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What Cooked the World's Economy? It wasn't your overdue mortgage.
The Village Voice ^ | James Lieber

Posted on 02/02/2009 12:41:18 AM PST by Tempest

click here to read article


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To: Toddsterpatriot

Your answer...there was fed money involved and losses to the taxpayer in the end.

http://en.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers

Lehman Brothers filed for Chapter 11 bankruptcy protection on September 15, 2008. According to Bloomberg, reports filed with the U.S. Bankruptcy Court, Southern District of New York (Manhattan)on September 16th indicated that J.P. Morgan provided Lehman Brothers with a total of $138 billion dollars in “Federal Reserve-backed advances.” The cash-advances by JPMorgan Chase were repaid by the Federal Reserve Bank of New York for $87 billion on September 15th and $51 billion on September 16th.[14]


301 posted on 02/02/2009 10:49:05 AM PST by bronxboy
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To: expat_panama

I hope you are correct about unemployment...but who knows?


302 posted on 02/02/2009 10:50:09 AM PST by bronxboy
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To: listenhillary

I’m not working until Monday...GM was down the entire month...and will resume today (for me tomorrow). Thus, I have time on my hands...since you find my posts or the frequency of my posts so objectionable, feel free to ignore them.


303 posted on 02/02/2009 10:52:45 AM PST by bronxboy
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To: wita

We can agree that there is blame to go around.


304 posted on 02/02/2009 10:53:18 AM PST by bronxboy
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To: bronxboy
Your original claim was that the government backstopped the losses of Lehman creditors. Your Wiki link doesn't show evidence of that. Try again?

there was fed money involved and losses to the taxpayer in the end.

The Federal Reserve doesn't use taxpayer money.

Many individual taxpayers did lose money when Lehman declared bankruptcy, but that's not what you meant, was it?

305 posted on 02/02/2009 10:56:01 AM PST by Toddsterpatriot (Havoc has been back since September. Or was it April?)
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To: Just mythoughts

I think the average congressperson know less about economics than I do...scary thought.


306 posted on 02/02/2009 10:56:27 AM PST by bronxboy
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To: bronxboy

We can agree that there is blame to go around.

Absolutely, the question is, what good will it do.


307 posted on 02/02/2009 10:57:14 AM PST by wita
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To: Toddsterpatriot

Nope, I consider the feds giving JP Morgan the cash aid... for the losses they suffered under Lehman. If you mean it didn’t come from Tarp, you are correct.


308 posted on 02/02/2009 10:59:07 AM PST by bronxboy
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To: wita

It won’t do any good...you are correct.


309 posted on 02/02/2009 10:59:31 AM PST by bronxboy
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To: bronxboy

We’re all groping in the dark here and anyone’s guess is as good as the next man’s. That’s what I like about these forums, they shake out a lot of new thinking on this. Ping me when you see anything new and I’ll return the favor.


310 posted on 02/02/2009 11:08:48 AM PST by expat_panama
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To: Tempest

“So you don’t think deregulation and lack of over-sight allowed Wall street crooks to fabricate boiler rooms?”

Here’s my message.

It wasn’t deregulation in the equation of responsibility. It was the wink and nod from the Clinton misAdministration towards creative financial mechanisms in the latter 1990’s that today are convenient as means to divert attention from the Democrats responsibility at the core of the breakdown that has caused the Domino’s effect, or if you will the toppling of the house of cards that comprises the economic system. (Meaning systemic traditional values as the spine are easily adjusted by whimsy of opportunistic economics manipulators. It’s happened throughout history, thus boom and bust.)

It doesn’t matter about these mechanisms the Leftists point their diversionary finger at. Those were simply tools that were used. It most matters who, whom, what, was behind it all, and the answer is DEMOCRATS from the git-go. It matters not where you go, what you read concerning this matter the tools that were obtained, fabricated, or otherwise. It matters only who the mechanic was using the tools.

We all need be concerned with the flaming Leftists hopping about tricking the eye, waving their arms in frenzy, pointing their fingers at everyone and everything but themselves. Keep your eye on the mechanic. Not the tools, because they will do it all over again if we allow them to.


