Well, once again, the big boys will get the gravy and the small fry will get screwed. Our government will haggle over pennies, while bailing out the big companies that have been pissing away the stockholders money for years, while pocketing the profits and stuffing their Brooks Brothers suits with hard cash.
AIG made a ton of money on your insurance policies and everything else so what the hell did they do with the money. Maurice "Hank" Greenberg was so damned smart and smug? If so, how did the company go down the tubes so fast after he left? You just can't take an empire that big and shovel it down the poop chute that fast, unless the underpinnings were already crumbling, and I suspect the keystone had already been yanked long ago!
Why should we, the taxpayers, bail out these companies who made so much money off the sweat of our backs? They took and took and made money off of us, and now want us to roll over and pay more taxes to bail their asses out because they can't manage their own problems. Same with all the whining homeowners who have the liar loans. They knew they couldn't afford the homes, and yet they did the mortgages anyway. And the bleeding hearts want us to believe it's not the fault of those who took out the loans? If they were so damned retarded as to not understand the terms of the loans and the risks, they should have been given Thorazine and not a mortgage! Once again, how many countries do we know of that you can f**k up royally, and then say I don't know, and get rewarded for it by someone eating the cost of your idiocy? Next thing we'll be rewarding idiots who shoot people because they didn't know the gun was loaded! Carlos Mencia, are you listening? Here's your next show!
It's going to get worse before it gets better. Those of us who entered into mortgage contracts and worked our ass off to have a decent home, one we could actually afford while feeding and raising a family, pay our mortgage and bills, are pissed off at having to now pay someone else's mortgage as well, because they're stupid and/or greedy. As above stated, if you can't figure out that you can't afford a half-million dollar home on a burger flippers salary, you're an idiot. Nobody needs to explain that six bucks an hour is not going to pay a two thousand dollar a month mortgage now, or in 5 years, and you're not going to get enough raises at the Burger Barn to cover the mortgage in your lifetime either.
And, if a real estate or loan person enticed you into thinking you could afford the house, they should be publicly castrated, and then drawn and quartered in front of their own real estate office, bank or brokerage. Because they're worse than an idiot, they're vermin that preys on idiots like a cancer, and should be eradicated. If only there were a vaccine against such filth!
But take heart, middle class America. There is a light at the end of the tunnel. With any luck, it won't be a runaway locomotive coming at us ready to crush the rest of our hopes and dreams, nor will it have that dumb "O" symbol on it either. Isn't that for Overstock? I think it's also become the symbol for the new democrat candidate as well. Obnoxious?
Showing posts with label Wall Street. Show all posts
Showing posts with label Wall Street. Show all posts
Sunday, October 12, 2008
Sunday, October 5, 2008
Whining and the Bailout...
I hear whining about losing money and stocks and bonds. I can understand the whimpering from Joe Public who has lost retirement money and savings in the Wall Street meltdown, but that small outcry is being overshadowed by the screams of millionaires and billionaires, outraged that they could lose so much in a system that was raped by their own kind!
Profiteers, outrageous risk takers, inside traders, speculators, greed and negligence all played a huge part in the debacle we're all watching unfold. Sure, Fannie Mae and Freddie Mac contributed heavily to the mess with the usual lack of government oversight, which John McCain pleaded for years ago, but the Democrats blew off, and now want to blame this mess on the Republicans and Bush. The blame needs to be spread on Wall Street and the government, a cross between greed and inaction, with the usual pork barrel politics and favoritism thrown right in the mix.
Frankly, I don't give a rat's ass about the big buck investors, the millionaires and billionaires who lost their ass. They thought they were so damned shrewd and had the world by the ass and could make a buck no matter what. Tough crap if their predictions were wrong. Get in the freaking bread line if you have to; Father Joe's still serves good meals daily! My heart goes out to the little guy who got screwed because the government didn't do anything to reign in speculation and wild aggressive moves on Wall Street, and once again let the financial sector run the regulators, rather than the other way around.
If the regulators had been doing their jobs, and keeping a watch on the pulse of the financial sector, this should have never happened. If the government hadn't been so idiotic to try and make home ownership possible to people who could never own a home, and allow creative home mortgage deals that made no sense at all, the mortgage meltdown wouldn't have happened. If banks and the regulators had insisted that Private Mortgage Insurance be purchased on all mortgages with 20% down or less, we'd not have to bail out tens or hundreds of thousands of mortgagees and bank loans. I hear the creativeness resulted in few mortgages being covered by PMI; shouldn't there be some fraud investigations underway to see how many fraudulent mortgages were made? Will there be some accounting for this mess or will it all be swept under the rug as long as it uses the taxpayers money?
And, finally, what the hell are we bailing out the assholes who profited from this mess anyway? Check out the Internet and see how much the top dogs from Wachovia and WaMu stand to make when the takeovers are completed. It's sickening. The directors of some institutions bought or received lots of extra stock when it was worth zero recently, so they pay no tax...then when the banks are bought and the stock zooms in value, they get fat again, and still leave the poor investor screwed.
