Comments on: The Bailout is the Single Largest Non-Defense Appropriation Bill Ever http://firedoglake.com/2008/09/28/our-employees-rolled-again/ Firedoglake weblog Tue, 24 Nov 2009 14:13:02 -0600 http://wordpress.org/?v=2.8.6 hourly 1 By: bluebutterfly http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654985 bluebutterfly Mon, 29 Sep 2008 03:01:42 +0000 http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654985 <p>The New York Times had an informative article in the Business section yesterday…Behind Insurers Risk..</p> The New York Times had an informative article in the Business section yesterday…Behind Insurers Risk..

]]> By: ubetchaiam http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654984 ubetchaiam Mon, 29 Sep 2008 02:46:35 +0000 http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654984 <p>Bless you Mr. singer and you’re sewing machines with a kudos to Sears Roebuck.</p> Bless you Mr. singer and you’re sewing machines with a kudos to Sears Roebuck.

]]> By: ubetchaiam http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654983 ubetchaiam Mon, 29 Sep 2008 02:45:39 +0000 http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654983 <p>Krugman’s take:<br /><a href="http://krugman.blogs.nytimes.com/2008/09/28/the-world-according-to-tarp/" rel="nofollow">http://krugman.blogs.nytimes.c.....g-to-tarp/</a></p> <p>Apparently credit is the ‘crack’ of the ‘new financial order’ and the addicts can’t imagine life without it.</p> Krugman’s take:
http://krugman.blogs.nytimes.c…..g-to-tarp/

Apparently credit is the ‘crack’ of the ‘new financial order’ and the addicts can’t imagine life without it.

]]> By: BooRadley http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654978 BooRadley Mon, 29 Sep 2008 02:42:07 +0000 http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654978 <p>I don’t think you understand the problem.</p> <p>The banks loaned the money for Wall Street and hedge funds to buy mortgages on incredible margins. Wall Street and the hedges created too thinly capitalized securities. The banks, pension funds, mutual funds, all kinds of institutions bought those securities. No one wants to take the loss, and they want the taxpayers to bail them out.</p> <p>The debt of the poorly underwritten mortgages isn’t the real problem, but it’s important to recognize that it was caused by the initial pyramiding, aka success, of the mortgage backed securities. It was that success that created a market for “bad loans.” </p> <p>It’s the leverage built into the mortage backed securities that’s the real problem.</p> I don’t think you understand the problem.

The banks loaned the money for Wall Street and hedge funds to buy mortgages on incredible margins. Wall Street and the hedges created too thinly capitalized securities. The banks, pension funds, mutual funds, all kinds of institutions bought those securities. No one wants to take the loss, and they want the taxpayers to bail them out.

The debt of the poorly underwritten mortgages isn’t the real problem, but it’s important to recognize that it was caused by the initial pyramiding, aka success, of the mortgage backed securities. It was that success that created a market for “bad loans.”

It’s the leverage built into the mortage backed securities that’s the real problem.

]]> By: ubetchaiam http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654975 ubetchaiam Mon, 29 Sep 2008 02:39:09 +0000 http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654975 <p>This section SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES<br /> 4 AND CENTRAL BANKS. –allows assests bought by Barclays of England to dump their crap on U.S. taxpayers (think Lehman).</p> <p>I’ve read enough -including <a href="http://www.rgemonitor.com/roubini-monitor/253783/is_purchasing_700_billion_of_toxic_assets_the_best_way_to_recapitalize_the_financial_system_no_it_is_rather_a_disgrace_and_rip-off_benefitting_only_the_shareholders_and_unsecured_creditors_of_banks" rel="nofollow">http://www.rgemonitor.com/roub.....s_of_banks</a></p> <p>to see that this is in fact a ripoff of the American taxpayer; there are several other plans that are better than this. The question is:<br /> “Is this a deal with the Bush Admin so that the bill passed last week by the House -and the similar one the Senate couldn’t invoke cloture on this past week- gets passed by the Senate this week?</p> This section SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES
4 AND CENTRAL BANKS. –allows assests bought by Barclays of England to dump their crap on U.S. taxpayers (think Lehman).

