Ben Bernanke owned - Page 3 - Truckers' Trucking Forum

Mooney · **^ Top** #21 09.28.2009

Quote:

Originally Posted by goldenequity

They were... and
They still are BD.
If they weren't allowed (in the same TARP legislation) to commit accounting
fraud by not 'marking to market'..... every Bank that participated in ponzi is absolutely underwater.
Notice EVERY bank that has been 'bought out' by the larger fish in the past year.....
has had their assets DISCOUNTED between 30-35%.
Why is that?
Because when they are BOUGHT.... they can't lie about their actual value rather then their 'book' value.
The Truth comes out.
The Government and the Banks continue to perpetuate the fraud.....
they are trying to fix the price of the housing market and
prevent the market from CORRECTING itself.

It

will

never

work.

The banks and the Feds had a clear choice:
Either leave Mark to Market as-is, and allow all these securities to be valued at whatever (which essentially means ZERO) then act as if the sky was falling, scream bloody murder, "too big to fail", etc, and get a huge chunk of free taxpayer money AND have the government take the worst assets off your books. Gratis.

Or,

Amend Mark to market to something more sane, allow the assets to be properly valued, but lose anywhere from 20-50% because you made bad business decisions.

Hmmm... I know which one I would have chosen.

goldenequity · **^ Top** #22 09.28.2009

Quote:

The banks and the Feds had a clear choice:
Either leave Mark to Market as-is, and allow all these securities to be valued at whatever (which essentially means ZERO)

(Banks (the guilty) would have failed..... they wanted/sold/threatened
that it would have been the end of the world. They lied. It would have
been painful.... but NOT the end of all life. Home prices would have plummeted AND FOUND A BOTTOM. Life begins again with affordable homes but higher interest rates.... we did it in 1921.... it took a single year... because the Government STAYED OUT OF IT.... no bailouts.... just market forces doing the clean up and weeding.)

Quote:

then act as if the sky was falling, scream bloody murder, "too big to fail", etc, and get a huge chunk of free taxpayer money AND have the government take the worst assets off your books. Gratis.

(and that's what did happen DESPITE the allowed accounting fraud that currently sustains the illusion the the housing market is "coming back". No it's not.)

Or,

Quote:

Amend Mark to market to something more sane (pretend) , allow the assets to be properly valued (lie,distort,delay), but lose anywhere from 20-50% because you made bad (FRAUD) business decisions.

(and WHAT? stay in business? keep the doors 'open'? Waiting for what? The market to "return"? You post evidence and the plummeting "numbers" to this forum showing that small business, employment and the consumer is absolutely NOT in recovery. There are no green shoots that aren't astroturf via the government).

We have (temporarily) recovered financial markets... stimulated by whom?
The financial markets have NOTHING to do with an Economy..... ask the rapidly disappearing job market and middle class. Ask the States that cannot meet their budgets nor sell their municipal bonds. You know all this.

Why defend fraud; a lie; an accounting "illusion"; a Keynesian pretense that the exact same people who NEVER saw it coming; who allowed it by negligence or complicity; would have the solution to it..... especially one based upon accounting fraud? Delaying the inevitable correction.

We have appendicitis or worse. I don't want to pretend. I don't want pain killers. Cut the DAM# thing OUT and let's get on with it.
That's all I have to say on this one.... think what you want.
Cheers.
G.

Mooney · **^ Top** #23 09.28.2009

Quote:

Originally Posted by goldenequity

(Banks (the guilty) would have failed..... they wanted/sold/threatened
that it would have been the end of the world. They lied. It would have
been painful.... but NOT the end of all life. Home prices would have plummeted AND FOUND A BOTTOM. Life begins again with affordable homes but higher interest rates.... we did it in 1921.... it took a single year... because the Government STAYED OUT OF IT.... no bailouts.... just market forces doing the clean up and weeding.)

(and that's what did happen DESPITE the allowed accounting fraud that currently sustains the illusion the the housing market is "coming back". No it's not.)

