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View Full Version : Financial mess tab so far: 5 trillion


Aggie Hoopsfan
11-12-2008, 09:51 PM
http://www.forbes.com/home/2008/11/12/paulson-bernanke-fed-biz-wall-cx_lm_1112bailout.html

Paulson.
Bernanke
Dodd
Frank
All the heads of the major financial houses on Wall Street...

All of those fuckers need to be in federal pound me in the ass prisons for this shit. :td
Nbadan
11-12-2008, 10:14 PM
Don't forget Greenspan...
Nbadan
11-12-2008, 10:16 PM
..oh and SEC chief, Christopher Cox and Dubya deserve a lion's share of the blame...


Mr Donaldson restored faith in the SEC's ability to police financial markets, but many in big business felt he was too tough. As the memories of those scandals have receded, big corporations have begun to complain about the tighter regulations that have been imposed. Mr Donaldson clashed with treasury secretary John Snow and Federal Reserve chairman Alan Greenspan about the reach of the regulator.

Mr Cox, who still needs to be confirmed by the Senate, has been in Congress since 1988. He was the first chairman of the homeland security committee, and is a graduate of Harvard Law School and Harvard Business School. Before entering politics, he worked as a corporate finance lawyer.

"This likely portends a very dramatic shift in the direction of the SEC," said Joel Seligman, dean of the Washington University School of Law in St Louis and a noted SEC historian. "You're more likely to see an SEC that the Chamber of Commerce and the Business Roundtable are more comfortable with."

Mr Bush said Mr Cox would continue to press for forceful regulation. "I've given Chris a clear mission: to continue to strengthen the public trust in our markets so the American economy can continue to grow and create jobs."
Aggie Hoopsfan
11-12-2008, 10:20 PM
Damn, forgot about Cox. Yeah, hang that fucker too.
boutons_
11-12-2008, 11:04 PM
Capitalists and corps are infinitely trustworthy,
markets are self-correcting and self-stabilizing,
no regulation required.

Europe just fined a cartel of car glass companies $1.6B,
and raided the offices of cartel of cement companies.

Yep, corps and capitalists are the friends of the consumer, putting country first.

Note that Paulsen is encouraging consolidation in the banking sector, fewer competitors, tending towards at least regional cartels.

The Repug/conservative philosophy of no regulation and no/bad government has done infinitely more harm to the USA, caused more suffering to US citizens than jihadists can ever dream of doing.

Truly, "We Have Met the Enemy, and They is Us"
Aggie Hoopsfan
11-13-2008, 12:14 AM
Geezus fucking Christ boutons.

Both the Demos and the Republicans were complicit in this. Hell, Barnie Frank was the one writing legislation for it while he was butt fucking his gay lover that was an exec at Fannie Mae.

Check out the party designation next to the names of Dodd and Cox while you're at it.

Everyone in D.C. for the last ten years has a hand in this. They either were on the payroll of the companies hosing us all right now or they traded votes/legislation with those on the payroll for their own pet projects.

I don't blame corporations for being greedy, that's what they do. The regulators and Congress that had oversight responsibility need to pay though, both financially and with jail time.
CuckingFunt
11-13-2008, 12:15 AM
Geezus fucking Christ boutons.

Both the Demos and the Republicans were complicit in this. Hell, Barnie Frank was the one writing legislation for it while he was butt fucking his gay lover that was an exec at Fannie Mae.

Partisanship aside, you gotta admit that's some pretty impressive multi-tasking.
kwhitegocubs
11-13-2008, 01:46 AM
"I don't blame corporations for being greedy (evil), that's what they do"

And you wonder why so many on this board DO blame them!?
101A
11-13-2008, 10:57 AM
"I don't blame corporations for being greedy (evil), that's what they do"

And you wonder why so many on this board DO blame them!?


So let's do away with all of them; greedy bastards.

I'm sure that'll work out great.

Corps are SUPPOSED to be greedy and make as much as they can. Govt. is SUPPOSED to regulate and control them so they don't infringe on other's rights. One of the entities fulfilled its mission statement, the other did not.

Why do you think so many on this board don't trust the government?
smeagol
11-13-2008, 11:24 AM
Do you guys realize many people took advantage of the party (buying nice houses with no money down, buying plasmas, refrigerators, cars, etc on credit at attractive rates, selling those nice houses you originally bought (at a nice profit) and buying new ones with another ARM loan, etc, etc, etc).

Yes, regulation failed, but ultimatley, there are very few people who are blameless . . .
Anti.Hero
11-13-2008, 12:53 PM
Biggest Robbery in the history of the world and the fucking American News focuses on body language of the Barrack/Bush meeting.


That is our country. Wow.
Aggie Hoopsfan
11-13-2008, 01:17 PM
"I don't blame corporations for being greedy (evil), that's what they do"

And you wonder why so many on this board DO blame them!?

If you want communism, move to Russia or North Korea or something.

Eh, who am I kidding? The Demos are hellbent on bringing it here.
boutons_
11-13-2008, 02:05 PM
Financial groups’ losses near $1,000bn

"The financial sector’s total losses from the credit crisis are approaching $1,000bn after recent turmoil in the markets triggered a further drop in the value of mortgage-backed securities and other debt securities.

Writedowns by Fannie Mae (http://markets.ft.com/tearsheets/performance.asp?s=us:FNM), the US mortgage financier that was nationalised this year and AIG (http://markets.ft.com/tearsheets/performance.asp?s=us:AIG), the insurer that has twice been bailed out by the US government, have lifted total losses reported by financial institutions since the beginning of 2007 to $918bn, according to data compiled by Bloomberg."

http://www.ft.com/cms/s/0/72c5ef56-b0ec-11dd-8915-0000779fd18c.html
DarkReign
11-13-2008, 02:06 PM
If you want communism, move to Russia or North Korea or something.

Eh, who am I kidding? The Demos are hellbent on bringing it here.

Bullshit aside, there was a reason corporations were illegal in this country for a majority of its existence.

Because ultimately, they will control a large portion of the money, which means they will then inlfuence (if not outright control) the government thats supposed to be by the people, for the people.

But lets get back to calling people communists...
ElNono
11-13-2008, 02:43 PM
Do you guys realize many people took advantage of the party (buying nice houses with no money down, buying plasmas, refrigerators, cars, etc on credit at attractive rates, selling those nice houses you originally bought (at a nice profit) and buying new ones with another ARM loan, etc, etc, etc).

Yes, regulation failed, but ultimatley, there are very few people who are blameless . . .

I'm blameless...