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President Bush plans to address the nation at 9:01 p.m. EDT on the financial crisis (LIVE THREAD)
The Wall Street Journal (excerpt) (subscription required)
| September 24, 2008
Posted on 09/24/2008 10:34:43 AM PDT by HAL9000
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To: JEH_Boston
The best time to buy is when everyone is selling.....We have not seen everyone else selling in a long long long long time.
To: LizardQueen
Yes I know. I read that too. I was just trying not to be anymore pessimistic than I was already being...LOL
342
posted on
09/24/2008 7:29:50 PM PDT
by
Revel
To: nomorelurker
If so I have no desire to be part of the sabre charge.You have already been skewered.
To: Rutles4Ever
Correct. 2nd mortgages get nothing in foreclosure. Theyre totally worthless.That depends on the foreclosure.
344
posted on
09/24/2008 7:30:13 PM PDT
by
Petronski
(Please pray for the success of McCain and Palin. Every day, whenever you pray.)
To: brooklynlou
I'm have back pains from pulling myself up by my bootstraps, never expecting the government to bail me out.
Now it's their turn.
345
posted on
09/24/2008 7:30:30 PM PDT
by
dragnet2
(We are witnessing the biggest expansion of government in American history)
To: supercat
You might know more than I do, but I believe an orderly plan is better than none. No one knows how much this plan will cost; it is my understanding that the Feds will take over loans that have current value, and possibly a higher future value.
I was involved in the RTC process and the Feds realized a pretty high return on the assets sold by the RTC, especially after investors gained an understanding and confidence in the process. This problem dwarfs the S & L situation, but I think there are some similarities.
To: GoSarah
I agree, the plan has to be no-frills and easily understandable. A bad plan would be worse than nothing.
To: maggief
Brit and Mort discussed getting mediocre management if exec comps are reducedWe have had 20 years, if not more, of folks getting ahead by going along to get along. Most of the folks I see in senior management postions are a net loss and we are better off without them. That includes the heads of these companies that lacked the foresight to see where leveraging debt was going to get us and the lack of morals to restrain themselves from screwing everybody in their haste to get all they could.
To: Petronski
Yeah, I will be sure to get in the WaMu teller line before you. AND I have no intention of waiting for my deposits WHILE WAMU tries to get some one to buy their 'assets'. I guess you have no problem waiting for yours.
349
posted on
09/24/2008 7:35:12 PM PDT
by
Fred
(The Democrat Party is the Nadir of Nihilism)
To: meyer
Jack Welch of GE is blaming everybody but the government for this - hes in on it as well.Good grief, GE capital is one of the guys in on the merry go round. GE transformed itself from a manufacturing company to a fee for debt company.
To: Loyal Buckeye
I was involved in the RTC process and the Feds realized a pretty high return on the assets sold by the RTC, especially after investors gained an understanding and confidence in the process. This problem dwarfs the S & L situation, but I think there are some similarities.
Very cool, nice to hear from someone who has experience!
351
posted on
09/24/2008 7:37:25 PM PDT
by
GoSarah
To: magellan
“My bigger fear is do nothing, let the financial markets continue to decline, and then have people demand even more socialism.
This is 1929 in live slow motion. We have the ability to stop this thing if we want. Realize, if it is not stopped, and economic uncertainty continues, there is strong chance Obama will come into office with a mandate for an aggressive socialist program.”
Bottom line, we have to stand behind McCain and the direction that he will take concerning this bail out. I am so sick of the liberals giving me the “you guys don’t even support your own candidate and not until he got Sarah on the ticket did the base get behind McCain, so why should we abandon Obama when you guys don’t really want McCain?”
To: Fred
Do you have more than $100,000 in WaMu?
353
posted on
09/24/2008 7:40:09 PM PDT
by
Petronski
(Please pray for the success of McCain and Palin. Every day, whenever you pray.)
To: roses of sharon
354
posted on
09/24/2008 7:41:47 PM PDT
by
TomasUSMC
( FIGHT LIKE WW2, FINISH LIKE WW2. FIGHT LIKE NAM, FINISH LIKE NAM)
To: HAL9000
Here is an idea. If this is such a good deal, use the Social Security Trust Fund to fund the bailout. If it works, Grandma eats. If not Grandma starves.
God how I would love for there to actually be skin in the game when Congress has to vote on something.
To: Loyal Buckeye
I was involved in the RTC process and the Feds realized a pretty high return on the assets sold by the RTC, especially after investors gained an understanding and confidence in the process. This problem dwarfs the S & L situation, but I think there are some similarities. This problem is MUCH bigger, but aside from scale, the situations are very similar.
I placed in bold the part that many people are missing. When a plan is in place and the panic dies down, the market can begin pricing these things.
Right now, illiquidity is slowing loan underwriting, driving down real estate prices, and actually feeding the problem.
356
posted on
09/24/2008 7:45:04 PM PDT
by
Petronski
(Please pray for the success of McCain and Palin. Every day, whenever you pray.)
To: magellan
This is 1929 in live slow motion. We have the ability to stop this thing if we want. Realize, if it is not stopped, and economic uncertainty continues, there is strong chance Obama will come into office with a mandate for an aggressive socialist program.An aggressive national socialist program.
357
posted on
09/24/2008 7:49:26 PM PDT
by
Petronski
(Please pray for the success of McCain and Palin. Every day, whenever you pray.)
To: Loyal Buckeye
You might know more than I do, but I believe an orderly plan is better than none. An orderly plan to do what?
From another post: The fundamental problem is that the financial sector is propped up with various types of funny money like Credit Default Swaps. Imagine a bank which didn't open any of its books to inspectors. No individual had more than, say, $100,000 on deposit, and anyone could see that the bank had $10MM of cash in the fault, but nobody knew how much money had been deposited in the bank (except maybe the bank executives, and they weren't telling). To entice people to keep money in the bank, it offered very attractive interest rates. What the owners of the bank didn't bother to tell people was that 80% of their money was going into the pockets of the bankers and their friends, and would never be seen again. Unfortunately, some depositors started to get nervous, and taking out their money, and the bank risked becoming insolvent.
Under such a scenario, would it be better to (1) do nothing, (2) have the government loan the bank some money to make the depositors happy, or (3) kill the bank, divide up its surviving assets among the depositors, and prosecute the bankers?
Choice number one would cause an essentially arbitrary redistribution of wealth. Choice number two would increase the amount of money siphoned off by the bankers, quite possibly by an amount bigger than the size of the government's own "loan". Choice number three is the only one that makes sense to me. Yeah it's ugly having people's paper assets evaporate, but the point needs to be made that the money was stolen long before the crash--depositors just didn't realize it.
To: Petronski
I never have over $100,000 in any one account. I do not want to wait for my money, and that is what will happen.
Where do you think the money is going to come from to finance the FDIC.
Federal bank insurance fund dwindling - AP
My concern is a RUN ON THE BANKS. Will this happen if WaMu takes the dirt nap, you can bet on it...Will this latest scheme from congress and the executive prevent it...who knows....
359
posted on
09/24/2008 7:55:45 PM PDT
by
Fred
(The Democrat Party is the Nadir of Nihilism)
To: Fred
Where do you think the money is going to come from to finance the FDIC.I have already said it: Uncle Sam.
360
posted on
09/24/2008 7:57:53 PM PDT
by
Petronski
(Please pray for the success of McCain and Palin. Every day, whenever you pray.)
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