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How's that Change working for you Young People?
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2012 Feb 9, 4:15am 46,593 views 87 comments
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Patrick
2012 Mar 13, 1:37am
The Fed lowers the Fed funds rate during every recession. This is nothing new. They buy treasuries during every recession.
But they never bought private debt before. Now they have -- mortgage backed bonds.
tatupu70
2012 Mar 13, 1:56am
The Fed lowers the Fed funds rate during every recession. This is nothing new. They buy treasuries during every recession.
But they never bought private debt before. Now they have -- mortgage backed bonds.
Agreed--that qualifies as part of the bailout in my mind. There was actually money paid out.
leo707
2012 Mar 13, 2:05am
It's not about Better anymore in this petty tit for tat politics era.
Well, at least you are admitting that petty vengeance is more important to you than fixing our collective problems.
Can Batman beat up Superman?
I don't quote me on this, but I believe that Batman owns a pair of kryptonite-brass-knuckles and once used them to beat-up Superman.
TPB
2012 Mar 13, 3:22am
Well, at least you are admitting that petty vengeance is more important to you than fixing our collective problems.
Oh and you want Me, to believe Obama can fix our problems? What he's just been waiting for the right fucking moment to do all of the shit he made folks like you believe he even can, let alone has gumption to do so, in the first place.
In your mind, Obama is this great Liberal leader, that has lead this country to greatness, and Glen Beck the most revered person in the Universe has polluted my perception of Obama, that if it weren't for him and Rush Limbaugh, then Obama would have an approval rating of 100%. Oh and I'm racist is the back up plan, just in case all other sensible logic fails.
Because the media is in the tank for Obama.
Yep. And the largest media networks are right-leaning. So what media are we talking about?
leo707
2012 Mar 13, 4:13am
Because the media is in the tank for Obama.
Yep. And the largest media networks are right-leaning. So what media are we talking about?
Air America, oh wait...
unstoppable
2012 Mar 13, 4:14am
Anyone who wines about Obama, bailing out/bankrupting Chrysler and GM. Should back up and remind themselves about the crap show that Paulson and Bush did with AIG. Flat out thievery,
AIG is a fairly large insurance company.. which includes insurance on good chunk of the small and large transportation carriers that goes on every day.
If a company has no insurance coverage, because AIG went under, they could not do basic day to day business like making timely deliveries.
Basic food and durable goods supply chain would halt.
Other professions like doctors, lawyers, dentists, etc etc would not be able to perform their services to consumers because they had no insurance coverage... imagine what the results would be if AIG went under.
Did the light bulb go on yet ? Yes, too big to fail.
yes AIG is important to business I get it, It needed to be bailed out and bankrupted. That doesn't mean liquidated, the world economy would have kept on going if none of the executives got bonuses and Goldman et. all got 70 cents on the dollar for their paper. It's called Moral Hazard and crony capitalism. Did the Light Bulb go on?
Cloud, I agree it's a shit show at the top, but the fact that Republican appointed justices wrote the disaster, that is the citizens United Decision, I'm voting for the dems as the lesser of two evils.
tdeloco
2012 Mar 13, 6:40pm
Chart posted by TMAC54:
That is pretty much consistent with this Nov 2008 article: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/26/MNVN14C8QR.DTL
That confuses the heck out of me. Out of the $8.5T, $5.5T comes from the Federal Reserve. I don't see a $5.5T spike in the U.S. debt in 2008. Perhaps my Google-fu is weak.
I don't see a $5.5T spike in the U.S. debt in 2008. Perhaps my Google-fu is weak.
I bet I know. I remember someone linking an article throwing out huge numbers like this in the past. They are summing all of the credit extended by the Fed, but not discounting the amount paid back.
That is, if the Fed overnight loaned BOA $1B, but BOA paid it back (with interest) then borrowed another $1B a few days later and paid that back, they are counting that "cost" as $2B. Even though the cost to the budget was zero since it was paid back. (Again with interest so net cost was actually negative)
The reason why you don't see the increase in the Fed Balance sheet is because the Fed's risk at any one time was minuscule campared to the 5.5 trillion number because they didn't and wouldn't lend all of that at the SAME TIME.
I don't know the point of reporting the number other than it is just pure sensationalism.
"CHANGE WE CAN BELIEVE IN - AGAIN?"
I didn't believe it the first time. I suspect that many in the OWS movement did and that is why they won't take part in the election farce any longer. They now finally realize that both "political parties" are owned by the same moneyed special interests who don't want "Change" from the status quo they've spent so very much time and money creating.
Obama Wins! ... Ad Age's Marketer of the Year
At ANA Gathering, Marketing Pros and Agency Bigs Tap Barack Over Apple, Zappos
http://adage.com/article/moy-2008/obama-wins-ad-age-s-marketer-year/131810/
Wake up, people. THIS is the game being played:
TPB
2012 Mar 14, 1:49am
Obama Wins! ... Ad Age's Marketer of the Year
That makes sense, Obama's image is a powerful advertisement.
