout. Insanity.
Asian CNBC dude mentions American Hubris. "They really think they can make money from these things? The United States is Bankrupt."
They are committed to saying it's the end of the world if the bailout does not pass. It's Iraq v. 2.
Bill Heard Car Dealerships going out of business. One of the largest GM Dealerships in the country.
That was quick.
Barney's just happy no one is looking at his part in all this mess.
For those who keep postulating that this is all some conspiracy to elect McCain... please keep it up, you are making your side look incredibly stupid.
ChopperOne writes:
MP? What game are you talkin about?
ChopperOne | 09.24.08 - 9:22 pm |
Are you for real?
Conjure says, "We will now see a demonstration of gravity at work."
Why couldn't have spoken during market hours? I need to cover the losses on the last two inverse ETFs I'm still holding. Luckily I'm not an American Citizen so I don't get lumped with all those "evil American short-sellers".
I think he did better than expected. Sad night for the Country. Average person will be snowed by this.
SR
Hey, I'll take the Cap Gains break!!!
That CNBC link crashed my PC...screen went blank, and then I hear it rebooting. Crossing my fingers on the CSPAN link.
The point was to scare people into running on the bank tomorrow and friday.
That way they get their trillions for sure
"Government to buy at current low prices"
Well, that would be completely pointless. If those are the current prices, they are the current prices... doesn't matter who buys. You don't need $700 billion for that, or even one dollar.
I know I took a class on this at Yale, but I was too drunk to learn and Im to drunk to remember it now, I love telemepromters
I scroll, and I scroll, searching for constructive comments. I continue to scroll.
I really like how all of the Californians and Floridians are strongly opposed to anything but absolute failure of the economy, esp. considering that they are the root cause of the problem. I guess an "if i'm going down, you're going down attitude." Nice values to pass along the generations.
Funny too how many of these strongly opposing "Californians" and "Floridians" on the call-in shows (like C-Span) have an accent that is distinctly Northeastern.
Yeah, that's about how all of us down by the river see it.
I'm a homeowner current on a mortgage but upside down on equity. I intentionally start defaulting on the mortgage payment. Go to bank for "adjustment" to get me out of an upside-down state.
Bank says "hey, if it's distressed, I can sell the loan to the bailout fund for full value 'cause they use this mythical hold to maturity valuation thing".
Bank gets major brownie points and future business from 'cause they make me happy. Bank gets fully covered by bailout dollars.
Everybody happy except the poor sod who ends up with the future bill.
Is there anything in the plan to prevent this?
The white house had to decide between fluff and panic. They went with panic, just as digby predicted.
This could makes things worse.
Isn't too much liquidity what got us into this mess with a bubble?
So now when it dries up it is financial armegeddon?
Is this just not the result of too much loose lending?
Seems the only way out of moral hazard is to let the chips fall where they may.
If we have to spend money can't we give it to a bank that does a good job of lending and have them "invest it for us" in American companies ie lend and not in toxic illiquid derivitives that even the experts disagree on the value?
Please. This is not the end of the crisis this is the beginning for sure. Count on it. They just want their payoff before the get out of dodge.
I don't really get the point of this speech
Bush has lost it, if he ever had it. His lack of good sense is becoming very apparent. As long as he had Clinton's money and a stable US that he inherited he was able to pretend he was in control and in charge. Now that his stupidities and lack of wisdom are coming home to roost he is lost and confused and at whatever wit's end that he may have. A deflated and defeated President overcome by events of his own making.
I thought I listened to the speech - how did he explain the 700 billion will solve anything? It was very roundabout and vague.
He gave political cover for congress critters to vote aye!
CR, you nailed it.
Bush trying to "explain" is going to scare the sh*t out of J6P Tomorrow, markets will tank. If they can hammer something
BTW the woman on Bloomberg right now .. Jane something, is on FIRE . Better than any politician.
Anybody know who she is?
Wow. Just flipped to FoxNews for some entertainment. Sounds like all the problems are solved! Hoorah!
I know this is late, but, what are the rules for the drinking game?
NOOOO not that game! Hey, as long as they keep looking like they are doin hard work on this bill, the game isn't up yet.
Comrade Baron Von Helmut III writes:
The two best highlights of the Hank and Ben Circus today:
Maxine (pimpin ain't easy) Waters: " Kin you two crackers help a sista out?"
You are an arrogant, ignorant, racist prick
He did an admirable job, considering the fact that he's an idiot (and war criminal).
His explanation of the problem was pretty good. I was surprised. If that was the first time you heard about MBSs, etc., you off to a good start.
