View Full Version : Financial Fallout / FAIL
what is it with these guys
i thought these people knew what was up with $
don't they many of them lofty degrees from fordham wharton harvard la a la
they raked in $ for years big $
*smells like eau de enron to me*
yssman
09-19-2008, 05:31 AM
Um, well, its a bit more complicated than that...
There are some pretty clear points at which Fannie Mae/Freddie Mac may have been doing some dirty business, but in general, this is a causal relationship between all of the failings to some extent. There are so many layers to this cake, it seems quite clear that we're all going to have to take a piece.
Did I mention it tastes like poop?
government bail out could easily be 1 TRILLION (http://abcnews.go.com/Business/Vote2008/story?id=5839134&page=1)
1 TRILLION $
and we have our black hole $ swallowing war
why is no one rescuing me from the perils of pc doom (dell)
neither of the nominees is going to be able to handle this
neither have the mental scope to truly grasp this much less get a chokehold on it
and don't call 'harvard magna cum loudly' to the resuce
wall street is full of harvard magnums
Greed is a sin and here you see why. This pain will be felt by more than just those bastards on wall street that were playing loose and fast. Still the chips should fall where they will and if anyone broke rules they should be smacked and or fined.
That said I believe the SEC should increase it's watchdog role but not slap the system into shackles of massive regulation. This was a scam started in the 90s and it was allowed to go on far too long. Loaning money to people that can't pay is foolish and then allowing those loans to be sold as a security is just nuts. Truly a case of two wrongs don't make a right.
so bush and company wants 700 B STAT
to bail out the bad debt of wall street
but the thing is even if they get rid of their debt the people whose homes are in foreclosure are still out of their homes
i don't get the math at all
if i owe you 1000 and you borrowed the 1000 you gave me and someone covers your debt so you are no longer owe the 1000 how come i still owe you ?
expecially since it is my $ that is paying you so you have a clean slate
why not just give me the 1000 and i will give it to you and we both come out ok ?
i'm not an economist but my instinct tells me 'just say no' and let the chips fall as they may
there is no guarantee that the 700 B will actually solve the problem and written into the bill is 'non reviewable' clause
just say NO
tokenuser
09-23-2008, 10:02 PM
if i owe you 1000 and you borrowed the 1000 you gave me and someone covers your debt so you are no longer owe the 1000 how come i still owe you ?
expecially since it is my $ that is paying you so you have a clean slate
why not just give me the 1000 and i will give it to you and we both come out ok ?I agree. (http://revision3.com/forum/showpost.php?p=440042&postcount=33)
I agree. (http://revision3.com/forum/showpost.php?p=440042&postcount=33)
i think that we should have a total bailout
wall street the mortgage companies investment banks credit card debt student loans
everyone has clean credit
it may sound craaaazzzzy but something tells me it might actually be less crazy than whatever complicated no guarantee no oversight deal bush and company wants to perpetuate
masherscf
09-23-2008, 10:57 PM
This whole crisis in the markets is the finical equivalent of the failed Iraq peace. They denied there was a problem until the casualties started to be too much to ignore. Like the surge, they waltz in and throw resources at the problem with in a hope to stop the hemorrhaging long enough to put another Republican in office. Then, it's business as usual screwing the American public.
It would be nice if even one person had the foresight to see these problems before they erupt in their faces.
secret-steve-crumbles
09-23-2008, 11:00 PM
This was on drudge today, made me laugh:
http://i240.photobucket.com/albums/ff99/Bojangles888/fail.jpg
BAILOUT DEAL IN DOUBT (http://apnews.myway.com/article/20080923/D93CKBG01.html)
straylightrise
09-24-2008, 04:13 AM
i love that picture
yssman
09-24-2008, 06:36 AM
Too bad McCain jumped on the train to Socialism Town so quickly, otherwise I may have had a bit more respect for his stance on the economy. To be frank, watching the interrogation today, the Democrats were making the most sense out the those on the bench. Big props to Charles Schumer (D-NY) for suggesting that we only give them a little bit of cash ($150 BN) before the whole pot ($700 BN)... Too bad common sense won't exactly sort this issue out at all.
The very fact that the most highly compensated roles in our economy over the past few years have been hedge fund managers, derivatives traders, and sub-prime mortgage hypsters points to the heart of the problem. While these folks serve a role, for sure, the combination of their almost comically (if it were not so anger-inducing) inflated compensation structures, combined with the systemic risk to which they exposed both their fellow workers and the economy as whole, is a failure of priorities for which we are all paying the price.
Where do we go from here? My hope is that finance and general marketplace incentive structures revert to more wholesome, “vanilla” dynamics. Traders are rewarded less, and company-builders rewarded more. Capital is more difficult to come by for hedge funds, and easier to come by for entrepreneurs. Harder for derivatives traders, and easier for scientists and engineers. Harder for debt, and easier for equity.
The fundamental good that can and should come out of this market cataclysm is a cleansing and a re-ordering of priorities. Provide a milieu and an incentive structure for operating companies to access capital and grow. And contrastingly – devalue activities that simply move capital as opposed to creating it.
i got this in an email from an entrepreneurial group
it points out the real cause of the crisis
the people skimming millions billions are not providing any inherent value
they are parasites
debt not equity (http://www.growthink.com/content/harder-debt-and-easier-equity)
masherscf
09-25-2008, 02:34 AM
My brother-in-law is a hedge-fund manager and he works is sorry little ass off. So, it's not everyone.
My brother-in-law is a hedge-fund manager and he works is sorry little ass off. So, it's not everyone.
you miss my point
he may work hard manipulating money but hedge funds are not creating any value
they are using the value created by others
for example commodities brokers speculate on food minerals oil but they are not growing any food not mining any minerals are not drilling for oil
those doing the actual production create the value
if the economy tanks would you rather have your brother in law with no $ as a best buddy or a farmer
the farmer can provide the necessary energy for survival if there were not anyone actually producing commodities there would be nothing to hedge