Show-me Account Talk

[Show-me]

LMAO...Goldman is now a commercial bank. Not so sexy, eh??

Just think for a second...the premier "best of breed" investment bank is nothing like it was. THAT HAS GOTTA HURT IF YOU OWN GS! <whince>! That is like Best Buy coming out and saying they are just going to sell Dishwashers now.

IMO it show they are still lying about their stability. Why would the premier investment firm what to become a commercial bank and be force to deleverage its investment and be forced to fall under more agency scrutiny?

To get access to the discount window because we are lying about our balance sheet and when the ARM's that are due to reset in 2009 come due we will be done for.

These idiots in Washington better think long and hard about what they are doing or it will be political suicide. I sent strongly worded letters to all my elected officials demanding that they need to clean up the politics and do the right thing or I will become a card caring member of the Libertarian Party.

 

[Frixxxx]

.......These idiots in Washington better think long and hard about what they are doing or it will be political suicide. I sent strongly worded letters to all my elected officials demanding that they need to clean up the politics and do the right thing or I will become a card caring member of the Libertarian Party.

As soon as you get those politicians out of the bankers' pockets, you may have a chance. If this buy out works (which it really won't) you may see even MORE government intervention. I think this is one of the biggest nails in the coffin for a "free market".

 

[Birchtree]

Do you know who was politician #2 taking money from Fannie and Freddie? Nobama is your guy. That doesn't surprise me at all. A three thousand sq. ft. home is way better than 1200 sq. ft. in government housing. That's participation in the American dream per the generous taxpayer.

 

[CountryBoy]

On a good note, WM just paid my property taxes.

They had the money I just paid this morning, on my final home mortgage payoff.

CB

 

[Corepuncher]

Do you know who was politician #2 taking money from Fannie and Freddie? Nobama is your guy. That doesn't surprise me at all. A three thousand sq. ft. home is way better than 1200 sq. ft. in government housing. That's participation in the American dream per the generous taxpayer.

Birch, you will appreciate this (print it off and make a bumper sticker out of it):

 

[Silverbird]

The Fanniesave wasn't Obama's idea, it's Paulson and he's NOT a Donkey! And it's not likely Paulson did it for Obama since he's most likely to lose his job with a new Administration, whoever wins. Obama's only one vote in the Senate. He's not powerful enough to save Fannie or Freddie. Ditto for McCain. Obama is NOT that powerful right now. McCain's got seniority, and even he's not powerful enough to make policy like Paulson.And both candidates took money from Fannie and Freddie, neither are refusing Fanniebucks. I know, we don't like the Fanniesave, but neither of the candidates initiated it and neither of them made it policy. If you want to blame something on one of the candidates, it needs to be something within their power to do.

 

[jon]

You set a great example Show-me by WRITING LETTERS TO YOUR CONGRESS WO/MEN. 30 minutes ago there were 85 members/visitors reading Members Account Talk. If you are intelligent enough to 1. find or SU (Stumble Upon) TSP Talk, 2. get to this section, then we can assume 3. you can type. What % of you have never written a letter to the editor? Among the general population probably, I'd guess 98%. I suspect most of you are smarter than the general population (I hope so) and definitely better writers. I know you know about our right of free speech and free press. Most of you are probably middle class.

In this Bush/Paulson Bad Loan Bailout who pays and who benefits? Is that fair? What would you like to see regarding who pays and benefits? What kind of details should you and Congress know about this proposal before its approved? Is there a pile on rule, e.g. no more debt than originally stated could be later piled on? Should there be public hearings this week broadcast live on TV, radio and internet on this $700 BILLION PROPOSAL? ( ANYONE OPPOSING IMMEDIATE PUBLIC HEARINGS IS DEFINITELY IN THE LOWER 2 % OF THE POPULATION and their employers should check that those employees' H.S. diploma or GED was not issued by a diploma mill.) At the very minimum shouldn't projections with best and worst scenarios be discussed by the victims, ah hum, the payors? MAKE YOUR FREEDOM OF SPEECH REAL. I CHALLENGE YOU TO WRITE A LETTER TO ED TODAY. (Look on editorial page to see word limits and how to send.) P.S. Don't worry if letter isn't published. Future letters are easier. I know you guys and gals can do this. Write us if you do.