Or,

(and WHAT? stay in business? keep the doors 'open'? Waiting for what? The market to "return"? You post evidence and the plummeting "numbers" to this forum showing that small business, employment and the consumer is absolutely NOT in recovery. There are no green shoots that aren't astroturf via the government).

We have (temporarily) recovered financial markets... stimulated by whom?
The financial markets have NOTHING to do with an Economy..... ask the rapidly disappearing job market and middle class. Ask the States that cannot meet their budgets nor sell their municipal bonds. You know all this.

Why defend fraud; a lie; an accounting "illusion"; a Keynesian pretense that the exact same people who NEVER saw it coming; who allowed it by negligence or complicity; would have the solution to it..... especially one based upon accounting fraud? Delaying the inevitable correction.

We have appendicitis or worse. I don't want to pretend. I don't want pain killers. Cut the DAM# thing OUT and let's get on with it.
That's all I have to say on this one.... think what you want.
Cheers.
G.

My point is that even the most "toxic" asset was worth more than the government paid the banks to wipe it off their books.

Mark to market only works if there is a "market", and thanks to Paulsen and Geithner, there was no market.

Everything has SOME value. Even the most toxic of the toxic assets would have found a buyer, at some price, had the government stayed out.

Once the government became the backstop, everybody puked as much junk into the Fed's pockets as they could.

If a bank loses, a bank loses,that's the way the world works.

Well, it used to anyway.

Brickman · **^ Top** #24 09.30.2009

Quote:

Originally Posted by 112racing

you think he's an idiot i think he's right on target as these company's that took your money and are paying bonuses to employees at company's that because of the employees actions would have failed without your money

there should be no bonuses to employees of bailed out companys untill the money is returned with intrest to the american taxpayer

All these bailouts are despicable, Bush was an idiot to start doing it, McCain was an idiot for signing on to the idea and it cost him the election. obama is still an idiot for continuing the insanity.

Quote:

Originally Posted by Roadmedic

To some people there is nothing wrong with this. After all, you have to compensate good people to keep them.

Also, if the banks had failed, the economy would have been in bad shape.

Seems to me, it was just the political bunch taking care of the rich corporate buddies.

"compensate GOOD people"

Surely you jest. I mean after all just exactly WHY are we in this situation?
Yeah I know that probably not all of the folks working at these companies are bad folks and tried to screw their company over. But just think for a second..... WHY IN THE WORLD do they deserve a golden parachute any more than the guy that was working for a trucking company, or a construction company, or a landscaper, or or or or or or or or (you get the picture) and the company went belly up thru no fault of theirs and got laid off. Their cars and their house repoed etc.

WHY do the employees of the bailed out companies that got nice big fat bonuses deserve that any more than the carpenter, the landscaper, the truck driver etc??????????????????????????????????????????????? ???

I know that I"m probably far more conservative in my views than you are RM, but lets use just a wee bit of common sense here. The employees of AIG and the rest DO NOT and DID NOT deserve a taxpayer funded golden parachute!

Brickman · **^ Top** #25 09.30.2009

Quote:

Originally Posted by goldenequity

They were... and
They still are BD.
If they weren't allowed (in the same TARP legislation) to commit accounting
fraud by not 'marking to market'..... every Bank that participated in ponzi is absolutely underwater.
Notice EVERY bank that has been 'bought out' by the larger fish in the past year.....
has had their assets DISCOUNTED between 30-35%.
Why is that?
Because when they are BOUGHT.... they can't lie about their actual value rather then their 'book' value.
The Truth comes out.
The Government and the Banks continue to perpetuate the fraud.....
they are trying to fix the price of the housing market and
prevent the market from CORRECTING itself.

It

will

never

work.

The number of failed banks is approaching 100 this yr alone.

kajidono · **^ Top** #26 09.30.2009

Quote:

Originally Posted by Brickman

The number of failed banks is approaching 100 this yr alone.

Bet nearly every one of them deserved it.

Brickman · **^ Top** #27 09.30.2009

Its capitalism doing a market correction.

As should have AIG, GM, Chrysler etc etc etc

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