Watchdog: TARP not enough

[perspective@100]

I've been saying this for how long now? It's called moral hazards. This so called bailout was the biggest con in U.S. History. Yall niggaz keep on with that "If we wouldn't have done it, it would have been worse" GTFOH. Trust this, the worst has yet to come.

I feel what you saying, but had they not bailed out those huge banks they would have gone under. Presumably it would have created a domino effect of banks going under by people rushing to the banks to pull their money out. The banking system is vital in any economy no matter how fucked it is, lol

 

[bornnraisedoffCMR]

I feel what you saying, but had they not bailed out those huge banks they would have gone under. Presumably it would have created a domino effect of banks going under by people rushing to the banks to pull their money out. The banking system is vital in any economy no matter how fucked it is, lol

This what they would have you beleive. The same people that said before the collapse that "the housing market will continue to go up" and "Fannie and Freddie are fundamentally sound" said "If we dont bail them out, it will wipe out everybody"

Its bullshit man, dont believe the hype. We should have let the chips fall where they may. Also these companies are being propped by the government, and it serves no body justice.

You want to know what would have happened? AIG, Goldman, and all these companies would have went out of business and it would have taught the industry that you dont go gambling with people's money. Everyone there would have gotten pink slips instead of bonuses, and they would be out of business? Does that mean banking will be over? Of course not, smaller and more responsible companies would then have to opportunity to expand, and help rebuild the economy in a more sounder way, instead of playing around in the mortgage backed securities markets. We've set a terrible precedent and now the banks that were "too big to fail" are even bigger. This was the biggest con in U.S. history.

Banking is a very simple operation but government, the Federal Reserve, and corporatism has made it to where it now has to be subsidized by the tax payer.

 

[perspective@100]

Say you had about 20 stacks in the bank and you see some huge banks go bankrupt. That means people with their money in the bank just lose out no refund no nothing. You going to risk keeping your money in a bank? I'm not... Thats life savings you willing to risk like a Poker wager when you dont have to. Just snatch it out and you good... Like I said I feel what you saying but when it come to money most people ain't going to take too many chances.

 

[bornnraisedoffCMR]

say you had about 20 stacks in the bank and you see some huge banks go bankrupt. That means people with their money in the bank just lose out no refund no nothing. You going to risk keeping your money in a bank? I'm not... Thats life savings you willing to risk like a poker wager when you dont have to. Just snatch it out and you good... Like i said i feel what you saying but when it come to money most people ain't going to take too many chances.

fdic...........

 

[Swiffness!]

We should have let the chips fall where they may. Also these companies are being propped by the government, and it serves no body justice.

You want to know what would have happened? AIG, Goldman, and all these companies would have went out of business

....and Bank of America and Wachovia and JP Morgan and Citigroup and Wells Fargo and Mellon and Citizens and....

See this will always be my beef w/ your crowd, CMR. You seriously act like shit would be SWEET had no bailout occurred. Don't lie to a nigga and insult his intelligence. Be real. Tell me "Yes, mad banks would fall like dominoes, yes the entire fiancial sector would have a huge meltdown, but it would be better in the long run". Don't be like "If we never did the bailouts, the economy would be fine, no other banks would collapse and unemployment would be 4%. Plus we'd all get to smash Megan Fox raw".

 

[Swiffness!]

fdic...........

Which as I recall, you think shouldn't exist.

 

[bornnraisedoffCMR]

It's shouldn't, it's one of the driving forces behind this crisis, but, with that said it would have prevented the bank runs that perspective is talking about. I would have much rather the govt bailing out depositors rather than Fortune 100 corporations.

 

[bornnraisedoffCMR]

....and Bank of America and Wachovia and JP Morgan and Citigroup and Wells Fargo and Mellon and Citizens and....

See this will always be my beef w/ your crowd, CMR. You seriously act like shit would be SWEET had no bailout occurred. Don't lie to a nigga and insult his intelligence. Be real. Tell me "Yes, mad banks would fall like dominoes, yes the entire fiancial sector would have a huge meltdown, but it would be better in the long run". Don't be like "If we never did the bailouts, the economy would be fine, no other banks would collapse and unemployment would be 4%. Plus we'd all get to smash Megan Fox raw".

