Funny... I have in fact conceded many things, even within this very Thread.
The people unwilling to concede anything are people like you and holly Frank. If you make a point that means something, I will gladly concede it. Funny thing is, you don't ever do such a thing. Why is that you suppose? For example... You compare the recent Mortgage situation to the Depression. And when I SHOW that it is NOTHING LIKE the Depression, you obfuscate and don't cede the point. Now, at that very same time I ADMIT we are having some very rough times, and they are going to take a while and hurt a bunch to work them out. But work them out we will, as we always have. Mark my words. Now, what was it you were saying about me not ceding a point?!?!?!?!? I would suggest that it is you that does that, and failes to Live in Reality. On Sep 17, 7:32 am, Frank <[EMAIL PROTECTED]> wrote: > 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 -- Hide quoted text - > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. 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