IT FAILED.
POSTED BY: Wulfenstar
UPDATED: Thursday, October 2, 2008 21:24
VIEWED: 6432
PAGE 8 of 8
Yes, I see consistent "rewards/ punishments" going on. Every time it looks like the bailout is going to pass, stocks go up. Every time it looks like the bailout is going to fail, stocks go down.
I just can't get it out of my head: the UBS analyst who said back in MARCH that a bailout by October was a "sure-fire" thing.
THAT!
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Let's party like its 1929.
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Quote:
Originally posted by Kwicko:
The REAL minority here is the sheer number of people who have bad loans that are in foreclosure. They come in all races, creeds, colors, and sexes, but they're a solid minority because the fact of the matter is, there just aren't that damned many bad mortgages on the books. What's dragging the system down is the knowledge that there ARE bad loans out, and we don't know exactly how many, or which ones, are the bad ones, so it taints the whole market.
Think of those bad loans as the "poison pills" of the market. Like poisoned Tylenol, you might be able to figure out which batch is affected, but short of testing every single pill in that batch, you have to assume that the whole batch is bad and be prepared to toss them out and take the loss. And THAT is where we're at with the mortgage and credit markets today.
6.8% of total mortgages were of the problem subprime ARM type (accounting for 43% of foreclosures). Subprime ARMs do account for 20% of the total mortgage credit though. The real kicker is that plenty of people who qualified for A grade loans were given subprime. Why? Because Subprimes are 'greater risk' lenders can charge higher interest rates (which ironically makes borrowers more likely to default due to higher repayments), meaning greater profits.
But yanno, most people aren't bankers, so really it is all the fault of a particular minority...
Quote:
because they were then selling the loans up the chain in bundles with other mortgages, so it was assumed that any "bad ones" would be more than covered by the good.
Ironic when you realise the exact opposite happened. The bad more than covered the good.
More insane ramblings by the people who brought you beeeer milkshakes!
No one can see their reflection in running water. It is only in still water that we can see.
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IT FAILED - BUT THEY KEEP TRYING !
If there ever was a time to call and write, it is NOW !
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Speak now or forever hold your peace.
But remember on election day.
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Might I add a suggestion to that...
Show up.
Show up with friends, in fact, and try to look professional, concerned, and just a little... miffed.
Right now they're actually blocking and trash-filtering a lot of email and regular correspondance due to the sheer AMOUNT of folk pissed at them, the political equivalent of sticking their fingers in their ears and pretending not to hear you.
So, if your local politico is in town, or gonna be any time soon, make a PERSONAL visit, and don't let their handlers and secretaries shine you, force em to give you five minutes, and use it well and eloquently.
You'll not convince them, but that ain't the point, the point is the implied threat of a hostile constituency both able and willing to address them personally, in court if necessary.
Believe me, that's FAR more motivating than a letter that goes, unread, into the shredder.
http://www.washingtonpost.com/wp-dyn/content/article/2006/06/11/AR2006
061100691.html
Another thing about it is trust and privacy, Levin, Conyers and Dingell know only that I am one of their constituents and a resident of Michigan, and nothing beyond that - of them all, Dingell is the only one completely comfortable with that cause if he's got the time, he'd give any american five minutes of it whether they are his constituent or not.
He has a demeanor that reminds me of a very competent school teacher, and mind you this is a guy whom I've discussed foreign policy with as I checked his cars fluids and topped off from my own stocks to save him the few minutes I was asking for.
(And if you actually bled those brake lines once in a while, John, the pedal wouldn't be so squishy.)
To send an email, they want more info than I feel comfy giving them in this oh so paranoid era, where a single off hand comment is enough to have you arrested and interrogated at length.
Digital age or no, there's just no substitute for personal contact, folks.
-Frem
It cannot be said enough, those who do not learn from history, are doomed to endlessly repeat it
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