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Pitchfork For Paulson


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2008 Oct 1, 6:21am   24,238 views  181 comments

by SP   ➕follow (0)   💰tip   ignore  

Pitchfork

I bought this pitchfork yesterday (the picture is an actual photo from lowes.com of the same item that I bought) for $ 16.99. I need your help on the next step of my project.

  1. Can you please suggest a good picture of Hanky Panky Paulson that I can download, print, paste on to a pumpkin and (violently) impale on this fork? I plan to do that and put it up in the yard in front of my house.
  2. Can some of you all do the same thing, so I am not the only f*cker that is doing this in this town?

I am not kidding.

SP

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2   OO   2008 Oct 1, 8:34am  

anyone who wants to bet on extension of shorting ban tonight?

3   justme   2008 Oct 1, 8:37am  

I would not bet against it...

4   OO   2008 Oct 1, 8:57am  

FDIC now has the unlimited backing of Treasury, but how deep is Treasury's pocket?

I say, America, let's just not do this back and forth saga for TV show, the writing is on the wall, we will be debased or we will debase anyway. Let's just save some time and go straight to debasing the currency overnight, get it over with so we can start building up from the bottom.

F*ck the foreign lenders, they don't have enough aircraft carriers to come after us anyway. You might as well do this now before they build up their military muscle. Debase the USD, go to a new currency standard, wipe out all out existing debt obligations.

This is the destined path, only that the stupidity will take us 3 or 4 years to get there, if we are smart, we can get there right away. Most American people, the debtors, have almost nothing to lose. We produce enough food in this country to feed the world. Those most at risk are the rich people holding USD bond assets, f*ck them. Any American that is not in USD or USD fixed income will profit from this, in fact the more indebted he is, the better off he will be.

5   justme   2008 Oct 1, 9:36am  

Patrick,

Are you in any position to engineer a web-based poll that lets people
detail the reason they are opposed to the rescue package in its current
form? I'm no expert myself, so I cannot contribute html or anything.
But I can make up some questions I'd like to see polled.

The main questions I think need asking are:

--------------------------------------------------

1. What mechanism should the rescue plan employ:

a. purchase of bad assets from impaired financial institutions

b. purchase of preferred stock in impaired financial institutions
(preferred, senior, voting, convertible stock)

2. Give an approval rating for the following plans, from 1-10:

a. House Bill (2008-0928) (link)

b. Congress amended version (2008-1001) of House Bill (link)

c. Calomiris plan (link)

d. Stieglitz plan (link)

e. Soros plan (link)

3. How does the 2008-1001 Senate Bill score (1-10) in terms of how it
prescribes and implements the various detailed aspects of the rescue
plan:

a. mechanism of intervention (purchase of bad assets)

b. implementation of intervention (Treasury/Paulson discretion)

c. pricing mechanism of purchases (Paulson discretion)

d. taxpayer protection

e. CEO compensation and golden parachute limitations

f. transaction approval requirements

g. transaction reporting detail requirements

h. transaction reporting timeliness requirements

i. oversight by oversight board (Paulson, Bernanke, Cox, FHFA, HUD)

j. oversight by congress

k. oversight by the executive branch

l. oversight by the General Accounting Office

m. legal responsibilities of the Treasury Secretary and the oversight board

n. judicial review

o. conciseness of the bill (not being co-mingled with unrelated legislation)

--------------------------------------------------

6   justme   2008 Oct 1, 9:43am  

By the way, I have searched high and low for web polls that address the bailout plan. I was astounded to find none at all. Search for "web poll bailout" got nothing, for example.

7   bikes2work   2008 Oct 1, 9:45am  

Patrick,

I just sent you a link to a thread on Paloaltoonline.com where the Realtors are still claiming "it is different here". It is just like your site from a few years ago.

Hilarious.

8   justme   2008 Oct 1, 9:47am  

Patrick,

Om the topic of pitchforks, Senator Bernie Sanders is giving Paulson hell right now on the senate floor (see C-Span), and he put up a big poster board with a photo of Paulson. Definitely big enough to stick a pitchfork through.