311 posted on 02/02/2009 11:10:18 AM PST by rockinqsranch (Dems, Libs, Socialists, Call 'em what you will, they ALL have Fairies livin' in their Trees.)
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To: expat_panama

I will add you to my ping list and would appreciate you return the favor...I like these forums too for the reasons you stated...have a nice day.


312 posted on 02/02/2009 11:11:56 AM PST by bronxboy
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To: Toddsterpatriot

You know in reading about Lehman...I realized something. The credit default boys and girls...believed that the Feds would bail Lehman out and they would be able to continue as before...they were caught with their pants down.


313 posted on 02/02/2009 11:20:29 AM PST by bronxboy
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To: bronxboy
Nope, I consider the feds giving JP Morgan the cash aid... for the losses they suffered under Lehman.

The Fed did not give JP Morgan cash for losses JP Morgan suffered for loans or investments in Lehman.

314 posted on 02/02/2009 11:33:14 AM PST by Toddsterpatriot (Havoc has been back since September. Or was it April?)
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To: marshmallow

Here is the guy who published “Bailout Nation”

http://bigpicture.typepad.com/comments/2008/10/lehman-credit-d.html

Lehman Credit-Default Swaps Settle “Without Incident”
Thursday, October 23, 2008 | 06:23 AM
in Derivatives | Markets

I received quite a few panicky emails about this settlement process being a potential disaster. Crisis averted:

“Hundreds of traders who placed bets on Lehman Brothers’ creditworthiness before it went bankrupt have settled their positions “without incident,” according to a company that tracks derivatives contracts.

The company, Depository Trust & Clearing Corporation, processes large numbers of investment transactions. It said that only $5.2 billion had to change hands for all the traders to close out their positions, a much smaller amount than had been predicted a week ago.

The settlement process had been seen as a major test of the market for credit-default swaps, and whether it could handle the unprecedented stress of a big Wall Street firm going bankrupt. The overall system appears to have borne the shock successfully, although individual firms might have taken painful losses they have not yet disclosed.

At the same time, the contrast between this week’s orderly settlement process and last month’s financial turmoil, which also involved credit-default swaps, raised anew policy questions over the market for credit derivatives and its failure to limit systemic risk. Because the swaps are private contracts between two parties, there is still almost no information in the public domain over who holds which positions, or who might be left teetering the next time there is a major default.”

Go figure . . .

>


315 posted on 02/02/2009 12:32:42 PM PST by dennisw (white trash philosophizer)
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To: Just mythoughts
Soros...doesn't "own" the Dims....

Oh he has some sway..no doubt about that.

But "own" them? Nope.

Let me ask you a couple questions.....

How much is the N.E.A. worth?

How much is the Teamsters and other unions worth?

How much total money do Trial Lawyers give the Dim party?

Okay...so that was three questions............: )

Cheers!!

316 posted on 02/02/2009 12:35:31 PM PST by Osage Orange (Obama,,,,,,,,,Chains We Can Believe In)
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To: Osage Orange
Soros...doesn't "own" the Dims.... Oh he has some sway..no doubt about that. But "own" them? Nope. Let me ask you a couple questions..... How much is the N.E.A. worth? How much is the Teamsters and other unions worth? How much total money do Trial Lawyers give the Dim party? Okay...so that was three questions............: ) Cheers!!

Unions are unions.... what you are describing are the tentacles of the 'PROCESS'. Others call it the 'scientific methodology' survival of the fittest. MOST fit get their feed at the trough first.

317 posted on 02/02/2009 1:45:22 PM PST by Just mythoughts
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To: Just mythoughts

okay.........


318 posted on 02/02/2009 2:15:53 PM PST by Osage Orange (Obama,,,,,,,,,Chains We Can Believe In)
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bookmark


319 posted on 02/02/2009 3:30:10 PM PST by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: wita

The French chopped off 80,000 heads during their revolution. I’d settle for 535.


320 posted on 02/02/2009 3:37:15 PM PST by Brilliant
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