Check out Wachovia Bank's directors securities filings and see how each of them got big blocks of "Phantom Stock" October 1, as they waltzed out the door leaving their director jobs behind. All while the Wachovia investors got squat. Pretty nice, huh?
http://google.brand.edgar-online.com/?sym=wb
Lastly, what's the deal with Wells Fargo, Citigroup and Wachovia? The Wells deal would involve NO taxpayer involvement and leave FDIC out of holding the bag at all. The Citigroup deal would leave taxpayers liable for a good part of the assets and losses. The FDIC yaps out of both sides of its mouth (or other lower orifice) and says it is committed to the best deal for taxpayers, yet also says it supports the Citigroup deal which will cost us money. It can't be both, numbnuts! If it costs us zero, it's a good deal; if it costs us money it isn't! Good God, did they let the inmates from Station B-11 at Tri-City start running the FDIC too?
Okay, now I'm whining, but for reform in our economic system where there is accountability. You know, like when you spend all the money in the cookie jar and there is no more, you eat what's on the shelf until payday? Beans and Spaghetti-o's if that's all there is, but you make it through. You don't spend your neighbor's money and buy steak, lobster and caviar, and then when he can't eat, just glare at him and say...whoops...and not even sorry. That's the way you get your ass kicked, and we need to kick some asses in Washington and Wall Street so this can never happen again.
That's my view. I hope you make it safe and sound through this mess. We're doing okay, but only due to some good financial planning way ahead of time, which meant leaving the stock market behind and staying with IRA's. Slow growth, perhaps, but safe and not sorry is reassuring in these tough times.
Profiteers, outrageous risk takers, inside traders, speculators, greed and negligence all played a huge part in the debacle we're all watching unfold. Sure, Fannie Mae and Freddie Mac contributed heavily to the mess with the usual lack of government oversight, which John McCain pleaded for years ago, but the Democrats blew off, and now want to blame this mess on the Republicans and Bush. The blame needs to be spread on Wall Street and the government, a cross between greed and inaction, with the usual pork barrel politics and favoritism thrown right in the mix.
Frankly, I don't give a rat's ass about the big buck investors, the millionaires and billionaires who lost their ass. They thought they were so damned shrewd and had the world by the ass and could make a buck no matter what. Tough crap if their predictions were wrong. Get in the freaking bread line if you have to; Father Joe's still serves good meals daily! My heart goes out to the little guy who got screwed because the government didn't do anything to reign in speculation and wild aggressive moves on Wall Street, and once again let the financial sector run the regulators, rather than the other way around.
If the regulators had been doing their jobs, and keeping a watch on the pulse of the financial sector, this should have never happened. If the government hadn't been so idiotic to try and make home ownership possible to people who could never own a home, and allow creative home mortgage deals that made no sense at all, the mortgage meltdown wouldn't have happened. If banks and the regulators had insisted that Private Mortgage Insurance be purchased on all mortgages with 20% down or less, we'd not have to bail out tens or hundreds of thousands of mortgagees and bank loans. I hear the creativeness resulted in few mortgages being covered by PMI; shouldn't there be some fraud investigations underway to see how many fraudulent mortgages were made? Will there be some accounting for this mess or will it all be swept under the rug as long as it uses the taxpayers money?
And, finally, what the hell are we bailing out the assholes who profited from this mess anyway? Check out the Internet and see how much the top dogs from Wachovia and WaMu stand to make when the takeovers are completed. It's sickening. The directors of some institutions bought or received lots of extra stock when it was worth zero recently, so they pay no tax...then when the banks are bought and the stock zooms in value, they get fat again, and still leave the poor investor screwed.
Check out Wachovia Bank's directors securities filings and see how each of them got big blocks of "Phantom Stock" October 1, as they waltzed out the door leaving their director jobs behind. All while the Wachovia investors got squat. Pretty nice, huh?
http://google.brand.edgar-online.com/?sym=wb
Lastly, what's the deal with Wells Fargo, Citigroup and Wachovia? The Wells deal would involve NO taxpayer involvement and leave FDIC out of holding the bag at all. The Citigroup deal would leave taxpayers liable for a good part of the assets and losses. The FDIC yaps out of both sides of its mouth (or other lower orifice) and says it is committed to the best deal for taxpayers, yet also says it supports the Citigroup deal which will cost us money. It can't be both, numbnuts! If it costs us zero, it's a good deal; if it costs us money it isn't! Good God, did they let the inmates from Station B-11 at Tri-City start running the FDIC too?
Okay, now I'm whining, but for reform in our economic system where there is accountability. You know, like when you spend all the money in the cookie jar and there is no more, you eat what's on the shelf until payday? Beans and Spaghetti-o's if that's all there is, but you make it through. You don't spend your neighbor's money and buy steak, lobster and caviar, and then when he can't eat, just glare at him and say...whoops...and not even sorry. That's the way you get your ass kicked, and we need to kick some asses in Washington and Wall Street so this can never happen again.
That's my view. I hope you make it safe and sound through this mess. We're doing okay, but only due to some good financial planning way ahead of time, which meant leaving the stock market behind and staying with IRA's. Slow growth, perhaps, but safe and not sorry is reassuring in these tough times.
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