December 07, 2007

HousingPANIC Stupid Question of the Day


Should the very person who enriched himself to the tune of hundreds of millions creating and selling the CDO/SIV Subprime Ponzi Scheme at Goldman Sachs be the one person plotting how to best spend taxpayer resources to bail out Goldman Sachs and their buddies after the CFO/SIV Subprime implosion?

Good god, wouldn't that be like electing the former CEO of Halliburton so that he could launch an illegal war on Iraq to enrich Halliburton and their buddies.

Oh, crap, you mean that happened too?

31 comments:

Anonymous said...

BIGGEST JOKE in History!!

Will Dodd or someone please get the latest "Investigation Du Jour" going on Paulson so we can expose him for the D-BAG that is SOOOOOOO IZ?!?!?!?!

Let the Housing CRASH begin, so we can get it over and get on with our lives???!

SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS SO-Mutha Fuc@$ing SSSS!!

borkafatty said...

As long as the rockerfellas and the Rothschild's made money and destroyed this country...does it really matter. Paulson is just the messenger, and servant.

Edgar said...

Yeah, but Barry Bonds is going to prison for lying. Doin' a heckuva job!

Peter said...

He's the perfect man for the job! None of this unravelling is accidental. Americans will be shocked into accepting the new world order. Hard times are heading our way. Disaster capitalism can only be accomplished when players like Paulson are put into place. The big game, orchestrated by the IMF and The World Bank, is only in the first inning. It will get really ugly for the wage earners in the next 18 months. Stock up on food and ammunition and prepare for what is inevitably coming our way.

tabasco said...

I especially like how the media is terming a plan to encourage mortgage debtors with poor credit and very little equity in their homes to keep paying inflated mortgage payments so that banks will not be forced to buy back the crappy loans from the investors they sold them to and take possession of the underlying home while it's value decreases as a bailout of the subprime borrower.

Could you get any more Orwellian?

If the media really wants to talk about bailing out these borrowers, it's quite simple: tell them to bail. Walk away. They have no down payments to lose, they have bad credit already. If they are foreclosed all that happens to them is they get to pay rent for way less than what their mortgage payment was, and they would rid themselves of a deflating asset. That would be good for the borrower and bad for the lender. That's why Bush and Paulson don't want them to do it.

Hasn't the media started to figure out that's how things work in this administration yet? The media is so easily brainwashed by these goobers, it's pathetic.

Citizen Bagholder said...

Goldman rules!

tabasco said...

Here's a sample headline from a bizarro world where the media is responsible and inquisitive:

Bush Mortgage Rate Plan Only Applies To Borrowers Who Would Be Better Off Walking Away From Their Toxic Mortgage

- Plan only applies to borrowers who have little equity in their homes.
- Plan only applies to borrowers with poor credit ratings.
- Plan only applies to borrowers who bought at the peak of the market.
- Plan only applies to borrowers whose loans teaser rates are higher than average 30 year fixed mortgage rates.

Was that so hard?

The funny thing is this is horrible politics, because the way they are spinning it (as a bailout of subprime borrowers) makes people with fixed mortgages feel resentful, like they missed out on taking an ARM and getting bailed out for being irresponsible. But, in actual fact, you do not want to be bailed out by this plan. If this plan applies to you, you want to hand your keys to the bank pronto. So, what this tells me is that Bush and Paulson are so worried about the health of the banks they are willing to take the political hit this plan gives them. That is a little bit scary.

Anonymous said...

If the media really wants to talk about bailing out these borrowers, it's quite simple: tell them to bail. Walk away.

I believe the ancient Hebrews had a far more moral system of debt: debt jubilee every 7 years.

They understood human morality quite well then and weren't infected by Ayn Rand garbage.


