That's a great parody. There are times when a parody hits the nail on the head so well that it really helps people see reality. It can be more powerful in moving opinion than the front page of the NY Times.
TARP will always be seen as something Bush and Paulson cooked up to reward their friends in the final days.
Now that Bush has flown away in discrace and Paulson has gone into exile, there's no longer any inhibitions against criticizing it (because somehow you're unpatriotic).
TARP is going to quickly become a very nasty word. And Obama, he of the big-ear-to-the-ground, will do everything he can to distance himself from it.
Freddie Says It Needs Up to $35 Billion More From Treasury
By Dawn Kopecki and Jody Shenn
Jan. 23 (Bloomberg) -- Freddie Mac, the mortgage-finance company now under federal control, said it will ask the U.S. Treasury Department for as much as $35 billion more in federal aid.
Freddie, which took $13.8 billion from Treasury in November, said in a securities filing today that its fourth- quarter operating losses will again drive its net worth below zero. The company also said it settled a dispute over Washington Mutual loans with JPMorgan Chase & Co.
Damn, Zillow (and some neighbors who need to sell, and a lack of buyers, and this damn crisis...) has whacked my house for another 5% off over the past month...
Re: Fannie needing another transfusion... I guess Fannie and Freddie really shouldn't have been buying up those 30-year conformings at the ultralow rates this past month!
I hope this vid get shown to all the gov't "servants" to let them know we are not stupid and we know what they are doing, giving OUR money to their pet projects (banks) only to postpone their demise....
This feels like a collective version of Rod Steiger when he is simultaneously being shrunk and screaming at the aliens that he'll "Never give up! Never surrender!, etc, etc."
I also post comments to an irc channel as they appear on haloscan. Click for a web irc interface: Mibbit IRC client widget (Or join the irc server directly: irc.realize.org:9996 #calculatedrisk)
Funny, but the funniest I heard in this crisis is reading on Bloomberg that some laid off Wall Street traders were taking their chances in Vegas, rather than trading their own cash for income (?!)
Sometimes late at night,
I lie awake and curse the HaloScan...
...........................
"If the next week never comes,
Will they know how much I hated them.."
Garth Brooks - The HaloSca
We're on the eastern fringe of Jumbo Prime / Alt-A option-ARM territory here, on the fringe of silicon valley and not out into the central valley (which has already been whacked and foreclosed on).
We held up okay last year (only off 10% or so) due to proximity to Silicon Valley (and some corporate HQs), and being in a more-desirable neighborhood. In our region, during the bubble homes were priced only by $/sq. ft with a minor adjustment for lot size and age (a nice regression analysis, that was!).
This spring's selling season is already starting to look grim.
If the US created a National bank and offered 0% interest, how quickly would the individual mortgages be satisfied and how fast would the private banks/FED collapse? Would this help resolve the debt problem, since 2/3 (my opinion) of a mortgage is interest?
"lawyerliz writes:
What would happen if we didn't give them the money."
The bad money would start to wash out of the system, but foreclosures, BK, and joblessness would skyrocket. If we get to 20% unemployment, that's the mass civil disorder/violent revolution stage. Of course, if we give them the money, and they are lying very, very much about their bad money load, then all the money disappears into a black hole. Then foreclosures, BK, and joblessness would skyrocket. If we get to 20% unemployment, that's the mass civil disorder/violent revolution stage.
Lather, rinse, repeat. After that, the fear is that some bozo gets all excited and drops the big one. Then it's the B-52s and total destruction of civilization planetwide. The sum of all fears, as Krugman says.
No matter what, there will be a whole lot of creative destruction. We can't save them all, but we may be able to save civilization per se. If we can wash out the bad money before the system reaches total collapse, we can survive. It's all very LOTR, really.
Unfunny.
Goofy!
emo?
First on weird haloscan. No comment found, but one listed.
ok, so fourth.
Where is our bank failure???
Where is everybody?
The TARP song! Hope it makes the charts. Nice little banjo roll after the two-minute mark.
lawyerliz, I guess they are closing west coast banks this week - so we have to wait until 8 PM ET or so.
best wishes.
