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IN THE FREEMARKET WHY DID THE GOVERNMENT GIVE 12 TRILLION OF OUR MONEY TO FAILED BANKERS AGAINST OUR

 
 
Amigo
 
Reply Tue 28 Jul, 2009 12:11 pm
WILL.

http://www.zogby.com/news/ReadNews2.cfm?ID=1687
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Type: Question • Score: 0 • Views: 4,224 • Replies: 38
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High Seas
 
  1  
Reply Tue 28 Jul, 2009 12:32 pm
@Amigo,
Hi Amigo. Maximum probability loss is about $3 trillion, not $12 trillion, though theoretically the total loss could be as high as $ 24 trillion; that isn't going to happen because all our GDP is $ 14 trillion, and if the bill comes up to more than a maximum of $ 3 trillion we will just plain default (or start printing monopoly money, same thing). As to the legality of the whole enterprise, here's your answer, all 257 pages of it:
http://www.sigtarp.gov/987egapograbme123654/J09-3-SIGRTC.pdf
MontereyJack
 
  1  
Reply Tue 28 Jul, 2009 12:35 pm
"12 trillion"? Riiiiight. Wanna document that?
High Seas
 
  1  
Reply Tue 28 Jul, 2009 12:46 pm
@MontereyJack,
Monterey - the official numbers are in the link I just posted. Amigo's link only refers to the Zogby poll, not to actual taxpayers' monies at risk.
parados
 
  1  
Reply Tue 28 Jul, 2009 12:51 pm
@High Seas,
And the official numbers don't come close to $12 trillion.

So the question remains....
Where is the documentation of the $12 trillion claim.
High Seas
 
  1  
Reply Tue 28 Jul, 2009 12:54 pm
@parados,
You honor your long tradition of typing away without first checking the data, Parados - and don't tell me you read all 257 pages of the linked report, because if you had, you would know the max risk stated in the report is $ 24 trillion, as I just said in my post. I don't know where Amigo gets his numbers, though - I'm curious to find that out.
parados
 
  1  
Reply Tue 28 Jul, 2009 01:00 pm
@High Seas,
Read the statement again High Seas.

What does the word "give" mean to you? What tense is the word "did"?

Having $24 trillion at risk does not equate to the government "did give" them $12 trillion.

If you want to attack me for not checking data High Seas, maybe you should have the courtesy to first check what statement I was saying was unsupported.
High Seas
 
  1  
Reply Tue 28 Jul, 2009 01:11 pm
@parados,
Get a grip on reality, Parados - Amigo and I aren't the same person. His posts are not mine, and neither are his numbers, or his words - his are the ones you're questioning, not mine. Try to parse data correctly for a change.
0 Replies
 
Amigo
 
  1  
Reply Tue 28 Jul, 2009 07:47 pm
@High Seas,
Quote:
Hi Amigo. Maximum probability loss is about $3 trillion, not $12 trillion, though theoretically the total loss could be as high as $ 24 trillion; that isn't going to happen because all our GDP is $ 14 trillion, and if the bill comes up to more than a maximum of $ 3 trillion we will just plain default (or start printing monopoly money, same thing). As to the legality of the whole enterprise, here's your answer, all 257 pages of it:
http://www.sigtarp.gov/987egapograbme123654/J09-3-SIGRTC.pdf


Thanks for your post High Seas. I will make time to look into it. I appreciate the info.
0 Replies
 
Thomas
 
  2  
Reply Tue 28 Jul, 2009 08:30 pm
@Amigo,
It's called corporate welfare. I, too, would have preferred a freer market. The Federal government should have bought the banks' stocks at what was then the market price, brought in new management, and stabilized the financial system. If it had done that, it could wait a handful of years, then sell the stock once the dust has settled, and when their market price will be much higher than it was during the crisis. It's what the Swedes did in the 90s.

