Talk about a waste of tax payers money!!! These guys only invested or bought the mortgagees they didn’t make them all default or cause the collapse of the whole industry.
These guys need to find something real to do with their time. I would rather see my take money and the FBI patrol the internet for sick idiots than go after someone they don’t have a chance of getting anything on.
The problems have been apparent for quite some time, anyone with any sense about money or finances knew the bottom was about to give, so why wasn’t something done sooner? It raises lots of questions about the integrity of not just our financial community, but the entities that are suppose to be overseeing them.
I would applaud this if I had not already seen the results in the Qwest and Enron hearings. They will find dirty deals, and then they will proceed to do nothing material about it. You all have a right to be cynical, when the rich police the rich.
..and when the FBI (or whoever) finds the dirty deals, they should require the Sr. Execs. to sell all but 1 house, the proceeds (from their jets, vacation homes, boats, etc.) to be routed into a fund that goes BACK into the distressed company. And then jail the Exec in a maximum security facility, not some Club Fed.
You can thank Acorn and the ACLU too for threatening lending institutions with charges of discrimination. As a result, they were even giving loans to illegals. You could not question applicants for fear of being sued.
Heads need to roll. As taxpayers, we deserve to see justice. The thieves need to pay back the taxpayers.
As far as giving taxpayer dollars to the very institutions that failed, isn’t that akin to putting the fox in the henhouse?
The Feds are probing where and what? If they find what they are probing for will they do anything?
Will this be another Michael Milkin scenario played out?
What a joke 50% loss in a heart beat?
Who’s BSing who and why didn’t they see this coming sooner.
You idiots complain, but you will do nothing to change the system – you just vote for the same clowns every time – And most all of you are Republicans on here.
Doug… We’re all not idiots! Some of us actually write and call our representatives and vote to oust incumbents. Besides there’s enought blame to be shared by both sides of the aisle.
Who would like to have Reno’s bio? Another tick on her. She threatened banks with prosecution. They were forced to give loans to illegals and people living on welfare. No thanks from this taxpayer.
If you think this whole meltdown is caused because banks had to give loans to a few illegal aliens, you are beyond help. Thats how racist and out of touch you are.
Last week was historic. It is a week that financial and economic people will study for generations. It also marked the end of certain elements of the Republican Party’s ideology. Below are statements the Republican party can no longer claim as part of their core ideology.
We are the party of small government
Actually, this week simply added to the the end of this claim. Under Bush II, discretionary spending has increased from $640 billion to $1.040 trillion dollars. Also remember that Bush had a Republican controlled congress for 6 of those years. However, Paulson will send a package to Congress which totals $800 billion. The Treasury will create a new agency to buy bad debt (which the WSJ’s Marketbeat blog has called the Treasury Garbage Machine). In short, when the Republicans control all branches of government they spend like drunken sailors.
We Support Free Markets
Last week the SEC banned short-selling in financial shares:
The Securities and Exchange Commission has announced a ban on short-selling financial stocks over the next two weeks. Short-selling is essentially betting that a stock’s price will go down. The SEC hopes the ban will reduce downward pressure on the market, but some think it will backfire. Wall Streeter Barry Ritholtz tells Madeleine Brand that the SEC action reverses 1,000 years of theory about how free markets should work.
In short, markets are supported when they are going up. But when they are going down, we’re going to do everything we can to prevent them from going down.
We Are the Party of Fiscal Responsibility.
No they aren’t. No Republican president has ever balanced a budget. While Republicans have argued that Reagan had to contend with Democrats, Bush II did not for 6 years. Under this scenario where the Republicans controlled all branches of government they never even came close to balancing a budget.
We are the Party of Personal Responsibility
No you’re not. When companies make really stupid decisions the Federal government bails them out. Just ask any shareholder of AIG. Or any taxpayer who will not help to finance the latest government bail-out.
Simply put, this week has demonstrated a key point: when the going gets tough, the Republicans become socialists:
If you are a fan of irony, consider this: The conservative movement has utterly hated FDR, and his New Deal programs like Medicaid, Social Security, FDIC, Fannie Mae (1938), and the SEC for nearly 80 years. And for the past 8 years, a conservative was in the White House, with a very conservative agenda. For something like 16 of the past 18 years, the conservative dominated GOP has controlled Congress. Those are the facts.
We now see that the grand experiment of deregulation has ended, and ended badly. The deregulation movement is now an historical footnote, just another interest group, and once in power they turned into socialists. Indeed, judging by the actions of the conservatives in power, and not the empty rhetoric that comes out of think tanks, the conservative movement has effectively turned the United States into a massive Socialist state, an appendage of Communist Russia, China and Venezuela.
Whenever a Republican talking head says they are for any of the above mentioned things they should be questioned to explain how that statement (I’m for free markets) jibes with banning short selling of an entire sector of the market. Whenever a Republican says he is for smaller government, have him explain the nearly doubling of discretionary spending when the Republicans controlled all branches of government.
Simply put, this week demonstrated how hollow many of the Republican values are. They sound great on paper, but aren’t put into practice when that result might cause financial harm to another Republican.
Nice to have the barn door closed (too bad the horse escaped).
What about Countrywide execs? How ’bout Fannie Mae ceo?
I would hope they would also look at the politicians that have dirt all over them…
They will probably end up busting a clerk or two and then blaming all this mess on them.
what a joke
Talk about a waste of tax payers money!!! These guys only invested or bought the mortgagees they didn’t make them all default or cause the collapse of the whole industry.
These guys need to find something real to do with their time. I would rather see my take money and the FBI patrol the internet for sick idiots than go after someone they don’t have a chance of getting anything on.
The problems have been apparent for quite some time, anyone with any sense about money or finances knew the bottom was about to give, so why wasn’t something done sooner? It raises lots of questions about the integrity of not just our financial community, but the entities that are suppose to be overseeing them.
