"My Tax Dollars"

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jerZ07002
Supreme tranceaddict

Registered: Dec 2006
Location:

quote:
Originally posted by Shakka
They didn't originate the loans, but they put their stamp of approval on them so they are complicit. They made their investors tons of money in the process and now those very investors are getting bailed out as the tide goes out and those who have been skinny dipping are exposed (to borrow a Buffet quote).

Personally, I'd rather have short-term acute pain to cleanse the system of its evils as opposed to fighting this cycle tooth and nail to avoid the natural progression of things. Things may suck for a little while, but the world isn't going to end.

Edit: I don't think we're subverting greater evil, unless that greater evil is the rest of the world going apeshit and attacking the U.S. because we sold them shit securitizations and equities. On the contrary, I think the greater evil is propping up bad assets in the name of short-term comfort at the likely cost of more long-term pain. It is exacerbated by this being an election year.

i agree with everything you said. the only thing i'm worried about is foreign investors linking US government credit risk to the risk of fannie and freddie. while i'm not for government deficits, i see no end to the current red line policies so i would rather reduce the harm of increased federal government borrowing costs (which as you know would cause overall greater taxes at some time in the future). that's the greater evil i was talking about. in my opinion a correction is certain necessary and overdue.

Jul-23-2008 05:51 United States

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occrider
Traveladdict

Registered: Oct 2000
Location: New York

quote:
Originally posted by Shakka
The answer, unfortunately, is my daughter, and probably her kids. Hopefully I can leave her a decent inheritance to make up for this generation's fuckups.

Do a search for the word "children" that was said by myself in the past year or two and you can easily find numerous instances of schadenfruede where I exalted at predicting that that republicans (who predominately tend to have kids) are going to fuck themselves over with their reckless policies and that I could care less because I wouldn't have kids. I no longer feel that way because not only is it generally a hurtful mentality that is detrimental to everyone, but it's something genuinely sad that could have been avoided so easily.

Anyway, some of you probably know that I used to work at Freddie Mac. I completely agree with shaka that the company should have been taken over by the fed as opposed to bailed out. Even though credit risk was the cause of the whole financial affair, my experience as an operational risk manager was so much of a joke that I knew that they treated the entire field of risk management as a joke which is why i left several months ago. Hmmm i guess my instincts are somewhat ok.

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Jul-23-2008 06:52 United States

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Krypton
83.798 g/6.022x10^23

Registered: Nov 2003
Location: Texas

quote:
Originally posted by occrider
Do a search for the word "children" that was said by myself in the past year or two and you can easily find numerous instances of schadenfruede where I exalted at predicting that that republicans (who predominately tend to have kids) are going to fuck themselves over with their reckless policies and that I could care less because I wouldn't have kids. I no longer feel that way because not only is it generally a hurtful mentality that is detrimental to everyone, but it's something genuinely sad that could have been avoided so easily.

Anyway, some of you probably know that I used to work at Freddie Mac. I completely agree with shaka that the company should have been taken over by the fed as opposed to bailed out. Even though credit risk was the cause of the whole financial affair, my experience as an operational risk manager was so much of a joke that I knew that they treated the entire field of risk management as a joke which is why i left several months ago. Hmmm i guess my instincts are somewhat ok.

You should be a whistleblower. Write a book. !