Old Salt Posted July 11, 2008 Posted July 11, 2008 Instead of ol' George, they should have had a picture of a toilet bowl. Quote
wez Posted July 11, 2008 Author Posted July 11, 2008 Basically, these two companies divert all risk for irresponsible lending and borrowing onto the shoulders of American taxpayers.. Better save em up McBrain.... Quote
snafu Posted July 11, 2008 Posted July 11, 2008 Basically, these two companies divert all risk for irresponsible lending and borrowing onto the shoulders of American taxpayers.. Better save em up McBrain.... Yeah well what are you gonna do? They are insolvent. Should the goverment take over as the lender/repo man? Quote "You can't stop insane people from doing insane things by passing insane laws. That's just insane!" Penn & Teller NEVER FORGOTTEN
Chi Posted July 11, 2008 Posted July 11, 2008 For me personally, I'm quite pissed the fed again steps in and lowers rates to throw a bone to all those great folks who feel it's their God given right to spend more than they make. I've been a saver my entire adult life and have got nothing for my efforts but rapidly decreasing value of my dollars. Despite earning 9%, I can't even tread water.. Eventually the piper must be paid and I don't feel putting it off and selling the youth of our country into slavery so I can pretend I'm rich til I die is necessarily the best choice even though the guv seems to think so. You paid 10x more than your house is worth in relation to wages? "We'll lower interest rates, trash the dollar, and not care because we'll delay the consequences of our actions til we die. Screw kids, we owe them nothing but the problems we create." << seems to be the current, onging policy that aint gonna change anytime soon.. Seems saving money is for suckers.. I shoulda blew it all on weed and booze when it was still worth something.. Eventually, the dollar must be strengthened.. or it will become a joke, along with our entire country.. I thought our government was there to BENIFIT it's citizens, not sell them into indentured servitude for the duration of their life..Not that indentured servitude is'nt a reality for most Americans already.. just gonna get a lot worse before if and when it gets better.. Prolly not in my lifetime.. Baby boomers are gonna retire and I get to pay! Yay me. Falling $$ = price of oil rises.. Coincidence that our entire administration are/were oil men? I'm sure they'll be kind and generous when they own all of us.. no need to worry. What's funny.. long term interest rates have actually risen since they lowered the fed funds rate the other day... Costs more to get a mortgage today than yesterday. Also costs more to buy a barrel of oil... Way to go Bernanke! What an idiot... gonna be funny to watch him take the rap when the bottom falls out of his bullcrap and people scream bloody murder that they can't sell their rambler for 1.2 mil. no matter what he does.. I'm sure business owners will love their employees telling them, "I need a raise, I can't survive on ramen and I can't borrow any more money to live beyond my means". How do you guys feel about the current state of the economy? Make enough in wages to pay the obligations and save for a time when the body wont let you work but still needs to be housed and fed? Glad I aint a kid... Kids who aint even born yet have been sold out.. Sad. I'm pissed.. Hey eddo.. remember that post I did at TJ about the commercial for centerpoint threatening deadbeats? I saw yesterday that 160,000 Minnesota households are in arrears on their bills and owe more than 55 mil.. Now I see why it's feasable to pay tens of thousands for a blanket commercial.. That's a hell of a lot of stamps.. And a lot of households for a state with a population of only 4 - 5 million individuals. I also saw Britain had a good old fashioned bank run the other day ala The Great Depression.. Nice. How can the falling of the value of our dollars be anything else, BUT bad?? Quote
ImWithStupid Posted July 11, 2008 Posted July 11, 2008 How can the falling of the value of our dollars be anything else, BUT bad?? It can increase the amount of exports of US goods to other countries because their currency can buy more stuff. Quote
wez Posted July 11, 2008 Author Posted July 11, 2008 It can increase the amount of exports of US goods to other countries because their currency can buy more stuff. Yeah Chi, so if you're an executive of an "American" company with buddies in the government, having Asian slaves make your goods and sell them for Euros, Yuans, Pesos, Pounds, Marks, Canadian dollar, etc... You're kicking ass.. I know that fits my profile.. Quote