 

[Birchtree]

Silverbird.

I wasn't blaming Nobama for the current mess - he's been paid as a hedge to perhaps be part of the solution if he gets elected. McCain was #62.

 

[Braveheart]

OK - I have a new plan let the markets crash no bailout. This has turned into the Chris Dodd show and using it for political gain. This is same Chris Dodd who got a side deal with Countrywide. If the markets crash the Dems will be to blame since they control the Congress and Senate. The entire World is watching how pathetic we have turned as a Nation.

This was supposed to be a bailout of the Market and yet imagine the power one man has had Paulson to simply say give me 700 Billion or we are in trouble. Screw it let it bottom the plan has no oversight anyway which will give more money for Banks and Funds to screw the American Public with. Please gas spikes to $120 anyone not believe it will be the new Fund and with so many pissed off members of Wall Street it may be $200 by tomorrow.

NO BAILOUT !!!!

 

[love-to-bike]

If the markets crash the Dems will be to blame since they control the Congress and Senate.NO BAILOUT !!!!

I agree with the last thing you said, but let's not be naive to say that the donkeys in Congress (who have controlled both sides of Congress for less than 2 years) are the ones to blame. Much of this issue (not all) goes back to the greed of people who were deregulated by the elephant dung powers in congress & the executive branch, going back nearly 10 years. As I said in a post last week (which I've updated with newer information):

What really gets me is how this old boy network manipulates the process to their own good. While there isn't a single cause for this meltdown, the Goldman boys (and others) played a direct role. One example:

For the past 30+ years, the SEC has enforced net capital rules that limits broker dealers to limit their debt-to-net capital to 12-1. In 2004, then SEC Chairman Donaldson (the former Chair & CEO of the NYSE) gave an exemption to 5 firms to allow them to leverage their debt up to 30-40 to 1.

Who were the these five that received this special exemption? Funny you should ask, they were Goldman Sachs, Merrill Lynch, Lehman Brothers, Bear Stearns, and Morgan Stanley.

Let's run the scorecard on how these firms have fared:

Goldman Sachs - No longer an investment bank.

Merrill Lynch - whoops, they aren't around anymore.

Lehman Brothers - whoops, they aren't around anymore.

Bear Stearns - whoops, they aren't around anymore.

Morgan Stanley - No longer an investment bank.

Hey, I'm a fiscal conservative and as a small business owner, I don't want excessive government intervention and regulations burdening me. But this reckless deregulation of both the housing and security industry (going back to '99) is the cause of most of this mess. Security regulations have their place because without them, most people resort to greed and short-term gains without thinking clearly of the potential downside, in this case of carrying way too much debt (much of it bad).

 

[fedgolfer]

love-to-bike, Excellent post. I agree 100%.

 

[350zCommTech]

For the past 30+ years, the SEC has enforced net capital rules that limits broker dealers to limit their debt-to-net capital to 12-1. In 2004, then SEC Chairman Donaldson (the former Chair & CEO of the NYSE) gave an exemption to 5 firms to allow them to leverage their debt up to 30-40 to 1.

Yup, it was Bill Clinton that signed the repeal of the Glass Steagle Act and Bush appointed Hank Paulson as the SOT. It does not matter who's in office or who's going to win. They will Lobby(bribe) them all.

Paulson's big bailout plan will make him and his friends gazillions dollars. The plan will even buy bad debt from foreign banks using tax payer money. This guy is one evil mother@#$@#$.

The American public needs to turn off Dancing with the Stars and start bitching to their congressman. That reminds me, Heroes starts tonight.

 

[Show-me]

The American public needs to turn off Dancing with the Stars and start bitching to their congressman. That reminds me, Heroes starts tonight.

DAMN, I'm glad you said that! I love Heroes!

 

[350zCommTech]

DAMN, I'm glad you said that! I love Heroes!

I'm hooked on this show. Starts in one hour.

 

[love-to-bike]

Heroes? Damn, I look to this board for my heroes - many of you guys (and gals) have opened my eyes to investing. Even though I've been bullied & bruised this year by the markets, you folks have got my head on straight about my financial future. Regardless of the outcome of this economic mess we are in, I feel confident that at least I'll come out on top by following the rules and not getting too greedy.

 

[Corepuncher]

I'm hooked on this show. Starts in one hour.

