I was right! -- Re: Financial Bailout In Trouble?
Arizona Coin Collector
As of Thursday, September 25, 2008 --- I was right on my remarks
back on 09/21/2008 in this group (Shown Below). This time, it appears
Mr McCain did this. .
<><><><><><><><><>
"Arizona Coin Collector" <nos...@nospam.com> wrote in message
news:ipmdnaM9LpANB0vV...@earthlink.com...
> Hello
>
> I know this is not a relate coin issue, but what I have been reading
> Is disturbing.
>
> By the time you read this, the financial bailout may have gone
> through and signed into law early this week. (Let's hope so).
>
> A number of Republicans in both the House and Senate have
> Balked at the ideal of the Federal Government bailout, and have
> Pledge to vote against it. Presidential candidate John McCain,
> Has also stated his opposition as well to the government financial
> Bailout. Wonder how he will vote on it, if he does at all?
>
> A number of Democrats in both the House and Senate wants it to
> Include help for homeowners who face Mortgage Foreclosure and
> Evictions from there home. Some Democrats would accept nothing
> Less and would vote against any financial bailout that does not
> include direct help to some home owners.
>
> The story below adds fuel to the fire.
>
> <><><><><><><><><><><><><><><><>
>
> FROM:
> http://www.bloomberg.com/apps/news?pid=20601087&sid=aU6qDGz0zlao&refer=home
>
> Paulson, Democrats Clash on Elements of Financial Rescue Plan
>
> By Christopher Stern and John Brinsley
>
> Sept. 21 (Bloomberg) -- Congressional Democrats clashed with
> Treasury Secretary Henry Paulson over whether the $700 billion
> rescue plan for U.S. financial companies should curb executive
> pay, setting the stage for a fight on the legislation.
>
> U.S. Representative Barney Frank, the chairman of the House
> Financial Services Committee, said it would be a ``grave mistake''
> not to include limits on the compensation of executives whose
> companies benefit from the plan. Paulson called such a measure
> ``punitive.''
>
> ``We need this to be clean and quick and we need to get it in
> place,'' Paulson said on ``Fox News Sunday.'' Paulson signaled
> a willingness to compromise on Democrats' demands that the
> measure help people avoid foreclosures.
>
> President George W. Bush and Paulson have said the legislation
> must pass promptly to ease a financial crisis, and the
> disagreement over its provisions may complicate or delay a
> measure that would be the most far-reaching federal intrusion
> into markets since the Great Depression.
>
> Paulson is asking Congress for unhindered authority to buy
> devalued mortgage-related securities from investment firms
> in an effort to keep the financial system from coming to a
> standstill. The proposal would prevent courts from reviewing
> the Treasury's actions while raising the nation's debt
> ceiling to $11.315 trillion from $10.615 trillion.
>
> Oversight
>
> Democrats said today that they understand Paulson's demand
> for passage of a bill that is not weighed down with a myriad
> of proposals. Still, they insisted that oversight and other
> provisions be added.
>
> ``We have a difference on what is clean,'' Frank said on
> ``Face the Nation.''
>
> The legislation Congress will consider this week must
> include provisions to help homeowners avoid foreclosure
> and it ``needs accountability,'' Senator Charles Schumer,
> a New York Democrat, said on ``Fox News Sunday.'' ``It
> needs changes.''
>
> Paulson said that while the bill could include ``mortgage
> relief components,'' he suggested that the administration's
> plan would already address the issue. He also noted that
> ``the vast majority of foreclosures in this country -- as
> regrettable as they are and as painful as they are -- are
> coming from people who either don't want to stay in their
> home and live up to their obligations or those that never
> had the financial capability to stay in their home.''
>
> Bogged Down
>
> Republicans warned of dire consequences if the proposal
> becomes bogged down in partisan politics. ``This could be
> the most serious financial crisis the world has ever dealt
> with,'' said House Minority Leader John Boehner, a
> Republican from Ohio, said on ABC's ``This Week.''
>
> U.S. Senator Jon Kyl, an Arizona Republican, did not rule
> out congressional actions on executive pay and homeowner
> protections in the future.
>
> ``First let's put the fire out and then we can go deal
> with our favorite solutions to these problems,'' Kyl
> said today on ``Fox News Sunday.''
>
> House Speaker Nancy Pelosi of California and Schumer
> promised to act on the plan by end of this week.
>
> To contact the reporter on this story: Christopher Stern
> in Washington at Cst...@bloomberg.net
>
> Last Updated: September 21, 2008 12:36 EDT
oly
wrote:
> Hello
>
> As of Thursday, September 25, 2008 --- I was right on my remarks
> back on 09/21/2008 in this group (Shown Below). This time, it appears
> Mr McCain did this. .
>
> <><><><><><><><><>
>
>
>
>
> > Hello
>
> > I know this is not a relate coin issue, but what I have been reading
> > Is disturbing.
>
> > By the time you read this, the financial bailout may have gone
> > through and signed into law early this week. (Let's hope so).
>
> > A number of Republicans in both the House and Senate have
> > Balked at the ideal of the Federal Government bailout, and have
> > Pledge to vote against it. Presidential candidate John McCain,
> > Has also stated his opposition as well to the government financial
> > Bailout. Wonder how he will vote on it, if he does at all?
>
> > A number of Democrats in both the House and Senate wants it to
> > Include help for homeowners who face Mortgage Foreclosure and
> > Evictions from there home. Some Democrats would accept nothing
> > Less and would vote against any financial bailout that does not
> > include direct help to some home owners.
>
> > The story below adds fuel to the fire.
>
> > <><><><><><><><><><><><><><><><>
>
> > FROM:
>
> > Last Updated: September 21, 2008 12:36 EDT- Hide quoted text -
>
> - Show quoted text -
You're sounding like you think the bailout is a good thing, which it
is not.
