Right. That's why the debt ceiling is being lowered and we're not calling on China and the Emirates to buy our debt. Here's an idea. Anybody who sold their home in '03, '04, '05 benefited from the exact same over-levaraging that enabled those incredible exec bonuses at Goldman etc. Only difference is the exec bonus amounts pale in comparison to the profits made by home sellers. So let's claw back some of those profits from homeseller. Since they came from exactly the same credit source, it only seems fair. Why should they alone profit from this mess? You would come across as slightly less silly if you actually paid attention to who you're replying to. Where did I ever say I'm a libertarian or anything else?
I realize that I dont know the future, but I highly doubt what they are going to do is going to work.
THANKS FOR THE TIP. GREAT IDEA!!!!!!! Know how many Government agencies we went to? Limp dicks. All of 'em. If they would have listened to reasonable discourse, Pab(st) wouldn't have to have made this post. Patrick will write a book. You'll see. He never asked anything of himself. He only was trying to help all of us. But no. Power uber alles! Let's get this done, and hope it makes some sort of bottom, jails the appropriate people, and instills a will in Government that this cannot happen again for 100 years. but, we need to take care of the mistreated, or there can be no Wall St. or finance business. The trust will never be there. People have to have something to believe in. It's why man invented God. Actually many Gods. Let's face it. Only one is right at best. The rest are fakes. Tell your pal I think they all suck. Thanks. Ah, I shouldn't say that, not knowing her. Does she have nice tits???? It's a joke, don't get your panties in a wad. Gallows humor. The second part is a joke. I do think they all suck.
That's exactly right. I told a story here a few days ago. I was talking to an L.A. based trader who now rents in an upscale area in the SFV where he once owned. In 2005 he noticed with a traders cynical perceptiveness that homes in his 'hood were coming on the market more frequently and not selling as quickly. He offered his home and hit the first competitive bid. Just shy of a mil. The buyer has subsequently lost the house! (probably a Countrywide guy). Is the trader/seller going to "break the trade"? Hardly. Yet he profited handsomely (4x in eleven years) off the same "greedy leverage" that we incessantly hear as the blame for this crisis. A nice transfer of wealth via the banking system.
Inflate or die, bro. The housing break might only be in the 3rd inning UNLESS we have a South American type moment. Viva $18 a gallon milk but stable asset prices....
so, because some hot shots in LA did well in the housing bubble, everyone, including those who didnt participate are obligated to bail out wall street ummm, i dont think so and more importantly, the nation has it's thumb down this time
Interesting.....here is a recent email exchange between the current election 2008 cadidates found by FAUX NEWS; McCain...... "OBAMA YOU SUCK, AND HOTY PALIN AND I ARE GOING TO RAISE YOUR TAX HIKE BY AT LEAST TWO MORE TRILLION DOLLAR BAILOUTS!!!!" Obama..... "WELL McCAIN YOU OLD WRINKLY CRIPPLE, I SEE YOUR BAILOUTS AND I RAISE YOU HILLARYCARE! WHEN I GET INTO POWER, YOU WILL HAVE TO LIVE UNDER HILLARYCARE WHICH WILL MAKE YOUR POW TIME FEEL LIKE KINDERGARTEN!!!!" Palin.... "HEY YOU TWO INSIDERS, IF I DO NOT GET IN AND GET MY WAY, I AM GOING TO DRILL BOTH OF YOU LIKE A VIRGIN ALASKAN WILDLIFE REFUGE!!!!!" :eek: :eek: :eek:
I hear ya Pabst and I ultimately think thats whats going to happen, but were a couple years away from that.