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Yes, it will probably eventually pass. Top leadership has clearly shown that they will repackage and revote this issue for as long as it takes to get it through. I have mixed feelings on it...
"Son," he said without preamble, "never trust a man who doesn't drink because he's probably a self-righteous sort, a man who thinks he knows right from wrong all the time. Some of them are good men, but in the name of goodness, they cause most of the suffering in the world. They're the judges, the meddlers. And, son, never trust a man who drinks but refuses to get drunk. They're usually afraid of something deep down inside, either that they're a coward or a fool or mean and violent. You can't trust a man who's afraid of himself. But sometimes, son, you can trust a man who occasionally kneels before a toilet. The chances are that he is learning something about humility and his natural human foolishness, about how to survive himself. It's damned hard for a man to take himself too seriously when he's heaving his guts into a dirty toilet bowl."
its amazing how the majority of people are completely ignoring the basic principles of macro economics when voicing thier opinions against this. i dont give medical advicxe because im not a doctor, so please, just stop. the opinions are based on nothing but false data being force fed.
hyperinflation will not happen as money isnt being given away
the 700 will not be used, it will be less
they gain back a dollar for dollar assest or interest bearing note..
if it didnt happen, the currency market would be dead and a massive depression would result.
it is quite neccessary whether you agree or not. again, its like living with testicular cancer becuase you dont want to lose a nut.
your life is an occasion, rise to it.
Join My Chant. new mix. april 09. dirty fuck house.
download that. deep shit listed there
Defend this ... You want to allow a pool of money to those we do not make strong financial decisions. The same damn financial institutions that got us in this mess ... we are going to allow access to a pot of 700 BILLIONS USA DOLLARS.
I disagree acting now has wasted a major bullet in your gun. Now you are standing there with an army coming at you and you have no more ammo..
Problem is, if you don't act now...you probably won't have any bullet to fire because you'll be dead soon. Economic crises tend to grow exponentially by nature due to the interconnectedness of the different economic constituents and the feedback cycles that occur when these constituencies panic. What that means is once this thing escalates into a runaway train, your "bullet" is largely useless in stopping it...if for no other reason than the fact that the losses will be much greater at that time and $700B will not nearly cover it anymore. You want a $700 billion bailout or a $10 trillion bailout?
Originally posted by asdf_admin
Defend this ... You want to allow a pool of money to those we do not make strong financial decisions. The same damn financial institutions that got us in this miss ... we are going to allow access to a pot of 700 BILLIONS USA DOLLARS.
Am I totally lacking common sense here?
You're not lacking in common sense. Sucks, doesn't it? The same people who screwed us are ultimately the same people who hold the keys to our collective future. And now we're faced with the prospect of helping to prop them up. But that's unfortunately just the way it is...because you can't live without a banking system anymore in this age. Revenge sounds nice, but it won't help us now.
sean (sightless thats your name right?)... tell me what you think about this:
why should the govt buy the bad debt at $1/$1 or 90c/$1? why shouldnt they buy them for market price, or maybe just a tad bit above? also why cant the companies sell them for a bigger loss?
becasue the one dollar of debt you are buying is a one for one dollar of mortgage debt, even at 5.5% it will generate 2.30 per dollar. the whole thing is that the government is willing to accept this over a longer term than the traditional 30 year term.
hey morals are morals, but everyone is trying to shoot this down with facts and math that are dead wrong. notice how the overwheliming majority of financiers are for this, even if they ackowledge it is a neccessary evil. i.e the people, like me, who are schooled enough in finance and accounting, all seem to say the same thing... it sucks, but it has to be done.
as i said before, relentlessly, this is not a cash giveaway, it is a line of credit for hte banks to shore up their balance sheets to keep the worldwide currency alive. on top of it, the money that is actually "spent" and not "lent", is spent on assests that generate a large profit margin. the main issue of "underpreforming loans" is that the loans arent giving the return on a fixed term as most loans do. thats where the gov't, with the FHA, are buying the notes (bonds collateralized by bundled mortgages) and accepting the return on a longer term.
christ almighty, in the last week, i have given a masters course in the american and asian market fundamentals. its all publically availbale date and definintions, just go lo0ok it up from the proper sources, NOT cnn, not, msnbc, not the fucking news.
does anyone think its bullshit that the worlds top finance gurus are all sitting in washington and telling these people to do it. the senate and hosue dont comprise of anyone from the financial feilds, and the one fucking government official who is from the backround (mike bloomberg) just filed legal petitions in NYC tyo stay on for a third term to get NY through this...
i feel like luke wilson is idiocracy at this point. maybe its cuz im too engrained in the industry and know more about than anyone here, but comon already. as i said before, its like refusing to cut off a testicle because you are against it in principle and living with cancer. and dont for a minute think if teh world's markets collapse we wont be in a MAJOR world war within two months... think of it like that,... war and martial law, and more GWbush. wanna prevent that? i hope so. cuz a war on our domestic soil will lead to martial law.
honestly, i have met and or spoken to the majority of the older memebrs on this board, and love ya ll, only had an issue with one, and that's cuz poto walked in on me fucking her and i found it funny later.... but most of the people against this are artists, labor based careers(i.e. non finance,nonaccounting), etc. miroslav and i are the only ones who seem to do this for a living,... and im seeing a trend.... i do this daily for a living, and have been doing it for awhile now. its gotta be done. its real world time, not ideological time.
your life is an occasion, rise to it.
Join My Chant. new mix. april 09. dirty fuck house.
download that. deep shit listed there
dude im with you on this thing: i dont like it but its necessary. I understand and I know why and all that. What i didnt understand was why are we paying close to par for something that we can get for less? i wasnt saying we should by these at the bottom dollar prices but are we overpaying?
i work in the finance industry too, albeit its the mortgage business so im not completely illiterate when it comes to this, but if i can pick up something for cheap im not going to pay more for it regardless of the return.
if you dont feel like answering this, have another guinness, im going to get a glass of scotch. pm me your address and ill send you a bottle
EDIT: look at all my posts on the matter and although few i agreed with you and miro on the issue. i have not said much on the subject because you and mire covered it more than enough. fuck for all i care, if it helps the market pay double or triple the worth, i was just wondering the reasoning behind it and i asked you since you are the sight less
the irony hit me tonight: the same people who are for spending hundreds of billions of dollars to fight unecessary and negligently-conducted wars are the same people who think that resolving this credit crisis is not important, particularly when it comes to 'taxpayer dollars'.
Why in HELL are people so much more interested in paying for war than they are for keeping our economy from going chernobyl? I will NEVER understand this. EVER.
you could put an Emfire release on for 2 minutes and you would be a sleep before it finishes - Chunky
it's RA. they'd blow their load all over some stupid 20 minute loop of a snare if it had a quirky flange setting. - Tiddles
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