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Saturday, November 22, 2008


That sums it up nicely.
Nuff said.


Anonymous said...

Let them fail. Or nationalize them and take a searchlight in to see what's rotting in all the dark corners, to find the source of the stink.
US Gov should take its thumb off the scale, it seems to be used only for their richest and wealthiest "friends"...grill the car makers for 25$ and give them nothing but AIG gets 150$ no questions asked...does Judge Ken Starr's family still have their family trust $$ parked in with AIG? Which bail-out candidate handles the Bush family $$?
Oh has Citi ever made money shorting other companies?

Anonymous said...

And 64% of Citi's deposits originate good on the US taxpayer for helping out the wealthy of other nations!
Maybe universal health care for the next generation...

Anonymous said...

the automakers show up in their private jets to ask congress for a bailout, to keep their mismanaged company from failing. thats pretty arrogant. but they will likely get money because they are too big too fail? i don't know about you but i have no sympathy for the automakers, they made thier bed, now they must lay in it. I have bailout fatigue.
does anyone know how many other corps are asking for a bailout? homebuilders assoc. is asking. i have heard 7 states are asking a bailout too. the states squandered the tobacco settlement they received yrs ago. the states have also mismanaged thier moneys. And a windfall profits tax on big oil will get squandered as well. we are doomed.

Pizza Dude said...

Here is my point of view on the perfect storm that is kicking the worlds financial ass. And the sheer stupidity is awe inspiring.

1. Obviously the lowering of standards on home ownership got us going but that really is over simplifying things. It was the way they tried to cover their asses by putting more burden on the consumer that will come to light.....

2. Credit card companies are mandated to double the minimum payments on cards. This puts pressure on the consumer that has to re-evaluate their personal budget. Then they start using equity in thier home to consolidate their cards to a lower rate...thus creating another " sub-prime" loan on the same house they really could not afford in the first place.

3. Government passes new bankruptcy laws making it harder to file putting the consumer in a precarious position.

4. The financial markets play fast and loose with everything and now look to the consumer ....that they just wedged to a keep spending and spending and spending and get the picture.

2 and 3 are obvious attempts by the government and financial companies to stop-gap what might be coming if #1 gets out of hand.....then the fun begins.

So everything is good now ....basically giving loans and leveraging the consumer to the hilt and not giving them an out.

We all know about the financial stupidty and the alarming things these big banks and investment houses were doing... but let's look at it from main street and what looks to me like unbelievable selfishness and greed ...and how it affected the average joe.

When the economy got greased with all this easy lending...we had percieved " supply and demand " issues. Now commodities start going up. And with the amount of activity we felt it was appropriate because it was a gradual rise. Absolutely everything was going up but hey money was easy.

But now the end of 2007 is where it gets interesting. The economy is obviously starting to reel. Pizzadude's customers are starting to ask alot about what our " specials " are. That was never a thought the previous 4 years.

All the economists are saying a recession is coming. I could see it. Then the Dow starts it's fall. I got so damn pissed when I would watch in April of 2008 that oil and all other commodities were could this be???? Goldman Sachs says they see oil going to 150-200 a barrel because of " fundumentals "....." supply and demand ". Bullshit! Commodities were skyrocketing because of a mass move of hot money. I would stare in amazement at CNBC when they would say " stock market is down because oil is up...." was up because every body was moving money from the stock market into commodities so they could keep earning the interest....that was the " fundamentals " that GS was talking about.
They were going to push oil to 150 with hot money. So now the consumer is being taxed again by the SOB's that got this mess driving up every day prices. That was the straw that broke the worlds back.

So by the 3rd quarter of 2008...everything that has been hoisted onto the consumer is coming home to roost. I firmly believe we could have had a milder recession if the commodities would have been realistic. But the moonshot they took was too much and here we are. So even when it looked like bad things were coming...rather than financial houses take steps to ease the pain on the consumer they just hoistes more on them. They get what they have coming.

Anonymous said...

Yeah the commodities gain was total BS, but Im glad it happened so we can get ourselves off the crack that is foreign oil.

Anonymous said...

Let them fail. Or nationalize them and take a searchlight in to see what's rotting in all the dark corners, to find the source of the stink

But "They" cannot do that because:

1) "They" know that somewhere between 20 and 100% of all mortgage backed securities are fraudulent - in which case the buyers would want their money back.

2) Once the CDS's end up in a bankruptcy court it will be revealed that nobody understands them, fewer know what they are worth, triggering margin calls all over.

3) The rich, wealthy and powerful are totally inbred; you don't narc on your own!

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