Re: OT "a leap of faith"

Dirk Bruere at NeoPax <dirk.bruere@xxxxxxxxx> wrote in news:6k843kF6hqpfU1
@mid.individual.net:

Jim Thompson wrote:
On Sat, 27 Sep 2008 14:07:12 -0700, "Paul Hovnanian P.E."
<paul@xxxxxxxxxxxxx> wrote:

I think its the impending adoption of strict banking capital standards
recommended by the Basel Accords
(http://en.wikipedia.org/wiki/Basel_Capital_Accords).

All of the US banks held their portfolios up against the strict
requirements and realized that much of them won't qualify. So they
started looking around for some patsy to buy their bad paper.

The best patsy money can buy: The Bush administration.

Paulson claims that banks won't lend money unless they can clean up
their portfolios. I think they are playing chicken with us. The number
of credit card and refinance offers I get in a week continue unabated.
That's loaning money, isn't it? The smart banks are busy getting better
loans onto their books, and holding onto them, rather than selling them
into the secondary market. The secondary market is getting pissed, what
with them sitting on a pile of bad paper and now no new product coming
in.

Right now the talks are stymied by Democrat requirements that ACORN be
funded and that union officials have to sit on all mortgage boards ;-)

So shove that up your ass and smoke it.

...Jim Thompson

So the Democrats are blocking your Republican Socialism?


This morning, 94 Dems voted against the Bill, and something like 114 (but
I'm trying to re-find my link...) REpubs voted against it.

One point. Poeple keep carping on "Wall Street Bailout". One of the
biggest problems weer multi-billion-dollar hedge funds that used naked
shorts (which technicly are illegal, but the law was not ennofreced over
the past few years) to drive various financials into teh dirt. Anotehr
aspect was that too many assest overall are backed by mortgages in some
form or another - but deregulation had allwoed brokers to merely selel
mortgages on commission, whereas the bankls etc. which bought the bundles
didn't/couldn't examine them in detail, and ended up holding the proverbial
bag. If anyone sould be living under bridges, it's the mortgage brokers
who wrote mortgages that were destined to fail, and mega-hedge-fund
managers.

The news media have propagated inaccurate information - people think
they'er against the bill, but they cannot accurately judge that becasue
they don't know what the actual situation is. And IMO, this perpetuation
of inaccuracy is allowed to occur because, if it deosn't pass and if teh
economy does go into a Depression, the rich/power-elite will merely be less
rich, whereas "merely" the middle and lower classes will be wiped out.

.

Relevant Pages

  • from a democratic site
    ... What Is This Money Even For? ... The $700 billion figure isn't an explainable one, given the purported problem at hand of "bad mortgages". ... Instead, we're getting a Wall Street bailout not of the mortgages, but of the absurd, speculative, economy-wrecking derivatives based on those mortgages, derivatives that investors and banks ravenously sold each other at unsupportable and quite-probably-crooked prices. ...
    (rec.gambling.poker)
  • Re: Very easy money almost a sure thiing.
    ... Take any and all extra money you can invest without causing ... another inflation indicator - hit an all-time high in late 1980. ... This is still massively illegal even if the banks LET you do it. ... All of the people that yet want to get one over the government with their mortgages. ...
    (rec.gambling.poker)
  • OT What is this money for? (great article)
    ... What Is This Money Even For? ... The $700 billion figure isn't an explainable one, given the purported problem at hand of "bad mortgages". ... Instead, we're getting a Wall Street bailout not of the mortgages, but of the absurd, speculative, economy-wrecking derivatives based on those mortgages, derivatives that investors and banks ravenously sold each other at unsupportable and quite-probably-crooked prices. ...
    (rec.arts.tv.soaps.cbs)
  • Re: community mortgages?
    ... A quick Google indicates that that is not the common meaning of ... "community mortgages". ... off government money into the bank accounts of crooks. ... That's why we have banks, where we pool our money and then the ...
    (misc.consumers.house)
  • Re: OT "a leap of faith"
    ... All of the US banks held their portfolios up against the strict ... The best patsy money can buy: ... Paulson claims that banks won't lend money unless they can clean up ... Once a peasant, always a peasant ...
    (sci.electronics.design)