This morning my Congresscritter Harry Mitchell AZ CD-05 had a Townhall and security was there which restricted who could attend. Heard that the state coordinator of PDA was removed by the police.

Not a good way to start your 08 campaign season by pissing off the voters!

i live in AZ, but not his district. i did do some work for his campaign via the consolidated campaign – where can i learn more? What was the basis for removing the PDA coordinator?

SunnyNobility @ 228

Thank you. I’ve fallen into the Calculated Risk link. It’s a goldmine.

I’ll have to look at it, then. But, I’ll bet that, in any analysis of this pot o’ shit, they’re saying that there are a whole lot of people whose exposure to this very risky sort of investment is way, way beyond prudent levels.

Everybody got greedy is probably the very short answer. (!)

I’ve heard the CDO situation compared with a bunch of pork chops…some of which are carriers of salmonella. These are green and easily identifiable and detectable to the original vendor. Others are perfectly alright. The original holder decides to sell these off to secondary buyers in a bundle. In other words, he makes sausage out of the porkchops, so now some of the sausages contain the salmonella. And there are more sausages tainted than the original porkchops. Then those vendors decide to use the sausages to make ground meat patties. So now the salmonella is pretty widespread. Anyone who buys those patties are at risk.

Now if the original amounts of salmonella were pretty minimal, then the impact of the disease might be a day or two of food poisoning. But some patties might, by chance, contain more tainted bacteria. But if the rot was pretty widespread, then the toxin is going to be major…and no one will want to buy meat products for awhile.

Thus no one will want to make any loans…because the banks they lend to may be covering their losses from accepting this bad paper…the fear strikes all up and down the banking industry since the bad debts could be hidden almost anywhere.

This is almost like the Asian Financial Crisis of 1998…where Indonesia and Thailand were making lots of loans to corrupt cronies to finance their extravagant lifestyles. When th loans were called up, the banks couldn’t pay…except by reaching into their customers savings accounts. They tried this, but the IMF and World Bank refused to allow it.

If only the people at “The Fox News Embarrassing Attempt At A Comedy Show” would’ve watched more Kids In The Hall…

Buh-bye, losers!

Thank you. I’ve fallen into the Calculated Risk link. It’s a goldmine.

This will probably end up wasting away in EPUville, but, this explanation is a pretty good one on the matter of whether or not these mortgage-backed securities are sold in big lumps or are sliced up into various tranches. I suggested that they were probably used to create as many financial instruments are there are possibilities, and Roubini runs down the process here.

It’s pretty much as I thought. Only worse.

Just checking here: they lied us into a war that has killed upwards of a million people and devastated the economies of both Iraq and the US, but we’re evil because we swear? Fuck that.

Not “evil.” Just a “foul-mouthed fem-blog.”

SunnyNobility @ 228

Thank you. I’ve fallen into the Calculated Risk link. It’s a goldmine.

I’ll have to look at it, then. But, I’ll bet that, in any analysis of this pot o’ shit, they’re saying that there are a whole lot of people whose exposure to this very risky sort of investment is way, way beyond prudent levels.

Everybody got greedy is probably the very short answer. (!)

I’ll bet that they got imprudent with OPM (Other People’s Money).

prostratedragon @ 190

An unexpected change of tone from Treas. Sec. Paulson (h/t Calculated Risk):

My emphases. Things have got to where no one really wants to disturb anyone too much, while yelling HELP!!!!

Thank you for your patience.

At what juncture does the fact, finally, sink in that the Housing Bubble done ruptured!!! *g*

There is a fundamental law of the universe: things that can’t go on forever don’t.
montag @ 186

CTuttle @ 178

So how many Bil’s will the Fed pump in today? 50 Bil…???

No matter how much, they’re just prolonging the agony. Beyond that, it’s basically unappropriated funds, so they’re just buying up hollowed-out CDOs with borrowed money. Sort of the definition of throwing good money after bad….

As someone pointed out, our current credit crunch is not a matter of a lack of available funds to loan, but rather a lack of ability to service the debt.

Bassically, we’ve come to the point where people can no longer take out seconds to make payments on the firsts. What on earth?