for sure sold as 'good as a money market' but with more interest (as if there would be no more risk). Hopefulyl UBS has a run on them and these losers get the screw like BSC as they deserve it.
I call for the death penalty for anyone convicted of conspiracy to defraud. Maybe I'm a closet Muslim.
"Then they will charge it off to the tax payer when no one is looking." People need to finally realize the tax paying public is screwed in every which way possible regardless of what they do. I can not think of one outcome in this situation where the public does not take a bath when this is all said and done. Considering all the utterly complete bullshit projects they use tax payer money for, they might as well throw a few hundred billion to save the modern day financial system. I mean honestly, if there was ever a reason to use tax payer money I think trying to maintain a solvent financial system would be it. People bitching and moaning about "using tax payer money" etc etc I think have no freaking clue how serious this entire situation is..no idea!! As Mauldin so correctly pointed out in one of his more recent commentaries, "If you want to be outraged, think about the multiple billions in subsidies for ethanol and the hundreds of billions of so-called earmarks over the past few years to build bridges to nowhere. But for now, we need to bail the water out the boat and see if we can plug the leaks. Allowing the boat to sink is not an option. And get this. You are in the boat, whether you realize it or not. You and your friends and neighbors and families. Whether you are in Europe or in Asia, you would have been hurt by a failure to act by the Fed." I couldn't have said it better myself. - People need to wake up and realize how serious this situation is and understand that whatever has to be done, unfortunately has to be done. I'm a free market guy like the rest of us - I can't stand the libs. But let me tell you brother, do you want to run the risk of letting our modern day financial system blow up due to some ideology you were taught in class while your hard earned money is on the line in the very institutions that you are saying should be allowed to crash and burn???? Truthful answers only please - let's be honest. Unless your gold and cash is under your bed your answer to that question should be no. Because let me tell u we hit 30+% unemployment and you're in that group your ideology will go right out the fucking window for a job. This situation is close to snowballing into your problem very quickly without you even realizing it.
"But let me tell you brother, do you want to run the risk of letting our modern day financial system blow up due to some ideology you were taught in class while your hard earned money is on the line in the very institutions that you are saying should be allowed to crash and burn????" Oh yeah, one last thing...just fyi...FDIC only has $50bln in reserves - enjoy your sleep tonight.
The greedy fuckers should see be put in jail ... period. This is ultimate white collar crime ... no wonder people are so distrustful and contemptous of our "system" ... it's bullshit on the highest order.
"Allowing the boat to sink is not an option." Sure it is. Then we can buy an even better boat. A boat that is virtually unsinkable. A boat with a galley that will feed everyone on board and travel so fast that it feels that the waves are not even there. Man what a boat that might be. I'll bet that boat would be golden. A golden boat with a moon roof. And just think, Timmay Sykes could be the captain, in white shorts, a blue jacket, and a captain's hat. A ooo ga .
I am not an American, but its the best system in the world at present. Sure you have some issues, but I promise you the crap that goes down in the rest of the world is worse.
I do find it interesting the number of posters on this board that see spending on social program a complete waste of money BUT see the bailout of BCS as a necessary evil. I guess it all comes down to if a particual goverment subsidy is in your group's personal interest. The attempted balance of all the different interest groups at the expense of the American Taxpayer is what makes our politics so interesting. I have money at stake like most of the posters on this board so I'm in no big hurry to see what happens to the financial system if BSC or another big play goes down, but as a taxpayer I play by the rules, pay my bills, and work hard to earn my money ... so it pisses me off when I have to help pay taxes (and blow a big hole in the national deficit) for other peoples greed. CFMTrader