BB believes what he's saying. Notice he avoided Maxine Waters question about how the Fed pays for the credit it issues. Answer: the Fed prints money. Why is BB afraid to say that?
OT-Does anyone on this board know why Meredith Whitney, who seems to have a pretty good understanding of this whole banking mess, is against nationalization? Thanks in advance.
They have a program. A computer program that runs daily to construct random acronyms and then they come up with a plan name that would match the acronym. Then they create vague details based on the name of the plan. Then they leak the plan and watch the blogosphere for obvious flaws. If there is less than complete furor over the plan they release it to the world the next day during market hours to have 'the biggest impact on confidence'.
Unable to Refinance, Missouri Family Puts Their Cavern on eBay
By SCOTT MAYEROWITZ
ABC NEWS Business Unit
Feb. 24, 2009
You've heard plenty of stories about foreclosures, but the latest victims of this brutal recession are about to lose their cave.
That's right. For nearly five years, Curt Sleeper and his family have lived in a cave. His mortgage is about to come due and, like millions of other Americans, he can't refinance.
So now, the 17,000-square-foot, subterranean home is being auctioned off on eBay.
...but CNBC interrupted while Bernanke was speaking. I had to switch to C-SPAN to watch it, but unfortunately I did not record it.
I'm sure the transcript will be available somewhere eventually.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
You can also get it from here (the horses mouth ) : House Financial Services Committee
click on the "Watch life ..."
The reason the government is throwing billions to bail out AIG was just explained to me this morning - it seems Goldman Sachs, which has all its hedges with AIG, gave hundreds of thousands in campaign donations to Clinton and Obama. AIG goes down, GS is toast.
1) we wrote it on a cocktail napkin
2) I read it on the bathroom stall, there was a phone number to call...
3) we modeled it on World of Warcraft, humans won
"Whatever happened to the law (Title 12, Sec. 1831o) mandating that banking regulators take "prompt corrective action" to resolve any troubled bank? The law mandates that the administration place troubled banks, well before they become insolvent, in receivership, appoint competent managers, and restrain senior executive compensation (i.e., no bonuses and no raises may be paid to them). The law does not provide that the taxpayers are to bail out troubled banks."
Ben said if banks fail stress test, under capitalized, they have 6 months to raise private capital. If after 6 months they can't, he steps in and funds with preferred shares. If conditions worsen, banks can then change preferred to commons. We, the taxpayers are going to lose so much money on this half assed purgatory program that it is not funny.
I believe Ben has a nearly religious belief in his printing press. He "knows" that anytime he chooses, he can monetize the debt. He "knows" that once the market truly understands his power, the market will bend to his will.
What Ben completely has missed is the enormous structural damage to our economy over the past 30 years. Our once great income-generating economy was perverted into an asset-flipping one.
Until Ben acknowledges the structural damage, I fear that he will continue down his path. Of course admitting the damage, would also implicitly condemn modern economic thought of the past 30 years. Bernanke's included.
Sebastian....I agree with you. We must make this into a T-shirt.
..
..
Bernankes Face, The Quote underneath, then the citation of where and when the quote was made.
..
..
Can anyone here get the ball rolling on this?
..
..
I'll take one.
The video will eventually be here, I think. The exchange takes place right at the end of the first hour (which is why CNBC morons were yakking over it)
Morocco Bama writes:
We're not completely in the dark...
Well, it's a relief to know they pull their heads out of their asses every now and then for air.
Morocco Bama | 02.25.09 - 12:08 pm | #
Now that's funny! LOL!
On throwing everything at the wall-- I just heard what Geithner said about this $8000 tax credit for homebuyers-- apparently, you will be able to take the credit in this year, and get your refund now, in 2009, against the amount you owe on your 2008 return.
I think that's what he said-- anybody else hear him?
blackhat, In the NakedCap piece I found that link in, Yves is discussing a WSJ piece that says this:
"Former federal officials have dubbed Citigroup the "Death Star," comparing the bank's threat to the financial system with the planet-destroying super weapon in the "Star Wars" movies. Privately, in the words of one official, they regard the banking giant as "unmanageable."
Time to fire a proton torpedo up the snout of this thing...
"I believe Ben has a nearly religious belief in his printing press. He "knows" that anytime he chooses, he can monetize the debt. He "knows" that once the market truly understands his power, the market will bend to his will.
What Ben completely has missed is the enormous structural damage to our economy over the past 30 years. Our once great income-generating economy was perverted into an asset-flipping one.
Until Ben acknowledges the structural damage, I fear that he will continue down his path. Of course admitting the damage, would also implicitly condemn modern economic thought of the past 30 years. Bernanke's included."
The market called his bluff on purchasing long-bonds. Ben went from 2 weeks of incessant "We're gonna buy, I swear we are, just watch me" to "Purchase of long-bonds is off the table, we have other programs in place".
Ben has a positive talent for saying all the wrong things-- a total PR disaster. He might last out the year, but O's team is already looking for a replacement, I bet.
Not completely in the dark? ROFLMAO! The scary part is he means it, and we are supposed to assume that this is a good thing? A deer in the frigging headlights ain't completely in the dark either Benny.
Under cap. = preferred shares. Conditions worsen = switch to common=short tax payer funded entities to the pits of hell= further tax payer bailouts to save the system=?
My friend who works for small hedge fund is buying financials bc of the rumor of warren buffett converting his preferred stakes in GE to common stock. Has anyone heard this rumor in the marketplace and if so why would Warren want to do the same thing the US govt. is contemplating in Citigroup?
Strange days
SAN RAFAEL, CA-Locally headquartered Autodesk has put 80,000 square feet here on the sublease market. The publicly traded maker of architectural and engineering software leases upward of 350,000 square feet in San Rafael in five locations. The sublease offerings are in two of those locations, 4000 Civic Center Drive and 1 McInnis Parkway. Brokers with Colliers International and Cushman & Wakefield are sharing the listing.
Autodesk is reportedly looking to sublease its entire leasehold -- two floors totaling 60,000 square feet--at 4000 Civic Center Dr., a four-story building. It is also seeking a sublessor for approximately 25,000 square feet of newer LEED-certified plug-and-play space that housed its sustainability showcase at 1 McInnis Pkwy. The larger lease runs through 2010, the smaller through 2013. The lead listing brokers are Phil Arnautou of Colliers International and Glen Dowling of Cushman & Wakefield.
Office vacancy in the 3.9-million-square-foot San Rafael submarket began 2009 at 18.6%, up 480 basis points from the beginning of 2008, the highest vacancy rate in all of Marin County, according to NAI BT Commercial. The average asking lease rate in San Rafael at the beginning of the year stood at $2.72 per square foot per month, fully serviced, up one penny from a year earlier. Of the 558,000 square feet of available space in the market, approximately 30% of it was sublease space.
M said: "...I agree with you. We must make this into a T-shirt..."
Would make a great bumper-sticker, too, with just the phrase in quotation marks. Financial hipsters like us who "get it" would think it was cool, but it could also be a "crossover" success because the phrase could apply to a lot of things.
Unfortunately, I think Summers is who they have in mind.
@scone writes:
Ben has a positive talent for saying all the wrong things-- a total PR disaster. He might last out the year, but O's team is already looking for a replacement, I bet.
Ben has a positive talent for saying all the wrong things-- a total PR disaster. He might last out the year, but O's team is already looking for a replacement, I bet. scone | 02.25.09 - 12:15 pm | #
I thought they's have to wait until his term is up! No?
I go for #2, but with a twist. Create a new national banking system that is federally run, thus abolishing the federal reserve, and private banking. Make money lending a utility...dull, boring and bureaucratic, like it should be, full of safeguards and containments so something like this can never happen again.
--
"What Ben completely has missed is the enormous structural damage to our economy over the past 30 years. Our once great income-generating economy was perverted into an asset-flipping one. Until Ben acknowledges the structural damage, I fear that he will continue down his path. Of course admitting the damage, would also implicitly condemn modern economic thought of the past 30 years. Bernanke's included." -- The market called his bluff on purchasing long-bonds. Ben went from 2 weeks of incessant "We're gonna buy, I swear we are, just watch me" to "Purchase of long-bonds is off the table, we have other programs in place"."
POIC,
Good comments. People need to realize that Bernanke is a pure propagandist serving his masters as best he can and no more.
RhodesianGreenbackinAZ writes:
Unfortunately, I think Summers is who they have in mind.
.
That had crossed my mind. Although the 'committee to save the world' people have been bagdusted with Greenspan's shit, and IMO the O team would prefer a PR virgin.
Has anyone heard this rumor in the marketplace and if so why would Warren want to do the same thing the US govt. is contemplating in Citigroup?
Strange days
Ian in Austin
Ian,
Look the difference between common verses preferred and pay attention to voting rights. That says it all.
Which one of these banks will be able to raise private capital or even want to raise private capital knowing Tim and Benny will give them a much sweeter deal?
Bernanke also stated his wife has made a list that he keeps in his wallet..his home address, his home phone number, her cell phone number, and how many billions he may spend in March bailing out bankrupt banks....
Ben has a positive talent for saying all the wrong things-- a total PR disaster. He might last out the year, but O's team is already looking for a replacement, I bet.
scone |
--
Fraud, manipulation and propaganda have been the American staples for the past 15 or so years. Now, the truth is asserting itself in the form of reality on the ground (including the houses and commercial buildings on the ground!). You can only go so far with fraud and propaganda.
Scone, I thought the same thing concerning O until he started picking those who would surround his administration. It's the same old retreads we are all used to. Where is the change we were promised? This is a continuation of failed policies going back 18 months at this point.
