Let it crash

Tags: Politics, Economics, Economy, Recession, Credit Crisis
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Excellent summary of events, Foxfyre.

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squinney, Yes, it's a very good start to our current liquidity problems. Let the fat cats pay for the insurance to protect "their" assets. Most of those assets are owned by the wealthy through either direct investments or through the stock market.

With the proposed injection of taxpayer dollars to bail them out, they're just sitting on the sidelines with their wealth. If I was wealthy, that's what I would do too!

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How 'bout the a-hole CEOs who've been making 6 figures to take company vacations and bonuses and have driven these companies into the ground in the first place take it up the ass and leave the rest of us out of it? - Bella Dea

I was going to quote what JTT said, but I like the way Bella phrased it better.

Last night they were saying on the radio the earth is about 4.5 billion years old.

I got out my calculator, and that about $165 for every year this planets been around.

I just found that interesting.

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@cicerone imposter,

But, how do they buy insurance when the insurance companies (AIG, right?) are in the same pickle?

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@cicerone imposter,

In theory, maybe. The concept of getting out of their shorts and letting them take care of themselves is exactly why we're where we are.

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@squinney,

Pump more of the own cash into them; not the taxpayers.

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@JPB,

"...getting out of their shorts and letting them take care of themselves..." That almost makes me feel sorry for them. I fear how they would fair should we ask them to put on their big boy pants.

http://pro.corbis.com/images/42-18292045.jpg?size=572&uid={8c71fc70-b71e-4e5c-8cc4-0150247b7b92}

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@JPB,

My response to squinney also applies to your opinion about "we're where we are."

The big money people made millions on nonproductive assets, but traded money instruments for more money instruments. That gain should now be invested in what they themselves created. They have the means and the wealth.

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@cicerone imposter,

ci, you honestly think tax relief provisions and suspension of regulatory measures for the investment banks is a good idea?

Temporary tax relief provisions can help companies free up capital to maintain operations, create jobs, and lend to one another. In addition, we should allow for a temporary suspension of dividend payments by financial institutions and other regulatory measures to address the problems surrounding private capital liquidity.

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@JPB,

I'm not disagreeing with the other options on your list that should be implemented; it's not a one solution problem.

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@Tryagain,

Quote:

The truth is the Federal Reserve Board has usurped the Government of the United States by the arrogant credit monopoly which operates the Federal Reserve Board.”

Which,of course, begs the question of whether the crisis is an accident.

And the talk of transparency is laughable when our news shows us the corridor and the doors of the committee rooms in Congress where the wrangling is taking place and doesn't tell us the substance of the wrangling.

But the argument has now persisted long enough and been ferocious enough to ensure that the outcome will be like the proverbial horse which a committee designed.

It only needs pay day not to happen and that's it.

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@Foxfyre,

Whatever anybody says about that Foxy it was bloody well written.

Perhaps you should get up there and whale into them with a rolling pin.

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@cicerone imposter,

Quote:

If I was wealthy, that's what I would do too.

What!! Before the 200-acre farm in Ireland and the villa in Nice.

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The Mighty Dollar might be mightier than previously thought. It might be a force on its own account. A God. Doesn't the Bible say that those God wishes to destroy he first make mad. So it's obvious who would want to ban the Bible.

Better hope it is Jesus's God eh?

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The other component re the fat cats, if they do go with the $700 billion rescue (and that seems to be not a done deal at this time), is that those fat cats some of you want punished are going to be selling those bundled mortgages at today's value, not the value they were when written. That means the financial institutions will be taking a horrendous hit, but not the deadly one they will take if they can't dump the bad debt at all. They will be punished plenty.

But theoretically that's how the government can recoup some, most, or all of the loss. It has an excellent chance for the assets to appreciate in value and all the bundled debts are not bad debts.

And if our legislators include in the deal that there will be no sweetheart arrangements of any kind for high ranked executives, you should get the satisfactory pound of flesh demanded.

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@spendius,

Actually, the problem is structural. Deep seated
The whole American system should get the blessing of Gods without weapons and wars.
by system i mean the political religious finacial, coprporated curmudgens culprit nonsense.
Rama

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@Foxfyre,

Fox, What "value" are you talking about? There is no such thing as a known value of those bundled mortgages today. That's one of the major reasons many are against this bailout; paying for assets without knowing what their value is.

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@cicerone imposter,

Brazilion.com is nice in play boy and penthouse chat forum.
But not Able2 know forum.
a simple start to correct the past mistake will invite jesus to BLESS USA

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@Foxfyre,

Quote:

The other component re the fat cats, if they do go with the $700 billion rescue (and that seems to be not a done deal at this time), is that those fat cats some of you want punished are going to be selling those bundled mortgages at today's value, not the value they were when written. That means the financial institutions will be taking a horrendous hit, but not the deadly one they will take if they can't dump the bad debt at all. They will be punished plenty.

But theoretically that's how the government can recoup some, most, or all of the loss. It has an excellent chance for the assets to appreciate in value and all the bundled debts are not bad debts.

And if our legislators include in the deal that there will be no sweetheart arrangements of any kind for high ranked executives, you should get the satisfactory pound of flesh demanded.

I refuse to read that again. I could crack a rib.

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You don't understand. Fat cats are the Darwinian winners. They always have been.

But something happened on Dec 25th, or March 25th if you are a pedantic biologist, on the cusp of BC to AD which caused a lot of fat cats to be disturbed that the slaves had to be whipped to get them performing.

Another way had to be found. And it was found by Christian theology.

The rejection of Christian theology is the root cause of your woes. And you needn't bother trying to refute that because it won't wash with me and I've heard it all before hundreds of times and in many different forms.

Fancy thinking you could improve on cricket. And football. And Royal Ascot.

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Let it crash

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