Deuteronomy 15
The Year for Canceling Debts
1 At the end of every seven years you must cancel debts. 2 This is how it is to be done: Every creditor shall cancel the loan he has made to his fellow Israelite. He shall not require payment from his fellow Israelite or brother, because the LORD's time for canceling debts has been proclaimed. 3 You may require payment from a foreigner, but you must cancel any debt your brother owes you. 4 However, there should be no poor among you, for in the land the LORD your God is giving you to possess as your inheritance, he will richly bless you, 5 if only you fully obey the LORD your God and are careful to follow all these commands I am giving you today. 6 For the LORD your God will bless you as he has promised, and you will lend to many nations but will borrow from none. You will rule over many nations but none will rule over you.

7 If there is a poor man among your brothers in any of the towns of the land that the LORD your God is giving you, do not be hardhearted or tightfisted toward your poor brother. 8 Rather be openhanded and freely lend him whatever he needs. 9 Be careful not to harbor this wicked thought: "The seventh year, the year for canceling debts, is near," so that you do not show ill will toward your needy brother and give him nothing. He may then appeal to the LORD against you, and you will be found guilty of sin. 10 Give generously to him and do so without a grudging heart; then because of this the LORD your God will bless you in all your work and in everything you put your hand to. 11 There will always be poor people in the land. Therefore I command you to be openhanded toward your brothers and toward the poor and needy in your land.

Bitterrenter said...

When Ron Paul gets elected and removes all regulation in order to create the even more "free market", this stuff will be as commonplace as Kleenex.

Conservatism/Libertarianism= less regulation, more corruption

Liberalism- regulation, fairness and oversight, less corruption.

It's your choice, ya meatheaded cretins.

Ruprecht said...

tabasco said...
"encourage mortgage debtors with poor credit and very little equity in their homes to keep paying inflated mortgage payments so that banks will not be forced to buy back the crappy loans from the investors they sold them to and take possession of the underlying home while it's value decreases"
Exactly, all this does is buy more time for the mortgage bondholder while they figure out how to palm it off on someone (most likely JQtaxpayer)
If I was struggling to make an inflated payment on an ever decreasing asset, I would rather walk away from the $500,000 mortgage and go rent the same house down the street that just sold for $300,000.

Anonymous said...

Ahhh, the American way of life. I bet he's a republican.

Lavish lifestyle has $130M collapse

Miami Beach resident Edward H. Okun is accused by a bankruptcy court trustee of improperly diverting $130 million in assets that helped him buy Gulfstream jets, a helicopter, a Cigarette boat and an array of exotic cars.

Bankruptcy court cases involved in the collapse of Okun's empire have cast a chill over the largely unregulated industry for tax-free real estate swaps by divulging risks unforeseen by investors.

Trustee Gerard A. McHale Jr. said Okun's 1031 Tax Group, an umbrella for many of the operations, had more than 300 open exchange contracts, but books and records were incomplete and in a state of disarray.

Some investors have lost nearly all their life savings, accounts of the situation indicate. Exchange programs are popular because investors can sell property and have six months to buy similar ones without having to pay capital gains taxes. Okun's companies were supposed to act as safe harbor intermediaries to facilitate the swaps.

ublic records indicate Okun has a home at 394 Hibiscus Drive, on exclusive Hibiscus Island, off the MacArthur Causeway in Miami Beach. The 5,434-square-foot home on Biscayne Bay has six bedrooms and seven bathrooms. It was built in 1930 and sold for $5.15 million in 2005.

Dow Jones News Service reported that a judge ordered the sale of Okun's vehicles to recoup assets. Listed were two Gulfstream jets, a Learjet, a helicopter, seven boats, two Ferraris, two Lamborghinis, a Bentley, a Rolls-Royce, four Indy race cars and an Aston Martin.

Okun and his wife reportedly get to keep two homes.

The San Antonio Express-News reported that Okun has a $10 million home in New Hampshire and that one of his yachts was 136 feet. The newspaper said Okun is a Toronto native who became a U.S. citizen in 2004.


http://tinyurl.com/24ophd

Anonymous said...

Hasn't the media started to figure out that's how things work in this administration yet? The media is so easily brainwashed by these goobers, it's pathetic.

The media is just the propaganda machine. Where were they while the bubble was inflating? Sure, you'd sometimes hear a contrarian view but the majority were too busy worshipping at the altar of Greenspan.