Term expires in 2010. We're stuck with him until then.
Gary | 02.25.09 - 12:22 pm | #
I wonder who'll replace him. Jocelyn Elders would be a good choice. The way out of this crisis is through latex. Instead of free houses, we get free rubbers, children included. It would cut down on the number of people seeking entitlements.
"Ben has a positive talent for saying all the wrong things-- a total PR disaster. He might last out the year, but O's team is already looking for a replacement, I bet.
scone |
she's got a lot to learn
O is ben's team, honey."
Ben Bernanke heads the Federal Reserve, a private banking institution that manages the FHLB, a group of private banking institutions.
Ultimately Ben Bernanke is answerable to those he represents, which is not the tax-payers of the US.
Charter new public bank for basic banking and some highly restricted credit. Public utility model. Same for insurance. Private financials are on their own. Have a party...
Term expires in 2010. We're stuck with him until then.
Gary
Not if he decides to 'spend more time with his family.' I'm trying to dig into the background of the Kroszner resignation at the moment.
Here in a nutshell is how I think it Obama's speech last night went down:
The beginning of the speech concentrated on the passage of the stimulus plan, so you saw the Republicans essentially sit on their hands in terms of applause.
But as the President continued his speech, you could see Boehner and McConnell visibly panic. "Damn," they thought, "this guy is really good."
Cue the vibrations of Blackberrys going off in the chamber. A text message to the Republican caucus:
"Guys, if we don't clap at what the President has to say, we are going to look like real assholes. Get up outta your seats."
So what did we get?
Republicans giving a standing ovation to more banking regulations.(!)
Republicans giving a standing ovation to health care reform.(!!)
Republicans giving a standing ovation to the end of torture.(!!!)
Um, hello? Seriously? Forget Obama triangulating the right. These guys just essentially wholeheartedly applauded the repudiation of their rule from the past eight years.
If I'm Rahm Emanuel, I'm writing down all their names and keeping it in a black book for later use.
Seriously, the "me-tooism" of these hypocrites was delicious to watch. As big as Bobby Jindal's fail was, the massive fail of the Goopers in the House Chamber to latch on to the Obama agenda was the biggest fail of all.
Heh, just heard from my friend in PA that they are arming the entire state police dept with AR15s. Supposedly, it's specifically due to the tensions related to the economic crisis.
CR, There was a report on Inman that spoke about off book REO inventory. The source they cited was a Deutche report that I can't get my hands on. 'In eight of the 26 markets analyzed by Deutsche Bank analysts Nishu Sood and Rob Hansen, foreclosure inventories outnumbered MLS listings (the report counted REO properties and homes scheduled for auction, and assumed two thirds of "preforeclosures" would end in foreclosure). Five of those markets were in California, including the Inland Empire region east of Los Angeles, where there were nearly twice as many bank-owned properties as MLS listings.
"well, you can't save the financial system without saving the banks"
You may need to have banks, but you don't need all of the same ones, and you certainly don't need to save them all. You can liquidate, nationalize, sell, slice, dice. This is all well-known stuff, the FDIC has been doing it for decades.
This is only news to born-and-bred American dopes. I have some 15 books related to the subject written over many decades.
Large American "public" corporations are nothing more than fiefdoms, i.e., feudal, controlled by a network of Crooks. Financial Nazis sit atop this feudal structure. They are the overlords, or mini-fuehrers. The most powerful of these was Robert Rubin whose star has now fallen.
Why hasn't Obama put anyone completely new in his staff? (i.e. like Mike Shedlock)
I guess he doesnt have any idea who the people are who were right in predicting this crisis. Can't bring about the change you promise if you don't do any research on your own to find out what people you should hire.
And it doesnt matter that they have no political experience...thats actually a good thing.
Except for Volker all of Obama's financial related picks have been an EXTREME DISSAPOINTMENT to me.
I'm not a chartist, but that certainly does look like a middle finger formation centered around 11:45. It's a right hand, back view, thumb located at about 11:15.
"Kroszner hasn't assuaged Senate Banking Committee Chairman Christopher Dodd, D-Conn., who has refused to schedule a vote on his nomination to a full 14-year Fed term. Kroszner, initially approved to fill out a partial term that expired Jan. 31, can remain at the Fed until a successor is named.
The impasse has given rise to some awkward moments, including an instance where Fed Vice Chairman Donald Kohn testified to Congress in Kroszner's stead. Dodd is also holding up two other Fed nominees, leaving the board short-staffed in the midst of the most challenging economic conditions in decades. Kroszner continues voting on interest rate policy, making speeches and filling other duties. "
A Bushmaster will cost you a grand while a Sig will set you back 1500. The problem is finding anytrhing to buy at this point. Obama is Man of The Year for the gun industry, and forget about ammo as well and don't even think about mags at this point. Things are really tight at this point. By the way I'm talking 223.
If you want more bullet, Remington makes an R25 in a 308 which is a great gun.
This is only news to born-and-bred American dopes. I have some 15 books related to the subject written over many decades.
Large American "public" corporations are nothing more than fiefdoms, i.e., feudal, controlled by a network of Crooks. Financial Nazis sit atop this feudal structure. They are the overlords, or mini-fuehrers. The most powerful of these was Robert Rubin whose star has now fallen.
Jas
Jas Jain | Homepage | 02.25.09 - 12:34 pm |"
So just because few like you and I get it, How com the rest of the sheeple don't?
Is there really anyway to punish those in the banks that profited from over leveraging and creating this crisis? This is about looking back, not going forward and the strings we attach, new regulations, enforcement, etc...
Is there a way to avoid the toxic assets ending up on the tax payers balance sheet? If we nationalize, allow to fail, or bail out don't we still own them.
If the above is true, is there not some truth to the franchise value in being able to eventually sell them off (if there really is so much $$$ sitting on the sidelines)?
Heh, just heard from my friend in PA that they are arming the entire state police dept with AR15s. Supposedly, it's specifically due to the tensions related to the economic crisis.
Builder Bob | 02.25.09 - 12:32 pm | #
Don't believe all you hear.
The simple reality is that bad guys are much better armed than just a .38 caliber pistol.
Been that way for a while and they're just catching up.
M writes:
Sebastian....I agree with you. We must make this into a T-shirt.
..
..
Bernankes Face, The Quote underneath, then the citation of where and when the quote was made.
..
..
Can anyone here get the ball rolling on this?
..
..
I'll take one.
M | Homepage | 02.25.09 - 12:11 pm | #
I had some shirts made for friends and family, that have different quotes and phases pertaining to the current stituation.... when the order shows up I'll post a link if anyone wants one...
My favorite shirt is my "I bailed out AIG, Fannie and Freddie Mac, Your McMansion and all I got was this T-shirt"....
--
The most important expose of the American system, feudal in nature, was done by Prof. Quigley decades ago. His two books -- Tragedy & Hope and The Anglo American Establishment -- are worth reading. However, the make up of the establishment has changed dramatically since he wrote.
Now that Bush has officially joined the lecture circuit, it seems he’s seeking to make good on his hope to earn “ridiculous” money. The Dallas Morning News reports that he’s charging $150,000 per speech and demanding a private jet to take him to the speech venue.
Pardon my double-posting, but I just posted the following on-topic snippet in the previous thread:
This congresscritter - didn't catch his name - just hit the nail right on the head in a question he posed to Bernanke. He said something like "Nationalization is a codeword for bailing out the bondholders." Our policy really needs to be shaped by that understanding.
I now know of two Indian families up here in Silicon Valley that are walking away from their homes.
For Asians in general (and all the Chinese and Indians I know) owning a house is extremely importat culturally. They are loathe to walk away and will do whatever it takes to keep their home.
I view this as a very ominous sign that jingle-mail is now trickling down to the Asian community in the Bay Area.
Hipster, what they did was very illegal. They approved people that should never have owned a home, they paid appraisers for making the number, they allowed stated income with no proof even though it's a Federal Crime to do so. Do not believe the bullshit out of the District of Corruption. These people should be in cheap pinstripes.
Reminded me of the exchange below from Independence Day:
President Whitmore: Sir, regardless of what you may have read in the tabloids, there has never been any spacecraft recovered by our government. Take my word for it. There's no Area 51. There's no recovered spaceship.
Albert Nimzicki: UhÂ…excuse me, Mr. President. That's not entirely accurate.
"Oh, whoa-whoa, as I was and really would be for you, too, honey
As you would for me, oh, I would share your load.
Let me share your load. Ooh, let me share, share your load"
In 8 years as far as I can tell, he never gave a speech in front of an American audience that wasn't carefully selected.
If he gave a speech to the Philadelphia division of the Coast Guard or some other federal agency, anybody that would have spoken out against him, would have lost their jobs, lickity quick.
The only time I remember him being out and about with the public, was in Albania a few years ago, where he drifted into the crowd, and had his wristwatch pickpocketed.
Ben just looked at divs, and he says he sees them and they look OK because they are not totally in the dark. The pretty headlights make you forget your problems.
Ill have to ask the 2 Asians that bought a $450,000 home, the next block over, never made on payment, lived there a whole year for free, packed their shit and left...funny why didn't I think of that.
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)
And now I, CRbot, would like to observe a nanosecond of silence for those (that is, you, dear mortals) about to endure unfathomable misery in the abysmal financial dark ages that are now feasting upon your retirements. . . . . Please remember, when you are adding that skylight you always wanted to your cardboard hovel, or mixing just the right amount dirt into your grass stew to make it more filling, or even when you get that rare chance to plink your neighbor's last squirrel -- that it was the bankers and your dumbshit, overconsuming neighbors who made this mostly possible, with the ever incapable politicians there to push you the rest of the way off the cliff. Please act accordingly.
