What is Digg?206 Comments
- ChessPieceFace, on 09/26/2008, -20/+104This is coming from "a lifelong ( 51 years old) "rock-ribbed" conservative":
FTA: "I am a huge Reagan fan and admirer.I have voted GOP every election since 1976. Until now. Today. September 25, 2008. As soon as I finish this email I am going to try and get my $1000 McCain/Palin credit card donation back as I will not be voting GOP this year after watching this circus and the theatres passing as leadership displayed by the GOP. I am embarrassed to have been an erstwhile supporter of this gaggle of self-serving jerks. I hope the GOP lose their asses come November. They shall deserve it."
They surely do. - inactive, on 09/26/2008, -23/+76The Repugs have never been the party of business. They are the party of wealthy aristocrats and the *****-stupid rednecks who keep them in power.
- Linguo, on 09/26/2008, -15/+67I sort of don't understand what this guy is saying. Is he saying the GOP should have just blindly accepted the $700 bailout? If so, this guy is a ***** moron.
- papastout, on 09/27/2008, -4/+41Hey Wall St. - Drop Dead!
- MediaWeasel, on 09/26/2008, -16/+51Although, as one commenter on the piece points out, he feels the writer's pain, but the writer has not felt the pain of the grass roots all these years whilst voting Republican. However, there are plenty of Republicans, I am overjoyed to see, who understand and support the wisdom of Obama/Biden politics and are switching allegiance because of that.
- JenniferInMO, on 09/26/2008, -11/+46FTA (comments):
"Mainstreet is going to take back the Republican party. The masters of the universe and smartest guys in the room are being kicked to the curb."
I think I finally understand. It has always been known that the Republican base, the people who vote Republican because they waive more Flags and use God for their political advantage are less intelligent and less informed than those vote for a candidate and not a party. It has also a fact that the smart guy in politics has to dumb down to the American people to get votes. I am not a Nobel laureate, but I am a pretty smart woman and I want someone smarter than I am to run our country. I have never understood some people voting for a candidate because s/he wants to have a beer with that candidate. I get it now. It is elementary school logic. No one wants the smarty pants to win anything. The envy is so intense that people are lead to vote for an inferior candidate just to keep the smart guy from winning.
Is that really it? Maybe it's not so much that Obama is a black man, but that he is a smart man. - VitriolAndAngst, on 09/27/2008, -0/+33Read this guy -- he is the smartest person so far I've read on this issue; http://market-ticker.denninger.net/archives/593-CO ...
The important bit;
"
The Fed claims to be an "independent central bank." They are nothing of the kind; they are now acting as an arsonist. The Fed and Treasury have claimed this is a "liquidity crisis"; it is not. It is an insolvency crisis that The Fed, Treasury and the other regulatory organs of our government have intentionally allowed to occur.
There is massive stress in the credit markets because of this intentional mismanagement.
We can and must fix it but spending taxpayer money will not do so.
The Democrats claim they have the votes to pass the original bill. Then pass it Democrats. Bush will sign it.
The Democrats will NOT pass it without The Republicans because they are afraid that the plan won't work (and in this they are correct) and refuse to put their heads on the chopping block if they spend $700 billion or more and the economy collapses anyway. They demand that Republicans march into the furnace with them.
Republicans are wise to say NO.
The solution is simple, it is elegant, and it will work.
Force all off-balance sheet "assets" back onto the balance sheet, and force the valuation models and identification of individual assets out of Level 3 and into 10Qs and 10Ks. Do it now.
Force all OTC derivatives onto a regulated exchange similar to that used by listed options in the equity markets. This permanently defuses the derivatives time bomb. Give market participants 90 days; any that are not listed in 90 days are declared void; let the participants sue each other if they can't prove capital adequacy.
Force leverage by all institutions to no more than 12:1. The SEC intentionally dropped broker/dealer leverage limits in 2004; prior to that date 12:1 was the limit. Every firm that has failed had double or more the leverage of that former 12:1 limit. Enact this with a six month time limit and require 1/6th of the excess taken down monthly.
Once 1-3 are put in place then send in the OTS and OCC examiners and look at every financial institution in the United States. All who are insolvent and unable to raise private capital immediately are forced through receivership where the debt is converted to equity and existing equity is wiped out. With the CDS monster caged the systemic risk is removed, the bondholders provide the cushion for recapitalization (as it should be) and the restructured firm emerges with no debt while the former bondholders are now the owners (of the equity) in the resulting firm.
