As explained in the link I posted in the last thread. CitiBank can't raise capital until the Treasury comes up with a plan to sell some of the common shares they own. Could take five to six years for the bureaucrats to move on this issue.
The deception is worse than outright lying when Timmy says that the USG will make a profit on its BofA investment. Tell me how that return on investment would be if taxpayers hadn't been put on the hook for $1T+ in MBS, along with obligations to bail out Fannie, Freddie, FHA, etc.. in the future. Not to mention the costs to every American due to money printing and destruction of the dollar and our savings rates.
Spread the news all over the MSM -- we got a great return on our BofA investment! TARP was a success!
No, I'm not worried. The Japanese can fight it all they want, but they cannot single-handedly fight the global flight of capital. JPY is going to move towards parity whether the Japanese intervene or not--sans a North Korean-esque "solution".
Let me stress towards parity, not complete parity. Interpretation: I think the JPY has a better chance moving towards 70 than sitting at 100-115 like it has in the past.
Enough with the Tiger jokes already. He's a great athlete. He can drive to the hole, sink his put and come up holding his ball with a fist pump. What more could you ask for.
Nah. I'm still enough to think that the Euro won't last as its parts come apart at the seams--unless you mean "Euro" as in a Franco-Germanic currency with small satellite countries stuck in their econio-gravitational pull.
CaptainMorgan: Well, I wouldn't call it "nothing"... We might truly be f*cked this time but I doubt it. Hell, some of the "elites" can barely tie their own shoes and have never bought their own groceries much less cooked a meal...
And they're disillusioning the masses, who can do these and other useful things, to the reality of money and its power over our behavior. Next to fall will be the illusion of authority that keep us from questioning the logic and assumptions employed by folks like Dr. Bernanke
I made myself a homemade Banana Cream/Meringue pie for my bday! Winn Dixie had 6lbs of bananas for 88 cents the other day. Banana Cream is my favorite but I've never had it with Meringue.
So let me get this ..JPY will increase in value in your opinion with both?
The JPY should be much, much stronger against all major currencies, but the BoJ has been keeping it under wraps for years. Take out all of the BoJ's actions to keep the Yen weak, and we could easily be living in a world where the USD/JPY cross would be at 50 or lower. Granted, it would absolutely kill Japan's export sector and need its citizenry to be more consumers than savers...
.
Assuming no heavy-handedness from the BoJ, yes, I could easily see the USD/JPY and Euro/JPY crosses move towards a stronger Yen. Although betting against the BoJ and its interference is a bad bet to make.
Please, people, isn't there one stinking place in the world I can get away from the stupid Tiger Woods has a girlfriend crap? Please, let this be a tabloid free zone. End celebrity worship. Please?
Funny was the teeny weeny pee pee the drunk redneck pulled out last night in front of the open front door of my bar while he pee'd in my portulaca pot. More funny was the cussing I gave him in front of all the other patrons...
Yeah they had a whole table of shrink wrapped bananas in about 6lb packages for 13 cents a lb. I made my pie and froze the rest right in the peel. I'll pull them out, peel 'em, mash 'em and make banana pecan bread in a couple weeks for Christmas. They freeze great that way.
China Blames Foreign Banks for $1.67 Billion Derivatives Losses
China said “fraudulent practices” by some foreign investment banks were partly to blame for more than 11.4 billion yuan ($1.67 billion) of derivatives losses at Chinese state-owned companies last year.
“Some international investment banks were the culprits behind the derivatives Waterloo suffered by Chinese companies,” Li Wei, vice chairman of the State-owned Assets Supervision and
Used to buy them and then take the really ripe ones for banana cake. Eldest loved to beat the crap out of 'em. Had to clean banana sputz off of the walls but the event was truly worth it.
CR makes the point in the previous thread (yes I'm too lazy to reply there as everyone has moved on) that the Fed should stick to monetary policy and leave the fiscal policy to Congress. This is a nice thought, but after listening to most of today's hearing it really jumps out that there is a very unhealthy relationship between the Fed and Capitol Hill.
Congress (and the executive branch) have been all too willing to abdicate their authority (and responsibility) to set fiscal and economic policy. For example, rather than come up with a coherent strategy or policy to deal with the loss of high wage manufacturing jobs and pressure on the middle class from GATT and NAFTA, both Clinton and Bush were more than willing to let "the Maestro" run the economy, including slashing rates to 1% and inducing a housing bubble for his final act.
Bernanke inherited this mess, and to his shame has done nothing to distinguish himself from Greenspan. But politics like nature abhors a vacuum, and when Congress decided that playing Santa Claus was more important than acting like leaders, Bennie stepped up to the plate. Essentially the Fed has been running the economy since the late 90's, when the Internet bubble burst.
It's classic passive-aggressiveness ... Schumer and Dodd lobbing softballs over the middle of the plate, while the KY senator launches a fastball straight for the head. Meanwhile none of these clowns has the intelligence to calmly ask the right questions about constitutionality and the proper role of the Fed.
In my quest for eternal moola, I am buying an entire lot of model making tools- like railroad and ships- here is a partial list- shoot me an email and I will cut you a deal;-} ITAWA Air Compressor , AZTEC Air Brush , Dremel Lithium-Ion Cordless 5,000 - 35,000 rpm. , Dremel Multi Pro Model 395 5,000 - 35,000 rpm. , Dremel Contour Sander 4,000 - 10,000 rpm. , MicroLux Scroll Saw , MicroLux Belt Sander plus Vise , Mini Grinder 8,000 - 30,000 min 3.2 min , Electro - File Recipeicating Tool , Wahl Cordless Filer/Sander , North West Short Line Chopper , PanaVise, MicroLux Blue Print Holder.
After all, one has to outfit the doomstead somehow. I am waiting for the creditor to decide to take their pennies on the dollar.
I had to buy everything to get the stuff I wanted- so either you guys take some of the best- and ebay gets the rest.
Gee, just like BofA- I am having a get liquid sale;-}}
Correct. While seeing Ben squirm gave me some fleeting happiness, the non-dinosaur part of my brain says it should be that asshole Dodd in the chair squirming. Preferably with a criminal prosecuting attorney asking the questions.
central_scrutinizer -- I think you are spot on. Fed has become Deus ex Machina. They're in charge. Congress need make no difficult decisions. Wasn't that the plan from the beginning in 1912? More so lately I guess.
I heard Bunning, and while I applaud his fire, I think that his style makes it too easy to be marginalized as the "crazy old uncle."
Did you hear how Dodd cracked a joke after his time to defuse the tension?
Demint I like. Problem is they need some help, maybe Russ Feingold will join Sanders.
Alan Grayson has what it takes, too bad he's not a Senator.
Thanks gabyjan, I have to work tomorrow for my Bday but I took Saturday off which will give me a three day weekend. That and the banana pie are my presents to myself...
I heard Bunning, and while I applaud his fire, I think that his style makes it too easy to be marginalized as the "crazy old uncle."
He is. Somehow I doubt he wrote a single word of the transcript he read. Now DeMint is another story. His deliberate and reasoned approach to marginalizing Bernanke was quite effective. Not a lot of fluff - Jus da facs maam. Quite damning.
FT seems to agree FT.com / Companies / Retail - US retailers report tough November Leading US retailers reported November sales that were broadly lower than expected, as a post-Thanksgiving rush failed to offset earlier weak demand.
Retail Metrics, which tracks the monthly comparable sales figures, said its index for the month rose just 0.7 per cent from last year, when sales slumped. Ken Perkins, head of Retail Metrics, said the “the bottom line is that comp store sales were very disappointing ahead of the critical December holiday shopping season”.
“The standard line from many retailers was a stronger year-on-year Black Friday [post-Thanksgiving] weekend was not enough to offset very weak sales throughout most of the month.”
that was sure a crappy retail sales report. It surprised me how bad it was considering how bad the economy was last Nov. December will be worse. last year things tailed off at the end of the year.
On one of those "retail numbers for Nov. down slightly" stories I saw today, an analyst said something to the effect that weak sales in November just means consumers are putting off their buying till December so next month should be great! Some people are smoking pretty strong .
The most telling comment Bernanke made was when he was asked by Shelby if the Fed didn't do a terrible job as a regulator. Bernanke snapped back: "I don't think we did a worse job than any other regulator" or something like that.
