Fed Economic Stimulus Package (Union, Henderson: fit in, leasing, loan)

[harborlady]

Three thanks for that, I can't rep you more. I think I saw a documentary on them on PBS- intriguing.

Thank goodness she's still got her faculties to see things clearly. The thing about the bailout as it was proposed originally... I don't think it's fair in many cases to punish people who would ordinarily be able to afford their only home if only the interest rate had been fixed at a fair rate (not the arm rate). 1% punishes people who didn't get caught in the trap and exercised discretion in purchase or didn't borrow against their home frivolously. Keep in mind there is a difference between refinancing to cover unexpected medical trauma or needing a new roof vs someone kiting one property value against another trying to parlay 50k annual incomes from over valuation schemes or the idiots using refinance as an ATM. Don't lump them all together.

Yeah, this reminds me of an episode of batman, where the joker drops a big stinky haze smoke bomb confusing everyone long enough to get away. The more they'd repeat the buzzword 'transparency' the hazier things got. Complicated, convoluted terms of finance, tangled webs traveling from one jurisdiction to another and back, immune to all laws as a result? Oh that's right there were no laws! Deregulation of everything! Yee haw wild west retirement plan! Hedge funds, that's a slot machine in atlantic city, right? Do they get their money back? This is what happens when banks and credit agencies and insurance spawn a frankenstein. IMO 80's corporate takeover trends gobble gobble were just a way of cashing out of a dead thing safely (second to last out of the pyramid), but ultimately cannibals do wind up getting the same disease, hack the pieces off the next cannibal, dispiriting the work force to the near extinction of work ethics.

What I find particularly odious is that frankenstein has the nerve to claim they're entitled to usuary rates for everything (31% even when it's their own fault), will invent fees for fees coming and going (marketed as "free" @ wamu, mimicked by all others to "compete" with equally crummy policies) and yet they continue to play poor put upon when they were the architects of their own demise. Even using a local example of a coal company who projected profits of x million but had y millions instead taking the attitude that they 'lost' money. No, you didn't lose, you failed to achieve-- big difference. Projections are supposed to be reality based potentials, not wishful thinking, particularly when you've signed contracts guaranteeing product delivery. Losing means you spent more than you made or invested.

I've had a political cartoon image in my head of JP Morgan Chase walking downtown charleston, disheveled, unshaven, with a tin cup and a sandwich board-- 'will work for corporate welfare' while a limo follows him closely behind. I just might break out my crayons if someone doesn't beat me to it.

Transparency is supposed to be present in the share holders quarterly report. Creative writing accounting for publicly traded companies is illegal last I heard and obfuscation by any other name stinks just as badly. Enforce what's there, reality magically gets clearer sooner than not. Considering how traditional versions of lending were in compliance with laws and had to compete with the new fangled products that were circumventing laws- I hardly see it as fair to punish those in banking who were prudent. But then again, I've been punished for being prudent all along, so I'm very partisan on the issue.

Congress can only be held accountable for what is in their jurisdiction, and if you mean to dig them up from 1913 I doubt you'll get justice. Can't blame the actions of Greenspan/ Bernake on congress DK. They were as shocked by Fed/ treasury actions right along with you and I, not the paper they signed, not the allocation package they came to consensus-- what's wrong with this picture? Are we missing checks and balances for the Fed? Paul Volker 79-87, Greenspan 87-06, Bernanke 06- present. There's talk of going back to Bretton Woods policies to deal with global inflation @ international summit this weekend, but it's anyones guess if Fed adopts same policy in house. I would hope he'd listen to this very wise woman.

[Sharedspirit]

Originally Posted by David Kennedy

All of this 'Bailout System of Social Interference might be a 'Smokescreen for a 'New Money System...

Our money is worthless...let our Congress bankrupt the country...all businesses, banks and pension programs and begin over again...

A New Socalistic Money System would need to be backed up with someting of worth..how about commodities and durable goods...might stimulate industry if it had any quality...

