Subprime mess, blame, winners, losers?

red55 · Sep 20, 2008

Rex_B said: ↑

Also you never answered where the FED is getting this 80 billion from? Maybe they can just print it from thin air as usual and de-value the currency some more ehh?
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SabanFan said: ↑

I have no idea. I guess the same place the money comes from to support millions of illegal immigrants and lazy bums who don't want to work.
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We sell more Treasury Notes to the Chinese and Arabs, for which we pay well over $100 Billion a year in interest. A total waste. But it's OK, we are saving American Billionaires $Millions in taxes.

saltyone said: ↑

I bet it's the same place they get the money to pay for all the HIV medication given out in Africa...and it's probably the same place they get the funds to send out millions of dollars each month in SSI checks.
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Actually much more of it is going to pay for unfunded Bush mandates like "No Child Left Behind" and the "Medicare prescription Drug Plan".

Rex_B said: ↑

What is it "secure" with. Stake in a company worth $2 a share that can't get a loan in the real world?
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The insurance division is secure, the financial division just got a loan to cover their ass. I bought a thousand shares of AIG at $2.09 last week. I've already doubled my money. When it goes back to $70 bucks, I'll give you a ride in my new sports car. :grin:

houtiger · Sep 28, 2008

The financial system could face a meltdown of 1929 proportions unless US politicians succeed in their efforts for a $700bn rescue scheme, experts added.

The warning came as Republicans and Democrats met in Washington for a rare weekend debating session to attempt to seal agreement on the contentious plan, aimed at preventing a long-lasting recession in the US.

Officials close to Paulson are privately painting a far bleaker portrait of the fragility of the global economy than that advanced by President George W Bush in his televised address last week.

One Republican said that the message from government officials is that “the economy is dropping into the john.” He added: “We could see falls of 3,000 or 4,000 points on the Dow [the New York market that currently trades at around 11,000]. That could happen in just a couple of days.

“What’s being put around behind the scenes is that we’re looking at 1930s stuff. We’re looking at catastrophe, huge, amazing catastrophe. Everybody is extraordinarily scared. It’s going to be really, really nasty.”
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http://www.telegraph.co.uk/finance/...4318/Bailout-failure-will-cause-US-crash.html

What irks me about this is the lies from Paulson and Bernanke over the last 3 years, understating the danger. "yes, we have a slowdown in housing, but we can contain it and it should not spill over into the general economy". Yea, right. No, BS.

Then they let this thing fester, and one week before congress is set to break, we need 700 Billion to bail out the bad mortgage debt, IMMEDIATELY, or the financial markets will meltdown.

The timing was staged so there would not be much time to debate, analyze, or negotiate this deal. We got a surprise attack from the administration, probably because they figured the public would be against it, and a swift raid, surprise attack with short deadline allowing no debate is the best way to get it done.

We know there is a problem, Lehman and Wamu just went bankrupt, Merrill Lynch just sold itself to BofA. The timing looks calculated to eliminate debate.

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Subprime mess, blame, winners, losers?

red55 curmudgeon Staff Member

houtiger Founding Member

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