X. Benedict Posted September 30, 2008 Share Posted September 30, 2008 Truly amazing discussion between David Shuster, the reporter, and Douglas Holtz-Eakin, McCain's chief economic advisor. This is funny stuff. It is very funny. Link to comment Share on other sites More sharing options...
molson_golden2002 Posted September 30, 2008 Share Posted September 30, 2008 Truly amazing discussion between David Shuster, the reporter, and Douglas Holtz-Eakin, McCain's chief economic advisor. This is funny stuff. HOLTZ-EAKIN: He took process from dead in the water to a vote in the House of Representatives this morning. absolutely dead in the water, no hope whatsoever, a bill everyone condemned. This morning we had a vote only because of John McCain. That vote could have been successful, but the Democrats behaved poorly. That's too bad. SHUSTER: Because the Democrats' poor behavior, because Republicans got their feelings hurt, that's why this vote blew up, right? Link to comment Share on other sites More sharing options...
East Brady Posted September 30, 2008 Author Share Posted September 30, 2008 Interesting - was there a poison pill in there? Because my Congressman indicated he would vote for the bill...but he didn't. Maybe the fact that the oversight committee was to consist of: The Criminals, Benny Bernanke, Pauley Paulson, Chrissy Cox and some dumb ass from HUD. You be the judge. Link to comment Share on other sites More sharing options...
East Brady Posted September 30, 2008 Author Share Posted September 30, 2008 I just think these politicians were jammed with cranks calling them telling to not vote for an unpopular bill. A sizable majority of Americans own stocks, you think they wanted this to happen? But politicains looked at the polls, heard the angry phone calls and the nasty emails and backed down on itYes thats it genius we are all cranks and crack pots, you be the judge. http://market-ticker.denninger.net/ http://supportedthebailout.org/ http://globaleconomicanalysis.blogspot.com/ Unlike most of you genius's on the ppp some people actually get involved. 10 calls and fax's here, what say you? Either way, what did you do? Link to comment Share on other sites More sharing options...
bills_fan Posted September 30, 2008 Share Posted September 30, 2008 Yes thats it genius we are all cranks and crack pots, you be the judge. http://market-ticker.denninger.net/ http://supportedthebailout.org/ http://globaleconomicanalysis.blogspot.com/ Unlike most of you genius's on the ppp some people actually get involved. 10 calls and fax's here, what say you? Either way, what did you do? I will guarantee you that I am far more involved than you are. Trust me, I have done plenty to try and work out as much as I could here. You know, Denninger actually has some relevant points that are worth salient discussion. If you back him, why not start a thread on it? I think he overall misses the forest from the trees, but his points WILL help. His points plus some type of rescue may actually work. EDIT: I'll even link it...not bad ideas. http://www.denninger.net/letters/fixit.pdf They may address the root accounting/derivative problem (not the root of falling home prices), but with a rescue, these are decent ideas and wish I heard more about them from Washington. Link to comment Share on other sites More sharing options...
meazza Posted September 30, 2008 Share Posted September 30, 2008 I will guarantee you that I am far more involved than you are. Trust me, I have done plenty to try and work out as much as I could here. What do you do out of curiosity? Link to comment Share on other sites More sharing options...
East Brady Posted September 30, 2008 Author Share Posted September 30, 2008 I might be completely wrong, but wouldn't stock prices have been at a bubble a bit with investors speculating that the bill would pass, and when it didn't they cut their losses? How much is the market down compared to last week? Sure they are down, but the 1 trillion number may be a bit short term? Again I could be totally wrong. 40% of the loses today occurred BEFORE NOON when everyone thought it was a done deal...go figure!!!! Link to comment Share on other sites More sharing options...
Chef Jim Posted September 30, 2008 Share Posted September 30, 2008 What do you do out of curiosity? [/whisper] I think it's Nancy Pelosi. Shhhhhh. Link to comment Share on other sites More sharing options...
Max Fischer Posted September 30, 2008 Share Posted September 30, 2008 40% of the loses today occurred BEFORE NOON when everyone thought it was a done deal...go figure!!!! Increasing nervousness that it would fail drove down the markets. There was widespread speculation that the votes weren't there. News from the caucus room travels fast. Link to comment Share on other sites More sharing options...
bills_fan Posted September 30, 2008 Share Posted September 30, 2008 What do you do out of curiosity? Ok, I am a corporate lawyer who practices broker-dealer and banking regulatory law. I do practice at a major New York City law firm, with real Wall Street clients. Its really my job to understand this stuff. I have been involved on either the acquirer or acquiree side of every transaction that has been in the papers, with respect to structuring and advising. Prior to attending law school, I worked in an investment bank. Link to comment Share on other sites More sharing options...
meazza Posted September 30, 2008 Share Posted September 30, 2008 Ok, I am a corporate lawyer who practices broker-dealer and banking regulatory law. I do practice at a major New York City law firm, with real Wall Street clients. Its really my job to understand this stuff. I have been involved on either the acquirer or acquiree side of every transaction that has been in the papers, with respect to structuring and advising. Prior to attending law school, I worked in an investment bank. That's very interesting. I'm working simply in the backoffice of a big bank in Canada (broker division) but I would love to be involved rather than be on the outside looking in. Link to comment Share on other sites More sharing options...
