"I do not like the idea of the Fed getting involved (in bailouts like Bear Stearns). That is socialism"
- Sen. Jim Bunning, R-Ky., March 2008
April 03, 2008
HousingPANIC Quote of the Day
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38 comments:
Too late sport
this bailout crap is just pissing me off.
what about those that owe backed taxes? do they also get a break? can they claim victim status?
this is a very slippery slope to start bailing folks out.
WE ARE SCREWED!!!!
the chairman of the SEC has just confirmed that they are investigating possible illegal short selling prior to the collapse of Bear Stearns...
http://malcolmrant.blogspot.com/2008/04/flash-sec-confirms-bear-stearns.html
Let's see how he votes on the bailout package.
I agree. And if they bailout the housing market with write downs on the principle. When home prices go up who will get the profit of the sale
He does'nt like the IDEA. It's not an idea, it happened two weeks ago. Why not be opposed to the idea of going to war, or with the idea of a recession.
Who would of thought that the FAR RIGHT Republicans would hit a full LEFT Turn and end up turning this country into a socialist contry. Amazing!
We need to vote every single Socialist Republican out of office come this election year.
Republicans=Scums
America apparently wants and desires socialism based on Obama's success campaigning for President ... in fact he's beyond socialist, he's pure Marxist, reading through his entire website was downright terrifying for me.
And yet, Keith is pushing the most liberal Senator as the best president. The Messiah will drop American taxpayer money in Africa by helicopter, so they can have 20 kids per household for us to support.
This whole thing was created, housing bubble economic collapse, 911 set the balls rolling.
If crisis is deep enough people will give up their freedoms in exchange for food, help and protection from robbers. It is called a management by crisis. If you want to create a totalitarian government in democratic society the only way to succeed is to make people call for it. Make them suffer enough and they will call upon government to take away their freedoms and become the Big Brother. That's what is happening now. This crisis will eventually lead to global totalitarian economico-political government with religious overtones, according to the Bible (Rev.13-17).
Peter Schiff vs The Eternal Sunshine of the Realtors Mind on Cavuto
"We judged that a sudden, disorderly failure of Bear would have brought with it unpredictable but severe consequences for the functioning of the broader financial system and the broader economy, with lower equity prices, further downward pressure on home values, and less access to credit for companies and households," Federal Reserve Bank of New York President Timothy Geithner
Yes, but how would this have been a bad thing?
Well, we can count millions of home buyers out of the market for 7 years, due to rotten credit reports:
Individual bankruptcy filings up 27%
American Bankruptcy Institute says first-quarter filings rose as households creak under heavy debt load.
Money -- The number of individuals filing for bankruptcy surged during the first-quarter as American households struggled to stay on top of debt, according to a report released Wednesday.
The American Bankruptcy Institute said that consumer bankruptcy filings increased 27% nationwide in the first three months of the year, compared with the same period last year. In March alone, 86,165 individuals filed for consumer bankruptcy - a 13% increase over the 76,120 cases filed in February.
"Bankruptcies are rising due to the heavy burden of household debt and growing mortgage problems," said ABI Executive Director Samuel J. Gerdano. "We expect this trend to continue through 2008."
The ABI found that nearly 32% of all consumer bankruptcy cases were Chapter 13 filings, which is available to individuals with regular income and calls for budgeting some of the debtor's future earnings to pay off creditors.
Now you add all the homedebtors and flippers who did short sales, late payments, NOD, foreclosures, etc, and the buying pool with decent credit shrinks considerably. Don't bet on finding many home buyers with a 20% down and good credit for the next 20 years, as millions of Americans will have the credit shot. And we still have the credit card bubble to burst.
They should have wiped the shareholders out instead of $10/shr.
Socialism, hell. Call it what it is: Corporatism.
Democracy is a sham in this country. Elect whoever you want, corporations will just buy them.
It worked for over 200 years...not a bad run, but it's over now.
All the Senators are clueless.
It's not a bailout of Bear Stearns, Bear got shafted.
It's a publicly funded enrichment for JP Morgan, as they get ALL the upside---the Bear building in Manhattan is worth more than their buyout. The Fed and hence US Taxpayer gets 29/30ths of the downside, and NO upside.
The Fed was snookered by a slick banker into doing a "public equity" takeover and simply handing over the assets to JPM, and keeping the toxic debt.
Who got to choose the securities put into the $30 billion pot?
Obviously the investment banks and not the Fed. What do you want to bet they put the worst of the worst toxic waste in there, and JPM keeps the good stuff?
banker versus professor: professor loses.
It's pretty clear by now that the Fed will do ANYTHING needed to prevent a market crash, whether by hook or by crook. Playing with interest rates is small potatoes compared to accepting worthless collateral as an excuse to inject liquidity into the system.
