A Bipartisan Soft Landing

[scott]

A Bipartisan Soft Landing

[rlortie]

If I ever get my stimulus check I will donate $1.00 to the bank of my choice!

[rlortie]

This is the best explanation I've heard. Not sure what it says about me to have to have a Forest Gump explanation to understand this mess…

Mortgage Backed Securities are like boxes of chocolates. Criminals on Wall Street stole a few chocolates from the boxes and replaced them with turds. Their criminal buddies at Standard & Poor rated these boxes AAA Investment Grade chocolates. These boxes were then sold all over the world to investors. Eventually somebody bites into a turd and discovers the crime. Suddenly nobody trusts American chocolates anymore worldwide. Hank Paulson now wants the American taxpayers to buy up and hold all these boxes of turd-infested chocolates for $700 billion dollars until the market for turds returns to normal. Meanwhile, Hank's buddies, the Wall Street criminals who stole all the good chocolates are not being investigated, arrested, or indicted. Mama always said: 'Sniff the chocolates first, Forrest'.

Quote of the day from a fund manager: "This is worse than a divorce... I've lost half of my net worth and I still have my wife.."

The bailout, a different perspective Back in 1990, the Government seized the Mustang Ranch brothel in Nevada for tax evasion and, as required by law, tried to run it. They failed and it closed. Now we are trusting the economy of our country to a pack of nit-wits who couldn't make money running a whore house and selling booze?

[MrTim]

Now we are trusting the economy of our country to a pack of nit-wits who couldn't make money running a whore house and selling booze?

That's what happens when their best customers try to run the place.... ;)

[WaltzCee]

A Gump description is a good one but it wasn't criminals on wall street that stole the chocolates.

Banks with the box of chocolates were mandated by the crooks in Washington to lend them to meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods. This began during the Carter years.

Chocolate loans were made to borrowers that didn't have the potential to replace the chocolate so they simply took a crap in the banks bag.

Freddie and Fannie entered the market gearing up during the Clinton years with boxes of chocolates. Their receivable bags were crapped in also.

Community organizers and activists threatened banks with poor CRA compliance records so the banks "donated" funds to those activists so they could expand by merger or have any favorable action with government regulatory bodies making decisions about the bank's business based on their CRA compliance record.

One particular community organizer took a bank to court to force compliance with CRA. Change you better bet your sweet arse you're going to see.

The government mandated these bags of crap until finally it's come to a head. Now the government has stepped up to the plate and offered to buy them back for real chocolate.

Screw the government. They can pay until they bleed to death for all I care. They are left holding these bags of crap.

We, the people, in order to form a more perfect union . . .
Screw me.


Walt

[murilo]

It will be never more the same!
It will be truly hard to believe and trust in GOD MONEY again!
Cheers! M.