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Post by jeffolie on Aug 10, 2007 15:06:38 GMT -6
Gotta love Bernanke stepping in with billions in depreciating US dollars to rescue the depreciating housing market by bailing out the imploding banks. Man, is this really happening?
Get them printin' presses runnin' boys! Some 5's, some 10's, some 20's and tons and tons of hundys! And get my helicopter ready!
We're so screwed...
Fed Pumps Another $35B Into US Financial System Friday to Stem Credit Turmoil
WASHINGTON (AP) -- The Federal Reserve, trying to calm turmoil on Wall Street, announced Friday that it will pump as much money as needed into the U.S. financial system to help overcome the ill effects of a spreading credit crunch.
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Post by unlawflcombatnt on Aug 10, 2007 15:50:59 GMT -6
Helicopter Ben actually added another $3 billion, making the day's total $38 billion, and the 2-day total $62 billion.
Heaven forbid that rich investors and hedge funds might lose money from their idiotic, uninformed, and illogical bets on sub-slime mortgages.
It appears we truly are going save Cramer's rich friends from the consequences of their own greed.
Again, the main drivers of our economy over the last 5 years have been greed, deception, and fraud. Without them, our economy would have ground to a halt.
And we certainly can't let the economy grind to a halt. (Especially when those who have the most will lose the most.) Thus, we must rush in to protect the most greedy, deceptive, and fraudulent actors from the consequences of their own actions, since they're far more "important" than the millions of American workers who've lost jobs, suffered wage suppression, or gone broke, due to job outsourcing and deliberately uncontrolled illegal immigration.
Job loss and wage suppression are OK. Profit suppression is not.
We need to protect the Corporate Plutocracy, even while throwing American workers to the wolves.
After all, as we've all learned from the book Animal Farm, "all animals are created equal. But some are more equal than others."
Certainly some Americans are "more" equal than others. Aren't they?
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Post by jeffolie on Aug 11, 2007 11:12:07 GMT -6
More helicopter dumping money incoming: The Federal Reserve Issues Extraordinary Saturday Statement In the face of liquidity crisis in the mortgage securities sector, the Federal Reserve has issued an unscheduled statement advising that it will continue to provide liquidity to the markets. translation: We have the printing presses working overtime: The Federal Reserve is providing liquidity to facilitate the orderly functioning of financial markets. The Federal Reserve will provide reserves as necessary through open market operations to promote trading in the federal funds market at rates close to the Federal Open Market Committee's target rate of 5-1/4 percent. In current circumstances, depository institutions may experience unusual funding needs because of dislocations in money and credit markets. As always, the discount window is available as a source of funding. www.economicsbriefing.com/2007/08/fed-issues-saturday-statement.html
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Post by beachbumbob on Aug 11, 2007 12:02:37 GMT -6
keeping short term lending from dropping dead won't help the longterm problems
bad paper is still bad paper
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Post by jeffolie on Aug 11, 2007 14:10:30 GMT -6
There is a nasty rumor that the mortgage backed securities that the Fed took as collateral will be swallowed, monetized. The black magic trick goes like the following: instead of returning the MBSs used as collateral for the 3 day repos, the Fed returns the collateral in the form of Treasuries.
The result is bad paper is not bad paper in the hands of the banks.
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Post by unlawflcombatnt on Aug 11, 2007 23:06:41 GMT -6
So the Fed would be replacing nearly worthless Mortgage Backed Securities with completely redeemable Treasuries. Meaning the taxpayer is picking up the tab for the bad loans created by banks and Wall Street. What a surprise.
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Post by blueneck on Aug 12, 2007 6:14:22 GMT -6
Just like the taxpayers picked up the tab in the S&L scandal. There are no consequences for economic excesses or criminality - do whatever you want - the rest of us will pay the price.
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Post by liberalcapitalist on Aug 12, 2007 7:09:45 GMT -6
The general public is unaware of the extent that they are bailing out wall street.They are being told how great the economy is as if wall street represents the entire American economy.
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Post by graybeard on Aug 12, 2007 9:47:50 GMT -6
We taxpayers aren't picking up the tab: the money is being borrowed from Communist China. I don't believe they will be kind or generous when they decide to foreclose, so we will pay in the end, so to speak.
GB
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Post by judes on Aug 12, 2007 9:48:51 GMT -6
So the Fed would be replacing nearly worthless Mortgage Backed Securities with completely redeemable Treasuries. Meaning the taxpayer is picking up the tab for the bad loans created by banks and Wall Street. What a surprise. Ugh more taxpayer bailout for the criminal elite. And in all of this the poor people who were scammed by these lenders that are about to lose their homes are in no better shape, but the rich lenders are going to be taken care of. I would rather have my tax dollars pay for the houses of the needy than the crimes of the greedy.
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Post by jeffolie on Aug 13, 2007 12:30:08 GMT -6
Central bank helicopters dumped more money Monday, today.
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Post by unlawflcombatnt on Aug 13, 2007 15:25:40 GMT -6
Central bank helicopters dumped more money Monday, today. Does anyone know how much, and by whom? (i.e., by the Fed, the ECB, Japan, etc.?)
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Post by Ken on Aug 13, 2007 16:38:48 GMT -6
how long are these fools going to continue to do this? This is only the first round.
and they are still calling this a "sub prime" crisis? what happens with the jumbo's in california, new york, mass and florida? are they gonna bail that out too?
better yet do debt buyers expect the fed to stay in the mbs markeT? Last I heard Paulsen was trying to pawn these off on the Chinese.
Im sorry but i dont get it.
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