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  • October 22, 2008 at 5:19 PM #14264
    Omega Point
    Participant

    With the Gov’t equity injections into major banks, it seems we are in the process of creating several new Fannie Maes and Freddie Macs. I commented to my wife last night that it probably won’t take long before the U.S. Gov’t begins to tell these banks who they should lend the money. And poof, an article on CNBC states Democratic senators have asked Treasury to “set guidelines saying that banks receiving government capital injections should use the funds to restore their lending activities to levels prior to the credit crunch” (emphasis mine). The letter also said that the “guidelines or best practices specify the type of lending allowed, encourage loan modifications, and provide more oversight of executive compensation” (emphasis mine). And of course, the venerable Senator Chuck Schumer says, “The last thing these banks should be doing is stuffing this money under the proverbial mattress.” In other words, we are going to tell you who to lend to.

    So what we have now with these banks are more “implicit” gov’t guarantees, if the gov’t is going tell banks who they can lend to, they surely aren’t going to let them fail. And we all know how well that turned out. There’s no reason to believe it will be different this time.

    I cannot help but foresee that especially with an Obama win, we can be assured in a few years we’ll be back to loaning to illegal aliens, homeless people, unemployed people, “disadvantaged” or other “deserving” people, and every lying, cheating person. This is insane. These senators can’t be that dumb. Rational people would not think like this, these senators must either be on medication or have a mental illness. Atlas is about to shrug.

    http://www.cnbc.com/id/27327200

    October 22, 2008 at 6:29 PM #291286
    DWCAP
    Participant

    No, it is called bribery. You vote for me and ill make sure you get a house/job/loan/…….

    Add in lots of fan fare and drama to make sure it gets on the “30 minutes of beautiful talking heads telling us useless stuff and butchering it while doing so time”, previously known as the news, and we have todays politics just before a major election.

    October 22, 2008 at 6:29 PM #291604
    DWCAP
    Participant

    No, it is called bribery. You vote for me and ill make sure you get a house/job/loan/…….

    Add in lots of fan fare and drama to make sure it gets on the “30 minutes of beautiful talking heads telling us useless stuff and butchering it while doing so time”, previously known as the news, and we have todays politics just before a major election.

    October 22, 2008 at 6:29 PM #291638
    DWCAP
    Participant

    No, it is called bribery. You vote for me and ill make sure you get a house/job/loan/…….

    Add in lots of fan fare and drama to make sure it gets on the “30 minutes of beautiful talking heads telling us useless stuff and butchering it while doing so time”, previously known as the news, and we have todays politics just before a major election.

    October 22, 2008 at 6:29 PM #291643
    DWCAP
    Participant

    No, it is called bribery. You vote for me and ill make sure you get a house/job/loan/…….

    Add in lots of fan fare and drama to make sure it gets on the “30 minutes of beautiful talking heads telling us useless stuff and butchering it while doing so time”, previously known as the news, and we have todays politics just before a major election.

    October 22, 2008 at 6:29 PM #291680
    DWCAP
    Participant

    No, it is called bribery. You vote for me and ill make sure you get a house/job/loan/…….

    Add in lots of fan fare and drama to make sure it gets on the “30 minutes of beautiful talking heads telling us useless stuff and butchering it while doing so time”, previously known as the news, and we have todays politics just before a major election.

    October 22, 2008 at 9:18 PM #291376
    temeculaguy
    Participant

    There is a fundamental difference between 2003 and today. That difference is that more than half the american public understands the basics of what happened and the basic terminology. This will never slip by again. We on this site are an extremely small minority, a few years ago, the public in general had no idea what was happening and I found that there were only one or two people in my world who I could have conversation about it with. Today, I can talk to any schmuck sitting next to me in a bar and he can keep up with a conversation about subprime, mbs, cds, alt a, fannie, freddie, etc.

    The American people are interested, therefore the mass media is interested and that is why returning to 2003 will not happen anytime soon, no matter who is in office, there is just too much attention being paid right now.

    We are just days away from an election and I have not heard any of the 20 or so people I talked totoday mention abortion, gun control, iraq or any of the other things that elections usually bring up. Almost every conversation was financial, including people who previously knew very little about the system. This cat can’t be put back in the bag.

    October 22, 2008 at 9:18 PM #291694
    temeculaguy
    Participant

    There is a fundamental difference between 2003 and today. That difference is that more than half the american public understands the basics of what happened and the basic terminology. This will never slip by again. We on this site are an extremely small minority, a few years ago, the public in general had no idea what was happening and I found that there were only one or two people in my world who I could have conversation about it with. Today, I can talk to any schmuck sitting next to me in a bar and he can keep up with a conversation about subprime, mbs, cds, alt a, fannie, freddie, etc.

