THE BORE
General => The Superdeep Borehole => Topic started by: Human Snorenado on March 02, 2009, 11:51:13 AM
-
You know, it's getting to the point where I'm ashamed that my initials are AIG. (http://www.businessinsider.com/feds-throwing-another-30-billion-into-black-hole-aig-2009-3)
It appears we're giving them 30 billion in exchange for the privilege of them not paying us back. HOWEVER! Before you think our crack team at the Treasury are a bunch of idiot doofuses led by a semi-distinguished mentally-challenged Doogie Howser, Treas Sec, let it be known that we're getting equity stakes in two businesses that are apparently so craptacularly toxic that AIG hasn't been able to sell them off! What a bargain. No word on what those businesses are worth, but it's safe to assume that we're getting fleeced on this one since that's the way this works.
Geithner and Summers have to go. These guys are just incapable of imagining a transaction with any Wall St. entity where the Govt doesn't bend over and ask politely for a little more lube this time, please. Obama likes to put Senators in charge of shit, I want to see Treasury Secretary Bernie Sanders. At least then all the "socialism!" bullshit will have a basis in reality.
Also, the DOW dipped below 7k today. Awesome, makes me want to post this book by a McCain campaign advisor:
(http://img.photobucket.com/albums/v180/Triumph/dow36k-1.jpg)
-
geithner is a clown. this is the one appointment that obama shouldn't have fucked up, but did. nationalize -- no, let's rub salt in republican wounds and say socialize -- the banks already!
-
It is hard to believe that an insurance company could be so exposed to derivatives
-
it's hard to believe a LOT of things about our financial, investment, and insurance markets. these are the fruits of massive deregulation: when people are left to their own devices, without law or oversight, they do the unbelievable.
-
I'm kind of surprised Summers is around. His economic track record prior to 2009 was shit and is basically another neoliberal distinguished mentally-challenged fellow; the exact kind that caused this mess. So I'm honestly not shocked that his solution is practically to do more of the same.
I forget the book title but it was by Stiglitz and I recall him trashing a lot of Summers' policies.
-
Geithner sucks, PoliGAF gave me shit for saying he shouldn't be the pick back when it was just an assumption he'd be it. I am ok with Summers though. Total egghead who went to MIT at 16...etc he should be there. But someone outside of Wall Street to be a counter to him. Geithner AND Summers together is not a good combo but *insert outsider* + Summers would be preferable.
-
Where was the board of directors during all this, when the company was taking tons of undue risk?
-
it's hard to believe a LOT of things about our financial, investment, and insurance markets. these are the fruits of massive deregulation: when people are left to their own devices, without law or oversight, they do the unbelievable.
no no no, don't you see? There was simply TOO MUCH regulation for the market to do what it needed! The market will prevail!
-
Where was the board of directors during all this, when the company was taking tons of undue risk?
Good question, probably counting imaginary money and doing lines of blow off underage hookers.
-
Our financial system is massively deregulated? When did that happen?
We had plenty of regulations, but it was the people at the switch that fucked up. So, you want to nationalize the banks and let the same clowns that couldn't even watch this while it was going become the owners of the banks.
Genius move.
"We're not spending enough."
"We don't have enough government watching."
newyorker.jpg
-
Our financial system is massively deregulated? When did that happen?
We had plenty of regulations, but it was the people at the switch that fucked up. So, you want to nationalize the banks and let the same clowns that couldn't even watch this while it was going become the owners of the banks.
Genius move.
No no no. I want to put BERNIE SANDERS, AVOWED SOCIALIST in charge.
-
Geithner's main flaw so far is too much coddling of bank shareholders (including executives) and bondholders, who seem more important to protect than taxpayers, which is a fucking joke of a position. Those people knowingly took risks and demanded banks to do this distinguished mentally-challenged stuff to keep their quarterly profits from lagging behind those of their peers (and thus preventing having their stock raped), and now they've served up a big fat shit sandwich. Geithner should be cramming it into their mouths, not packing in a brownbag and handing it to the taxpayer.
Where was the board of directors during all this, when the company was taking tons of undue risk?
Ignoring it, so that the executives of the banks who are the board of directors at other companies will ignore their excesses, while fund managers that handle all of the actual stock voting/board selections go on posh retreats at company expense.
Big business capitalism as instantiated in the US is broken. It's skewed to favor large businesses over small despite the latter being far better for communities and the citizenry and uses lobbyist influence to protect itself from real reform.
-
That's really the problem here. Business should be allowed to grow, but there has to be caps to that growth. We can't have situations were these mega-monolithic corporations can drag down entire countries when they go under.
