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(Forbes)   If I owe you $100 and I pay you back by stealing $100 from your wife, do I still owe you $100? According to the federal government, we're all good   (forbes.com) divider line 65
    More: Interesting, Freddie Mac, creative accounting, federal government, GAAP, unsecured debt, MBS  
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2958 clicks; posted to Politics » on 14 Aug 2013 at 10:43 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-08-14 10:37:08 AM
This smells of contributor.
 
2013-08-14 10:40:13 AM
Ah, Forbes telling us how bad the Government is. Never saw that coming.
 
vpb [TotalFark]
2013-08-14 10:43:33 AM
So, it's Barney Frank's fault those banks made such bad investment decisions and then tried to sell them to others by misrepresenting their risk?

Party of personal responsibility indeed.
 
2013-08-14 10:45:04 AM

vpb: So, it's Barney Frank's fault those banks made such bad investment decisions and then tried to sell them to others by misrepresenting their risk?

Party of personal responsibility indeed.


Did you even read the article?
 
2013-08-14 10:46:36 AM
what were all good? chickens perhaps?
 
2013-08-14 10:48:00 AM
More important, it is redemption for Barney Frank and others in Congress who encouraged them to guarantee subprime mortgages to unqualified borrowers, which lead to the housing collapse in 2008.

Now tell the one about the New Deal causing the Great Depression.
 
vpb [TotalFark]
2013-08-14 10:48:44 AM

vpb: So, it's Barney Frank's fault those banks made such bad investment decisions and then tried to sell them to others by misrepresenting their risk?

Party of personal responsibility indeed.


Yes, although you obviously didn't.
 
2013-08-14 10:49:17 AM
lol forbes
 
2013-08-14 10:50:06 AM
Oh, these are some new and exciting lies we haven't heard weekly since the housing collapse. Pray continue, Forbes.
 
2013-08-14 10:52:06 AM
I think it's time people learned how high finance works in he real world.

www.lastsource.com
4closurefraud.org
www.casinospielen.de
1.bp.blogspot.com
hypnothai.files.wordpress.com

Now go forth and contribute to the glory of free market capitalism!
 
2013-08-14 10:54:35 AM
 
2013-08-14 10:54:43 AM
You can stop reading after this:

"It is redemption for Barney Frank and others in Congress who encouraged them to guarantee subprime mortgages to unqualified borrowers, which lead to the housing collapse in 2008."

Because you know, after reading that, that the author is a moron.

Also forbes
 
2013-08-14 10:56:23 AM
The headline reminds me of a joke:  A wife is home alone when the door bell rings, it's her husband's friend who has come to drop off some papers.  He comes in and tells her he is madly in love with her, thinks she has an amazing body, so he offers her $100 to see her tits.  She thinks, 'well, why not? There is that purse I wanted to buy ...' and shows him her tits.  He gets all worked up and says he'll give $100 more to see her panties.  'She thinks, now I can get those matching shoes.', and shows him her panties, too.  The man thanks her, gives her a kiss and her $200 and leaves with a smile.

Later, the husband comes home.  The wife says 'Your friend stopped by and left your papers.'  He says 'Oh yeah? Did he leave the $200 he owes me?
 
2013-08-14 11:01:02 AM

bunner: I think it's time people learned how high finance works in he real world.

[www.lastsource.com image 400x479]
[4closurefraud.org image 684x376]
[www.casinospielen.de image 800x533]
[1.bp.blogspot.com image 325x325]
[hypnothai.files.wordpress.com image 570x235]

Now go forth and contribute to the glory of free market capitalism!


Hey, that Wheel of Fortune slot machine has always won me money in Vegas. Though the Clue game was the big winner for me.
 
2013-08-14 11:03:59 AM
"Barney Frank and others in Congress who encouraged them to guarantee subprime mortgages to unqualified borrowers, which lead to the housing collapse in 2008"

The spelling of "led" isn't the only thing that's wrong with that sentence.
 
2013-08-14 11:04:36 AM
Forbes has become one of those sites that gives out an extreme slant in it's facts. I can't take these articles from them seriously, since I don't know if it's true.
 
2013-08-14 11:04:46 AM
Interesting. Forbes seems to have completely missed that whole part about subprime mortgages being packaged into toxic and fraudulently overrated investment vehicles and sold off.

How strange.
 
2013-08-14 11:07:13 AM

Rev.K: Interesting. Forbes seems to have completely missed that whole part about subprime mortgages being packaged into toxic and fraudulently overrated investment vehicles and sold off.

How strange.


See above educational graphic.
 