They'll have a guy like Peter Schiff on but only to present him as the village idiot while the other morons guffaw at the outrageous things he says.

Today we had the revelation of CIA interrogation tapes being destroyed. Not the first time we've seen very illegal acts and obstruction of justice by the CIA but the media doesn't make a big deal out of it. Try leaving comments on a site like CNN that mention CIA atrocities and I guarantee you it will be censored (I tried many times).

Is it a conspiracy? I don't know but I do know about Project Mockingbird which is a well documented program of the CIA's to control key positions in the US media. In the case of Fox News we've got the example of Moody's memos (very similar to Rumsfeld's snowflakes) that define the talking points of Fox News on a daily basis.

http://www.youtube.com/watch?v=oi42gRAsmUM

So, it's naive to think we have a free press that is just stupid and ignorant. It's the same mistake we make when it comes to the Bush Administration. Yes, Bush is a barely functional moron but the puppet masters pulling his strings aren't quite as stupid.

abb said...

And continue to wake up everyone you know.

Here is what I think they are planning:
- destroy ALL currencies
- our faith and trust will be shattered
- introduce a single one-world currency BACKED BY GOLD

This will sound like a great idea until you realize the currency is started by the SAME LYING BANKSTERS that got us into this mess.

We need competing currencies. Some will be BACKED BY GOLD. COMPETING. I repeat: COMPETING.

We cannot allow these criminals to dupe us into another money monopoly.

Anonymous said...

Paulson learned everything about the mortgage industry from this Ginnie Mae cartoon:

http://www.ginniemae.gov/homezone/coolstories/homeownership.html
http://tinyurl.com/2fy6hc

shtove said...

I know Europe's not perfect - but seriously ... WTF has happened to America????

FlyingMonkeyWarrior said...

We need competing currencies. Some will be BACKED BY GOLD. COMPETING. I repeat: COMPETING.

We cannot allow these criminals to dupe us into another money monopoly.
=================
It is too late, imo. It looks like we have already been had.
-----------------

- destroy ALL currencies
- our faith and trust will be shattered
- introduce a single one-world currency BACKED BY GOLD
___________________________________
Besides, by the time these things you speak of come to pass, they will have confiscated all the GOLD anyway, I reckon.

Anonymous said...

Keep up the pressure. Write letters to your elected officials. Write letters to the editors. Call talk radio. Make noise.

This is Step 1 of the bailout. The more noise we make the better the chances are to stop Steps 2, 3, 4.etc.

Anonymous said...

moron anon 7:16:

democrats now represent all top 10 income congressional districts in the country.

Hitlery's top 10 donors are all Wall St banks.

Only the most moronic amongst us believe democrats represent the poor.

Anonymous said...

don't forget Paulson's unbelievable tax break for taking the position. His $600 million in Goldman stock had to be sold for conflict of interest reasons, so the income tax was forgiven. At 15% capital gains tax, he saved $90 million in taxes by taking the job. So essentially the US govt is compensating his ~2 years of "service" with $90 million.

Anonymous said...

tabasco you are right on - thanks for your comments

Anonymous said...

When Ron Paul gets elected and removes all regulation in order to create the even more "free market", this stuff will be as commonplace as Kleenex.

Conservatism/Libertarianism= less regulation, more corruption

Liberalism- regulation, fairness and oversight, less corruption.

It's your choice, ya meatheaded cretins.


You've just shown how ignorant and meatheaded you are buddy. The bubbles are the result of malinvestment due to excess liquidity created by the private Federal Reserve with their fiat currency that they can generate out of thin air. This is the source of inflation and it means that the dollars you have in your wallet lose value every day. It means, unless you know how to invest well your savings are not safe and will just be eroded away by inflation. A gold backed currency does not erode away into thin air.

Ron Paul supports a competing gold backed currency which is automatically regulating. The supply of money is held in check by the supply of gold and silver. A free market is not what we have today. Today we have monopolies that buy our politicians for them to do their bidding.

