Marlowe's head almost explodes in outrage at the actions of the greedheads in power.
"Section 8. Review. Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." …
Article comments
26 - Les Slater
"None of my money is in FDIC insured accounts."
Ok. Whatever instrument(s) your funds are in as part of the 'banking system' are likely being backed by the U.S. government, if not explicitly, then implicitly.
You have a choice: You can have them nationalized, at least partially, by the proposed $700b bailout gun to your head.
The other choice is to openly nationalize the banks.
Their $700b scheme is not likely, I say, will not, solve the crisis. The nationalization won't end the crisis either but will take it out of the hands of the fools throwing good after bad to save their asses and system.
27 - El Bicho
Matt, you didn't know shit about DFWallace, but that didn't stop you then.
28 - Clavos
You have a choice: You can have them nationalized, at least partially, by the proposed $700b bailout gun to your head.
Upthread, Les, I said in #13 "let 'em collapse; NO bailout."
My funds won't be affected.
29 - Matthew T. Sussman
That's not true! I knew he died.
30 - Les Slater
"My funds won't be affected."
Besides me being skeptical about your funds not being affected by a collapse of the banking system, how would they be affected by nationalization?
31 - Lisa Solod Warren
Clav, no they didn't sit around and plan the damn thing, but they sure as hell knew what they were doing was dicey, barely legit, and taking advantage of every possible loophole.
32 - Heloise
I wouldn't let Paulson hold my old grannies sagging tits while she washed under them, enough said?
Heloise
33 - handyguy
Clavos, if you care about the country as a whole, not just 'your funds,' you'll admit that the course you prefer is potentially disastrous for other people. Maybe you just don't care. Your rhetoric is out of step with reality and with any concern for the larger picture. [Dare I say 'the greater good'?]
34 - Marlowe
Heloise... Thanks for that image... I've been trying to trying to cut back on helping at dinner... and THAT did it...
Coming dear!
Marlowe
35 - Clavos
how would they be affected by nationalization?
I don't know, but I don't want the government (any government) in possession of what little funds I have--I'd rather bury them in a Mason jar in the back yard.
36 - Heloise
Will Wall/Fall Street survive October 29, 2008? I learned a few things buying stocks on Wall Street that with online buying, short sells and other economic gimmicks you are a sitting duck waiting for someone to duck you. I mean apple is now trading under 130 after hitting a high of 207. I sold mine at about 199.00 because I knew the shit wouldn't last.
It may come back around but when? The way stuff is set up now Wall street can only be beat with insiders and the brokers and the very rich.
As for the millions of people who got loans let me tell you something: when I went to buy my house in 1998, not ONE damn bank would give me a penny. They laughed at me and lied to me!
Fast forward 2001 or so, and any idiot with a pen can go in and get a loan. What's worse when I worked for banks I saw that they were GIVING money away to illegals to buy big trucks and houses. So if you give it to the wetbacks you have to give it to black folks too!!!
Then they said well I guess we can't leave out the trailer trash aka rednecks they need loans too. WTF? I was a teacher and couldn't get a dime.
So how did I get my house? I had to go through a mortgage company who bought my loan then sold it three times. It ended up with Fannie mae because I WAS a bad risk. I have to pay like an extra 30.00 a month in bad loan insurance...yes, a teacher is a bad risk in 1998, forever I have to pay this on a loan under 100,000! That's right we pay insurance along with our loans to Fannie and Freddie even though get this--Fannie no longer owns my loan Wells "Illegal immigrant loving" Fargo has my loan.
This Bailout is the biggest scam I've ever seen and I've seen a lot of them.
Heloise
37 - Les Slater
Clav,
“I don't know, but I don't want the government (any government) in possession of what little funds I have--I'd rather bury them in a Mason jar in the back yard.”
I think I empathize with you. Things are serious. Good luck.
Les
38 - Lisa Solod Warren
Heloise! Check this out..... John McCain's aide was paid through 2005 by Fannie Mae!
These guys are something else!
39 - Lisa Solod Warren
And Marlow, still waiting for my article to post.
Meanwhile, this is interesting.... just in today.