[Rhodes22-list] Brad's comments on Finance - Economics - Fear - Politics - Truth - Personal Attacks without foundation
Herb Parsons
hparsons at parsonsys.com
Sun Sep 28 14:56:25 EDT 2008
Brad,
He's 83. He's eliminating underutilized expenses.
Brad Haslett wrote:
> Wally,
>
> You thought it was bad, it just got worse!
>
> http://www.telegraph.co.uk/news/newstopics/howaboutthat/3077911/Hugh-Hefner-to-sack-Playboy-bunnies-amid-financial-crisis.html
>
> Brad
>
> On Sun, Sep 28, 2008 at 12:48 PM, TN Rhodey <tnrhodey at gmail.com> wrote:
>
>> I should say the cause is not right or left....we need to pull together for
>> a solution.
>>
>> On Sun, Sep 28, 2008 at 1:46 PM, TN Rhodey <tnrhodey at gmail.com> wrote:
>>
>>
>>> Comrade Ed - ....Don't worry the government is here to help. This train
>>> wreck has been coming for a long time and both sides had chances to
>>> solve.. Wall street caused this, not the rights or the left. Fannie/Freddie
>>> are dominating the news but they really weren't the main problem. They did
>>> not create subprime mortgages, Option Arms, Negative AM loans, ABS, credit
>>> default swaps, CDOs, mortgage trading desks and so on.. Wall Street came up
>>> with this crap to make a buck. Having a Federal Reserve that bows to Wall
>>> Street really fueled this along with simple greed. Very little of this is
>>> fraud. and despite what slanted media claims it is not a right or left
>>> issue.
>>>
>>> So it sounds like you are for this socialist bail out........you trust the
>>> gov to fix finance but not health care? Please tell us you will no longer
>>> call anyone who disagrees with you a socialist/commie/fascist????
>>>
>>>
>>> Wally
>>>
>>>
>>> On Sun, Sep 28, 2008 at 8:52 AM, Tootle <ekroposki at charter.net> wrote:
>>>
>>>
>>>> Brad:
>>>>
>>>> It is amazing to sit back and observe. There are those who accuse you of
>>>> personal attacks and opinions about the National Democratic Party
>>>> Leadership
>>>> and their candidate Obama. Yet you have provided much documentation to
>>>> support your view, positions, suppositions, etc.
>>>>
>>>> You get attacked by one list member who offers support for his positions
>>>> that at best are conjecture.
>>>>
>>>> The Bail out Bill has a big gift for ACORN. Yes it does, in the last
>>>> versions acknowledged at 8 AM on Sunday morning. Why should ACORN be
>>>> specified in this proposal by the National Democratic Leadership?
>>>>
>>>> The reasons are easy to see, to cover their asses and gain political
>>>> domination, to create their new order with them as dictators.
>>>>
>>>> The National Democratic Leadership has enough votes to pass their version
>>>> without any Republicans. It seems they want enough votes to override any
>>>> potential veto to a bad bill for America.
>>>>
>>>> It looks like no bill will pass today. As the economy falls, watch the
>>>> news
>>>> media blame Bush. Yet, it is easy to see that the National Democratic
>>>> Leadership is very involved in the problems. It seems to this observer
>>>> that
>>>> the fifth column is succeeding.
>>>>
>>>> According to Stan's recommended reading, the bubble is bursting. I am
>>>> overwhelmed by his lack of concern for the results. I am overwhelmed by
>>>> his
>>>> failure to call for justice by those intent on destroying America. I am
>>>> overwhelmed by this forums failure to support complete justice and
>>>> integrity.
>>>>
>>>> It is obvious that Nancy Pelosi, Harry Reid, Chuck Schumer, Barney Frank
>>>> are
>>>> incompetent, evil or successors to the Ben C.'s old time Communists fifth
>>>> column.
>>>>
>>>> I think I need to go out and buy some old fashion amunition so I am
>>>> prepared
>>>> for tomorrow.
