A Bailout for everyone, with exception to the debt ridden American loser. God bless communism.
If you enjoy the content at iBankCoin, please follow us on Twitter“If a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution,” Paulson said.
You may not like it but thats true. The government has to treat all the banks who have invested in America equally. You want the foreign banks to invest but be discriminated when they are as dumb as other American banks
Having said that, addressing the debt ridden homeowner’s troubles is another issue and it should be a top priority than bailing out ALL banks involved in this mess
Give me your poor, your tired, your steaming toxic shit….
Fly do you think this will spike gold and oil prices?
This is only the beginning. Next we start on the industrials…then agriculture…
Codetermination
Communes
Centralized planning
five year forecasts
Oh it will be so glorious! Karl, Vlad and Joe will be so proud!!
USA won the cold war
But will lose the current battle
Guess who sponsorded bolshevics? Aka Russian red revolution
And you will understand where from the wind blows
USA! USA! USA!
You want the foreign banks to invest
Speak for yourself! Screw the foreign banks. Close the borders – physical, and economic.
Oh Wise and Magnificent Fly:
What do the magic PPT indicators indicate we 3rd-tier bloggers should do tomorrow?
Anthony Kim just showed Sergio what’s what at The Ryder Cup. My son played with him at Royal Oaks GC in Dallas just after he left U. of Oklahoma and has told me that Kim is the one of the best ball strikers around.
USA USA USA
Over at The Big Picture: Bill Moyers interviews Kevin Phillips. http://bigpicture.typepad.com/comments/2008/09/bill-moyers-kev.html
Pretty grim assessment of where we are, but with some great lines.
“But it’s not that the Clintonites didn’t play. They did. Bob Rubin as Secretary of the Treasury — I mean, if he was a Hindu and he was being reincarnated, he’d come back as a pail because this guy bailed out everything you can imagine.”
Trader,
Ahm, Sergio has showed the US Team “what’s what at the Ryder Cup” MANY times in the past.
Odd, no?
Yes, very odd.
It is good to see that the Euro’s big 3 (Westwood, Harrington, and Garcia) are off this week.
We should be able to win this one.
Australia has now banned ALL short selling for thirty days. The next step is for all governments to make bear markets illegal.
http://www.theaustralian.news.com.au/story/0,25197,24380714-30538,00.html
This shit is hilarious. All these butt pirate cum guzzling Euro peons are blaming Alan Greenspan for the meltdown. Hell they should blame his wife too, that bitch fucked up by working for NBC. Losers.
Can someone throw me a fucking bone already?
The way I see it, if the Bank of England in my country and the Euro central bank don’t cough up also, I’ll be pissed at my own leaders. It’s a fucking joke the US has to foot this bill, as such I’ll bet my ass they do cough up.
You lot screwed up lending to the poorest with no jobs, but we dished out high mutliple mortgages to those with jobs.
XLF has a bull flag that, over the last few weeks, has 1 headfake up 1 headfake down and now a move above (3rd?). If congress stalls this bill which I thing they will, Money markets will freeze, XLF WILL COLLPASE to new lows.
This shit is scarry. Longs and shorts will be the middelman in a barney frank paulson butt fuck.
When Money market funds blow up all the people who think 401k $$ is parked in a safe place will get the torches, sholves and other farm implements to march to dr frankensteins house demanding justice. Think mel brooks Frankenstein.
wonder why the bankers didnt by puts on some of their trades.. now that the USSA pissed of Putin hes increasing defense spending by 25% wonder what the offense spending increase is
How about a few global-coordinated interest rate cuts to start the week?
My first thought, upon reading that the Big Giveaway covered foreign banks, was that they just killed the bailout.
My second thought was that the inclusion of foreign banks was a sacrificial provision of the plan. It is such a convenient target for opponents of the Big Giveaway, that it would become a focus of the opposition. Jettisoning that provision would then leave the opposition scrambling and appearing as if they were unwilling to compromise.
Calculated Risk pointed out another nutty part of the proposal: it would apply to assets originated as recently as Sept. 17, 2008.
Bush has squandered more of our resources, in favor of his cronies, than anybody could have imagined.
Is it any wonder we keep him out of the spotlight?
His administration is a disgrace.
crazy aussies.