All those other regulators Bernanke used as a benchmark are politically influenced.
The Fed is suppose to be independent.
Bernanke wants the freedom of Fed independence. But he doesn't want the Fed to be held to a higher standard because it is independent. I wonder if he even knows the difference.
Boy, its looking like those "newly profitable" financials were a great buy since the plan seems to be to dillute current stockholders to ensure that they can continue to pay huge surplusses to the management teams that got us all into deep kimchi in the first place. That should be a popular way of "increasing shareholder value."
a great buy since the plan seems to be to dillute current stockholders...
It's mind numbing. Diluted by $19.3b, paying back $45b and this is good because now they can pay management as much as they want. BAC was what? Low $3s in March. They have so much California exposure I don't know how they can control the writedowns next year.
picosec -- Keeping us in perpetual childhood serves the interests of the status quo, as it makes us much more vulnerable to advertising... hence much better consumers!
Keep sending NO TO BERNANKE faxes to Sen. banking committe members. Here is list and fax numbers.
DO YOUR CIVIC DUTY.
Christopher J. Dodd Chairman (D-CT) 202-224-1083
Richard C. Shelby Ranking Member (R-AL) 202-224-3416
Tim Johnson (D-SD) 202-228-5765
Robert F. Bennett (R-UT) 202-228-1168
Jack Reed (D-RI) 202-224-4680
Jim Bunning (R-KY) 202-228-1373
Charles E. Schumer (D-NY) 202-228-3027
Mike Crapo (R-ID) 202-228-1375
Evan Bayh (D-IN) 202-228-1377
Bob Corker (R-TN) 202-228-0566
Robert Menendez (D-NJ) 202-228-2197
Jim DeMint (R-SC) 202-228-5143
Daniel K. Akaka (D-HI) 202-224-2126
David Vitter (R-LA) 202-228-5061
Sherrod Brown (D-OH) 202-228-6321
Mike Johanns (R-NE) 202-228-0436
Jon Tester (D-MT) 202-224-8594
Kay Bailey Hutchison (R-TX) 202-224-0776
Herb Kohl (D-WI) 202-224-9787
Judd Gregg (R-NH) 202-224-4952
Mark Warner (D-VA) 202-224-6295
Jeff Merkley (D-OR) 202-228-3997
Michael Bennet (D-CO) 202-228-5036
I have a modest proposal. If these banks want to repay their TARP money, I am all for it. All that I ask is that they sign a form waiving all government support of any kind for the next 10 years. In other words, they are now on their own. This includes any backstopped debt issuance or other obvious handouts. At that point, they can pay their employees whatever they want. Sound fair?
What do you bet me that we later find out the major banks are buying big chunks of each others' securities?
......or worse, what if we find that each bank buys CDS for the competition - a great insurance policy to guard against takeover. The TBTF - systemic risk thing.
.....well, it's probably good BofA pays off the TARP loan.......I know even "I" wouldn't work for the "chump-change" they'd be limited to paying me to be CEO with the TARP loan outstanding. $1/2-mil to be CEO? ....No thanks........let the previous "adam-henry" do it.
If ole Melonhead tries to nationalize he'll be forced to devalue the currency. That's gonna whipsaw the oil market. Dangerous game that cannot be contained.
.....well, it's probably good BofA pays off the TARP loan.......I know even "I" wouldn't work for the "chump-change" they'd be limited to paying me to be CEO with the TARP loan outstanding. $1/2-mil to be CEO? ....No thanks........let the previous "adam-henry" do it.
Should also keep some legs in the stock market ralley.. Bring some more rubes in that will mistake it for a sign of strength. Given that money is basically free for BOA and they are raising rates all over the place and their competition is imploding with every BFF, they should have been able to pay back TARP from petty cash...
Awesome. Sock puppets became rare as hen's teeth with the new (and badly needed) login system, but it's a refreshing change of pace to see one once in a while.
If ole Melonhead tries to nationalize he'll be forced to devalue the currency. That's gonna whipsaw the oil market. Dangerous game that cannot be contained.
Sorry, I missed your thread arc. Which one's melonhead now?
Sorry, I missed your thread arc. Which one's melonhead now?
My fault. Chavez. The energy rats are about to eat their own. The mideast OPECs are apparently way over quota. The shippers are running floating arbitrage and demand is through the floor. As much s I want lower prices this might break the system.
The mideast OPECs are apparently way over quota. The shippers are running floating arbitrage and demand is through the floor. As much s I want lower prices this might break the system.
I may punch the next guy who says "May you live in interesting times".
Nevertheless, Sun-Maid recently decided to join Betty Crocker, Aunt Jemima and Mrs. Butterworth's in giving the female face of their product a substantial makeover from a young, early 20th-century girl into a buxom, modern young woman, leading some to say that the newly made-over raisin girl looks like a Barbie Doll in Amish attire
Until we reign in the financial sector, the average American is going to see their financial future sucked into the Wall Street vortex. Wall Street wags their finger and says, “keep up your credit score you little consumer” while they gamble like ADHD maniacs funded by the U.S. taxpayer on the most speculative products on the planet. Do as I say, not as I do.
word! 2001 sucked but then again so did most of this decade. Watching RE tank from 06 onward was one of my few joys
(why yes I do need to get out more >; )
"The Fed chief said near-zero interest rates were not fuelling asset price bubbles in the US"
"Mr Bernanke said the Fed would monitor asset prices" [Oh look, they doubled. Oh, look, they doubled again. Yeah, we're monitoring, quit bothering us.]
" The Fed chairman also said the Fed had not made a final decision to end asset purchases, as scheduled in March, saying the committee would decide “whether or not to do more” based on the economic outlook. " [If the bubble would actually lose some air after we stop pumping it up, then we'll just pump more in. We'll do whatever it takes to keep asset prices high. That's my job. My name is Bubbles Bernanke, and I'm saving your economy.]
While Bernanke was quite a popular target today (pretty well deserved I might add), how did Dodd get a pass ? He is one of the chief architects of the meltdown, along with Schumer. Funny too how both of them tilted their transparent hands right off the bat. Simply disgusting. Who do they represent ?
I think it wasn't because the commentariat approved of Dodd, as much as we expected that kind of crap from him and it was nothing new. Whereas it was pretty obvious that Bernanke didn't get a good sleep or had a fight with the missus before walking over there, because he was unexpectedly terrible.
It's merely a judgment on relative expectations.
EDIT: But you (and patientrenter below) are right, Dodd and Schumer should really be lambasted as well.
how did Dodd get a pass ? He is one of the chief architects of the meltdown, along with Schumer.
Others here in this thread have pointed out how the members of Congress have avoided being held responsible for the country's monetary policy in the eyes of the public. Yet Congress made the Fed, and can unmake or modify it at will. Bernanke has little room to deviate from what the chieftains in Congress want, and they know it. But they have to give him enough room in public to make it appear that he is setting the overall direction, when in fact he must hew to theirs. Barney Frank and Chris Dodd (and their predecessors before control of the Senate and House changed) pull the strings. Ben is merely the willing techno-puppet.
Voters are, quite frankly, too stupid to recognize this, and let these guys off time after time. Members of Congress are the players in this system who are charged with looking after the general public's interest. All the private parties are supposed to take care of their own, within the limits set by Congress's laws.
Bernanke was offered a 2% haircut to the CDS on AIG, but couldn't accept from UBS because other firms (GS) refused. Who makes the rules ? Who negotiates ? The spineless ?
2%. Crap. I would offer 20% max payout or AIG gets wound down that day and they all get zilch.
2%. Crap. I would offer 20% max payout or AIG gets wound down that day and they all get zilch.
You and me, sometimes we think the same. I honestly would have been even happy with an 80% payout, to tell you the truth. But I made a similar argument earlier today. It's unconscionable.
I would offer 20% max payout or AIG gets wound down that day and they all get zilch.
But then the financial and economic system of the US will come crashing down. Fill my pockets or your economy will collapse. Most people are too ignorant to understand that saving the economic system can be accomplished while crushing many bad actors of the bubble era. And these Congresscritters and Summers, Bernanke, Geithner etc play on that ignorance.
Its sad to think that if Dodd and Schumer were hit by a bus tomorrow, either replacement would be no better than the originals. They aren't about to change, so nothing does.
