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The House of Cards is about to collapse..

N8 v2.0

N8 v2.0

Not the sharpest tool in the shed
Oct 18, 2002
11,003
149
The Cleft of Venus
Buckle up kiddos.. the next couple years is going to be a bitch...

:(




http://market-ticker.denninger.net/2008/05/tall-tale-tuesday.html

if you're wondering how our bank's "reserves" are, have a peek.

Hint: Sit down first, and click for a big version. You won't need your reading glasses, in fact, I might suggest getting drunk to blunt the impact.....

http://research.stlouisfed.org/fred2/data/BOGNONBR_Max_630_378.png
Click to expand...

Just keeps gittin' betta and betta...

http://market-ticker.denninger.net/
 
eaterofdog

eaterofdog

ass grabber
Sep 8, 2006
8,293
1,537
Central Florida
I hope Americans will learn to pay attention to what the government is doing instead of basing their knowledge on the sound bites provided to them by the MSM.

And a big **** you goes out to the Clinton administration, who allowed the banking deregulation that started this mess.
 
Echo

Echo

crooked smile
Jul 10, 2002
11,819
15
Slacking at work
eaterofdog said:
And a big **** you goes out to the Clinton administration, who allowed the banking deregulation that started this mess.
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I'm not gonna say you're wrong, because I don't honestly know. But where did you get that? Cuz I heard it was the Bush admin who was guilty for the de-reg that is boning us right now.
 
eaterofdog

eaterofdog

ass grabber
Sep 8, 2006
8,293
1,537
Central Florida
Here's a cut from a quick google search.

"Clinton, Republicans agree to deregulation of US financial system (November 1999)

An agreement between the Clinton administration and congressional Republicans, reached during all-night negotiations which concluded in the early hours of October 22, sets the stage for passage of the most sweeping banking deregulation bill in American history, lifting virtually all restraints on the operation of the giant monopolies which dominate the financial system.

The proposed Financial Services Modernization Act of 1999 would do away with restrictions on the integration of banking, insurance and stock trading imposed by the Glass-Steagall Act of 1933, one of the central pillars of Roosevelt's New Deal. Under the old law, banks, brokerages and insurance companies were effectively barred from entering each others' industries, and investment banking and commercial banking were separated."
 
SPINTECK

SPINTECK

Turbo Monkey
Oct 16, 2005
1,370
0
abc
It's all controlled by the fed and trilateral comission. Politics are just an emotional distraction. Nobody is making you (us) spend your money on foreign sh1t and bad loans, although policy makers know the behavior of the masses to engineer scenarios. Like variable rate loans with low money down or making it easy for consumers to find foreigh/cheap products.
 
N8 v2.0

N8 v2.0

Not the sharpest tool in the shed
Oct 18, 2002
11,003
149
The Cleft of Venus
LordOpie said:
Yeah, but did that legislation allow banks to not properly back their transactions?
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Banks are greedy.. so i'd say yeah it did.

Deregulating the credit card business was also a very bad move as a lot of people are starting to find out..

Best we cut our standard of living back to "pay as you go" & "live within your means" because those Americans who dont are going to be in for an epic fail..
 
Westy

Westy

the teste
Nov 22, 2002
54,396
20,187
Sleazattle
N8 said:
Banks are greedy.. so i'd say yeah it did.

Deregulating the credit card business was also a very bad move as a lot of people are starting to find out..

Best we cut our standard of living back to "pay as you go" & "live within your means" because those Americans who dont are going to be in for an epic fail..
Click to expand...
Unfortunately those failing will take the rest of us with them.

The money I have in the bank won't do me much good with rampant inflation.
 
Westy

Westy

the teste
Nov 22, 2002
54,396
20,187
Sleazattle
N8 said:
nope.. and the bank owe the money you have in them to someone else...

bad bad bad...
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But the government will give the bank the money they don't have. Of course the government doesn't have the money either so they will get it by selling a bond to China. The Chinese could be giving me money, sounds like a win-win.
 
N8 v2.0

N8 v2.0

Not the sharpest tool in the shed
Oct 18, 2002
11,003
149
The Cleft of Venus
narlus said:
two months ago
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You can trust the gov..

For April, energy prices were unchanged and gasoline prices even fell by 2 percent, a decline that would strike motorists as strange, given that they have been watching the price of gasoline rise relentlessly in recent weeks.

However, since gasoline prices normally rise in April, the 5.6 percent increase in gasoline prices for the month was turned into a 2 percent drop after the government adjusted for normal seasonal variations -- little comfort to people now paying pump prices that hit a new national record of $3.758 per gallon on Thursday, up nearly 40 cents in the past month.
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N8 v2.0

N8 v2.0

Not the sharpest tool in the shed
Oct 18, 2002
11,003
149
The Cleft of Venus
Echo said:
I'm not gonna say you're wrong, because I don't honestly know. But where did you get that? Cuz I heard it was the Bush admin who was guilty for the de-reg that is boning us right now.
Click to expand...
:pirate2:

In fact, America has run a "negative amortization mortgage" on its national debt since President Nixon! No President since - including Clinton - has run an actual surplus. (Clinton stole the Social Security receipts to "balance" his budget, as others have before and since; a claim of "surplus" is fraudulent misrepresentation.)

That negative amortization balance has grown to more than $9 trillion and the growth in balance has been tolerated by foreign investors because they have needed a way to "sterilize" the funds that come back into their countries when we buy the jeans they make for 25 cents/day, lest it fuel insane price inflation and ultimately civil unrest.

But now our economy is slowing and the pain has to be taken.