Again, no comments. Haloscan yelled at me cause I posted 2ce in less than 20 seconds.
Bank failure.
Oh, there you all are. Haloscan is weird.
No capitulation until crap like this isn't funny anymore.
Have to mention Arlo Guthrie's "I'm Changing My Name To Fannie Mae" here. At least we're getting some great filk songs out of this.
"Haloscan is weird". No truer words have been writen.
The upgrade is coming - they tell me 'next week' every week. Hmmm ... does 'next week' every really get here?
best to all.
Beautiful.
In the case of Conjure's clock, we can only hope 'next week' never comes...
they tell me 'next week' every week. Hmmm ... does 'next week' every really get here?
That's what they say about the "second half recovery." East coast banks typically don't close until 5:30, so there's still time.
Was that supposed to make us laugh or cry?
That's a great parody. There are times when a parody hits the nail on the head so well that it really helps people see reality. It can be more powerful in moving opinion than the front page of the NY Times.
Let's hope.
Bond Girl, just pass the time while we wait for the FDIC.
best wishes.
That's what they say about the "second half recovery."
Basel Too | 01.23.09 - 5:29 pm | #
And paying off credit cards, and oh yea pick a pay option mortgages!
Bloomberg reporting that Freddie Mac will request 35B from Treasury. I think we have crossed the event horizon on this black hole.
The upgrade is coming - they tell me 'next week' every week. Hmmm ... does 'next week' every really get here?
best to all.
Calculated Risk
HAHAHA...I work in the software biz. Next week is just what it is. Next week!!
from comic.com: Geithner
TARP will always be seen as something Bush and Paulson cooked up to reward their friends in the final days.
Now that Bush has flown away in discrace and Paulson has gone into exile, there's no longer any inhibitions against criticizing it (because somehow you're unpatriotic).
TARP is going to quickly become a very nasty word. And Obama, he of the big-ear-to-the-ground, will do everything he can to distance himself from it.
Reeling Citigroup is raising another $12 billion in FDIC-backed debt. It's the largest such offering in this program yet.
Bloomberg: Dwindling capital and a sinking stock price has already forced Pandit to take $45 billion in cash from the U.S. governmen
Need more money for bonus handouts?
Spending at a rate enough to give every American citizen $10k per year. Even the babies
Wonder if I'll see a march of those demanding their share
Forced??
I too want some tarp.
Where is the march? Count me in!!!
Freddie Needs Up to $35 Billion More From U.S. (Update2) - Bloomberg.com
Freddie Says It Needs Up to $35 Billion More From Treasury
By Dawn Kopecki and Jody Shenn
Jan. 23 (Bloomberg) -- Freddie Mac, the mortgage-finance company now under federal control, said it will ask the U.S. Treasury Department for as much as $35 billion more in federal aid.
Freddie, which took $13.8 billion from Treasury in November, said in a securities filing today that its fourth- quarter operating losses will again drive its net worth below zero. The company also said it settled a dispute over Washington Mutual loans with JPMorgan Chase & Co.
Damn, Zillow (and some neighbors who need to sell, and a lack of buyers, and this damn crisis...) has whacked my house for another 5% off over the past month...
Where are you Wisdom?
Oh darn
I forgot both the Federal Reserve and banks that have taken TARP have public disclosures coming up
That will be interesting
Eeewww. Country music. And that guy's licking his own ass!
Re: Fannie needing another transfusion... I guess Fannie and Freddie really shouldn't have been buying up those 30-year conformings at the ultralow rates this past month!
Also glad I didn't refi into a recourse loan...
I hope this vid get shown to all the gov't "servants" to let them know we are not stupid and we know what they are doing, giving OUR money to their pet projects (banks) only to postpone their demise....
Like the addendum to your name, scone.
@lawyerliz - East side of the Bay Area.
lawyerliz writes:
Like the addendum to your name, scone.
lawyerliz | 01.23.09 - 5:41 pm
"And I know why they call it Fannie..."
Bay area meaning San Fran?
Could be, say, Boston.
