HehOriginally Posted by OU_Sooners75
http://www.foxnews.com/politics/firs...epeats-speech/President Obama thanked President Obama for inviting everyone over.
Heh
http://www.foxnews.com/politics/firs...epeats-speech/President Obama thanked President Obama for inviting everyone over.
There wasn't that .com bubble that burst as he stepped into office....
"If your dream ain't bigger than you, there's a problem with your dream." -Deion Sanders
He's still trying...
"If your dream ain't bigger than you, there's a problem with your dream." -Deion Sanders
But shouldn't that have been a pretty good lesson about a much worse bubble to follow in the property sector.
The .com bubble was like cyber money and not really real. All of those instant millionaires created as investment bankers fell all over themselves to get the .com companies listed. It did allow Clinton to temporarily balance the budget. Yeah, investors lost their shirts, but we really can't say that they didn't deserve it for not figuring out that there was not very much revenues to be had and the internet is a pretty fickle place.
For that cyber money, it is not the job of the administration to tell people not to invest.
The housing market is a completely different story and one would hope the US Federal Reserve would be aware of how the housing bubble was being built up on imprudent banking practices and the major contributing factor of newly created derivative products.
Chuck's version of Christmas is the Anti-SicEm-
SicEmBaylor
Yeah, people forget that the reason so many bad loans were written is because of the market for the paper. I read an interview with a former credit derivatives trader who said that he knew that some of the loans he was getting were crap, but by 2006-2007, the market was so hot that he could bundle them in tranches, securitize them, and sell them, so he didn't really care. The Fed probably should have caught this and raised interest rates to cool down the housing market a little.
I'm thinking of taking a seminar.
www.robertgallen.com
Now that I think more on this topic of the .com bubble the more I really wonder why anyone thinks the stock market is a gauge of anything. The stock market is NOT driven by a lot of smart people in the know. It is driven by a lot of smart people who are out to make as much money as quick as possible.
When I first moved to Thailand, I worked for a brokerage firmed controlled by the family that owns Bangkok Bank, one of the richest families in the country. They invited me to join their stock portfolio management committee. I was just a young guy and I kept really quiet. The second son of the family ran the committee and had his economics masters degree from University of Chicago and his lieutenant was his classmate. These were the best and the brightest and richest and most connected. They sold off the portfolio at a loss at the lowest point and the next year the Thai stock market was the best performing market in the world. That re-affirmed my belief that the stock market is fair game and I have some value or role to play.
Now I think more about it, I was very wrong on that assessment. Okay, the stock market is probably fair game and small savvy investors probably do in fact stand a chance against the big guys in the longer term. And they stand a chance not because the market is fair, but because a lot of so-called smart people make the stupidest mistakes.
Chuck's version of Christmas is the Anti-SicEm-
SicEmBaylor
You're right, it didn't happen almost 2 years after he was in office. I'm glad someone is keepin' it real in here.
I rilly wish somebody woulda listened to Scott D...
All he did was agree with you. I would like to know what you personally think is so illogical.
It's dumb to even try to debate this crap. Both parties are at fault but this clown we have in the White house will either do what the liberals want (socialize the country) or he will go down in flames trying.
the thought process that there could be a peaceable thread in this forum having anything to do with the sordid business of politics and partisanship. They're all stir the pot threads, and the same chum ends up being a feeding frenzy.All he did was agree with you. I would like to know what you personally think is so illogical.
I think we're gonna need a bigger boat.
Bruce!!
SoonerinabileneOh sweet jesus. Its like watching the special olympics in high definition on here now.
You can not spend your way out of recession or borrow your way out of debt...Daniel Hannan
This Bloomberg article gives a good summary of the total amount spent, lent or guaranteed. The grand total, well as of March, comes to $12.8 trillion or nearly equal to the annual GDP for the US.
Financial Rescue Approaches GDP as U.S. Pledges $12.8 Trillion
By Mark Pittman and Bob Ivry
March 31 (Bloomberg) -- The U.S. government and the Federal Reserve have spent, lent or guaranteed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.
New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008.
President Barack Obama and Treasury Secretary Timothy Geithner met with the chief executives of the nation’s 12 biggest banks on March 27 at the White House to enlist their support to thaw a 20-month freeze in bank lending.
“The president and Treasury Secretary Geithner have said they will do what it takes,” Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein said after the meeting. “If it is enough, that will be great. If it is not enough, they will have to do more.”
Commitments include a $500 billion line of credit to the FDIC from the government’s coffers that will enable the agency to guarantee as much as $2 trillion worth of debt for participants in the Term Asset-Backed Lending Facility and the Public-Private Investment Program. FDIC Chairman Sheila Bair warned that the insurance fund to protect customer deposits at U.S. banks could dry up because of bank failures.
