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Joined: Jan 2004
Posts: 2,642
Adept
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Adept
Joined: Jan 2004
Posts: 2,642 |
I completely agree with both of your points, Burns.
What still bugs me about the bailout was the lack of patience, consideration and architecture of the bill. It has set a horrible precedent, it has inspired large corps to merge with a mantra of "we are too big to let fail". Our leaders on both sides of the isle Chavez'd the USofA.
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Joined: Jul 2003
Posts: 3,301
Lord of Cluth Heals
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Lord of Cluth Heals
Joined: Jul 2003
Posts: 3,301 |
Quote:
Intrade is predicting Geithner or Summers right now... what are your thoughts on either of them?
The fliers are Volcker and Corzine...
My first choice, and he said it would be a temporary post, would be Volker as he did live this type of situation once before.
Summers is good, but he is an arrogant snotty prick. he ran into trouble at harvard for his anti-woman stance, but he is smart as hell.
Geithner is certainly an intriguing choice. Young, smart, capable, but from what i have heard is he is a big time politico and is trashing people behind their backs (clashing against Bernanke) to make good with the current admin. He served under both Rubin and Summers which makes me a little wary on the first (remember, Rubin was one of the key causes of this current financial situation) but comfortable with the second.
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Joined: Jul 2003
Posts: 3,301
Lord of Cluth Heals
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Lord of Cluth Heals
Joined: Jul 2003
Posts: 3,301 |
Quote:
I completely agree with both of your points, Burns.
What still bugs me about the bailout was the lack of patience, consideration and architecture of the bill. It has set a horrible precedent, it has inspired large corps to merge with a mantra of "we are too big to let fail". Our leaders on both sides of the isle Chavez'd the USofA.
i swear to god, if i have to hear of socialism and a communist strike on US industry i am going to puke. The Fed and Treasury are massive banks. These banks are providing liquidity and saving the economy and country as we know it.
I would GLADLY take some cash and give a pound of flesh to save us from the massive economic crisis we have going on right now.
The Fed did this with the big three autos in the 80s, but we were too stupid to exercise the warrants we took as part of the loan (doh - cost us around $2.5 billion).
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Joined: Jul 2003
Posts: 3,301
Lord of Cluth Heals
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Lord of Cluth Heals
Joined: Jul 2003
Posts: 3,301 |
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(remember, Rubin was one of the key causes of this current financial situation) but comfortable with the second.
and before people crucify me on that comment, please find below a summary list of the people / parties i DO find responsible for this mess
1) Jimmy Carter for enacting the CRA act
2) Alan Greenspan for overshooting rate cuts between 2001-2004
3) Rubin / GOP Congress / and Clinton (to a lesser extent) for revoking Glass-Steagell (allowing banks to securitize mortgages)
4) Barney Frank and Democratic Congress for removing policies at Freddie and Fannie and forcing them to accept and extend credit to subprime lenders
5) the global explosion of risk and foreign banks and pension funds for creating insatiable demand for CDO/CLO/Subprime loans
and most of all
6) Predatory lending standards across the world that allowed anyone to get a loan.
as you can see, this is not a one party political issue, but everyone as a whole
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Joined: Nov 2003
Posts: 401
Lord of Weed - Inactive
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Lord of Weed - Inactive
Joined: Nov 2003
Posts: 401 |
i don't claim to know anything about how best to execute the bailout or where the money should go. but paulson really looks like a noob on tv sometimes lol
and i dunno if him being an ex CEO at goldman sachs should make me nervous and unconfident but i do wonder
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Joined: Jul 2003
Posts: 3,301
Lord of Cluth Heals
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Lord of Cluth Heals
Joined: Jul 2003
Posts: 3,301 |
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You forgot Bush and his issue of an "ownership society" which gave the political cover for Greenspan and Franks (and his Republican allies on the Financial Services committee) to enable banks to lend to people who couldn't afford it.
i left Bush out because he is/was/will continue to be too stupid to realize what is going on.
Franks and his democratic/republican/congressional idiots and their belief of "everyone should have a home to call their own" was a HUGE enabler of banks to lower lending standards....
the best clip is the one of Franks on CNBC "proclaiming" Freddie and Fannie to be great buys...then a few weeks later the equity and preferred stock gets wiped out....i WOULD LOVE to see trade tickets and purchase orders of that stock after his interview on CNBC....you would be shocked at how many 'common folk" watch CNBC for stock tips and information...
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Joined: Jul 2003
Posts: 3,301
Lord of Cluth Heals
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Lord of Cluth Heals
Joined: Jul 2003
Posts: 3,301 |
Quote:
i don't claim to know anything about how best to execute the bailout or where the money should go. but paulson really looks like a noob on tv sometimes lol
and i dunno if him being an ex CEO at goldman sachs should make me nervous and unconfident but i do wonder
Paulson is a fricking genius....
but keep in mind this does deeper than anyone 1 genius can handle...
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Joined: Jun 2001
Posts: 3,850
Lord of Cruelty
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Lord of Cruelty
Joined: Jun 2001
Posts: 3,850 |
I would suspect Volker in an advisory role (my best guess), not in the seat. It doesn't matter who it is, interest rates will have to shoot up roughly 12 to 24 months from now if what value in the USD is to be preserved. Once this current tsunami of liquidity and dillution of value settles in, then inflation will have a great time with all of us. At that point the brains at the helm will have to chose between inflation or really bad inflation. It is baked in the cake, just a matter of when it pops out of the oven. Quote:
Intrade is predicting Geithner or Summers right now... what are your thoughts on either of them?
The fliers are Volcker and Corzine...
 "Great spirits have always encountered violent opposition from mediocre minds" Einstein.
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