California unemployment rate jumps to 9.3% in December
California unemployment rate jumps to 9.3% in December - Los Angeles Times
Anyone remember (or even see) Mars Attacks!
This feels like a collective version of Rod Steiger when he is simultaneously being shrunk and screaming at the aliens that he'll "Never give up! Never surrender!, etc, etc."
Just before he's tiny and gets squashed.
OT, kind of.
Have we ever had a bond market crash before?
Just saw a ticker indicating FRE needs another $35 BILLION. No more drip drip. Just open wide.
Freddie Says It Needs Up to $35 Billion More From Treasury
It's becoming structural.
The system is reconfiguring itself around bailouts and deficits.
Our economic existence increasingly depends on something unsustainable.
I'am sorry for Obama but adding more bebt this time won't work
What would happen if we didn't give them the money.
In case the thread below is dead, Fla does have homestead, but it's not infinite anymore.
exactly ac structural limits have been reached
Bay area meaning San Fran?
Could be, say, Boston.
lawyerliz | 01.23.09 - 5:42 pm | #
Or it could be the Tampa Bay area....
New Thread: It's Never Enough: Citigroup $12 Billion, Freddie Mac $35 Billion ( 0 comments ...You could be FIRST! )
I also post comments to an irc channel as they appear on haloscan. Click for a web irc interface: Mibbit IRC client widget (Or join the irc server directly: irc.realize.org:9996 #calculatedrisk)
does 'next week' every really get here
Not in a deflationary environment because, you see, everyone keeps expecting things to be cheaper and so they just hold on to today.
Idle speculation:
What about buying a disused factory in China to hoard/distribute rice
If that fails in itself couldn't dealing in rice futures be an easy conduit for hot Renminbi inflows matched with domestic rice purchases
Funny, but the funniest I heard in this crisis is reading on Bloomberg that some laid off Wall Street traders were taking their chances in Vegas, rather than trading their own cash for income (?!)
Sometimes late at night,
I lie awake and curse the HaloScan...
...........................
"If the next week never comes,
Will they know how much I hated them.."
Garth Brooks - The HaloSca
Sorry to be provincial. Yes, California.
We're on the eastern fringe of Jumbo Prime / Alt-A option-ARM territory here, on the fringe of silicon valley and not out into the central valley (which has already been whacked and foreclosed on).
We held up okay last year (only off 10% or so) due to proximity to Silicon Valley (and some corporate HQs), and being in a more-desirable neighborhood. In our region, during the bubble homes were priced only by $/sq. ft with a minor adjustment for lot size and age (a nice regression analysis, that was!).
This spring's selling season is already starting to look grim.
If the US created a National bank and offered 0% interest, how quickly would the individual mortgages be satisfied and how fast would the private banks/FED collapse? Would this help resolve the debt problem, since 2/3 (my opinion) of a mortgage is interest?
Just wanted to ask...
"lawyerliz writes:
What would happen if we didn't give them the money."
The bad money would start to wash out of the system, but foreclosures, BK, and joblessness would skyrocket. If we get to 20% unemployment, that's the mass civil disorder/violent revolution stage. Of course, if we give them the money, and they are lying very, very much about their bad money load, then all the money disappears into a black hole. Then foreclosures, BK, and joblessness would skyrocket. If we get to 20% unemployment, that's the mass civil disorder/violent revolution stage.
Lather, rinse, repeat. After that, the fear is that some bozo gets all excited and drops the big one. Then it's the B-52s and total destruction of civilization planetwide. The sum of all fears, as Krugman says.
No matter what, there will be a whole lot of creative destruction. We can't save them all, but we may be able to save civilization per se. If we can wash out the bad money before the system reaches total collapse, we can survive. It's all very LOTR, really.
that was the funniest fucking video I've watched in ages...
...it reminded me of the closing I did today where I told the folks that their 4.75% was just "their little slice of the TARP".
Yikes. I'm calling the bottom in Boomer humor.
"Tarp" should be in all caps in the title... "TARP".
Yes,yes
I too want a bailout
Dear CR
A GRAMMY FOR "I WANT SOME TARP"
YES, YES
I VOTE FOR THIS THEME
THANKS