Excellent - send it. Any sense about whether you can go to Gitmo for threatening to slap the Secretary of Treasury?
if he were to turn the other cheek, i’d slap that one too.
i love this clause btw. hmm…non-accountability - i smell your foul odor Sec. 8. Review. Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
I must ask do you all think without this crazy “silver bullet” type plan, that America would have come out of this still the world’s main superpower? I mean Ritholtz on his blog and others have said, alot of this shorting was being done overseas. Joey you say you would not mind seeing MS/GS/Citi fall, and if the S&P went down 20% you are fine with that, but can you see America being the most powerful economy going forward if that happened? Look at who bought Lehman after they went bankrupt, a British bank. Before that the Koreans wanted to buy them. Who was going to come to MS’s saving, the CIC. I think it is this fear, that caused these guys to ever consider such a plan. I also think both Obama and Mccain think just like this. All the guys at the top would rather risk the future rather than face being the world’s #2 power.
“Joey you say you would not mind seeing MS/GS/Citi fall, and if the S&P went down 20% you are fine with that” Where did I say that? You mean the place where I implied those were not as bad as global thermonuclear war? I am not “fine” with either global thermonuclear war nor the failure of these institutions. I don’t even know how to respond to the first (rhetorical, I suppose) question except “huh?” Transferring illiquid securities to taxpayer ownership preserves our position as the world’s leading superpower?! If our position is that fragile, I don’t care about it.
rohufish Wrote: ------------------------------------------------------- > i love this clause btw. hmm…non-accountability - > i smell your foul odor > > Sec. 8. Review. > > Decisions by the Secretary pursuant to the > authority of this Act are non-reviewable and > committed to agency discretion, and may not be > reviewed by any court of law or any administrative > agency. The whole freaking law is subject to judicial review and he thinks that he can make the implementation of the law not subject to judicial review? Huh? The irony is that Sec. 8. essentially makes the law unconstitutional thereby increasing the possibility oof judicial review. It’s even called Section 8 - in the military ‘Section 8’ means crazy (Klinger on MASH was trying for a Section 8 discharge)
I figured out what bothers me the most: The gov’t is taking away a potential opportunity and replacing it with a liability. opportunity = scooping up bargain assets, higher cost of capital, etc. what people on the sidelines with reasonable costs of capital are anxiously waiting! liability = more gov’t debt which we, as taxpayers, are accountable for.
Why is there a liquidity crisis when these firms can borrow from the Fed?
guys, please all of you write to your congressman, and senators. tell everyone you know to do the same. it is obvious that ben, hank and bush want to scare and harass the legislative arm into signing away its rights as quickly as possible, so the public does not have time to organize and convey its opposition. it takes time to ‘community organize’ against a stupid idea, and they want to ram this down our throat quickly and irrevocably before we can organize. give taxpayers one month, and millions will write in with their protests, but give them 4 days, and they can’t even understand the implications, let alone write in. hank knows this, which is why according to him ‘this must be passed this week, without review’. “the sky is falling” is the oldest trick in the book. oh, and thanks for your 700B, ta, see ya later, got a concerto to catch w lloyd and mack.
Speaking of more gov’t debt that we’re accountable for…saying the FDIC is “underfunded” is, well, an understatement. I just learned that there isn’t a fund per se, just a liability on Treasury’s books to FDIC. In case FDIC needs to draw down, you guessed it, Treasury just issues more debt. Awesome. http://www.securagroup.com/news/archives/articles/2008/AB080827.pdf
Bailout Plan, Owned: http://www.nakedcapitalism.com/2008/09/why-you-should-hate-treasury-bailout.html