[Rhodes22-list] Brad's comments on Finance - Economics - Fear - Politics - Truth - Personal Attacks without foundation

TN Rhodey tnrhodey at gmail.com
Sun Sep 28 13:48:50 EDT 2008


I should say the cause is not right or left....we need to pull together for
a solution.

On Sun, Sep 28, 2008 at 1:46 PM, TN Rhodey <tnrhodey at gmail.com> wrote:

>
> Comrade Ed - ....Don't worry the government is here to help.   This train
> wreck has been coming for a long time and both sides had  chances to
> solve.. Wall street caused this, not the rights or the left.  Fannie/Freddie
> are dominating the news but they really weren't the main problem. They did
> not create subprime mortgages, Option Arms, Negative AM loans, ABS, credit
> default swaps, CDOs, mortgage trading desks and so on.. Wall Street came up
> with this crap to make a buck.  Having a Federal Reserve that bows to Wall
> Street really fueled this along with simple greed. Very little of this is
> fraud. and despite what slanted media claims it is not a right or left
> issue.
>
> So it sounds like you are for this socialist bail out........you trust the
> gov to fix finance but not health care? Please tell us you will no longer
> call anyone who disagrees with you a socialist/commie/fascist????
>
>
> Wally
>
>
> On Sun, Sep 28, 2008 at 8:52 AM, Tootle <ekroposki at charter.net> wrote:
>
>>
>>
>> Brad:
>>
>> It is amazing to sit back and observe.  There are those who accuse you of
>> personal attacks and opinions about the National Democratic Party
>> Leadership
>> and their candidate Obama.  Yet you have provided much documentation to
>> support your view, positions, suppositions, etc.
>>
>> You get attacked by one list member who offers support for his positions
>> that at best are conjecture.
>>
>> The Bail out Bill has a big gift for ACORN.  Yes it does, in the last
>> versions acknowledged at 8 AM on Sunday morning.  Why should ACORN be
>> specified in this proposal by the National Democratic Leadership?
>>
>> The reasons are easy to see, to cover their asses and gain political
>> domination, to create their new order with them as dictators.
>>
>> The National Democratic Leadership has enough votes to pass their version
>> without any Republicans.  It seems they want enough votes to override any
>> potential veto to a bad bill for America.
>>
>> It looks like no bill will pass today.  As the economy falls, watch the
>> news
>> media blame Bush.  Yet, it is easy to see that the National Democratic
>> Leadership is very involved in the problems.  It seems to this observer
>> that
>> the fifth column is succeeding.
>>
>> According to Stan's recommended reading, the bubble is bursting.  I am
>> overwhelmed by his lack of concern for the results.  I am overwhelmed by
>> his
>> failure to call for justice by those intent on destroying America.  I am
>> overwhelmed by this forums failure to support complete justice and
>> integrity.
>>
>> It is obvious that Nancy Pelosi, Harry Reid, Chuck Schumer, Barney Frank
>> are
>> incompetent, evil or successors to the Ben C.'s old time Communists fifth
>> column.
>>
>> I think I need to go out and buy some old fashion amunition so I am
>> prepared
>> for tomorrow.
>>
>> Ed K
>> Greenville, SC, USA
>>
>>
>>
>>
>>
>>
>>
>> Brad Haslett-2 wrote:
>> >
>> > The short version of a long story is, I've been stuck in a hotel on
>> > reserve in my own city all day and paying close attention to the
>> > negotiations in DC. Everyone knows I'm a partisan, but what been going
>> > on the last few days with Pelosi, Reid, and company is disgusting and
>> > despicable.  We need a bill and we need it before the Asian markets
>> > open tomorrow night (our time).  They've been trying to load this bill
>> > up with pork and special favors, the most disturbing pork being marked
>> > for ACORN.  There's a lot of media spin being put out and a lot of
>> > high stakes power politics being played. These people have no idea how
>> > serious this game of "chicken" is and what the probable outcome will
>> > likely be.  Here's some observation and some links with a brief
>> > description of some of shenanigans at the end.
>> >
>> > Brad
>> >
>> > ------------------------------------
>> >
>> >
>> http://www.bloomberg.com/apps/news?pid=20601087&sid=aCpGk.NPYZ3g&refer=home
>> >
>> >
>> http://www.bloomberg.com/apps/news?pid=20601087&sid=aCpGk.NPYZ3g&refer=home
>> >
>> >
>> http://www.weeklystandard.com/Content/Public/Articles/000/000/015/636zbhel.asp
>> >
>> > http://www.politico.com/news/stories/0908/14018.html
>> >
>> >
>> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3094318/Bailout-failure-will-cause-US-crash.html
>> >
>> >
>> > -from Gateway Pundit-
>> >
>> > On Friday, the US government stepped in and sold Washington Mutual
>> > after customers withdrew $16.7 billion from accounts since Sept. 16th
>> > leaving the Seattle-based bank "unsound."
>> >
>> > It was later announced that Washington Mutual Inc. bondholders were
>> > likely to lose most of their money. This was a HUGE mistake by the
>> > government and must be corrected quickly or it could have major
>> > consequences.
>> >
>> > This report was sent to me from a an international auditor in the
>> > insurance industry and close friend who understands the seriousness of
>> > the situation.He describes the situation in layman's terms.It ain't
>> > pretty:
>> >
>> >     The financial crisis is real. Most people don't realize it yet,
>> > but banks, investment managers and corporate treasurers around the
>> > world all know what is going on. It started with the Freddie – Fannie
>> > collapse. They wrote loans to individuals who they shouldn't have.
>> > Government policies encouraged loans to minorities and the
>> > underwriting function of banks was no longer approving loans upon an
>> > individual's creditworthiness but their race was now a factor in the
>> > loan decision. When individuals are given loans based on race and not
>> > their ability to pay, it is inevitable that bad loans would be written
>> > and foreclosures would come. That's what happened and in a big way.