Old Salt Posted July 11, 2008 Posted July 11, 2008 But if you're an American living overseas, your standard of living has taken a big hit. Quote
wez Posted July 11, 2008 Author Posted July 11, 2008 It hurts 99.99% of Americans.. http://www.msnbc.msn.com/id/3683270/ http://www.msnbc.msn.com/id/12400801/ Quote
wez Posted July 11, 2008 Author Posted July 11, 2008 Yeah well what are you gonna do? They are insolvent. Should the goverment take over as the lender/repo man? Government should govern.. not babysit their buddies bank accounts so they have someone to golf and vacation with.. Let em fail.. free market? Prove it.. Interesting.. Sitting here watching CNBC and apparently Fanny and Freddy give millions in "contributions" to the two political parties.. How does that work? Duhhhhhhh Quote
Old Salt Posted July 11, 2008 Posted July 11, 2008 It hurts 99.99% of Americans.. Dow below 11,000 for first time in two years - Stocks & economy - MSNBC.com Oil climbs to new record above $147 - Oil & energy - MSNBC.comAn interesting quote from your second article: The problem is that while U.S. consumer demand is waning as people try to save money, other factors are keeping energy costs high. Those factors include the weak dollar, refineries cutting back on production and relatively resilient demand for diesel fuel. Diesel is a distillate fuel that is produced and distributed similarly to heating oil, so diesel demand often affects the price of heating oil.Gotta keep the price of gas up and what better way than reducing supply? Quote
wez Posted July 11, 2008 Author Posted July 11, 2008 Gotta keep the price of gas up and what better way than reducing supply? Makes sense... if you're bathing in oil.. Like I said, our ability to manipulate oil prices is nil.. Quote
Chi Posted July 11, 2008 Posted July 11, 2008 It can increase the amount of exports of US goods to other countries because their currency can buy more stuff. It's still not a good thing for us. More quantities for others, yet less profit for us= not good. Quote
Chi Posted July 11, 2008 Posted July 11, 2008 Yeah Chi, so if you're an executive of an "American" company with buddies in the government, having Asian slaves make your goods and sell them for Euros, Yuans, Pesos, Pounds, Marks, Canadian dollar, etc... You're kicking ass.. I know that fits my profile.. That doesn't make sense to me. And I really couldn't care less about rich executive bastards. I don't think the current bad economy, the falling dollar, etc. is going to affect them too much. Quote
snafu Posted July 11, 2008 Posted July 11, 2008 It can increase the amount of exports of US goods to other countries because their currency can buy more stuff. It's still not a good thing for us. More quantities for others, yet less profit for us= not good. Yes this makes our goods cheaper and more will buy American products. Also it will stimulate more tourism which will stimulate our economy. Quote "You can't stop insane people from doing insane things by passing insane laws. That's just insane!" Penn & Teller NEVER FORGOTTEN
ImWithStupid Posted July 11, 2008 Posted July 11, 2008 It's still not a good thing for us. More quantities for others, yet less profit for us= not good. By exporting our goods to other countries, that means money entering our economy from other nations in stead of all our money leaving to other countries for goods from China and oil. Money in = good for economy Quote
Chi Posted July 11, 2008 Posted July 11, 2008 By exporting our goods to other countries, that means money entering our economy from other nations in stead of all our money leaving to other countries for goods from China and oil. Money in = good for economy Yes this makes our goods cheaper and more will buy American products. Also it will stimulate more tourism which will stimulate our economy. The way I see it, people that want to buy American products will buy American products regardless. That's why you see people in other countries willing to pay sometimes even 4 times what we pay for things (and it's even expensive for us) for things like IPods, IPhones, etc... But I see what you guys are saying, we can try to make up the difference in quantity. Hey, it works for Walmart. They charge a lot less for their stuff, but still make a ton of money by moving a lot more product than the competition. Quote