Face it: the entire game is rigged, artificially supported to prevent market collapse. Market corrections are considered Un-American....
ANYTHING, including propping up officially-supported Ponzi schemes (e.g. Goldman Sachs shorting on one end, while pumping up stocks to clients on the other end) is now fair game, and regulation and enforcement is shown to be a cruel joke.
It's the worst form of laissez-faire, a walk down the carney with all the fixed and rigged games. You're all on your own, folks.
BTW, in case anyone doesn't get it, the Federal Gov't is now officially betting on real estate values going UP, since they're holding the mortgages as collaterals. This was a huge turning point in the game, and as far as I can tell, the mystery is over.
I think you'd be foolish to bet against the house, at this point.
The good senator is incorrect. Bailing out the Big Bad Bear is crony capitalism, not socialism.
And.. show me the legislation he's introduced to eliminate the $30B of taxpayer money given to Dimon and JPM.
Until he puts his pen where his mouth is, his words mean jack diddly.
He says he doesn't like it. But notice how he did nothing to stop it. Talk is cheap. Lack of action speaks.
Contact Bunning here
http://tinyurl.com/2lvku9
Cut ot the that's socialism part and what the republican bigot said is true.
since the central bank is quasi-private, can't they just take on all these bad securities and go under as a private bank without binding the taxpayer to them?
people it is PRINCIPAL not PRINCIPLE
"Who would of thought that the FAR RIGHT Republicans would hit a full LEFT Turn and end up turning this country into a socialist contry. Amazing!"
Dumbass, who controls congress? Here's a hint it's not republicans.
BSC deal socialism? He ain't seen nothin' yet!
What we have now is Socialism for the rich elites, Capitalism for the rest of us. America is run like Nazi Germany without the concentration camps (yet).
* * BREAKING NEWS * * *
A Regular, Major Standard Bank in the Midwest USA is going under.
4/3/08
Wall Street Journal:
On Tuesday, National City confirmed that it is "reviewing a range of strategic alternatives for the company" but declined to comment further.
::::::::::::::::::::::::::
"Strategic alternatives?" Another words, it's broke and needs help.
Thanks GW! Like I said, by the time your term is over, there will be nothing left that you didnt fvck up in our once great country.
But hey, our elected officials think your doing one heckuva job!
Keep it up buck-o!
No... not socialism. It would be socialism if they were doing this for the common good. For "Society's" benefit.
This is plain, simple Oligarchy. Goverment by/for the rich and powerfull.
America apparently wants and desires socialism based on Obama's success campaigning for President ... in fact he's beyond socialist, he's pure Marxist, reading through his entire website was downright terrifying for me.
--------
Listen fart face, you better look twice at your current republican socialist administration before talking about Obama.
The last time I looked it was Bush & Co bailing out his rich friends. How is this any different from a Socialist Gov?
Who would of thought that the FAR RIGHT Republicans would hit a full LEFT Turn and end up turning this country into a socialist contry. Amazing!
We need to vote every single Socialist Republican out of office come this election year.
------------------------------------
uh, i thought the dems were crafting the legislation.
Anonymous said...
The good senator is incorrect. Bailing out the Big Bad Bear is crony capitalism, not socialism.
Yes, this will make Frank happier. Socialism=Barack Obama, no matter what the Republicans say or do.
"America apparently wants and desires socialism based on Obama's success campaigning for President ... in fact he's beyond socialist, he's pure Marxist, reading through his entire website was downright terrifying for me."
Bullshit, Frank. Americans want capitalism until they fuck up bad. THEN they want mommy government to make it all better.
I am soooooo angry how about all the people that pay there mortgage how are they gonna feel .So they pay there full mortgage and other's get a write down. Then will they keep there profit when they sell the home.How can this be ?
The last time I looked it was Bush & Co bailing out his rich friends. How is this any different from a Socialist Gov?
In socialism, poor and middle class people get at least SOME of the benefits.
Naturally they are trying to funnel it to the privileged few insiders, but socialists feel guilty about it and can't do it as blatantly since they lose their political base if they do.
Crony capitalists, on the other hand...... well, behold their prowess.
It's astonishing that people are still so mesmerized by the Karl Rovian mind control lasers that they're convinced that voting Republican will end up with "less socialism" than Democrats. In reality, it will be just the same amount of socialism but voters might get a little bit of it.
Handing giant piles of cash to corporations is not socialism. It is what fascist do.
Getting something back for you tax dollars: now that is socialism.
Socialism of Finance = Corporate Fascism = GOP = Secret Society
And when time comes to kick their butts on the streets, they'll all hide behind Blackwater.
Have no fear, China's here! In memory of Andrew Hack. let's play "Enter the Dragon".....
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