Smoothseas

Reply to To be or not to be, or in this case to approve or not to approve in Politics JoeUser Forums

[quote]The market isn't broken[/quote] It is broken. Nobody knows which companies are exposed to mbs's. Nobody knows which companies are cooking their books. Nobody knows whether companies are properly valuing their assets so investors don't know if they are leveraged properly.

Reply to To be or not to be, or in this case to approve or not to approve in Politics JoeUser Forums

[quote]And who is controlling it?[/quote] Warburg, Rothschild, Morgan, Chase, and Rockerfeller would be a few examples of family lines with banking interests. [quote]How are they doing that?[/quote] They froze overnight lending. That is why we need this bailout. The Fed Reserve can turn 700 billion into 7 trillion overnight.

Reply to To be or not to be, or in this case to approve or not to approve in Politics JoeUser Forums

[quote]The thing to watch in the stock market is trends over a period of months not days because the market is very fickle.[/quote] I have been. Thats why I have been playing mostly the downside for a few years. The Federal Reserve is contracting the money supply. If you are smart you will research the history of fractional reserve banking, the central banks, and The Federal Reserve. The Fed made credit easy on purpose and they are about to take it all away. We just went through the r

Reply to To be or not to be, or in this case to approve or not to approve in Politics JoeUser Forums

[quote]I would rather we not bail them out at all, but I am not sure what damage that could cause[/quote] And that is the problem....People like you dont know how this affects you. So they all called their congressmen and said vote no and the congressmen who are up for reelection voted in a way they think will protect their reelection. So 1 trillion was lost in the markets today....And that's mostly from Main St. because the people who understand this have already isolated the

Reply to Dems trying to give ACORN a piece of the Bail Out in Politics JoeUser Forums

[quote]Of course not since it was removed.[/quote] Once again you are incorrect.

Reply to So what exactly can happen if...? in Politics JoeUser Forums

[quote]We will have a lot of consolodation in the market and emerge with a few big banks that are able to weather the storm[/quote] Take a look. You are seeing big banks fail and also seeing bigger banks that are in trouble absorbing the others with the help of the fed and treasury. CityGroup which just took over Wachovia is in trouble, they had a large amount of writedowns last qtr. They are consolidating because they expect this deal to go thru. This is much worse than you thi

Reply to So what exactly can happen if...? in Politics JoeUser Forums

[quote]Can you truly prove that forgetting about this bailout and just riding this fall will actually be better in the long run?[/quote] Yes....Just watch the market. The big investors are waiting on the sidelines because they know how much safer their investments will be if this bill goes thru. Once is does you will not only see the financials rise but you will also see the big investors willing to infuse large sums of capital into these institutions in the form of new initial offeri

Reply to What caused the financial crisis? in Republican JoeUser Forums

[quote]Just take one look at who was making all the money off from Fannie & Freddie. It wasn't the Republicans! [/quote] Both parties were cashing in....When the Reps. were controlling congress they were getting the most money. The money was going to not only pres. candidates and the party leaders but also the chairmen and members of the specific comittees that could influence housing and banking policy.

Reply to Dems trying to give ACORN a piece of the Bail Out in Politics JoeUser Forums

[quote]I am sure you will have one that will defend the Democrats[/quote] Im not defending the Democrats....I agree with those who know how important it is to do things to help fix the mortgage market and that is what that provision does. This would include Dems. Reps. and Inds. who voted not only for this bill but also for the GSA' reform bill that passed over the summer. People need to start to realize that this isnt a Wall St. bailout. It is a fix for the cur

Reply to Dems trying to give ACORN a piece of the Bail Out in Politics JoeUser Forums

[quote]"The Housing Trust Fund is a way of funding ACORN, La Raza, and other groups that time and again are caught doing voter fraud operations for the Democrats." Link[/quote] Link to another forum post...DOH ACORN Housing sure, but there are many other groups out there that it funds...Mainly ones that use the GSA's the way they were meant to be used. By selling the actual mortgages to the GSA's so that they have actual assets backing them up instead of having the bogus mbs's

Reply to McCain Shows Leadership...Obama Shows Politics As Usual in Politics JoeUser Forums

[quote]And what did the CRA do?[/quote] Why don't you take a look yourself so you dont continue to keeping exposing how little you know about the situation. CRA encourages financial institutions to reinvest in their own communities. It does not mandate loan rates, or qualifications. It encourages investment that includes both residential as well as business investment within the community as opposed to many other banks which take deposits and invest them elsewhere.

Reply to McCain Shows Leadership...Obama Shows Politics As Usual in Politics JoeUser Forums

[quote]“U.S. Sen. John McCain, R-Ariz., may be throwing a monkey wrench into efforts to pass a $700 billion bank bailout, instead favoring alternative plans that looks to free up capital and credit markets via tax and regulatory relief while allowing financial institutions to temporarily skip dividend payments to shareholders.[/quote] I guess it is obvious by now that McCain was clueless to what the problem actually is seeing how his statement does nothing to address it. Not onl

Reply to What caused the financial crisis? in Republican JoeUser Forums

[quote]Greenspan knew about the housing bubble and what would happen. Now, he makes rumblings that he foresaw it all and tried his darndest to prevent it but that simply isn't the truth.[/quote] Thats pretty much it in a nutshell. He warned about the various factors that were causing the problem to get worse but never put any backbone into it. IMHO he should have tightened money supply and forced a recession since it was obvious congress was gridlocked and turning a blind eye, wall st

Reply to Dems trying to give ACORN a piece of the Bail Out in Politics JoeUser Forums

[quote]There shouldn't be any kind of earmark for ACORN in there[/quote] There isn't. The part of the bill addressing the issue funnels money to a fund which helps hud get ARM's converted to Fixed rate mortgages. It is first of all NOT an earmark and second of all something that supports a bill which came out of Fannie/Freddie hearings to try to keep the housing sector of the economy from falling off a cliff. The whole Acorn rhetoric is hogwash. This section has bipartisan sup

Reply to To be or not to be, or in this case to approve or not to approve in Politics JoeUser Forums

[quote]they both do it - the problem is not who does it or when[/quote] Of course they do as i have said many times before. When does matter because unfortunately the when is usually during election season.

