Yeah , but In the end I up in the asylum for attempting a bi-partisan conversation based on statistics etc from capitalist economists who he would gladly quote if it suited him. The psychology of politics is fascinating, there is nothing Gaar is willing to concede, no matter how obviously compromised or ridiculous his arguments end up.
On Sep 18, 12:19 am, Hollywood <[EMAIL PROTECTED]> wrote: > Frank, > > Yeah, I know. But ii IS fun to rattle his cage as frequently and as > violently as possible. > > On Sep 17, 9:08 am, Frank <[EMAIL PROTECTED]> wrote: > > > Gaar is unbelievable, Frank said, and I quote for the third time now. > > "the near-worthless subprime mortgage-backed securities" I do err, as > > do we all, but II try to be as accurate as possible. > > > On Sep 16, 11:25 pm, Hollywood <[EMAIL PROTECTED]> wrote: > > > > Gaar, > > > > Your right, Frank should have said "almost worthless". Picky, picky, > > > picky. > > > > On Sep 16, 2:10 am, Gaar <[EMAIL PROTECTED]> wrote: > > > > > Falling 20, 30 or even 50% does NOT make them "Worthless". > > > > > That was YOUR word, right? > > > > > On Sep 16, 12:05 am, Frank <[EMAIL PROTECTED]> wrote: > > > > > > You are such a dodo Gaar. Why are the banks in trouble? Because of > > > > > sub- > > > > > prime defaults and the devaluation in property values that NO longer > > > > > cover the amounts borrowed from the banks. Property prices have fallen > > > > > by up to 20% in some ares and will continue to fall as a glut of > > > > > property comes onto the market pushing down values further. That's why > > > > > they don't know the value of the bundled security packages, because > > > > > they consist of defaulted properties and those that have fallen in > > > > > value. The banks sell the property and still loose money. > > > > > > There is already hundreds of thousands of homes the banks can't shift > > > > > that have defaulted as well as new properties that buyers can't be > > > > > found for, putting more downward pressure on prices. The IMF expects > > > > > property prices to fall by up 30% > > > > > > Today's lesson over. > > > > > > On Sep 16, 4:53 pm, Gaar <[EMAIL PROTECTED]> wrote: > > > > > > > Worthless? > > > > > > > You understand that Mortgages are "Backed" by the very property they > > > > > > are Financing, right? > > > > > > > Someone is going to get some Properties at some Fire Sale prices... > > > > > > > On Sep 15, 11:44 pm, Frank <[EMAIL PROTECTED]> wrote: > > > > > > > > More US corporate bailouts on the way > > > > > > > By Barry Grey > > > > > > > 16 September 2008 > > > > > > > > The US government, brushing aside its constant invocations of > > > > > > > “private > > > > > > > enterprise,” has dispensed hundreds of billions of dollars in > > > > > > > cheap > > > > > > > loans to prop up the banks. Last March, the Federal Reserve Board > > > > > > > paid > > > > > > > JP Morgan Chase $29 billion to take over the investment bank Bear > > > > > > > Stearns when Bear was on the verge of declaring bankruptcy. > > > > > > > > Only a week ago, the US Treasury committed at least $200 billion > > > > > > > in > > > > > > > taxpayer funds in the government takeover of Fannie Mae and > > > > > > > Freddie Mac > > > > > > > —a move that makes the government responsible for the two > > > > > > > companies’ > > > > > > > combined $5.3 trillion in mortgage liabilities. > > > > > > > > The claims that the government, in allowing Lehman Brothers to > > > > > > > collapse, has “drawn the line” on further taxpayer bailouts of > > > > > > > failing > > > > > > > corporations are false. The government decided to let Lehman > > > > > > > fail, in > > > > > > > part, to conserve the dwindling funds at the disposal of the > > > > > > > Federal > > > > > > > Reserve and calibrate hand-outs from the Treasury—which faces > > > > > > > record > > > > > > > budget and trade deficits and a soaring national debt—to be used > > > > > > > to > > > > > > > rescue more strategic companies. > > > > > > > > The Fed has reportedly agreed to widen its bailout of Wall Street > > > > > > > by > > > > > > > accepting, in return for low-cost loans to both commercial and > > > > > > > investment banks, even more dubious forms of collateral, including > > > > > > > shares of stock whose value has collapsed and mortgage-backed > > > > > > > securities that can be sold on the market only for pennies on the > > > > > > > dollar. > > > > > > > > There are growing calls on Wall Street and in the financial press > > > > > > > for > > > > > > > the government to directly buy the near-worthless subprime > > > > > > > mortgage- > > > > > > > backed securities and other collapsing credit instruments that are > > > > > > > undermining the balance sheets of major financial companies. With > > > > > > > the > > > > > > > government takeover of Fannie Mae and Freddie Mac—which was > > > > > > > sanctioned > > > > > > > in advance by the Democratic Congress—the legal and structural > > > > > > > framework is in place for this wholesale government bailout of the > > > > > > > banking system.- Hide quoted text - > > > > > > - Show quoted text -- Hide quoted text - > > > > > - Show quoted text -- Hide quoted text - > > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
