The Bail Out Helps Main Street-Or Pikers Like You

[Random.Capital]

Quote from Mecro:

Any subsidy for the average american came at the expense of higher taxes & inflation.

Right. That's why the debt ceiling is being lowered and we're not calling on China and the Emirates to buy our debt.

Here's an idea. Anybody who sold their home in '03, '04, '05 benefited from the exact same over-levaraging that enabled those incredible exec bonuses at Goldman etc. Only difference is the exec bonus amounts pale in comparison to the profits made by home sellers.

So let's claw back some of those profits from homeseller. Since they came from exactly the same credit source, it only seems fair. Why should they alone profit from this mess?

You, as a self proclaimed libertarian... know this.

You would come across as slightly less silly if you actually paid attention to who you're replying to. Where did I ever say I'm a libertarian or anything else?

 

[JamesVU2000]

Quote from Pa(b)st Prime:

A few points.

1. I'm the biggest libertarian on this board. For twenty years I've advocated the virtual dismantling of the Federal government. Taxes should be collected and services provided by the States. It is the States who ideally would fund the tiny Federal government. I'm anti-Fed, anti-interventionist military, anti-welfare, anti-Social Security, I'm even anti-public education. Government equals entitlement and in a world where you enter alone and leave alone the THEFT of wages by a central government is a SIN.

2. The Treasury will fail soon enough.

3. Don't EVER burn an American flag. Be respectful. Instead BOMB a leftest institution.

That being said.

a. Each one of us is being bailed out. WHO THE FUCK do you think is insuring your bank account? Your brokerage account too. Unless your money is sitting under your bed then YOU TOO are milking the Federally insured banking system and paying ZILCH for the insurance.

b. The banking system SERVES THE POOR. Do rich people need to borrow? Do you think Alex Rodriguez needs a car loan? Or a mortgage? He can pay cash. Many of you can't.

c. The BEST WAY for poor folk to become rich is through leverage. What can allow your trading account to grow faster, trading stocks at 50% margin or trading futures with a 2% performance bond?
I met a FLIPPER here on ET who went from being a humble, broke 25 year old to a millionaire 30 year old because he could borrow from a bank.

d. What's the difference between bailing out banks which EVERYBODY uses than "bailing out" Chrysler, UAL and American Airlines which FEW people use and which have ready competition.

c. What's the difference between this bailout and the ENRICHMENT of all those "well run" corporations who do BILLIONS of dollars in business with the Federal government.

d. What's the difference between this bailout and funding energy or health care? GOVERNMENT FUNDING IS JUST "BAILOUT" WITH ANOTHER NAME.

This isn't the BEGINING of American socialism. It's just the 1000th blow (job). In reality though-this is probably the most IMPORTANT bail out. Let's make it the last.

I realize that I dont know the future, but I highly doubt what they are going to do is going to work.

 

[flytiger]

Quote from swtrader:



i know someone who works at a government agency - she says the first tip off of a nut job is heavy use of ALL CAPS PHRASES in their text

THANKS FOR THE TIP. GREAT IDEA!!!!!!!

Know how many Government agencies we went to? Limp dicks. All of 'em. If they would have listened to reasonable discourse, Pab(st) wouldn't have to have made this post. Patrick will write a book. You'll see. He never asked anything of himself. He only was trying to help all of us. But no. Power uber alles!

Let's get this done, and hope it makes some sort of bottom, jails the appropriate people, and instills a will in Government that this cannot happen again for 100 years. but, we need to take care of the mistreated, or there can be no Wall St. or finance business. The trust will never be there. People have to have something to believe in. It's why man invented God. Actually many Gods. Let's face it. Only one is right at best. The rest are fakes.

Tell your pal I think they all suck. Thanks. Ah, I shouldn't say that, not knowing her. Does she have nice tits???? It's a joke, don't get your panties in a wad. Gallows humor. The second part is a joke. I do think they all suck.

 

[Pa(b)st Prime]

Quote from Random.Capital:

Right. That's why the debt ceiling is being lowered.