    The American people are interested, therefore the mass media is interested and that is why returning to 2003 will not happen anytime soon, no matter who is in office, there is just too much attention being paid right now.

    We are just days away from an election and I have not heard any of the 20 or so people I talked totoday mention abortion, gun control, iraq or any of the other things that elections usually bring up. Almost every conversation was financial, including people who previously knew very little about the system. This cat can’t be put back in the bag.

    October 22, 2008 at 9:18 PM #291727
    temeculaguy
    Participant

    There is a fundamental difference between 2003 and today. That difference is that more than half the american public understands the basics of what happened and the basic terminology. This will never slip by again. We on this site are an extremely small minority, a few years ago, the public in general had no idea what was happening and I found that there were only one or two people in my world who I could have conversation about it with. Today, I can talk to any schmuck sitting next to me in a bar and he can keep up with a conversation about subprime, mbs, cds, alt a, fannie, freddie, etc.

    The American people are interested, therefore the mass media is interested and that is why returning to 2003 will not happen anytime soon, no matter who is in office, there is just too much attention being paid right now.

    We are just days away from an election and I have not heard any of the 20 or so people I talked totoday mention abortion, gun control, iraq or any of the other things that elections usually bring up. Almost every conversation was financial, including people who previously knew very little about the system. This cat can’t be put back in the bag.

    October 22, 2008 at 9:18 PM #291733
    temeculaguy
    Participant

    There is a fundamental difference between 2003 and today. That difference is that more than half the american public understands the basics of what happened and the basic terminology. This will never slip by again. We on this site are an extremely small minority, a few years ago, the public in general had no idea what was happening and I found that there were only one or two people in my world who I could have conversation about it with. Today, I can talk to any schmuck sitting next to me in a bar and he can keep up with a conversation about subprime, mbs, cds, alt a, fannie, freddie, etc.

    The American people are interested, therefore the mass media is interested and that is why returning to 2003 will not happen anytime soon, no matter who is in office, there is just too much attention being paid right now.

    We are just days away from an election and I have not heard any of the 20 or so people I talked totoday mention abortion, gun control, iraq or any of the other things that elections usually bring up. Almost every conversation was financial, including people who previously knew very little about the system. This cat can’t be put back in the bag.

    October 22, 2008 at 9:18 PM #291770
    temeculaguy
    Participant

    There is a fundamental difference between 2003 and today. That difference is that more than half the american public understands the basics of what happened and the basic terminology. This will never slip by again. We on this site are an extremely small minority, a few years ago, the public in general had no idea what was happening and I found that there were only one or two people in my world who I could have conversation about it with. Today, I can talk to any schmuck sitting next to me in a bar and he can keep up with a conversation about subprime, mbs, cds, alt a, fannie, freddie, etc.

    The American people are interested, therefore the mass media is interested and that is why returning to 2003 will not happen anytime soon, no matter who is in office, there is just too much attention being paid right now.

    We are just days away from an election and I have not heard any of the 20 or so people I talked totoday mention abortion, gun control, iraq or any of the other things that elections usually bring up. Almost every conversation was financial, including people who previously knew very little about the system. This cat can’t be put back in the bag.

    October 23, 2008 at 9:15 AM #291496
    ibjames
    Participant

    yeah, I can’t imagine people touching crazy loans again anytime soon, the overall reckless sentiment has been abused.

    So they can preach, but the public isn’t going to be swayed that easily anymore. The average Joe is finally onto it, but as my tour guide in Rome said, “the mother of idiots is always pregnant”

    October 23, 2008 at 9:15 AM #291814
    ibjames
    Participant

    yeah, I can’t imagine people touching crazy loans again anytime soon, the overall reckless sentiment has been abused.

    So they can preach, but the public isn’t going to be swayed that easily anymore. The average Joe is finally onto it, but as my tour guide in Rome said, “the mother of idiots is always pregnant”

    October 23, 2008 at 9:15 AM #291847
    ibjames
    Participant

    yeah, I can’t imagine people touching crazy loans again anytime soon, the overall reckless sentiment has been abused.

    So they can preach, but the public isn’t going to be swayed that easily anymore. The average Joe is finally onto it, but as my tour guide in Rome said, “the mother of idiots is always pregnant”

    October 23, 2008 at 9:15 AM #291853
    ibjames
    Participant

    yeah, I can’t imagine people touching crazy loans again anytime soon, the overall reckless sentiment has been abused.

    So they can preach, but the public isn’t going to be swayed that easily anymore. The average Joe is finally onto it, but as my tour guide in Rome said, “the mother of idiots is always pregnant”

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