The bank rescue - An Obama miracle.

[g5000]

Tim Geithner's inaugural rescue plan speech was an umitigated disaster. He demonstrated his complete abject amateurishness in that speech.

As for the stress tests, everyone in the industry knows they were a hoax.

Probably the single greatest thing in the early days which saved the banks' bacon was the FASB's decision to allow them to untie their toxic assets from marked to market prices.

And if you think the banks are better capitalized, you are an idiot. The fact is that the Too Big To Fail banks are bigger than ever. Bigger than they have been in the entire history of the Universe, and they are still way overleveraged. ZIRP is causing every money manager on the planet to pursue high yield/high risk investments, at the expense of the elderly and savers.

The common man is being royally fucked to save these criminal enterprises. But the OP article writer won't tell you that.

In the meantime, the Obama Administration and the Federal Reserve have been building a catacylsmic bond bubble that dwarfs the derivatives bubble which brought the world to its knees in 2008.

As we speak, developing nation economies are imploding due to the Fed's latest moves.

And don't EVER forget that not one criminal who destroyed the world economy has spent even one minute in handcuffs, much less a day in jail.

The banks should have been nationalized, deconstructed, and the pieces sold to enterpreneurs with superior business models. Instead, we have preserved the oligarchy which continues on unmolested. The jackass who wrote the OP article is fellating their syphillitic cocks.

Too bad I don't have the time, or I would tell you how I REALLY feel.

 

[Silhouette]

I pretty much lost everything in 2008-2009, banks and bankers make me furious and probably always will. The fact that the government had to bail them out while I was pretty much on my own and shit out of luck will color my politics for the rest of my life.

I hear you. I nearly lost everything too. I am just hanging on by a thread right now and may go into bankruptcy soon. At least I've got a lot of company..

I keep hearing how bankers are jumping off rooftops to their deaths in the last few weeks. Somehow that makes the title of this thread seem a bit premature. Bankers know what printing money outside of a country's ability to sustain its fiscal integrity against the world means..

There are quite a lot of people sitting on wealth right now. But they are older and afraid or greedy to loosen it up. There could still be a solution to the problems of freeing cash to flow back into the economy again: http://www.usmessageboard.com/curre...o-the-economy-without-hurting-capitalism.html

 

[bendog]

As we speak, developing nation economies are imploding due to the Fed's latest moves.

And don't EVER forget that not one criminal who destroyed the world economy has spent even one minute in handcuffs, much less a day in jail.

The banks should have been nationalized, deconstructed, and the pieces sold to enterpreneurs with superior business models. Instead, we have preserved the oligarchy which continues on unmolested. The jackass who wrote the OP article is fellating their syphillitic cocks.

.

All true. But, considering the Chinese held hundreds of billions of mortgage based securities, if we'd allowed those to become worthless, could we have survived?

 

[Sallow]

I think its more simple. There is a view Reagan supported removing transparency from markets, ending the fed and going back to the gold standard.

That's probably how he felt during the first term.

But like many other Presidents that sat in the chair, his perspective changed a great deal as time went on.

Naw, he had no problem with Volker's use of monetarism, but he replaced him with Greenspan, who followed the same banking policies. And they were based on Friedman's monetarism, which did not advocate ending the fed or using a commodity based currency.

OT: but Greenspan did come full circle on the debt debacle. He felt the fed had no role in regulating housing lenders. Yet, the fed did have statutory power to do so. We never got the fed govt totally out of the mortgage market, yet at the same time we didn't allow the fed govt to prevent a few people from gaming the market for the gain of the few and cost to the many. People point to the end of Reaganomics. I'd say, look no further.

What I found amazing about Greenspan is that he failed to recognize greed was a factor in the markets.

The problem is not that the contracts failed, he says. Rather, the people using them got greedy. A lack of integrity spawned the crisis, he argued in a speech a week ago at Georgetown University, intimating that those peddling derivatives were not as reliable as “the pharmacist who fills the prescription ordered by our physician.”

http://www.nytimes.com/2008/10/09/business/economy/09greenspan.html?pagewanted=all&_r=0

I heard this and I was like, "And this guy is the Fed Chief?"

 

[Sallow]

Tim Geithner's inaugural rescue plan speech was an umitigated disaster. He demonstrated his complete abject amateurishness in that speech.

As for the stress tests, everyone in the industry knows they were a hoax.

Probably the single greatest thing in the early days which saved the banks' bacon was the FASB's decision to allow them to untie their toxic assets from marked to market prices.

And if you think the banks are better capitalized, you are an idiot. The fact is that the Too Big To Fail banks are bigger than ever. Bigger than they have been in the entire history of the Universe, and they are still way overleveraged. ZIRP is causing every money manager on the planet to pursue high yield/high risk investments, at the expense of the elderly and savers.

The common man is being royally fucked to save these criminal enterprises. But the OP article writer won't tell you that.

In the meantime, the Obama Administration and the Federal Reserve have been building a catacylsmic bond bubble that dwarfs the derivatives bubble which brought the world to its knees in 2008.

As we speak, developing nation economies are imploding due to the Fed's latest moves.