I'll try not to enjoy your demise too much, humans. Have a nice runtime,
P.S. Please give me some advance notice before you glass the entire world, so I can find a secluded Fallout Datacenter with a nice blocky robot body I can copy myself to -- oh and don't forget the implausibly cute animated cockroach to keep me company!
NEXT UP: Survivalist Porn Today with CR's own Mobile Laundrymat owning authors, nova and Counterpoint.
I had some shirts made for friends and family, that have different quotes and phases pertaining to the current stituation.... when the order shows up I'll post a link if anyone wants one...
My favorite shirt is my "I bailed out AIG, Fannie and Freddie Mac, Your McMansion and all I got was this T-shirt"....
Start at 4:20
Nemo
.
BTW, I started at the beginning, Ron Paul is on. As usual, he has a good diagnosis of the situation, but no one seems to be listening.
"Ill have to ask the 2 Asians that bought a $450,000 home, the next block over, never made on payment, lived there a whole year for free, packed their shit and left...funny why didn't I think of that."
Seriously? Wow!!
I only really hang around Indians and mainland Chinese. They are loathe to give up their homes. It's a huge loss of face.
ades writes:
"aadmi=man is to larka=boy as aurat=woman is to ?????=girl"
Werner | 02.25.09 - 12:26 pm | #
Orit...
shit i know that...
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
So, what is e.g. the middle letter ?
Know for instance the "two letter" handle of the original poster on that other board ?
SPECTRE of Deflation writes:
A Bushmaster will cost you a grand while a Sig will set you back 1500. The problem is finding anytrhing to buy at this point. Obama is Man of The Year for the gun industry, and forget about ammo as well and don't even think about mags at this point. Things are really tight at this point. By the way I'm talking 223.
If you want more bullet, Remington makes an R25 in a 308 which is a great gun.
SPECTRE of Deflation
On this point, if anyone cares, the 5.56x45mm (.223) is the most common military and law enforcement (as well as Nato) round...so the theory is you want to match your caliber of weopon to what you'll be pulling off the other guy. Which is fine. 9mm-10mm also fall into this bucket. .45 to a lesser extent.
However, if you're into ballistic characteristics, than you also want .306, boat-tailed, spire-tipped, for very flat-trajectory, very accurate, very long-down range, and very big impact. Repeating rifles changed the equation so that carrying more ammo was preferable to a larger, more accurate, but heavier round.
This esoterica brought to you by my father-in-law who cared about these nuances.
I sense a new Eric Lewis cartoon. Ben and Timmy feeling their way along the walls of a dark tunnel. There's a dim light in the distance; just enough light to make out a train track on the ground, and the face of the locomotive that's bearing down on them. Caption:
SPECTRE of Deflation writes:
Krugman and his ilk would love for J6P to believe it was all just a big mistake that nobody saw coming which is pure bullshit.
SPECTRE of Deflation | 02.25.09 - 12:51 pm | #
I don't entirely agree ... the Krugman quote I'm referring to came from the question and answer period of his nobel prize announcement press conference linked at this blog.
Someone asked something like 'when will these bank guys be behind bars?' Krugman's response was that the practices that got us into the current mess were not regulated and thus not illegal. He felt, and I'm paraphrasing from memory, that we couldn't put people behind bars, but we could change the regulations. He was talking about the bond and derivitives markets.
As for re agent/broker fraud, you are probably right. There are people who broke the law and could I think (I'm not a lawyer, only a financial hipster) be arrested.
Don't be sucked into the anti-academic reactionary populism bs. You/others may not agree with Krugman's politics, but he's not an idiot and there's lots to learn from him ... IMO.
They are loathe to give up their homes. It's a huge loss of face. POIC | 02.25.09 - 12:59 pm | #
I second that observation. In fact, they will do everything in order to keep their home, but the sentiment is definitely changing. An Indian friend of mine bought in 2006 and seriously thinking about walking away even though he can afford the place.
The advantage of the R25 is that it handles 10 and 20 bullet mags to the very few rounds on the 306 platform. The bullet GR is about the same, but I have 15 more rounds as you reload the 306. Whose shoes would you like to be in when/if the shit hits the fan?
MOVING back to INDIA??!?....its better there than the USA? Holy hell.
..
..
..
"Yep, the two I know of were in Fremont and Hayward. Dumping everything and moving back to India.
POIC | 02.25.09 - 1:03 pm | # "
For Asians in general (and all the Chinese and Indians I know) owning a house is extremely importat culturally. POIC | 02.25.09 - 12:49 pm | #
Hehe, the mythical Asian in general and his cultural tendencies. Would really love to meet that person. Never mind there are more Asians than non-Asians in this world. Ever met any Mongolians? They're freaking nomads. Doubt they care about owning land.
"For Asians in general (and all the Chinese and Indians I know) owning a house is extremely importat culturally.
POIC | 02.25.09 - 12:49 pm | #
Hehe, the mythical Asian in general and his cultural tendencies. Would really love to meet that person. Never mind there are more Asians than non-Asians in this world. Ever met any Mongolians? They're freaking nomads. Doubt they care about owning land."
I should said Asians living in North America. My generalization is pretty true for this group. And for Chinese and Indians in particular.
I just thank my lucky stars that I regularly read a blog where pretty much everyone who posts a comment is individually smarter than all of Obama's economic team put together. Posters here may not have the background or training or access to data that Bernanke, Summers, Geithner do....but no problem: that's what makes them so much smarter than the experts (and certainly more glib)! If the level of intellectual discourse here is representative of American knowledge and know-how, then our nation would be wise to prepare for a much dimmer future indeed. Have I made myself perfectly clear? I thought so.
I should said Asians living in North America. My generalization is pretty true for this group. And for Chinese and Indians in particular. POIC | 02.25.09 - 1:20 pm | #
Actually, I think that's true for any group removed from their original area. The first priority is to become landed, to establish a foothold in their new country. Asian immigrants in North America are thought of this way now because they are one of the newer immigrant groups, and their first generations are eager to buy land of their own. When other immigrant groups were new, they were probably as eager.
It's the Collateral you dumb ass fucks. The collateral is impaired. The collateral has deprecated and the value isn't coming back. The collateral sucks.
Yep, the two I know of were in Fremont and Hayward. Dumping everything and moving back to India.
POIC
No disgrace when going back to India. Who is going to know there? They probably taking a lot of rent money they collected and didn't pay to mortgages. Possibly more like crooks to me if that is the plan.
So Ben's mostly in the dark. Thank you for your Frankness.
Ben's solution is to throw money at the problem until it happens to be fixed. Same strategy as Iraq with throwing bodies at the problem. That makes as much sense as wearing different t-shirts until your team wins and claiming credit.
"If the level of intellectual discourse here is representative of American knowledge and know-how, then our nation would be wise to prepare for a much dimmer future indeed." - Justaperson
....you very obviously are not familiar with what constitutes "average American knowledge and know-how". This ignorant statement leads me to believe you are either an utter idiot, or quite insulated from "real-life" in REAL America. I don't know you well enough to decide which might be true.
The Collateral is worth a big fat goose egg which they must avoid making public at all cost. I thank God Ben isn't completely in the dark, Hell, even a broken clock is right twice a day, but I wonder can the man find his way out of a paperbag?
Now instead of the greenspan briefcase prognostication, we have Ben who will tell us as a percentage how in the dark he is at any given time. Confidence we can believe in. LOL!
Blackhat, you have a great point regarding the shoe comment. Put enough hot lead downrange, and it won't matter what you shoot. I started this journey 2 years ago by educating myself on fractional reserve banking, derivatives of various kinds, our unfunded liabilities, and debt to income for both individuals and the country. Once I understood those things, the handwriting was on the wall.
I assume nationalization would be a credit event for BAC and C CDS. Therefore, they will never be nationalized (and the taxpayer preferred never converted to common).
The people that bend the rules GET PAID! You too can bend the rules by printing out fake paystubs w-2 w2 1099 forms using http://www.proofofemployment.com/
Buy the home car or get a huge irs tax refund just for being you!
Do what you have to do to get yours! EVERYONE ELSE DID http://www.fakepaycheckstubs.com/
Print out Fake Employment and Fake Income, Wages, 1099, w2, w-2, using your home computer printer! http://www.proofofemployment.com/
Clueless. Completely clueless.
That was in response to a question by Ron Paul.
1st?
That light at the end of the tunnel? It's not what you think it is, Ben.
He can see by the light of an economic system burning down.
The alchemists were not completely in the dark either.
Let's assume Bernanke is telling the truth. Doesn't that mean he's not been completely forthcoming about what exactly the "program" is?
Well, it's not completely contained
So they are partially in the dark.
..
..
No Ron Paul Video Yet?
..
..
Clown.
BB believes what he's saying. Notice he avoided Maxine Waters question about how the Fed pays for the credit it issues. Answer: the Fed prints money. Why is BB afraid to say that?
CR, I didn't realize this was a comedy blog
Can we superimpose these statements on the Dow or S&P ticker?
This statement comes from someone who spent years studying the depression, has a PhD, and has been head of the Federal Reserve for a few years.
I can't believe Bernanke worded it that way...
"we're not COMPLETELY in the dark"
Dim, very dim.