" - homercles337, on 09/26/2008, -13/+45Did i misread this? So this "rock-ribbed conservative" is upset with the GOP for not immediately bailing out his ***** ups and deceptions with tax payer money? Money that may not have any value at all in the near future? Money that if given to them will have no benefit to the tax payers? This ***** certainly does want socialism for him and his cronies and laissez-faire capitalism for all of us "beneath" him. I hope this ***** looses his job and everything.
- yojiffyskippy, on 09/27/2008, -3/+28Hey Wall Street, this is not a real good time to offer your two cents on anything.
- tpodell140, on 09/27/2008, -0/+25i do have to say, if wall street is full of such financial geniuses, how did they get us in to this mess
- VitriolAndAngst, on 09/27/2008, -3/+28You aren't going to hear this from me often: The Republicans are right.
The bailout is a bad idea -- while the regulations a great concept.
Only, we need these financial companies to come clean about their accounts -- and we need Paulson and Bernanke -- the anti-regulators out.
Granted, the Republicans and Dems both think they have to do this, because they are scared about the banks. The Republicans are pretty sure it will fail and want the Dems to take the rap. So the negotiations are about how many of each have to take the hit on elections for joining in -- aren't these great leaders or what?
Or what....
The bailout is like trying to put out a paper with fire -- it is a great idea like trading your life preserver to the Upper Class, in exchange for stock options on the Titanic. You won't be able to collect. - publiclurker, on 09/27/2008, -7/+29Socialism is for the benefit (allegedly) of all citizens. When it's for the benefit of the corporations only it's Fascism.
- Caerbannog, on 09/27/2008, -1/+19A professional money manager is adamantly in favor of the bailout? Who'da thunk it?
I wonder how many mortgage-backed securities he foisted on his clients... - akchrs, on 09/27/2008, -4/+21"Take a look at this email I just got last night from a money manager:"
This is his source? An anonymous email? BAHAHAHAHAHAHAHA!!!! - Owwmykneecap, on 09/27/2008, -3/+20Taxpayers to Wall street: "Go ***** yourself, you stupid *****, playing with other people's money. Go Die in a fire Gordon Gecko"
- inactive, on 09/26/2008, -3/+20Whew. WOW.
- Stochio, on 09/27/2008, -4/+21boo ***** hoo. Someone call the WAH-m-bulance.
Did this guy think his donation bought job insurance at the expense of everyone else? ***** off.
What a pathetic old man. - edmondburke, on 09/26/2008, -3/+19oh so true! Intelligence, good judgement, vision and calm authority have been a distant memory for Americans - they may find it 'too scary' - one can but hope, they embrace it - its their last chance. Vote Senator Obama - no question - or face disasterous consequences.
- MRoCkEd, on 09/27/2008, -3/+19***** bailouts.
- radiofrequency, on 09/27/2008, -1/+16If the Republican party blocks this bailout I'll be really happy because the bailout is absolute *****. The stock market has turned into a casino because companies that should be going out of business - and enriching those who are betting against them - are actually trading at highs because of the promise of a bailout. Depriving the stock market of reason makes trading in it no different than gambling in Vegas - well except for the lack of free drinks and scantily-clad girls.
- logicaldog, on 09/26/2008, -25/+40Time to pay up for your irresponsible voting habits-republicans eat their young, always have...
- erik22h, on 09/27/2008, -2/+17Ron Paul is a Republican - and so am I - please differentiate.
- DutchGuilder, on 09/27/2008, -0/+15The bailout (ie: creating $700B out of nothing while diluting the value of existing money, also known as "inflation") will not solve the root cause of the problem, which was too much new money that was created out of nothing (ie: inflation) which was permitted by a lax monetary policy. The bubble created by the excess of new money needs to deflate; did anyone who's house price increased by 300% in the last 6 years really think it could last? How many middle class people who's wages have grown at 3% can now afford a $500k house that used to cost $160k just a few years ago?
- mediablitz, on 09/26/2008, -4/+18"Is that really it? Maybe it's not so much that Obama is a black man, but that he is a smart man."
He is a smart black man. That is the double whammy for much of the right wing... - NSResponder, on 09/27/2008, -2/+15If McCain succeeds in stopping this bailout, it will be the greatest service any sitting senator has ever done for this country. Not that I expect him to understand why he should stop it, mind you.
-jcr - odigity, on 09/27/2008, -2/+15Both parties are the parties of wealthy aristrocrats. The same ones. They are allied against the common man. Both Socialism and Fascism are tools of oppressing the masses.
If they cared about us, they'd stick to the Constitution. - Memitim, on 09/27/2008, -0/+12The economy needs bad business to go away. These banks that are suffering so entered into exotic derivative purchases that they can't even effectively quantify, and yet want to drop the burden of their ***** on the taxpayer. There are thousands of smaller banks that performed using sound principles ready to get a bargain on pieces of these opportunists who perpetuated schemes that were flagrantly stupid on the surface even to us ignorant commoners who decided to wait this unsustainable nonsense out.