I'm thinking of that Russian car that the Russians had to buy..the smoker...

We could make it mandatory for California and call it Assisted Sucide...call it the Kervorkian...

and the Vietnamese has a car made of plywood...that would appeal to the eco-freaks...they could burn them on May 1st...


Sidebar Comment: Rush Limbaugh's Data Miners have used a comment or two from this blog...like getting a Gold Star Award..

rofl, Rush? NPR was out a while back and all I could pick up was his show on the radio. Had to turn it off cause the kids were getting afraid.

[David Kennedy]

National Proletariat Radio...I get it...thanks!

Is it true that some of their music will be patterned after the Russian National anthem when the Fairness Indoctrine takes effect on January 18th?

I'm a big person and I'm really afraid...

My people (Jews) were the first 'Free People...my recent ancestors in this nation shed blood in almost every generation for this opportunity to choose and direct their own path...

to watch it end in a generation of ignorance and idleness is possibly just...

It is not deserved here anymore...(Liberty)

[Sharedspirit]

Originally Posted by David Kennedy

National Proletariat Radio...I get it...thanks!

Is it true that some of their music will be patterned after the Russian National anthem when the Fairness Indoctrine takes effect on January 18th?

I'm a big person and I'm really afraid...

My people (Jews) were the first 'Free People...my recent ancestors in this nation shed blood in almost every generation for this opportunity to choose and direct their own path...

to watch it end in a generation of ignorance and idleness is possibly just...

It is not deserved here anymore...(Liberty)

I had to look up Proletariat. That will be a great scrabble word when I'm playing super scrabble! Thanks!

[David Kennedy]

Proletatiat and Secretariat...go together...horses of the same color...We need to get ready for the new lingo...and I don't think it will be Spanish...

Did you hear the joke that is screaming across America?

About GW Bush taking a taxi because all the goverment limo's are being used?

[Sharedspirit]

Originally Posted by David Kennedy

Proletatiat and Secretariat...go together...horses of the same color...We need to get ready for the new lingo...and I don't think it will be Spanish...

Did you hear the joke that is screaming across America?

About GW Bush taking a taxi because all the goverment limo's are being used?

Dang, I think I'm going to need a new dictionary. Bush better not come here after the new year. We don't have taxis. Maybe he can catch a bus but he'd better hurry before the federal grant runs out that's paying for it.

I'm starting to feel some compasion for Bush....not a good sign.

[harborlady]

Found this gem in another thread, but I warn y'all it's very technical and about an hour long.


YouTube - How Did We Get Into this Mortgage Mess and How Do We Get Out

[David Kennedy]

Say goodbye to the United Auto Workers and those nice big pensions...the congress has just opened the door the the Auto companies to get their act together...Half (UAW) of the big albatross will be shaken loose in Recievership...the other (the eco-laws requiring inventions and technology that does not now exist) might come later as somesort of compromise...

A leaner and meaner auto industry will emerge...much like the Saturn scheme of GM...workable and with some quality...
Ford and Chrysler might merge...we will see soon...paperwork should be submited to the courts by Dec 30th to grandfather under old laws...

2009 Bankruptcy filing might not be workable with the Obama camp in place...

All this crafted months ago to take place...tacked on to the financial fiasco to grab a dollar if possible, and Congress didn't bite.

Obama's plan: Throw the money into public transit...prohibit freedom of movement...wait and see...it's a tightening...

[Sharedspirit]

Public transit in WV? That would cost more than bailing out the car makers. My mules haven't been ridden in a long time but I bet they could get me to the grocery store if I needed them to. The problem would be keeping them from stopping to eat the "greener grass" the whole way and back!

I'm in denial about bailing out the auto industry. Whose going to be next?

[David Kennedy]

The 'High Speed Rail is almost here...seeded through Mountain Line Transit to keep the money safe..will service the cars at Grafton and send us quickly to the Greater Pittsburgh airport in style..route through the big city slowed things down somewhat but project is well on the way...thank Senator Byrd for that one too.