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On Fri, 26 Sep 2008 06:48:47 -0700 (PDT),
On Sep 26, 9:00*am, "Stormin Mormon"
A guy walks into a party, and asks a woman "Would you have sex with me for a
million dollars?" She says sure. And of course he doesn't have a million
dollars. But the decision is made, they are going to get it on. Now, it's
just about deciding how much is the price.
I have that sense with the bailout for Freddy and Fannie. My sense is the
bailout is a done deal. The question is only the details. What's the end
result? The Fed, with all the power of the government, will take large
ammounts of my money, and give it to someone else. It's not roads, bridges,
or even pork barrel construction projects. Just a big transfer of money.
Christopher A. Young
Learn more about Jesus
It's not exactly giving the money away, which unfortunately is the
impression most people have because the media has not done anything to
explain it. Even Bush didn't do a good job of explaining it. What
they are going to do is conduct a reverse auction for loans that are
delinquent, but have not defaulted on. That means the govt will put
up say $50 bil, and have insitutions make bids of how many of these
loans they are willing to turn over for that amount.
It has to do with banking and bankers.
There are rules and standards that have long existed for the banking
industry. You can read about them, or go to college/univ., where they
still teach them.
The famed investment bankers of wall st. broke virtually all the rules.
Now, two of them, Paulsen and Bernanke, want the fedral gummint to
purchase their bundles of broken rules and mutant loan paper.
The fedral gummint will likely do so. 'Tis an invitation for them
to continue mutant practices in investment banking. And rob the public.
It's like hiring The Devil, at a ridiculously exorbitant salary,
to extinguish The Devil's own fire, assuming he will never again
ignite. But, of course, his very nature ...
Ultimately, the govt winds up owning the mortgages and will likely be
able to restructure and eventually make good on a good portion of
them. Exactly how much they will recover remains to be seen if the
plan is put into effect.
They packaged the derivatives, etc in such a mutant manner, noone
really knows what they might be worth.
If you don't like this plan. what exactly is your proposal? Do
nothing and risk a depression?
Traditionally, these ("free") markets have their own ways of dealing with
those that act irresponsibly. The only difference between the traditional
solution and the proposed insanity is influence peddling and buddy-buddy
I've not even heard the likes of Bush, etc mention "depression": not certain
why you would. Or why you'd think it would be avoidable. Recessions are
part of the normal and expected business cycle.
The "bailout" violates the very free-market principles that these folks
purportedly worship. If that doesn't tell you something, you sho'ly,
sho'ly aren't listening.
"Take Yo' Hand Out My Pocket (I Ain't Got Nothing What Belongs To You)!"
- Rice Miller, who probably never even _heard_ of GW Bush, John McCain.
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