Reply to Dems trying to give ACORN a piece of the Bail Out in Politics JoeUser Forums

[quote]They ARE the problem. ARMs are just part of it. [/quote] ARMS are the problem. You can see it in the Foreclosure Statistics. It is why we now have the Housing and Economic Recovery Act of 2008 which btw affects the the way the Housing Trust Fund and Capital Management Funds are allocated. It allows people to swap out of arms that were created from predatory lendors to fixed rate mortgages that not only help the borrower but also helps boost the assets in Fannie and Freddie.</p

Reply to Dems trying to give ACORN a piece of the Bail Out in Politics JoeUser Forums

[quote]While not as bad as Jilluser initially claimed, it does beg the question, why are you using bailout money to basically fuind the problem that created the need for the bailout? And this makes sense to some people?[/quote] Because CRA lending is not the problem. These are fixed rates loans, not ARM's which are what is fueling the problem. The vast majority of the ARMS initially were given to flippers or those who didn't know abt the CRA or other HUD progams. However recently man

Reply to Dems trying to give ACORN a piece of the Bail Out in Politics JoeUser Forums

[quote]I will hand it to you for trying to put a pretty face on this fiasco of democrat policie[/quote] Its not a pretty picture. But if you understand how important the housing sector is to our economy, then you realize how important home ownership rates are. Especially since the manufacturing sector was shipped overseas.

Reply to Dems trying to give ACORN a piece of the Bail Out in Politics JoeUser Forums

[quote]No, you are wrong. It is not 20% of the bailout, but it is 20% - of any profits of the dead assets[/quote] That is correct. So you take 20% and multiply it by 65% then when you look at the rest of the bill it restricts any entity to 15% of so you multiply it once again by 15%.Simple math tells you that the OP is incorrect. Not to mention ACORN may or may not qualify. The purpose of the fund at this point in the game is to get ARMS converted to Fixed rated loans. What i

Reply to Dems trying to give ACORN a piece of the Bail Out in Politics JoeUser Forums

[quote]Notice that the liberals are staying away. Hardly surprising. I think they realize that while they can fool most of the people on this, they cannot browbeat those who stay informed.[/quote] Unfortunately you are the one who has it wrong. The dems were good enough to get a stock option/warrant clause (thanks to the Oracle of Omaha), but I suspect King Paulson will be as shrewd with others as he was with AIG in any case. That was a good deal for the taxpayer

Reply to Dems trying to give ACORN a piece of the Bail Out in Politics JoeUser Forums

[quote]Too bad... I was so looking forward to another copy and paste barrage of bogus details[/quote] Theres plenty that can be thrown at both sides. The same money could be funneled to help subsidize Rangels rent controlled office but when you look at what the house reps are doing and realize that the insurance provisions they want in the bill could allow the banks to get the govt to pay dollar for dollar instead of 65 cents on the dollar for the derivatives you realize how scr

Reply to Dems trying to give ACORN a piece of the Bail Out in Politics JoeUser Forums

[quote]One of the most scary provisions was a 20% earmark for ACORN[/quote] If you read the bill provision its not a 20% earmark to ACORN. It funnels abt 6% of potential profits into a fund that is already established under another statute for a HUD program. Out of that there is a 15% limit so its less than !% that could be given to something like ACORN. In any case rediculous for the Dems to make the bailout bill so bloated because there wont be any profits from the derivatives <span

Reply to Bush Tried to Overhaul Housing Finance Industry in Politics JoeUser Forums

[quote]Now let's look at a bill that Bush and republicans tried to pass back in 2003.[/quote] You should take the time to actually read and understand it.....It would have completely isolated Fannie and Freddie from the primary market.....Lead to them having even fewer actual mortgages in their portfolio so they would have been a bigger problem to the taxpayer when they were put into conservatorship.

Reply to Bush Tried to Overhaul Housing Finance Industry in Politics JoeUser Forums

[quote]Once again you have now idea what you are taliking about[/quote]\ It is you that is clueless... The CRA mortgages offered are fixed rate. Not the predatory adjustable rate explosive mortgages that were and still are being offered by mortgage companies. Why is it that the CRA banks in the 15 CRA areas have lower foreclosure rates than those made by the non-CRA lenders and mortgage companies in the same areas?

Reply to McCain Shows Leadership...Obama Shows Politics As Usual in Politics JoeUser Forums

[quote]Maybe you should look up the CRA. That is the root of the problem[/quote] No it isnt.....Most of those loans are not ARM's...And part of fixing the GSA's involves expanding CRA in order to get some of the bad ARMs that were made by Mortgage companies not related to CRA switched over to Fixed Rate loans that are lower risk. http://www.reuters.com/article/pressRelease/idUS135259+07-Jan-2008+BW20080107