I never said shit would have been sweet. Shit would have been horrible for a couple months, year MAX. But there would have been a major bounce back in REAL prosperity. Not this made up shit that we have now. A FUCKING JOBLESS RECOVERY???? THATS NOT A FUCKING RECOVERY SWIFF!!! I dont care how much the governments bullshit GDP goes up, the economy is getting sicker.

Its just like a drug addict. You can keep on hittin the pipe, you'll feel good, but you know your going to end up dead. Are you can suck it up and take the short term pain for the long term gain. What we are trying to do is make it seem like everything is peaches and cream when it aint, and we are just postponing the inevitable. You'll see bruh, when you wake up one morning and you see 25% unemployment, 8 dollar gas, and pay 20 dollars for a loaf of bread you gonna say, Damn, CMR was right.

 

[Swiffness!]

I never said shit would have been sweet. Shit would have been horrible for a couple months, year MAX. But there would have been a major bounce back in REAL prosperity. Not this made up shit that we have now. A FUCKING JOBLESS RECOVERY???? THATS NOT A FUCKING RECOVERY SWIFF!!! I dont care how much the governments bullshit GDP goes up, the economy is getting sicker.

No YOU didn't say it would be peaches and cream but that's what the fake fiscal conservative fucktards to your Right like to fantasize about. The same dudes who say things like "We can cover the uninsured without spending billions" and "Entitlement spending is killing us, but DON'T TOUCH MEDICARE" and the world famous "WE NEED TO CUT SPENDING NOW!!!.....but let's keep increasing the defense budget". You know who I'm talking about....Republicans.

And there would be a "major bounce back"? OF COURSE there will be a "bounce back" when the entire fucking system implodes and the Dow is at like, 2,000. There's nowhere to go but up when you hit ROCK BOTTOM. You really think the job situation would be BETTER in a "Dead Cat Bounce Recovery"? HA, my nigga. HA.

btw, the reason the "hands off" approach to economic calamity, the approach you advocate, will NEVER, EVER be implemented in any kind of democratic society, is because "the masses" will ALWAYS demand their leaders "do something" in such a situation. ALWAYS. You think people is mad now??? How much madder would they be if the perception was that the Gov't just LET the shit go to hell? Ask President Hoover bout dat. The Average American doesn't know what the fuck a "Milton Friedman" is.

Oh and from the article, it seems like Barofsky's attitude is Pro Volcker Plan. Obama will be lucky if he doesn't get picked off by a Goldman Sachs sniper for supporting Volcker's approach. Fact.

And I ain't buyin no more precious metals. Shit is a bubble of its own, fed by right wing talk show hosts.

 

[bornnraisedoffCMR]

No YOU didn't say it would be peaches and cream but that's what the fake fiscal conservative fucktards to your Right like to fantasize about. The same dudes who say things like "We can cover the uninsured without spending billions" and "Entitlement spending is killing us, but DON'T TOUCH MEDICARE" and the world famous "WE NEED TO CUT SPENDING NOW!!!.....but let's keep increasing the defense budget". You know who I'm talking about....Republicans.

And there would be a "major bounce back"? OF COURSE there will be a "bounce back" when the entire fucking system implodes and the Dow is at like, 2,000. There's nowhere to go but up when you hit ROCK BOTTOM. You really think the job situation would be BETTER in a "Dead Cat Bounce Recovery"? HA, my nigga. HA.

btw, the reason the "hands off" approach to economic calamity, the approach you advocate, will NEVER, EVER be implemented in any kind of democratic society, is because "the masses" will ALWAYS demand their leaders "do something" in such a situation. ALWAYS. You think people is mad now??? How much madder would they be if the perception was that the Gov't just LET the shit go to hell? Ask President Hoover bout dat. The Average American doesn't know what the fuck a "Milton Friedman" is.

Oh and from the article, it seems like Barofsky's attitude is Pro Volcker Plan. Obama will be lucky if he doesn't get picked off by a Goldman Sachs sniper for supporting Volcker's approach. Fact.

And I ain't buyin no more precious metals. Shit is a bubble of its own, fed by right wing talk show hosts.

I dont have a problem with the Volker rule, but Goldman will get around it easilly. All they need is a few depositors, case closed.

You said, the hands off approach will never be implemented, go take a look at the Recession of 1921. Its the post FDR generations that feel like The State needs to save us anytime shit gets a little rough....when it's usually the State that has got us into the mess.