I’ve read enough -including http://www.rgemonitor.com/roub…..s_of_banks

to see that this is in fact a ripoff of the American taxpayer; there are several other plans that are better than this. The question is:
“Is this a deal with the Bush Admin so that the bill passed last week by the House -and the similar one the Senate couldn’t invoke cloture on this past week- gets passed by the Senate this week?

]]> By: selise http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654973 selise Mon, 29 Sep 2008 02:38:29 +0000 http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654973 <p>as far as i can tell, this version was written to make sure i have no fracking clue what they are doing. i’m going to need an assist to work through this one.</p> as far as i can tell, this version was written to make sure i have no fracking clue what they are doing. i’m going to need an assist to work through this one.

]]> By: ubetchaiam http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654969 ubetchaiam Mon, 29 Sep 2008 02:33:54 +0000 http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654969 <p>And so much for restricting how much the Exec’s at these institutions earn:<br /> SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE<br /> 11 GOVERNANCE. says NOTHING about their salaries.</p> And so much for restricting how much the Exec’s at these institutions earn:
SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE
11 GOVERNANCE. says NOTHING about their salaries.

]]> By: MarkH http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654968 MarkH Mon, 29 Sep 2008 02:32:12 +0000 http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654968 <blockquote><p>Let’s have a revolution!</p></blockquote> <p>“Give peace a chance.” — Lennon</p> <p>Fight for peace!</p>

Let’s have a revolution!

“Give peace a chance.” — Lennon

Fight for peace!

]]> By: ubetchaiam http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654964 ubetchaiam Mon, 29 Sep 2008 02:28:48 +0000 http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654964 <p>Got it; I’m only up to page 26 but I have objections already-screw this garbage.<br /> (c) NECESSARY ACTIONS.— Lets Paulson hire his cronies without anyone objecting<br /> (e) PREVENTING UNJUST ENRICHMENT.—This subsection does not apply to troubled assets acquired in a merger or acquisition, or a purchase of assets from a financial institution in conservatorship or receivership, or that has initiated bankruptcy proceedings under title 11, United States Code.<br /> (b) TIMING.—Regulations or guidelines required by this section shall be issued as soon as practicable after the date of enactment of this Act.—-”as soon as practicable”?<br /> “assets that will improve the ability of the Secretary to improve the loan modification and restructuring process and,where permissible, to permit bona fide tenants who are current on their rent to remain in their homes under the terms of the lease.—sounds good but what is ‘permissable’ and what of the people who do not have a lease but rent on a month to month basis?</p> Got it; I’m only up to page 26 but I have objections already-screw this garbage.
(c) NECESSARY ACTIONS.— Lets Paulson hire his cronies without anyone objecting
(e) PREVENTING UNJUST ENRICHMENT.—This subsection does not apply to troubled assets acquired in a merger or acquisition, or a purchase of assets from a financial institution in conservatorship or receivership, or that has initiated bankruptcy proceedings under title 11, United States Code.
(b) TIMING.—Regulations or guidelines required by this section shall be issued as soon as practicable after the date of enactment of this Act.—-”as soon as practicable”?
“assets that will improve the ability of the Secretary to improve the loan modification and restructuring process and,where permissible, to permit bona fide tenants who are current on their rent to remain in their homes under the terms of the lease.—sounds good but what is ‘permissable’ and what of the people who do not have a lease but rent on a month to month basis?

]]> By: MarkH http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654963 MarkH Mon, 29 Sep 2008 02:28:30 +0000 http://firedoglake.com/2008/09/28/our-employees-rolled-again/#comment-1654963 <blockquote><p>Tell me what is the problem we face… and how does this bill solve it? </p></blockquote> <p>Banks won’t loan to banks when the collateral CDOs contain toxic mortgages of uncertain value. Without bank loans the blood flow stops and the economy stops and Great Depression II begins.</p> <p>This bill injects cash into troubled firms in exchange for some ownership and protection against bad CDOs.</p> <p>It also lets Treasury buy CDOs, so they can renegotiate mortgages to revive them for resale.</p>

Tell me what is the problem we face… and how does this bill solve it?

Banks won’t loan to banks when the collateral CDOs contain toxic mortgages of uncertain value. Without bank loans the blood flow stops and the economy stops and Great Depression II begins.

This bill injects cash into troubled firms in exchange for some ownership and protection against bad CDOs.

It also lets Treasury buy CDOs, so they can renegotiate mortgages to revive them for resale.

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