2013-08-14 11:08:45 AM
Suppose you have a family.  The dad borrows money from his son and gives the money to the wife.  The wife spends it.  Debt apologists consider this situation fine, because the family owes the money to itself.  Debt realists realize that that the wife owes money to the son, and has no way to pay the son, and some serious shiat is about to go down.
 
2013-08-14 11:14:21 AM

A Dark Evil Omen: Oh, these are some new and exciting lies we haven't heard weekly since the housing collapse. Pray continue, Forbes.


Is the Fed buying mortgages from Freddie and Fannie or not?

I think that would be an objective yes or no.

/if yes, why?
 
2013-08-14 11:14:55 AM

MattStafford: the wife owes money to the son, and has no way to pay the son


"Joe Blow" by R. Crumb.
 
2013-08-14 11:16:32 AM

bunner: See above educational graphic.


The look on the last guy is priceless and really sums it up, doesn't it?
 
2013-08-14 11:16:37 AM
So the Fed buys the FMs, which were "seized" by the government (which partially owned/ran them anyway) after floating them some cash, and they repay some of that advance with money the Fed paid them?

More like selling your car to pay off the loan on that car, innit?
 
2013-08-14 11:18:17 AM

CPennypacker: You can stop reading after this:

"It is redemption for Barney Frank and others in Congress who encouraged them to guarantee subprime mortgages to unqualified borrowers, which lead to the housing collapse in 2008."

Because you know, after reading that, that the author is a moron.

Also forbes


Thanks. Now that I realize they're using the "they made us do it" defense it will save me a page click. Throw in minorities crashed the housing sector and we have wingnut Bingo.
 
2013-08-14 11:20:01 AM

MattStafford: Suppose you have a family.  The dad borrows money from his son and gives the money to the wife.  The wife spends it.  Debt apologists consider this situation fine, because the family owes the money to itself.  Debt realists realize that that the wife owes money to the son, and has no way to pay the son, and some serious shiat is about to go down.


You have just nailed the most inaccurate semiotic construct in which we view money.

If it's in "the family, the church, the group who should have money", all is well.

Shark tank capitalism insists that these are the people who are supposed to have your money, your pensions, your retirement, your home, your car, and your hopes for any sort of return on your money.  It goes here.

blog.kaseya.com

So far, the people pulling the puppet strings on those happily scampering, blue jacketed monkeys scurrying about turning your money into debt derivatives, convertible debentures and other gymnastic malarkey are eating a lot better than you.  So what do you think?  Is this "where money is supposed to go"?  Please allow me to present my economics theory.  I call it the Bunne Rabb Greater Motherf*cker Theory.  "If you give somebody something of value, they tend to keep it".  Stop letting people tell you that when bank notes pass over the magic threshold of Finance™, that something you don't understand happens.
 
2013-08-14 11:22:57 AM

Dr Dreidel: So the Fed buys the FMs, which were "seized" by the government (which partially owned/ran them anyway) after floating them some cash, and they repay some of that advance with money the Fed paid them?

More like selling your car to pay off the loan on that car, innit?


Only if the person buying your car prints their own money.
 
2013-08-14 11:23:26 AM

MattStafford: Suppose you have a family.  The dad borrows money from his son and gives the money to the wife.  The wife spends it.  Debt apologists consider this situation fine, because the family owes the money to itself.  Debt realists realize that that the wife owes money to the son, and has no way to pay the son, and some serious shiat is about to go down.


What are you talking about?  Who are debt apologists?
 
2013-08-14 11:24:20 AM

MattStafford: Suppose you have a family.  The dad borrows money from his son and gives the money to the wife.  The wife spends it.  Debt apologists consider this situation fine, because the family owes the money to itself.  Debt realists realize that that the wife owes money to the son, and has no way to pay the son, and some serious shiat is about to go down.


Is this the start to a conservative reimagining of Oedipus?
 
2013-08-14 11:24:26 AM

Rev.K: Interesting. Forbes seems to have completely missed that whole part about subprime mortgages being packaged into toxic and fraudulently overrated investment vehicles and sold off.

How strange.


You can't expect massive financial institutions to be responsible with your money or actually be responsible for the decisions they make, can you? Because you can't. That's socialism talk.
 
2013-08-14 11:24:54 AM
Let's all interject with our simplistic metaphors.


