Government buys $1T of securities

[Trample the Elderly]

[*]Quantitative easing is a well know monetary tool. In your world it's always bad, in my world it can be good or bad depending on situation and how it is used.[*]You fail to appreciate the catch-22 situation we're in. All of this is not being done in jest, it's so we don't lose more jobs and business. In my world no easing means inability to lend money, inability to lend money results in more business tightening thier belts, more belt tightening means more layoffs, higher unemployment means higher default.[*]Can your bank handle 20% of its customers losing their jobs? For how long? Tell you what, we can even do the math but if I had to guess it wouldn't without a bailout. In my world I realize that it's not just about giving good loans, it's how employed we are.[*]The only reason why your bank is in business is because it's backed by the Full Faith and Credit of the United States Government. Period. In my world I am cognizant that your bank didn't pay any FDIC insurance premium between 1996-2006 and was therefore sucking on taxpayer tit.[*]My world doesn't consist of living in a cave pretending government inaction will yield positive results. I will defer to economists who don't think statistics are useless.[*]Finally, my world is not based on superficial knowledge of what America is and has always been, and how and why it got to where it is today.[/LIST][/QUOTE]

1) NIV was a well known tool too, but that didn't work very well either. I can't worry about everyone else's world. It's hard enough taking care of my own.

2) You don't think this is funny? If your world can't exist without a bailout I'm sorry. Naught Naughty Saden! Speak for yourself and use less "we" statements. We, as in my neighbors and myself will do just fine with or without full employment for a long long long time. I wish you and your own the same good fortune that "we" enjoy.

3) My bank is doing just fine. In fact we're understaffed and there is plenty of overtime, mandatory and voluntary, for everyone. I can't speak for my bank's customers. That is just too broad of a canvas to paint. I'm not on the board of directors so I can't say what kind of insurance we have. You can bet your bottom dollar it's not Llyods of London.

4) I refuse to believe in the dire situation that you paint. You see I'm tired of living in fear. When ole Bush said that Iraq was a threat I didn't believe it but I assumed that Bush and his CIA daddy had some insider stuff. BS. When he said that our economy would collapse if we didn't throw some money at AIG and all of these other "Too Big to Fail" companies I didn't believe that either. BS. Now that Obama is saying the exact same thing as Bush, I don't believe that either. BS. Fear is a nasty thing that I can do without.

5) My bank exists because it does good business, just like every other capitalist enterprise in the world. Period. In fact we didn't take any of the bailout money, nor did Ford and a lot of other businesses. We ate a lot of bad paper from the "good times", but our shareholders (AKA: employees) ate that, not the American taxpayer. If we go under so be it.

6) Ah yes, you must be referring to the "Masters of the Universe" that got themselves into this mess. Now those are the people that I'd give my money too. He he he

7) I cannot speak for all of America, only my little slice. My family has been living on it before there was an America, and probably still will be once this whole thing is forgotten and a distant memory. There is still a Rome and it's still full of Italians.

You seem really upset Saden. I guess your not making as much money as you're used to. I feel for you, no sh*t. There's nothing that I can do to stop any of this. This isn't in my hands. I'd love to have this little spat on the deck of my yacht in the Keys but we will not any time soon.

You can say that I'm a cave dweller just because my way of thinking is different and the way I do business is foreign to you, but that doesn't help your argument. It'll be alright though. My people will get along like we always do with or without this farce that you place so much faith in.

You think that things will get better because your man is in there, fine. There's no difference between the two in my eyes. Meet the new boss, same as the old boss . . . . or so the song goes. You can get upset if you want to. You're not going to change my mind and I'm not here to convince anyone of my point of view or to prove a point. I've learned my lesson on that one. I'm just going to sit back and enjoy the ride and laugh at the people who blow their cool.

If they throw a war, I'll not go. If they throw a depression, well I'll skip that too. Revolution? Let me know who wins. Now when they throw a party let me know. I'll be there. Until then, there is the Washington MOFO Redskins babe, oh yeah!!!!