And don't EVER forget that not one criminal who destroyed the world economy has spent even one minute in handcuffs, much less a day in jail.

The banks should have been nationalized, deconstructed, and the pieces sold to enterpreneurs with superior business models. Instead, we have preserved the oligarchy which continues on unmolested. The jackass who wrote the OP article is fellating their syphillitic cocks.

Too bad I don't have the time, or I would tell you how I REALLY feel.

I agree with almost all of this.

Only that it really wasn't politically feasible.

And it probably would have caused lots of pain.

 

[Avatar4321]

Obama's producing miracles now...

Maybe we need to get off this Obama worship. Worshiping false gods is never a good idea.

 

[OKTexas]

Written by a guy from the Bush administration, no less..

From you link:

"On the bank rescue, however, the passage of time casts a considerably more favorable light than could possibly have been imagined back when his financial stability plan was announced."

So now with the mulatto messiah, considerably more favorable, is a miracle. I guess with the low expectations he has garnered, some might see it that way. Too freaking funny.

It's kinda hard to take racists seriously.

I mean even Buchanan, a die hard racist, doesn't mention race in most of his analysis.

Which is why I can say, "That guy has a point".

This post?

Not so much.

By your using the word "miracle" in your thread title shows how little you are concerned with accurate terms. The fact is your dear leader is a mulatto, facts don't discriminate, their not racist, their just facts. If you have a problem with reality you might want to seek professional help.

 

[bendog]

mulatto?

 

[Silhouette]

mulatto?

Half black, half white. It's an old term.

 

[bendog]

It's a bigot's term. Most every American African American has some white ancestor, as do many whites.

People need to get the f over race. (and orientation)

 

[KevinWestern]

Written by a guy from the Bush administration, no less..

I remember the feeling of dismay at the seemingly half-baked plan while watching the speech with others at a New York City asset management firm where I was talking about the economy. The reaction of equity markets mirrored the unhappiness in that room, with stocks down more than 5 percent that day.

It turns out, however, that the program sketched out by Mr. Geithner both came to pass and made a difference. Five years later, the United States financial sector is in much better condition. Banks have absorbed losses from loans made during the bubble and rebuilt their capital, and investor confidence has returned. Mr. Geithner’s proposals did not all work right away or in the scale initially envisioned. In the end, however, Secretary Geithner deserves credit for making good on what he promised.

By far the most important component of Mr. Geithner’s proposal was a stress test to assess whether banks had “sufficient financial strength to absorb losses and to remain strongly capitalized” in the event of another severe downturn. Led by the Federal Reserve, the stress test involved coming up with forecasts of banks’ financial positions in the event of a hypothetical renewed recession and housing price collapse. Banks that could not make it through this very negative economic scenario would be given six months to raise capital from private investors, after which regulators would have pressed them to accept more TARP capital.

It is hard to remember, but back in the spring of 2009 many people believed that the United States government would nationalize large banks, starting with Citigroup and then moving on to Bank of America and perhaps others. Indeed, according to the New Yorker writer Ryan Lizza, this was a well-founded concern in the sense that nationalization was discussed as a policy option starting with Citigroup and then moving on to Bank of America and perhaps others. Indeed, according to the New Yorker writer Ryan Lizza, this was a well-founded concern in the sense that nationalization was discussed as a policy option by the Obama administration amid a swell of sentiment for this action among economists and columnists.
http://economix.blogs.nytimes.com/2...php=true&_type=blogs&partner=rss&emc=rss&_r=0

Sallow, you're praising an action that does nothing more than delay dealing with the REAL problems at a later time.

The banks committed fraud, made untold fortunes during the process, and when the house of cards fell out from underneath instead of letting market forces clear these criminals out of our system what did we do? We rewarded them by coming to the rescue with our tax dollars.

What did they do with those tax dollars? They bought the market back up at pennies on the dollar and when things swung back into the place they made another fortune at our expense!

What did Obama do to ensure that the criminals were brought to justice? NOTHING! Not a single high ranking official has gone to jail, and a few meaningless fines that the banks already prepared for were issued.

Our entire economy is being held up by a bailout, money that's being printed out of thin air, and by artificially low interest rates (do those sound like "solid" pillars to you??). The dam can't hold forever, and when it breaks again in the very near future whoever the clown who wrote this piece will be eating his own words.

 

[TooTall]

Written by a guy from the Bush administration, no less..

I remember the feeling of dismay at the seemingly half-baked plan while watching the speech with others at a New York City asset management firm where I was talking about the economy. The reaction of equity markets mirrored the unhappiness in that room, with stocks down more than 5 percent that day.

It turns out, however, that the program sketched out by Mr. Geithner both came to pass and made a difference. Five years later, the United States financial sector is in much better condition. Banks have absorbed losses from loans made during the bubble and rebuilt their capital, and investor confidence has returned. Mr. Geithner’s proposals did not all work right away or in the scale initially envisioned. In the end, however, Secretary Geithner deserves credit for making good on what he promised.