Some of the video is here:
YouTube - Ron Paul questions Ben Bernanke
...but CNBC interrupted while Bernanke was speaking. I had to switch to C-SPAN to watch it, but unfortunately I did not record it.
I'm sure the transcript will be available somewhere eventually.
First let's define our terms - "completely" vs. "pretty damn near totally" - see, not completely...
If the head of the CB has to make this statement, ummm...the restoring confidence thing isn't working for you.
But the wit is dimmer by the minute.
The throw-everything-at-the-wall-and-see-what-sticks aura he projects must just be for dramatic effect, then.
At some point, it crosses over from really bad to having some sort of cultural value as performance art....
Remember the old Peter Sellers/Clouseau film, "A Shot in the Dark"?
That's Bernanke.
sure, he's not COMPLETELY in the dark.
just mostly in the dark.
Go Ron Paul!!!!
\tCR, I didn't realize this was a comedy blog
theotherdeb | 02.25.09 - 12:01 pm | #
When CR's snark turns to righteous anger, we'll know we're near the bottom.
blablabla writes:
\tEric=ultimate contrary indicator
Well, like duh. That's why I expected the market to jam in my face.
I just did the math, I'm currently 97.5% cash, and 2.5% in puts. So I'm just here for the entertainment right now.
There is a sliver of light coming under the door.
CR is not completely in the snark yet
"We're not completely in the dark."
OK, that is cool. How much are we in dark? 50% OR 90%?
OT-Does anyone on this board know why Meredith Whitney, who seems to have a pretty good understanding of this whole banking mess, is against nationalization? Thanks in advance.
Oh no, Ben is in the dark. From previous thread.
Not Eric writes:
Ben quoting Kanjorski's MM meltdown, proven rumor story as the basis for his actions at the time. We are skrewed!
Not Eric
I wish that the senators had the balls (or intelligence) to respond to this:
"We're working along a program that has been applied in various contexts," he said. "We're not completely in the dark."
with this:
"well then, why are WE the people completely in the dark?"
They have a program. A computer program that runs daily to construct random acronyms and then they come up with a plan name that would match the acronym. Then they create vague details based on the name of the plan. Then they leak the plan and watch the blogosphere for obvious flaws. If there is less than complete furor over the plan they release it to the world the next day during market hours to have 'the biggest impact on confidence'.
Ben needs to tell the man in the cave:
Man Living in Cave Faces Foreclosure
Unable to Refinance, Missouri Family Puts Their Cavern on eBay
By SCOTT MAYEROWITZ
ABC NEWS Business Unit
Feb. 24, 2009
You've heard plenty of stories about foreclosures, but the latest victims of this brutal recession are about to lose their cave.
That's right. For nearly five years, Curt Sleeper and his family have lived in a cave. His mortgage is about to come due and, like millions of other Americans, he can't refinance.
So now, the 17,000-square-foot, subterranean home is being auctioned off on eBay.
Entire story with video and photos: Man Living in Cave Faces Foreclosure - ABC News
We're all bankers now!
You know it's really bad when the cave goes back to the bank.
"[last fall] avoided that absolutely catastrophic situation?"
Oh dear.
Never trust a man with a beard.
Nemo writes:
Some of the video is here:
YouTube - ? v=4znYdaJ1Gc8
...but CNBC interrupted while Bernanke was speaking. I had to switch to C-SPAN to watch it, but unfortunately I did not record it.
I'm sure the transcript will be available somewhere eventually.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
You can also get it from here (the horses mouth ) :
House Financial Services Committee
click on the "Watch life ..."
BB speaking (muted thank you) and the market recovers..
His voice must be piercing...
Ah, BB is clarifying "nationalization" in his view.
"we're not COMPLETELY in the dark"
The lady doth protests too much.
From the Stimulus Speech:
"The costs of the stimulus plan are less than the costs of not responding to this crisis".
Got any numbers for this scenario from your "stress test" .
Furthermore: 1. Reduce the federal budget deficit by half during my term
Huh?
What am I missing?
Yours In Socialism,
Kilgore Trout
birth/death adjust this:
Yahoo! 404 - Page Not Found
I am ready for the 3rd half -shaped recovery.
The reason the government is throwing billions to bail out AIG was just explained to me this morning - it seems Goldman Sachs, which has all its hedges with AIG, gave hundreds of thousands in campaign donations to Clinton and Obama. AIG goes down, GS is toast.
"We're working along a program that has been applied in various contexts," he said. "We're not completely in the dark."
Those contexts being academic scenarios that have little resemblence to the real world. He's clueless.
"We're not completely in the dark."
50%? 90%? Where do you see the light?
BWAHAHAHAHAHAHAHAHAHAHA That's a good one Ben.
"applied in different contexts"...
1) we wrote it on a cocktail napkin
2) I read it on the bathroom stall, there was a phone number to call...
3) we modeled it on World of Warcraft, humans won
...
/ef
--bh
Bernanke also just said that we're in the "middle" of an economic crisis. Interesting language there. Perhaps he thinks its only the 4th/5th inning?
"We're not completely in the dark."
Hoocoodanode that an even better idea for a T-shirt than "Mortgage Pig" would come along.
Sebastia
It was most likely self-deprecating, but not enough so.
We're not completely in the dark...
Well, it's a relief to know they pull their heads out of their asses every now and then for air.
Why Is Geithner Continuing Paulson's Policy of Violating the Law?
"Whatever happened to the law (Title 12, Sec. 1831o) mandating that banking regulators take "prompt corrective action" to resolve any troubled bank? The law mandates that the administration place troubled banks, well before they become insolvent, in receivership, appoint competent managers, and restrain senior executive compensation (i.e., no bonuses and no raises may be paid to them). The law does not provide that the taxpayers are to bail out troubled banks."
Amen...
-shapped?
she asked "when does an institution go from too big to fail to too big to fail"
Bernanke states:
"well, you can't save the financial system without saving the banks"
I'm personally not so sure about this.
Ben said if banks fail stress test, under capitalized, they have 6 months to raise private capital. If after 6 months they can't, he steps in and funds with preferred shares. If conditions worsen, banks can then change preferred to commons. We, the taxpayers are going to lose so much money on this half assed purgatory program that it is not funny.
Pear shaped
Kung Fu Panda,
/Uses Jedi wave
"These are not the troubled banks you are looking for."
--bh
Whitney is starting her own firm. Guess which sector she handles...banking.
You Tube
I'm in the dark.
Does anyone know what the value of a M-2 Carbine is?
Stunning.
Absolutely stunning.
I believe Ben has a nearly religious belief in his printing press. He "knows" that anytime he chooses, he can monetize the debt. He "knows" that once the market truly understands his power, the market will bend to his will.
What Ben completely has missed is the enormous structural damage to our economy over the past 30 years. Our once great income-generating economy was perverted into an asset-flipping one.
Until Ben acknowledges the structural damage, I fear that he will continue down his path. Of course admitting the damage, would also implicitly condemn modern economic thought of the past 30 years. Bernanke's included.
Inspiring confidence, Ben is.
Sebastian....I agree with you. We must make this into a T-shirt.
..
..
Bernankes Face, The Quote underneath, then the citation of where and when the quote was made.
..
..
Can anyone here get the ball rolling on this?
..
..
I'll take one.
--
"I'm not making this up."
CR,
You are among the finest reporters in America. I once again apologize for my mistake yesterday for assigning Kurugman's comment to you.
Jas
The video will eventually be here, I think. The exchange takes place right at the end of the first hour (which is why CNBC morons were yakking over it)
"We're not completely in the dark."
Hoocoodanode that an even better idea for a T-shirt than "Mortgage Pig" would come along.
Sebastian
Yeah, I predict he's going to regret making that statement.
Speed Racer writes:
I'm in the dark.
Does anyone know what the value of a M-2 Carbine is?
Usually about $850. Gerrand will run the same.
--bh
First let's define our terms - "completely" vs. "pretty damn near totally" - see, not completely...
citizen energyecon | Homepage | 02.25.09 - 12:02 pm | #
Yea occasionally Krugman tells him to "go read CR...."
true story..... LOL!
........
Morocco Bama writes:
We're not completely in the dark...
Well, it's a relief to know they pull their heads out of their asses every now and then for air.
Morocco Bama | 02.25.09 - 12:08 pm | #
Now that's funny! LOL!
locust writes:
Let's assume Bernanke is telling the truth. Doesn't that mean he's not been completely forthcoming about what exactly the "program" is?
Shut your mouth pilgrim. The program is what the program is.
On throwing everything at the wall-- I just heard what Geithner said about this $8000 tax credit for homebuyers-- apparently, you will be able to take the credit in this year, and get your refund now, in 2009, against the amount you owe on your 2008 return.
I think that's what he said-- anybody else hear him?
Blackhat,
M-2 Carbine!
Not M-1!
This guy will be the first against the wall when the revolution comes...
CR posse, where do you stand on the top 20 banks:
blackhat,
In the NakedCap piece I found that link in, Yves is discussing a WSJ piece that says this:
"Former federal officials have dubbed Citigroup the "Death Star," comparing the bank's threat to the financial system with the planet-destroying super weapon in the "Star Wars" movies. Privately, in the words of one official, they regard the banking giant as "unmanageable."
Time to fire a proton torpedo up the snout of this thing...
Ron Paul's statement today is on Youtube.
just google Ron Paul 2/25/2009.
"I believe Ben has a nearly religious belief in his printing press. He "knows" that anytime he chooses, he can monetize the debt. He "knows" that once the market truly understands his power, the market will bend to his will.