Suppose 10 men cut down a tree in the forest and that tree is worth $1000. The first man, who did most of the chopping, is under the age of 26 and is still covered under his parent's plan thanks to Obamacare, he takes the first 10% of the tree. The second man, who supports amnesty for illegals and defaulted on a subprime loan takes all the bark of the tree and flees to Suriname, putting the $42 he made from cutting the tree down into an account in the Cayman Islands. The third, fourth, fifth, sixth, and seventh men are all Democrat supporters and are too lazy and socialist to do any work. They smoke pot and swap stories about how girls they got pregnant all had abortions and how wonderful it is to live in a house with a refrigerator. They all complain of back pain, but because they are uninsured they go to the ER where they are unlikely to pay for treatment. They receive $0 for the tree. The eight man dies cutting down the tree when it falls on him because his libertarian beliefs prevented him from using any safety gear whatsoever. The ninth man is a stockbroker who sells off 75% of his stake in the tree to the tenth man, provided the tenth man take out a life insurance policy and name the ninth man as the beneficiary. When the tree hits the ground, the ninth man kills the tenth by strangling him with piano wire and Freddie Mac and Fannie Mae are to blame for the whole thing.
 
2013-08-14 11:26:42 AM

Cataholic: Only if the person buying your car prints their own money.


And that's why every joint with a shingle is printing gift cards and gift certificates and rebates and f*ck knows what else.  Because there is a pause - see ebaypaypal - between when you put that money into THEIR currency and when it moves back out.  And the longer he pause between the currency conversion and the payout, the more interest that slush fund accrues.  Unless you DO print your own currency, your bank is more than happy to charge you for the privilege of not keeping it in a Samsonite carry on in the closet rather than pay you to use it.
 
2013-08-14 11:26:58 AM

Cataholic: Only if the person buying your car prints their own money.


Backed by the FF&C of the US, printed money and "real" money (whatever you think that is) spend the same.

Oh, but they might not, in 20 years or more, depending on whose sky-is-falling metric you want to use, just as soon as that hyper-Zimbabwean-inflation sets in and bread costs ELEVENTYTRILLION DEUTSCHBABWEMARKS, because every nation on Earf is just ITCHING to use a reserve currency that's in worse shape than the dollar.

// comma furthermore
 
2013-08-14 11:32:42 AM

babygoat: MattStafford: Suppose you have a family.  The dad borrows money from his son and gives the money to the wife.  The wife spends it.  Debt apologists consider this situation fine, because the family owes the money to itself.  Debt realists realize that that the wife owes money to the son, and has no way to pay the son, and some serious shiat is about to go down.

What are you talking about?  Who are debt apologists?


"Apologist" is one of the buzzwords authors of internet screeds like to use. It sounds really bad, doesn't it? You don't like being called an apologist, do you? I sure don't. I guess I better agree with this guy.
 
2013-08-14 11:35:38 AM
Isn't this what happened in the Naked Gun movie?

Drebin gives the guy on the docks 40 bucks to tell him something
the guy on the docks wants to know what Drebin is going to do and gives him 40 bucks
Then asks him another question and gives Drebin another 20 and borrows the 20 back to give to him making it "40" bucks to make Drebin talk?
 
2013-08-14 11:35:40 AM
Debt apologists, should there be such a thing, are likely people who are wont to say "Well, you know, that's how stuff works and it's all very complicated, all this debt, and it has to move in certain ways and shortcuts have to be taken for the sake of economic stability and..."  And those people are either liars, fools or 60 Lb. box of dog poo ignorant.
 
2013-08-14 11:36:46 AM

CPennypacker: You can stop reading after this:

"It is redemption for Barney Frank and others in Congress who encouraged them to guarantee subprime mortgages to unqualified borrowers, which lead to the housing collapse in 2008."

Because you know, after reading that, that the author is a moron.

Also forbes


No kidding.

Aren't they finally bring suit against the mortgage brokers that steered individuals to higher interest loans when the borrower qualified for a lower interest loan, but the broker got a nice bonus kickback if he managed to get them into the more expensive loan?
 
2013-08-14 11:40:10 AM

bunner: Debt apologists, should there be such a thing, are likely people who are wont to say "Well, you know, that's how stuff works and it's all very complicated, all this debt, and it has to move in certain ways and shortcuts have to be taken for the sake of economic stability and..."  And those people are either liars, fools or 60 Lb. box of dog poo ignorant.


not a 60lb box of dog poo, but this.

images.t-nation.com
 
2013-08-14 11:42:21 AM
Take your kid to church.  Church tells you "It is all a mystery and very complex and fraught with gravitas and the laity could not comprehend".

Ask where your kid is, guy who just sold you this load of sh*t is playing touchy feely with his nutsack behind the altar.

Take your money to financial experts.  Experts tell you "It is all a mystery and very complex and fraught with gravitas and the laity could not comprehend".

