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View Full Version : We're so screwed...



jbh
10th June 2008, 13:21
nothing better than Ben Shalom Bernanke and Barack Hussein Obama having a secret meet up with their other Bilderberg buddies, right here in my N. Virginia back yard. Let's have artificially low rates! yes and borrow another 50 bil. to hand out! Mazeltov! Allah yirhamak!

nuslvrkwen
10th June 2008, 17:19
You are SO Right!!

I don't know about Obama. IF he'll be able to get a word in edge wise in this discussion in Virginia - (my kid works at Northrup Grumman...) Barak's only a politician - we're dealing with real crooks and 3 piece suit wearing gang bangers now. Bernanke meanwhile has been in the press telling the world we have no recession (!) The dollar is strong alright - my watching it swing to and fro by 5 cents is getting so boring. I still don't feel secure.

Meanwhile, the US will keep interest rates low because the consumer is going to continue to generate debt, so just keep money available to make loans! The banks will supply the money for the loans - what do you mean the banks have no cash flow to generate loans or insure the loans don't default - such a lot of detail...

I wonder what the US could have done with an estimated $23 Billion dollars lost, stolen, or not properly accounted for that was part of spending for the war in Iraq. I love Waxman's quote: "The money that's gone into waste, fraud, and abuse under these contracts is just so outrageous, its egregious." Outragious means exceeding the limits of what is usual - and egregious means - distinguished conspicuously bad. Heck I was hoping for an oxymoron, but this will probably do.

jbh
11th June 2008, 05:33
i read a brief piece yesterday that broke out the holdings of CALPERS, the California pension system. The program held over 600,000 shares of Bear Stearns at 140 a share! The gang bangers in three piece suits loaded up on leveraged puts and took down bear, looting 84 million dollars from the California pension system and making god knows how many more times that much on the leverage!. We should donate these people to a Syrian prison.

nuslvrkwen
11th June 2008, 12:20
I'm familiar with the CALPERS investment issues. They also got taken for Enron investments that were basically forgiven by the government when they were being prosecuted. Yesterday there was another piece about Asset backed debt or structured securities. The ratings on them aren't clear to the overseers of pension plans. If they could understand what the sellers of these instruments are REALLY selling, it would help them determine whether they should invest or not! This is something Wall Street DOES NOT want them to figure out!

I'm still shocked at the premise it's OK for banks to be considered to be 'well capitalized' when they can use asset backed securities as bases to fund consumer loans! It's LEGAL for banks to use as little as $8 million dollars WORTH of asset backed securities to support as much as $500 million dollars in consumer loans. (Talk about a shell game!) All I know is, the FED doesn't expect this NOT to work! The FED has no alternative for this junk, this is OK business practice! When it does fail, it'll fail like a wave.

Trvlr45
17th June 2008, 03:26
After the election. That is my guess as to when everything will start coming unravelled at a faster rate. It will become more noticable to more people but enough still won't wake up.

jbh
17th June 2008, 07:58
I'm starting to wonder if anything will move this market. It'll probably stay put even if we cancel elections. I mean this is a joke. 20 bucks when oils at 112, 17 bucks with oil pushing 140? Freakin' c'mon! I hope the people responsible for this are held accountable one day, one day soon.