It's clearly now[t] the house, the senate, nor the FED....
Yeah, let our public servants off the hook. It's their job to set the rules and enforce them. Don't hold them accountable. Look over here instead! Pay no attention to that man behind the curtain!
Leftys Liquors Lubricants and Tarp and Bank wrote:
Its sad to think that if Dodd and Schumer were hit by a bus tomorrow, either replacement would be no better than the originals. They aren't about to change, so nothing does.
Well, they'd still have been hit by a bus. So there's that.
The key point is that for the Fed to remain independent, the Fed Chairman - as a rule - should avoid all discussions of fiscal policy.
Nonsense. The Fed Chairman, like all other human beings, has a political ideology. Declining to comment just means less transparency. Tell us where you stand politically. Then we can evaluate whether your ACTIONS are "independent".
And not the people of the USA, Europe, Iceland, Australia, Canada, China, Japan....
Sigh, it's true that we get the public servants we deserve, which is no great compliment given that people like Frank, Dodd, Bernanke, Geithner, and Summers are the ones determining our economic future. But our only hope is that the populace, or at least the educated remnants of it, hold their public servants accountable, finally.
Actually, I would expect the executive to own enforcement. Although it is on the Congress to ensure the executive is doing it's job.
Which is why I referred to "our public servants". That covers Congress and the Executive. But Congress does make the rules, so our only hope of getting what we want starts there.
Nonsense. The Fed Chairman, like all other human beings, has a political ideology. Declining to comment just means less transparency.
The chairman is the spokesman for the board. Whatever personal thoughts Ben may have on fiscal issues, CR is absolutely correct in that his role has very explicit parameters that he must remain within. Shooting from the hip like he did was completely inappropriate.
There are many other venues to determine his personal ideological leanings: his writings, his lectures, and even his fed actions. But not there.
I guess if they're not stupid then they must be greedy amoral scumbags. I wonder if they already have future positions secured at central.
Let's not get carried away with vitriol. Someone like Bernanke probably believes he is doing his part to rescue the nation's economy, for the greater good of the public. He has learned from his academic studies that the best way to do this is to keep asset prices high at all costs, and keep people borrowing and spending regardless of repayment. Let me try "misguided".
You know how many people have done things believing they were doing so "for the greater good of the public"? Those people are flat arrogant and elitist; "misguided" isn't it.
Someone like Bernanke probably believes he is doing his part to rescue the nation's economy, for the greater good of the public
It's also my belief to that Bernanke has a soul and is doing what he think's will be of the greatest benefit. Pretty sure he's dead wrong and making more mistakes to solve earlier mistakes.
Dodd, Schumer & Frank however are another matter. I truly believe none of them care about anything but their campaign contributors.
As far as anyone is concerned, there is no name, no face, no identity to the face of this incredible lie.
It's fun to hear a good grand conspiracy theory story once in a while. But at some point we have to get back to the real world, and the way it is supposed to work. In a representative democracy, which individuals should be making the rules (i.e. the laws)? Of course, it is the elected representatives. These are the people who have the responsibility to act in the public's interests. If they choose not to, they are to blame, and they cannot divert all the blame onto someone else.
All the logic, intellect and mathematical ability in the world cannot overcome flawed assumptions about the universe or human nature. But it has to be painful to see all those beautiful theories hit the wall of political reality.
I do not agree. Ben Bernanke has a economic philosophy that may not be to your liking or mine but I believe he is sincere in his effort to try to do what is right for the economy. He has to take crap from many(not all) that could not tie his intellectual shoes.
Bernanke wants to quit, but doesn't want to be seen as a quitter.
Or maybe the best defense is a good offense? Pushing the entitlements button is a good way to distract from other, more salient issues. The fact is, that it was a clumsy approach to it, which shows how little he understands of human nature. I expect to hear a lot more of the SS and Medicare issue, every time he's in a tough spot.
But it has to be painful to see all those beautiful theories hit the wall of political reality.
From Bernanke's perspective, his theories have not hit a wall. In fact, even if his policies eventually create higher inflation, he will consider himself to have been successful. "A little inflation is a small price to pay for saving the economy from an even worse fate than... [whatever fix we happen to still be in then]."
Ben Bernanke has a economic philosophy that may not be to your liking or mine but I believe he is sincere in his effort to try to do what is right for the economy.
I think Ben believes in doing what's right to help his friends and the wallstreet players. If that happens to help the economy as a whole that's a side-effect. He's the very epitome of cronyism and regulatory capture.
~splat
All the logic, intellect and mathematical ability in the world cannot overcome ...
Yes. As ac has suggested many times, a better choice for Treasury Secretary and Fed Chair would be a world series of poker champion. Do you think Bernanke could bluff or shake down Fink or Blankfein ? Don't think so. We need financial leaders with icewater runnning through their veins.
Go ahead. Vote them out. I dare you. I won't hold my breath.
And that makes it our responsibility, which is where it belongs. When you and have exhausted all possible (legal) means for influencing our representatives to act in the way we recommend, then we can scream about the unfairness of our system. Not until then.
Bernanke was offered a 2% haircut to the CDS on AIG, but couldn't accept from UBS because other firms (GS) refused. Who makes the rules ? Who negotiates ? The spineless ?"
Bernake pointed out, that he had only a water pistol to use against the companies (their public reputation) they had the law, since AIG had not gone bankrupt then all the counter parties had to do was to go to court to enforce their agreement. Note that in the auto companies case bankruptcy was involved. Since the whole point of AIG was to avoid bankruptcy he was stuck. Assume they had decided to pull the plug on AIG, a whole bunch of European banks go down the next day (since they were using AIG to avoid raising capital.) Then we have a world wide commercial banking crisis worse than what happens, the ATM machines stop working, bank holidays are needed and its hello 1933. Bernakes explanation makes a lot of sense when you don't have the law on your side, you do what you have to.
Me as well. Except, it was her. Just as it probably is every single time that defense is envoked.
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.
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sdtfs wrote:
Or maybe the best defense is a good offense? Pushing the entitlements button is a good way to distract from other, more salient issues.
If the Fed has already run out of options and is utilizing the obfuscation/redirection approach to avoid discovery when talking to congress, God help us all.
a better choice for Treasury Secretary and Fed Chair would be a world series of poker champion.
In some situations,...but you know, the best poker players don't really give a damn about money, per se, it's just stuff they use to buy into the game.
Bernake pointed out, that he had only a water pistol to use against the companies (their public reputation) they had the law, since AIG had not gone bankrupt then all the counter parties had to do was to go to court to enforce their agreement.
Then give them 50% and force them to go to court for the other 50%. Use the endless appeals process of America's wonderful judicial process to push a final verdict back two years. Even hiring ten thousand lawyers would have been cheaper than just paying it out, and the interim period would have weeded out some of the zombies.
I still remember seeing Chuck Schumer standing outside the W 72nd subway shaking hands the first time he ran for the Senate. can't get that image erased.
I disagree with 1 Currency
I have watched Bayh's career all my life along with his dad's. (don't get me started on him who appeared on TV weeping about his wife dying of cancer while he was bed hopping in DC... know someone on his staff). Think I said this before but when he was at IU he didn't drink for fear that he might get himself in a compromising situation and lose his Prince Hal status.
But first he announces that he supports Ben and then goes on about how everyone makes mistakes, blah, blah, blah...
He's the very epitome of cronyism and regulatory capture.
.....they impose an even greater burden on households and firms that had accumulated substantial debt before the onset of the deflation. This burden arises because, even if debtors are able to refinance their existing obligations at low nominal interest rates, with prices falling they must still repay the principal in dollars of increasing (perhaps rapidly increasing) real value. When William Jennings Bryan made his famous "cross of gold" speech in his 1896 presidential campaign, he was speaking on behalf of heavily mortgaged farmers whose debt burdens were growing ever larger in real terms, the result of a sustained deflation that followed America's post-Civil-War return to the gold standard.4 The financial distress of debtors can, in turn, increase the fragility of the nation's financial system--for example, by leading to a rapid increase in the share of bank loans that are delinquent or in default....
Sustained deflation can be highly destructive to a modern economy and should be strongly resisted.
Do you think any of our comments ever get read on the inside? Is there some form of ego armor that allows them to dismiss years of insightful commentary that definitively skewers their broken polices in advance? Are they still able to fool themselves after seeing their schemes revealed in minutes?
