WAMU GOES UNDER!
Washington Mutual - Biggest US Bank Failure in History

WHILE POLITICIANS BICKER!
Bailout Stalls as Republicans Revolt


KenC Says Palin was Right!
Sawatdee News Service reports tonight that poster KenC, a fervent Democrat and Obama supporter, admitted that Republican Vice-Presidential candidate Sarah Palin was correct in her assesment that America might be facing another "Great Depression".  

"She's right", says KenC, "though I think her comments were injudicious.  America is facing its most serious economic crisis since 1930".

When asked if he now was looking at Palin in a better light he replied "Hell NO!  Though she was correct in her assesment she needs to understand that what we are dealing with is a banking PANIC, and talk about 'depression' only adds to it.  We need to stop the Panic!"

The interview ended abruptly as KenC left, saying he needed more Bourbon to sort things out.

I'm convinced that the US is in such deep trouble because of the silly names they give the banks - Fanny Mae?? Sounds like a gurl you'd meet in one of those western saloons, but doesn't perform quite as well.

We live in interesting times, whatever you do don't jump. Unless of course you are in Pattaya.

Every cloud has a silver lining. Is anyone tracking the Flying Farang Index. I expect it to plummet as even the Thais begin to realise that those US based assets are not going to render as bountifully as previously.

Wachovia was just forced into a shotgun wedding with Citigroup.

Wachovia Merged with Citigroup

Note this part of the article:
"Now that a deal for Wachovia is complete, the most troubled of the nation's largest financial institutions have been dealt with. However, the FDIC estimated there were 117 banks and thrifts in trouble during the second quarter, the highest level since 2003. And that number is likely to have increased during the third quarter".

Looks like the Republicans just flushed the bailout down the toilet, along with Wall Street and their chances in the upcoming election.

Hope Henry didn't double down yet!

US Bailout Rejected; Fear Grips Markets

The panic is spreading globally.

KenC Says Palin was Right!
Sawatdee News Service reports tonight that poster KenC, a fervent Democrat and Obama supporter, admitted that Republican Vice-Presidential candidate Sarah Palin was correct in her assesment that America might be facing another "Great Depression".  

that should be the greatest depression of all time !

but we ain't seen nothing yet. Wall Street is about to be rewarded for it's failure but middle America is sadly about to be hit by the collapse of credit card companies. This is the tsunami that is going to engulf us all as most Yanks have been using cards to prop up the falling value of wages.

They'll start going down like nine pins soon , interest rates will rise and the cycle will escalate.

So much for a "plan" that would have done nothing to even address the circumstances that caused the whole mess. Those circumstances being the ease of getting credit overpricing homes bought by persons whose jobs (salaries) have been disappearing overseas to China and Mexico and other cheap labor countries directly related to the Republican/Bush "laissez faire" attitude, and that undermining labor in America gets them power, and losing their jobs to the the overall thumbs-up-butt US management 'Harvard MBA' emphasis of the last decade on mergers/reorganizations/restructuring cutting expenses to improve spread sheets and hide problems. This bailout would just continue the "liquidity" that caused the problem in the first place. Bushnomics/same/same/MacCain is the root of the problem and it's too late, very sadly. The last threads of the rope have stretched to the limit.

Throwing money that doesn't really exist at something doesn't really seem to be getting at the root of the problem - sounds like criticism of the Taksin regime not really doing anything to solve problems in Thailand. Lucky Thailand got rid of their problem, look what the US is left with.

Worth a look for sure....This link is being pulled but because it is so popular, it is like wildfire and won't go away....Enjoy  

www.youtube.com/TheMouthPeace

bigben wrote:

Worth a look for sure....This link is being pulled but because it is so popular, it is like wildfire and won't go away....Enjoy  

www.youtube.com/TheMouthPeace

More Right Wing Horseshit

Horseshit?

I admit I am not a wizz at finance (from from it) but from what I read from the media, it certainly makes sense to me.....Not that the media is horseshit free.

Would you sir, happen to have another link available to us less educated than yourself to better explain the reason why we are having bail outs occurring on a daily basis?

Kind Regards.

bigben wrote:

Horseshit?
I admit I am not a wizz at finance (from from it) but from what I read from the media, it certainly makes sense to me.....Not that the media is horseshit free.
Would you sir, happen to have another link available to us less educated than yourself to better explain the reason why we are having bail outs occurring on a daily basis?....

How about this?
Minorities Scapegoated for Meltdown

And a good explanation of the nature of the problem by the Blackrock Group (which Henry has already touted)
Market Turbulence Exposes Risks of Liquidity Investing

Now let me ask you a question BigBen.
After you spent 11 minutes watching that piece of trash did you take the time to write down any of the source material (that was rapidly flashed before your eyes) and check if the facts really supported the video?  Did you just swallow the thing whole and say "Gee wiz, sounds good to me"!  At least the list of the poster's other vids ought to give you a clue what political axe he is trying to grind.  Its your job, not mine, to figure out if what you're being presented with is garbage or not.

kenc wrote:

[Its your job, not mine, to figure out if what you're being presented with is garbage or not.

As someone who works on the fringes of banking, I have to agree with the analysis.  Banks didn't change their lending policies through greed.  They were strong-armed by the Clinton Administration, through threats and inducements, to lend to more risky customers, basically minorities.  That's well documented, so it's hardly the Vast Right-Wing Conspiracy Theory much loved by Hillary Clinton.  Just because something comes from the Right or the Left doesn't make it automatically correct or incorrect unless you are a one eyed supporter of either group.  

Curious wrote:

....  Banks didn't change their lending policies through greed.  They were strong-armed by the Clinton Administration, through threats and inducements, to lend to more risky customers, basically minorities.  ...

Banks changed their racist "red lining" lending policies because they were forced to.  They were forced to lend to minorities on an equal basis to whites, and not allowed to deny minorities loans because they were "minorites and thus risky customers".  Risky customers are risky because of their credit history, NOT their racial profile.

And BTW let's call it for what it is:  "minorities" is just a right wing code word for Blacks and "Mexicans".

Now Curious, let me say this real slow so you and Henry and BigBen and Homitern can understand it:

Banks  changed  their  lending  policies  because they could securitize the loan and sell it for a profit and not have the risk on their books.

MORTGAGE ORIGINATORS WHO MADE MOST OF THESE BAD LOANS IN THE LAST 3 YEARS WERE NOT SUBJECT TO THE CRA.

kenc wrote:

Banks  changed  their  lending  policies  because they could securitize the loan and sell it for a profit and not have the risk on their books

There you have the advantage on me, kenc - I only work in the banking industry so I'm not knowledgeable of your inside information.  From my perspective banks were forced to change their lending policies and decided to find a way of removing the risk from their books, because the point of banking is always to be risk averse.  I'm not sure why you think selling those securities for a profit is a bad thing.  Maybe you could explain why profit is a dirty word in San Francisco?