You mean, if you think the government can get us out of it, you're crazy, and if you think the government can stand by and let it work itself out, you're still crazy?

If we buy eggs at 7 cents an egg and sell them at 5 cents an egg we'll somehow make a profit?

Damned if we do. Damned if we don't.

And we all have a share!

This isn't just any recession.

This is a Major Major Major Major recession.

geithner's plan (as ill-advised as it may be) relies heavily on private investment, which kind of takes the legs out from under the conundrum proposed in TFA.

geithner is trying not to buy big shiatpile, but to convince private investors to buy it. it's a stupid plan, but not what some people think it is.

This analogy might be better if the writer of the linked article was readable. God.

burndtdan: it's a stupid plan, but not what some people think it is.

Why is it a stupid plan?

Katie98_KT: This analogy might be better if the writer of the linked article was readable. God.

A second that. I got through about 20%. Words . . . words . . . words. Then just decided to read the Catch 22 quotes. Good book.

Catch-22? (new window)

fosborb: burndtdan: it's a stupid plan, but not what some people think it is.

Why is it a stupid plan?

because

a) it relies on private investment in assets that are plummeting in value because no private investors want them

b) it is predicated on the insistence that we should be protecting bank investors before protecting the nation, which was fine when geithner was just a member of the fed (privately run) but not acceptable when he's acting as treasury secretary (public official).

basically, because geithner refuses to give up the idea that the private-nature of the banks is sacrosanct, he is trying to put together a rube goldberg of a plan to avoid the simple truth that is becoming more and more clear to even conservatives: as lindsey graham put it, we've put more money into the banks than they're worth, and the only plausible way to restore these banks without simply subsidizing their failure with taxpayer money is to take the equity due us for our investments and just take them over.

"Morale was deteriorating and it was all Yossarian's fault. The country was in peril; he was jeopardizing his traditional rights of freedom and independence by daring to exercise them."

Should I print up some MiloBucks?

As long as I get to be Orr, I have no problem with this.

Riche: This isn't just any recession.

This is a Major Major Major Major recession.

Nice work.

Riche: This isn't just any recession.

This is a Major Major Major Major recession.

Nice.

Recessions are like cheap hookers:

They're scary, they're ugly, and they suck.

Yes, but the best way to describe the current financial "soultion" is to compare it to Atlas Shrugged.

Riche: This isn't just any recession.

This is a Major Major Major Major recession.

This is just a recession. Comparable to the monetary policy one in the early 80's and the S&L collapse in the late 80's. Chill out, people.

tl;dr

/made me sick

By providing the financing the private markets cannot now provide, this will help start a market for the real estate-related assets that are at the center of this crisis. Our objective is to use private capital and private asset managers to help provide a market mechanism for valuing the assets.

Tim Geithner
Statement to the Senate Banking Committee
February 10, 2009



Catch-22? I had no idea Frank and Dodd are in that book too.



Major Major Assholes

TheHateMonger: Yes, but the best way to describe the current financial "soultion" is to compare it to Atlas Shrugged.

Riche: This isn't just any recession.

This is a Major Major Major Major recession.

This is just a recession. Comparable to the monetary policy one in the early 80's and the S&L collapse in the late 80's. Chill out, people.

Reference fail.

TheHateMonger: This is just a recession. Comparable to the monetary policy one in the early 80's and the S&L collapse in the late 80's. Chill out, people.

No, it's not.

We're taking on tremendous amounts of debt; and the rest of the world will eventually realize this and stop buying it. We've already seen signs of that.

We all (mostly) live in suburbs and the extent of our farming ability consists of keeping a green lawn.

Oil production has peaked.

The Indians and Chinese (Asia, for that matter) are ramping up their industries, and their thirst for oil is becoming greater - Less oil for more people.

Much of the world is having economic trouble, not just the US.

No, this is not your parent's recession.

vernonFL: Recessions are like cheap hookers:

They're scary, they're ugly, and they suck.

No, they are like throwing up after drinking too much. It's painful and disgusting, but natural and ultimately good.

Recessions are where we eliminate inefficiencies, allow correctly managed companies to grow while poorly-run companies disappear, and people retrain themselves for the newly available jobs during recovery.

This should have happened with the last recession. Instead, we created trillions of dollars of bogus equity that floated around long enough for us to dig a deeper hole. Now we're trying to stop this recession with federal tax dollars. Guess what'll happen.

Gated Community Organizer: Catch-22? I had no idea Frank and Dodd are in that book too.

Jesus Christ, you dumbass. Even linked to an article that does a very good job explaining the exact causess of the whole deal, you STILL Wargrrrblll.

Fukk. You dumb motherfukkers are gonna lose elections until the end of fukking time.

Egyptian cotton will save the day.

/feeling a bit jaundiced.

wolvernova: with the last recession. Instead, we created trillions of dollars of bogus equity that floated around long enough for us to dig a deeper hole. Now we're trying to stop this recession with federal tax

This isn't just a recession. This is complete insolvency of the US banking system.

Nationalize them, Swedish like.

OK, stop. Stop what you are doing. Right now.

STOP!

Please. Now go and read the article. All of it.

It is one of the best pieces I have read so far about our current financial crisis. It is well worth 30 minutes of your time, so read it slowly.

And no, it's not good news. For anybody.

Seriously, though, it's worth the effort and the time. Just try a little harder...

