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#1052988 - 09/29/08 06:47 PM House rejects bailout
HappyGilmore Offline
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Pulling people out of the ditc...
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#1053000 - 09/29/08 07:01 PM Re: House rejects bailout HappyGilmore
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Great
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#1053001 - 09/29/08 07:02 PM Re: House rejects bailout cheekEE
HappyGilmore Offline
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Pulling people out of the ditc...
I'll start...

it is the republicans fault

it is the democrats fault
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#1053003 - 09/29/08 07:03 PM Re: House rejects bailout HappyGilmore
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exactly! ^^^^^

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#1053004 - 09/29/08 07:04 PM Re: House rejects bailout HappyGilmore
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That is exactly what they are doing. Sad that there seems to be no leadership on either side of the aisle at a big crisis moment.

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#1053006 - 09/29/08 07:04 PM Re: House rejects bailout straw
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It's Ms. Biscuit's fault!
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#1053007 - 09/29/08 07:05 PM Re: House rejects bailout A_G
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#1053015 - 09/29/08 07:12 PM Re: House rejects bailout cheekEE
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so, really, what does this mean?
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#1053023 - 09/29/08 07:18 PM Re: House rejects bailout kitten
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Originally Posted By: kitten
so, really, what does this mean?

it means that we are cutting off our nose to spite our face. people cannot easily see how they are punishing themselves in the long run. this was a no-win situation but it appears to be heading to a we-all-lose situation.

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#1053025 - 09/29/08 07:19 PM Re: House rejects bailout Hated By Some
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okay. thank you ron. but that doesn't really help me.
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#1053034 - 09/29/08 07:29 PM Re: House rejects bailout kitten
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Such a close vote, really. Personally, I have my doubts this would be the best option.
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#1053035 - 09/29/08 07:29 PM Re: House rejects bailout kitten
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my advise to understand what is at stake is to listen to people like warren buffet and not politicians who want to keep their job instead of making a hard decision that benefits the economy.

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#1053037 - 09/29/08 07:31 PM Re: House rejects bailout Bacon Boy
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Originally Posted By: BaconBoy
Such a close vote, really. Personally, I have my doubts this would be the best option.

the current option is "do nothing". this is a bad move.

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#1053038 - 09/29/08 07:31 PM Re: House rejects bailout kitten
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As I posted on the other thread, I think the $750 Billion (and maybe much more) is going to be spent whether we like it or not.

Right now, I don't believe the FDIC and NCUA have enough to cover all of the insured depsosit accounts which means the taxpayers will have to cover the exposure.

So in order to cover the money that you have on deposit, you will be signed up to pay taxes to insure that you will get the money that you have worked all of these years to save.


Just look at the manuevers that FDIC has gone through with WaMu and now Wachovia. From the latest Wachovia "buy out":

" As part of the deal, FDIC agreed to protect Citi against losses on $312 billion of Wachovia's more troubled assets, including more than $100 billion of option adjustable-rate mortgages from its doomed acquisition of Golden West at the peak of the housing boom in 2006.

"Citi is exposed to the first $30 billion of losses on that $312 billion portfolio and could take another $12 billion of losses on these assets up to a maximum of $4 billion during each of the next three years. The FDIC will take any extra losses. In return for that support, it gets preferred stock and warrants in Citi worth $12 billion."

http://www.marketwatch.com/news/story/ci...&dist=msr_2

Looks like a backdoor for the bailout plan.....
Last edited by Bonnie M; 09/29/08 07:33 PM.
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#1053056 - 09/29/08 07:52 PM Re: House rejects bailout Hated By Some
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Originally Posted By: McCain Economics
Originally Posted By: kitten
so, really, what does this mean?

it means that we are cutting off our nose to spite our face. people cannot easily see how they are punishing themselves in the long run. this was a no-win situation but it appears to be heading to a we-all-lose situation.


