Intentional defaulting, not subprime mortgage is the problem

[donaldduckmoore]

toddt, that is exactly right. Now that the banking system appears to be stable a bit and hopefully lending will continue. The current administration will (hopefully) put more effort to regulate the financial system. The remaining root of the housing problem will be intentional default and I hope that the government will do more to suppress this behavior although it may not be politically popular.

[davelj]

[quote=jpinpb]But unless a bank closed it’s doors like Lehman, and went under, I imagine that it hasn’t happened b/c of taxpayer assistance. But maybe I’m completely misinterpreting where the bailout money went.

I’m sorry. I’m not seeing suffering in relation to the vast amount of outrageous loans that have occurred. There is no lesson that will be learned. In fact, the opposite. People have learned that if they fuck up, help will be there for them. I say for the most part, generally. There are always the exceptions.[/quote]

So you think that the only reason that any bank hasn’t been shut down is because of taxpayer assistance? There are roughly 600 banks with TARP money. There are over 8,000 banks in the country. Let’s assume that 500 get shut down. That’s 1,100 that are shut down or accepted TARP money. That leaves 6,900+ that neither accepted TARP money nor were shut down, or 86% of the total banks in the country. I’m not sure where you’re getting your information.

I’ll grant you that Goldman hasn’t suffered as much as it should. But they are an exception.

I think lots of folks are suffering and lots of folks have learned a lesson. But perhaps they haven’t suffered ENOUGH for you (and me, in many cases). Perhaps they’ve learned a lesson, but that lesson isn’t ENOUGH for you (and me, in many cases). But, trust me, the folks I know that have been burned aren’t likely to repeat their idiocy anytime soon.

[davelj]

[quote=jpinpb]But unless a bank closed it’s doors like Lehman, and went under, I imagine that it hasn’t happened b/c of taxpayer assistance. But maybe I’m completely misinterpreting where the bailout money went.

I’m sorry. I’m not seeing suffering in relation to the vast amount of outrageous loans that have occurred. There is no lesson that will be learned. In fact, the opposite. People have learned that if they fuck up, help will be there for them. I say for the most part, generally. There are always the exceptions.[/quote]

So you think that the only reason that any bank hasn’t been shut down is because of taxpayer assistance? There are roughly 600 banks with TARP money. There are over 8,000 banks in the country. Let’s assume that 500 get shut down. That’s 1,100 that are shut down or accepted TARP money. That leaves 6,900+ that neither accepted TARP money nor were shut down, or 86% of the total banks in the country. I’m not sure where you’re getting your information.

I’ll grant you that Goldman hasn’t suffered as much as it should. But they are an exception.

I think lots of folks are suffering and lots of folks have learned a lesson. But perhaps they haven’t suffered ENOUGH for you (and me, in many cases). Perhaps they’ve learned a lesson, but that lesson isn’t ENOUGH for you (and me, in many cases). But, trust me, the folks I know that have been burned aren’t likely to repeat their idiocy anytime soon.

[davelj]

[quote=jpinpb]But unless a bank closed it’s doors like Lehman, and went under, I imagine that it hasn’t happened b/c of taxpayer assistance. But maybe I’m completely misinterpreting where the bailout money went.

I’m sorry. I’m not seeing suffering in relation to the vast amount of outrageous loans that have occurred. There is no lesson that will be learned. In fact, the opposite. People have learned that if they fuck up, help will be there for them. I say for the most part, generally. There are always the exceptions.[/quote]

So you think that the only reason that any bank hasn’t been shut down is because of taxpayer assistance? There are roughly 600 banks with TARP money. There are over 8,000 banks in the country. Let’s assume that 500 get shut down. That’s 1,100 that are shut down or accepted TARP money. That leaves 6,900+ that neither accepted TARP money nor were shut down, or 86% of the total banks in the country. I’m not sure where you’re getting your information.

I’ll grant you that Goldman hasn’t suffered as much as it should. But they are an exception.

I think lots of folks are suffering and lots of folks have learned a lesson. But perhaps they haven’t suffered ENOUGH for you (and me, in many cases). Perhaps they’ve learned a lesson, but that lesson isn’t ENOUGH for you (and me, in many cases). But, trust me, the folks I know that have been burned aren’t likely to repeat their idiocy anytime soon.