I would applaud this if I had not already seen the results in the Qwest and Enron hearings. They will find dirty deals, and then they will proceed to do nothing material about it. You all have a right to be cynical, when the rich police the rich.
..and when the FBI (or whoever) finds the dirty deals, they should require the Sr. Execs. to sell all but 1 house, the proceeds (from their jets, vacation homes, boats, etc.) to be routed into a fund that goes BACK into the distressed company. And then jail the Exec in a maximum security facility, not some Club Fed.
You can thank Acorn and the ACLU too for threatening lending institutions with charges of discrimination. As a result, they were even giving loans to illegals. You could not question applicants for fear of being sued.
Heads need to roll. As taxpayers, we deserve to see justice. The thieves need to pay back the taxpayers.
As far as giving taxpayer dollars to the very institutions that failed, isn’t that akin to putting the fox in the henhouse?
The Feds are probing where and what? If they find what they are probing for will they do anything?
Will this be another Michael Milkin scenario played out?
What a joke 50% loss in a heart beat?
Who’s BSing who and why didn’t they see this coming sooner.
Pud, they did. Check:
http://www.humanevents.com/article.php?id=28641
You idiots complain, but you will do nothing to change the system – you just vote for the same clowns every time – And most all of you are Republicans on here.
Doug… We’re all not idiots! Some of us actually write and call our representatives and vote to oust incumbents. Besides there’s enought blame to be shared by both sides of the aisle.
Doug, before you point fingers at Republicans, how about you read a few sources:
http://www.city-journal.org/html/10_1_the_trillion_dollar.html
http://americancity.org/magazine/article/review-howard-husock-gordon/
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63
Doug, do you need more?
Who would like to have Reno’s bio? Another tick on her. She threatened banks with prosecution. They were forced to give loans to illegals and people living on welfare. No thanks from this taxpayer.
If you think this whole meltdown is caused because banks had to give loans to a few illegal aliens, you are beyond help. Thats how racist and out of touch you are.
Ben, Why don’t you read the sources. I can give more if you would like. And the key word here is not “few”, and not illegal aliens.
But Ben, you’re the authority here. We’ll read your comment, take it as fact, and igonre all the facts.
OK Ill have at it:
Last week was historic. It is a week that financial and economic people will study for generations. It also marked the end of certain elements of the Republican Party’s ideology. Below are statements the Republican party can no longer claim as part of their core ideology.
We are the party of small government
Actually, this week simply added to the the end of this claim. Under Bush II, discretionary spending has increased from $640 billion to $1.040 trillion dollars. Also remember that Bush had a Republican controlled congress for 6 of those years. However, Paulson will send a package to Congress which totals $800 billion. The Treasury will create a new agency to buy bad debt (which the WSJ’s Marketbeat blog has called the Treasury Garbage Machine). In short, when the Republicans control all branches of government they spend like drunken sailors.
We Support Free Markets
Last week the SEC banned short-selling in financial shares:
The Securities and Exchange Commission has announced a ban on short-selling financial stocks over the next two weeks. Short-selling is essentially betting that a stock’s price will go down. The SEC hopes the ban will reduce downward pressure on the market, but some think it will backfire. Wall Streeter Barry Ritholtz tells Madeleine Brand that the SEC action reverses 1,000 years of theory about how free markets should work.
In short, markets are supported when they are going up. But when they are going down, we’re going to do everything we can to prevent them from going down.
We Are the Party of Fiscal Responsibility.
No they aren’t. No Republican president has ever balanced a budget. While Republicans have argued that Reagan had to contend with Democrats, Bush II did not for 6 years. Under this scenario where the Republicans controlled all branches of government they never even came close to balancing a budget.
We are the Party of Personal Responsibility
No you’re not. When companies make really stupid decisions the Federal government bails them out. Just ask any shareholder of AIG. Or any taxpayer who will not help to finance the latest government bail-out.
Simply put, this week has demonstrated a key point: when the going gets tough, the Republicans become socialists:
If you are a fan of irony, consider this: The conservative movement has utterly hated FDR, and his New Deal programs like Medicaid, Social Security, FDIC, Fannie Mae (1938), and the SEC for nearly 80 years. And for the past 8 years, a conservative was in the White House, with a very conservative agenda. For something like 16 of the past 18 years, the conservative dominated GOP has controlled Congress. Those are the facts.
We now see that the grand experiment of deregulation has ended, and ended badly. The deregulation movement is now an historical footnote, just another interest group, and once in power they turned into socialists. Indeed, judging by the actions of the conservatives in power, and not the empty rhetoric that comes out of think tanks, the conservative movement has effectively turned the United States into a massive Socialist state, an appendage of Communist Russia, China and Venezuela.
Whenever a Republican talking head says they are for any of the above mentioned things they should be questioned to explain how that statement (I’m for free markets) jibes with banning short selling of an entire sector of the market. Whenever a Republican says he is for smaller government, have him explain the nearly doubling of discretionary spending when the Republicans controlled all branches of government.
Simply put, this week demonstrated how hollow many of the Republican values are. They sound great on paper, but aren’t put into practice when that result might cause financial harm to another Republican.
Ben, you must be a Demonic-rat.
Now that you’ve reduced me to behaving like you, I’ll ask that you not copy and paste your article. Where did you get it from?
So Ben, is your source for this article a George Soros location?
Allow me to introduce Barack H Obama’s advisor, Franklin Raines, who at Fannie Mae made $90 million dollars.
Most, just admit when youve been pawned and move on…
What does that mean? Really, I don’t have a clue what you’re saying.
Ben,
So you are saying that if all branches of the government were controlled by the democratic party, this would not have happened? Why?