Sometimes you just have to take your medicine and learn from the experience...Although it's going to be rough, this is a win for America.
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#1053059 - 09/29/08 07:54 PM Re: House rejects bailout FBH
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You mean like the Depression was a win. That's what happened the last time we faced a crisis of this proportion and did nothing.

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#1053074 - 09/29/08 07:58 PM Re: House rejects bailout Princess Romeo
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What this means is that they have to go back to the table and hash something out that others agree with. Think of it as a union contract talk at this point. It's going to take some time to get it right.

Why aren't more banks that are having trouble with these adjustable rate loans going bad working to get the people they made them to a lower fixed rate loan to avoid trouble?

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#1053085 - 09/29/08 08:01 PM Re: House rejects bailout B_F
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I don't have any adjustable rate loans going bad, but I do have mortgages going bad and can't work anything out with the borrowers.

I also have tons of auto loans going belly up. Can't work anything out with them either. Need income to do a workout. Most of my chargeoffs have nothing left and no desire to keep the assets.

They just want to walk away and start over.

But you don't read about that in the press. Only about poor consumers who were all tricked into getting overextened.

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#1053089 - 09/29/08 08:02 PM Re: House rejects bailout straw
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thank you bf.
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#1053093 - 09/29/08 08:05 PM Re: House rejects bailout straw
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From a historical view, what stands out to me are the accounts of how much "some Republicans"* hated FDR, and as soon as they could, they started to dismantle all aspects of his "New Deal".

I am not an expert on this subject, but I believe the main items left from the "New Deal" were FDIC, Social Security, and Glass-Steagall.

Glass-Steagall fell in 1999. Significant discussions were taking place on "privitizing" Social Security, and one has to wonder if FDIC was the last on the list.

And all those who were hoping for a repeal of transaction limits on time deposits? I don't think Congress will touch that topic with a 10 foot pool for at least the next 5 to 10 years.

*Republicans, social conservaties, free-market advocates are all being lumped in here, but I'm also saying that not all such folks were in agreement.
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#1053096 - 09/29/08 08:05 PM Re: House rejects bailout straw
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Originally Posted By: straw
You mean like the Depression was a win. That's what happened the last time we faced a crisis of this proportion and did nothing.


Didn't we become the most powerful nation in the world after the Depression?

It's a market adjustment, and the pigs are getting slaughtered. Better organizations will rise from the fallen.

Oh I forgot, I was talking about how things work in a capitalist democracy...

Bring on the liquidity, comrade Bernanke!!!
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#1053104 - 09/29/08 08:09 PM Re: House rejects bailout B_F
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Originally Posted By: Bengalsfan
What this means is that they have to go back to the table and hash something out that others agree with. Think of it as a union contract talk at this point. It's going to take some time to get it right.

Why aren't more banks that are having trouble with these adjustable rate loans going bad working to get the people they made them to a lower fixed rate loan to avoid trouble?


I don't know if this is true or not, but I heard that on the loans that were sold and then packaged into derivatives, the lenders' (or servicer's) hands are tied regarding work-outs depending on the terms of the securitization.

BTW - did I mention that I would look at some of the underlying loans on the mortgage-backed securites and would see debt ratios that exceeded 50% on the front end? WTF?!?!?
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#1053105 - 09/29/08 08:09 PM Re: House rejects bailout FBH
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you can't save capitalist democracy by injecting socialism, unless you are really smart like one or two guys here.....
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#1053119 - 09/29/08 08:14 PM Re: House rejects bailout Pale Rider
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I just hope we hurry up and do this so we can ally with Eastasia and finally beat our hated enemy, Eurasia!!!
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#1053123 - 09/29/08 08:15 PM Re: House rejects bailout Pale Rider
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Originally Posted By: Pale Rider
you can't save capitalist democracy by injecting socialism, unless you are really smart like one or two guys here.....


If you think about it, federal deposit insurance is a form of socialism. Are you willing to forgo that insurance?
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