SDS Posted September 30, 2008 Share Posted September 30, 2008 Ok, I am a corporate lawyer who practices broker-dealer and banking regulatory law. I do practice at a major New York City law firm, with real Wall Street clients. Its really my job to understand this stuff. I have been involved on either the acquirer or acquiree side of every transaction that has been in the papers, with respect to structuring and advising. Prior to attending law school, I worked in an investment bank. I slept at a Holiday Inn Express last night.... Link to comment Share on other sites More sharing options...
East Brady Posted September 30, 2008 Author Share Posted September 30, 2008 I will guarantee you that I am far more involved than you are. Trust me, I have done plenty to try and work out as much as I could here. You know, Denninger actually has some relevant points that are worth salient discussion. If you back him, why not start a thread on it? I think he overall misses the forest from the trees, but his points WILL help. His points plus some type of rescue may actually work. I did start a thread, your in it. Seems to me there are plenty of experts out there making similar points, but around here all we get are folks upset that the bogus ESSA bill failed and the financial world is going to end. Any Bill that has the Criminals that created this mess as the watch dogs, deserves to fail. What a great idea for an oversight committee. The criminals had over 1 year to address this and their last 12 or so hailmarys have failed, not to mention the fact that the FED pumped another 600 billion in this morning before the vote. Also the bill was open ended and will cost much, much, more than 700 billion. Back to the drawing board it will be, as it should. It's time for the idiots in Washington to find some advisors other than the criminals that bribe them. You guy's need to come up with about 5 trillion, I'd suggest you start looking around the Pentagon, they seem to have misplaced about 3 Trillion. Link to comment Share on other sites More sharing options...
Dwight Drane Posted September 30, 2008 Share Posted September 30, 2008 I slept at a Holiday Inn Express last night.... Do they still take credit cards? Link to comment Share on other sites More sharing options...
GG Posted September 30, 2008 Share Posted September 30, 2008 I will guarantee you that I am far more involved than you are. Trust me, I have done plenty to try and work out as much as I could here. You know, Denninger actually has some relevant points that are worth salient discussion. If you back him, why not start a thread on it? I think he overall misses the forest from the trees, but his points WILL help. His points plus some type of rescue may actually work. EDIT: I'll even link it...not bad ideas. http://www.denninger.net/letters/fixit.pdf They may address the root accounting/derivative problem (not the root of falling home prices), but with a rescue, these are decent ideas and wish I heard more about them from Washington. What cracks me up is that all the solutions are far from what these morons call a free market solution, as it requires tighter fiscal controls by Fed & Treasury, as well as outright bans of current business practices by Congress. So, which is it, free markets or greater regulation? The three options make sense, but they can't be done overnight. You cannot move CDS to a traded exchange overnight, and you can't halve investment banks leverage quickly, without bankrupting them. All of the proposed solutions are happening anyway, CDSs will move to an exchange, IBs will get their leverage down, because there are no more IBs left All of those are longer term fixes. They will do nothing to open up the markets in the near term. Link to comment Share on other sites More sharing options...
Johnny Coli Posted September 30, 2008 Share Posted September 30, 2008 Truly amazing discussion between David Shuster, the reporter, and Douglas Holtz-Eakin, McCain's chief economic advisor. This is funny stuff. I watched that live on MSNBC. I was hoping a transcript, or better yet a video of that exchange would pop up. It's even funnier watching it. Shuster looked like he was going to laugh out loud at one point. Link to comment Share on other sites More sharing options...
Kelly the Dog Posted September 30, 2008 Share Posted September 30, 2008 I watched that live on MSNBC. I was hoping a transcript, or better yet a video of that exchange would pop up. It's even funnier watching it. Shuster looked like he was going to laugh out loud at one point. The video Link to comment Share on other sites More sharing options...
YellowLinesandArmadillos Posted September 30, 2008 Share Posted September 30, 2008 Pelosi is an idiot, but if it were that important for the good of the country the Republicans should have sucked it up and voted for the resolution. Despite the posturing, I think the real deal breaker is that Treasury Secretary Pauson doesn't have a clue how things work on the Hill and didn't grease the wheels properly. That being said Pelosi is still operating as a minority leader and has not gotten used to leading a majority and identifying how to bring folks together. The real point however is, she may not have been thrilled with this Bill herself. Think deeper than just what the press, party spin doctors and talking heads are saying. It all comes back to each members local consituents. They are resentful towards wall street, don't believe this will effect them any more than they have already been screwed and why should they bail out these multi-national banks when many have already lost a lot, never saw much out of this economic expansion, while others made billions. When they can't go to their local bank and get money, they lose their low paying job or the farmer next spring can't get a loan to plant his/her crops then you will see an outcry. But right now folks are just angry and you are not going to get a compromise on the Hill with constituents feeling that way, no matter how legitimate the crap wall street is shoveling. Been there on the trade thing with a boss who wanted to vote for it but understood the political realities and feelings of a large segment of his constituents. Link to comment Share on other sites More sharing options...
John Adams Posted September 30, 2008 Share Posted September 30, 2008 Question is, will the banks LOAN OUT the money that's freed up by this plan or will they hoard it? Pardon my lack of faith in these ill-managed institutions. See the video in http://wespeakthetruth.com RE banking. Link to comment Share on other sites More sharing options...
Johnny Coli Posted September 30, 2008 Share Posted September 30, 2008 The video Thanks. High comedy. Link to comment Share on other sites More sharing options...
Recommended Posts