Today Mish posted this rant by Rep. Marcy Kaptur D-Ohio, 9th District Toledo. She’s complaining about the cry-babies on Wall Street:
Kaptur says write your congress- so do I.
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In Vegas the house wants the player to use chips. Turn the money to chips and player loses sight of its value. From 100 million $chip to 1billion chip now 100billion chip.
WallStreet is trying to get each chip worth 1 trillion. That way it can go from 1 to 3 chips in no time,
Did anyone see WS player flipped the croupier a .25 cent chip tip to Detroit, with out anyone blinking. What is 25billion when we are playing with trillion dollar chips.
http://www.usnews.com/blogs/flowchart/2008/09/24/a-25-billion-lifeline-for-gm-ford-and-chrysler.html
Coffee-
That one is flying under the radar, isn’t it?
“Helicopter Ben” is going to have to trade in his chopper for a B-49 to pass out all the loot.
Paulson has convinced Ben that buying toxic “PAPER” waste at 60 cents on the dollar is a fair price. Paul has convinced Ben that the mortgage income stream held to maturity is worthalatahlatah money price to maturity.
They forgot to tell the taxpayers that the “tranche” has been looted and by the pirates of wall street already. The reason the price to maturity is ZERO is that there is NO income stream.
Tell me what is the income stream of a mortgage of a home valued at 120K with mortgage at 260K and the mortgagee making 35K Y and has stopped paying 4 his mtg payment months ago.
Buying Real buildings in the RTO is different than buying worthless toxic CDO’s that are only worth what income stream they provide. No income stream? Worth 1 penny. In the 90′s the savings and Loans at least owned real buildings.
We are taking about 5 trillion $ of toilet paper.
Ben said that the MBS in the system is 15 trillion and 700 million is a drop in the bucket. The Taxpayer will see nothing from the purchases but a dream and a hope for 2018. In 2018 when they open the bag it will be empty.
I keep hearing W$treet tell people “We” the buyers will make alota of money from the deal. Ugh. Gross an Paulson will make billions next year transferring that toilet paper to the next generation.
Coffee-
Isn’t that overstating the values of the CDOs just a bit? After all, I would think you could sell $5T worth of toilet paper for close to $5T if you didn’t dump it on the market all at once.
I doubt you could say that for the CDOs.