I will come to Bernanke's defense on the AIG bailout. did you really expect an academic to know how to
negotiate? the amount of leverage he had to give major Mohawks to all counter parties was stunning, yet he
talks like he had no choice but to pay at par...
... side note: my Jim the Realtor spoof - the Sequel has out performed the original. the first Jim Does Cambodia got stuck on 252 but the Sequel has what's called in the biz 'legs'...
then again it could be that the sequel had sex in it... that little naked cambodian kid who opens the shot...
yea first
FFFFFurstttttt!
Pretty easy to raise money when everyone knows these banks will be backed by the Feds ad infinitum, no matter the ultimate cost to Main Street.
I guess they will get out of TALF sometime next month.
Damn! F#ucking economists!
I'll call, and see your raise another $19.3 billion
As explained in the link I posted in the last thread. CitiBank can't raise capital until the Treasury comes up with a plan to sell some of the common shares they own. Could take five to six years for the bureaucrats to move on this issue.
You guests should come on in.
Water is fine.
What's not to like about a bank who has unloaded all its worst bets on the Fed and whose future bad bets are backstopped implicitly by taxpayers?
I just looked. Yep someone pilfered a few 20s from my wallet. Damn BB to high hell.
bake sale or car wash?
1.286 billion so-called common equivalent securities, according to Bloomberg data
Common equivalent sounds like...like...
Like a Friggin DERIVATIVE
Comrade Rally Monkey wrote:
But it can't hurt you, because it's very very dilute.
Think of them as homeopathic shares.
The deception is worse than outright lying when Timmy says that the USG will make a profit on its BofA investment. Tell me how that return on investment would be if taxpayers hadn't been put on the hook for $1T+ in MBS, along with obligations to bail out Fannie, Freddie, FHA, etc.. in the future. Not to mention the costs to every American due to money printing and destruction of the dollar and our savings rates.
Spread the news all over the MSM -- we got a great return on our BofA investment! TARP was a success!
poic wrote:
A few months ago, my mom saw two customers steal the tip she'd left.
She's worried about just leaving it on the table now, unattended.
I usually hand my tip directly to the waiter, look them in the eye and say "thank you".
poic wrote:
What about my USD/JPY cross? I was getting setup for the ride from 85->80, and someone yanked it back up to 88!
"A few months ago, my mom saw two customers steal the tip she'd left."
Ben and Timmay eat at the same restaurant as your Mom? Cool!
USD/JPY is starting to take off. Who here said it would tank @ :90?
Tiger always makes sure of where his tip is going.
yagij wrote:
I saw a forecast high of 74 next year. Keep the faith brother.
nikola tesla wrote:
However, Tiger has a problem with keeping his cart off the lawn and needs caddy-help for tight areas these days.
nikola tesla wrote:
Nikola you sly electric heel..!.
lol
They aren't doing anything to their stock that Bernanke isn't doing to the dollar.
Why were Tiger and his wife out at 2:30am?
They were going clubbing!
We're all going to be RICH! Rich I tells ya
After the TARP banks finish raising money, how long will it be until the markets crash?
Not long at all, I would say.
Rajesh wrote:
No, I'm not worried. The Japanese can fight it all they want, but they cannot single-handedly fight the global flight of capital. JPY is going to move towards parity whether the Japanese intervene or not--sans a North Korean-esque "solution".
HomeGnome wrote:
Said the leper to the prostitute "keep the tip"
Say, Tiger. What was par for that hole?
Good one, tg.
Rob Dawg wrote:
At least the wife was nice enough to yell "Fore!" before her swing...
BAC can't pay TARP funds fast enough. Treasury is down to its last $10B before the cap needs to be raised?
Debt to the Penny (Daily History Search Application)
How much wood would Woods wield, if Woods would wield wood?
Tiger was just fulfilling his Nike Contract
Jus Do Me
Shine on you Jamie Dimon wrote:
I don't think I want to be Rich.
He's hold ETF instead of real metal.
Good idea. We don't even leave tip jars on the bar anymore. People think they're "take a penny" jars.
JD<
Bills just tried to give one away.
Tiger will not be pleased..
yagij wrote:
What they're going to force people to turn in their 100 yen notes and give them 10,000 yen notes in exchange?
Lol!
The world is always going to hell... it just somehow manages to never quite get there.
yagij wrote:
parity with the USD?
It is all so that Greenspan and Bernanke can continuing bragging in front of Volcker that under their watch there were no major bank failures.
To which Volcker usually retorts: "It is a shame there weren't any"
ResistanceIsFeudal wrote:
Glad I'm not the only one to notice this.
How much of the worrying is over nothing?
Kristina<
There is an art and a skill to being a good "server" as I am sure you are aware.
BTW, I cannot stand people who order "gimme blah blah blah".
It isn't hard to say please and thank you; either.
Rajesh wrote:
That might be more efficient than buying US Treasuries...
*How much of the worrying is over nothing?
*
You're just cocky 'cause you can keep your leg in the air for hours at a time.
The world is always going to hell... it just somehow manages to never quite get there.
The world is fine and so is America. We produce plenty. Our problem is distribution.
Yeah, how much worrying do pirates do anyway?
Blackwaterwannabe wrote:
Let me stress towards parity, not complete parity. Interpretation: I think the JPY has a better chance moving towards 70 than sitting at 100-115 like it has in the past.
Enough with the Tiger jokes already. He's a great athlete. He can drive to the hole, sink his put and come up holding his ball with a fist pump. What more could you ask for.
+10 Nikola!!
Apparently he can't.
yagij wrote:
I was thinking parity with the Euro.
nikola tesla wrote:
Wives who dig the long ball on tour?
I bet the Somali pirates are worth more than the Pittsburgh Pirates.
Hey, mebbe the squid needs to open an office in Mogadishu (gesundheit).
yagij wrote:
Thanx yagij, appreciated.
Rajesh wrote:
Nah. I'm still
enough to think that the Euro won't last as its parts come apart at the seams--unless you mean "Euro" as in a Franco-Germanic currency with small satellite countries stuck in their econio-gravitational pull.
+10
I've made this point ad nauseum. We have abundant resources and people literally begging for work. Our problems are not of scarcity but of allocation.
Last obscure movie reference, re Ben Bernanke: "Life is hard. Its even harder if you're stupid." Any takers?
Gary wrote:
Abosolutely Gary. The problem is the controllers of allocation want a new villa or two in the French Riviera.
CaptainMorgan:
Well, I wouldn't call it "nothing"... We might truly be f*cked this time but I doubt it. Hell, some of the "elites" can barely tie their own shoes and have never bought their own groceries much less cooked a meal...
And they're disillusioning the masses, who can do these and other useful things, to the reality of money and its power over our behavior. Next to fall will be the illusion of authority that keep us from questioning the logic and assumptions employed by folks like Dr. Bernanke
Green jobs are the new growth area.
UPDATE 1-Energy Conversion to cut workforce by 20 pct
| Reuters
ResistanceIsFeudal wrote:
The Boomers wouldn't trust anyone over 30 when they were younger. I'm not even sure the new under 30 crowd listens to their elders...
(golf clap)
Juvenal Delinquent wrote:
boooooooo!
tg said:
Said the leper to the prostitute "keep the tip"
LOL
The Friends of Eddie Coyle?
From a conspiracy board - correlation of tall buildings to economic downturns.
Correlation Between the World's Tallest Buildings and Economic Downturns « Alpha Dinar- talking GCC finance
I made myself a homemade Banana Cream/Meringue pie for my bday! Winn Dixie had 6lbs of bananas for 88 cents the other day. Banana Cream is my favorite but I've never had it with Meringue.
The full story does seem to be coming out in drips and dribbles.
yagij wrote:
So let me get this ..JPY will increase in value in your opinion with both?
yagij--- How about: Trust no one with an IQ over 140...
Comrade Kristina wrote:
Today is your Birthday? Happy Birthday Kristina!
ResistanceIsFeudal wrote:
Good thing you all don't trust me then...
It is tomorrow. 12/4/66. 29 AGAIN!
Rajesh wrote:
"The company operates in two segments, United Solar Ovonic and Ovonic Materials."
Ovonic materials? Did somebody manage to create an electronic ovum when I wasn't looking?
