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very cool youtube video explaining how we got to the point we are with the subprime mortgage bailout


its very fast paced so you may need to pause it
 

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the House has rejected the bailout....228-205. OK, not good for stability of the markets, but some of the elected officials are appearing to maybe "get it"........the easy, quick way out will doubtfully produce the long term effect they were hoping for.....this "emergency" bull**** is just that......under the auspices, Pelosi, Reid and the Fed were going to force feed us more bull**** to prop up this house of cards....not saying the next bill will be more equitable, but the taxpayer should not shoulder the next "roll of the dice" on Wall street.........
 

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hunter:

It was recently estimated that foreign interests own 43% of the nation's debt. If the government will not bail out the lending industry or we find a domestic entity to buy in, even more of that debt will be owned by foreign interests.

This is not just an economic issue, it is a national security issue.
 

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yep, sure is......and all the while Bernake and his cronies and the SEC chairman Cox, sat on their nuts.......watching.......no hurry then, no hurry now.
let 'er all go to hell and maybe people will finally run the whole damn bunch out of Washington! POT!
 

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yep, sure is......and all the while Bernake and his cronies and the SEC chairman Cox, sat on their nuts.......watching.......no hurry then, no hurry now.
let 'er all go to hell and maybe people will finally run the whole damn bunch out of Washington! POT!
I disagree. Who holds the title to a vehicle or deed to a house until the loan is paid off? The bank, that's who. Now, if I don't pay my monthly morgage or don't pay my vehicle loan, who gets that property? The bank, because they own it, I don't.

Now, I'm no rocket scientist, but what if the bank that owns my loan is in another country?

Are you advocating doing nothing to bail out the lending industry because you want to teach the politicians a lesson, or are you not as concerned about foreign ownership of assets as I am? Just curious.
 

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the Saudis can buy anything they want here now.....they don't want anything we have, quite frankly, as does no one else here in the states. until things go down to pennies on the dollar, nothing is attractive here.
maybe you can tell me what banks are owned by foreign countries here in the states?
 

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hunter9494 said:
...
maybe you can tell me what banks are owned by foreign countries here in the states?
Not necessarily banks but lending institutions...

Do you make a Visa(R) payment? Guess where that is going? The "saudi's" did the largest 'buy out' when then gave Visa the money to keep going....
 

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Discussion Starter · #8 ·
The problem is that without liquididty the whole economy will grind to a halt.. and many businesses will fail.

This wil happen because
Vitually all small busineses have a line of credit against recieveables so that they can afford to pay payroll this Friday even if their customers don't pay them by Friday, same with inventory costs, and otehr fixed costs.

If the countries credit drys up because of this issue many many small businesses and the large ones that don't have the capital reserves will fail.

This thing is a big deal I'm not saying I understand it all but what I do understand makes me hope the figure out a way to get it back on track.
 

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It will not get back on track if someone doesn't sew Pelosi's mouth shut.
 

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yeah Pelosi, YOUR ***! the hag opened her mouth once again today, chastising the republicans before the vote was even taken.....she "reached across the isle and bit the bipartisan hand" that could have passed this bill.......she is a wretched b$%#h who can't do anything with the minority party...she is divisive and unproductive and deceitful as hell! :puke: Global Stealth Bank Run a Real Possibility

Monday, September 29, 2008 3:44 PM

By: Hans Parisis Article Font Size

It is a fact that we have to face the real risk of a full systemic meltdown.

The current financial crisis is becoming more severe by the hour. The reason: The U.S. Treasury's enormous $700 billion rescue plan is failing to restore confidence at the moment of this writing. It has been rejected by the U.S. lower house and might well be dead and done for.

Interbank spreads continue to widen (TED spread, swap spreads, and Libor-OIS spread). They are at their highest level ever. Credit spreads like the junk-bond yield spreads over the Treasurys are at never-before-seen peaks. Short-term Treasury yields are back to near-zero interest yields as funds are flying to safety where interest compensation is requested at this moment.