If you are a private business that reaped the benefits of this scam for years and is now coming to the people with hat in hand then you'd better come correct. We don't owe them a ***** thing and will not be economically blackmailed into providing a handout. Until there is a plan that involves making the taxpayers of this great nation the true beneficiaries of a tangible gain, and not just via the threat of a possible (insert unforeseen but possibly horrible outcome of letting the market work without government intervention here) then these corporations can go ***** themselves. You don't get to reap the benefits of ***** the citizenry for a decade only to have us provide when the scheme falls apart.
Especially when it involves enlisting the aid of the same government fools who enacted the "Community Investment Act" which so effectively enabled banks to make foolhardy loans in the first place. A house for everyone only works in socialism, and despite socialist policies that have been enacted in the past and wiseass commentary to the contrary, the US is not socialist. If someone cannot afford a house then they should NOT have a house, because it can only lead to problems for the lender and the proposed purchaser.
There is plenty of money already available so the economy doesn't need an infusion. What it needs is a rapid vetting of the companies that hold major holding in the resulting worthless paper of this Ponzi scheme so that the remaining financial institutions who didn't bury their collective heads up their asses in the name of greed can resume business amongst one another.
The reason that the market cannot trade as normal is because everyone involved, from the corporate CEO to the home trader, is always awaiting the next move from the government. Screw the Paulson abomination and screw McCain's weak alternative; this economy needs additional regulation of businesses that are currently acting in a contributory fashion and the failure of those businesses that decided to take the quick buck that was obviously tainted by a lack of fundamental value. I admire these Congressmen that are taking a stand for the desire of we vocal constituents who understand and oppose what the former CEO of Goldman Sachs thinks is best. - mshtml, on 09/27/2008, -3/+14Hey Wall Street, ***** OFF
- nepidae, on 09/27/2008, -3/+13"The level of ignorance of financial and economic reality displayed by the Speaker , Rep. Boehner, Sen. Shelby , et al, has been frightening and sad."
Pot meet kettle. - saranac7, on 09/26/2008, -18/+28Amazing, huh? the aggressor now the poor lil victim.
More like a "ROCK HEADED" Republican.
INSTANT KARMA! - darladoon, on 09/27/2008, -7/+17unfortunately this "rock-ribbed conservative" is right for all the wrong reasons. what he wants is MORE government help, despite the fact that he's a "huge admirer" of reagan. funny how that works out, innit?
- mroboy, on 09/27/2008, -0/+10"i do have to say, if wall street is full of such financial geniuses" that know how to make themselves rich ", how did they get us into this mess"?
Answer because they were making themselves rich. - blitzman, on 09/27/2008, -0/+10You've got revenue confused with income. Taxes are paid on income, not revenue. GE's income is around $20 billion.
Income equals Revenue minus Expenses. - SuperMoses, on 09/27/2008, -1/+10Psssst. They're both the party of big business.
- jwquinlan, on 09/27/2008, -0/+9The Reps and Dems are essentially the same in this world of "bread and circuses."
Government has a place, but the smaller a place, the better. Both parties have forgotten (as have most of the people) that government does not create wealth, it only re-distributes it
When J. Pierpoint Morgan helped prevent an economic collapse back in the 1800s, the government wasn't the huge drain it is today.
In the minds of most, particularly thinking Americans, a dollar sent to the government out of their pockets is a dollar sent to waste.
No doubt this 700 billion dollar welfare check will produce little. Get this 700 billion back from those who made the profits when it was all going so "good." - FTLJohnson, on 09/27/2008, -0/+9"your a stupid ***** idiot"
Oh, how I love irony. - BESTenemy, on 09/27/2008, -0/+9 It is time for the economy to reward those that did not contribute to this mess - the savers as oppose to high-risk borrowers. The banks, indeed, need to acknowledge their losses and, if necessary, go out of business.
The credit lines to Freddie, Fannie and AIG should be closed. The mergers of banks should not be facilitated by the Fed, but happen out of the capital base of each purchaser. No more shotgun marriages.
The economy should slow down, the prices should fall and the dollar should be devalued to its actual level. The credit crisis is due to insolvency. Insolvency is due to the borrowers inability to pay. Any solution that doesn't offer the way to honor debt without generating more debt, is not a solution.
The solution is to cut spending of all kinds across the board. Jobs will be lost, but only those that should not have existed in first place.