No wonder they need to cut 20%.
Why is it odd numbered Bdays upset me more than even? 29 freaked me out but 30 I was cool. Same with 39 and 40?
Blackwaterwannabe wrote:
The JPY should be much, much stronger against all major currencies, but the BoJ has been keeping it under wraps for years. Take out all of the BoJ's actions to keep the Yen weak, and we could easily be living in a world where the USD/JPY cross would be at 50 or lower. Granted, it would absolutely kill Japan's export sector and need its citizenry to be more consumers than savers...
.
Assuming no heavy-handedness from the BoJ, yes, I could easily see the USD/JPY and Euro/JPY crosses move towards a stronger Yen. Although betting against the BoJ and its interference is a bad bet to make.
HomeGnome wrote:
Can we please get back to how the economy has been stroked & inflated beyond reasonable limits then popped??
Any word on how much prepayment they owe FDIC?
I just happened to see a sign with John Wayne saying this in someone's office today. You're not in northwest Florida by any chance are you?
nikola tesla wrote:
BWAHAHAHA I'm in NW Florida and that is hilarious....on so many levels.
Tiger's tee shot went into the drink, for a one stroke penalty.
Isn't that what whores do? Just sayin....
Juvenal Delinquent wrote:
Let's see what Tiger's caddy chooses to break him out of that tight position.
Please, people, isn't there one stinking place in the world I can get away from the stupid Tiger Woods has a girlfriend crap? Please, let this be a tabloid free zone. End celebrity worship. Please?
And if you HAVE to make jokes, please make them funny.
CR's a celeb...were all kinda in worship here bout that
aClem wrote:
If you don't like Conjure, then you may just have to keep walkin' on, buddy.
Don't you have a homepage to work on?
HomeGnome wrote:
Also, O/N threads tend to be much looser and OT than the day threads. It's O/N in Europe so that is good enough for me.
HomeGnome wrote:
Owww. mean.
"you're not in northwest Florida by any chance are you?'
Nope. Just a John Wayne fan.
Bananas - 6 lbs for 88 cents?
Wow.
Happy birthday, but don't sweat the odd numbered ones. It's the decade changers that bother me...
I guess if you have nothing to say, this is the place to say it? I hope not.
aClem<
Funny was the teeny weeny pee pee the drunk redneck pulled out last night in front of the open front door of my bar while he pee'd in my portulaca pot. More funny was the cussing I gave him in front of all the other patrons...
yagij wrote:
But YOU are making it. Umm. Should I or shouldn't I? That is the question...
Just opened a Blue Moon. Cheers...
Yeah they had a whole table of shrink wrapped bananas in about 6lb packages for 13 cents a lb. I made my pie and froze the rest right in the peel. I'll pull them out, peel 'em, mash 'em and make banana pecan bread in a couple weeks for Christmas. They freeze great that way.
Dos anyone believe the rumor of BOJ selling treasuries. Sign of the times but I can't help but think its a
head fake.
This should boost world trade
China Blames Foreign Banks for $1.67 Billion Derivatives Losses
China said “fraudulent practices” by some foreign investment banks were partly to blame for more than 11.4 billion yuan ($1.67 billion) of derivatives losses at Chinese state-owned companies last year.
“Some international investment banks were the culprits behind the derivatives Waterloo suffered by Chinese companies,” Li Wei, vice chairman of the State-owned Assets Supervision and
Used to buy them and then take the really ripe ones for banana cake. Eldest loved to beat the crap out of 'em. Had to clean banana sputz off of the walls but the event was truly worth it.
Boj Will have to sell eventually.
BOJ wholesale?
CR makes the point in the previous thread (yes I'm too lazy to reply there as everyone has moved on) that the Fed should stick to monetary policy and leave the fiscal policy to Congress. This is a nice thought, but after listening to most of today's hearing it really jumps out that there is a very unhealthy relationship between the Fed and Capitol Hill.
Congress (and the executive branch) have been all too willing to abdicate their authority (and responsibility) to set fiscal and economic policy. For example, rather than come up with a coherent strategy or policy to deal with the loss of high wage manufacturing jobs and pressure on the middle class from GATT and NAFTA, both Clinton and Bush were more than willing to let "the Maestro" run the economy, including slashing rates to 1% and inducing a housing bubble for his final act.
Bernanke inherited this mess, and to his shame has done nothing to distinguish himself from Greenspan. But politics like nature abhors a vacuum, and when Congress decided that playing Santa Claus was more important than acting like leaders, Bennie stepped up to the plate. Essentially the Fed has been running the economy since the late 90's, when the Internet bubble burst.
It's classic passive-aggressiveness ... Schumer and Dodd lobbing softballs over the middle of the plate, while the KY senator launches a fastball straight for the head. Meanwhile none of these clowns has the intelligence to calmly ask the right questions about constitutionality and the proper role of the Fed.
Very funny guys.
Tim waiting for 2012 wrote:
Well, it wasn't us, AIG paid out 100% for the CDSs. No way would our firms not pay 100% to another
financial player.
In my quest for eternal moola, I am buying an entire lot of model making tools- like railroad and ships- here is a partial list- shoot me an email and I will cut you a deal;-} ITAWA Air Compressor , AZTEC Air Brush , Dremel Lithium-Ion Cordless 5,000 - 35,000 rpm. , Dremel Multi Pro Model 395 5,000 - 35,000 rpm. , Dremel Contour Sander 4,000 - 10,000 rpm. , MicroLux Scroll Saw , MicroLux Belt Sander plus Vise , Mini Grinder 8,000 - 30,000 min 3.2 min , Electro - File Recipeicating Tool , Wahl Cordless Filer/Sander , North West Short Line Chopper , PanaVise, MicroLux Blue Print Holder.
After all, one has to outfit the doomstead somehow. I am waiting for the creditor to decide to take their pennies on the dollar.
I had to buy everything to get the stuff I wanted- so either you guys take some of the best- and ebay gets the rest.
Gee, just like BofA- I am having a get liquid sale;-}}
Someday this war's gonna end...
Tiger Woods has a girl on the side? Wow, hoocoodanode?
happy birthday kristina
congress is willing to abdicate its powers because its members have no term limits. the ability to blame someone else is good for job security.
< Tiger
Rawr! My hero.
Only a crazy man would throw away $300 million on fling.
If we had 50 Tigers we could restart this economy.
Correct. While seeing Ben squirm gave me some fleeting happiness, the non-dinosaur part of my brain says it should be that asshole Dodd in the chair squirming. Preferably with a criminal prosecuting attorney asking the questions.
broward wrote:
My wife used to say I was 50+ tigers.
central_scrutinizer -- I think you are spot on. Fed has become Deus ex Machina. They're in charge. Congress need make no difficult decisions. Wasn't that the plan from the beginning in 1912? More so lately I guess.
central_scrutinizer wrote:
These questions were asked, below are the links from the previous thread to DeMint and Bunning
YouTube - DeMint Questions Bernanke During Renomination
Mish's Global Economic Trend Analysis: Senator Bunning to Bernanke "You are the definition of a moral hazard. Your Fed has become the Creature From Jekyll Island"
Bernanke's responses to DeMint were quite breathtaking
My one and only pre-scandal Tiger Woods joke.
"What do you call 149 white guys chasing 1 black guy?"
"The PGA."
diluted share value
When will BAC ever earn its shareholders anything besides mirage profits ?
central_scrutinizer wrote:
+10. Right freaking on.
Who owns BofA stock? And who buys new offerings?
Tiger's birdie attempt cost him a hole and lot of money.
Tiger Woods, Wife Elin Nordegren Woods: PRENUP Negotiations (PHOTOS)
Wow.
That brief transcript on Mish is quite the rant from a Congressman.
I heard Bunning, and while I applaud his fire, I think that his style makes it too easy to be marginalized as the "crazy old uncle."
Did you hear how Dodd cracked a joke after his time to defuse the tension?
Demint I like. Problem is they need some help, maybe Russ Feingold will join Sanders.
Alan Grayson has what it takes, too bad he's not a Senator.
Blackwaterwannabe wrote:
I think I know what I am doing. I don't want to give advice on this board for what you should do.
I'm expecting inflationary measures of about 934%, fairly soon...
so did i miss the part where the Fed stoked the housing bubble by enacting favorable tax treatment of (flipping) real estate?