And you dont have to lecture me about the Neo-Cons, I've always said the GOP is the best thing that ever happened to the progressive movement, because the GOP is fucking stupid and doesn't even understand what they say. They just say the opposite of whatever the Dems are saying. They are talking all this free market, dollar bust, deficit hawk shit now, but they were mute under Bush. I have no respect for them. I have no respect for any of the politicians. But then again, I dont look to the State to save me.

 

[perspective@100]

fdic...........

Oh yeah, the each depositor is insured up to 100,000 dollar people. You thing Ni99as going to wait for that money to be given back to them? Nope....withdrawl

 

[Swiffness!]

You said, the hands off approach will never be implemented, go take a look at the Recession of 1921. Its the post FDR generations that feel like The State needs to save us anytime shit gets a little rough....when it's usually the State that has got us into the mess.

Well the '21 deal was caused by a World War. FDR is the reason Americans expect their Presidents to get shit done as if they own the Infinity Gauntlet, btw. But my point is less about policy and more about human nature. And how impatient modern Americans are. I mean, we get pissed off at the microwave for taking too long.

you dont have to lecture me about the Neo-Cons

Yeah, I know. Couldn't help myself from taking a swipe at those assholes. I pray for the day when you and the Tom Ridges/Ron Pauls take back the GOP from Dick "Deficits Don't Matter" Cheney and Roger Ailes. Probably won't happen in my lifetime. They're too caught up in abortion and hating Muslims/Gays/Mexicans/etc.

 

[janklow]

...and the world famous "WE NEED TO CUT SPENDING NOW!!!.....but let's keep increasing the defense budget". You know who I'm talking about....Republicans.

in fairness, this one also applies to the Democrats who have that defense funding going to their districts. you know, the guys complaining about defense cuts Obama/Gates support?

 

[bornnraisedoffCMR]

Oh yeah, the each depositor is insured up to 100,000 dollar people. You thing Ni99as going to wait for that money to be given back to them? Nope....withdrawl

250, 000 and it's immediately avaliable. LOL, what? You think they actually drive up in trucks full of money? No negro, the simply apply the allotted credit to the bank accounts. It's all done with computers.

And you also act as if banks did not fail since the bailout. New Flash: Hundreds of banks have failed and still are failing. Shit, 15 so far for 2010!

http://www.thestreet.com/story/10670679/1/six-banks-fail-2010-tally-at-15.html?cm_ven=GOOGLEN

 

[perspective@100]

250, 000 and it's immediately avaliable. LOL, what? You think they actually drive up in trucks full of money? No negro, the simply apply the allotted credit to the bank accounts. It's all done with computers.

And you also act as if banks did not fail since the bailout. New Flash: Hundreds of banks have failed and still are failing. Shit, 15 so far for 2010!

http://www.thestreet.com/story/10670679/1/six-banks-fail-2010-tally-at-15.html?cm_ven=GOOGLEN

Thats wassup, but these banks failing getting bought out too, I just cant see multiple huge banks being bought by smaller ones... Hell my original bank been bought out three times since 2000. Those banks been failing too, I heard about them Georgia Banks going down last year. It was only a matter of time... To answer your question, No I dont think they drive up in trucks would be nice though. Just figure there is paper work procedures to follow and some sort of waiting period like everthing else in the world. Never really seen the immediate process actually executed in a flawless manner. Maybe its just me but i'm yanking my money fuck that bullshit....

 

[bornnraisedoffCMR]

Thats wassup, but these banks failing getting bought out too, I just cant see multiple huge banks being bought by smaller ones... Hell my original bank been bought out three times since 2000. Those banks been failing too, I heard about them Georgia Banks going down last year. It was only a matter of time... To answer your question, No I dont think they drive up in trucks would be nice though. Just figure there is paper work procedures to follow and some sort of waiting period like everthing else in the world. Never really seen the immediate process actually executed in a flawless manner. Maybe its just me but i'm yanking my money fuck that bullshit....

The larger banks would get bought out, that basically what we (the tax payer) did, but we gave them fucking 100 cents on the dollar!! That's not a deal.

 

[perspective@100]

The larger banks would get bought out, that basically what we (the tax payer) did, but we gave them fucking 100 cents on the dollar!! That's not a deal.

Thats some true shit there... real talk