Helluva Monday

dutyje

Wow... Happy Monday, everybody! I woke up this morning to the news of our crosstown rival Wachovia collapsing into the arms of Citigroup. We'll probably lose 10,000 jobs in Charlotte from that one. Now, I'm sitting here watching the Dow drop 10 points with every word I type after the House failed to pass the bailout. Good times.

kuzi16

dutyje

madurofan

dutyje:

crosstown rival Wachovia

You work for BoA?

Luko

Didn't watch any of this...the news articles I read summarizing the rejection of the plan said Republicans did it fearing a voter backlash. Whether that's the reason, or if it's because you don't like what Pelosi has to say, it doesn't matter. It is irresponsible. We need a bailout. Now. And I, too, like the one presented.

dutyje

kuzi16

kuzi16

dutyje

madurofan

kuzi16:

the problem with that is that it is not 100% Bush's or the republicans fault .

I read a very interesting article the other day, with all the voting records and bill introductions to back up these facts, that threw out the theory that Clinton was more to blame for the credit crisis than either party in the house. The Clinton administration (not congress) pushed the lowering of credit restrictions to allow more minorities to buy homes and those same lowered credit restrictions have quite a bit to do with our current problems. The author was quick to point out that there was little data showing that minorities actually benefited from these lower credit restrictions and even less to show that minorities are now defaulting at a higher rate than whites. The article seemed rather liberal actually as he went on to bash the Republicans and McCain's handling of the current situation but he said he just wanted to remind everyone that it was Clinton who lead the charge to lower these restrictions and not the current Republican President nor the current Democratic house.

kuzi16

dutyje

rusirius

madurofan

dutyje

kuzi16

urbino

kuzi16

kuzi16

rusirius

This article here pretty much perfectly sums up my feelings on this...

kuzi16

dutyje

rusirius

dutyje:

I find myself stunned at how its authors, with so much background in financial high-academics, can be so far off-base with their conclusions. Simply put, the bailout would not cost taxpayers anywhere near the initial $700B investment.

You have to be careful here... As I've seen it discussed previously in this post I think some including possibly yourself are looking at these as mortgages... true mortgages... It's not... It's mortgage backed securities and as pointed out in the article MANY of these are imaginary derivatives... That's not an "investment" by any means... Instead more like buying the "London Bridge"... They have almost no actual value at all...

sane

dutyje

sane

rusirius

dutyje

sane

urbino

dutyje