Jestersix

This kind of news make me sick

Here is my #1 on list of guys to fry. This guy makes me sick.

http://finance.yahoo.com/news/Madoff-seeks-to-keep-NYC-apf-14520945.html
 
Anyone who is living out of their means helped create this problem so most likely +50% of the US population would be executed..including some of you ;)

Not me though, I don't live beyond my means :p
 
[quote author=tuberider link=topic=6642.msg85888#msg85888 date=1236053123]
[quote author=Paradox link=topic=6642.msg85808#msg85808 date=1236031522]


It never has but they keep pushing it as a way to justify their actions. This has been the case since Reagan Times...Not that I was terrible politically conscious during that era =)


And then when you get to the point where the government not only is shifting tax payers money to these industries, but taking control of them, where does this bring us??? Sounds an awful lot like Communism if you ask me haha..

[/quote]

Ahhh yes the hypocrisy, mmmmmmm tastes sooooo good, yum. Fearless leader Reagan nationalized the banks everyone said OK great, when BO does it we're all commies, the two party system has got to go.



Vince, what baby boomer retirement? The majority of those b*stards never saved properly for retirement and wanted to live like kings and blame the x-ers for being lazy :lol:. My peak earning years started in '08, am I going to be able to pay "their" SS, "their" medicaid, and still be able to afford to prop up the "great generations" lifestyle? Hell no, do I have the voting power to make an impression to try and salvage an entire generation? NO. 1972 was the lowest per capita birthrate going back into the great depression and I belong to that group, I'm pissed that I'm gonna have to work 'till I'm 100 YO. I'd love to retire too at some point, now I hope Jack Kevorkian gets his wish, I don't wanna help the useless generations kids.

I know your being somewhat sarcastic, and I know where your coming from. When I was in 6th grade (and I still have it as proof), I had a pin that featured a picture of Ray-Gun with the words "dribbling senile fool" written on it, I wore it with pride and still have it pinned on my bureau.

[/quote]

I'm in that group as well and I am pissed.
 
[quote author=GreshamH link=topic=6642.msg86069#msg86069 date=1236115946]
Anyone who is living out of their means helped create this problem so most likely +50% of the US population would be executed..including some of you ;)

Not me though, I don't live beyond my means :p


[/quote]

I'm pretty sure my name is not on the list eventhough I usually spend more than what I make ;D
 
Although Bernie Madoff should be hung upside down and beaten by schoolchildren, he's only a subset of the problem. He ripped off a bunch of people and ruined their lives, but he's hardly a drop in the bucket compared to this AIG BS.

In a way we're all to blame, except for me.

Oh, and we are a funny group to say we are living within our means as we all have reeftanks which you have to admit is quite the luxury. "Oh no, my $150 fish has ich". Dammit! Octomom could have used that $150 for liposuction you selfish bum! Bernie's wife could have used a pedicure!

Though admittedly, given the sort of frag sharing and equipment swapping we do here, we might actually be fairly fiscally responsible. Or I should say, we're cheap about our luxury hobby.

OK, I have no point, I'm just so angry whenever I read anything about Bernie Madoff, AIG, Chrysler, GM, OctoMom. Grrrrr..... (and this is on top of the two wars!)

V
 
We reefers need to take to the streets picket signs in hand. I could be written in the history books that a small group of reefers started the revolution.
 
[quote author=tuberider link=topic=6642.msg86124#msg86124 date=1236134049]
Can someone smarter than me explain this shit? >:(

[/quote]

My explanation- if the government didn't bailout the financial institutions that made bad loans, those institutions wouldn't have made profits off of the people. So blame Bush, Congress and Obama- they all authorized the bailouts. Better to let financial institutions fail that have leveraged the bad debt than to saddle everyone with it. It would be a bitter pill to take, but the best option. Unfortunately it wasn't taken. Some institutions, like Schwab and I think Wells Fargo, didn't get involved in that stuff, so let the strong survive and the weak ones go bankrupt.
 
I only read a little when I 1st posted, I read most of the rest and see you point. Ugh, makes me want to go home and look at the tank. :-
 
Yep, that's how the taxpayers are going to get stuck with the toxic assets, and the rich will keep on getting richer.... Pretty clever, I wish I would have though of it.
 
[quote author=tuberider link=topic=6642.msg86341#msg86341 date=1236202482]
Yep, that's how the taxpayers are going to get stuck with the toxic assets, and the rich will keep on getting richer.... Pretty clever, I wish I would have though of it.
[/quote]

So the real key is to become one of those rich people! Where do I sign up? This working middle class thing is keeping me down.

V
 
[quote author=iani link=topic=6642.msg86351#msg86351 date=1236205211]
Jeremy only the SUPER rich are benefiting. Normal upperclass people are suffering like everyone else.
[/quote]

1%ers?
 
I have two family members and a good friend who have made in the 300k + range for many years. Over the last 6 months though they have all dropped like a rock in pay and are in the 120-180k range.... That doesn't sounds so bad but if your making 300K plus and you're living a 200K-250K lifestyle... when you're hit with making 120K you're screwed pretty quickly. Especially when all of a sudden your 1.2 million dollar home that you thought you had equity in is only worth $700K. These are pretty generous people to that give loads to charity and don't get too crazy with there lifstyles. Now they are dipping into savings/retirement to pay the mortgage and to try and keep a float durning this severe downturn. The wealthy are being hit hard also.... IMO/IME but there are certainly your top tier earners out there that are capitalizing.
 
[quote author=tuberider link=topic=6642.msg86341#msg86341 date=1236202482]
Yep, that's how the taxpayers are going to get stuck with the toxic assets, and the rich will keep on getting richer.... Pretty clever, I wish I would have though of it.
[/quote]

Yes, but this is about much more than our government's poor handling...

I think this clearly establishes why mark to market does not work in the mortgage banking industry. If it did, those assets would be valued at the value PennyMac could bleed from them. But in this case, the market for CDOs/mortgages is so out of whack and driven by opacity and panic that the market is valuing them at far less than they are worth. PennyMac is finding there is lots of money to be made in this difference.

Sure enough, that difference is what is making many banks look insolvent when in fact they are not. Its an accounting numbers trick gone terribly wrong.

These guys may be slimy, but they ain't dumb. They see the market is not working and are stepping in to take advantage of it while giving some home owners the chance to stay in their homes. Should those owners have that right? It's not for me to judge. However, PennyMac has made it affordable for them.
 
[quote author=iani link=topic=6642.msg86351#msg86351 date=1236205211]
Jeremy only the SUPER rich are benefiting. Normal upperclass people are suffering like everyone else.
[/quote]

When I say rich Ian I mean rich, upper class is not rich.
 
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