But noooo ... it is Sweden that goes with the free-ish market solution, and America that goes with a corporate welfare scheme that nationalizes the banks' losses while keeping the profits private. This was not the Obama administration's proudest moment.
Amigo
 
  1  
Reply Wed 29 Jul, 2009 10:10 am
@Thomas,
Interesting.
0 Replies
 
Amigo
 
  1  
Reply Wed 29 Jul, 2009 10:11 am
@MontereyJack,


Quote:
"12 trillion"? Riiiiight. Wanna document that?


http://money.cnn.com/news/storysupplement/economy/bailouttracker/
0 Replies
 
Amigo
 
  1  
Reply Wed 29 Jul, 2009 10:30 am
@parados,
Quote:
And the official numbers don't come close to $12 trillion.

So the question remains....
Where is the documentation of the $12 trillion claim.


http://money.cnn.com/news/storysupplement/economy/bailouttracker/

http://www.politico.com/news/stories/0709/25164.html

http://www.blogrunner.com/snapshot/D/1/3/bailouts_could_cost_us_23_trillion/
0 Replies
 
ebrown p
 
  1  
Reply Wed 29 Jul, 2009 10:46 am
What is "THE FREEMARKET"?
Amigo
 
  1  
Reply Wed 29 Jul, 2009 10:00 pm
@ebrown p,
That me ******* up FREE MARKET.
0 Replies
 
Amigo
 
  1  
Reply Wed 29 Jul, 2009 10:01 pm
@High Seas,
If the Banks fail and the government gives them 12 trillion of our money aganst our will how much will we get from the government when we can't make our house payment when we fail?

Does the failed Bank get 12 trillion and our house to? Does the bank get to sell the same house that we already paid 75% of the value for at the current market value.

What if I tell the government " Sorry, I can't afford to give free money to the failed banks, I have to make a house payment"?

Will they take the money and the house? Is this how the free market works?

If I failed I would not take other peoples money. Why can the bank do it?
High Seas
 
  1  
Reply Wed 5 Aug, 2009 10:12 am
@Amigo,
Amigo - sorry was away and am only here briefly but want to answer your questions.

Yes, the banks get $3 trillion (the $11 trillion is a theoretical maximum under applicable programs, and may theoretically even double, as per link I posted above) and your house too. The only way you get something back is if the house fetches at auction more than principal, accrued interest, and other expenses due to repay the bank, plus foreclosing agencies, legal fees, and taxes.

Have you no way to contact either the bank or a law firm or your local DA's office? If you really have 75% equity in your home there should be some way of keeping it. 2.7 million families are in some stage of foreclosure today - not that it makes things any easier for you, I know. Post here, I'll make sure to look in again soon, or send me IM which gets forwarded to my e-mail.

0 Replies
 
High Seas
 
  1  
Reply Wed 5 Aug, 2009 10:21 am
@Amigo,
Amigo wrote:
.........
If I failed I would not take other peoples money. Why can the bank do it?


The idea is that one person failing won't bring down the entire international financial system, but one large intermediary failing may in fact do just that. That's what precipitated the great depression, a bank failure in Vienna, Austria (Creditanstalt) in 1931, not the stock market crash of 1929.
High Seas
 
  1  
Reply Wed 5 Aug, 2009 05:11 pm
@High Seas,
PS well I did look in, Amigo, hoping for your news.... don't despair, there's any number of initiatives, federal, state, local for people to be able to stay in their homes especially if they have large equity % paid up, as you do. Feel free to send me a PM, as I said. I'll be out of the country until September but getting e-mails. And don't let any negative posters (like the one here before) or naysayers in general make you depressed. If all else fails, print this page, cut out this cartoon and look at it occasionally, it will make you laugh:
----------------------------------------------------------------------------------------------------
http://www.unc.edu/courses/jomc050/idog.jpg
----------------------------------------------------------------------------------------------------
http://www.unc.edu/depts/jomc/academics/dri/idog.html

Good luck Smile
Amigo
 
  1  
Reply Sat 23 Jan, 2010 03:40 am
@High Seas,
I'm afraid the inconsistency with what i'm hearing and seeing and what your telling me leaves me perplexed. But don't worry, i'm a stickler for the truth of the matter. And the truth can always be understood and spoken in a very simple manner.

It's Bullshit. I Guarantee it

I'll put my name on it.
 

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