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Effective Protest Against Bailouts

By someone else follow someone else   2008 Feb 28, 1:22am 20,905 views   286 comments   watch   nsfw   quote   share    


The NY Times illustrated nicely that most people are against paying their neighbor's mortgage:

But readers aren’t biting. More than 400 vehement reader comments on the Times’ site ran 20-to-1 against any taxpayer rescue - with fairness and basic economics the main objections

But we are not unified or effective in our protests. Just disgruntled savers bleating in the wilderness while our savings are forcibly transferred to those who did not save, and representative democracy keeps electing representatives of the banks. What would really work?

One reader suggestion is an online petition that all the housing blogs could post. It also might be time to actually hit the streets with real signs and pithy slogans. I could do the SF financial district at lunch some day.

Then there are boycotts, but what are we going to boycott? We're already boycotting bad lending and high prices.

Could we create an effective and public way to track politician sell-outs to the REIC?

Is it time for direct democracy, the ability of the people themselves to make the laws?


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281   SP   ignore (0)   2008 Mar 2, 9:23am     ↓ dislike (0)   quote   flag        

PermaRenter Says:
ONE great puzzle about the recent housing bubble is why even most experts didn’t recognize the bubble as it was forming. Alan Greenspan, a very serious student of the markets, didn’t see it, and, moreover, he didn’t see the stock market bubble of the 1990s, either. ... Three economists, Sushil Bikhchandani, David Hirshleifer and Ivo Welch, in a classic 1992 article, defined what they call “information cascades” that can lead people into serious error.

That is way too complicated. Occam's razor suggests that the shills (including The Great Mastro*) failed to see these bubbles because they were paid handsomely to NOT see the bubbles.

*not a typo

282   PermaRenter   ignore (20)   2008 Mar 2, 9:41am     ↓ dislike (0)   quote   flag        

Efficient Frontier Chairman Ellen Siminoff, chairman told CNET that paid search advertising spendi in financial services has typically risen between 30 percent and 50 percent annually.

A look at the average cost-per-click in search by vertical in the U.S. for December 2007 and January 2008. Data and research are provided by Efficient Frontier. "Total finance" includes auto finance, banking, credit, financial information, insurance, lending, and mortgage. Each vertical contains data from multiple advertisers.

Average Search CPC by Category,
December 2007
Category CPC ($)
Total finance 2.76
Credit 3.09
Mortgage 2.61
Auto finance 1.46
Travel 0.64
Automotive 0.59
Retail 0.43
Dating 0.38

Average Search CPC by Category, January 2008
Category CPC
Total finance 2.70
Credit 2.95
Mortgage 2.61
Auto finance 1.68
Travel 0.65
Automotive 0.57
Retail 0.36
Dating 0.40
Source: 2008

283   Peter P   ignore (0)   2008 Mar 2, 3:10pm     ↓ dislike (0)   quote   flag        

But, dollar alone will not be trashed, other currencies will soon follow.

Well said. What are the best food plays?

284   timiacono   ignore (0)   2008 Mar 3, 10:13am     ↓ dislike (0)   quote   flag        

I liked the tone of that letter - but this was where the guy lost my vote. He began to sound like a typical old-fart who can’t get his head wrapped around a new concept, so he gets all snobbish and “proud of not understanding it”. As if his inability to deal with it is somehow a great loss for all mankind.

U/D inheritance is not a complicated thing, just requires a relatively open mind to let go of existing assumptions and see things slightly differently.

Typical old fart? Puh-leeze. Upside down inheritance was a running joke at Teradyne, almost universally despised. I learned how to use maps during the last few months of my career and had quite a good time with them.

285   timiacono   ignore (0)   2008 Mar 3, 10:15am     ↓ dislike (0)   quote   flag        

BTW - I was a hardware engineer (EE major) through most of my career and just kind of faked my way into a software career - apparently it worked.

286   yodaking   ignore (0)   2008 Mar 4, 5:36pm     ↓ dislike (0)   quote   flag        

(sorry; I posted this question in other threads)

Hi, I was hoping somebody here could point me to a good free foreclosure listings site? (if it even exists) All the ones I see, you have to pay to access full listings.

Much appreciated in advance.


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