tag:blogger.com,1999:blog-14594994.post6659835873636145059..comments2024-01-09T04:20:39.453-05:00Comments on Around the Keg: Where is the outrage?!?!?Noahhttp://www.blogger.com/profile/14345059376742159966noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-14594994.post-3190226644760613592009-04-02T17:52:00.000-05:002009-04-02T17:52:00.000-05:00The news doesn't help, it encourages blissful stup...The news doesn't help, it encourages blissful stupidity.<BR/><BR/>http://www.xkcd.com/558/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14594994.post-28567315520099787722009-04-02T05:40:00.000-05:002009-04-02T05:40:00.000-05:00The newspapers never figured it out and look at wh...<I>The newspapers never figured it out and look at what is happening to them.</I><BR/><BR/>That's more about the ease of use of the particular medium. The MSM will bust into the internet for good soon enough. They'll cave their niche, load it up with advertising, and peddle the same old swill that the majority of readers follow.<BR/><BR/>TV and radio were far more wild west at one time than they are now. And never underestimate the power of the FCC and other governmental bodies to raise the barriers to entry at convenient times and places. The news will be monopolized again soon enough.Mikehttps://www.blogger.com/profile/15398931203483061703noreply@blogger.comtag:blogger.com,1999:blog-14594994.post-15539004068233385842009-04-01T07:39:00.000-05:002009-04-01T07:39:00.000-05:00"The MSM is a business. Until its readers (i.e., t...<I>"The MSM is a business. Until its readers (i.e., the purchasers of its advertising) outweigh the advertisers and gladhandlers, they'll cover what they feel like and nothing more."</I><BR/><BR/>The newspapers never figured it out and look at what is happening to them.Bobhttps://www.blogger.com/profile/12669616484991718478noreply@blogger.comtag:blogger.com,1999:blog-14594994.post-32378169596416628742009-04-01T05:25:00.000-05:002009-04-01T05:25:00.000-05:00I would like to some serious questions coming from...<I>I would like to some serious questions coming from the MSM and some accountability demanded from the people.</I><BR/><BR/>The latter HAS to come first. The MSM is a business. Until its readers (i.e., the purchasers of its advertising) outweigh the advertisers and gladhandlers, they'll cover what they feel like and nothing more.<BR/><BR/>Keep making noise. There's a lot more discussion of this today than there was two months ago.Mikehttps://www.blogger.com/profile/15398931203483061703noreply@blogger.comtag:blogger.com,1999:blog-14594994.post-86646700732554744872009-03-31T22:58:00.000-05:002009-03-31T22:58:00.000-05:00Smitty, my fingers are physically incapable of typ...Smitty, my fingers are physically incapable of typing the word "Stabenow" without the word "Fucking".<BR/><BR/>Wait. That didn't come out the way I wanted, did it?Mr Furioushttps://www.blogger.com/profile/03781439243585972721noreply@blogger.comtag:blogger.com,1999:blog-14594994.post-27983661741572245702009-03-31T22:56:00.000-05:002009-03-31T22:56:00.000-05:00I know this won't be consolation to most of you gu...I know this won't be consolation to most of you guys, but about the only thing I'm feeling good about these days is the fact that I sold my house and got out of Michigan LAST year...<BR/><BR/>That said, Asheville sucks compared to Ann Arbor, and the rest of the South is worse.Mr Furioushttps://www.blogger.com/profile/03781439243585972721noreply@blogger.comtag:blogger.com,1999:blog-14594994.post-91136214446295188812009-03-31T21:40:00.000-05:002009-03-31T21:40:00.000-05:00Applesaucer, your description is exactly why I am ...Applesaucer, your description is exactly why I am still vastly outraged, and even more mind-blowingly mad when you compare it to what is happening with the autos.<BR/><BR/>I started writing to Stabenow and Levin about it, but stopped. Too many "fuck" references in it. But seriously...all I want is for them to hold some townhall meetings about this. Hear from us. Face our wrath, or show us they have a different idea. But...nothing.Noahhttps://www.blogger.com/profile/14345059376742159966noreply@blogger.comtag:blogger.com,1999:blog-14594994.post-24562242081655321812009-03-31T18:59:00.000-05:002009-03-31T18:59:00.000-05:00Applesaucer, I have no doubt that it will happen t...Applesaucer, I have no doubt that it will happen that way.steveshttps://www.blogger.com/profile/08862590608695420004noreply@blogger.comtag:blogger.com,1999:blog-14594994.post-31630024594646972222009-03-31T17:52:00.000-05:002009-03-31T17:52:00.000-05:00I still feel the outrage.By the way, the plan migh...I still feel the outrage.<BR/><BR/>By the way, the plan might be even more "sinister" than the Cracked post suggests.<BR/><BR/>In fact, the buyers of the banks' shitty assets could end up being...<BR/><BR/>...drum roll, please...<BR/><BR/>...ahem...<BR/><BR/>the banks themselves!<BR/><BR/>That's right. The banks form special purpose entities to overbid on this stuff, but 85% of the purchase price is from the government in one form or another via non-recourse loans.<BR/><BR/>This short video explains how it is done (the video predates the official release of the plan, I believe, so it gets some details wrong -- like ascribing the FDIC's gurantor role to the Fed as a lender role, but it doesn't change the scams' mechanics appreciably):<BR/><BR/>http://www.youtube.com/watch?v=n-arbfLTCtI&feature=player_embedded<BR/><BR/>Sheila Bair at the FDIC is open to the idea:<BR/><BR/>http://www.businessinsider.com/sheila-bair-open-to-allowing-banks-to-launder-trash-assets-2009-3<BR/><BR/>And Citi and BofA have already started aggressively adding to their "toxic position:"<BR/><BR/>http://www.ritholtz.com/blog/2009/03/buying-toxic-assets-with-bailout-money/<BR/><BR/>So, let's say Cit has a Toxic Asset that it bought for $100, but is now getting bids of $30 (if it's getting any bids, at all). It capitalizes Citi-Gov-SPV with $15, the government capitalizes Citi-Gov-SPV with $15 and the FDIC gurantees $70 of the rest of the purchase price of $100. Citi sells the Toxic Asset to Citi-Gov-SPV for $100 and pockets $85.<BR/><BR/>Let's say the Toxic Asset is only worth $30. Citi only loses the $15 it put into the Citi-Gov-SPV. The government loses the other $55.<BR/><BR/>This is a slam dunk, no brainer for Citi.<BR/><BR/>ApplesaucerApplesaucernoreply@blogger.comtag:blogger.com,1999:blog-14594994.post-91871706299558071692009-03-31T17:33:00.000-05:002009-03-31T17:33:00.000-05:00I am too tired of being outraged, to be outraged.I...<I>I am too tired of being outraged, to be outraged.</I><BR/><BR/>I'd settle for curiously concerned.steveshttps://www.blogger.com/profile/08862590608695420004noreply@blogger.comtag:blogger.com,1999:blog-14594994.post-83923700955406892632009-03-31T16:51:00.000-05:002009-03-31T16:51:00.000-05:00I am too tired of being outraged, to be outraged.I...I am too tired of being outraged, to be outraged.<BR/><BR/>I wish I were blissfully stupid.Bobhttps://www.blogger.com/profile/12669616484991718478noreply@blogger.com