CDS spreads for financial institutions are rising to unseen levels and, unfortunately, also thanks in part to the newly installed ban on shorting of financial stocks so that the pressures on financial firms now change course to the CDS markets.

For now, stock markets around the world are reacting very negatively to the U.S. rescue package at this very moment.

Yes, we could say that we are back "once again" to the real risk of a total systemic financial collapse.

It shouldn't come as a surprise when financial institutions in the United States and other advanced economies are going bust. Last week, in the United States we had Washington Mutual, the largest of the savings & loans in the United States ,and now, Monday, we have Wachovia, which is the sixth-largest bank in the United States.

In the U.K. we had Northern Rock and HBOS, which were acquired by Lloyds TSB. This weekend in the U.K. we had also the bust and rescue of Bradford & Bingley.

In Belgium, also this weekend, Fortis went bust and was rescued by the National Banks of Belgium, the Netherlands, and Luxemburg. In Germany, Hypo Real Estate, a major financial institution, is also near bust and in urgent need of a government-orchestrated rescue.

As you can see, this financial crisis is not limited to the United States but rather is a global, developing financial crisis hammering all financial institutions in all of the "advanced economies."

The stress in the short-term interbank markets is becoming more and more severe in spite of the fact that the Federal Reserve and other central banks are injecting unprecedented amounts of liquidity in the financial system.

There is no more room for denial. We all have to admit that we are in a full-blown solvency and credit crisis where no one trusts anybody anymore. Hoarding liquidity that is injected by central banks has become the only game in town.

In plain English, this means that all this central bank liquidity is going practically exclusively to banks and major broker dealers. The rest of the so-called "shadow banking system" is freezing to death as the credit transmission mechanism is blocked.

It seems now that investors have abandoned their trust most of the financial institutions - even Morgan Stanley and Goldman Sachs aren't spared.

When an unprecedented $700 billion rescue plan isn't able to rally or even calm stock markets worldwide, then you should know we have a serious global crisis of confidence in the financial system on our hands.

As an investor you should take your precautions as soon as possible.

And if all that bad news wasn't enough, the actual situation is the mother of all nightmare bank runs because it is a silent, cross-border bank run that is now under way. Foreign banks are worried about the solvency of U.S. banks and therefore are reducing their exposure.

I don't want to sound pessimistic. I only want to be realistic, but if this stealth ("stealth," that is, for Main Street) bank run accelerates, a total meltdown of the U.S. financial system could occur.
 

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Robert A. Langager said:
Plainsman said:
It will not get back on track if someone doesn't sew Pelosi's mouth shut.
Minority Leader Boehner couldn't get his troops to fall in line after he stuck his neck out yesterday, rather embarrasing. Pelosi my a$$.
Interesting that 66% of House Republicans voted down the measure.

Looks like it is the Republicans holding it up guys.
 

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Benelliman said:
Robert A. Langager said:
Plainsman said:
It will not get back on track if someone doesn't sew Pelosi's mouth shut.
Minority Leader Boehner couldn't get his troops to fall in line after he stuck his neck out yesterday, rather embarrasing. Pelosi my a$$.
Interesting that 66% of House Republicans voted down the measure.

Looks like it is the Republicans holding it up guys.
Pelosi said they had 50% and the republicans had about 50%. I don't know, but then I watched her speech and the republicans interviewed afterwards nine of them said they changed their mind watching her speech. I heard that there were 15 republicans that changed their vote at the last minute. If this was a bipartisan effort and it looked like it was a go both sides should have just shut their mouth and voted. If they had the vote comments were not a smart thing, especially if they were divisive comments.

Robert as I understand Minority Leader Boehner did have the votes yesterday, that's why it was foolish of Pelosi to start flapping her gums today. If the votes were there, just keep quiet and vote. Not a good move no matter if your liberal or conservative. This was the stupidity of an individual.

There is plenty of blame to go around, both democrat and republican. When Pelosi tried to blame the current failures on the republicans she poisoned the bill. Good bill, bad, I don't know, but I am sure it would have passed if she had kept her mouth shut.
 