He left out a lot of details, but he had too.
And he didn't mention 9/11. I'm thankful for that.
So, summing up, he still an imbecile who has no clue what's going on, but he didn't make things worse with this speech.
This all comes down to what price they buy assets at. Check that - what price they eventually sell them for.
Shnaps will produce price models for food.
Also - I think we need Marshall Lucky on the oversight committee.
Visit my homepage to watch the relevant market - USD/YEN dropping.
"He gave political cover for congress critters to vote aye!"
Good point. Now the Dems can blame the Repubs when the next tranche comes due in the Spring.
Scare tactics. Get people to stop the protests, email, call, and letter campaigns, so the Congress feels less pressure (in an election year) and just passes the thing no questions asked.
But what's up with the "guess who's coming to dinner" thing at the White House tomorrow? McCain and Obama photo op with Shrub in the Rose Garden? How will that help?
The big push, is that these are all MBS and that we are not bailing out derivatives like CDOs, swaps, backed and linked Level 3 shit!
Why are they insisting on ramming this un-proven solution down our throats without exploring other options or employing methods that have been proven successful previously?!
Well at least he said we'd buy at the "today's low prices". Maybe there is SOME hope IF that part is true.
Persecuted Comrade Anonymouse --
how did he explain the 700 billion will solve anything?
What, did you miss the whole "BIG money! BIG problem!" bit?
Persecuted Comrade Anonymouse, the entire speech was .... BE SCARED!!!! BE SCARED!!!! BE VERY SCARED!!!!
I'm embarassed.... What happened to the only thing we have to fear is fear itself? Now it's FEAR THIS!!!
At first sight, Far East markets don't buy it - Dow Futures down 45, Gold up +5.
Numbers courtesy of CNBC-World
-K
--
A President fit for born-and-bred American dopes.
Don't forget, he was re-erected! "I got mandate" to screw the American People. That is what the re-erection message.
Heil Busch!
Jas
I know this is late, but, what are the rules for the drinking game?
Take a drink. If you still remember who our president is, drink again. Repeat.
10am tomm, we are screwed. Barney says he has enough votes and that is when they hammer out the compromise.
Oh look, we bailed out Detroit today too. Ponies for everyone!
My favorite is to hear them all (Paulson, Bernanke, Bush) use the term "recession" rather than "depression". Technically they're not lying.
But it does create a problem. If all we're talking about is a typical recession at the end of a business cycle, why are we spending over a trillion dollars on bailouts? At the same time, if you use the term depression, you risk a panic.
The funniest think is if that act as if it's a big secret. Go to Google news and enter "depression".
Ross writes:
He gave political cover for congress critters to vote aye!
Or fall asleep. My gosh, sorry, I get bored listening to him. Maybe if he really gave a damn about what he was talking about.
General Secretary Nemo, I understand, but I don't think it will work.
If anything, the people that haven't been paying attention will say: "Wow, this is bad. Let's make sure our money is safe, and watch our expenditures." I doubt they will pick up the phone or write letters.
Best Wishes.
holy cow...whoever wrote that speech had NO IDEA how to create a compelling case for action and clarify why it is in our best interest to take that action immediately and confidently. Bush needed a speech writer with Churchill-esque chops.
Why are they acting like this is just about MBS????????????????????
he just wants us to be an "ownership" society
If real republicans want to distance themselves from this clown they should vote NO.
Maybe politics will takeover.
SR
Well at least he said we'd buy at the "today's low prices". Maybe there is SOME hope IF that part is true.
GenXexec
~~
todays lower prices are going even lower as the housing market implodes down another 20%.
Essentially, yes. The goal of this speech was to scare people into supporting the bail-out.
Or to scare them into a panic that will justify more extreme executive measures.
/tinfoil
The problem is, I've talked to family and friends tonight and I haven't found anyone else who watched it. If that's general, then the press coverage of the speech will matter far more than the speech itself.
How did Nemo get to be General Secretary? It's not like there was an election, or anything.
continuing to create credit and make loan's so that little timmy and jane can go to college is all I hear from him.
I got news for you....may be little timmy and jane's parents need to realize that this is not the entitlement states of america.
"the world need's ditch digger's too"
Went the quote from caddyshack....
On right on cue, the futures are up.
Hope you got cash...take 2
Ciao
MS
mp says: GOOD SPEECH. GAME OVER.
Man, you can't leave it there, elaborate before the women and children start getting scared!
If someone over hazed him in college we could have avoided all this.