The Conservative Cave
Current Events => The DUmpster => Topic started by: GOBUCKS on September 22, 2009, 11:32:04 AM
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DUmmy Atman, unable to maintain a $100 minimum balance in his checking account, takes
revenge on the banking system for hitting him with a $15 service charge by launching a
comical rant at the DUmp:
Atman (1000+ posts) Tue Sep-22-09 08:22 AM
Original message
Stupid people vs. Wall St.; Dylan Ratigan explains it to Joe Scab.
He is handing Joe Scab a big plate of whoop-ass this morning, as Joe defends the robber barons
vs. the "stupid people" who allowed themselves to be taken advantage of by the robber barons.
It's amazing...Joe can't do anything but change the subject, or go to Willie or Mike for their
insipid non sequiturs. I think the segment is over by now, but it was refreshing to hear at least
ONE person who understands how "the system" (the Wall Street one) ****ed over the country.
Paraphrasing: "The difference is, they encouraged people to buy homes and cars they couldn't
afford, which, when the bottom inevitably fell out, could be repossessed and resold. Meanwhile,
THEY sold nothing. They sold paper, air. And when it all collapsed, THEY got to keep all the
money they made. There was nothing to repossess. So the robber barons made billions and
kept their billions after the collapse...they took a hit on paper, but they still made millions/billions.
The people they sold this bill of goods to lost everything, including their jobs."
Joe, of course, had to change the subject. Can't upset the insurance industry or Wall Street...
GE (NBC parent company) is a HUGE player in the insurance industry.
Dylan is apparently the company's current token populist.
(BTW, I don't think either of them ever said "stupid people." At least, not overtly. But it's clearly
what they were saying.)
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6604094
The DUmp is a wondrous place.
DUmmies can go there to get diet advice from a guy who weighs a quarter ton and cannot rise
from his Barcalounger.
They can get healthcare advice from a guy who pulls his own teeth and wears them around his
neck.
They can get political advice from a guy who announced to the world that Karl Rove had been
indicted, causing Hillary Clinton to misspeak and dooming his chance of ever working a paid
job in politics.
They can get advice on relationships from a mentally ill fat chick who's covered with bizarre tattoos
and thinks she's a male panther.
They can get advice on emergency services from a deranged woman who reported seeing dozens of
dead bodies hanging from trees on Galveston Island.
And now they can get advice on the faults of the American banking system from an unemployed
freelance cartoonist, who lives off his wife's labor, and who cannot keep $100 in his checking
account.
CTyankee (1000+ posts) Tue Sep-22-09 09:59 AM
2. Damn, I overslept so I missed this one.
Aaargh. I love it when somebody goes after Joe and his candy ass defense of Wall St.
Can you imagine living a life that would lead you to setting an alarm to avoid missing a cable
TV political talk show?
AmandaRuth (1000+ posts) Tue Sep-22-09 10:19 AM
3. There will always be people who want loans
they can;t afford. I, myself, applied for a new car loan back in 1977, which I clearly couldn't
afford at that time. I was rightly turned down. It should be up to the banks to weed these
people out. It used to be called fiduciary responsibility, and the practice of showing fiduciary
responsibility was called underwriting.
DUmmies forget that just a very few years ago, the democrat platform called that fiduciary
responsibility a racist crime. They wanted to send bankers to jail for refusing loans to people
who could not afford to repay.
TxRider (933 posts) Tue Sep-22-09 10:23 AM
4. And all under the watchful eyes of our government
Even aided and abetted by our government.
I bought my home 3 yrs ago, at the peak of the bubble, they tried to push interest only, ARM,
etc. on me but I just laughed at them, literally. It's a shame so many didn't understand what
they were getting into.
No, DUmmy, not "aided and abetted by our government". Rather, loaning money to deadbeats
was required by our government, because those deadbeats form the core of the democrat party.
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It's funny to watch them complain about the exact things they demanded. Barney Frank and Chris Dodd wanted relaxed lending standards. They got 'em. When the market collapsed in on itself many times over due to those relaxed lending standards, Dems wanted bailouts and TARPesque programs set up to funnel money into the hands of those ultimately responsible for the collapse. They, along with Bush's help, got exactly that.
And now they're bitching about it.
Funny as hell, until I realize their stupidity is affecting my life.
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It's funny to watch them complain about the exact things they demanded. Barney Frank and Chris Dodd wanted relaxed lending standards. They got 'em. When the market collapsed in on itself many times over due to those relaxed lending standards, Dems wanted bailouts and TARPesque programs set up to funnel money into the hands of those ultimately responsible for the collapse. They, along with Bush's help, got exactly that.
And now they're bitching about it.
Funny as hell, until I realize their stupidity is affecting my life.
Also the cash for clunkers program, in a few months I bet there will be a rash of repossed cars.
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Also the cash for clunkers program, in a few months I bet there will be a rash of repossed cars.
I don't think so - I'm fairly sure that most of those who took advantage of C4C were people who were thinking of buying in the near future anyway, and could afford to do so - What I do expect as fallout is that in the upcoming months, new car sales are going to tank since these buyers took advantage of the government cash offer ahead of time.
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Cash for Clunkers didn't change anything, and possibly made things worse. The auto companies hired people to "fill the demand" for new cars instead of allowing dealers to use the program to draw down their existing inventory.
September Car Sales Figures Worst in 15 Years (http://blogs.edmunds.com/strategies/2008/10/september-car-sales-figures-worst-in-15-years.html)
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Atman
Paraphrasing: "The difference is, they encouraged people to buy homes and cars they couldn't afford,...
And who gave them the green light to do that, Pedro? That's right, it was Chris Dodd, Barney Frank, and the Congressional Black Caucus.