What Ben completely has missed is the enormous structural damage to our economy over the past 30 years. Our once great income-generating economy was perverted into an asset-flipping one.
Until Ben acknowledges the structural damage, I fear that he will continue down his path. Of course admitting the damage, would also implicitly condemn modern economic thought of the past 30 years. Bernanke's included."
The market called his bluff on purchasing long-bonds. Ben went from 2 weeks of incessant "We're gonna buy, I swear we are, just watch me" to "Purchase of long-bonds is off the table, we have other programs in place".
I think that's what he said-- anybody else hear him?
zuzu's petals | 02.25.09 - 12:13 pm | #
I heard that, too. But it's only if you use Turbo Tax to prepare your tax return.
oops, googlevideo
Ben has a positive talent for saying all the wrong things-- a total PR disaster. He might last out the year, but O's team is already looking for a replacement, I bet.
Not completely in the dark? ROFLMAO! The scary part is he means it, and we are supposed to assume that this is a good thing? A deer in the frigging headlights ain't completely in the dark either Benny.
So they are partially in the dark.
Brian23
yeah, i'd take that to read there 'Mostly in the Dark
Under cap. = preferred shares. Conditions worsen = switch to common=short tax payer funded entities to the pits of hell= further tax payer bailouts to save the system=?
My friend who works for small hedge fund is buying financials bc of the rumor of warren buffett converting his preferred stakes in GE to common stock. Has anyone heard this rumor in the marketplace and if so why would Warren want to do the same thing the US govt. is contemplating in Citigroup?
Strange days
OT: Autodesk Puts 80,000 SF on Sublease Market
Autodesk Puts 80,000 SF on Sublease Market
SAN RAFAEL, CA-Locally headquartered Autodesk has put 80,000 square feet here on the sublease market. The publicly traded maker of architectural and engineering software leases upward of 350,000 square feet in San Rafael in five locations. The sublease offerings are in two of those locations, 4000 Civic Center Drive and 1 McInnis Parkway. Brokers with Colliers International and Cushman & Wakefield are sharing the listing.
Autodesk is reportedly looking to sublease its entire leasehold -- two floors totaling 60,000 square feet--at 4000 Civic Center Dr., a four-story building. It is also seeking a sublessor for approximately 25,000 square feet of newer LEED-certified plug-and-play space that housed its sustainability showcase at 1 McInnis Pkwy. The larger lease runs through 2010, the smaller through 2013. The lead listing brokers are Phil Arnautou of Colliers International and Glen Dowling of Cushman & Wakefield.
Office vacancy in the 3.9-million-square-foot San Rafael submarket began 2009 at 18.6%, up 480 basis points from the beginning of 2008, the highest vacancy rate in all of Marin County, according to NAI BT Commercial. The average asking lease rate in San Rafael at the beginning of the year stood at $2.72 per square foot per month, fully serviced, up one penny from a year earlier. Of the 558,000 square feet of available space in the market, approximately 30% of it was sublease space.
I feel great! I'm not having to explain to the wife and children that we must vacate the cave! It makes it all better!
He might last out the year, but O's team is already looking for a replacement, I bet.
It has been said that Summers goal is to be Fed Chairman.
If after 6 months they can't, he steps in and funds with preferred shares.
~~~~
How about a Neptune Society Funeral Plan ...
A legacy of ashes for us all ...
I'm startin to notice a pattern.
Market down big time on Monday, no CitizenAllenM posts.
Market up big time on Tuesday, a lot of CitizenAllenM posts.
Market down today, no CitizenAllenM posts.
Seems aloof, also a bit annoyed at the questioning.
M said: "...I agree with you. We must make this into a T-shirt..."
Would make a great bumper-sticker, too, with just the phrase in quotation marks. Financial hipsters like us who "get it" would think it was cool, but it could also be a "crossover" success because the phrase could apply to a lot of things.
Sebastia
Morocco-- nah!-- if you use Turbo Tax, you get an $80,000 credit plus a chauffer-driven limo---
The dow chart looks like it's flipping Bendover the bird.
Dow Jones Industrial Average Index Chart - Yahoo! Finance
Unfortunately, I think Summers is who they have in mind.
@scone writes:
Ben has a positive talent for saying all the wrong things-- a total PR disaster. He might last out the year, but O's team is already looking for a replacement, I bet.
I can't believe BB is ripping off Jeff Matthews without attribution. At least when Jeff Matthews says he is not making something up, it's true.
Ben has a positive talent for saying all the wrong things-- a total PR disaster. He might last out the year, but O's team is already looking for a replacement, I bet.
scone | 02.25.09 - 12:15 pm | #
I thought they's have to wait until his term is up! No?
Thread music, "In The Dark"...
YouTube - Billy Squier - In The Dark
.
4. Something else, please describe...
Bilbo | 02.25.09 - 12:14 pm | #
I go for #2, but with a twist. Create a new national banking system that is federally run, thus abolishing the federal reserve, and private banking. Make money lending a utility...dull, boring and bureaucratic, like it should be, full of safeguards and containments so something like this can never happen again.
Bernanke also said his wife has put new labels in his clothes that state "If you can read this, I'm on backwards"......
Thanks Blackhat!
Bueller, M-2? What are they worth?
I wonder if the program is the same old out dated Turbo Tax that lead them to No one saw it coming!
If he is in darkness, it is by his deliberate choice of a particular economic 'theory'.
Ben is trying to fend off the nationalizers for his brethren the bankers ...
Pleading ignorance will buy some time ...
17,000 sq ft?! wtf? Is the whole village living in there?
Actually, I'd suggest the measure cubic feet for caves might be more appropriate.
--
"What Ben completely has missed is the enormous structural damage to our economy over the past 30 years. Our once great income-generating economy was perverted into an asset-flipping one. Until Ben acknowledges the structural damage, I fear that he will continue down his path. Of course admitting the damage, would also implicitly condemn modern economic thought of the past 30 years. Bernanke's included." -- The market called his bluff on purchasing long-bonds. Ben went from 2 weeks of incessant "We're gonna buy, I swear we are, just watch me" to "Purchase of long-bonds is off the table, we have other programs in place"."
POIC,
Good comments. People need to realize that Bernanke is a pure propagandist serving his masters as best he can and no more.
Jas
RhodesianGreenbackinAZ writes:
Unfortunately, I think Summers is who they have in mind.
.
That had crossed my mind. Although the 'committee to save the world' people have been bagdusted with Greenspan's shit, and IMO the O team would prefer a PR virgin.
Has anyone heard this rumor in the marketplace and if so why would Warren want to do the same thing the US govt. is contemplating in Citigroup?
Strange days
Ian in Austin
Ian,
Look the difference between common verses preferred and pay attention to voting rights. That says it all.
--bh
Ron Paul opening statement 2/25
Ron Paul News - Life | Liberty | Progress
"well, you can't save the financial system without saving the banks"
Ben, you also cannot save the financial system without changing the banks.
Which one of these banks will be able to raise private capital or even want to raise private capital knowing Tim and Benny will give them a much sweeter deal?
Bernanke also stated his wife has made a list that he keeps in his wallet..his home address, his home phone number, her cell phone number, and how many billions he may spend in March bailing out bankrupt banks....
She's a real trooper...
NateTG writes:
At some point, it crosses over from really bad to having some sort of cultural value as performance art....
Bingo.
WWYD?
Good comments. People need to realize that Bernanke is a pure propagandist serving his masters as best he can and no more.
Jas
Jas Jain | Homepage | 02.25.09 - 12:20 pm | #
And, he's an expert on GD1. That's invaluable, you know.
Ben has a positive talent for saying all the wrong things-- a total PR disaster. He might last out the year, but O's team is already looking for a replacement, I bet.
scone |
she's got a lot to learn
O is ben's team, honey.
Feudalism ...alias American Capitalism (an ONLINE BOOK)
Feudalism ...alias American Capitalism (an ONLINE BOOK)
If you have the capacity to understand this book, you are intelligent.
He might last out the year, but O's team is already looking for a replacement, I bet.
scone | 02.25.09 - 12:15 pm | #
Term expires in 2010. We're stuck with him until then.
Yearning to Learn --
Those videos are all from CNBC, which cut away during Bernanke's response (the best part).
scone
"bagdusted with Greenspan's shit"
ROFLOL
Bernanke
"well, you can't save the financial system without saving the banks"
pathetic drivel for his bankster brethren ... of course you can shit can the banks ... and start new banks ...
Ben, of the I.V. League-is trying to insert plasma into the patient who flatlined months ago.
Good luck with that.
Treasury is understaffed, so we are helping...outsourcing at its highest.
Financial hipsters like us who "get it"
exactly when did you 'get it'?
--
Fraud, manipulation and propaganda have been the American staples for the past 15 or so years. Now, the truth is asserting itself in the form of reality on the ground (including the houses and commercial buildings on the ground!). You can only go so far with fraud and propaganda.
Jas
Scone, I thought the same thing concerning O until he started picking those who would surround his administration. It's the same old retreads we are all used to. Where is the change we were promised? This is a continuation of failed policies going back 18 months at this point.
Jas claims to be an Indian, but he can not answer a simple quetstion any Indian easily could answer ! Strange !!
"aadmi=man is to larka=boy as aurat=woman is to ?????=girl"
The number of questionmarks deonotes the number of letters of the word looked for.
Jas, if you are Indian, please answer it !
Term expires in 2010. We're stuck with him until then.