Ask where your money is, the guy who just sold you this load of sh*t is stuffing it into a 300 issue debt derivative portfolio and warming up the getaway car.  Stop giving people who tell you you're too f*cking stupid to understand what only THEY understand charge of things that are important.
 
2013-08-14 11:45:17 AM
Is Richard Lehmann really worried about the Federal Reserve losing money? Seriously? And he writes a column called "Intelligent Investing"?
 
2013-08-14 11:48:20 AM

Arkanaut: Is Richard Lehmann really worried about the Federal Reserve losing money? Seriously? And he writes a column called "Intelligent Investing"?


i.imgur.com
 
2013-08-14 11:49:08 AM
In Capitalism man exploits man for profit.

In communism it's just the opposite.
 
2013-08-14 12:06:45 PM
More important, it is redemption for Barney Frank and others in Congress who encouraged them to guarantee subprime mortgages to unqualified borrowers, which lead to the housing collapse in 2008.

This fuking Republican lie won't die.

Neither the Community Reinvestment Act (CRA), congress, or Fannie Freddie (FAM/FRE) encouraged banks to issue subprime loans to unqualified borrowers. Hell, the CRA encouraged the exact opposite.

Mortgage brokers issued the subprime mortgages to unqualified borrowers, because they could easily sell them to the big investment banks. The big investment banks bought them, because they could bundle them and have ratings agencies, like the S&P, stamp a AAA rating on them. They could then sell those securities easily to anyone, because AAA was supposed to have almost zero risk.

The CRA encouraged responsible lending:
growlersoftware.com

Subprime took off in the private market:
growlersoftware.com
growlersoftware.com


The GSE loans outperformed the private label by a wide margin:
growlersoftware.com
growlersoftware.com
 
2013-08-14 12:30:36 PM

Fantasta Potamus: Forbes has become one of those sites that gives out an extreme slant in it's facts. I can't take these articles from them seriously, since I don't know if it's true.


i43.tinypic.com
 
2013-08-14 12:31:50 PM

JolobinSmokin: In Capitalism man exploits man for profit.

In communism it's just the opposite.


1/10
Way too obvious.
 
2013-08-14 12:45:00 PM
Capitalism, socialism and communism are simply plug and play constructs that address different needs of a given society.  Think OOP.

You need to generate wealth and create commodities and engage in trade?  A robust and regulated capitalist engine that contributed fairly to the tax base with profit motives that are scaled ethical behavior.  Sorted.  utilizing the tax base and the citizens and businesses who are taxed in a manner which serves common needs?  Well, you just socialize medicine, transportation, utility and data infrastructures and fund the access thereto for the common good out of your tax base.  Ditto fire, police and military services.  Education necessary to remain competitive and have a learned and capable populace?  Free schools, all levels, womb to tomb with a nice Trotskyesque dollop of "according to their needs, according to their abilities" on top.  Done.

Here's where it all sh*ts the bed.

"THERE IS BUY ONE TRUE WAY AND THAT WAY IS PURE [insert otherwise useful component into these brackets] AND THOSE WHO DISAGREE ARE TRAITORS AND MOOCHERS AND THIEVES AND ARE TRYING TO HINDER US FROM BEING THE BEST WE CAN BE!1!!"  Buying that load of crap has gotten us here and a very small group of people wiping their ass with Krugerrands.
 
2013-08-14 12:51:52 PM

JolobinSmokin: In Capitalism man exploits man for profit.

In communism it's just the opposite.


Fortunately there are other options.
 
2013-08-14 12:53:19 PM
4 paragraphs in and 2 major typos.  Article can't be that good.

Only time will tell whether the Fed gains or looses
 
2013-08-14 01:00:03 PM

slothbuddy: Only time will tell whether the Fed gains or looses


Looses what?  The dogs of war?  The hogs of peace?  The grip on the entire currency supply?
 
2013-08-14 01:06:55 PM

gameshowhost: Fantasta Potamus: Forbes has become one of those sites that gives out an extreme slant in it's facts. I can't take these articles from them seriously, since I don't know if it's true.

[i43.tinypic.com image 200x140]


No, the magazine's still owned by the Forbes family and managed by Steve.

But at the rare they're selling off Malcolm's assets, I'd bet Rupert ends up owning it before he dies.
 
2013-08-14 01:13:00 PM

bunner: I think it's time people learned how high finance works in he real world.

[www.lastsource.com image 400x479]
[4closurefraud.org image 684x376]
[www.casinospielen.de image 800x533]
[1.bp.blogspot.com image 325x325]
[hypnothai.files.wordpress.com image 570x235]

Now go forth and contribute to the glory of free market capitalism!


Where the heck is that progressive jackpot?
 
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