On Sep 17, 9:31Â am, Robert Cohen
msn.com> wrote:> On Sep 17, 2:52Â am, Shrikeb...@
gmail.com wrote:
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>> On Sep 16, 5:37Â am, Robert Cohen
msn.com> wrote:>
>>> On Sep 16, 12:21Â am, "Sean"
now.com.au> wrote:>
>>>> "Robert Cohen"
msn.com> wrote in message>
>
>>>>> On Sep 15, 12:18 pm, "Sean"
now.com.au> wrote:>
>>>>>> "Robert Cohen"
msn.com> wrote in message>
>>>>>>news:89b1c93e-2877-443e-9d65-a5c35b53421b@
p25g2000hsf.googlegroups.com...
>>>>>> On Sep 14, 8:04 pm, "Sean"
now.com.au> wrote:
>>>>>> sold out)>
>>>>>> ------------------------
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>>>>>> Thanks Robt ... that was simply exquisite, well done.
>
>>>>>> I want more!!! - Hide quoted text -
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>>>>>> - Show quoted text -
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>>>>> "Befor enlightenment, chop wood carry water. Employ others to do so.
>>>>> Get fat and lazy."
>
>>>>> "After enlightenment, chop your own wood, and carry your own water.
>>>>> Get slim and energetic.
>
>>>>> "After after, go back to first principles (they need the work)..get
>>>>> fat and lazy again, but this time, enjoy :-)
>
>>>>> Now go and peel me a grape. You need the exercise, and I need the
>>>>> power. ;-)
>
>>>>> BOfL
>
>>>> A Scot's colorful take of that ill-fated meeting over the weak failing
>>>> end
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>>>> Meanwhile, there's CNBC rumor that prospective buyer BARCLAY BANK
>>>> wanted LEHMAN BROS to go into chapter 11 legal volutary bankruptcy in
>>>> order the get the assets more cheap including legally screwing the LEH
>>>> stockholders & employees (TWENTY THOUSAND EMPLOYEES) who are now
>>>> seemingly completely peed off at their proud but mis-calculating
>>>> leader RAY FULD
>
>>>> LEH IS NOT REALLY POOR: Bill Gross the PIMCO bond sage says LEH is not
>>>> really that "insolvent," and apparently a liquid loan was what they
>>>> had needed because they're too cash poor
>
>>>> Obviously their peers/competitors are saying, "tough-shitsky," and
>>>> return to their dark Lincoln Town Cars
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>>>> Merrill Lynch proves much more adaptive than Lehman Bros today, as THE
>>>> BANK OF AMERICA
>>>> is now gonnabe even a bigger biggee by acquiring Merrill for $50
>>>> billion
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>>>> AIG, a TRILLION dollar insurance giant, is considered now to be the
>>>> next gigantic chapter 11 loser. Yet, Bill Gross says, AIG is not
>>>> really "insolvent" either.
>>>> --------------------------------------------------
>
>>>> but "insolvent" merely means one knows that they are unable to pay debts
>>>> when they are due, and when that happens Directors are lawfully required to
>>>> act accordingly. Even if it is a $10 loan and you only have $9 and the
>>>> debtor won't renegotiate, and you can't borrow the extra dollar, then the
>>>> company is "insolvent".
>
>>>> iow "bankrupt" .... no matter what assetts one might have, or could get for
>>>> them in a month from now, if the debt is due today, that's it.- Hide quoted text -
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>>>> - Show quoted text -
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>>> True and are anti-pubic interest, because these financial behemoths
>>> are intricately dynamic & essential utilities, as so many people and
>>> dealings are inter-depending on 'em
>
>>> Our houses of cards are self-destructing if not intervened upon by
>>> Uncle Sam
>
>> But, as Investor's Business Daily points out:
>
>
>> The Real Culprits In This Meltdown
>> By INVESTOR'S BUSINESS DAILY |
>> Posted Monday, September 15, 2008 4:20 PM PT
>
>> Big Government: Barack Obama and Democrats
>> blame the historic financial turmoil on the market.
>> But if it's dysfunctional, Democrats during the
>> Clinton years are a prime reason for it.
>
>> It's funny how the left will try to turn this into
>> propaganda fodder against the great evil sourge
>> capitalism. Â However, it seems that well-meaning
>> gummint regulation that was created during the
>> Carter years, and beefed up in the Clinton years,
>> required a certain number of affirmative action
>> loans to be given out, and that this resulted in
>> a lowering of risk standards for the sake of such
>> loans, rather like the hiring standards for women
>> firefighters being lower. Â Not that any of that is
>> innate, the point is what the regulation required.
>
>> I also found this interesting:
>
>> "As soon as Clinton crony Franklin Delano
>> Raines took the helm in 1999 at Fannie Mae,
>> for example, he used it as his personal piggy
>> bank, looting it for a total of almost $100 million
>> in compensation by the time he left in early
>> 2005 under an ethical cloud.