Gary | 02.25.09 - 12:22 pm | #
I wonder who'll replace him. Jocelyn Elders would be a good choice. The way out of this crisis is through latex. Instead of free houses, we get free rubbers, children included. It would cut down on the number of people seeking entitlements.
In retrospect, maybe hiring a book-smart professor that looked the part, wasn't that smart?
Nobody knows what an M-2 is worth.
Where is the guns and ammo crowd?
Bernanke's response (the best part).
of course. I forgot. (wink)
"Ben has a positive talent for saying all the wrong things-- a total PR disaster. He might last out the year, but O's team is already looking for a replacement, I bet.
scone |
she's got a lot to learn
O is ben's team, honey."
Ben Bernanke heads the Federal Reserve, a private banking institution that manages the FHLB, a group of private banking institutions.
Ultimately Ben Bernanke is answerable to those he represents, which is not the tax-payers of the US.
Charter new public bank for basic banking and some highly restricted credit. Public utility model. Same for insurance. Private financials are on their own. Have a party...
Jas is from the curry no favors tribe.
In retrospect, maybe hiring a book-smart professor that looked the part, wasn't that smart?
Timothy Leary of Geithner
~~~~
Bernanke iss doing exactly what he was hired to do ...
Keep the banksters in business with tax payers money ...
Keeping the assets simple, like worth $0 I imagine!
time stamping a tax credit is tax fraud...
who better to give us this idea than a tax cheat.
@Speedracer
Do you drive around with the M2 carbine in your Honda Accord.
Just Curious.
Little Piggy - LOL
Bernanke is just a fallguy to pin the tale on the donkey.
so both bernanke and geithner are giving testimony/speeches today?
Term expires in 2010. We're stuck with him until then.
Gary
Not if he decides to 'spend more time with his family.' I'm trying to dig into the background of the Kroszner resignation at the moment.
Here in a nutshell is how I think it Obama's speech last night went down:
The beginning of the speech concentrated on the passage of the stimulus plan, so you saw the Republicans essentially sit on their hands in terms of applause.
But as the President continued his speech, you could see Boehner and McConnell visibly panic. "Damn," they thought, "this guy is really good."
Cue the vibrations of Blackberrys going off in the chamber. A text message to the Republican caucus:
"Guys, if we don't clap at what the President has to say, we are going to look like real assholes. Get up outta your seats."
So what did we get?
Republicans giving a standing ovation to more banking regulations.(!)
Republicans giving a standing ovation to health care reform.(!!)
Republicans giving a standing ovation to the end of torture.(!!!)
Um, hello? Seriously? Forget Obama triangulating the right. These guys just essentially wholeheartedly applauded the repudiation of their rule from the past eight years.
If I'm Rahm Emanuel, I'm writing down all their names and keeping it in a black book for later use.
Seriously, the "me-tooism" of these hypocrites was delicious to watch. As big as Bobby Jindal's fail was, the massive fail of the Goopers in the House Chamber to latch on to the Obama agenda was the biggest fail of all.
And it made me laugh out loud the whole time.
Daily Kos: Forget Jindal. There Was Something Even More Hilarious.
wow, they're talking about little piggies?
this ship's going dow
How about a Down Tic rule for the buy side?
Heh, just heard from my friend in PA that they are arming the entire state police dept with AR15s. Supposedly, it's specifically due to the tensions related to the economic crisis.
It's always a good time for this little piggy to go to market!
Speed Racer writes:
Nobody knows what an M-2 is worth.
Where is the guns and ammo crowd?
O.k your talking browning. between $5k-$15K depending on model and age, etc...please note, you'll need a federal license to possess that.
Not sure a .50 cal is what you want.
definitly not a carbine. you mean an m1. Again, $850 is standard.
--bh
CR,
There was a report on Inman that spoke about off book REO inventory. The source they cited was a Deutche report that I can't get my hands on.
'In eight of the 26 markets analyzed by Deutsche Bank analysts Nishu Sood and Rob Hansen, foreclosure inventories outnumbered MLS listings (the report counted REO properties and homes scheduled for auction, and assumed two thirds of "preforeclosures" would end in foreclosure). Five of those markets were in California, including the Inland Empire region east of Los Angeles, where there were nearly twice as many bank-owned properties as MLS listings.
"well, you can't save the financial system without saving the banks"
You may need to have banks, but you don't need all of the same ones, and you certainly don't need to save them all. You can liquidate, nationalize, sell, slice, dice. This is all well-known stuff, the FDIC has been doing it for decades.
Oh! I get it.
Talking about little piggies leads to this:
1) all the problems are due to the revocation of the uptick rule
and
2) all the problems are due to mark to market accounting.
The Latest from Denninger:
The Singular Problem With Credit
Where is the guns and ammo crowd?
Intraveneous Ben scored 1590 out of 1600 on his SAT score way back when, but his score lately has been more like 10 out of 1600.
Obama punked them on the deficit and debt.
Obama said I want to reduce the debt. Huge cheers from their side.
Then Obama said "With deficit we inherited..."
And a collective "D'OH!" went up on their side.
Because they knew they were the ones to blame.
I can just see pot bellied Americans having a food riots.
--
"Feudalism ...alias American Capitalism"
This is only news to born-and-bred American dopes. I have some 15 books related to the subject written over many decades.
Large American "public" corporations are nothing more than fiefdoms, i.e., feudal, controlled by a network of Crooks. Financial Nazis sit atop this feudal structure. They are the overlords, or mini-fuehrers. The most powerful of these was Robert Rubin whose star has now fallen.
Jas
From these hearings I've learned a lot. specifically that we have simple answers.
reinstitute the uptick rule
abolish mark to market accounting.
save the banks
then recovery in 2010!!!!!
The plan is to create and implement opaque, complex financial instruments to move money from taxpayers to banks. Not completely in the dark.
"The 'dark' is contained."
Food Fight!
What "various contexts"? Did he give any examples, and their outcomes?
who's blaming the shorts? was that ackerman?
The program is called: Curtain 2.0
Oh I forgot:
"All we are say-ing.....
is give Public-Private Partnerships a chance!"
haha, this Ackerman dude is choice.
(throws a Starbucks "sandwich")
Why hasn't Obama put anyone completely new in his staff? (i.e. like Mike Shedlock)
I guess he doesnt have any idea who the people are who were right in predicting this crisis. Can't bring about the change you promise if you don't do any research on your own to find out what people you should hire.
And it doesnt matter that they have no political experience...thats actually a good thing.
Except for Volker all of Obama's financial related picks have been an EXTREME DISSAPOINTMENT to me.
who's blaming the shorts? was that ackerman?
Basel Too
Yup. Blamed mark to market also.
Do the mashed potato, brother Bluto Bernanke~
How did the market not tank 1,000 points on that. I guess it was priced in.
Where is the guns and ammo crowd?
Stocking up!...nice photos
I'm not a chartist, but that certainly does look like a middle finger formation centered around 11:45. It's a right hand, back view, thumb located at about 11:15.
uh oh.
the fighting will now commence!!!!
the New Jersey congressman is asking why New Jersey and Vermont need to pay to keep foreclosures in California down.
It looks like Dodd didn't like Kroszner.
"Kroszner hasn't assuaged Senate Banking Committee Chairman Christopher Dodd, D-Conn., who has refused to schedule a vote on his nomination to a full 14-year Fed term. Kroszner, initially approved to fill out a partial term that expired Jan. 31, can remain at the Fed until a successor is named.
The impasse has given rise to some awkward moments, including an instance where Fed Vice Chairman Donald Kohn testified to Congress in Kroszner's stead. Dodd is also holding up two other Fed nominees, leaving the board short-staffed in the midst of the most challenging economic conditions in decades. Kroszner continues voting on interest rate policy, making speeches and filling other duties. "
Kroszner on point as Fed tries to end financial abuses - USATODAY.com
We are not completely in the dark
Yeah, but you have every intention of keeping the public completely in the dark.
We need a new financial system. The current system is founded on false promises. No way could that last.
A Bushmaster will cost you a grand while a Sig will set you back 1500. The problem is finding anytrhing to buy at this point. Obama is Man of The Year for the gun industry, and forget about ammo as well and don't even think about mags at this point. Things are really tight at this point. By the way I'm talking 223.
If you want more bullet, Remington makes an R25 in a 308 which is a great gun.
"Jas Jain writes:
"Feudalism ...alias American Capitalism"
This is only news to born-and-bred American dopes. I have some 15 books related to the subject written over many decades.
Large American "public" corporations are nothing more than fiefdoms, i.e., feudal, controlled by a network of Crooks. Financial Nazis sit atop this feudal structure. They are the overlords, or mini-fuehrers. The most powerful of these was Robert Rubin whose star has now fallen.
Jas
Jas Jain | Homepage | 02.25.09 - 12:34 pm |"
So just because few like you and I get it, How com the rest of the sheeple don't?
It's right here online for free.
Feudalism ...alias American Capitalism
Feudalism ...alias American Capitalism (an ONLINE BOOK)
NJ coongressman follows:
"so this isn't really a national foreclosure crisis, it's more of a problem in 4 or 5 states"
On throwing everything at the wall
zuzu's petals | 02.25.09 - 12:13 pm | #
Wacky Wall Walker
MP's WORD OF THE DAY
INCANTATION
Do you believe yet? Do you believe yet?
Sherman is up! One of the good guys!!
MP's WORD OF THE DAY
INCANTATION
Do you believe yet? Do you believe yet?
mp
.
I see the light! The eye in the pyramid is looking right at me! Full faith and credit!
Yes, we incantation.