‘Within an Eyelash’
The combined commitment has increased by 73 percent since November, when Bloomberg first estimated the funding, loans and guarantees at $7.4 trillion.
“The comparison to GDP serves the useful purpose of underscoring how extraordinary the efforts have been to stabilize the credit markets,” said Dana Johnson, chief economist for Comerica Bank in Dallas.
“Everything the Fed, the FDIC and the Treasury do doesn’t always work out right but back in October we came within an eyelash of having a truly horrible collapse of our financial system, said Johnson, a former Fed senior economist. “They used their creativity to help the worst-case scenario from unfolding and I’m awfully glad they did it.”
The following table details how the Fed and the government have committed the money on behalf of American taxpayers over the past 20 months, according to data compiled by Bloomberg.
==================================================
--- Amounts (Billions)---
Limit Current
==================================================
Total $12,798.14 $4,169.71
-----------------------------------------------------------
Federal Reserve Total $7,765.64 $1,678.71
Primary Credit Discount $110.74 $61.31
Secondary Credit $0.19 $1.00
Primary dealer and others $147.00 $20.18
ABCP Liquidity $152.11 $6.85
AIG Credit $60.00 $43.19
Net Portfolio CP Funding $1,800.00 $241.31
Maiden Lane (Bear Stearns) $29.50 $28.82
Maiden Lane II (AIG) $22.50 $18.54
Maiden Lane III (AIG) $30.00 $24.04
Term Securities Lending $250.00 $88.55
Term Auction Facility $900.00 $468.59
Securities lending overnight $10.00 $4.41
Term Asset-Backed Loan Facility $900.00 $4.71
Currency Swaps/Other Assets $606.00 $377.87
MMIFF $540.00 $0.00
GSE Debt Purchases $600.00 $50.39
GSE Mortgage-Backed Securities $1,000.00 $236.16
Citigroup Bailout Fed Portion $220.40 $0.00
Bank of America Bailout $87.20 $0.00
Commitment to Buy Treasuries $300.00 $7.50
-----------------------------------------------------------
FDIC Total $2,038.50 $357.50
Public-Private Investment* $500.00 0.00
FDIC Liquidity Guarantees $1,400.00 $316.50
GE $126.00 $41.00
Citigroup Bailout FDIC $10.00 $0.00
Bank of America Bailout FDIC $2.50 $0.00
-----------------------------------------------------------
Treasury Total $2,694.00 $1,833.50
TARP $700.00 $599.50
Tax Break for Banks $29.00 $29.00
Stimulus Package (Bush) $168.00 $168.00
Stimulus II (Obama) $787.00 $787.00
Treasury Exchange Stabilization $50.00 $50.00
Student Loan Purchases $60.00 $0.00
Support for Fannie/Freddie $400.00 $200.00
Line of Credit for FDIC* $500.00 $0.00
-----------------------------------------------------------
HUD Total $300.00 $300.00
Hope for Homeowners FHA $300.00 $300.00
-----------------------------------------------------------
The FDIC’s commitment to guarantee lending under the
Legacy Loan Program and the Legacy Asset Program includes a $500
billion line of credit from the U.S. Treasury.
To contact the reporters on this story:
Mark Pittman in New York at
[email protected];
Bob Ivry in New York at
[email protected].
Chuck's version of Christmas is the Anti-SicEm-
SicEmBaylor
It didn't happen as he stepped into office, it was a little over 1.5 years into his term.
When I got out of the military in August of '01, I had IT job offers from all over the state. By January of '02 the market had dried up.
I still blame all the "paper" MCSEs. Bunch of morons.
I saw 60-year-old women taking MCSE classes because they heard if you got certified you could make $50,000 per year.
"Her name Bubbles."
Re: Lets do the math
This is some of my reasoning that making people work or making it profitable for people to work might be a bad idea. Many folks think that simply showing up at work is work. It has hurt all of us who actually are productive working thinking people. These folks who smell opportunity are the ones that have made the workplace nearly unbearable. They disturb the work place IMO. Also...it costs businesses money they could have used to pay bonuses to employees who made the business successful.
It's why Union bashers theories are many times flawed. Yes there are situations like GM had with these re-training rooms for stagnant workers...but these IT type positions were no different IMO. I know many folks that got into IT that can barely plug a computer into the power strip.
9/11 was near the end of the recession that resulted from the .com pop. Bush stepped into office on January 20, 2001.
"If your dream ain't bigger than you, there's a problem with your dream." -Deion Sanders
Really? So sending several thousand more troops to Afghanistan = bringing them all home?
Don't get me wrong, I agree with what he's doing over there, but all you liberals who voted for the boy need to STFU if you were one of the ones screaming "bring them all home now."
Posting Permissions
