McSame is pro sub prime mess, wants more

[Truthmatters]

Great analysis of the situation alpha.

BTW the Teacher is student example is pretty lame.

The teacher student relationship is not an equal relationship in terms of power.

There are laws as to how long a recess is and it is not long enough to sunburn.

I wish they had not removed the laws which kept the lenders from buying securites and isurance aspects of the market. If they had not removed them we would not have "burned" economy.

 

[TopGunna]

Great analysis of the situation alpha.

BTW the Teacher is student example is pretty lame.

The teacher student relationship is not an equal relationship in terms of power.

There are laws as to how long a recess is and it is not long enough to sunburn.

I wish they had not removed the laws which kept the lenders from buying securites and isurance aspects of the market. If they had not removed them we would not have "burned" economy.

There was an accident on my commute this morning involving 2 Toyotas. Without the government legislation that permits the use of personally owned vehicles on public roads, the accident would have never happened!

I'm guessing that mechanics and tow-truck drivers send a bunch of dirty money to Congress to put that law in place. Greedy bastards!

 

[Truthmatters]

I dont think I follow the silly logic here but none of the people you saw involved in that accident can Crash our economy like the lenders who were allowed to buy securities and isurances by the deregulation of laws that stood in place for over 60 years and prevented such a problem form happening. Within a few short years of the repeal of glass steagall look were we are?

We have the feds bailing out institutions like Bear Sterns to the tune of Billions of our tax dollars. Tell me again how great deregulation is for our markets?

 

[Toro]

http://www.nationalmortgagenews.com/premium/archive/?ts=1034092803

This is a Mortgage news site. Its serves the mortgage industry insiders.

This little artcle reports on the retirement from congress and move to UBS Warberg of a little guy named Phil Gramm. Phil wrote a little piece of legislation call Gramm Leach Bliely act of 1999. This little piece of legislation was touted as a consumer information protection act. Stuffed in it was the repeal of Glass Steagall which lasted for 60+ years and protected the housing market from consolidations of all types of banking. He was lobbied by the industry to write this little piece of work and was then rewarded with a cushy job. This little piece of work gave us the sub prime mess.

So hwat does McSame do? He hires the guy to advise him on the economy.
If you like the sub prime mess you will love the McSame economic plan.





Sen. Phil Gramm, R-Texas, a one-time chairman of the Senate Banking Committee, is joining UBS Warburg as its vice chairman. Sen. Gramm, who will retire early next year, co-authored the Gramm-Leach-Bliley Act, which eliminated legal barriers that separated banks from securities firms. A frequent critic of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, Sen. Gramm will be joining a firm that has made quite a bit of money the past two years off the mortgage market, especially in regard to subprime lending/securitization.

That's a bit of ironic justice since UBS has now written off $33 billion due to bad investments in mortgages, more than any bank on the planet (so far).

 

[Toro]

Somebody call the wahmbulance.

People are accountable to themselves for themselves. It isn't always somebody else's fault.

Well, considering that the government bailed out the financial system, apparently everybody is not accountable for themselves.

 

[Toro]

1) Businesses recognized an opportunity to expand the mortgage market by offering mortgages to poorer, riskier borrowers and managing the risk by securitizing these loans and reselling them in the increasingly robust institutional market for such loan packages. While certainly in it for the profit, this move was consistent with the long-term trend in the US to wider home ownership. It turned out, however, that almost everyone involved were working off some poor assumptions. Borrowers over-estimated their ability to pay and counted too much on the continued upward trajectory of real estate values. Lenders made a number of bad credit decisions, something not wholly surprising in a new market. And institutions and other investors under-estimated the risk in these packages, particularly the systematic risk associated with falling housing prices. The sub-prime market will likely re-emerge, but with everyone smarter the next time around. Huge losses give lenders and institutions all the incentive they need to change their behavior in the future.

I don't know about that last part.

The financial system almost imploded when Long Term Capital Management collapsed 10 years ago, and we almost collapsed again. Since then, the notional amount of derivatives is now thousands of times higher in the hundreds of trillions, underwritten by Wall Street because of the enormous amount of money that could be made.

If you can make a $10 million bonus in a year, like many of these hot shot structured finance professionals made, what do you care what happens next year?

 

[Truthmatters]

yet more of me predicting a mess in the markets

 

[Avatar4321]

yet more of me predicting a mess in the markets

Why do you feel the need to resurrect a thread from over four years ago where you supposedly predict something that was already occuring?

 

[Truthmatters]

What is the problem with making money?

That's how ppl come out of imaginary recessions. You guys whine when there's recession, and you whine when there's progress. Make up your minds.

Of COURSE people are making profits. I intend to make a tidy profit, using my tax money to buy a house that I wouldn't have been able to afford or qualify for 3 years ago. OH NO!

And of course it happens at all levels.

and the right was pretending it was great

 

[Truthmatters]

yet more of me predicting a mess in the markets

Why do you feel the need to resurrect a thread from over four years ago where you supposedly predict something that was already occuring?

to show I did poredict it and you idiots called it crap.

then it happened and McSame ran to DC to Fix it all.

remember what an idiot he looked like?

 

[Avatar4321]

yet more of me predicting a mess in the markets

Why do you feel the need to resurrect a thread from over four years ago where you supposedly predict something that was already occuring?

to show I did poredict it and you idiots called it crap.

then it happened and McSame ran to DC to Fix it all.

remember what an idiot he looked like?

Predicting something that is already occuring is going to occur isnt any more remarkable than my prediction that the Ravens are going to win the Superbowl this year.

 

[Truthmatters]

gee no credit for being correct on the prediction of the outcome of policy?

 

[Truthmatters]

National Mortgage News - Headlines

This is a Mortgage news site. Its serves the mortgage industry insiders.

This little artcle reports on the retirement from congress and move to UBS Warberg of a little guy named Phil Gramm. Phil wrote a little piece of legislation call Gramm Leach Bliely act of 1999. This little piece of legislation was touted as a consumer information protection act. Stuffed in it was the repeal of Glass Steagall which lasted for 60+ years and protected the housing market from consolidations of all types of banking. He was lobbied by the industry to write this little piece of work and was then rewarded with a cushy job. This little piece of work gave us the sub prime mess.

So hwat does McSame do? He hires the guy to advise him on the economy.
If you like the sub prime mess you will love the McSame economic plan.





Sen. Phil Gramm, R-Texas, a one-time chairman of the Senate Banking Committee, is joining UBS Warburg as its vice chairman. Sen. Gramm, who will retire early next year, co-authored the Gramm-Leach-Bliley Act, which eliminated legal barriers that separated banks from securities firms. A frequent critic of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, Sen. Gramm will be joining a firm that has made quite a bit of money the past two years off the mortgage market, especially in regard to subprime lending/securitization.

pretty damning stuff for Gramm huh

 

[Avatar4321]

gee no credit for being correct on the prediction of the outcome of policy?

No. You still get no credit for predicting that something that is already happening is going to happen. That's not a prediction.

See, a prediction would be if I said: TM is going to call someone a liar later today.

It's a prediction because it's not currently occuring.

If I predict it's going to be cold today when it's been cold all morning and there is no evidence that it will cease to be cold before th day is over, then it's not a prediction. It's stating the obvious.

And even you can get lucky stating the obvious from time to time.