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I have got a horsey

Stock Market Meltdown!

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I'll gladly watch something you suggest, and I'll make up my own mind about it :)

everything's slanted

This is true. I try and look for information and news from as unbiased places as I can get...but thats pretty hard at times. Hell, I've found that sometimes simple forums are great places for news, especially at the ones I visit. That way, you get everyones take on news.

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"One would have thought that conservative, free market Republicans, of all people, would have warned us of the dangers of state planning and state control of the economy. Certainly they have spared no opportunity to denounce reform of our health care system as socialism. These accusations seem to be stilled, however, when the issue is bailing out the Republican Party's friends on Wall Street, while enlisting many of these friends in running the new state corporate enterprise, and selling the assets back to the same group later on.

"It is a bit like the privatization of the old Soviet Bloc. Faced with crisis, the old communists became the new capitalists; they made the most of changed conditions by buying up old state businesses and running them as capitalist oligarchs. In America we see the same logic in reverse: Faced with a crisis of their own making, the old capitalists become the new communists."

http://weblogs.newsday.com/news/opinion/vi...brought_to.html

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my thought.

If you are going to restrict CEO's pay than restrict every actor who makes a bad movie and professional athlete who plays on a losing team.

Tiger Woods made 120 million last year and they want to go after CEO's who make 30 million?

Arod makes 26 million and the yanks suck.

Not everbody can't afford a house. Thats why there are apartments. The dems forgot about that and we are here.

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my thought.

If you are going to restrict CEO's pay than restrict every actor who makes a bad movie and professional athlete who plays on a losing team.

Tiger Woods made 120 million last year and they want to go after CEO's who make 30 million?

Arod makes 26 million and the yanks suck.

Not everbody can't afford a house. Thats why there are apartments. The dems forgot about that and we are here.

Because wealthy = greedy :rolleyes:

I agree PB, people btich and moan about CEOs but say nothing about sports players or actors or directors or [already filthy rich] Congressman making a shitload of money. I don't get it

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Because wealthy = greedy :rolleyes:

I agree PB, people btich and moan about CEOs but say nothing about sports players or actors or directors or [already filthy rich] Congressman making a shitload of money. I don't get it

exactly.

Now McCain suggests any company that gets financial assistance from the government, the pay cap for any employee should be that of the highest paid public employee (POTUS at $400,000). I see the point in that. it does have some drawbacks, but not for us.

What about all those Lawyers who make a shit ton. Oh wait, most politicians are lawyers. No wonder why!

I still think it is absolutely wrong to restrict anybodys pay. The Unions in chicago are nuts now because they keep jacking up the wages so they could all claim to be on even ground. I like more money on my check, but i already see us paying ourselves out of jobs. But you are worth as much as the market can bear.

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The Dems looked the other way while Fannie Mae and Freddie Mac defrauded the US Taxpayers.

The oversight for these GSE's was congressional committees, which the Dems have controlled since 2006.

You wonder why our congress hasn't dragged the heads of Fannie and Freddie before congress to testify.....

Well, that wouldn't be politically prudent, right now, would it ? ? ? ?..... especially since the leaders of Fannie and Freddie were Democratic appointees ! ! !

But the Dems ALWAYS have time to bring in Big Oil execs and steroid sports players in.....

THE BLAME IS THE DEMS..... BUT THEY'RE NOT GOING TO INVESTIGATE THEMSELVES....

That just doesn't happen....it's against the Democratic way of life to do so.....

Other things added to the speed of this defrauding by Fannie and Freddie.....but make no mistake....the Lynchpins of the Mess was the Dem regualted Fannie and Freddie GSE's

Edited by The Rover

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*FBI INVESTIGATING POTENTIAL FRAUD BY FANNIE MAE, FREDDIE MAC, LEHMAN BROTHERS, AIG*

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*FBI INVESTIGATING POTENTIAL FRAUD BY FANNIE MAE, FREDDIE MAC, LEHMAN BROTHERS, AIG*

The initial reports i saw on tv said that -washington had "encouraged" the sub prime lending. the confusion continues.