Thanks gabyjan, I have to work tomorrow for my Bday but I took Saturday off which will give me a three day weekend. That and the banana pie are my presents to myself...
Kristina<
Are your "regulars" aware that it is your birthday tomorrow?
Kristina
Happy b'day. Be good to yourself and prosper in the year to come.
central_scrutinizer wrote:
He is. Somehow I doubt he wrote a single word of the transcript he read. Now DeMint is another story. His deliberate and reasoned approach to marginalizing Bernanke was quite effective. Not a lot of fluff - Jus da facs maam. Quite damning.
Comrade Kristina wrote:
Don't know. Personally I loved 29, 31, 37, 41, 47, 53,...life is good when you're in your primes.
Interesting data point on shopping.
Am currently at the Ikea next to Palo Alto,CA
Got a parking spot on first floor next to front door.
Cafeteria has only one cashier and one server.
Wide aisles with very few people walking around.
It would normally be pretty busy this close to Christmas right after work in previous years
Loving that iPhone, eh poic?
HomeGnome wrote:
Mrs. Dawg just borrowed the iPhone for shopping. DVDpedia is awesome.
Yeah they are. Most bartenders like to work their Bdays
I'm taking the next day off so hopefully I'll make a haul tomorrow...
poic wrote:
FT seems to agree
FT.com / Companies / Retail - US retailers report tough November
Leading US retailers reported November sales that were broadly lower than expected, as a post-Thanksgiving rush failed to offset earlier weak demand.
Retail Metrics, which tracks the monthly comparable sales figures, said its index for the month rose just 0.7 per cent from last year, when sales slumped. Ken Perkins, head of Retail Metrics, said the “the bottom line is that comp store sales were very disappointing ahead of the critical December holiday shopping season”.
“The standard line from many retailers was a stronger year-on-year Black Friday [post-Thanksgiving] weekend was not enough to offset very weak sales throughout most of the month.”
Not hungry enough for an entree?
We've got an app for that.
she's pulling an Elin
Hey Boys
that was sure a crappy retail sales report. It surprised me how bad it was considering how bad the economy was last Nov. December will be worse.
last year things tailed off at the end of the year.
FRIENDS OF EDDIE COYLE. It's in the book as well. Another line I've liked from the book begins "If a guy has to pay for it..."
Sorry, HomeGnome was there first. I actually did a search on "harder" before posting.
On one of those "retail numbers for Nov. down slightly" stories I saw today, an analyst said something to the effect that weak sales in November just means consumers are putting off their buying till December so next month should be great! Some people are smoking pretty strong
.
The most telling comment Bernanke made was when he was asked by Shelby if the Fed didn't do a terrible job as a regulator. Bernanke snapped back: "I don't think we did a worse job than any other regulator" or something like that.
All those other regulators Bernanke used as a benchmark are politically influenced.
The Fed is suppose to be independent.
Bernanke wants the freedom of Fed independence. But he doesn't want the Fed to be held to a higher standard because it is independent. I wonder if he even knows the difference.
Both wrong. Its from a '40s John Wayne movie, long before Eddie Coyle. Stolen I guess. "Sans of Iwo Jima" I believe.
Boy, its looking like those "newly profitable" financials were a great buy since the plan seems to be to dillute current stockholders to ensure that they can continue to pay huge surplusses to the management teams that got us all into deep kimchi in the first place. That should be a popular way of "increasing shareholder value."
rich wrote:
The OSFI and APRA would surely disagree with this statement.
Jim A wrote:
It's mind numbing. Diluted by $19.3b, paying back $45b and this is good because now they can pay management as much as they want. BAC was what? Low $3s in March. They have so much California exposure I don't know how they can control the writedowns next year.
If BomberBen gets the boot; then I want Bootsy as Chairman.
YouTube - Bootsy's Rubber Band (Bootzilla - 1978)
Congressional sources: Up to $70 billion in unspent Wall Street bailout funds aimed at jobs
Pelosi: Bailout money to fund jobs initiative - Yahoo! Finance
"to save the jobs of firefighters, teachers and other public employees...."
Looks like a bailout for states.
Read a quote today that either reflects the US consumer over the last decade or could serve as words to live by. Take your pick.
"If you're living within your means, you have no imagination."
I'm thinking all the loans to states for unemployment funds will be forgiven
Nations begin to fall....
Chávez Spurs Bank Fears - WSJ.com
Greece next?
picosec -- Keeping us in perpetual childhood serves the interests of the status quo, as it makes us much more vulnerable to advertising... hence much better consumers!
What do you bet me that we later find out the major banks are buying big chunks of each others' securities?
Keep sending NO TO BERNANKE faxes to Sen. banking committe members. Here is list and fax numbers.
DO YOUR CIVIC DUTY.
Christopher J. Dodd Chairman (D-CT) 202-224-1083
Richard C. Shelby Ranking Member (R-AL) 202-224-3416
Tim Johnson (D-SD) 202-228-5765
Robert F. Bennett (R-UT) 202-228-1168
Jack Reed (D-RI) 202-224-4680
Jim Bunning (R-KY) 202-228-1373
Charles E. Schumer (D-NY) 202-228-3027
Mike Crapo (R-ID) 202-228-1375
Evan Bayh (D-IN) 202-228-1377
Bob Corker (R-TN) 202-228-0566
Robert Menendez (D-NJ) 202-228-2197
Jim DeMint (R-SC) 202-228-5143
Daniel K. Akaka (D-HI) 202-224-2126
David Vitter (R-LA) 202-228-5061
Sherrod Brown (D-OH) 202-228-6321
Mike Johanns (R-NE) 202-228-0436
Jon Tester (D-MT) 202-224-8594
Kay Bailey Hutchison (R-TX) 202-224-0776
Herb Kohl (D-WI) 202-224-9787
Judd Gregg (R-NH) 202-224-4952
Mark Warner (D-VA) 202-224-6295
Jeff Merkley (D-OR) 202-228-3997
Michael Bennet (D-CO) 202-228-5036
sig -- 19 Lords of Doom circlejerk?
ResistanceIsFeudal wrote:
+1 Quotable
I have a modest proposal. If these banks want to repay their TARP money, I am all for it. All that I ask is that they sign a form waiving all government support of any kind for the next 10 years. In other words, they are now on their own. This includes any backstopped debt issuance or other obvious handouts. At that point, they can pay their employees whatever they want. Sound fair?
Take from the right hand.... pass it to the left while closing the right eye... and standing on the left foot only!
......Citibank in Argentina............what if Chavez decides to nationalize MY Citi-Bank? Think Obama will wrestle around in the dirt with Chavez?
Good glod: 163 comments and not one
icon?
sdtfs wrote:
After a tough business day among non-native speakers, I look forward to the happy jolt of re-entering the nerdy delights of hoocoodanode!
Black Star Ranch wrote:
That could be interesting... Can Obama bow and wrestle at the same time? I say YES HE CAN!
some investor guy wrote:
......or worse, what if we find that each bank buys CDS for the competition - a great insurance policy to guard against takeover. The TBTF - systemic risk thing.
Wrestling isn't a major sport in Kenya.
So he's not a born wrestler ?
I'd bet BHO has never had his nose bloodied in a schoolyard choose-off - not because he always won, but because he never "rumbled".
Black Star Ranch wrote:
Even worse, buying CDS on one's self. It wouldn't be any stranger than the accounting rule about taking a gain when the value of your debt declines.
sdtfs wrote:
That's the first out loud laugh today. This place is too good.
.....well, it's probably good BofA pays off the TARP loan.......I know even "I" wouldn't work for the "chump-change" they'd be limited to paying me to be CEO with the TARP loan outstanding. $1/2-mil to be CEO? ....No thanks........let the previous "adam-henry" do it.
Everyone should have a fort of gold.
If ole Melonhead tries to nationalize he'll be forced to devalue the currency. That's gonna whipsaw the oil market. Dangerous game that cannot be contained.
Black Star Ranch wrote:
Should also keep some legs in the stock market ralley.. Bring some more rubes in that will mistake it for a sign of strength. Given that money is basically free for BOA and they are raising rates all over the place and their competition is imploding with every BFF, they should have been able to pay back TARP from petty cash...
Fear the DecaSquid!