By far the most important component of Mr. Geithner’s proposal was a stress test to assess whether banks had “sufficient financial strength to absorb losses and to remain strongly capitalized” in the event of another severe downturn. Led by the Federal Reserve, the stress test involved coming up with forecasts of banks’ financial positions in the event of a hypothetical renewed recession and housing price collapse. Banks that could not make it through this very negative economic scenario would be given six months to raise capital from private investors, after which regulators would have pressed them to accept more TARP capital.

It is hard to remember, but back in the spring of 2009 many people believed that the United States government would nationalize large banks, starting with Citigroup and then moving on to Bank of America and perhaps others. Indeed, according to the New Yorker writer Ryan Lizza, this was a well-founded concern in the sense that nationalization was discussed as a policy option starting with Citigroup and then moving on to Bank of America and perhaps others. Indeed, according to the New Yorker writer Ryan Lizza, this was a well-founded concern in the sense that nationalization was discussed as a policy option by the Obama administration amid a swell of sentiment for this action among economists and columnists.
http://economix.blogs.nytimes.com/2...php=true&_type=blogs&partner=rss&emc=rss&_r=0

Obama merely inherited the "miracle'" that Bush gave him.

The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase assets and equity from financial institutions to strengthen its financial sector that was signed into law by U.S. President George W. Bush on October 3, 2008.

 

[g5000]

mulatto?

Half black, half white. It's an old term.

Everyone knows what a mulatto is.

It's use was not germane to the conversation and was obviously intended as a backhanded racial insult.

 

[The Rabbi]

mulatto?

Half black, half white. It's an old term.

Everyone knows what a mulatto is.

It's use was not germane to the conversation and was obviously intended as a backhanded racial insult.

It's an old word. Like "redacted." Maybe you need help with both?

 

[g5000]

Tim Geithner's inaugural rescue plan speech was an umitigated disaster. He demonstrated his complete abject amateurishness in that speech.

As for the stress tests, everyone in the industry knows they were a hoax.

Probably the single greatest thing in the early days which saved the banks' bacon was the FASB's decision to allow them to untie their toxic assets from marked to market prices.

And if you think the banks are better capitalized, you are an idiot. The fact is that the Too Big To Fail banks are bigger than ever. Bigger than they have been in the entire history of the Universe, and they are still way overleveraged. ZIRP is causing every money manager on the planet to pursue high yield/high risk investments, at the expense of the elderly and savers.

The common man is being royally fucked to save these criminal enterprises. But the OP article writer won't tell you that.

In the meantime, the Obama Administration and the Federal Reserve have been building a catacylsmic bond bubble that dwarfs the derivatives bubble which brought the world to its knees in 2008.

As we speak, developing nation economies are imploding due to the Fed's latest moves.

And don't EVER forget that not one criminal who destroyed the world economy has spent even one minute in handcuffs, much less a day in jail.

The banks should have been nationalized, deconstructed, and the pieces sold to enterpreneurs with superior business models. Instead, we have preserved the oligarchy which continues on unmolested. The jackass who wrote the OP article is fellating their syphillitic cocks.

Too bad I don't have the time, or I would tell you how I REALLY feel.

I agree with almost all of this.

Only that it really wasn't politically feasible.

And it probably would have caused lots of pain.

Attempts to avoid pain have only resulted in even greater pain.

 

[g5000]

Half black, half white. It's an old term.

Everyone knows what a mulatto is.

It's use was not germane to the conversation and was obviously intended as a backhanded racial insult.

It's an old word. Like "redacted." Maybe you need help with both?

Again, it was not germane to the conversation and was obviously chucked in as a racial insult.

 

[The Rabbi]

Everyone knows what a mulatto is.

It's use was not germane to the conversation and was obviously intended as a backhanded racial insult.

It's an old word. Like "redacted." Maybe you need help with both?

Again, it was not germane to the conversation and was obviously chucked in as a racial insult.

"Redacted" is a racial insult?

 

[bendog]

There's no legitimate use for any of these labels.

Quadroon - Wikipedia, the free encyclopedia

 

[Sallow]

From you link:

"On the bank rescue, however, the passage of time casts a considerably more favorable light than could possibly have been imagined back when his financial stability plan was announced."

So now with the mulatto messiah, considerably more favorable, is a miracle. I guess with the low expectations he has garnered, some might see it that way. Too freaking funny.

It's kinda hard to take racists seriously.

I mean even Buchanan, a die hard racist, doesn't mention race in most of his analysis.

Which is why I can say, "That guy has a point".

This post?

Not so much.

By your using the word "miracle" in your thread title shows how little you are concerned with accurate terms. The fact is your dear leader is a mulatto, facts don't discriminate, their not racist, their just facts. If you have a problem with reality you might want to seek professional help.

Lecturing me on language is pretty funny when you make mistakes like using "their" instead of "they are"..

And the fact you feel the need to point that out, almost each and every time, is in fact racist.

You are not saying Bush is white..all the time.

Or Kerry is white.

Or Clinton is white.

That's your comfort zone. You feel that it's a normal thing.

 

[The Rabbi]

There's no legitimate use for any of these labels.

Quadroon - Wikipedia, the free encyclopedia

Sorry, who appointed you language czar?