Happy Friday Everyone! Job or no job, everyday above ground is a good day!

[saden1]

1. What is this NIV thing you speak of? Is it a medical probing device of sort?
2. Unlike you I am inclusive, but if you don't want to be part of the "we" I am more than willing to kick you to the curb with a smile and don't think I am above taking your money in the process either. Also, let's cut the pretenses, you don't care about my fortunes. Save the sugar for the Mrs, it might come in handy if you happen to get a pink slip.
3. Did you just say "my bank is doing just fine," "I can't speak for my bank's customers," and "I am not on the board of directors" in the same paragraph? Perhaps you should know more about your customers and ask management how the bank is doing before saying "my bank is doing just fine?" I say this because Enron was doing just fine too. This might come to you as a shock but during the great depression roughly 40% of the banks failed and those who survived got a hand from team FDR.
4. Believe what you want, you obviously seem to do fairly well in that regard. I don't paint, I like to appreciate pictures of a naked economy. My favorite models are Model A, Model B, and Model C. NWS.
5. Your bank exists because taxpayers have its back. With all its "good-business-nes" all it would takes for it to collapse is mass defaults of say 20% and precipitous withdrawal of funds by apprehensive customers. I wouldn't worry if you go under though, the FDIC will come in, clean you up for sale, and you will probably still have a job. I mean, when you're at the club no one got your back like Uncle Sam son.
6. I am sure you could make a better Master of the Universe. You're going to have to earn it though...so far you've been up a few times and you've only managed to hit foul balls.
7. One can argue that you can survive if you purposefully cutoff half of your limbs. Still, I find apotemnophilia disturbing.
   

Don't confuse being appalled with being upset. It is very difficult to phase me. While I have lost a lot of money in the market I'm really happy with the abundance of stocks on sale. I was just looking at purchasing a few shares of Berkshire Hathaway B which is on deep discount (you can't beat 0.86 P/E and 3,224.16 EPS). I'm still employed with the same company and while the economy has cramped our style a bit we're still as pure profit of a company as you can get. If I happen to lose my job I'm good to go.

Let's see here, a) your way of thinking isn't foreign to me, I just don't think it is sensible, b) I don't know if things will get better, I hope they do because being on a sinking ship hampers my swagger, c) if Obama succeeds hooray, if he fails we fail (without you and yours of course). I voted for Obama, I'm not his indentured servant, d) lastly, I have no intention of changing your mind, I already know that lock can't be picked. I probably have better chance looting Fort Knox.


It can't be denied, Hailing to the Redskins brings people together.

Good night and good .

[Trample the Elderly]

I could tell you lost money. I'd be in a foul mood too.

Let's not pretend, I admit I'm not a financial guru. My degree is in another field. These things that you speak of make no sense to me. They're easy to understand but for the life of me I don't see why any capitalist would place faith in them. It doesn't take a genius to understand what they're doing and why they're doing it. Since I've no control over the decisions of the Federal government there's no point in me worrying about them.

NIV is a no income verification loan. It's one of the bastard step children of the SISA, stated income stated assets family. We used to carry those because of Fannie and Freddy's guidelines. Those bit us in the A**. Even though I'm not on the board of directors that doesn't mean that I don't review the contracts that come across my desk. I see where some of our customers work, how much debt to income they have, and what their FICO scores are. We're solid in the three divisions of business that I work in.

He he he, don't be mad Saden. I really do hope you make a lot of money. You're right. I don't give a damn about anyone except my friends and family, but that doesn't mean I go through life pissing on everyone. I mean damn! Look at it this way. Some of the gals at work pass out these catalogues to buy cookies for their kid's school projects. They get nothing from me. Now if one of their kids was in the hospital I'd shell out what I could. There is a time and place for everything.

Lighten up a little and step out of the parking lot every once in awhile. I don't see you posting in any of the other threads.

[saden1]

Clearly Paul Krugman is taking his cues from me. I should sue him for something.