Wall Street 1 - Obama Zero

Discussion in 'Wall St. News' started by nutmeg, Jul 24, 2010.

  1. Many of the elements leading up to our crisis are g-o-n-e.

    Greenspan, clinton, bush.

    community reinvestment act - Dead in water.

    Mozilo and shadow banks.

    Fannie and Freddie - 4 flat tires on that vehicle.

    ------------------

    woo, underwriting standards are back in fashion.

    Anyone other than a few intellectuals like Ritzhold mention bringing Glass Steagal back from the dead?

    Naww, Obama reform is change, something fresh and new (more diversity for wall street jobs, ya think we can dumb that down?) and like you said "unintended consequences".

    I've forgotten other issues but there is some tax point where endowments etc need a return of %5 to maintain their status. They need yield, where is that going to come from? Perhaps they should re visit the tax code.

    This is a great country if you can figure out where you fit in.


    :cool:
     
    #11     Jul 25, 2010
  2. So the "unintended consequence" is the scum-sucking insurance thugs who will seek out a loophole at the expense of children. Shocking indeed. (Public option, anyone?) :p By raising this point, at whom, exactly, are you pointing a judgmental finger?

    As for the rating agencies, are you implicitly defending companies that don't stand behind their work? Invisible hand, and all that? Reminds me of the story in Reminiscences where the two guys didn't want to upset the market tipster whose tips had cost them a lot of money, in case they offended him and he wouldn't give them any more tips.
     
    #12     Jul 25, 2010
  3. They must spend or give away 5% of assets. They may have to tap the trust corpus. Guess that is an unintended consequence of the securitizers blowing up the financial system.

    It's pretty obvious the ratings agencies took payola to overrate the subprime securities. To say "It could be structured by cows and we would still rate it." is easy enough if you don't have to stand behind it legally.

    In fact, there really should be a LOT more ratings agencies if you don't have to stand behind the rating you produce. That makes it a riskless business to be in!!

    Maybe that is how we will get unemployment down - everybody can open a ratings agency in their garage!!
     
    #13     Jul 25, 2010
  4. The whole financial reform bill will achieve either 1 of 2 things:
    1. Freeze the credit system in the US completely, and cause the whole financial paradigm that is in place to collapse.
    Or
    2. Will cause the current US govt regime to be overthrown, because the authors who created it live in a fantasy world, and reality will reveal the smoke and mirrors rather quickly.

    Either way, this thing is a huge turd, and a joke. You can't have a capitalist system without CAPITAL. So, Obama's communist agenda is being unveiled as we speak.
     
    #14     Jul 25, 2010
  5. Reading from a script, are you? Try not to choke on your rice.
     
    #15     Jul 25, 2010
  6. The monkey wrench has been thrown into the cabal of corporatate boards and their ratings agency demimondes.
    Without suckers at the end of their rainbows of rubber stamped
    paper I guess they'd have to relie on, hark, accurate ratings.
    They must have seen themselves when they looked into the abyss and responded like the scoundrels they've proven they are.
     
    #16     Jul 25, 2010
  7. cstfx

    cstfx

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    #17     Jul 25, 2010
  8. That's what I'm talking about!!

    By not making Ford responsible for the quality of their product they helped us defeat those Nazi bastards!! :D
     
    #18     Jul 25, 2010
  9. jem

    jem

    Surprising a socialist like buffett would own a 10% of moodys, that riskless bullshit ratings company.

    Oddly I agree with gadfly the socialist on this one.
    Those agency ratings were bullshit.
    Our government workers pension funds need to be better protected.

    Ironically this would be the perfect time for AIG to step in an insure the risk...
     
    #19     Jul 26, 2010