patrick.net

tatupu70 says

gameisrigged says

Sorry, that doesn’t make any sense. You seem to be agreeing with me that the government made the wrong decision, yet you start off the paragraph by stating that you disagree with me. ???

You completely missed my point. I’m saying the decision was reasonable given the information they had at the time. It may or may not have been the best one. I don’t know and neither do you.

Yes, I know. You may not know, but I do. The decision to throw trillions at Wall Street fatcats was in no way, shape, or form "reasonable".

gameisrigged says

They are taking that free money, investing it, and making a profit, so yes, they are essentially being given free taxpayer money. And no, there are not any strings attached to it

That’s a little different. They aren’t being GIVEN anything. They are getting LOANS. And obviously loans do have strings attached. Ex. You must repay this money.

You are woefully naive if you can't see see what's REALLY going on. But yeah, go ahead and take the government's explanation of everything at face value. Don't bother to look into it any further than that.

gameisrigged says

Like I give a shit if Warren Buffet loses his ass.

Again you completely missed the point. Buffet made out like a bandit, but that’s completely irrelevant. The point was that someone actually wanted to buy an investment that paid him less in the future. He gave Buffet $x in return for $x-1 in the future. That shows how effed up things were at that point.

Yeah, things are effed up NOW, too. Doesn't make you right.

justme says

gameisrigged says

As for “4 trillion”, that would never happen. First of all, not every single bank would fail. Second, there is FDIC insurance, which has reserves to cover lost depositor money.

I think you are being dangerously naive. How do you know that 4T would never happen?
Back in Feb 2009, Roubini estimated that the losses in asset market value was 3.6T, and the 4T number is what I have seen later.
http://www.bnet.com/blog/financial-services/financial-roundup-total-bank-losses-to-36-trillion-mortgage-lender-breaks-half-of-cdos-in-default/403
If you are just going to pretend that these losses do not exist then of course you can make any claim.
And the FDIC? They have funds on hand to cover maybe 2-3% of the 4T. Where is the rest going to come from?

You completely bought Paulson's cock and bull story about how he had to give a few trillion to his buddies on Wall Street, and you call ME "dangerously naive". Har. Keep 'em coming.

gameisrigged says

You are woefully naive if you can’t see see what’s REALLY going on

Oh yeah, I forgot. You can't see the truth unless you have the aluminum foil hat on....

I've been saying this same thing for Three years.

Especially when ranting and venting, about my chances of buying a House. Realizing, the person I may be laying my position on, might have a position that RE should go up and not down, I would always lament that...

"For the first time in History there are two realities of a Positive outcome. There are those that bought, that would like to see RE hold its Value, and then there's those of us that would like to "Afford a House" and participate in the "American Dream".

That way I didn't sound like I wanted RE prices to fall purely because I'm some kind of Anarchist.

But Yeah, I've been amazed that since the getgo there hasn't been one news story that reported these two realities, of what the true state of the Housing market means to these two camps.

Surely we're not that far ahead of the curve...