BAILOUT MANIA: GREAT IDEA FOR A BUYOUT/RESCUE PACKAGE FOR THE FEDS
We can get them in on the ground floor of the OLC, cheap.
posted by UMRBlog @ 05:07
13 comments
UMRBlog
The Upper Mississippi River Basin:Life, Worship, Sports, Transportation, Golf, Politics and other bizarre behaviors in the Upper Mississippi River Basin. The Quincy area has a history of tolerance. We seem to suffer fools gladly.
Tuesday, September 23, 2008
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13 Comments:
After years of your friend and political operative Jeff Jansen running the place in the ground, you have the stones to put forth a smart ass comment like this?
Great idea! Maybe we can get 'em to chip in on the Maine Street Tap while they're at it.
1000,
I'm sorry. I didn't get the memo that you got to choose what was and was not appropriate commentary for MY blog.
I'll try to do better next time.
TYFCB
Don't try, do. You got the memo now?
A better idea. Have the OLC stage a caged fight between Nancy Pelosi and Sarah Palin . Winner gets to set the rules for the buyout/rescue package. OLC gets LOTS of revenue.
Diversification is what all financial experts suggest. A senator asked about this money being distributed in increments. If we cannot predict this will work, why not invest part now and revisit this situation in a couple of months. If bailout is showing strength continue with the progress. If not showing strength all your money will not be in one basket. This problem took a long time to happen it will not be cured in a short time. I do not like putting our money in one basket
Government already owns the civic center. Look how well that has worked out. The government involvement in making loans available with little to no down payment to people that didn't qualify or were ILLEGAL aliens got us into this mess and now they want even more control. I am not getting that warm & fuzzy feeling. In fact, my ass is starting to tighten up.
Uh, Spuddy, exactly what Gov't do you contend owns OLC? Think you need a new title company?
Oh, and what Government agency was making these subprime, balloon, ARM and interest only?
The credit default futures market is a mess and AIG/WaMu stories couldn't be much stupider. Perhaps the Gov't should have detected this and pimp-slapped them early but "government" didn't do this. Short-sighted vendors did it and greedy, careless buyers made it possible.
At the end of the day, the prevention method already existed in the private market. It's called "Let me show all this to my lawyer before I sign it."
TYFCB
Maybe they don't own it, but don't they fund it? Ask 100 people on the street and see who they think owns it. The government pressured many to give out loans to unqualified borrowers. Both Fannie & Freddie have deep roots in government. I know they don't get government funding but were allowed to hold less capital than normal financial institutions and have exemptions others don't get.
On the OLC, when you decide on your final fallback position, let us know.
Are you saying that everytime the city allows an entity to use its bonding authority, the city is the same as owning the property? That's quaint.
On Fannie and Freddie, we have no argument. People will go to prison but nobody from the securities rating services who never noted anything about the descending positions.
TYFCB
Here's an interesting quote I came across today.
"...our economic system as we know it has run its course. It would be nice for those of us who are interested...see this lead to a logical change. We must find a path to where the national good, public welfare, and the future of every individual receive more weight in decision-making than private greed. The change is inevitable. Our banking and corporate structures are staggering under financial contradictions. Industries will soon stumble toward nationalization...We are not suggesting an imitation of the socialist world or even the semi-national such as Great Britain. But by studying their experience we should come up with an American Commonwealth which would be something better."
Shades of various commentators today.
Except it's from Vol. 97, #4 of RAILROAD Magazine, publication date February 1975, an editorial piece about how the failure of the railroads had destroyed our economic system.
The more things change...
Do you feel that the FDIC is the fully funded safety net that they claim it to be?
1034,
It's as good an insurance program as could be constructed. The inherent problem is the printing of guarantee money devalues the unit of currency and makes the payoff less than full. The technical problem is that not quite as much money is insured as most depositors think. Joint accounts and related depositories can create confusion.
TYFCB.
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