However, this does not, individually or collectively, mean that everyone, including the government, will go bankrupt.
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jimmydean

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
41,147
13,319
Portland, OR
And people thought my collection of PEZ dispensers was worthless. I told you all it was the new currency. Maybe all my Bazoka Joe cartoons will be worth gold, too.
 
dante

dante

Unabomber
Feb 13, 2004
8,807
9
looking for classic NE singletrack
N8 said:
Best we cut our standard of living back to "pay as you go" & "live within your means" because those Americans who dont are going to be in for an epic fail..
Click to expand...
I'm saddened that this seems like such a novel concept... Americans have never been so deep in debt as we are today, and this "house of cards" is coming down only because Americans tapped out their last remaining equity (their houses) on a massive spending spree the last 5 years.
 
N8 v2.0

N8 v2.0

Not the sharpest tool in the shed
Oct 18, 2002
11,003
149
The Cleft of Venus
dante said:
I'm saddened that this seems like such a novel concept... Americans have never been so deep in debt as we are today, and this "house of cards" is coming down only because Americans tapped out their last remaining equity (their houses) on a massive spending spree the last 5 years.
Click to expand...
I am starting see the impact of the situation here... banks are very reluctant to fund construction loans for spec houses, and it's taking a long time to get qualified buyers approved for a loan...

I am seriously thinking about sitting on the sidelines for the rest of the year and just build custom houses. Too many indicators that the worse is yet to come...
 
N8 v2.0

N8 v2.0

Not the sharpest tool in the shed
Oct 18, 2002
11,003
149
The Cleft of Venus
eaterofdog said:
I hope Americans will learn to pay attention to what the government is doing instead of basing their knowledge on the sound bites provided to them by the MSM.

And a big **** you goes out to the Clinton administration, who allowed the banking deregulation that started this mess.
Click to expand...


Lots of blame to go around where the big money is:

http://market-ticker.denninger.net/

Next up, we've got McCain. You know, the Presidential Candidate? Actually, the news is his Economic Adviser Gramm - and his ties to certain firms that have a problem with the United States Internal Revenue Code.

That'd be one Senator Phil Gramm. Most people don't remember Mr. Gramm, but you should. He is one of the architects of the Gramm-Leach-Baily Law that repealed the last pieces of Glass-Steagall.

That's the pesky little law that led indirectly to both the Tech Bubble and the Housing Bubble by taking the last pieces of Depression-era protection off the banks, allowing them to play their games and rape the public. And let's not forget that three days after the ink was dry on that bill, one Bob Rubin (remember him from Clinton's administration?) went to work for Citibank - as co-chairman.
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jimmydean

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
41,147
13,319
Portland, OR
I find it oddly alarming the Gramm was still on the books as a lobbyist for lenders while helping to craft the housing bills.

Swiss bank paid McCain co-chair to push agenda on U.S. mortgage crisis. Republican presidential candidate Sen. John McCain ’s national campaign general co-chair was being paid by a Swiss bank to lobby Congress about the U.S. mortgage crisis at the same time he was advising McCain about his economic policy, federal records show.
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Yet McCain's camp says he wasn't being paid as co-chair, so there should be no conflict of interest.

I'd buy that for a dollar.
 
Inclag

Inclag

Turbo Monkey
Sep 9, 2001
2,752
442
MA
eaterofdog said:
Here's a cut from a quick google search.

"Clinton, Republicans agree to deregulation of US financial system (November 1999)

An agreement between the Clinton administration and congressional Republicans, reached during all-night negotiations which concluded in the early hours of October 22, sets the stage for passage of the most sweeping banking deregulation bill in American history, lifting virtually all restraints on the operation of the giant monopolies which dominate the financial system.

The proposed Financial Services Modernization Act of 1999 would do away with restrictions on the integration of banking, insurance and stock trading imposed by the Glass-Steagall Act of 1933, one of the central pillars of Roosevelt's New Deal. Under the old law, banks, brokerages and insurance companies were effectively barred from entering each others' industries, and investment banking and commercial banking were separated."
Click to expand...
Stop being lazy and put some f***** more research in!!! It blows my mind how lazy people in this country have become.

From another thread I replied to

Why are we blaming Clinton? I mean you can trace the current mess to probably anyone who sat in the white house the past 50+ years. To sit here and watch someone say that it all starts with Clinton shows a quite a bit of laziness in understanding what is happening and quite a paradigm in your thinking. It looks as though more than a few people have given up arguing with freightGOD^2 since it doesn't seem worth debating.

Anyway if you are referring to Clinton repealing glass-steagall, well the bill was pushed through a republican run congress, led by McCain's current top economic adviser, and it was veto-proof. It also deals with consolidation, the ability to make mega financial institutions, not giving money to those no good undeserving lazy po'folk.

If the article you are talking about is the changes Clinton made to the CRA (Community Reinvestment Act), well he did. This act was created in 1977, it didn't appear out of nowhere in 1999. It is also noteworthy that Bush has made changes to the CRA as well (including more deregulation). According to the Cleveland Fed (http://www.clevelandfed.org/research.../2000/1100.htm) the CRA loans were a little less profitable, somewhat due to late payments as well as default. The study states that delinquency was more common of the two. So I'd say that there is a bit more to all of this than your analysis implies.

Also there are many many many banks, which do not fall under the CRA and they gave out sub primes at twice the rate as those governed by the CRA. Your argument about the crisis (at least the Clinton part) is pretty much bullsh!t and your grasping at straws. I'm sorry but your going to have to better than that.

BTW, I'm not saying ol' BJ Bill is squeaky clean.
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