And since when did Nancy Pelosi decide that her main job was to give
xxxx xxxs to Messrs. Bush, Cheney, Paulson and Bernanke???
If the bailout were passed, it would not be three weeks before the PTB
came back asking for even more taxpayer money.
Waaaah-Moooo!!!
oly
Edwin Johnston
Need we any more evidence that the government and the media kowtow to
the whims of the oligarchical dictatorship? (not the olygarchical)
oly
>
> - Show quoted text -
At 10 P.M. CDT, CBS radio even refuses to mention that Waaaah-Mooo!!!
failed, was closed by the Treasury's OTS, and was placed in FDIC
recievership. They only say that it was "sold" to J.P. Morgan.
Selective information at best.
oly
Peter
Perhaps only the salable parts were sold?
oly
>
> - Show quoted text -
It is a bit early - I am quite certain that the whole kitandkaboodle
was placed into FDIC recievership (this has to be done to terminate
shareholders' rights) and that J.P. Morgan took most of the Washington
Mutual operations - but maybe not 100%. WaMu was a huge financial
institution.
The point is that the MSM is very careful what they tell the plebes.
oly
scottishmoney
>Perhaps only the salable parts were sold?
Meanwhile the taxpayer gets screwed as usual by the Washington and New York
plutocrats. Curiously the Democrats are with Bush on the bailout(says lots)
whilst the Republicans are against Bush and the bailout.
Government and business do not belong together, much like religion and
politics don't. The government has stepped in and bailed out all these
crooked firms, because they know where their financial campaign support
comes from.
As far as I am concerned the whole rotten structure should fall.
oly
Well, you may get that.
Do you have a well-stocked pantry? Do you keep $1,000 in cash at home
- at least half of it in tens, fives and ones? A second home in the
country well-removed from the city? A couple of guns and a decent
amount of ammo?
If not, be careful what you wish for.
Are you dependant on a government paycheck? Are you dependant on a
pension check? Social Security? Do you own a bunch of common, but
very high grade, U.S. twentieth century "rare" coins?
If so, be careful what you wish for.
oly
Voltronicus
For $1.9 billion.
WaMu had assets of over $300 billion.
Every time there's a Bush in the White House, they raid the banks and
pay off their rich cronies.
The bailout is just another example of the corruption of the Bush
administration.
PS: John McCain backing out of the debate proves he's a coward.
oly
>
> - Show quoted text -
It is 7:15 A.M. here in Springpatch. RF, could you post a link that
says John McCain has 100% for certain pulled out of tonight's debate?
The fact is you can't, not at this hour.
And Bill Clinton signed the lesgislation which repealed the Glass-
Stegall Act (his action allowed all the investment securities "banks"
- Goldman, J.P. Morgan, et alia)to leverage themselves in new
businesses and speculations over thelast decade - Old Slick Willie
admitted as much in an interview yesterday).
The First Bush administration "closed" and liquidated savings and
loans. The problems in the savings and loans predate Bush #41 by
alkmost two decades. This Second Bush bailout does not "close" the
malefactors. There is a great deal of difference.
RF, please try to get your facts right. I think your head heart is in
the right place, but you look silly making blanket statements that are
not quite on the money.
oly
oly
>
> - Show quoted text -
I also have to note: in any financial institutions, 90% or more of the
money belongs to individual depositors/ individual insured persons/
individual investors. Washington Mutual's shareholder's "equity" was
less than 10% of that $300 billion (and much of that had been wiped
out).
In essence, J.P. Morgan buys what's left of the shareholder's equity
and and the legal rights to continue the business. They do not "own"
that $300 billion. I don't have precise figures, but J.P. Morgan
maybe paid $1.9 billion for zero shareholder's equity and for the
right to assume WaMu's offices and customer deposit base.
oly
Peter
I remember noting the passing of Glass Steagall and thinking it was a
foolish step. It may not, by itself, have been decisive. My guess is
that it is also the complexity of the newly innovated financial
instruments that makes the problems significant. Some of the very
complex assets that serve as collateral for shaky financial
institutions are not always so risky; instead some are so complex that
the regulators can't easily see that they are safe and so they get
marked to market, aggregated with other risky assets.
You may be interested in an op-ed article from the WSJ a couple of
days ago, by Calomiris and Wallison. The case they make is that there
is not just one politician that is guilty, but more nearly most of
them (on both sides of the aisle). It may be so.
Voltronicus
He is a corrupt war-mongerer and just plain evil.
His administration is staffed by crooks who are ransacking the public
treasury for their own gain.
Don't even get me started on Dr. Strangelove Dick "Halliburton"
Cheney!!!
Bush senior was equally as corrupt.
Slick Willy may not have been able to keep his pecker in his pants but
the economy did pretty well under his watch.
John McCain is a crazy old fart who doesn't have the courage to face
Obama and is using the so-called "crisis" to explain away his
cowardice.
Not that I'm a big fan of Obamalamadingdong, whom I consider to be an
empty suit.
Looks like I'm voting Socialist again this election!
oly
>
> - Show quoted text -
One of the hallmarks of the last decade is that "complex assets" were
often moved off the balance sheets of closely regulated commercial
banks and into trusts and affiliates that were legally seperate
entites from the originating banks.
Also, the "investment" (securities) "banks" on Wall Street were not
covered by much of a regulatory scheme at all.
Thus, many many things that were dicey never got looked at by a
commercial bank examiner.
And don't forget the financial derivatives - a hurricane that is out
there that hasn't yet hit (so far, we have a mortgage crises and a
bank-to-bank lending crisis).
Many hurricanes, many eyes.
oly