Enough Starbuckses, Pizza Huts, shopping malls and home depots.
Enough! - JenniferInMO, on 09/26/2008, -8/+17I don't know if this bailout is a good idea or not. I do know that I have read every article and commentary I can get my hands on and if I read anything written by an economist again, my "little-lady head" will blow up. I do know that those on Wall Street have a better handle on things than I do. Not to say that this guy is right.
The time line:
- McCain announced he was charging off to Washington to rescue the economy.
- The Democrats and Republicans on the Banking committees (who are the only people in a position to "rescue" anything at that point) were locked in negotiations and working on a bipartisan solution.
- The Dems and Republicans announce that the committees are in agreement and are taking it to their caucuses.
- McCain finally arrives in Washington having NOT suspended his campaign, rather stopping to make a speech in NY, stopping to meet with Lady Lynn a new ultra rich supporter and having stopped to make a speech at the Global Initiative. He then gets Bush to require a meeting with himself/Obama and party leaders (thus taking the party leaders, and people in charge of getting a resolution away from doing just that).
- The meeting ends, then there is no agreement.
- Instead of leading bipartisan support to get us out of this crisis (and leaving poor David Letterman stranded) he dramatically swooped in and threw a political wrench in the works.
Some leader. - diggenerate, on 09/27/2008, -2/+11He's just pissed because the government and the people aren't writing the corporate asshats that got us into this mess a blank check and no oversight. ***** HIM.
- mshtml, on 09/27/2008, -1/+9No bailout. They can shove any "solution" that includes a bailout right up their ass.
- NSResponder, on 09/27/2008, -1/+9"The Repugs have never been the party of business."
Well, that depends on what you call being the "party of business". They started out from the remnants of the Whigs, whose entire purpose was to loot the country for the benefit of the bankers and the railroad companies.
Sometime after the civil war, they started the so-called "progressive" movement, and there have been times when they worked to limit useless and costly regulations. When the progressives took over the Democratic party, the Republicans found themselves as the small-government party more or less by default.
The people who are the best examples of what the Republican party should be, are Ron Paul, Barry Goldwater (junior and senior), and Robert Taft. Reagan tried to be a small-government advocate, but Bush and the rest of the latter-day Whigs managed to surround and neutralize him pretty effectively.
-jcr - manoftheisland, on 09/27/2008, -1/+9they only people with the right view on this has been the House Republicans... believe it or not. They are the only ones saying that these companies have made their beds and should have to sleep in them too!! And why is no one talking about doing tax cuts? seriously its not that difficult to give people money to jump start the economy again.
- CosmicJustice, on 09/27/2008, -1/+9We agree on this, the bailout is a bad idea. I can't fathom why the usually left leaning Digg crowd is suddenly for corporate welfare. It can only be blind loyalty to the Democrat party.
- icepick602, on 09/27/2008, -0/+8Who cares what a money manager on wall street is saying? Let em burn
- peaceninja, on 09/27/2008, -7/+14To the author of the email from this article: I hope you don't get your donation back, that's what you get for voting for the party and not the policy, you Reagan whore
- lolupissed, on 09/27/2008, -3/+10Message to supporters of the bailout from a citizen of the United States: Drop dead
- chosenson, on 09/26/2008, -25/+32Yesterday's (Sept 25) negotiations was not a "blind acceptance of the $700 billion bailout". It was a bipartisan negotiation that offered a partial down payment on the $700 billion with OVERSIGHT. The economy needs this infusion of money.
John McCain backs a plan to offer MUCH more than $700 billion. A 2 year suspension of corporate taxes is trillions of dollars in tax breaks that only benefit the shareholders of the corporations. For instance, GE made $182 billion in revenue, 25% tax on that amount is around $45 billion and that is a SINGLE company. America has thousands of companies that earn as much as GE - a tax break would be trillions of dollars per year. With the profits the companies would make, it would more than double in 2 years.
McCain and company is proposing a vicious rape of American taxpayers. And we can't afford to pay for the rape kits either! - pickleprince, on 09/27/2008, -0/+7Umm...do you even know what FTA means, genius?
- WarPirate, on 09/27/2008, -0/+6This guy is the reason the financial markets are in a bind because he cant take some personal responsibility.
- radu79, on 09/27/2008, -0/+6I can't believe what I am reading, so I had to read it 3 times to make sure I actually understood the position of that ***** who calls himself an 'expert'.
He is actually mad that I won't pay from my pocket (through inflation) for HIS own *****??? And he scolds others for not being as smart as he is in understanding the economy, even though it was him and his experts that caused this *****??
God, those people have no shame, and I really, really hope that they will be ruined by the mistakes they made. -
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