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shakespear1 wrote:Well this thread made my head spin. If what Mr. John Olagues write is even half truth then we have a financial system rife with corruption competing with Swiss cheese.
Here is another angle to the Bears and Sterns bailout
famous line from Dr. Irving Fisher, Ph.D. in economics, on Oct. 17, 1929: "Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher within a few months." Or Professor Lawrence, Princeton University, in September 1929: "[T]he consensus of judgment of millions whose valuations function on that admirable market... is that stocks are not at present over-valued. Where is that group of men with the all-embracing wisdom which will entitle them to veto the judgment of this intelligent multitude?" Or Fed Chairman Alan Greenspan in testimony before the Joint Economic Committee, U.S. Congress, June 1999: "But bubbles generally are perceptible only after the fact. To spot a bubble in advance requires a judgment that hundreds of thousands of informed investors have it all wrong."
Consider these data:
1) Money supply growth has gone parabolic. It took us from 1620 until 1974 to create the first $1 trillion of US money stock. Every road, factory, bridge, school, factory, and house built, every unit of economic transaction that ever took place over those first 350 years required the creation of $1 trillion in money stock. But it only took 10 months to create the most recent $1 trillion and I don’t recall seeing an entire continent’s worth of factories, schools or bridges built during that time.
2) Household debt has doubled in only 6 years. Think about that for a minute.
3) Total credit market debt (that’s everything) was about $5 trillion in 1975, has increased by $5 trillion in just 2 years, and now stands at over $51 trillion.
4) The wealth gap between the super-wealthy and everybody else is widening at a furious pace.
So there were requests, during the period of March 10 to 13, to the exchanges to open the March and April series for buying massive amounts of extremely out-of-the-money puts, which were accommodated by the Options Exchanges.
shakespear1 wrote:Freakoil, I don't think so. Who put in the orders prior to 911 MUST be know. There is a trail on every transaction.
Will the trail that starts at the Options Exchanges be followed this time?
heroineworshipper wrote:This will be a running count of your liability for the debt of the rich. Currently in processing:
new FHA loans: $300 billion
Fannie, Freddie payoff: $75 billion
housing tax breaks: $14.5 billion
first-time home buyer credit: $8,000 per person * 3 million annual
buying and rehabilitating foreclosed properties: $3.9 billion
Paid so far:
Bear Stearns acquisition: $30 billion
short term loan auctions: $75 billion * 3
Grand total: $672,400,000,000 Tax cut for renters? I don't think so.
THE SIMPLE LIFE: One frozen pond, a few sticks, a little round puck and a bunch of rowdy kids.
we're not paying for any of it, yet
heroineworshipper wrote: Home owers are the top 0.5% of the population, yet the bottom 99.5% is paying up its entire wealth & then some to subsidize that top 0.5%.
pup55 wrote:"We" are never going to pay for it. It will be paid for (if at all) by the little kids crawling around at your feet, or the apathetic Gen Y'ers that are going to be the taxpayers in a generation, after all of us baby boomers, who ran up the debt, are off in our wheelchairs retired, whining about the poor quality of the applesauce. They don't know how badly we've screwed them.we're not paying for any of it, yet
Federal Reserve Chairman Ben Bernanke told Freddie Mac chief Richard Syron that his company and Fannie Mae could take advantage of the emergency discount window, said a source familiar with a conversation between Bernanke and Freddie Mac chief Richard Syron.
Can't vouch for the media story, but around here the average home ower in distress has a net worth of over $1 million & houses go from $1 million to $70 million. Home owers are the top 0.5% of the population, yet the bottom 99.5% is paying up its entire wealth & then some to subsidize that top 0.5%.
Ludi wrote:I'm not sure how that works when the lowest earners don't pay taxes, or very little..... Sorry, I must be missing something.heroineworshipper wrote: Home owers are the top 0.5% of the population, yet the bottom 99.5% is paying up its entire wealth & then some to subsidize that top 0.5%.
Cashmere wrote:How do you subsidize my home ownership? I haven't gotten the check yet, if you've mailed it.
Moneymakers in order of most to least positive tax returns
• Research office parks.
• Retirement and vacation homes.
• Green space.
Money losers in order of least to most negative tax returns
• One-bedroom garden apartments, two-bedroom townhouses, three-bedroom detached houses.
• Two-bedroom garden apartments, three-bedroom townhouses, four-bedroom detached houses.
• Mobile homes.
• Subsidized housing.
Source: Robert W. Burchell, director of the Center for Urban Policy, Rutgers University
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