His solution - dump the crap on the US taxpayer. Get popcorn. The sh*t is gonna hit the fan. Especially with incompetent way-over-her-head monkeys like Sheila Bair running the joint. And get ready for the mother of all bailouts HP'ers. RTC2. RTC on steriods. Bankers and speculators gambled. And you and I get stuck with the tab.
Cramer: The FDIC Needs a Plan -- Now
Jim Cramer says the FDIC desperately needs to find a way to dispose of its assets.
August 29, 2008
Jim Cramer says FDIC has no plan
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I'm usually against any bailouts but the FDIC is one organization I think would cause overnight chaos if it failed. The instant bank runs would be staggering.
RT1=John McCain
RTC2=John McCain
Any Questions?
“It is subjective how many bad loans there are.”
No, I don't believe that is the case at all - everyone holding them knows exactly how many bad loans they have been sold.
Cramer is correct to blame the clueless and planless monkeys for standing back and letting the mess get worse, but he seems to be deep into denial himself when it comes to what "insolvent" means.
Hey Jim, how about that weekend takeover of Freddie and Fannie?
Since the fractional reserve system of lending is smoke and mirrors anyway, just get a bigger mirror and more smoke. Allow banks to have a ratio of 1 penny in actual cash to every $1.3M of "debt/credit".
But oh wait, cash is worthless now too. It is not even printed, zeros are just added on the FED's computer to the accounts of poorly run institutions like FreddyFannie and Bear. Nothing like seeing "free market capitalism" at work.....
At least if banks had their "cash" in pennies it would truly be worth something if not just for the copper.
The tottering stinking tower of rot that is our financial system continues to become more disconnected from any sort of common sense economic reality.
The odor out of Wall Street continues to become stronger.
Where the @#&$ is the accountability for this mess?Banks and Wallstreet gave all their golden boys HUGE bonuses during the housing boom. Shouldn't ALL this money be given back? Shouldn't heads be rolling?
Cramer is a Bad Joke. He now has fallen below good entertainment.
His run is over. No one trusts him and soon no one will listen to him even for background white noise.
Maybe CRAMER could by Grandpa Munsters VP?
I thought they had a plan? Socialism
for the big corporations and wealthy individuals...........laissez-faire capitalism for everyone else.
Of course, they can't call it that. But that is what it is.
Has anyone heard McCain or Obama speak to this? I don't think I have heard a single word about it. Doesn't this have something to do with the job they are applying for?
They are applying for a financial position with the company and they both have degrees in Communications.
We have had 8 years of a B.S. in Cheerleading. That has worked out great hasn't it?
Has the company agreed to cross train the chosen candidate?
JaneZ
eric in vegas said...
The FDIC is one organization I think would cause overnight chaos if it failed. The instant bank runs would be staggering.....
That would be an assumption that there is anyone in America that is paying attention to any of this.
IndyMac depositors showed up after the bank closing to get their money, AFTER it was in the news for several days that there was a problem with the bank.
Nah, there won't be any bank runs. Just lots and lots of lines, patiently waiting for a check with Ipod in ear.
I mentioned that the FDIC was short funds the other day at a BBQ. Everyone just looked at me with a blank look.
They think Sheila Barr is Roseanne's sister.
I used to think that America would finally wake up an pay attention when they got hit in the wallet. Gave too much credit there I guess.
Joe 6 doesn't know what the freakin FDIC is, and couldn't care less.
JaneZ
Dispose of what assets?
Oh, dont they mean... debt created by leverage assets?
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