This is a financial blog , so shut up with the ryder bs and other sports crap!!!
Third World Canadian Asshat — Go get on line for a checkup asshat! USA!! USA!! (USSA!):
Strong as a team, strong as individuals, the Americans rode the emotion of a flag-waving crowd and its two Kentucky players on Sunday to win the Ryder Cup for the first time since 1999.
Kenny Perry, the 48-year-old native son who felt this week would make or break his career, was part of an early American push that swung momentum in his favor. Then came fellow Kentuckian J.B. Holmes, blasting drives over the trees to birdie his last two holes and position the United States for a victory it felt was overdue.
The Ryder Cup was clinched with a handshake when Miguel Angel Jimenez conceded a short par putt to Jim Furyk, giving the Americans the 14 1/2 points they needed to take the 17-inch gold chalice (!!) .
Golden Chalice?? WTF??? Fly readers even on the sports circuit!!
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Please let me take this moment of glory (both Giants and Ryder USA wins) to tell all Canadians to kindly “fuck off.”
Thankyouverrahmuch for not participating.
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Speak for yourself! Screw the foreign banks. Close the borders – physical, and economic.
Flux Capacitor’s new name — “Herbert Hoover Capacitor.”
Keep up the comments like above, and you’ll have a large hydrodam in the desert named after you in no time.
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Ahm, Sergio has showed the US Team “what’s what at the Ryder Cup” MANY times in the past.
Sergio has shown, once again, that his name should be legally changed to “Chokio” — Al Qu’aeda beard* or no.
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* Is this now mandated by the yellow Spanish gov’t in order to not offend the Islamofascist bombers?
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FDRGint – Thanks.
Flux, no dis, but Hoover did shut down trade and raise taxes, pretty much ushering in the Great Depression.
Guess which candidate wants to take the same route?
I’m no fan of the socialization of losses, as you well know (I was very short when Paulson pulled this latest corn-holery). I just don’t think we need to exabate the situation by limiting free trade.
Look up “Smoot Hawley Tariff” on the Google to see what I’m talking about.
I’m well versed in Jude Wanniski’s theories on Smoot Hawley.
The root cause of our problems isn’t “bad mortgages” or “toxic assets” – it’s that the private sector of this country has been plundered over the last 20 years, with all of the manufacturing and most of the technology shipped offshore.
We don’t “make” anything anymore, haven’t for a long time, and things won’t get better until we find a way to survive without incessant borrowing from other countries.
Paulson’s asshattery is the last step in the plunder of a once-great nation, robbing the Treasury now that the private sector has been run into the ground.
Not sure where you’re going, a la Wanniski’s “theories.” I think you need to stretch back a mite farther than that — to David Ricardo and Adam Smith in the 18th century. It’s pretty much accepted economic history that limiting free trade causes economic seize ups.
Are you suggesting we only sell to 300mm people, instead of the present 2 bn +? That we no longer take advantage of
Do some back checking inre “theories,” — you’ll find that every limitation of trade led to economic trouble.
It’s no coincidence.
Sorry, “competitive advantage” got dropped up there in that middle graph for some reason…
1. Jake – I enjoyed the sports updates this weekend. Thanks.
2. Anyone have any other markets that have banned short sales to one degree or another?
Taiwan: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a5UMDykTMEQU
Australia
GB
US
I’m suggesting that “free trade” and “competitive advantage” are not applicable when you’re talking about Communist and Socialist countries, Jake. Those ideas don’t work when your “trading partners” are willing to f*ck with their own currency to keep the ponzi scheme going, and they’re willing to use their military to enforce slave labor conditions.
As far as selling – what is it we’re selling a bunch of to $2bn+ people, other than debt instruments and steaming horseshit derivatives that our own government (we the taxpayers) are going to end up footing the bill for?
It’s hard enough to find “made in the USA” goods here – what makes you think it’s easier anywhere else in the world?
Whoops, should have been comparative, not competitive in the first sentence.
Here’s a link to at least a segment of his interview.
-DT
Well, there is another way to deal with the “short” ban.
Don’t go long.
Sell what you have and just let it fall.
No one says you have to participate in a trade.
No one at all.