>>>>
>>>> Ed K
>>>> Greenville, SC, USA
>>>>
>>>>
>>>>
>>>>
>>>>
>>>>
>>>>
>>>> Brad Haslett-2 wrote:
>>>>
>>>>> The short version of a long story is, I've been stuck in a hotel on
>>>>> reserve in my own city all day and paying close attention to the
>>>>> negotiations in DC. Everyone knows I'm a partisan, but what been going
>>>>> on the last few days with Pelosi, Reid, and company is disgusting and
>>>>> despicable. We need a bill and we need it before the Asian markets
>>>>> open tomorrow night (our time). They've been trying to load this bill
>>>>> up with pork and special favors, the most disturbing pork being marked
>>>>> for ACORN. There's a lot of media spin being put out and a lot of
>>>>> high stakes power politics being played. These people have no idea how
>>>>> serious this game of "chicken" is and what the probable outcome will
>>>>> likely be. Here's some observation and some links with a brief
>>>>> description of some of shenanigans at the end.
>>>>>
>>>>> Brad
>>>>>
>>>>> ------------------------------------
>>>>>
>>>>>
>>>>>
>>>> http://www.bloomberg.com/apps/news?pid=20601087&sid=aCpGk.NPYZ3g&refer=home
>>>>
>>>>>
>>>> http://www.bloomberg.com/apps/news?pid=20601087&sid=aCpGk.NPYZ3g&refer=home
>>>>
>>>>>
>>>> http://www.weeklystandard.com/Content/Public/Articles/000/000/015/636zbhel.asp
>>>>
>>>>> http://www.politico.com/news/stories/0908/14018.html
>>>>>
>>>>>
>>>>>
>>>> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3094318/Bailout-failure-will-cause-US-crash.html
>>>>
>>>>> -from Gateway Pundit-
>>>>>
>>>>> On Friday, the US government stepped in and sold Washington Mutual
>>>>> after customers withdrew $16.7 billion from accounts since Sept. 16th
>>>>> leaving the Seattle-based bank "unsound."
>>>>>
>>>>> It was later announced that Washington Mutual Inc. bondholders were
>>>>> likely to lose most of their money. This was a HUGE mistake by the
>>>>> government and must be corrected quickly or it could have major
>>>>> consequences.
>>>>>
>>>>> This report was sent to me from a an international auditor in the
>>>>> insurance industry and close friend who understands the seriousness of
>>>>> the situation.He describes the situation in layman's terms.It ain't
>>>>> pretty:
>>>>>
>>>>> The financial crisis is real. Most people don't realize it yet,
>>>>> but banks, investment managers and corporate treasurers around the
>>>>> world all know what is going on. It started with the Freddie – Fannie
>>>>> collapse. They wrote loans to individuals who they shouldn't have.
>>>>> Government policies encouraged loans to minorities and the
>>>>> underwriting function of banks was no longer approving loans upon an
>>>>> individual's creditworthiness but their race was now a factor in the
>>>>> loan decision. When individuals are given loans based on race and not
>>>>> their ability to pay, it is inevitable that bad loans would be written
>>>>> and foreclosures would come. That's what happened and in a big way.
>>>>>
>>>>> This caused ripple effects throughout the financial services
>>>>> industry. Firms who consolidated loan packages or guaranteed their
>>>>> creditworthiness were caught in the middle. Bear Sterns, Lehman
>>>>> Brothers and others went under. The largest insurance company in the
>>>>> US by some measurements was one of the casualties (AIG). With
>>>>> insurance companies around the globe, AIG is hoping to have some
>>>>> business left when all is over. The government stepped in to rescue
>>>>> this giant by providing capital for the firm while it liquidates
>>>>> portions of its business to pay off the investment derivatives which
>>>>> caused it trouble and then pay off the government loan. The
>>>>> investments became bad when the mortgages went south.
>>>>>
>>>>> The ripple affect continues. Putnam funds, the largest money
>>>>> market fund in the US and rated AAA, had to close its doors since
>>>>> money managers began to realize that Putnam's assets were not
>>>>> guaranteed by the Federal Government (unlike cash in banks and savings
>>>>> and loans) and began to ask for their money. Putnam had to sell
>>>>> securities in order to meet the demand. Although they have begun to
>>>>> pay their account holders, their reputation and money market accounts
>>>>> in general have been severely damaged.
>>>>>
>>>>> Corporations and institutions are scared of losing their money or
>>>>> having it locked up so there is a rush for money. This is global as
>>>>> long lines were reported outside AIG offices in various Asian offices.
>>>>> The Taiwan government came in to help AIG in Taiwan. There are other
>>>>> cases like this worldwide. Rumors are that some banks in Europe may be
>>>>> at risk.
