Mainly in response to Geithner, but to the Admin in general (names removed, obviously):
I am fired up.. uncork a few for me! a little ranting……@*#@**xx.
Geithner looked like a deer in the headlights today.. he bombed in his unveiling. Put some duct tape on him! What an amateur hour-- Obama is in trouble so soon
This moron Geithner doesn't know how a bank loan is made and the fact that mark to market acctg requires the bank to almost surely write a loan down immediately upon making it because its like a new car when you drive it off the lot it is worth less two minutes later after its made ……like bonds these loan portfolios will swing in value based upon the interest rate swings and if there isn't someone who wants to buy a new loan at face then you have to write it down, do you know how many loans are made in conjunction with deposits and relationships etc…?? I am so disgusted these yahoos are really dumb. The Feds/states already supervise the banks.
It's not about just writing down these mortgage securities, CMO's and such, but these banks are required to write down their customer loan portfolios even if they are performing!!
I am getting tired of Obama complaining about Wall Street who the F' does he think owns stocks and bonds?? Just fat cats from NYC??
Almost every person I know has 401K's retirement accts etc that have been crushed and they are measuring their wealth and ability to retire, save and survive on these values etc.. Nationalizing the banks is so stupid it's laughable.
Mark to market acctg serves really who?? The Govt who want to steal the assets of the financial institutions .. can you imagine ?? while they are at it lets nationalize the oil industry .. can you imagine Barney Franks and Dodd making decisions about where to drill and how to allocate capital ?? The retail RE business is about to drop off a cliff.
These guys are proving every day they have no clue about how business works.
Someone tell me I am off my rocker!!!
Can you imagine if all they did was guarantee bank deposits up to a few million dollars at the banks and modified mark to market acctg the trillion dollars of bank bail out capital would be cut by 90% and they would really get a stimulus plan using those same dollars cooking on worthwhile spending projects!
Things will turn around but not before enormous private wealth of this nation is wiped out and redistributed and the country starts over but it will be a decade before this happens and I am starting to wonder if it will happen peacefully?
SAD SAD SAD
