Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 09-19-2008, 01:24 PM   #61
Thinks s/he gets paid by the post
ladelfina's Avatar
 
Join Date: Oct 2005
Posts: 2,713
Quote:
this administration is cleaning up the results of what was passed during the clinton administration. repeal of glass-steagal,
al_bundy... just FYI: the Republicans had Congressional majority and Clinton was presented with a veto-proof bill. That enough Dems went along with it is sad and reprehensible.. but the Rs were the instigators behind the repeal of G-S.. Phil Gramm being the author and main macher.
__________________

__________________
ladelfina is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-19-2008, 02:44 PM   #62
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 1,543
so what about the fact that Robert Rubin went to work for Citi the next year? the whole thing started when Citi decided to buy Travelers. not like the repubs just decided to repeal it for no reason
__________________

__________________
al_bundy is offline   Reply With Quote
Interview: "Bogle on Money Market Funds"
Old 09-19-2008, 02:47 PM   #63
Full time employment: Posting here.
Retire Soon's Avatar
 
Join Date: Nov 2005
Posts: 655
Interview: "Bogle on Money Market Funds"

Quote:
Originally Posted by ladelfina View Post
Did Bogle say how/whether it was possible to sort out 'dying' MMFs from the ones that are merely ill? This is just mind-boggling to me.. a completely open-ended commitment to private accounts where it is not even clear what is in them on any given day? They've never been regulated items so who is going to sift through it all and figure it out?

And even if someone tries to assess them.. people had looked at these other firms and declared "AAA". Nothing was wrong.. until there was.

Another question is what about the global nature of some of these entities? US taxpayers cannot backstop the entire financial universe.. it's just an impossibility. Where is the 'coalition of the willing', as it were?
No, he doesn't think we sure insure junk. Attached is a link the the interview:

Video - FOXBusiness.com
__________________
"I went to the woods because I wished to live deliberately... and not, when I came to die, discover that I had not lived."

--Henry David Thoreau
Retire Soon is offline   Reply With Quote
Old 09-19-2008, 09:33 PM   #64
Full time employment: Posting here.
 
Join Date: Nov 2005
Posts: 832
I was thinking about the bailing out Wall Street vs. bailing out Main Street issue today, and came up with a brilliant idea to bail out Main Street. Why not have everyone who has a residential mortgage apply to the Gov't to become part of a new Mortgage Stamps program. Each month, instead of sending your mortgage payment to your servicer, you send in a Mortgage Stamp in its place. The U.S. Treasury then makes your mortgage payment on your behalf. Anyone with a residential mortgage of any size could become part of this program, and any new residential real estate purchase financed with a mortgage would automatically be enrolled in the Mortgage Stamps program.

Think about it!! Anyone could qualify for a mortgage of any size at any time, because the American taxpayer would be paying the bill! Think about what would happen to the real estate market as millions of eager buyers flood the market looking for their dream home! The entire real estate industry would boom like never before! Boom! Boom! Boom!

I shouldn't joke about this. If past experience is any guide, Congress is perfectly capable of passing legislation to make this happen
__________________
socca is offline   Reply With Quote
Old 09-20-2008, 01:36 AM   #65
Thinks s/he gets paid by the post
lazygood4nothinbum's Avatar
 
Join Date: Feb 2006
Posts: 3,895
Does the Great Depression Hold the Answers for the Current Mortgage Distress?

from may 2008 fed reserve bank release:
Quote:
One of the proposals to stem the tide of loan defaults and foreclosures includes creating a new federal corporation to purchase distressed mortgages from investors and convert them to 30-year fixed-rate mortgages. “The type of agency being suggested,” said Wheelock, “would closely mimic one from the Great Depression called the Home Owners’ Loan Corporation.”
Home Owners' Loan Corporation - Wikipedia, the free encyclopedia
__________________
"off with their heads"~~dr. joseph-ignace guillotin

"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
lazygood4nothinbum is offline   Reply With Quote
Old 09-20-2008, 10:40 AM   #66
Full time employment: Posting here.
 
Join Date: Nov 2005
Posts: 832
George Bush quoted in today's Washington Post: "The risk of doing nothing far outweighs the risk of the [$700B bailout] package, and over time we're going to get a lot of the money back."

FLASHBACK to March 2003!! Haven't we heard this before?? Something to do with Iraq?? Am I not supposed to remember this??