Sex sells, and Obama has been fucking us for 3 years now.
freak80
2012 Mar 14, 1:55am
That makes sense, Obama's image is a powerful advertisement.
Sex sells, and Obama has been fucking us for 3 years now.
more T.otal P.athetic B.ullshit.
tdeloco
2012 Mar 14, 10:58am
That is, if the Fed overnight loaned BOA $1B, but BOA paid it back (with interest) then borrowed another $1B a few days later and paid that back, they are counting that "cost" as $2B. Even though the cost to the budget was zero since it was paid back. (Again with interest so net cost was actually negative)
Thanks david1. If the money came from Federal Funds, then it is loaned out, not given out. It is supposed to be paid back, though debtors can declare bankruptcy. Money given and money loaned are two completely different situations.
tts
2012 Mar 14, 9:04pm
The thing is the banks effectively paid us back with our own money.
They would take the government money and loan it back to the state government or to Wall St. at a higher rate. IIRC there was also some really shady stuff going on where $billion would get loaned out and repaid only to be re-loaned out again on a daily basis for something like a year on end. A half assed way to be sure to lend out hundreds of billions but apparently it worked.
Anyways crap like this is why Wall St if flush with cash and pumping up equities while the rest of the country goes to shit. They're playing with our money and keeping nearly all the profits. And when things go tits up again they're all expecting to get rebailed out since TBTF is now established government policy.
So sad that people have to invent reasons to dislike Obama, or even worse: play the politics as football game, when there are plenty of real reasons already.
WTF Finance
2012 Mar 14, 9:44pm
It's utterly naive to think that this change only happened since Obama took office. Fact is that both Democrats and Republicans have similar big government policies. Both deficit spend, both look for government to solve problems, both support subsidies for their pet project, both voted for increased government loan guarantees in the mortgage markets that supported and created the RE bubble, both support the FDA and other big government ideologies.
America and its free market economy that once existed was destroyed over a century by both parties. Sure, they give you the illusion that they are against one another but when you take a thorough look at it you see how they both support one and the same.
freak80
2012 Mar 14, 11:43pm
And when things go tits up again they're all expecting to get rebailed out since TBTF is now established government policy.
True. We should be out on the streets protesting with OWS.
TPB, "Change" has turned into "Chains". But I'm happy to see how many kids are into Ron Paul. Its been said Ron Paul is not a candidate, he's a cause. Even if he isn't elected this time around, the cause is growing stronger.
Future generations should not be chained to the moutain of debt created by "President" 0bummer or any other socio-path in an elected position...and the young people know it.
Liberalism is a mental disorder.
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http://money.cnn.com/2012/02/09/news/economy/jobs_young_adults/index.htm?iid=HP_LN
I had my own Van and about $2500 worth of Flooring tools, and was a subcontractor for 6 different interior decorators, by the time I was 19. I was one of the first down here, in south Florida to work as a free agent(if you will), other installers depending on one shop, Dolphin Carpet, Carpet Expo ect. for their day to day work. I used to sit home and take calls from decorators and and a Postman that sold carpet and tile to people in his Century Village route.
I was full of Piss and Vinegar, as the old people used to say about me. When carpet was slow, you find me at the FP&L pay station selling knock off Rolexes or knock off designer perfume to inner city patrons on their way to pay their bill. One thing for sure, you weren't going to find me behind a counter, or sitting in a chair waiting to be seen by the HR administrator, I was paving my own way. I knew where corporate America was heading, and what was in store for those dependent on the Corporate payroll.
I was raised with the emphasis on the ability to adapt and shift gears, and for god sakes don't be at the mercy of the company store ever. When life throws you a curve ball when you're playing football, then you better hit a home run or you will get tackled.
Somewhere along the way, that sense of independence and innovation got replaced with people longing to fit in the corporasphere, and those that are trying to be self starters. Their ideas are to play follow the leader. School for the last several decade has drilled individuality out of the kids. Oh it's fine as long as we're talking about fashion and disruptive behavior, that's encouraged. But the focus has gone from preparing kids for the future, what ever that future may be, and giving the kids the tools they'll need to get by, to a politicized next stage qualifier.
You're either headed to College and will chose a career in publicly traded company and are told you'll make high end 6 figure salaries right out of college. Hell they cut out the pay your dues part, these kids were told they are on the fast track. That's if they can afford an education that cost as much as the average High end sports luxury car in Monaco. The other group is destined to destitution and welfare, for the women, and the men folk are headed to prisons profit centers.
Let's take a moment of silence and mourn for the lost of the best system in the world and death of the American innovative entrepreneurial spirit, regardless of class, race, age, weight or education.
Be careful what you wish for.
You want change? You got it!