To promote a free market economy there of course need to be some regulations especially to promote competition and suppress monopolization.

What annoys me is that Ron Paul's economic policies are not that hard to understand. This is high school economics that everyone should know. Did any of you naysayers even learn any economics in school?

Anonymous said...

- destroy ALL currencies
- our faith and trust will be shattered
- introduce a single one-world currency BACKED BY GOLD


Why would a one world government introduce a currency backed by gold? With a gold backed currency they would lose their power to tax the people through inflation - the cruelest tax of all.

Anonymous said...

Crank up the GAS CHAMBER. We need it now. If tecnical problems occur, get a tree, a rope and a horse. I think that's how it is still done in Texas...

Heck of job, George!

Anonymous said...

shtove said...
I know Europe's not perfect - but seriously ... WTF has happened to America????

December 08, 2007 10:59 AM
-----------
The majority of America is still regular folks that do an honest days work for an honest day's pay.

The problem is on the margins in regards to credit, exotic financing and investing. These marginal players are highly leveraged (e.g. toxic loans pooled into an MBS purchased w/ borrowed money by investors. The toxic MBSs are then pooled into Toxic CDOs which are purchased by investors with borrowed money. The most toxic tranches are then bundled up into SIVs and purchased by investors again with borrowed money.) Thus all these players on the margin have an amplifying affect because they are all playing with borrowed money. The foundation is very faulty (sub-prime borrowers) they default and that triggers downgrades on all the securities that have been layered on top of the toxic loans. The defaults either evaporate the value of the bond or the ensuing downgrades force liquidation. As all of this was purchased with borrowed money the investor must come up with the cash. If not then huge losses mount at the banks that lent the money in terms of bad investment loans.

Thus a small # of bad mortgage loans causes a cacade of losses. This is similar to what happened when the 1929 crash occurred and margin calls were made that could not be fulfilled. Only a small miniority of investors played the market on borrowed money but the cascade affect rippled through the economy. Not saying that will happen again, just noting the parallel and how a minority of bad actors can cause so much financial damage.

Karl.Marx said...

Should the very person who enriched himself to the tune of hundreds of millions creating and selling the CDO/SIV Subprime Ponzi Scheme at Goldman Sachs be the one person plotting how to best spend taxpayer resources to bail out Goldman Sachs and their buddies after the CFO/SIV Subprime implosion?
====================================
American capitalism at it's finest.

PennyStockPimp said...

It's Clinton's fault.
If Hillary gets in we'll be in a martial a law State.
Kerry is a communist sympathizer.
Al Gore is a flake and a terrorist helper.

PennyStockPimp said...

Tax and Spend
Tax and Spend.
that's a Democrat for ya.

LovethatBush said...

Borrow & Spend.
Borrow & Spend.
Borrow & Spend.
Borrow & Spend.
Borrow & Spend.
Borrow & Spend.

Thats all the Conservative Republican/Libertarians in
government do.

Anonymous said...

Just watched the documentary "Iraq for Sale." Wow.

I am truly ashamed to be an American. These people need to be hung from the courthouse steps.

Anonymous said...

For those of you naive kiddies (i.e. 6:21) who think the wonderful regulating "liberal" politicians have your interests in mind, good grief you are so childish and clueless as to be beyond help. Who do you think actually writes their regulations (hint: lobbyists), and for who's benefit? Yours? They're just game rigging mechanisms. What passes for both contemporary "liberalism" and "conservatism" are two sides of the same hideous coin, cover for two competing gangs, like the Crips and the Bloods, to rape the country by proxy for the interests that own them. I never thought I'd feel this way, but it's inescapable. This is why our founders were so mistrustful of powerful Government.

abb said...

The gold will be confiscated to save the global economy. Many people will feel compelled to hand it in and electronic money will be issued.

But as soon as trust in the new monetary system is gained, we all know what they'll be doing in the background.

"Uh yeah. The auditors came back and every electronic dollar is fully accounted for. Your dollars are as good as gold."

That's the banksters plan.