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Fannie Mae/Freddie Mac collapse Democrats' fault

http://www.halfsigma.com/2008/09/fannie-ma...rats-fault.html

:D Dude....There hasn't been a two term President in the history of our nation that isn't responsible for their own mess during their tenure in office. Even if a past policy doesn't work as planned. you had 8 years to adjust it, manipulate it, or just plain kill it. The GWB administration went well out of their way a year ago to brag how they were responsible for the highest rate of home ownership in the history of our country....The same Administration that preached de-regulation as the answer to everything. Your current candidate just pulled the blanket over his head, and even George Will and the frickin' Wall Street Journal are calling him out asking WTF ! The reason GWB looks so grim is because he's just stared his future legacy square in the face. His family name will be spat upon for generations to come....George "Herbert Hoover" Bush, the worst President to hold office in almost 200 years.

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LOL!! Even Bubba blaming dems for this mess..

Fox News Blames Democrats for Financial Crisis, Bill Clinton Agrees

By Noel Sheppard (Bio | Archive)

September 25, 2008 - 11:25 ET

Going very much against the media meme that the current financial crisis is all George W. Bush and the Republicans' fault, Bill Clinton on Thursday told ABC's Chris Cuomo that Democrats for years have been "resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac"..

(click link for more)

http://newsbusters.org/blogs/noel-sheppard...-clinton-agrees

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LOL!! Even Bubba blaming dems for this mess..

Fox News Blames Democrats for Financial Crisis, Bill Clinton Agrees

By Noel Sheppard (Bio | Archive)

September 25, 2008 - 11:25 ET

Going very much against the media meme that the current financial crisis is all George W. Bush and the Republicans' fault, Bill Clinton on Thursday told ABC's Chris Cuomo that Democrats for years have been "resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac"..

(click link for more)

http://newsbusters.org/blogs/noel-sheppard...-clinton-agrees

If anyone is paying much attention to Bubba they will have noticed that he clearly has an agenda right now. He is more pissed off than Hillary is that she didn't get the nomination. He is losing what little respect I ever had for him.

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If anyone is paying much attention to Bubba they will have noticed that he clearly has an agenda right now. He is more pissed off than Hillary is that she didn't get the nomination. He is losing what little respect I ever had for him.

I think he's just trying to cover his ass because he knows that he bears some responsibility for this crisis. It's the culmination of a lot of things and it all didn't just happen under GW's watch.

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I think he's just trying to cover his ass because he knows that he bears some responsibility for this crisis. It's the culmination of a lot of things and it all didn't just happen under GW's watch.

Now THAT I woulnd't disagree with! B)

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I kinda wish Washington was set up like the Mafia where they would take out the thieves and snitches and dump them in the river. We can only wish.

B)

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(Independent by the way meaning I don't claim a party)I never do get blaming everything on the seasonal President for everything I blame more long standing career politicians in the house and senate and our selves always seekin the quick profit,yeah it's gonna be tough but wayyyyyyyyy to many folks live well past their means with credit in this country and what we are crankin out these days is not as quality as it once was ,we have gotten lazy as a nation in some respects to much glitter and not enough rolling up the sleeves get your nails dirty hard work,I think I like the bi-partisian work that happens in a crisis to bad it can't carry over after the crisis.

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I kinda wish Washington was set up like the Mafia where they would take out the thieves and snitches and dump them in the river. We can only wish.

B)

Their would probably be no one left :lol:

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Another bites the dust

WaMu becomes biggest bank to fail in US history

Friday September 26, 7:17 am ET

By Madlen Read, AP Business Writer

JPMorgan Chase buying Washington Mutual's assets for $1.9 billion after FDIC seizes bank

NEW YORK (AP) -- As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks -- Washington Mutual Inc. -- has collapsed under the weight of its enormous bad bets on the mortgage market.

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The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion.

Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country's history. Its $307 billion in assets eclipse the $40 billion of Continental Illinois National Bank, which failed in 1984, and the $32 billion of IndyMac, which the government seized in July.

One positive is that the sale of WaMu's assets to JPMorgan Chase prevents the thrift's collapse from depleting the FDIC's insurance fund. But that detail is likely to give only marginal solace to Americans facing tighter lending and watching their stock portfolios plunge in the wake of the nation's most momentous financial crisis since the Great Depression.

Because of WaMu's souring mortgages and other risky debt, JPMorgan plans to write down WaMu's loan portfolio by about $31 billion -- a figure that could change if the government goes through with its bailout plan and JPMorgan decides to take advantage of it.

"We're in favor of what the government is doing, but we're not relying on what the government is doing. We would've done it anyway," JPMorgan's Chief Executive Jamie Dimon said in a conference call Thursday night, referring to the acquisition. Dimon said he does not know if JPMorgan will take advantage of the bailout.

