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Author Topic: Oh, impotent Washington - A Stress Test Story  (Read 1631 times)
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WhiskeyGirl
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« on: May 13, 2009, 06:53:34 AM »

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...although the Bible states that "the truth shall set you free", there's no guarantee that lies won't make you a lot more money?


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A few years ago, the medical establishment started to notice a problem concerning the standard yearly checkups being given to patients, especially middle- and late middle-aged American male patients. That problem was that just because you were walking out of the doctor's office with a purported clean bill of health did not mean you weren't going to die of cardiac arrest before you got home. This was an especially critical problem since these patients died before they had a chance to pay the bill for their office visits.


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A friend asked me to accompany him to his cardiac stress testing because his doctor said he might need help getting home. When I got there I saw why the doctor made the request; all I can say about cardiac stress testing is that it's a lot like waterboarding, except for the fact that at Guantanamo they never asked the detainees for their health insurance card before commencing. The treadmill is inclined and accelerated to levels of intensity that would get you thrown out of your health club; I guess if you can go through that and not go into cardiac arrest you're allright.


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...I heard more than a few market commentators opine that it was due to a feeling that Geithner had morphed into Alexander the Great and had at last cut the Gordian knot. The problem of bank toxic mortgage and other collateralized assets that had bedeviled the markets for coming up on two years now had finally been solved, and, much in contravention to what spoilsports and worrywarts like me have been saying, the problem's not all that massive to begin with.


Open the books.  Make public the wheeling and dealing at the TARP banks.  What selling and trading have they been doing?  Is it possible that the toxic debt just disappeared by itself?  Why reward banks for gambling away their own money?  Why destroy Americas future many times over?

A good read -
http://www.atimes.com/atimes/Global_Economy/KE14Dj01.html

I've never seen any analysis of the toxic waste. 

How much and over what time frame?  Didn't anyone notice?  Why didn't the toxic debt show up in the financials?  Where has it been hiding?

How much of the toxic waste is due to fraud loans?  Sending money out the door and never receiving a SINGLE payment?  Later conclude it was a fraud identity all around?

How much due to casino style practices among those investment banks with little or no consumer exposure?  No actual mortages?  Just gambling on the 'derivatives' to pay off big time? 

Where are the answers America has been waiting for?

Did someone steal 12-14 TRILLION dollars overnight?  Honest answer please...  How did this happen?

jmho
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
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« Reply #1 on: May 13, 2009, 07:01:51 AM »

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And what of the toxic mortgage loans in the vaults of the "zombie" banks, the very problem that for two years we've been told must be addressed before the financial system can return to normal function? Well, we're just not going to talk about them anymore. According to guest blogger "Gonzalo Lira" ("hey, is that your real name?") on the Naked Capitalism blog:
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Regardless, the banks are zombies - and they will remain zombies indefinitely. Zombie banks can undercut solvent competitive banks, strangling financial competition and ironically curtailing market liquidity, because the zombies know they will always be propped up by Uncle Sam (sorry for the mixed metaphors, but you get the idea). This is exactly what happened - and is still happening - in Japan. Zombie banks will take the government's largesse, lend out no money, squeeze out their non-zombie competition, and wind up turning the entire financial industry zombie - and Team Obama has no idea how to stop this, aside from shoveling even more liquidity in their direction. Or maybe they DO know what has to be done - put an FDIC [Federal Deposit Insurance Corporation] receivership bullet in the brains of these zombies - but lack the political courage to do so.


Are Team Obama or the shadow government truly impotent or are they 'enablers' of the zombie banks?  Zombie banks don't want nobody limiting their executive compensation...

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"I coulda' had class. I coulda' been a contender. I coulda' been somebody, instead of a bum."

Beware, Timothy Geithner, if you continue on your present course continually throwing fights for the financial industry, that some dark day in the future does not see you ruing "I coulda had class. I coulda been somebody. I coulda been a real Secretary of the Treasury."


http://www.atimes.com/atimes/Global_Economy/KE14Dj02.html
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
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« Reply #2 on: May 13, 2009, 07:06:53 AM »

What is the goal of TARP? 

Destroy smaller competitors?  Don't have to buy them, just use cheaper government money to run them out of business?  Kinda like those pirates in Somalia, no need to really work for a living, they just get by on the millions they extort from others?

How many community banks will be unable to compete with TARP banks?  How many will be destroyed?

A hollow nation - worthless money, worthless financial institutions, and a future of despair?

The rich banks, global corporations, politicians, super wealthy international people, countries, get richer and the poor get poorer.

jmho



Logged

All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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