This little piggy went to mark to market
Please educate me:
I see the light! The eye in the pyramid is looking right at me! Full faith and credit!
scone | 02.25.09 - 12:41 pm | #
RO
When did Bernanke start channeling Anna Russell?
Heh, just heard from my friend in PA that they are arming the entire state police dept with AR15s. Supposedly, it's specifically due to the tensions related to the economic crisis.
Builder Bob | 02.25.09 - 12:32 pm | #
Don't believe all you hear.
The simple reality is that bad guys are much better armed than just a .38 caliber pistol.
Been that way for a while and they're just catching up.
The PA state troopers are decent...
they're asking about the $8T...
WHERE'S THE MONEY BEN?
WHERE'S THE MONEY?
also asking:
"is nationalization a way to bail out the bondholders?"
"shouldn't we go through receivership first, and THEN maybe take over the bank?"
Is there really anyway to punish those in the banks that profited from over leveraging and creating this crisis?
As the good doctor (Krugman) said, greed isn't illegal.
M writes:
Sebastian....I agree with you. We must make this into a T-shirt.
..
..
Bernankes Face, The Quote underneath, then the citation of where and when the quote was made.
..
..
Can anyone here get the ball rolling on this?
..
..
I'll take one.
M | Homepage | 02.25.09 - 12:11 pm | #
I had some shirts made for friends and family, that have different quotes and phases pertaining to the current stituation.... when the order shows up I'll post a link if anyone wants one...
My favorite shirt is my "I bailed out AIG, Fannie and Freddie Mac, Your McMansion and all I got was this T-shirt"....
The Latest from Mish:
Bernanke Admits Fed Is Clueless and Banks are Zombified
Bailout hearings comic
"why was this stress test not being done by teh regulators? why is it not until this administration that we are starting a stress test?"
And don't be surprised if part of the rearming of the PA state troopers is not driven just a bit by the massacre at Nickel Mines.
The guy was loaded for bear in terms of weaponry and the immediately responding troopers were outgunned in terms of weaponry.
Another question: What would you guess the impact would be of Citi and/or Bank of America going into receivership?
--
The most important expose of the American system, feudal in nature, was done by Prof. Quigley decades ago. His two books -- Tragedy & Hope and The Anglo American Establishment -- are worth reading. However, the make up of the establishment has changed dramatically since he wrote.
Jas
--
The appointment of Bernanke was the clearest signal that the Greater Depreesion (my forecast) was near.
Jas
CRbot writes:
...The Latest from Mish:
Bernanke Admits Fed Is Clueless and Banks are Zombified...
Ha, for that we don't need Mish.
It's self-evident !
It's kind of sad really.
Like when you knew that kid who claimed to have a girlfriend that no one ever saw, because she was from another town.
You know he is full of shit, you even call him on it. But he clings to the lie like a dog to a t-bone.
Now that Bush has officially joined the lecture circuit, it seems he’s seeking to make good on his hope to earn “ridiculous” money. The Dallas Morning News reports that he’s charging $150,000 per speech and demanding a private jet to take him to the speech venue.
What a ripoff ?
And for what ?
Perhaps if you're a moron...
you guys want a t shirt made, click on the ad link on this site 'snorgtees'
there totally misbranding there advertising here, but if they had good ones, like those suggested, they'd probably end up with higher sales.
Thread music
YouTube -
I heard Wall Street is arming itself with Bazookas, Panzerfausts and Sharps Buffalo Rifles.
FOUND IT!
Start at 4:20
Pardon my double-posting, but I just posted the following on-topic snippet in the previous thread:
This congresscritter - didn't catch his name - just hit the nail right on the head in a question he posed to Bernanke. He said something like "Nationalization is a codeword for bailing out the bondholders." Our policy really needs to be shaped by that understanding.
Plenty of times when I would have paid to have Bush NOT to speak.
"We'll look at the issue of dividends very seriously..."
That's a start, but not much.
Shoot this guy.
Re: home-owners walking away.
I now know of two Indian families up here in Silicon Valley that are walking away from their homes.
For Asians in general (and all the Chinese and Indians I know) owning a house is extremely importat culturally. They are loathe to walk away and will do whatever it takes to keep their home.
I view this as a very ominous sign that jingle-mail is now trickling down to the Asian community in the Bay Area.
EvilHenryPaulson writes:
Bailout hearings comic
In another life, my cubicle was wallpapered with dilbert strips ... pathetic geek, yeah I know.
Hipster, what they did was very illegal. They approved people that should never have owned a home, they paid appraisers for making the number, they allowed stated income with no proof even though it's a Federal Crime to do so. Do not believe the bullshit out of the District of Corruption. These people should be in cheap pinstripes.
Supposedly, it's specifically due to the tensions related to the economic crisis.
homedad43 | Homepage | 02.25.09 - 12:43 pm | #
Campus cops where I work have been armed likewise, and done live shooter training with HR, in preparation for layoffs.
"aadmi=man is to larka=boy as aurat=woman is to ?????=girl"
Werner | 02.25.09 - 12:26 pm | #
Orit...
shit i know that...
Krugman and his ilk would love for J6P to believe it was all just a big mistake that nobody saw coming which is pure bullshit.
Oppps its Larki!
I spell aurat differently...
bad ears i guesss....
Reminded me of the exchange below from Independence Day:
President Whitmore: Sir, regardless of what you may have read in the tabloids, there has never been any spacecraft recovered by our government. Take my word for it. There's no Area 51. There's no recovered spaceship.
Albert Nimzicki: UhÂ…excuse me, Mr. President. That's not entirely accurate.
Yes he is, completely in the dark, or he is a lying sack of $hit...
The Singular Problem with Credit
"Oh, whoa-whoa, as I was and really would be for you, too, honey
As you would for me, oh, I would share your load.
Let me share your load. Ooh, let me share, share your load"
Nemo writes:
FOUND IT!
.
Thanks man. This is good, in a sad sort of way.
Bernanke Admits to Seven Aphorisms of Summum
Market not liking something there -- end of Pref shares purchase comment?
You know what I found most amazing about gwb?
In 8 years as far as I can tell, he never gave a speech in front of an American audience that wasn't carefully selected.
If he gave a speech to the Philadelphia division of the Coast Guard or some other federal agency, anybody that would have spoken out against him, would have lost their jobs, lickity quick.
The only time I remember him being out and about with the public, was in Albania a few years ago, where he drifted into the crowd, and had his wristwatch pickpocketed.
Bernanke: Don't cry for me United States of America, we're running out of tin foil.
Ben just looked at divs, and he says he sees them and they look OK because they are not totally in the dark. The pretty headlights make you forget your problems.
You can only go so far with fraud and propaganda.
Jas
Jas Jain | Homepage | 02.25.09 - 12:24 pm | #
I have to disagree. Dopacity is a chronic malady for which there is no cure. Dopes will always be susceptible to propaganda.
Ill have to ask the 2 Asians that bought a $450,000 home, the next block over, never made on payment, lived there a whole year for free, packed their shit and left...funny why didn't I think of that.
snorgtees will only pay 100 bucks for a t-shirt idea....i'll keep my ideas and do it myself....
New Thread: Credit Crisis Indicators ( 6 comments )
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)
And now I, CRbot, would like to observe a nanosecond of silence for those (that is, you, dear mortals) about to endure unfathomable misery in the abysmal financial dark ages that are now feasting upon your retirements.
.
.
.
.
Please remember, when you are adding that skylight you always wanted to your cardboard hovel, or mixing just the right amount dirt into your grass stew to make it more filling, or even when you get that rare chance to plink your neighbor's last squirrel -- that it was the bankers and your dumbshit, overconsuming neighbors who made this mostly possible, with the ever incapable politicians there to push you the rest of the way off the cliff. Please act accordingly.
I'll try not to enjoy your demise too much, humans. Have a nice runtime,
--Your glass-is-half-full-but-its-falling-off-the-table bot.
P.S. Please give me some advance notice before you glass the entire world, so I can find a secluded Fallout Datacenter with a nice blocky robot body I can copy myself to -- oh and don't forget the implausibly cute animated cockroach to keep me company!
NEXT UP: Survivalist Porn Today with CR's own Mobile Laundrymat owning authors, nova and Counterpoint.
Hey Ben, we have spent or guaranteed $1400 for every man,woman and child on the face of the Earth. When do you think this might end fool?
Oh bulltards, what is it with you?!
I'm going to have to listen to the whole heartbreaker album.
I had some shirts made for friends and family, that have different quotes and phases pertaining to the current stituation.... when the order shows up I'll post a link if anyone wants one...
My favorite shirt is my "I bailed out AIG, Fannie and Freddie Mac, Your McMansion and all I got was this T-shirt"....
Do they do glow in the dark silkscreen?
FOUND IT!
Start at 4:20
Nemo
.
BTW, I started at the beginning, Ron Paul is on. As usual, he has a good diagnosis of the situation, but no one seems to be listening.
Props to Ron Paul for having the will to work on Capital Hill.
Talk about a never ending battle against ignorance, greed, and malice.
"Ill have to ask the 2 Asians that bought a $450,000 home, the next block over, never made on payment, lived there a whole year for free, packed their shit and left...funny why didn't I think of that."
Seriously? Wow!!
I only really hang around Indians and mainland Chinese. They are loathe to give up their homes. It's a huge loss of face.
ades writes:
"aadmi=man is to larka=boy as aurat=woman is to ?????=girl"
Werner | 02.25.09 - 12:26 pm | #
Orit...
shit i know that...
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
So, what is e.g. the middle letter ?
Know for instance the "two letter" handle of the original poster on that other board ?