>> >
>> >     This caused ripple effects throughout the financial services
>> > industry. Firms who consolidated loan packages or guaranteed their
>> > creditworthiness were caught in the middle. Bear Sterns, Lehman
>> > Brothers and others went under. The largest insurance company in the
>> > US by some measurements was one of the casualties (AIG). With
>> > insurance companies around the globe, AIG is hoping to have some
>> > business left when all is over. The government stepped in to rescue
>> > this giant by providing capital for the firm while it liquidates
>> > portions of its business to pay off the investment derivatives which
>> > caused it trouble and then pay off the government loan. The
>> > investments became bad when the mortgages went south.
>> >
>> >     The ripple affect continues. Putnam funds, the largest money
>> > market fund in the US and rated AAA, had to close its doors since
>> > money managers began to realize that Putnam's assets were not
>> > guaranteed by the Federal Government (unlike cash in banks and savings
>> > and loans) and began to ask for their money. Putnam had to sell
>> > securities in order to meet the demand. Although they have begun to
>> > pay their account holders, their reputation and money market accounts
>> > in general have been severely damaged.
>> >
>> >     Corporations and institutions are scared of losing their money or
>> > having it locked up so there is a rush for money. This is global as
>> > long lines were reported outside AIG offices in various Asian offices.
>> > The Taiwan government came in to help AIG in Taiwan. There are other
>> > cases like this worldwide. Rumors are that some banks in Europe may be
>> > at risk.
>> >
>> >     The largest bank to ever be taken over by the government was next.
>> > And this is the scary part. Washington Mutual was taken over by the
>> > government on Thursday. They were not able to handle the surge for
>> > cash requests and became insolvent. The government however has made a
>> > big – HUGE – mistake.
>> >
>> >     In taking over Wash Mu, the government told Wash Mu bondholders
>> > that they would not be paid. This precedent when recognized by the
>> > investors around the world will cause massive pandemonium if the
>> > government doesn't do something quick. You see the bondholders are
>> > people and institutions who buy bonds for stable and guaranteed
>> > returns with a payoff based on the bond type. Banks and many
>> > corporations raise capital or get money by issuing bonds. If
>> > bondholders realize that their bonds with banks will not be paid off
>> > if the bank goes under, then the bond will become very risky
>> > especially during these times, if not worthless. This will cause banks
>> > the inability to raise capital to pay off the depositors they have on
>> > the books. Depositors will become scared and more 'runs on the bank'
>> > will occur in all financial service industries.
>> >
>> >     The President has made a proposal for the government to step in.
>> > They must do so quickly. There is no time to waste. Fear is a great
>> > motive and causes people to do crazy things. Already treasurers of
>> > companies are divesting their assets from risky investments and moving
>> > it to more safe places. This is causing illiquidity in the market and
>> > will continue if not addressed. Congress cannot continue to filibuster
>> > and lollygag. The world economy is at stake. The root problems of a
>> > government policy encouraging bad loans, corporate and government
>> > greed (some Fannie Mae executives made off with millions), and a
>> > Congress that wishes to put pork on this bill to save our economy must
>> > be addressed and now.
>> >
>> > More... There are already reports that the stock market could suffer a
>> > devastating crash with shares losing a third of their value this week
>> > if a concensus is not reached in Congress this weekend.
>> >
>> > With tensions high and Speaker Pelosi calling GOP members unpatriotic
>> > for missing meetings they were not invited to, it may be impossible
>> > for this to happen.
>> > Let's pray for a miracle.
>> >
>> > -----------------------
>> >
>> > Despicable Nancy Pelosi calls GOP Unpatriotic for missing a meeting--
>> > A meeting they were not invited to.
>> >
>> > Here's some behind the scenes politicking by Democrats at the
>> > Congressional bailout talks today, via the House GOP:
>> >
>> >     I Just wanted to shoot this story regarding the ongoing
>> > negotiations your way before you hear the media spin the Dems are
>> > feeding them. Republicans were told today's negotiations were for
>> > "principles." Meaning each party's lead negotiators – Senators Chris
>> > Dodd and Judd Gregg and Reps. Blunt and Frank. When we showed up to
>> > the meeting the list of Dems walking in the door kept growing to
>> > include all the above along with Democrats:
>> >
>> >     Rahm Emanuel (arguable the most political member of the House)
>> >     Charles Rangel (currently under an ethics investigation)
>> >     Senator Max Baucus
>> >     Senator Chuck Schumer (again, one of the most polarizing Members
>> > of Congress)
>> >     Senator Kent Conrad
>> >     Senator Jack Reed
>> >
>> >     That's hardly the deal we were promised, like Mr. Blunt quipped to
>> > reporters, "I think the ratio's about fair. It's two to eight or
>> > something."
>> >
>> >     And, the Dem spin machine is still in full swing. They said we
>> > boycotted earlier meetings, well, as Chris Dodd said last night on
>> > NBC, they just forgot to call us. So, maybe an 8-2 fight is the best
>> > we've had all week because we are at least at the table.
>> >
>> > __________________________________________________
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>> > __________________________________________________
>> >
>> >
>>
>> --
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>> Sent from the Rhodes 22 mailing list archive at Nabble.com.
>>
>>
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