>>>>>
>>>>> The largest bank to ever be taken over by the government was next.
>>>>> And this is the scary part. Washington Mutual was taken over by the
>>>>> government on Thursday. They were not able to handle the surge for
>>>>> cash requests and became insolvent. The government however has made a
>>>>> big – HUGE – mistake.
>>>>>
>>>>> In taking over Wash Mu, the government told Wash Mu bondholders
>>>>> that they would not be paid. This precedent when recognized by the
>>>>> investors around the world will cause massive pandemonium if the
>>>>> government doesn't do something quick. You see the bondholders are
>>>>> people and institutions who buy bonds for stable and guaranteed
>>>>> returns with a payoff based on the bond type. Banks and many
>>>>> corporations raise capital or get money by issuing bonds. If
>>>>> bondholders realize that their bonds with banks will not be paid off
>>>>> if the bank goes under, then the bond will become very risky
>>>>> especially during these times, if not worthless. This will cause banks
>>>>> the inability to raise capital to pay off the depositors they have on
>>>>> the books. Depositors will become scared and more 'runs on the bank'
>>>>> will occur in all financial service industries.
>>>>>
>>>>> The President has made a proposal for the government to step in.
>>>>> They must do so quickly. There is no time to waste. Fear is a great
>>>>> motive and causes people to do crazy things. Already treasurers of
>>>>> companies are divesting their assets from risky investments and moving
>>>>> it to more safe places. This is causing illiquidity in the market and
>>>>> will continue if not addressed. Congress cannot continue to filibuster
>>>>> and lollygag. The world economy is at stake. The root problems of a
>>>>> government policy encouraging bad loans, corporate and government
>>>>> greed (some Fannie Mae executives made off with millions), and a
>>>>> Congress that wishes to put pork on this bill to save our economy must
>>>>> be addressed and now.
>>>>>
>>>>> More... There are already reports that the stock market could suffer a
>>>>> devastating crash with shares losing a third of their value this week
>>>>> if a concensus is not reached in Congress this weekend.
>>>>>
>>>>> With tensions high and Speaker Pelosi calling GOP members unpatriotic
>>>>> for missing meetings they were not invited to, it may be impossible
>>>>> for this to happen.
>>>>> Let's pray for a miracle.
>>>>>
>>>>> -----------------------
>>>>>
>>>>> Despicable Nancy Pelosi calls GOP Unpatriotic for missing a meeting--
>>>>> A meeting they were not invited to.
>>>>>
>>>>> Here's some behind the scenes politicking by Democrats at the
>>>>> Congressional bailout talks today, via the House GOP:
>>>>>
>>>>> I Just wanted to shoot this story regarding the ongoing
>>>>> negotiations your way before you hear the media spin the Dems are
>>>>> feeding them. Republicans were told today's negotiations were for
>>>>> "principles." Meaning each party's lead negotiators – Senators Chris
>>>>> Dodd and Judd Gregg and Reps. Blunt and Frank. When we showed up to
>>>>> the meeting the list of Dems walking in the door kept growing to
>>>>> include all the above along with Democrats:
>>>>>
>>>>> Rahm Emanuel (arguable the most political member of the House)
>>>>> Charles Rangel (currently under an ethics investigation)
>>>>> Senator Max Baucus
>>>>> Senator Chuck Schumer (again, one of the most polarizing Members
>>>>> of Congress)
>>>>> Senator Kent Conrad
>>>>> Senator Jack Reed
>>>>>
>>>>> That's hardly the deal we were promised, like Mr. Blunt quipped to
>>>>> reporters, "I think the ratio's about fair. It's two to eight or
>>>>> something."
>>>>>
>>>>> And, the Dem spin machine is still in full swing. They said we
>>>>> boycotted earlier meetings, well, as Chris Dodd said last night on
>>>>> NBC, they just forgot to call us. So, maybe an 8-2 fight is the best
>>>>> we've had all week because we are at least at the table.
>>>>>
>>>>> __________________________________________________
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>>>>> __________________________________________________
>>>>>
>>>>>
>>>>>
>>>> --
>>>> View this message in context:
>>>> http://www.nabble.com/Finance---Economics---Fear---Politics-tp19708715p19711338.html
>>>> Sent from the Rhodes 22 mailing list archive at Nabble.com.
>>>>
>>>>
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>>>
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