Tiger Woods wrote:
Awesome. Sock puppets became rare as hen's teeth with the new (and badly needed) login system, but it's a refreshing change of pace to see one once in a while.
Ken,
I need a harpoon icon.
....I kinda prefer placer gold...........it's easier to give change.....
longwaver wrote:
Chavez definitely don't look like Mrs. Obama...
Rob Dawg wrote:
Sorry, I missed your thread arc. Which one's melonhead now?
No, but Obama does.
noob goldberg wrote:
Mrs. Obama or Chavez I think
yagij wrote:
Mrs Obama like Michelle? Or Hu?
Well, I supposed not Hu, his devaluation options are pretty limited right now...at least with regards to the yuan.
Where's the link to nova's book? I want it for Christmas
noob goldberg wrote:
Hu knows. Colombia definitely doesn't need a currency caesarian.
noob goldberg wrote:
My fault. Chavez. The energy rats are about to eat their own. The mideast OPECs are apparently way over quota. The shippers are running floating arbitrage and demand is through the floor. As much s I want lower prices this might break the system.
Rob Dawg wrote:
I may punch the next guy who says "May you live in interesting times".
Interesting times give me stress headaches.
noob goldberg wrote:
Interesting times indeed:
MS
Did you write this article on FICO?
Fico story
noob goldberg wrote:
Well you can have August 2001 but then you get Bush back. I'll take the interesting times.
Comrade Rally Monkey wrote:
Fist In, Cash Out? Good article BTW.
yagij wrote:
Is that a typo? I can't tell.
Yalt wrote:
Nope. Probably should've tagged it with a (sic).
"lawyerliz (profile) wrote on Thu, 12/3/2009 - 4:10 pm
* reply
* Ignore user
One of my foreclosures found some one to buy his underwater condo.
Amount owed 205k (maybe + interest?)
Amount realized by the bank? Just under 90k."
LL,
Is a sale like that the equivalent of a cramdown?
noob,
Amazon.com: American Apocalypse: The Beginning (Volume 1) (9781449575281): nova: Books
my copy arrived yesterday, and very nice it is too!
thanks nova!
Rob Dawg wrote:
Meh, 2001 was a crappy year. I never look back, so I'll just keep hiding behind NaRm as we plod forward.
Goldman Proves Best With Hatzius Divining Economy You Can Trade - Bloomberg.com
CR did at least as well as Hatzius on pinpointing the beginning of this recession. All hail CR!
noob: I prefer "slither forward"
I seriously hope it holds it together long enough to sell my aunts house.
word! 2001 sucked but then again so did most of this decade. Watching RE tank from 06 onward was one of my few joys
(why yes I do need to get out more >; )
It's better this way, and there's no need to cater to the lowest common denominator just because I'm stupid today. Need sleep badly.
FT.com / US / Economy & Fed - Bernanke fights for Fed powers
Some choice excerpts:
"The Fed chief said near-zero interest rates were not fuelling asset price bubbles in the US"
"Mr Bernanke said the Fed would monitor asset prices" [Oh look, they doubled. Oh, look, they doubled again. Yeah, we're monitoring, quit bothering us.]
" The Fed chairman also said the Fed had not made a final decision to end asset purchases, as scheduled in March, saying the committee would decide “whether or not to do more” based on the economic outlook. " [If the bubble would actually lose some air after we stop pumping it up, then we'll just pump more in. We'll do whatever it takes to keep asset prices high. That's my job. My name is Bubbles Bernanke, and I'm saving your economy.]
azurite wrote:
It is for somebody.
While Bernanke was quite a popular target today (pretty well deserved I might add), how did Dodd get a pass ? He is one of the chief architects of the meltdown, along with Schumer. Funny too how both of them tilted their transparent hands right off the bat. Simply disgusting. Who do they represent ?
yagij wrote:
Ouch.
Hard Cash.
You guys don't remember 2001 correctly.
It couldn't have been a bad year, it was the peak of the Dot Com Bubble, the high point of the past 100 years.
Now more than ever, we now need a flusher like Volcker.
Flush it out.
bearly wrote:
I think it wasn't because the commentariat approved of Dodd, as much as we expected that kind of crap from him and it was nothing new. Whereas it was pretty obvious that Bernanke didn't get a good sleep or had a fight with the missus before walking over there, because he was unexpectedly terrible.
It's merely a judgment on relative expectations.
EDIT: But you (and patientrenter below) are right, Dodd and Schumer should really be lambasted as well.
bearly wrote:
Others here in this thread have pointed out how the members of Congress have avoided being held responsible for the country's monetary policy in the eyes of the public. Yet Congress made the Fed, and can unmake or modify it at will. Bernanke has little room to deviate from what the chieftains in Congress want, and they know it. But they have to give him enough room in public to make it appear that he is setting the overall direction, when in fact he must hew to theirs. Barney Frank and Chris Dodd (and their predecessors before control of the Senate and House changed) pull the strings. Ben is merely the willing techno-puppet.
Voters are, quite frankly, too stupid to recognize this, and let these guys off time after time. Members of Congress are the players in this system who are charged with looking after the general public's interest. All the private parties are supposed to take care of their own, within the limits set by Congress's laws.
1997 to 2000 were very very good. 2001 sucked. I remember it just fine.
btw did any of the news commentary pick up on BB grabbing the third rail with both hands today?
Bernanke was offered a 2% haircut to the CDS on AIG, but couldn't accept from UBS because other firms (GS) refused. Who makes the rules ? Who negotiates ? The spineless ?
2%. Crap. I would offer 20% max payout or AIG gets wound down that day and they all get zilch.
Deflationary Jane wrote:
Yep. Let's see how many are dumb enough to grab hold of him...
The bluehairs that are a key component of the (R) base are going to freak.
Bernanke Channels Willie Sutton In Assault On Social Security: 'That's Where The Money Is'
Deflationary Jane wrote:
I thought he was holding a 9 iron?
bearly wrote:
You and me, sometimes we think the same. I honestly would have been even happy with an 80% payout, to tell you the truth. But I made a similar argument earlier today. It's unconscionable.
bearly wrote:
But then the financial and economic system of the US will come crashing down. Fill my pockets or your economy will collapse. Most people are too ignorant to understand that saving the economic system can be accomplished while crushing many bad actors of the bubble era. And these Congresscritters and Summers, Bernanke, Geithner etc play on that ignorance.
$1,000,000 Bills (Not real of course) - Great for gifts!
"not real" sureeee...
Concessions are for the weak handed.
Who is really running this game? It's clearly NOT the house, the senate, nor the FED....
Its sad to think that if Dodd and Schumer were hit by a bus tomorrow, either replacement would be no better than the originals. They aren't about to change, so nothing does.
Interesting Times wrote:
Yeah, let our public servants off the hook. It's their job to set the rules and enforce them. Don't hold them accountable. Look over here instead! Pay no attention to that man behind the curtain!
And not the people of the USA, Europe, Iceland, Australia, Canada, China, Japan....
Leftys Liquors Lubricants and Tarp and Bank wrote:
Well, they'd still have been hit by a bus. So there's that.
Nonsense. The Fed Chairman, like all other human beings, has a political ideology. Declining to comment just means less transparency. Tell us where you stand politically. Then we can evaluate whether your ACTIONS are "independent".
I want names. Who is really in charge now?
patientrenter wrote:
Actually, I would expect the executive to own enforcement. Although it is on the Congress to ensure the executive is doing it's job.
stupid bit of minutiae i learned today: Ben Bernanke scored a 1590 on the SAT. Charles Schumer scored even higher.
Interesting Times wrote:
Sigh, it's true that we get the public servants we deserve, which is no great compliment given that people like Frank, Dodd, Bernanke, Geithner, and Summers are the ones determining our economic future. But our only hope is that the populace, or at least the educated remnants of it, hold their public servants accountable, finally.
stupid bit of minutiae i learned today: Ben Bernanke scored a 1590 on the SAT. Charles Schumer scored even higher.
Basel those scores were fixed.
Tim waiting for 2012 wrote:
They have to be.
There's no way that Schumer scored more than 666.
Blackhalo wrote:
Which is why I referred to "our public servants". That covers Congress and the Executive. But Congress does make the rules, so our only hope of getting what we want starts there.
Basel Too wrote:
I guess if they're not stupid then they must be greedy amoral scumbags. I wonder if they already have future positions secured at
central.