Hopefully one day Pedro will have what it takes to complete a thought.
.
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And who gave them the green light to do that, Pedro? Thatt's right, it was Chris Dodd, Barney Frank, and the Congressional Black Caucus.
Hopefully one day Pedro will have what it takes to complete a thought.
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Green light? No sir, it was a mandate. Sound underwriting principles are in place for a reason: banks have no interest in loaning money that's sure to never be repaid. Force them to do so and they will still continue to be bankers and find ways to continue making money. Enter, stage left, shadier and shadier packages of derivatives based on now-worthless assets. Poof goes our economy.
And now we get to watch the DUmmies whine about their own creation. Maybe the proper action is to have more governmental involvement in private industry. Surely that's the ticket out of this mess.
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Green light? No sir, it was a mandate. Sound underwriting principles are in place for a reason: banks have no interest in loaning money that's sure to never be repaid. Force them to do so and they will still continue to be bankers and find ways to continue making money. Enter, stage left, shadier and shadier packages of derivatives based on now-worthless assets. Poof goes our economy.
And now we get to watch the DUmmies whine about their own creation. Maybe the proper action is to have more governmental involvement in private industry. Surely that's the ticket out of this mess.
I see you got the memo. When government intervention fails, that means that had there been MORE intervention, things would be hunky-dory.
It is amusing (but ultimately sad because we're all eff'd) to see them bitch about the state of things that not only their policies CAUSED, but their future/proposed policies will MAKE WORSE.
The bar continues its downward trend.
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ATTC = American To The Core?
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Green light? No sir, it was a mandate.
Uhh... you just said what I did.
The point being that Atman, a/k/a Pedro, only sees what he wants to see and disregards that which makes him uncomfortable. He loves Dodd, Frank, and the CBC, therefore they can do no wrong. I've been in finance for 25+ years and have taken on some high profile assignments from both holding companies and the Fed Reserve. The libs can dodge the issue all they want, but the movers and shakers in the industry know who forced the hand of the lending institutions, and they have no plans on forgetting.
.
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Uhh... you just said what I did.
The point being that Atman, a/k/a Pedro, only sees what he wants to see and disregards that which makes him uncomfortable. He loves Dodd, Frank, and the CBC, therefore they can do no wrong. I've been in finance for 25+ years and have taken on some high profile assignments from both holding companies and the Fed Reserve. The libs can dodge the issue all they want, but the movers and shakers in the industry know who forced the hand of the lending institutions, and they have no plans on forgetting.
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Do you think we'll ever have a complete audit of the Fed's balance sheet?
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Green light? No sir, it was a mandate.
Just to be clear, I was underlining the difference between what Frank and Dodd actually did. Giving a green light implies that there were bankers lined up everywhere waiting to give loans to deadbeats and all they needed was permission to get started. Frank's and Dodd's actions were far more insidious, and amounted to direct threats of, "give money away or you're screwed."
No serious banker abandons underwriting principles voluntarily.
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ATTC = American To The Core?
Yeah, that would be me. I made my way here to enjoy the laughs that the DUmp can bring without having to risk my computer.
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Generally, it boils down to this:
US Government policy, If it ain't broke, fix it 'til it is....
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And now we get to watch the DUmmies whine about their own creation. Maybe the proper action is to have more governmental involvement in private industry. Surely that's the ticket out of this mess.
The olden days, when your house belonged to the local bank and you knew the banker. The local bank was not super regulated and overtaxed and had no reason to sell your mortgage to a far away bank. I don't understand half of these new financial instruments they all seem fake and based on nothing to me. You can probably trace them being created to get around a government-imposed roadblock.
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US Government policy, If it ain't broke, fix it 'til it is....
Steel on target! :lmao: :rotf: :cheersmate:
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Just to be clear, I was underlining the difference between what Frank and Dodd actually did. Giving a green light implies that there were bankers lined up everywhere waiting to give loans to deadbeats and all they needed was permission to get started. Frank's and Dodd's actions were far more insidious, and amounted to direct threats of, "give money away or you're screwed."
No serious banker abandons underwriting principles voluntarily.
I realize you you might have misunderstood what I had written. In this case when I said "green light," it did not mean they were standing in line waiting for it to happen, but rather that these members of Congress set the standards, put a gun to their head, and told them they had to do it. I suppose another way of putting it would be that Congress told them to hit the gas when the light turned green, a green light of their own creation.
.
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Do you think we'll ever have a complete audit of the Fed's balance sheet?
"Ever" is a long time. For this Congressional session, I doubt it.
.
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Pedro Picasso, Unemployed Cartoonist, Lectures On The Banking System
Alright...fess up...which one of ya'll stole his Crayons?
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The DUmp is a wondrous place.
DUmmies can go there to get diet advice from a guy who weighs a quarter ton and cannot rise
from his Barcalounger.
They can get healthcare advice from a guy who pulls his own teeth and wears them around his
neck.
They can get political advice from a guy who announced to the world that Karl Rove had been
indicted, causing Hillary Clinton to misspeak and dooming his chance of ever working a paid
job in politics.
They can get advice on relationships from a mentally ill fat chick who's covered with bizarre tattoos
and thinks she's a male panther.
They can get advice on emergency services from a deranged woman who reported seeing dozens of
dead bodies hanging from trees on Galveston Island.
And now they can get advice on the faults of the American banking system from an unemployed
freelance cartoonist, who lives off his wife's labor, and who cannot keep $100 in his checking
account.
:rotf:
Love the way you put that!
:cheersmate:
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:rotf:
Love the way you put that!
:cheersmate:
GOBUCKS is a genius at putting things.
Damn.
I wish I could be half as good.