9   EBGuy   2008 Oct 1, 9:52am  

FDIC now has the unlimited backing of Treasury, but how deep is Treasury’s pocket?
Someone pointed out to me that the Treasury's borrowing is limited to a debt ceiling.
The Public Debt Subject to Limit is the maximum amount of money the Government is allowed to borrow without receiving additional authority from Congress. Furthermore, the Public Debt Subject to Limit is the Public Debt Outstanding adjusted for Unamortized Discount on Treasury Bills and Zero Coupon Treasury Bonds, Miscellaneous debt (very old debt), Debt held by the Federal Financing Bank and Guaranteed Debt.

10   EBGuy   2008 Oct 1, 10:02am  

Here is a chart if you want to know what the carnage looks like.
The current Debt Limit was increased from $9.815 trillion to $10.615 trillion effective July 30, 2008.

11   OO   2008 Oct 1, 10:10am  

Let's just be frank, don't do these piecemeal extension of shortselling, just ban it permanently. Because by Oct 17, we will have to extend it again. In fact we will have to extend all the way till Nov, so why bother?

TOB,

I say we just repudiate the entire debt, and start over with a clean slate, let the US government debt rating become D, so what? The problem is this country's credit rating and currency ought to be at that level, and in the effort of propping it up, we will suffer far more far longer.

If we just face the reality, the illegal immigrants will leave, you don't even need to round them up. The aging population will die naturally, you do not even to do medicare reform. All those WS insiders living off pushing paper will suddenly have no paper to push.

12   justme   2008 Oct 1, 10:12am  

Voting is going on right now.

13   OO   2008 Oct 1, 10:12am  

In the last 20 years, was there any single incidence that the request of raising debt limit was voted down? Just curious.

14   thenuttyneutron   2008 Oct 1, 10:17am  

Bad News!!! It looks like it passed.

15   justme   2008 Oct 1, 10:18am  

Yep, the score is now 58-18, looks like a pass.

16   justme   2008 Oct 1, 10:20am  

74-25

17   OO   2008 Oct 1, 10:24am  

Get your 401K out, retirement in the US will be hell in another 2 decades.

Faced with the choice of fast death and a fairer society, we opted for a slow death the Japanese style and saving the first class passengers first when this Titanic goes down. Women and children don't get off first, it's those who have the most money that will secure a seat on the lifeboat.

This bill will buy you another few months until after the election, make sure you take proper steps to safeguard your personal asset and future.

18   thenuttyneutron   2008 Oct 1, 10:25am  

Where are the angry mobs that we saw last week? We need them more than ever to keep the House from passing this $hit sandwich.

19   thenuttyneutron   2008 Oct 1, 10:48am  

http://www.youtube.com/watch?v=8BfZbcVAUL0

Here is a good song for the mood that I am in. I can't wait for Jan 20, 2009!

20   Richmond   2008 Oct 1, 10:53am  

I am speechless.

21   short   2008 Oct 1, 10:55am  

Better to use a real pitchfork. That is a picture of what is more commonly known as a potato fork.

22   Richmond   2008 Oct 1, 10:57am  

Of course, now they can blame the unavoidable recession on the couple of extra days it took to pass the thing.

You know, I'm not angry; I'm very, very sad.

23   SP   2008 Oct 1, 11:01am  

Paulson, you mother fucking thief, I just hope we find out where they lay your wretched corpse to rest when you finally pass on, so we can perform unspeakable acts on your grave. You might want to make sure your coffin is urine-proof.

24   SP   2008 Oct 1, 11:04am  

short Says:
Better to use a real pitchfork. That is a picture of what is more commonly known as a potato fork.

I asked those guys at Lowe's for a pitchfork, they didn't have any item called that! This was the closest I could find. At this point, it is an acceptable approximation.

25   Richmond   2008 Oct 1, 11:07am  

Trust me - those tines won't bend if they hit bone.

26   Richmond   2008 Oct 1, 11:10am  

Not that I've ever impaled anyone, but I have bent pitch fork tines.

27   Malcolm   2008 Oct 1, 11:12am  

"FuzzyMath Says:
September 30th, 2008 at 8:46 am
Malcolm,
Of course the dollar is stronger. We just saved $700 billion
The only thing we have to beware of is falling into a deflationary spiral… but Ben won’t let that happen. They’ll print money to balance it out.
The important thing about continuing to vote down the bill is the message behind it… that we will protect our currency."

From the last thread but I had the same concern so I wanted to agree with Fuzzy:
I am of the belief we need some inflationary pressure to stimulate wage inflation in this country. We have (Wal Mart Effect) deflated ourselves to almost completely wiping out our value-add base. If the decisions we make today don't lead to that we will see real stagflation as wages freeze and foreign pressures on supplies and consumption lead to increased prices on imports as well as our own products including food supplies.

