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View Diary: Pissing away $700 billion (21 comments)

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  •  THE SKY IS FALLING!!!!!! (0+ / 0-)

    RUN, OR PUT ON YOUR TIN FOIL HATS!!!!

    •  Huh? (3+ / 0-)
      Recommended by:
      YucatanMan, NBBooks, Roydeeboy

      Did you actually have something to add here? Or does your reply indicate what I think it does--that you don't understand the diary at all so you dropped a smart ass comment to cover your own stupidity?

      The faux mask of anonymity amplifies the courage just like whiskey. And it just as graceful and eloquent as whiskey.

      by Pager on Thu Oct 30, 2008 at 08:38:33 AM PDT

      [ Parent ]

      •  BUY AMMO, GOLD AND CANNED FOOD!!!! (0+ / 1-)
        Recommended by:
        Hidden by:
        eightlivesleft

        DISASTER IS RIGHT AROUND THE CORNER!!!!!!

        •  Stop screaming. (2+ / 0-)
          Recommended by:
          YucatanMan, NBBooks

          You're making an ass out of yourself.

          The faux mask of anonymity amplifies the courage just like whiskey. And it just as graceful and eloquent as whiskey.

          by Pager on Thu Oct 30, 2008 at 08:43:25 AM PDT

          [ Parent ]

          •  But it's fun! (0+ / 0-)

            Chill out, conspiracy theorists.  Things will work out over time.  Eventually, banks will have to make loans in order to make a profit.  That's what they do.

            •  the whole point of these *emergency* loans (1+ / 0-)
              Recommended by:
              YucatanMan

              was to ease things up sooner than later. Hoarding, even in the short-term, makes things worse than they need to be. And I don't see how retail banks consolidating in a huge way helps anything at all. So why shouldn't I be angry about how the bailout is being managed?

              Sufficiently advanced incompetence is indistinguishable from malice.

              by m3 on Thu Oct 30, 2008 at 09:01:32 AM PDT

              [ Parent ]

              •  Don't be angry, be rational (0+ / 0-)

                To answer your second question first, it's not clear to me that more banks are better than fewer.  I'd rather have 100 strong banks in America than 100 which are in good shape and another 100 which are continuously teetering.

                As for your fist point, banks need to assess risk when lending money, which is something that was not done properly with these with these collateralized debt obligations.  If you walk into a bank and have good credit and want to buy a house, you can still get a mortgage.  Our lenders need to get back to a solid footing; raking up even more bad loans is not good idea.

                •  Since you obviously have some cogent points to (2+ / 0-)
                  Recommended by:
                  eightlivesleft, Pager

                  make, why didn't you begin by stating some, rather than the odd behavior above?

                  I mean, seriously, I was ready to throw a couple zeros your way. There's no reason to behave like that - shouting out senseless statements - particularly when you've actually got a thought or two going on.

                  droogie6655321 lives!

                  by YucatanMan on Thu Oct 30, 2008 at 09:16:09 AM PDT

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                •  Anger is (0+ / 0-)

                  a perfectly rational response to wasteful use of my tax money.

                  Local banks keep money in local economies, which means that the same people in New York and London are not making all the financial decisions, which centralization has been a major contributing problem in the crisis. Smaller banks, smaller loans, better distribution of risk. Not to mention consumer choice on the retail side.

                  People who have good credit cannot, in fact, get mortgages very easily right now. The NYT has run a number of articles about this. However, the hoarding I am talking about is in relation to banks not lending to each other, regardless of credit rating, because they don't trust the credit ratings anymore. It is panic behavior and it is preventing good loans as well as bad ones. The whole point of the cash infusion was to get the good loans going again, and it is not working.

                  You don't have to get angry, if for some reason you don't care. But there's no need to mock people who do.

                  Sufficiently advanced incompetence is indistinguishable from malice.

                  by m3 on Thu Oct 30, 2008 at 10:36:31 AM PDT

                  [ Parent ]

            •  There's no conspiracy theory promoted in this (1+ / 0-)
              Recommended by:
              Pager

              diary. Have you got a grip, yourself?

              droogie6655321 lives!

              by YucatanMan on Thu Oct 30, 2008 at 09:17:35 AM PDT

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        •  Umm, actually (2+ / 0-)
          Recommended by:
          YucatanMan, eparrot

          disaster has been here awhile. Since early summer of last year, to be exact. That's when the collapse of two Bear Stearns hedge funds initiated the financial collapse.

          And listen, there is nothing, absolutely nothing, in these financial and economic crises that you can shoot that will make anything better. So save your money, you can't use the ammo to good effect.

          A conservative is a scab for the oligarchy.

          by NBBooks on Thu Oct 30, 2008 at 08:48:16 AM PDT

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          •  great line (0+ / 0-)

            nothing you can shoot that will make it better.  And yes, I know it's true.  Great diary.

            Want a progressive global warming novel, not a right wing rant? Go to www.edwardgtalbot.com for a free audio thriller.

            by eparrot on Thu Oct 30, 2008 at 08:54:30 AM PDT

            [ Parent ]

    •  nothing tinfoil about this diary (1+ / 0-)
      Recommended by:
      YucatanMan

      You've either got to be kidding me, or you've been living under a rock for the last eighteen months.  These are your tax dollars and our remaining national treasure, squandered to preserve a status quo brought to us by greedy fools who aren't even willing to sanction a modest decline in their gilded age standard of living.

      Borderline trollish.

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