Can Chris Dodd climb out of his hole? - - POLITICO.com
Voters in CT have turned against Dodd a bit. So he's not coming out of this mess completely unscathed.
nah, or BB wouldn't have had to go schleppin' burritos in his poncho...just sayin'
patientrenter
The man behind the curtain is a puppet. The real power does not seek to ever be reviled (or revealed).
As far as anyone is concerned, there is no name, no face, no identity to the face of this incredible lie.
1 currency now -yogi wrote:
The chairman is the spokesman for the board. Whatever personal thoughts Ben may have on fiscal issues, CR is absolutely correct in that his role has very explicit parameters that he must remain within. Shooting from the hip like he did was completely inappropriate.
There are many other venues to determine his personal ideological leanings: his writings, his lectures, and even his fed actions. But not there.
TJ and The Bear wrote:
Let's not get carried away with vitriol. Someone like Bernanke probably believes he is doing his part to rescue the nation's economy, for the greater good of the public. He has learned from his academic studies that the best way to do this is to keep asset prices high at all costs, and keep people borrowing and spending regardless of repayment. Let me try "misguided".
patientrenter wrote:
You know how many people have done things believing they were doing so "for the greater good of the public"? Those people are flat arrogant and elitist; "misguided" isn't it.
Delusional?
patientrenter wrote:
It's also my belief to that Bernanke has a soul and is doing what he think's will be of the greatest benefit. Pretty sure he's dead wrong and making more mistakes to solve earlier mistakes.
Dodd, Schumer & Frank however are another matter. I truly believe none of them care about anything but their campaign contributors.
Interesting Times wrote:
It's fun to hear a good grand conspiracy theory story once in a while. But at some point we have to get back to the real world, and the way it is supposed to work. In a representative democracy, which individuals should be making the rules (i.e. the laws)? Of course, it is the elected representatives. These are the people who have the responsibility to act in the public's interests. If they choose not to, they are to blame, and they cannot divert all the blame onto someone else.
Oxtail wrote:
It's obviously a cry for help. Bernanke wants to quit, but doesn't want to be seen as a quitter. His entire performance today was intentional.
Meanwhile, over in Europe, they hired a real Central Banker
Trichet Clears Obstacles to Higher Rates in Stimulus Withdrawal - Bloomberg.com
All the logic, intellect and mathematical ability in the world cannot overcome flawed assumptions about the universe or human nature. But it has to be painful to see all those beautiful theories hit the wall of political reality.
TJ and The Bear wrote:
I do not agree. Ben Bernanke has a economic philosophy that may not be to your liking or mine but I believe he is sincere in his effort to try to do what is right for the economy. He has to take crap from many(not all) that could not tie his intellectual shoes.
Go ahead. Vote them out. I dare you. I won't hold my breath.
noob goldberg wrote:
I did that once with a girlfriend.
The "It's not you, it's me" defense.
patientrenter wrote:
Oh great. Dangerously wrong and deluded. This is why we used to have so many restrictions on the duties and powers of our public servants.
noob goldberg wrote:
Or maybe the best defense is a good offense? Pushing the entitlements button is a good way to distract from other, more salient issues. The fact is, that it was a clumsy approach to it, which shows how little he understands of human nature. I expect to hear a lot more of the SS and Medicare issue, every time he's in a tough spot.
ResistanceIsFeudal wrote:
From Bernanke's perspective, his theories have not hit a wall. In fact, even if his policies eventually create higher inflation, he will consider himself to have been successful. "A little inflation is a small price to pay for saving the economy from an even worse fate than... [whatever fix we happen to still be in then]."
I'm with Conjure: We need more lamp posts.
tg wrote:
I think Ben believes in doing what's right to help his friends and the wallstreet players. If that happens to help the economy as a whole that's a side-effect. He's the very epitome of cronyism and regulatory capture.
~splat
ResistanceIsFeudal wrote:
Yes. As ac has suggested many times, a better choice for Treasury Secretary and Fed Chair would be a world series of poker champion. Do you think Bernanke could bluff or shake down Fink or Blankfein ? Don't think so. We need financial leaders with icewater runnning through their veins.
Nonsense.
I want to hear what his political views are under oath.
"Independence" is a stupid notion. Wall Street's interests are contrary to employees'. Most Fed policy helps one and hurts the other.
BB only wants to help consumers...alternate reality...ding ding ding...wake up...you are sleeping...having a dream...
Interesting Times wrote:
And that makes it our responsibility, which is where it belongs. When you and have exhausted all possible (legal) means for influencing our representatives to act in the way we recommend, then we can scream about the unfairness of our system. Not until then.
tg wrote:
Lying, breaking the law, screwing the taxpayers over in favor of bankers, insuring a Greater Depression -- What's not to like?
bearly wrote:
Bernake pointed out, that he had only a water pistol to use against the companies (their public reputation) they had the law, since AIG had not gone bankrupt then all the counter parties had to do was to go to court to enforce their agreement. Note that in the auto companies case bankruptcy was involved. Since the whole point of AIG was to avoid bankruptcy he was stuck. Assume they had decided to pull the plug on AIG, a whole bunch of European banks go down the next day (since they were using AIG to avoid raising capital.) Then we have a world wide commercial banking crisis worse than what happens, the ATM machines stop working, bank holidays are needed and its hello 1933. Bernakes explanation makes a lot of sense when you don't have the law on your side, you do what you have to.
Some people like abuse too...
Whip me BB...I like it...hit me harder...yeah...
broward wrote:
Me as well. Except, it was her. Just as it probably is every single time that defense is envoked.
.
.
.
sdtfs wrote:
If the Fed has already run out of options and is utilizing the obfuscation/redirection approach to avoid discovery when talking to congress, God help us all.
SS...who needs that? You sissies...
bearly wrote:
In some situations,...but you know, the best poker players don't really give a damn about money, per se, it's just stuff they use to buy into the game.
ldmeier wrote:
Then give them 50% and force them to go to court for the other 50%. Use the endless appeals process of America's wonderful judicial process to push a final verdict back two years. Even hiring ten thousand lawyers would have been cheaper than just paying it out, and the interim period would have weeded out some of the zombies.
He didn't have to make it so easy.
i see the Armageddon card has just been played...
Basel Too wrote:
Which one? I've got, like, a whole deck of them here.
In other words:
labor threatens a general strike -> send the militia with loaded rifles
capital threatens a general strike -> send the Brinks trucks with loaded cash
I still remember seeing Chuck Schumer standing outside the W 72nd subway shaking hands the first time he ran for the Senate. can't get that image erased.
I disagree with 1 Currency
I have watched Bayh's career all my life along with his dad's. (don't get me started on him who appeared on TV weeping about his wife dying of cancer while he was bed hopping in DC... know someone on his staff). Think I said this before but when he was at IU he didn't drink for fear that he might get himself in a compromising situation and lose his Prince Hal status.
But first he announces that he supports Ben and then goes on about how everyone makes mistakes, blah, blah, blah...
so they should have paid the full amount less the 2009 bonuses.
...and a lengthy series of safety and soundness audits for anyone that doesn't want to play ball.
splat wrote:
http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021121/default.htm
Again I do not agree I would argue that his a priori view of the world motivates his actions.
Do you think any of our comments ever get read on the inside? Is there some form of ego armor that allows them to dismiss years of insightful commentary that definitively skewers their broken polices in advance? Are they still able to fool themselves after seeing their schemes revealed in minutes?
No...it's a symptom of narcissism...
I will come to Bernanke's defense on the AIG bailout. did you really expect an academic to know how to
negotiate? the amount of leverage he had to give major Mohawks to all counter parties was stunning, yet he
talks like he had no choice but to pay at par...
...
side note: my Jim the Realtor spoof - the Sequel has out performed the original. the first Jim Does Cambodia got stuck on 252 but the Sequel has what's called in the biz 'legs'...
then again it could be that the sequel had sex in it... that little naked cambodian kid who opens the shot...
Group narcissism is an area of social psychology possibly for new updated research...
Confabulation is a rigid symptom of narcissism...
Rob Dawg wrote:
I can't answer that Rob. In my own life rationalization is my life preserver.
tg wrote:
That's all economics is... modeling based on assumptions about human behavior which have little or no experimental support.