[davelj]

[quote=jpinpb]But unless a bank closed it’s doors like Lehman, and went under, I imagine that it hasn’t happened b/c of taxpayer assistance. But maybe I’m completely misinterpreting where the bailout money went.

I’m sorry. I’m not seeing suffering in relation to the vast amount of outrageous loans that have occurred. There is no lesson that will be learned. In fact, the opposite. People have learned that if they fuck up, help will be there for them. I say for the most part, generally. There are always the exceptions.[/quote]

So you think that the only reason that any bank hasn’t been shut down is because of taxpayer assistance? There are roughly 600 banks with TARP money. There are over 8,000 banks in the country. Let’s assume that 500 get shut down. That’s 1,100 that are shut down or accepted TARP money. That leaves 6,900+ that neither accepted TARP money nor were shut down, or 86% of the total banks in the country. I’m not sure where you’re getting your information.

I’ll grant you that Goldman hasn’t suffered as much as it should. But they are an exception.

I think lots of folks are suffering and lots of folks have learned a lesson. But perhaps they haven’t suffered ENOUGH for you (and me, in many cases). Perhaps they’ve learned a lesson, but that lesson isn’t ENOUGH for you (and me, in many cases). But, trust me, the folks I know that have been burned aren’t likely to repeat their idiocy anytime soon.

[davelj]

[quote=jpinpb]But unless a bank closed it’s doors like Lehman, and went under, I imagine that it hasn’t happened b/c of taxpayer assistance. But maybe I’m completely misinterpreting where the bailout money went.

I’m sorry. I’m not seeing suffering in relation to the vast amount of outrageous loans that have occurred. There is no lesson that will be learned. In fact, the opposite. People have learned that if they fuck up, help will be there for them. I say for the most part, generally. There are always the exceptions.[/quote]

So you think that the only reason that any bank hasn’t been shut down is because of taxpayer assistance? There are roughly 600 banks with TARP money. There are over 8,000 banks in the country. Let’s assume that 500 get shut down. That’s 1,100 that are shut down or accepted TARP money. That leaves 6,900+ that neither accepted TARP money nor were shut down, or 86% of the total banks in the country. I’m not sure where you’re getting your information.

I’ll grant you that Goldman hasn’t suffered as much as it should. But they are an exception.

I think lots of folks are suffering and lots of folks have learned a lesson. But perhaps they haven’t suffered ENOUGH for you (and me, in many cases). Perhaps they’ve learned a lesson, but that lesson isn’t ENOUGH for you (and me, in many cases). But, trust me, the folks I know that have been burned aren’t likely to repeat their idiocy anytime soon.

[peterb]

The Fed takes care of their own. The rest be damned. To see which banks are in the “favored” catagory, just look who got paid off through the AIG pass through for defaults as well as which got the TARP money. All the rest will be allowed to go BK.
Isnt it fitting that the banking index is called the “BKX” or as I like to call it, the “Bankrupt Index”.

[peterb]

The Fed takes care of their own. The rest be damned. To see which banks are in the “favored” catagory, just look who got paid off through the AIG pass through for defaults as well as which got the TARP money. All the rest will be allowed to go BK.
Isnt it fitting that the banking index is called the “BKX” or as I like to call it, the “Bankrupt Index”.

[peterb]

The Fed takes care of their own. The rest be damned. To see which banks are in the “favored” catagory, just look who got paid off through the AIG pass through for defaults as well as which got the TARP money. All the rest will be allowed to go BK.
Isnt it fitting that the banking index is called the “BKX” or as I like to call it, the “Bankrupt Index”.

[peterb]

The Fed takes care of their own. The rest be damned. To see which banks are in the “favored” catagory, just look who got paid off through the AIG pass through for defaults as well as which got the TARP money. All the rest will be allowed to go BK.
Isnt it fitting that the banking index is called the “BKX” or as I like to call it, the “Bankrupt Index”.

[peterb]

The Fed takes care of their own. The rest be damned. To see which banks are in the “favored” catagory, just look who got paid off through the AIG pass through for defaults as well as which got the TARP money. All the rest will be allowed to go BK.
Isnt it fitting that the banking index is called the “BKX” or as I like to call it, the “Bankrupt Index”.