Another quote from the Post: "In a briefing to lawmakers Friday, Paulson and Federal Reserve Chairman Ben Bernanke painted a grave picture of an economy on the edge of a major recession and telling them that action was urgent and imperative."

It may be that a recession/depression is exactly what this country needs to make sure that there is widespread demand for comprehensive reforms so that it doesn't happen again. The beauty of screwing future taxpayers - many who have not yet been born - is that it reduces the impetus for comprehensive reform and thus allows the folks who profit immensely from the status quo to keep on doing what they've been doing.

The reason why I am outraged by the Wall Street bailout is very simple: if my neighbor plays Russian Roulette, I shouldn't get shot, but that is exactly what is going to happen. A financial system that allows this to happen is fundamentally broken. The bailout practically guarantees that it won't be fixed this time around. Being able to greedily collect the winnings when your bets succeed, and charge your losses to the taxpayer when they don't, is a marvelous, marvelous scam, and we taxpayers may be stupid enough to fall for it.
__________________
socca is offline   Reply With Quote
Old 09-20-2008, 10:48 AM   #67
Thinks s/he gets paid by the post
ladelfina's Avatar
 
Join Date: Oct 2005
Posts: 2,713
socca, you're right.. but do we have a choice barring outright revolution and putting our taxes in escrow like the anti-war tax protesters?? I read a comment somewhere suggesting to "turn off the spigot" by encouraging everyone to immediately cancel their tax witholding. I can understand the sentiment, but don't see how it will help. The only power people have is to boot out every incumbent and take all their money out of the system, but that still won't change the structure at this point, or soften the landing.

No, you are not supposed to remember the promises about Iraq. Didn't you take the rohypnol that was handed out with the high-fructose corn syrup?
__________________
ladelfina is offline   Reply With Quote
The Soap Box is still open right?
Old 09-20-2008, 12:40 PM   #68
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,299
The Soap Box is still open right?

The Soap Box is still open right? Was the last time I posted there.

I thought the purpose of the Soap Box was to blame the other guy keep discussions of some of the more fiery topics out of the main forum.

This is the "FIRE and Money" forum, and there is a legitimate financial aspect to this which is worth discussing w/o all the blame game and name-calling stuff.

How 'bout it - can we keep this to a money discussion? A quick scan of this thread shows I'm not the first to make this request.

-ERD50
__________________
ERD50 is offline   Reply With Quote
Old 09-20-2008, 02:31 PM   #69
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Gone4Good's Avatar
 
Join Date: Sep 2005
Posts: 5,381
Quote:
Originally Posted by socca View Post
I've been trying to come up with a catchy name for the new version of the Resolution Trust Corporation, but haven't had any luck.

I kind of like Structured Housing Investment Trust
__________________
Gone4Good is offline   Reply With Quote
Old 09-20-2008, 07:00 PM   #70
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,451
Quote:
Originally Posted by socca View Post
I've been trying to come up with a catchy name for the new version of the Resolution Trust Corporation, but haven't had any luck. Here are some ideas:
I have one. Paulson's comments actually inspired it
Quote:
As illiquid mortgage assets block the system, the clogging of our financial markets has the potential to have significant effects on our financial system and our economy...
So essentially we have a plumbing problem and we need a plumbers helper to fix the problem, enter the

Debt Restructuring And Nationalization Organization
or DRANO for short. Flush those illiquid assets down the drain (along with a few hundred billion dollars). Plus the actual name is reasonably close to what the organization will be doing.
__________________
clifp is offline   Reply With Quote
Old 09-20-2008, 07:53 PM   #71
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Purron's Avatar
 
Join Date: Nov 2007
Posts: 5,584
Federal Undersecretary of Brokerage And Restructuring

Business Office of Housing Investment and Credit Administration
__________________

__________________
I purr therefore I am.
Purron is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
43-year old, almost-lawyer, still immersed in federal debt cmarino Hi, I am... 0 03-03-2008 10:00 AM
Secured debt (HELOC) vs Unsecured debt (credit card) Sue J FIRE and Money 6 03-07-2007 11:02 PM
Help Me Create the Ultimate 401(k) Craig FIRE and Money 9 08-09-2005 12:49 PM
Good Debt vs Bad Debt Tommy_Dolitte Young Dreamers 7 09-13-2004 10:37 PM

 

 
All times are GMT -6. The time now is 11:12 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.