We just keep repeating the same patterns though. We break up oil and then slowly it conglomerates into these huge entities. We break up telecommunications and then they slowly rebuild into big corporations. When will we learn?
-
when we've found a way to alter matter from one substance to another making working for sustenance and shelter a thing of the past.
-
:piss :piss :piss :piss :piss :piss :piss2 :piss2 :piss2 :piss2 :piss2 :piss2
The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999, is an Act of the United States Congress which repealed part of the Glass-Steagall Act of 1933, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.
-
(http://i239.photobucket.com/albums/ff156/siamesedreamer7/obamacomic.jpg)
(some of you may know where I found that)
-
okay, i lol'd :lol
-
Nuke Washington DC and New York City. Well start over from scratch with everything that's west of the Appalachians.
-
That's really the problem here. Business should be allowed to grow, but there has to be caps to that growth. We can't have situations were these mega-monolithic corporations can drag down entire countries when they go under.
We just keep repeating the same patterns though. We break up oil and then slowly it conglomerates into these huge entities. We break up telecommunications and then they slowly rebuild into big corporations. When will we learn?
SOCIALIST!
-
I think we've reached the 2G2D event horizon, where even spending money at the speed of light will not save us.
-
the dow isn't really an indicator of anything save investor confidence, though. at this point, the financials are toast from an investment perspective, probably because wall street -- or what is left of it -- anticipates bank nationalization.
-
the dow isn't really an indicator of anything save investor confidence, though. at this point, the financials are toast from an investment perspective, probably because wall street -- or what is left of it -- anticipates bank nationalization.
It really seems like the only three people in the country who DON'T think it's necessary to temporarily nationalize the banks are Geithner, Summers and Obama. We should see if someone can convince Michelle to withhold the nookie to get Barry to come around.
-
"In the fourth quarter, A.I.G. said it lost $61.7 billion. That amounts to $465,421 per minute. To put that in perspective, every six seconds it loses enough to pay full tuition for a year at Harvard."
-
Can they really be considered losses when the money was never real at all?
Eric P, I am going to loan you a million dollars. Thus, I am now a millionaire.
Oops - you can't pay, now I lost my millions dollars.
-
i really should have read your complete paragraph before i hit up Ebay
-
geithner is a clown. this is the one appointment that obama shouldn't have fucked up, but did. nationalize -- no, let's rub salt in republican wounds and say socialize -- the banks already!
if they were going to do that they wouldn't tell everyone... they'd just play it cool and then some dog day afternoon, seize control.
-
the dow isn't really an indicator of anything save investor confidence, though. at this point, the financials are toast from an investment perspective, probably because wall street -- or what is left of it -- anticipates bank nationalization.
It really seems like the only three people in the country who DON'T think it's necessary to temporarily nationalize the banks are Geithner, Summers and Obama. We should see if someone can convince Michelle to withhold the nookie to get Barry to come around.
I don't think Obama is against it, I think he after passing the massive stimulus package, and his gung-ho desire to pass universal health care this year leads him to be a bit wary of fitting too well into that stupid "socialist" stereotype republicans desperately throw at him.
I think thus his reasons are more political than economical, nationalizing would put a damper in his health care hopes. He will probably eventually be forced to pull the trigger and do it I suspect.
-
You know, it's getting to the point where I'm ashamed that my initials are AIG.
there are also these folks (http://www.answersingenesis.org/)
-
the dow isn't really an indicator of anything save investor confidence, though. at this point, the financials are toast from an investment perspective, probably because wall street -- or what is left of it -- anticipates bank nationalization.
It really seems like the only three people in the country who DON'T think it's necessary to temporarily nationalize the banks are Geithner, Summers and Obama. We should see if someone can convince Michelle to withhold the nookie to get Barry to come around.
I don't think Obama is against it, I think he after passing the massive stimulus package, and his gung-ho desire to pass universal health care this year leads him to be a bit wary of fitting too well into that stupid "socialist" stereotype republicans desperately throw at him.
I think thus his reasons are more political than economical, nationalizing would put a damper in his health care hopes. He will probably eventually be forced to pull the trigger and do it I suspect.
That's dumb, tho. I know that the public is pissed off about bailing out the banks, but it really should have been the first thing they tackled as it's evident that more Republicans are now willing to consider temporary nationalization than were willing to come on board for the stimulus. Then again, these are Republicans so who knows what they would do after Rush freaked out, lulz.
-
I think he's just saving his political capital for Stimulus II and III.
Either that or he's purposely tanking the market to create an air of even more crisis and desperation so he can repeal the 22nd ammendment and make himself lifetime dictator of the USSA.
-
now you're just giving me a boner