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I was just looking at an interesting poll. It was: who do you blame for the economic mess.
56% congress
17% people who barrowed
??? can't remember but it was bad companies I suppose it was 22% :D
5% The Bush administration

It looks like Nancy blaming it on Bush didn't work this morning.
 

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What the Republicans in The House are holding up is the passage of a bill that needs improvement.

The Democrates in The House and Senate simply want to take action and do so with support of the Republicans so they are not left holding the bag on this when it proves to be a catastophic failure.

The Republicans (in The House) are forcing it to be a better crafted bill with a hopefully better prognosis.

The fact that they are holding it up and honing it to better form ... is a good thing ... not a bad thing.

Or so it seems to me
 

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Things about this vote are becoming more clear. Barney Franks blames the republicans for being 12 people short on the vote. Yet 95 democrats voted against the bill. As a matter of fact 12 democrats on Barney Franks committee voted against it.

I also see Nancy came right out and said the republicans were not patriotic. Isn't it the democrats that get angry when their patriotism is questioned? How about the patriotism of the 95 democrats that voted against it.

Well all that aside it looks like the American taxpayers swamped Washington with phone calls against the bill. Evidently the percentage was so strong against the bill that many changed their mind including democrats and republicans. So between the will of the taxpayer and Nancy the mouth the bill went down. I don't know if that was good or bad.

I wish they would make up their mind about having McCain there. First they complain because he isn't there, and then they complain when he comes. They can't have it both ways. I hope America is paying attention.

``The Republicans killed this,'' said House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat. Republicans blamed Democratic House Speaker Nancy Pelosi of California.

Representative Adam Putnam of Florida, the No. 3 House Republican, said Pelosi's ``speech cost us votes'' because it set a ``partisan tone,'' a reference to her comment before the vote blaming Bush administration policies for the crisis.

Democrats voted 140 to 95 in favor of the legislation, while just 65 Republicans backed the bill and 133 opposed it.
 

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Plainsman said:
but I am sure it would have passed if she had kept her mouth shut.
I don't think that this is the case, but believe what you want. If that is the case then (as is so often said here) they better get some thicker skin.

The way I see it is this, nobody wants to vote for it, as many have voiced their opinion against it. It is uncharted territory and an election year. Many ducked for cover, it failed, and now they are going to scapegoat whatever they can to justify it. The liberal dems did not fall in line either, you know.

Try not to believe everything they say on Limbaugh, Newsmax, Coulter, etc, and I will do my best not to believe everything on the Huff, Kos, etc. The real story lies somewhere in the middle.
 

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Plainsman said:
I was just looking at an interesting poll. It was: who do you blame for the economic mess.
56% congress
I can't help but wonder if the likes of Charles Rangle and Barney Frank (to name two) will survive the election next month.

The best thing that might come from this is with all the challenging commentary those characters have spewed about there not being a problem with Fanny Mae, Freddie Mac and the lending practices they have pushed so hard for in the face of folks telling them it was pure insanity.

Their opposition will clearly have video and audio from the past several years to attack them with.

What was it Reverend Wright was saying? ... Maybe ... "Their Chickens will come home to roost!

Hopefully their constituency are not a stupid as they themselves are :(
 

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Try not to believe everything they say on Limbaugh, Newsmax, Coulter, etc, and I will do my best not to believe everything on the Huff, Kos, etc. The real story lies somewhere in the middle.
That's an excellent deal. I normally like to watch the videos on FOX news. Nothing beats watching it come right from the horses mouth. er, maybe it was the other end of the horse in Nancy's case. :D

The reason it didn't pass is becoming more clear. I now think reason number one was all the taxpaying people calling Washington. Many up for re-election blinked.

Still I love to hate Nancy. Perhaps because it is so easy. Mostly because she refuses to accept responsibility. Democrats have been in control of congress and the president can't do anything they don't pass on to him for his signature. Then she blamed the Bush economy policy. I blame congress as 56% of the people. Only 5% blame Bush.

In the face of thousands of phone calls and e-mails fiercely opposing the measure, many lawmakers were not willing to take the political risk of voting for it just five weeks before the elections.
 
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