Sweet! I gotta get home and watch it in HD.

 

[justbizness45]

Heroes? Damn, I look to this board for my heroes - many of you guys (and gals) have opened my eyes to investing. Even though I've been bullied & bruised this year by the markets, you folks have got my head on straight about my financial future. Regardless of the outcome of this economic mess we are in, I feel confident that at least I'll come out on top by following the rules and not getting too greedy.

Well said!! This isn't about politics, this is about our survival as investors. IMO. We all look to each other for the guidance and experience of the combined opinions of this MB to help make our decisions. This site rocks!!

 

[Braveheart]

I agree with the last thing you said, but let's not be naive to say that the donkeys in Congress (who have controlled both sides of Congress for less than 2 years) are the ones to blame. Much of this issue (not all) goes back to the greed of people who were deregulated by the elephant dung powers in congress & the executive branch, going back nearly 10 years. As I said in a post last week (which I've updated with newer information):

What really gets me is how this old boy network manipulates the process to their own good. While there isn't a single cause for this meltdown, the Goldman boys (and others) played a direct role. One example:

For the past 30+ years, the SEC has enforced net capital rules that limits broker dealers to limit their debt-to-net capital to 12-1. In 2004, then SEC Chairman Donaldson (the former Chair & CEO of the NYSE) gave an exemption to 5 firms to allow them to leverage their debt up to 30-40 to 1.

Who were the these five that received this special exemption? Funny you should ask, they were Goldman Sachs, Merrill Lynch, Lehman Brothers, Bear Stearns, and Morgan Stanley.

Let's run the scorecard on how these firms have fared:

Goldman Sachs - No longer an investment bank.

Merrill Lynch - whoops, they aren't around anymore.

Lehman Brothers - whoops, they aren't around anymore.

Bear Stearns - whoops, they aren't around anymore.

Morgan Stanley - No longer an investment bank.

Hey, I'm a fiscal conservative and as a small business owner, I don't want excessive government intervention and regulations burdening me. But this reckless deregulation of both the housing and security industry (going back to '99) is the cause of most of this mess. Security regulations have their place because without them, most people resort to greed and short-term gains without thinking clearly of the potential downside, in this case of carrying way too much debt (much of it bad).

Well said my point is this is not a Bailout it is going to cost every Tax payer on average $6000. Now this is a fact while the boys on Wall Street get their 200 Million after they destroy a company and there is no one to be held accountable. My problem is this began with Greenspan & Pres. Clinton then the SEC Mr. Cox eliminated the uptick rules in 2007. Now they want to stop let us all believe the sky is falling. Well it wasn't falling last month or the past 6 months and if we were in danger why didn't the SEC, Paulson & Co act then.

Would anyone think a large group would conspire to get 700 Billion YES maybe the same group the found weapons of Mass Destruction in Iraq and that was BULLSHI*.

The Housing crash came suddenly (ALLEGEDLY) and the answer was give everyone a check and make them fell good paying $4.40 a gallon for gas. This entire problem started allegedly with OIL and sudenly we got a reminder that OIL can jump $25 in a few hours. That took alot of money maybe to create more panic and yes America should be outraged.

I don't trust Dodd, Frank, Clinton, Obama, Schumer, PAULSON & friggen Ben. Is this a Hail Mary to get Obama elected. The Dems are running the show right now.

OBAMA received more from Wall Street than any candidate in History. The same Wall Street that is now allegedly broke. OBAMA ranks #2 in just 2 active years in the Senate in Contributions from Fannie & Freddie.

Many members of Congress & the Senate own AIG how is that for a conflict of interest. Save AIG & let LEH fail. I know we are talking apples and oranges but where was the emergency plan when LEH was going down.

This entire bailout is BULLSHI* & America knows it. Those who vote for it should be voted out if their seat is up for election.

People don't like McCain yet there are public records from the Senate where he predicted this exact crisis back in 2005 with Fannie & Freddie and he demanded intervention but was shot down by all the Dems & his own party.

NO BAILOUT !!!!!!

 

[Show-me]

 

[350zCommTech]

Re: 350zCommtech's Account Talk

Senator Bernie Sanders petition against Paulson's bailout.

http://sanders.senate.gov/petitions/?petition=Financial_Crisis_1

Please email it to everyone you know.