snafu Posted July 12, 2008 Posted July 12, 2008 Hope I didn't read this here. I don't wanna look dumber than I already am.... I think it was a local report, but they were saying America is for sale. The decline of motor home rental was predicted to go down because of gas prices but becuse of the falling dollar tourisim is up. So with foreign tourism it's predicted to even it out. Quote "You can't stop insane people from doing insane things by passing insane laws. That's just insane!" Penn & Teller NEVER FORGOTTEN
hugo Posted July 12, 2008 Posted July 12, 2008 Basic economic theory is that a weaker exchange rate is good for labor, but bad for the consumer: the consumer must pay more but the laborer makes more due to increased sales of exports. The problem comes in when you are importing a basic input good. An input good is a good that is required in the manufacturing process. Oil is an input good. Higher price for oil adds to the costs of American manufactured goods thus weakening the benefit of a weaker currency. A weaker dollar would actually be good for us if we were energy dependent. That is a big if. Quote The power to do good is also the power to do harm. - Milton Friedman "I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents." - James Madison
wez Posted July 18, 2008 Author Posted July 18, 2008 Big freakin surprise.. Fannie, Freddie spent millions on lobbying - MSNBC Wire Services - MSNBC.com Just remember kiddies.. everything you learned in civics is a big fat lie... Quote
wez Posted July 19, 2008 Author Posted July 19, 2008 I'm sure he earned it.. Freddie Mac CEO got $19.8 million in '07 - Mortgage Mess - MSNBC.com Bet I could trash a company while causing the largest real estate debacle the country's ever seen for that kinda money.. Quote
wez Posted July 22, 2008 Author Posted July 22, 2008 These people do not have the best interest of the United States and it's citizens in mind. Fannie, Freddie bailout may have $25 billion tag | Reuters http://www.msnbc.msn.com/id/25794895/ Matter of fact, it's the opposite. They want to own everything and everyone. What's new? Quote
wez Posted July 23, 2008 Author Posted July 23, 2008 "Now more than ever, we need Fannie and Freddie out there, financing mortgages," said Paulson Fannie, Freddie rescue gets big price tag as House vote looms | Reuters What a ing asshole... that's the last thing "we" need... Quote
wez Posted July 28, 2008 Author Posted July 28, 2008 Paulson: New way to help mortgage market - Mortgage Mess - MSNBC.com WASHINGTON - The Bush administration and federal banking regulators joined with the nation’s four largest banks Monday to endorse a new way to pump money into the battered U.S. mortgage market. Treasury Secretary Henry Paulson unveiled a set of best practices designed to encourage banks to issue a debt instrument known as a covered bond. The administration hopes these bonds will replace some of the mortgage financing that has disappeared as investors have incurred billions of dollars of losses on mortgage-backed securities. Now that's how ya run a free market... Way to go Hank! Quote
wez Posted July 30, 2008 Author Posted July 30, 2008 Conservative communism.... f ck them! President Bush signs massive housing bill - Mortgage Mess - MSNBC.com The Treasury Department gains unlimited power, until the end of 2009, to lend money to Fannie Mae and Freddie Mac or buy their stock should they need it. The Federal Reserve takes on a new “consultative” role overseeing the companies. Conservative Republicans were vehemently opposed to the bill, particularly the help for Fannie Mae and Freddie Mac. Critics charge the companies enjoy lavish profits in good times and wield their outsized political clout to resist regulation while depending on the government to bail them out should they falter. Quote
ImWithStupid Posted July 30, 2008 Posted July 30, 2008 And the lesson that you can just do whatever you want and never have to answer for it continues. Run a system or bank into the ground. No worry, the American taxpayer will foot the bill. I wonder what the downside to mortgaging the future of America could get you? Oh, yea... Last year, Freddie Mac paid Chairman and Chief Executive Richard Syron nearly $19.8 million in compensation even though the mortgage company's stock lost half its value. During the same period, Fannie Mae President and Chief Executive Daniel Mudd got compensation valued by the company at $12.2 million, including a $2.2 million bonus. Millions of dollars and even a bonus check worth $2.2 million. I really wonder what the criteria for earning a bonus is at Fannie? Most companies only give those if you perform well in your job and company thrives. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.