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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (123347)	6/30/2010 3:21:18 AM
From: Skeeter Bug	2 Recommendations Respond to of 132070

>>1. Of course. Without borrowing at the Fed window, there is no banking system.<< just wow. you support the wholesale unlimited looting of the public by a few private bankers who can dump "unlimited" toxic onto the fed and then onto fannie and freddie. wow. just wow. they want to boost that fed balance sheet to $5 trillion. you gotta love that, too. they broke the law by allowing securities fraud - you support that, too. oh, and the fed is supposed to only buy assets backed by the full faith and credit of the US government - MBSes from banks don't qualify. such lawlessness that you support. so, how does a $5 trillion bill help the citizenry? >>2. Marking to market or cost is standard for industries in insurance and banking. As long as quality and maturities are consistent, I am for it. Otherwise, the insurance co. holding high quality munis to insure high quality buildings has to cut back on policies every time interest rates go up, as the new rate would impact price and their capital status.<< you know what i'm talking about - marking a $700k home that can only sell for $400k. marking that 2nd mortgage worth buptkiss at its $200k face value. that's what the banks are doing. >>3. The GDP thinks so. Jobs created this year think so. The stock market since March 2009 thinks so. Is the recovery brought about by Keynesian methods too slow and too small? Yes, mostly because much of the money remains unspent due a lag in imagining a project and getting it started. But is it going the right way? Of course it is.<< so the level of debt is completely a non factor for a "recovery?" a guy who lost his job has "recovered" in your view when he takes out a new credit card with a $10k limit? >>4. They've paid back much of it. And, as the bankers continue to bring IPOs to market, GDP gains and tax revenue gains will pay for much of it. Higher taxes on the wealthy criminals will also help.<< $2.4 trillion sits on the feds balance sheet. they want $2.6 trillion more. that's $5 trillion. we had to create another $1+ trillion to hand out to europe. fannie and freddie and fha were tools to goose this crime and they are on the lines for trillions more. there is another $23.7 trillion in guarantees that could go bad... and that's what they've told us about. they haven't paid back jack of the real money. >>5. It isn't. We have been in a class war forever and the wealthy are kicking our butts.<< but you love this as obama has transferred more wealth from society to the super rich than anyone in history. >>Now, as we are winning a few skirmishes, the landed gentry and their flunky butts, read teabaggers, are screaming bloody murder.<< uh, no. sucking $5 trillion from society to give to elite bankers is one of the biggest EPIC LOSSES IN THE HISTORY OF THE WORLD. society has a real unemployment and underemployment rate reaching close to 25% and 40 million people on food stamps. winning? winning? winning? the tea party is primarily p*ssed about the looting by RICH WHITE PEOPLE. that's what started the movement. >>I don't know if Americans can win this war, as the wealthy are smarter, better looking and they smell better. But at least we now have some Hectors and Aeneases to give the Trojans (hey, teabaggers, Sheiks are also allowed) a few victories.<< yes, they have you thinking sucking $5 trillion out of society is associated with "winning." for a very smart guy - you are clueless on this issue. >>6. South Africa is getting richer, with World Bank help. As is Argentina.<< the banks collapsed argentina in a completely fraudulent way. saying the world bank helped argentina is like saying the bully helped the student when he gave him back his carrots after stealing his lunch. look what the bankers did to argentina... google.com helped by the world bank? i wouldn't go around yelling that in any of argentina's working neighborhoods. >>Is every story a winner? No. Does their austerity program work for every country? No. But do they work for some? Absolutely.<< work for whom? sucking money from the small people and cutting services to pay off fraudulent bankers is something you consider "working?" wow. >>7. The interest paid on long term debt does not immediately go up when rates rise. The bonds go down in price. America can live with that. When Crazy Ronnie ran up a huge debt and long term rates went to 14%, the taxpayer hardly noticed it because long term bonds, some of which have not matured yet, did not require more money to support.<< you know that the debt wasn't $14 trillion in the early 80s. most of america's debt is short term - the impact of the serious rise in rates that you expect will his within a few years. i know why you don't want to answer that question. >>8. See answer #4. Bankers do plenty. My beef is that they overpay themselves to do it.<< the 1% of gdp they paid themselves in bonuses is chump change compared to the $2.4 trillion of complete trash sitting on the fed's balance sheet and the $2.6 trillion of trash they want to add to the balance sheet. fannie and freddie will take on that $5 trillion - and an UNLIMITED amount more. i can't believe this is information that you don't know. >>9. Life isn't fair.<< especially when government is captured. >>The big investment banks are much closer to the economy's jugular than the neighborhood stop and rob.<< nobody suggested the corporations go to jail, just the PEOPLE who committed the crimes. you know the distinction and that your argument is completely empty in light of it. >>Nobody liked the S&Ls, either. But they were not the only ones to get prison time. Plenty of bankers did, also. I worked for a guy who was a director at a bank and did two years for bank fraud. Nice guy, otherwise. Another of my hedge fund clients got the orange jump suit, too. My guess is that somebody from Bear and somebody from Lehman and somebody named Madoff will do time in the near future. I still haven't figured out why Long Term Credit got off so easy.<< systemic control fraud is a crime. people committed crimes. life isn't fair... -lol-

To: Knighty Tin who wrote (123347)	6/30/2010 10:58:58 AM
From: Skeeter Bug	1 Recommendation Respond to of 132070

No, it says in plain English that if you're a bank there are no laws. There are no laws about money-laundering that will be enforced. There are no laws about bribery that will be enforced. There are no laws about bid-rigging that will be enforced. There are no laws about emitting fraudulent securities that will be enforced. And there are no laws about intentionally screwing counterparties that will be enforced. Everyone else has to follow these laws. But if you're a big bank, you can do all these things and more, and there is absolutely no criminal or civil enforcement available to anyone to do anything about it. May I ask, quite politely, why the American public peacefully accepts this state of affairs? market-ticker.denninger.net please email denninger and cc obama and let him know that the solution to this problem is for denninger to realize that life isn't fair. then he can move on as the banks loots society even more.

To: Knighty Tin who wrote (123347)	6/30/2010 11:07:24 AM
From: Skeeter Bug	Read Replies (2) \| Respond to of 132070

race-baiting only works on those who chose to be misled. breitbart.tv so, why are congress persons lying about racial slurs? yes, yes... let's move forward. ;-)