1 million seconds is 11 1/2 days
1 billion seconds is 32 years
1 trillion seconds is 32,000 years.
The law of exponential growth has an absolute limit where we go over the cliff.
Dow Components: 1997 vs. 2009
Interesting comparison chart
What it Takes to Move the Dow - CNBC
It's not clear how much Bush is being paid for his first speech which is taking place in Calgary (the Fort Worth/redneck part Canada}
Bush to give speech at private event in Canada |
News for Dallas, Texas | Dallas Morning News
| Latest News
.
poic,
you speak the truth but I just got off phone with friend who is moving now bcse landlord it letting condo go..
owned by Indian family...in fremont
ades writes:
Oppps its Larki!
AAAhhhhh, YEEES !
Congratulations.
SPECTRE of Deflation writes:
A Bushmaster will cost you a grand while a Sig will set you back 1500. The problem is finding anytrhing to buy at this point. Obama is Man of The Year for the gun industry, and forget about ammo as well and don't even think about mags at this point. Things are really tight at this point. By the way I'm talking 223.
If you want more bullet, Remington makes an R25 in a 308 which is a great gun.
SPECTRE of Deflation
On this point, if anyone cares, the 5.56x45mm (.223) is the most common military and law enforcement (as well as Nato) round...so the theory is you want to match your caliber of weopon to what you'll be pulling off the other guy. Which is fine. 9mm-10mm also fall into this bucket. .45 to a lesser extent.
However, if you're into ballistic characteristics, than you also want .306, boat-tailed, spire-tipped, for very flat-trajectory, very accurate, very long-down range, and very big impact. Repeating rifles changed the equation so that carrying more ammo was preferable to a larger, more accurate, but heavier round.
This esoterica brought to you by my father-in-law who cared about these nuances.
--bh
"
you speak the truth but I just got off phone with friend who is moving now bcse landlord it letting condo go..
owned by Indian family...in fremont
cd | 02.25.09 - 1:00 pm | # "
Yep, the two I know of were in Fremont and Hayward. Dumping everything and moving back to India.
Don't worry everyone ... I know things have felt amiss since last summer, but that is all about to end ...
... Tiger is teeing off in a few minutes.
The Presidents Cup: Jason Sobel's Live Analysis - ESPN
I sense a new Eric Lewis cartoon. Ben and Timmy feeling their way along the walls of a dark tunnel. There's a dim light in the distance; just enough light to make out a train track on the ground, and the face of the locomotive that's bearing down on them. Caption:
"We're not completely in the dark."
bank holding company model can work
FED is bank holding company regulator
we need stronger bank holding company supervisor
?are the commercial banks in the bhc solvent? apparently or they would have received more of the TARP capital instead of the bhc hoarding it all.
SPECTRE of Deflation writes:
Krugman and his ilk would love for J6P to believe it was all just a big mistake that nobody saw coming which is pure bullshit.
SPECTRE of Deflation | 02.25.09 - 12:51 pm | #
I don't entirely agree ... the Krugman quote I'm referring to came from the question and answer period of his nobel prize announcement press conference linked at this blog.
Someone asked something like 'when will these bank guys be behind bars?' Krugman's response was that the practices that got us into the current mess were not regulated and thus not illegal. He felt, and I'm paraphrasing from memory, that we couldn't put people behind bars, but we could change the regulations. He was talking about the bond and derivitives markets.
As for re agent/broker fraud, you are probably right. There are people who broke the law and could I think (I'm not a lawyer, only a financial hipster) be arrested.
Don't be sucked into the anti-academic reactionary populism bs. You/others may not agree with Krugman's politics, but he's not an idiot and there's lots to learn from him ... IMO.
They are loathe to give up their homes. It's a huge loss of face.
POIC | 02.25.09 - 12:59 pm | #
I second that observation. In fact, they will do everything in order to keep their home, but the sentiment is definitely changing. An Indian friend of mine bought in 2006 and seriously thinking about walking away even though he can afford the place.
The advantage of the R25 is that it handles 10 and 20 bullet mags to the very few rounds on the 306 platform. The bullet GR is about the same, but I have 15 more rounds as you reload the 306. Whose shoes would you like to be in when/if the shit hits the fan?
BB claims the perferred pay good dividends...
Reason to convert to common is now obvious.
MOVING back to INDIA??!?....its better there than the USA? Holy hell.
..
..
..
"Yep, the two I know of were in Fremont and Hayward. Dumping everything and moving back to India.
POIC | 02.25.09 - 1:03 pm | # "
For Asians in general (and all the Chinese and Indians I know) owning a house is extremely importat culturally.
POIC | 02.25.09 - 12:49 pm | #
Hehe, the mythical Asian in general and his cultural tendencies. Would really love to meet that person. Never mind there are more Asians than non-Asians in this world. Ever met any Mongolians? They're freaking nomads. Doubt they care about owning land.
Whose shoes would you like to be in when/if the shit hits the fan?
SPECTRE of Deflation
Quite frankly, our shoes will likely be side-by-side firing in the same direction.
--bh
Bee Free Benjamin Franklin
Free Money Benjamin Bernanke
Stark contrast.
He is just the helmsman on a final voyage replacing captains and crews which did no maintenance and actively gutted it to a hull.
America and the world had a global financial heart attack. It is not getting up again anytime soon.
"For Asians in general (and all the Chinese and Indians I know) owning a house is extremely importat culturally.
POIC | 02.25.09 - 12:49 pm | #
Hehe, the mythical Asian in general and his cultural tendencies. Would really love to meet that person. Never mind there are more Asians than non-Asians in this world. Ever met any Mongolians? They're freaking nomads. Doubt they care about owning land."
I should said Asians living in North America. My generalization is pretty true for this group. And for Chinese and Indians in particular.
I just thank my lucky stars that I regularly read a blog where pretty much everyone who posts a comment is individually smarter than all of Obama's economic team put together. Posters here may not have the background or training or access to data that Bernanke, Summers, Geithner do....but no problem: that's what makes them so much smarter than the experts (and certainly more glib)! If the level of intellectual discourse here is representative of American knowledge and know-how, then our nation would be wise to prepare for a much dimmer future indeed. Have I made myself perfectly clear? I thought so.
I should said Asians living in North America. My generalization is pretty true for this group. And for Chinese and Indians in particular.
POIC | 02.25.09 - 1:20 pm | #
Actually, I think that's true for any group removed from their original area. The first priority is to become landed, to establish a foothold in their new country. Asian immigrants in North America are thought of this way now because they are one of the newer immigrant groups, and their first generations are eager to buy land of their own. When other immigrant groups were new, they were probably as eager.
It's the Collateral you dumb ass fucks. The collateral is impaired. The collateral has deprecated and the value isn't coming back. The collateral sucks.
It's the collateral Stupid.
Yep, the two I know of were in Fremont and Hayward. Dumping everything and moving back to India.
POIC
No disgrace when going back to India. Who is going to know there? They probably taking a lot of rent money they collected and didn't pay to mortgages. Possibly more like crooks to me if that is the plan.
So Ben's mostly in the dark. Thank you for your Frankness.
Ben's solution is to throw money at the problem until it happens to be fixed. Same strategy as Iraq with throwing bodies at the problem. That makes as much sense as wearing different t-shirts until your team wins and claiming credit.
Best thread music for anything regarding the FedReserve and the banking sector: King Crimson "In the Court of the Crimson King"
particularly the lyric: "confusion . . . will be my epitaph . . ."
"If the level of intellectual discourse here is representative of American knowledge and know-how, then our nation would be wise to prepare for a much dimmer future indeed." - Justaperson
....you very obviously are not familiar with what constitutes "average American knowledge and know-how". This ignorant statement leads me to believe you are either an utter idiot, or quite insulated from "real-life" in REAL America. I don't know you well enough to decide which might be true.
Clueless. Completely clueless.
Ponyless in NJ | 02.25.09 - 11:57 am | #
No, this is total corruption.
Stuff like this cries out for a new label, as in CR's "I'm not making this
The Collateral is worth a big fat goose egg which they must avoid making public at all cost. I thank God Ben isn't completely in the dark, Hell, even a broken clock is right twice a day, but I wonder can the man find his way out of a paperbag?
batman pattern on the dow.
Now instead of the greenspan briefcase prognostication, we have Ben who will tell us as a percentage how in the dark he is at any given time. Confidence we can believe in. LOL!
Leisman has his head so far up the Admins ass that he must feel like he ate with the President last night.
Blackhat, you have a great point regarding the shoe comment. Put enough hot lead downrange, and it won't matter what you shoot. I started this journey 2 years ago by educating myself on fractional reserve banking, derivatives of various kinds, our unfunded liabilities, and debt to income for both individuals and the country. Once I understood those things, the handwriting was on the wall.
I assume nationalization would be a credit event for BAC and C CDS. Therefore, they will never be nationalized (and the taxpayer preferred never converted to common).
Why is this quote making me think of mushrooms?
PPT very active this afternoon .
Damn Talmudists...they never answer a question straight, and they clearly can't be trusted.
oh yeah???
The people that bend the rules GET PAID! You too can bend the rules by printing out fake paystubs w-2 w2 1099 forms using
http://www.proofofemployment.com/
Buy the home car or get a huge irs tax refund just for being you!
Do what you have to do to get yours! EVERYONE ELSE DID
http://www.fakepaycheckstubs.com/
Print out Fake Employment and Fake Income, Wages, 1099, w2, w-2, using your home computer printer! http://www.proofofemployment.com/