[XBoxBoy]

[quote=davelj]
I’ll grant you that Goldman hasn’t suffered as much as it should. But they are an exception.
[/quote]

Dave,

First let me say that I totally understand that many banks, people that worked at banks and people that invested in banks have and are suffering due to this financial crisis. I totally get your point in that regard, and I’m very glad to hear you say that many of those people will not make the same mistakes again.

But then there’s the issue of Goldman Sachs. (And I suspect there are a couple of other big guys that are riding their wave)

When I see how many Goldman Sachs alum have government jobs, and how Goldman has been made whole on virtually every one of its risky bets I can’t help but be outraged. So I think it’s critical that we all stay away from lumping all banks into one category.

Clearly, most banks are playing by the rules, and doing their best to stay in business. But I find it extremely hard to agree that Goldman Sachs is playing by the rules. Quite the contrary from everything I can see they have been ruthless in their raping the taxpayer, and the fact that so many alums are in the government aiding and abetting this is astonishing.

To me, perp walks are long over due.

[XBoxBoy]

[quote=davelj]
I’ll grant you that Goldman hasn’t suffered as much as it should. But they are an exception.
[/quote]

Dave,

First let me say that I totally understand that many banks, people that worked at banks and people that invested in banks have and are suffering due to this financial crisis. I totally get your point in that regard, and I’m very glad to hear you say that many of those people will not make the same mistakes again.

But then there’s the issue of Goldman Sachs. (And I suspect there are a couple of other big guys that are riding their wave)

When I see how many Goldman Sachs alum have government jobs, and how Goldman has been made whole on virtually every one of its risky bets I can’t help but be outraged. So I think it’s critical that we all stay away from lumping all banks into one category.

Clearly, most banks are playing by the rules, and doing their best to stay in business. But I find it extremely hard to agree that Goldman Sachs is playing by the rules. Quite the contrary from everything I can see they have been ruthless in their raping the taxpayer, and the fact that so many alums are in the government aiding and abetting this is astonishing.

To me, perp walks are long over due.

[XBoxBoy]

[quote=davelj]
I’ll grant you that Goldman hasn’t suffered as much as it should. But they are an exception.
[/quote]

Dave,

First let me say that I totally understand that many banks, people that worked at banks and people that invested in banks have and are suffering due to this financial crisis. I totally get your point in that regard, and I’m very glad to hear you say that many of those people will not make the same mistakes again.

But then there’s the issue of Goldman Sachs. (And I suspect there are a couple of other big guys that are riding their wave)

When I see how many Goldman Sachs alum have government jobs, and how Goldman has been made whole on virtually every one of its risky bets I can’t help but be outraged. So I think it’s critical that we all stay away from lumping all banks into one category.

Clearly, most banks are playing by the rules, and doing their best to stay in business. But I find it extremely hard to agree that Goldman Sachs is playing by the rules. Quite the contrary from everything I can see they have been ruthless in their raping the taxpayer, and the fact that so many alums are in the government aiding and abetting this is astonishing.

To me, perp walks are long over due.

[XBoxBoy]

[quote=davelj]
I’ll grant you that Goldman hasn’t suffered as much as it should. But they are an exception.
[/quote]

Dave,

First let me say that I totally understand that many banks, people that worked at banks and people that invested in banks have and are suffering due to this financial crisis. I totally get your point in that regard, and I’m very glad to hear you say that many of those people will not make the same mistakes again.

But then there’s the issue of Goldman Sachs. (And I suspect there are a couple of other big guys that are riding their wave)

When I see how many Goldman Sachs alum have government jobs, and how Goldman has been made whole on virtually every one of its risky bets I can’t help but be outraged. So I think it’s critical that we all stay away from lumping all banks into one category.

Clearly, most banks are playing by the rules, and doing their best to stay in business. But I find it extremely hard to agree that Goldman Sachs is playing by the rules. Quite the contrary from everything I can see they have been ruthless in their raping the taxpayer, and the fact that so many alums are in the government aiding and abetting this is astonishing.

To me, perp walks are long over due.

[Author]

Posts