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by beetree on 18 September 2008 - 16:09
OK, let's say you are 100% correct, I've now got a cellar full of spam and sardines, my autism spectrum son is busy lining up the ammo for all the firepower I've been cacheing over the years. What next? What happens to society then, it can't be that everybody happily stays on their little patch of land, and we go about posting signs saying "All Trespassers Shot on Site"?
by Uglydog on 18 September 2008 - 16:09
Your life isnt worth protecting. And spare me the Sarcasm. Youre too stupid to pull it off.
But to the others: 1929..It will be the Government Thugs 'Shooting on site". Ive lived though a State of Emergency once.
If you dont like guns, thats your problem. Wait until the crash and the Government checks bounce. Zombies out in full force. Katrina will be nothing..
by keepthefaith on 18 September 2008 - 16:09
Ugly, the power point link does a good job of outlining how this situation arose.
What is missing is that these loans were leveraged by 30 to 50 times - you understand this lingo based on your background but for anyone who does not, the capitalization or "reserves" supporting the underlying mortgage securities was in the ratio of 1:30 at minimum. In other words, for every $30 in loans there was only $1 backing it up. So once the housing market turned and people were not able to pay their mortgages, there was nothing there to back up the securities.
What surprises me is that the media have not seized on the fact that Phil Gramm - McCain's chief economic honcho - co-authored the repeal of Glass-Steagall which made this fiasco possible. Glass-Steagal was enacted after the Great Depression precisely to prevent this sort of inherent conflict from occurring.
Having worked in a corporate environment, I can tell you categorically that some amount of regulation is an imperative because otherwise companies will not police themselves. The goals of executives in today's corporate environment are very short-term oriented.
I am just blown away by the magnitude of exposure that exists.
by Uglydog on 18 September 2008 - 16:09
KeepFaith...
I mentioned Fractional Reserve Banking, in an earlier post.
Our entire Financial System can disintegrate with the bad exposure & Leverage. Its a bitch isnt it, when youre on the wrong side of the market? Globally even. Russia has closed down their stock market for days. China...lets not even go there.
Glad to type to someone that has a 3 digit IQ, Keep faith.
Bee tree is in my estimation, just a few digits ahead of the mentally retarded spectrum.
by beetree on 18 September 2008 - 17:09
We'll all just have to wait and see who's the delusional "stupid" one, won't we! LOL You aren't fit to be a judge of humanity, as having love for your fellow "man" would have be a prerequisite, something your hateful, racist soul has no room for.
by keepthefaith on 18 September 2008 - 17:09
Ugly, my entire professional background and basic philosophy is inherently opposed to regulation but I will be the first to tell you that some regulation is absolutely vital.
The advocates of laissez-faire economics have no concept of the excesses that will result. The current chairman of the SEC is an advocate of minimal intervention in the markets and he led the move to eliminate the "uptick" rule for short selling which has aggravated the decline of stocks that are under pressure. The "uptick" rule was also implemented a few years after the Great Depression to avoid manipulation or uncontrolled short selling of stocks.
Cliches are well and good - eliminate regulation, reduce taxes, cut wasteful spending, strong defense, etc. Who can argue with these goals - it is like motherhood and apple pie. But there are consequences and the politicians just talk in sound bites. It is truly sad that most Americans are so oblivious to the hazards of the policies that are being followed.
A great example is the privatization of social security - let people be responsible for their retirement accounts. A great concept - in theory. It presumes that people have the know-how and the sophistication to make informed decisions. I can tell you that most people don't - and that is not a knock on them. I don't have the know-how to make complex medical decisions - it is just not part of my training and background.
I know stock-brokers who have been in the business for many years who don't know their ass from their elbow when it comes to investment decisions - they just follow the party line that their brokerage firms put out. Guess what - if social security were ever privatized it would open the door for another fiasco and when people lose all or part of their SS retirement savings then the government will be under pressure to bail them out.
by Uglydog on 18 September 2008 - 18:09
$600 trillion in Derivates..
Wait until the commercial paper & bonds default..
Band-Aid on an artery, is all the Fed is doing. Time will prove it.
I worked on Wall Street for 2 years. I could tell you some stories you wouldnt believe...
Beetree.. I judge character, not skin color. Always have, always will. I played Division 1 football. My roomates for 3 years were black, 1 was Jewish. My best friend & neighbor is black. You dont like my message, so you work to discredit & smear me. Yet we've never met, & you nothing of me or those I surround myself with. In terms of exposing a criminal network (FED Reserve) & its ownership, that isnt rascist, its factual. Those running this country in Washington and abroad are criminals, not religious men. Get either an education or a lobotomy & do yourself & others, a favor.
Alan Greenspan on Friday said "This is a Once in a Century CRISIS" Thats Code. I know how to interpret it. Youre too stupid to heed the warning & tone, so be an ostrich & a sheep. I dont care.
by keepthefaith on 18 September 2008 - 19:09
The federal government is apparently creating an agency similar to the Resolution Trust Corporation that took over S&Ls' that were in trouble.
So the market is rallying because the feds will take over all of these bad loans - or something on those lines. Of course, we the taxpayers will be the ones who foot the bill. No one even knows how much is involved but it will probably run in the hundreds of billions of dollars.
by Uglydog on 18 September 2008 - 19:09
Band Aid on an artery.
Short all Rallies (S & P or E Minis). I am. And making money doing it.
Peace
by ecs on 18 September 2008 - 20:09
Ugly, what is the code? ecs
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