PascalsGhost: Even linked to an article that does a very good job explaining the exact causess of the whole deal,



Yeah Daily KOS. At least now I realize what you think is a credible source.

Gated Community Organizer: PascalsGhost: Even linked to an article that does a very good job explaining the exact causess of the whole deal,



Yeah Daily KOS. At least now I realize what you think is a credible source.

BobtheFascist: Damned if we do. Damned if we don't.

So we might as well TRY. That's the difference between the mainstream GOP and the Dems right now. The Dems are taking action...it may not work, but if we do nothing we are f*cked anyway.

The GOP would rather do nothing at all, counting on failure so they can exploit the situation for political gain.

"I hope Obama fails." - Rush Limbaugh

Gated Community Organizer: PascalsGhost: Even linked to an article that does a very good job explaining the exact causess of the whole deal,


Yeah Daily KOS. At least now I realize what you think is a credible source.

So you disagree with the article after having read it?

Gated Community Organizer: PascalsGhost: Even linked to an article that does a very good job explaining the exact causess of the whole deal,



Yeah Daily KOS. At least now I realize what you think is a credible source.

Huh? That article isn't even political at all. It points blame at no specific party. Nor does it need to.

All shiat aside, that honestly is one of the best explainations you will read on the current situation. Soory it doesn't blame ACORN and negros dumbass.



Mr_Fabulous: OK, stop. Stop what you are doing. Right now.

STOP!

Please. Now go and read the article. All of it.

It is one of the best pieces I have read so far about our current financial crisis. It is well worth 30 minutes of your time, so read it slowly.

And no, it's not good news. For anybody.

Seriously, though, it's worth the effort and the time. Just try a little harder...

This

I'm surprised to find that at DailyKos

Gated Community Organizer: Yeah Daily KOS. At least now I realize what you think is a credible source.

wolvernova: This should have happened with the last recession. Instead, we created trillions of dollars of bogus equity that floated around long enough for us to dig a deeper hole. Now we're trying to stop this recession with federal tax dollars. Guess what'll happen.

We turn into another Mexico?
The illegals start running south, back across the border?
The Chinese government visits the White House to measure for new drapes?
A massive run on refrigerator boxes causes widespread rioting?
Toilet paper becomes a luxury item?
Gated communities full of (formerly) million-dollar-plus homes are invaded by hordes of unemployed, homeless families?
McDonalds is forced to roll back the price of its double cheeseburger so that it can go back onto its dollar menu?

Gated Community Organizer: Yeah Daily KOS. At least now I realize what you think is a credible source.

I always thought parts of the Kos logo looked familiar to me:


From a Lenin poster.

When do we get to bomb our own airfields under contract to the Iranians?

bartink: linked to an article


Let's see the link, asswipe.

/comprende?

Gated Community Organizer: bartink: linked to an article


Let's see the link, asswipe.

/comprende?

What did you disagree with in the article? How was it polically biased?

TofuTheAlmighty:


I never get tired of those pics. That is a good one.

pag1107: When do we get to bomb our own airfields under contract to the Iranians?

Sh*t, we'd probably sub it out to another country to cut costs.

Daily POS

"The point I'm finally getting around to making is that these collateralized securities - not the underlying mortgages and loans - are what has made Big shiatpile such a great big pile of shiat. The 20% decline in national housing prices we've already seen hasn't produced a linear 20% decline in the value of the shiatpile. Thanks to the embedded leverage these "legacy" assets contain, a 20% price decline has resulted in 80% or 90% or even 100% losses on many of them. Ditto for the serial implosion of poorly structured, ridiculously optimistic LBOs. Ditto for the tidal wave of commercial real estate loans that can't be refinanced. Ditto for the recession-induced surge in credit card defaults.

Bottom line: great big chunks of Big shiatpile aren't "impaired," or "illiquid," or "distressed," they're worthless, now and forever - unless the peak real estate values of the bubble can miraculously be restored and a whole bunch of deceased LBOs can be raised from the tomb."

For those of you unwilling to read the whole thing, that does a pretty good job of summarizing.

Oooooooooooooooooohhh

We'll all be fine if we just put all our money into d'Anconia Copper, and soybeans.

mediablitz: For those of you unwilling to read the whole thing, that does a pretty good job of summarizing.

Who generated the bill that made those collateralized securities legal and what President signed it?

I am so sorry I read that. I was much happier before I fully understood the problem. We're screwed.

On the other hand, they seem pretty happy in Britain on East Enders. Hanging around in pubs, cashing their dole checks, trying to sleep with each other. Maybe we will just have to adjust.

Here's to the glorious revolution boys.

FTFA:

"Big shiatpile"

And that pretty much sums up the article. Let me know if you have any other questions.

flannelled fool: mediablitz: For those of you unwilling to read the whole thing, that does a pretty good job of summarizing.

Who generated the bill that made those collateralized securities legal and what President signed it?

They always were. It left them completely unregulated.

Republicans, democrats, and Clinton. Graham pushed the hardest and led the way to leave the securities completely unregulated.

You see you stupid bastard, everything doesn't have to be one "teams" fault. Bush did nothing, Republicans did nothing about them, Democrats, ect. Bottom line is NOBODY was agaisnt them because they all were greedy.



shirtsbyeric: Daily POS

What do you disagree with in the article?

ZachF81: much sums up the article. Let me know if you have any other questions.

What was factually incorrect in the article?