Ben Bernanke: Socialist »
Posted By populist 3 months ago in Business & FinanceSo, Ben, what is the exact definition of "unusual and exigent circumstances"? When exactly are these over and who decides? Again -- we are now getting into a really gray area for which there is no answer. But, again, I can tell you what this looks like: Privatize the profits and socialize the losses.
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Comments So Far: 31
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GHOSTWHOWALKS3 months ago
Bernanke couldn't find his own arse unless someone told him where it was. Typical Fed Bull crap.
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jimdoze3 months ago
"This run was surprising, however, in that Bear Stearns's borrowings were largely secured--that is, its lenders held collateral to ensure repayment even if the company itself failed."
Anyone care to venture the nature of the collateral of a CMO?
Private homes. Duh!
I'll grant you... those greedy mortgage bankers should have been a lot stricter about the level (if any) of domicile that all those greedy homeowners bought BOTH knowing they were not affordable.
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moneyminds3 months ago
You are right on point with your last statement. Private companies bend, shall we just say Break Laws, Rob, Steal, Cheat, etc... and then we as tax payers are forced to bail them out and pick up the tab.
This is insanity at its best.
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Jaydee403 months ago
Haven't you figured it out yet populist? Only people who make over six figures deserve a bail out. Free market economy, what a joke.
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CHAM3 months ago
Good analogy Jaydee40. I really liked the way the article was summed up. It was dead on right.
Privatize the profits and socialize the losses.
Everybody out there, listen up, we are heading toward an Oligharcy, may be there already.
It can be solved. Don't just vote the criminals out, vote them out get new Justice people in, then prosecute those criminals.
That will send a message.
By the way did anyone see what the top bananna from BEar S left town with. You don't have enough fingers and toes to count the millions.
As he was heard to say as he was leaving town - "Let them eat cake".
And Jimdoze, we have already pardoned you for being a Republican. Why not let us thank you for becoming an American First citizen?
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jimdoze3 months ago
Jaydee, I am curious as to the predominant demographic of those individuals who are now walking away from their mortgages in droves? Care to venture a guess? What do we call that, free rent? It is certainly their right, by terms of the mortgage. But, let's not get carried away with the class warfare rhetoric. It doesn't hold water.
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Jaydee403 months ago
Walking away is hardly the proper term Jimdoze, pushed out at gun point is more like it for most. But some how the rich escape with their summer homes and limos intact, I say take everything they have to pay their debt just like they do the common person. I for one am not here to provide the lazy rich with a lifestyle they mistakenly think they deserve, it's time they start actually adding to society for a change instead of sucking the very blood out of it like the leeches they are.
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TonyByron3 months ago
"Privatize the profits and socialize the losses."
I may be wrong but I have heard of no loss to the government for its help with Bear Stearns.
Action was taken to avoid a panic run that would have spread throughout the economy in a domino effect.
That panic did not happen so it appears to have been a wise move.
I would add that someone from the huffpo throwing "socialist" stones is laughable at best.
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jimdoze3 months ago
Perhaps you do need an economics course to understand what the Fed did. They did not "give" JPM the money for the buyout of BSC. The buyout was a stock swap transaction. "As a result of the merger, each outstanding share of Bear Stearns common stock was converted into the right to receive 0.21753 shares of JPMorgan Chase common stock."
What the Fed did do was guarantee loans of $30 Billion to JPM to provide liquidity, should it have been necessary, in exchange for JPM taking on the obligations of BSC. These were loans, not gifts. The gift that JPM got was the assets for which there will eventually be a huge market value... well beyond what they paid for BSC in their stock swap. The guarantee was an incentive for JPM to take on the assets when no one else would touch them. It said, in effect, that if there never is a market for those assets, we will forgive the loan. The simple act of doing that resurrected the market for those assets.
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flyonthewallzz3 months ago
This is a link to a site that many conservatives would find great empathy with.
http://mwhodges.home.att.net/piechart.htm
I agree with much of what is said here.
Please take a nano-second and pretend you are a moonbat.
The Most people that are paid by our Government work for DOD, In fact DOD has more employees than Wal-mart, GM, Ford, Exxon combined. The pensions paid out are more than the wages.
Another thing that makes it so difficult to support my arguments is that so much spending is hidden in the budget. For instance all the numbers for the NSA have recently turned to Zero. There is stuff tucked into the dept of HSS like Project Bio-Shield. How the hell can I make a decent counter balanced argument with so many secrets?
On the surface it seems we pay out equivalent amounts for servicing our Dept, Social Security, DOD, and the dept. of HSS.
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flyonthewallzz3 months ago
It seems to me that a lot of spending is hidden in the types of things I would choose to rail against.
I would prefer to be objective, but please take a nano-second and consider my argument.
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THOMNH623 months ago
then he will fit right in if Barack is elected, the peoples republic of the us
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