Bush To Personally Bullshit Americans Tonight

[Optionspoet]

Quote from Pa(b)st Prime:

The only people "bullshitting" America is the Whiner Nation contigency in Congress and the media.

This "crisis' was directly caused by American's being deadbeats.

If no one in America had walked away from their LEGAL OBLIGATION to make their mortgage payment or pay their credit card bill then there wouldn't be lenders on the hook.

How does the media portray Wall Street? As greedy. The reality? These institutions were STIFFED by the same America that's squawking over this plan.

Agree. That's why I say fuck Wall street and fuck main street.

The vast majority around me were buying mcmansions and running around in luxury cars for many years thinking that the good times would never end.

This is a time where those that have financial sense make out of this debacle intact while everyone else gets screwed.

It has nothing to do with predatory practices. I received hundreds and hundreds of LOC offers and credit card offers. I had the common sense NOT to accept them.

The greed spreads across the board. Fuck em all. No bailout for anybody.

 

[Gringinho]

The best thing will be if he starts talking about the "terrorists and US enemies ganging up on the nation".

Then I will literally be laughing out lout.
http://en.wikipedia.org/wiki/Culture_of_fear

 

[WaveStrider]

Quote from Pa(b)st Prime:

Here's an analogy.

You're a big bookie in Detroit. (Greek Town, lol)

If the spread is San Diego -5 against Houston you match up those who bet on SD against the equal amount of Houston money. As a rule you "lay off" your bets in Vegas. Meaning any imbalance you call in to a bigger book at a casino.

One of your local bettors calls you and puts a million down on Houston. It's you who “vouched” for him being good for the bet. You now lay the bet off on Wynn. San Diego covers. Your bettor disappears into the wilderness of the UP. Wynn wants their money. There is none. Wynn now takes a million dollar hit.

No one would suggest Wynn be “bailed out”. However two things. The ultimate “blame” isn't Wynn. Instead it's a bit yours for “vouching” a rogue gambler but it's MAINLY the guy who bet a million he didn't have.

While I wouldn't expect Wynn to be made whole by the Fed I also wouldn't bitch if Wynn no longer gave house credit i.e. no more automobile loans or low down payments on mortgages. Fool me once sort of thing.......

So at the end of the day almost EVERY bettor-credit worthy or not-would be impacted by your dishonest guy.

That's actually a pretty good analogy except for a few things.

1) The "voucher" sounds like he has some previous interaction with the bettor and believes he can make good on his bet (due diligence) - otherwise he wouldn't vouch for the guy at all.
2) The voucher doesn't sign a check that he would be accountable for and then pass it to the bettor to place his bet. If he was accountable for that money, he might be a bit more circumspect on taking that bet if he didn't verify they guy had a chance of paying it back.
3) The House (Vegas) is removed from the day-to-day interaction between the voucher and the bettor. Are there circumstances where the "House" was actually staffing/paying salaries of their own "vouchers"? If so, then the House has a direct link and is financing the guy taking the bet.

 

[Joab]

Quote from Ticketwatcher:

He wants to reintroduce the word "evildoer" into his political speech vocabulary. The word polled well during the aftermath 9/11.

He just cannot figure who to refer to when he does use it.

The "Evildoer" short sellers are ruining this country.

We need to band together and hunt them down one by one.

It's these evildoer short sellers fault America is in this mess and we need to send them a clear message: America is not a Capitalist country - It's a dick tatorship run by me and my Daddy.

I've called out the national guard to find all the evildoer short sellers.



flytiger - would probably have an orgasm in his pants if bush said something like this.

 

[BeatingtheSP500]

Quote from Pa(b)st Prime:

Here's an analogy.

You're a big bookie in Detroit. (Greek Town, lol)

If the spread is San Diego -5 against Houston you match up those who bet on SD against the equal amount of Houston money. As a rule you "lay off" your bets in Vegas. Meaning any imbalance you call in to a bigger book at a casino.

One of your local bettors calls you and puts a million down on Houston. It's you who “vouched” for him being good for the bet. You now lay the bet off on Wynn. San Diego covers. Your bettor disappears into the wilderness of the UP. Wynn wants their money. There is none. Wynn now takes a million dollar hit.

No one would suggest Wynn be “bailed out”. However two things. The ultimate “blame” isn't Wynn. Instead it's a bit yours for “vouching” a rogue gambler but it's MAINLY the guy who bet a million he didn't have.

While I wouldn't expect Wynn to be made whole by the Fed I also wouldn't bitch if Wynn no longer gave house credit i.e. no more automobile loans or low down payments on mortgages. Fool me once sort of thing.......

So at the end of the day almost EVERY bettor-credit worthy or not-would be impacted by your dishonest guy.

Good analogy.
btw, I can almost see Greektown from my window.
It's a great day - Matt Millen OUT.

 

[Landis82]

Quote from jem:

The problem is that Californian's are not personally obligated on Purchase money loans for their residence. And most of the loans made since 2005 are still purchase money loans because few Californian's had time to refi those loans.

Californian's have the option of paying or walking away. Therefore they are not deadbeats they are people who signed an option contract. The legislature understood that Ca real estate suffers from booms and busts and they put the risk of over priced property on the seller and the lenders. its been that way for decades.

We do not respect Niederhoffer's business model of selling premium - until he blew up - and we should not respect the lenders, wall street and the investors.

Wall street included free puts with every purchase money loan to CA and some other western states. They were giving out 100% stated income loans and paying 3-5 commission on top.

The California consumer acted as they should an Wall Street knew it was going to take a bath. I heard Lehman gave out 5 billion in bonuses.

In my opinion the excuctives on Wall Street should have their belongings confiscated. They allowed great institutions to be shelled out for short term bonuses. They were either criminal or criminally stupid.

Good point.

But I would also suggest that Congress be put in prison as well. They are the ones ( such as Dick Armey and many others ) who sat idly by "cheerleading" Fannie and Freddie making loans to people that had absolutely no way of making good on their mortgages . . . And to now watch Congress try and villify Wall Street is the grandest irony of all.

That might "sell" in middle-America.
But it won't sell with me.

 

[Pa(b)st Prime]

This crisis hasn't been primarily "sub-prime" since its infancy. A lot of it is developers who did have a solid multi-project lending relationship with their bank. As we all know it only takes one really bad trade to blow out.

Quote from WaveStrider:

That's actually a pretty good analogy except for a few things.

1) The "voucher" sounds like he has some previous interaction with the bettor and believes he can make good on his bet (due diligence) - otherwise he wouldn't vouch for the guy at all.
2) The voucher doesn't sign a check that he would be accountable for and then pass it to the bettor to place his bet. If he was accountable for that money, he might be a bit more circumspect on taking that bet if he didn't verify they guy had a chance of paying it back.
3) The House (Vegas) is removed from the day-to-day interaction between the voucher and the bettor. Are there circumstances where the "House" was actually staffing/paying salaries of their own "vouchers"? If so, then the House has a direct link and is financing the guy taking the bet.

 

[Optionspoet]

"Our enemies are innovative and resourceful, and so are we. They never stop thinking about new ways to harm our country and our people, and neither do we."

Bush - Washington, D.C., Aug. 5, 2004

 

[BSAM]

Hmmmmm.....I'm thinking he won't be bringing a mirror with him to the speech tonight.

 

[Ivanovich]

Quote from Optionspoet:

"Our enemies are innovative and resourceful, and so are we. They never stop thinking about new ways to harm our country and our people, and neither do we."

Bush - Washington, D.C., Aug. 5, 2004

I had a whole calendar of Bushisms in 2007. That one was on there, yeah. Truly a bonehead.