Here's an idea. Anybody who sold their home in '03, '04, '05 benefited from the exact same over-levaraging that enabled those incredible exec bonuses at Goldman etc. Only difference is the exec bonus amounts pale in comparison to the profits made by home sellers.

So let's claw back some of those profits. Since they came from exactly the same credit source, it only seems fair.

That's exactly right. I told a story here a few days ago. I was talking to an L.A. based trader who now rents in an upscale area in the SFV where he once owned. In 2005 he noticed with a traders cynical perceptiveness that homes in his 'hood were coming on the market more frequently and not selling as quickly. He offered his home and hit the first competitive bid. Just shy of a mil. The buyer has subsequently lost the house! (probably a Countrywide guy). Is the trader/seller going to "break the trade"? Hardly. Yet he profited handsomely (4x in eleven years) off the same "greedy leverage" that we incessantly hear as the blame for this crisis. A nice transfer of wealth via the banking system.

 

[snowhite]

only you are the sucker sir.

 

[Pa(b)st Prime]

Quote from JamesVU2000:

I realize that I dont know the future, but I highly doubt what they are going to do is going to work.

Inflate or die, bro.

The housing break might only be in the 3rd inning UNLESS we have a South American type moment. Viva $18 a gallon milk but stable asset prices....

 

[swtrader]

Quote from Pa(b)st Prime:

That's exactly right. I told a story here a few days ago. I was talking to an L.A. based trader who now rents in an upscale area in the SFV where he once owned. In 2005 he noticed with a traders cynical perceptiveness that homes in his 'hood were coming on the market more frequently and not selling as quickly. He offered his home and hit the first competitive bid. Just shy of a mil. The buyer has subsequently lost the house! (probably a Countrywide guy). Is the trader/seller going to "break the trade"? Hardly. Yet he profited handsomely (4x in eleven years) off the same "greedy leverage" that we incessantly hear as the blame for this crisis. A nice transfer of wealth via the banking system.

so, because some hot shots in LA did well in the housing bubble, everyone, including those who didnt participate are obligated to bail out wall street

ummm, i dont think so

and more importantly, the nation has it's thumb down this time

 

[AMT4SWA]

Quote from swtrader:

i know someone who works at a government agency - she says the first tip off of a nut job is heavy use of ALL CAPS PHRASES in their text

Interesting.....here is a recent email exchange between the current election 2008 cadidates found by FAUX NEWS;

McCain...... "OBAMA YOU SUCK, AND HOTY PALIN AND I ARE GOING TO RAISE YOUR TAX HIKE BY AT LEAST TWO MORE TRILLION DOLLAR BAILOUTS!!!!"

Obama..... "WELL McCAIN YOU OLD WRINKLY CRIPPLE, I SEE YOUR BAILOUTS AND I RAISE YOU HILLARYCARE! WHEN I GET INTO POWER, YOU WILL HAVE TO LIVE UNDER HILLARYCARE WHICH WILL MAKE YOUR POW TIME FEEL LIKE KINDERGARTEN!!!!"

Palin.... "HEY YOU TWO INSIDERS, IF I DO NOT GET IN AND GET MY WAY, I AM GOING TO DRILL BOTH OF YOU LIKE A VIRGIN ALASKAN WILDLIFE REFUGE!!!!!"


:eek: :eek: :eek:

 

[swtrader]

Quote from Pa(b)st Prime:

Inflate or die, bro.

The housing break might only be in the 3rd inning UNLESS we have a South American type moment. Viva $18 a gallon milk but stable asset prices....

you're a pig

you'll starve little kids to preserve your inflated home equity

 

[JamesVU2000]

Quote from Pa(b)st Prime:

Inflate or die, bro.

The housing break might only be in the 3rd inning UNLESS we have a South American type moment. Viva $18 a gallon milk but stable asset prices....

I hear ya Pabst and I ultimately think thats whats going to happen, but were a couple years away from that.