WaMu is JPMorgan Chase's second acquisition this year of a major financial institution hobbled by losing bets on mortgages. In March, JPMorgan bought the investment bank Bear Stearns Cos. for about $1.4 billion, plus another $900 million in stock ahead of the deal to secure it.

JPMorgan Chase is now the second-largest bank in the United States after Bank of America Corp., which recently bought Merrill Lynch in a flurry of events that included Lehman Brothers Holdings Inc. going bankrupt and American International Group Inc., the world's largest insurer, getting taken over by the government.

JPMorgan also said Thursday it plans to sell $8 billion in common stock to raise capital.

The downfall of WaMu has been widely anticipated for some time because of the company's heavy mortgage-related losses. As investors grew nervous about the bank's health, its stock price plummeted 95 percent from a 52-week high of $36.47 to its close of $1.69 Thursday. On Wednesday, it suffered a ratings downgrade by Standard & Poor's that put it in danger of collapse.

WaMu "was under severe liquidity pressure," FDIC Chairman Sheila Bair told reporters in a conference call.

"For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks," Bair said in a statement. "For bank customers, it will be a seamless transition. There will be no interruption in services and bank customers should expect business as usual come Friday morning."

Besides JPMorgan Chase, Wells Fargo & Co., Citigroup Inc., HSBC, Spain's Banco Santander and Toronto-Dominion Bank of Canada were also reportedly possible suitors. WaMu was believed to be talking to private equity firms as well.

The seizure by the government means shareholders' equity in WaMu was wiped out. The deal leaves private equity investors including the firm TPG Capital, which gave WaMu a cash infusion totaling $7 billion this spring, on the sidelines empty handed.

WaMu ran into trouble after it got caught up in the once-booming subprime mortgage business. Troubles then spread to other parts of WaMu's home loan portfolio, namely its "option" adjustable-rate mortgage loans. Option ARM loans offer very low introductory payments and let borrowers defer some interest payments until later years. The bank stopped originating those loans in June.

Problems in WaMu's home loan business began to surface in 2006, when the bank reported that the division lost $48 million, compared with net income of about $1 billion in 2005.

At the start of 2007, following the release of the company's annual financial report, then-CEO Kerry Killinger said the bank had prepared for a slowdown in its housing business by sharply reducing its subprime mortgage lending and servicing of loans. Alan H. Fishman, the former president and chief operating officer of Sovereign Bank and president and CEO of Independence Community Bank, replaced Killinger earlier this month.

As more borrowers became delinquent on their mortgages, WaMu worked to help troubled customers refinance their loans as a way to avoid default and foreclosure, committing $2 billion to the effort last April. But that proved to be too little, too late.

At the same time, fears of growing credit problems kept investors from purchasing debt backed by those loans, drying up a source of cash flow for banks that made subprime loans.

In December, WaMu said it would shutter its subprime lending business and reduce expenses with layoffs and a dividend cut.

The bank in July reported a $3 billion second-quarter loss -- the biggest in its history -- as it boosted its reserves to more than $8 billion to cover losses on bad loans. Over the last three quarters, it added $10.9 billion to its loan-loss provisions.

JPMorgan Chase said it was not acquiring any senior unsecured debt, subordinated debt, and preferred stock of WaMu's banks, or any assets or liabilities of the holding company, Washington Mutual Inc. JPMorgan also said it will not take on the lawsuits facing the holding company.

JPMorgan Chase said the acquisition will give it 5,400 branches in 23 states, and that it plans to close less than 10 percent of the two companies' branches.

The WaMu acquisition would add 50 cents per share to JPMorgan's earnings in 2009, the bank said, adding that it expects to have pretax merger costs of approximately $1.5 billion while achieving pretax savings of approximately $1.5 billion by 2010.

"This is a definite win for JPMorgan," said Sebastian Hindman, an analyst at SNL Financial, who said JPMorgan should be able to shoulder the $31 billion writedown to WaMu's portfolio.

AP Business Writers Marcy Gordon in Washington and Sara Lepro in New York contributed to

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WAMU failed because of G-R-E-E-D.

Why did they gobble up sub-prime Providian in the first place ? ? ?

Failure brings pain, a lot of pain.

And in that pain, the discipilne to be thrifty and not greedy.

Let them fail for their greed.

They need a good spanking.

The American people need a good spanking.

Wall Street and big busniess need spanking.

We have all behaved badly, some intentionally, and some ignorantly.

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