28   Malcolm   2008 Oct 1, 11:16am  

Last night on CNN they did a great montage of the President's comments on the economy as time was passing by.

Robust->Fundamentally sound-->Troubled in some sectors but overall very healthy-->In trouble but still have the funamental strengths-->Down turn with some tough times-->Armageddon, we need to act fast or we could face economic collapse.

29   Malcolm   2008 Oct 1, 11:19am  

OO Says:
October 1st, 2008 at 5:24 pm
"Faced with the choice of fast death and a fairer society, we opted for a slow death the Japanese style and saving the first class passengers first when this Titanic goes down. Women and children don’t get off first, it’s those who have the most money that will secure a seat on the lifeboat."

Patrick, are you buying Puts on lifeboat seats? Some regulator will call it naked short selling if I reserve mine from now.

30   HeadSet   2008 Oct 1, 11:19am  

I can’t wait for Jan 20, 2009!

Why? So you can see which one of two senators who voted for the bailout will be President?

31   Malcolm   2008 Oct 1, 11:23am  

Headset, that's classic!

32   Malcolm   2008 Oct 1, 11:23am  

You're not making anyone feel better though.

33   HeadSet   2008 Oct 1, 11:37am  

Malcolm,

Let me see if I can cheer people up, even though savers like you and I have just been handed a bleak outlook.

Any gamblers out there? Circuit City (CC) has fallen to below a buck. It may double quickly to $1.50 or so - now that "credit" has been restored.

34   HeadSet   2008 Oct 1, 11:51am  

One of the "amendments" the Senate added to help the bill pass the House was to increase the FDIC limit from $100k per depositor to $250k. The sponsors said this would make the bill more palatable to the public.

If that does not show "out of touch," nothing does. How many of the "public" have $200k in banks ($100k per spouse) that would feel relieved since they need not spread there largess over more than one bank?

35   HeadSet   2008 Oct 1, 11:59am  

The bailout bill has been ballyhooed as to have restrictions on exorbitant exec pay and golden parachutes.

I hope some reporters are watching to see just how much those bailout execs run off with. Maybe exposing that pay cap lie will help with the campaign to not re-elect anyone who voted for the bailout.

36   Brand165   2008 Oct 1, 12:06pm  

Headset, they raised the FDIC limit to $250K in an effort to prevent capital flight. With short term lending frozen, there are probably a lot of banks in dangerous waters right now. If the big-CD folks started yanking out their cash, maybe that would be enough to push a few smaller outfits out into the undertow.

37   Brand165   2008 Oct 1, 12:11pm  

The National Debt counter doesn't impress me. My personal share is only $80,000? Barely a 1/3 Haha! People in Detroit are probably crying, but surely nobody in the Bay Area is scared of that puny number. You couldn't even re-do your kitchen for that much money!

By the way, now is a great time to buy or sell a house.

Has anybody considered starting a realtor implode-o-meter? It's probably harder than mortgage lenders, but so much more satisfying.

38   OO   2008 Oct 1, 12:17pm  

$250K limit is to prevent bank run. Foreign capital flight has already begun. I talked to a buddy in private wealth mangement in Hong Kong which typically parked Asian clients' asset in the US stock market or US banks. They are seeing millions of dollars leaving everyday starting about a month ago, rerouted to be split up to Switzerland, Singapore, Australia, Canada and other countries. The legal department are scrambling to put together new trusts to be set up in these countries.

That's why I do not buy the hype that USD's recent strength is due to flight to safety. Bullsh*t. It is because of margin call on all the leveraged financial institutions and hedge funds, and the USD carry trade is currently unwinding. People have started to stop viewing the US as the "safety" destination.

39   HeadSet   2008 Oct 1, 12:19pm  

Brand,

Good point. But would not that "capital flight" merely be spreading it out among several banks? These big CD folks have already shown a preference for bank CDs over Treasuries, etc.

40   short   2008 Oct 1, 12:22pm  

Headset, I am a gambler. After losing with WM I'm getting more reckless and bought SIRI. I'll look at CC. Funny how my consistent money making trades have been Ford and GM lately, up down up down. I need to get revenge for WAMU somewhere.

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