We are witnessing the fall of the Roman, er… American Empire.
we have elected asswipes with pinheads, let the fucking empire crumble. buy gold
Too much non-hockey sports talk, so i’ll post some Gold related nonsense:
Citi tonight on BVN (and Gold):
Buy. Bullish on Gold. Bullish on BVN.
? Latam Gold — We initiate coverage on Buenaventura (BVN) with a Buy/Speculative (1S) rating. BVN is a Peruvian miner producing gold (60% of revenues), silver, copper, and zinc. BVN trades closely inline with the gold
price, and we are bullish on gold at current levels. Our target price is US$30, calculated from a P/NPV multiple of 1.5x and 2009E PE of 11x.
? Positive Gold Outlook — We see an attractive risk/reward for gold prices at current levels, expecting a 10% bounce back to $950/oz in 2009. Investment demand should be buoyed by low real interest rates and macro uncertainty.
Physical demand should rebound as we approach key holidays in India, China, and the West. Mine supply is limited with escalating costs providing a floor.
? Strong Financial Position — BVN has very little net debt. The company is a low cost producer and cash flow positive having exited all gold price hedges.
? Mine Development Risk — We allocate BVN a Speculative risk rating (our highest category). One particular concern is that BVN has low gold reserves and a poor recent track record of developing new mines. Equity investors will
be disappointed if the company cannot execute on its current project plans.
? Low Relative Valuation — BVN is trading 50% below it peak levels from March 2008. Multiples are 35-40% lower than other major gold miners. This reflects the company’s low reserve base, but also offers investors some downside
protection from further sector de-rating, in our view. Valuation is 12.5x PE and 5.9x EV/EBITDA on current gold and copper prices ($850/oz, $3.25/lb). Buy/Speculative 1S
Price (19 Sep 08) US$24.34
Target price US$30.00
Expected share price return 23.3%
Expected dividend yield 2.1%
Expected total return 25.3%
Market Cap US$6,193M
Australia just reported on Fox Biz News that they can’t open their markets …. over the weekend they went to a short ban on all securities … Chaos!
Czar Paulson rocks! All power and glory and honor to Paulson, may he rule the earth with an iron fist for a thousand years.
Jake- Who did you follow at The Ryder Cup? Looked like a big crowd.
Anyone see 60 Minutes this evening? John McCain just ripped GW a new bung hole … egregious, no respect, NONE! I don’t think GW will be voting come November.
Futes open markedly lower .. we’ll see if that holds till the morning.
Juice,
What are your thoughts? Is this the best way to unwind this? I noticed the futures are down. I just don’t think there is any way to spin this positive for Bank stocks and the like. I also don’t believe Congress rolls over on this bill. This should be some kind of week.
Anyone read the Barron’s interview with Felix Zulauf?
He says:
Deflation is growing dramatically and the Fed has to replace the money that has disappeared via paper buying (treasuries/corp bonds) as well as new money
You can’t stop the downturn without going to monetization and the Fed is trying to avoid it but will succumb to future developments
Inflation will subside greatly into 09′ from lower commodity prices but will become a secular rising inflation from the eventual reflation in a big way that will be bad for nominal assets but good for real assets some point in the future
After the pain, infrastructure-related assets should do well (think Obama & WPA) with the highest growth coming from emerging nations
The current Paulson plan needs to be $1 trillion in size and needs Fed support via lower rates … this could be the start of a medium term bottom but with a retest of the lows in 3-4 weeks could form a good medium term bottom
For the avg Joe the best investments are gov bonds and treasuries (up to 2 yrs), no long equities but with lots of ups and downs in a declining market aggressive traders can play the short swings
If you must own stocks, no cyclicals(the down cycle will be longer and deeper than most expect) but the defensive names like JNJ, PG & GIS
Given the above it would seem that it will be important to reduce the burden on the middle class with 70-80% of our economy based on consumer spending …. other than debt reduction or mortgage revisions the best way would be tax relief. Maybe Obama’s tax plan is the best thing given the current state of affairs as more cuts for the wealthy and businesses that aren’t creating domestic jobs will be of little or no benefit to the impending recession.
e8– don’t trifle with shit you do not understand. First, the rich pay most of the taxes already, second, Obama’s alleged tax cuts are not even that, but more bullshittery like “rebates” and “credits.”
More gummint ass fuckery and hoop jumping. No thanks.
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