>
>> Other Clinton cronies, including Janet Reno
>> aide Jamie Gorelick, padded their pockets to
>> the tune of another $75 million."
>
>> Now, maybe I can't trust Investor's Business
>> Daily editorials any more than I can the NYT,
>> or Pacifica radio. Â Maybe. Â But I find it unlikely
>> they are _that_ bad. Â Nevertheless, we can't
>> observe the glee of leftists in the face of such
>> events who will, in said glee, gladly step into
>> the post hoc, ergo propter hoc, Superstition
>> Fallacy.
>
>>> Of course "the market" absorbs everything in the long run, Professor
>>> Uncle Milty Friedman
>
>> Even failed librul dogooderism.
>
>>> Imho: Such absolutist capitalism is NOT in the public interest
>>> especially in the short run in which we exist
>
>>> We are re-learning the Herbert Hoover era dilemmas
>
>> Not even close. Â We are as New Deal as we ever
>> were. Â We're all Keynesians now, except a few
>> quacks, or so they say. Â And, in fact, what the
>> Depression era dilemma really taught us was the
>> folly of the gold standard.
>
>>> Yeah, today's clashings of political philosophies are not irrelevant,
>>> as we are witnessing the traditional Right and Left issues
>
>> No, we're not. Â Where are the Right and Left issues? Â Evidently
>> all the Left stands for is higher taxes. Â That's it. Â Sums it all up
>> in one nice wrapper. Â They are extremely slow learners in this
>> regard. Â Reagan didn't teach them. Â Kerry didn't teach them.
>> Daschle didn't teach them. Â The dogmatic belief in higher taxes
>> is nothing but an empty attempt to manipulate long-dead
>> demographic groups susceptible to class envy. Â The base
>> has no choice, so don't bother preaching to the choir. Â You have
>> to get a big chunk of the center, since they are 47%% of voters.
>
>>> All the rightwing radio talk show simplistic shilly wisdumb &
>>> shallowness is MALADAPTIVE & foolishness personified, and CHAOS and
>>> massive deprivations are the inevitable consequence.
>
>> I think Limbaugh and talk radio jumped the shark long ago.
>> Just because they aren't as powerless as the Old Media is
>> no reason to get all skeered of them.
>
>> Welcome to the Era of the Internet.
>
>> This message was brought to you by the makers
>> of Oxycontin... for that Megadittoes Rush.
>
>> John Methuselah McCain did not approve of this message,
>> but nobody stones anybody until _I_ say so, even if they
>> do say "Jimmy Carter high-tax stagflation."- Hide quoted text -
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>> - Show quoted text -
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> re: the inherent contradictions of our mixed capitalism: please keep
> the naive away because this is my nasty/profane/obscene/vulgar
> perception of some grusome reality
>
> Our systems depend upon greed and good faith
>
> Theoretical Functions of Fannie & Freddie: To establish standards,
> criteria for qualifications of loans, packages for  securitizing
> mortgage loans for investors, resales, STANDARDIZATION, facilitation
>
> People: "Robert, people are honest but you gotta watch 'em," a wise
> room-mate profoundly blathered
>
> My further takes & cynicisms:
>
> Buyers were lured by gimmick loans.
>
> Why? Bacuse mortgage brokers get their half percent (or whatever the
> commission) if the buyer is a bad risk or good risk
>
> Appraisal is an ART, and the human element prevaricates (cheats) as
> human beings do to adapt-survive, I hereby grant
>
> The evaluators of real estate, "appraisers," are essential: Yet, there
> is much potential for falsehoods simultaneously
>
> The tranaction must clear the usual bureaucratic processes
>
> If the the processes are flawed (nothing is foolproof), then one can
> bet that flaws will be exploited by humans intent on getting their
> interests, percentage, commission, fee. pay, graft, feathering their
> own nest
>
> More horse sense & apples later- Hide quoted text -
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> - Show quoted text -
re: more rantings
Earlier I did not rag (condemn) borrowers whom lied about their
solvency & borrowed in speculation that their houses would appreciate
anyhow, and encouraged to think in the vein by our national culture of
hubris, positive thinking, slick advertising, greed, patronizing
politicos
So, we the borrowers are innately enculturated to play the game
expediently to win too
It's mutual rah-rah-rah & blowing (construction) of many falsehoods,
and of dismalness when the real estate bubble bursts as has happened
before--please try to read about the tulip bulb boom/bust, THE MADNESS
OF CROWDS, and the very personable Charlie Ponzi's terrific plan
( all in public library books that I read some months ago)
In 2000 I read THE MADNESS OF CROWDS: avoid the sleeper-classic at
your peril which (I think) is about supposedly true stories of 17th
and 18th century French & British investing/speculating/gambling on
the treasure ships from "The New World" & inevitably ending in
collapse & folly
More drek to come when I feel like it
