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Castle Courtyard => General Discussion / Questions => Topic started by: Paint Your Wagon on July 11, 2008, 11:49:31 PM

Title: Indy Mac is dead long live Indy Mac
Post by: Paint Your Wagon on July 11, 2008, 11:49:31 PM: Are Fannie and Freddy dying this sunday ? and are the Merican taxpayers going to take 6000 billion dollars on their taxes ?
To be continued

http://ml-implode.com/
Title: Re: Indy Mac is dead long live Indy Mac
Post by: Paint Your Wagon on July 11, 2008, 11:57:44 PM: Quote
This Week's Disasters

Fannie and Freddie have become disasters of virtually Biblical (Old Testament) proportions.

http://www.safehaven.com/article-10717.htm
Title: Re: Indy Mac is dead long live Indy Mac
Post by: Paint Your Wagon on July 12, 2008, 12:00:30 AM: Quote
Chances are increasing that the U.S. may need to bail out Fannie Mae and the smaller Freddie Mac, former St. Louis Federal Reserve President William Poole said... 'Congress ought to recognize that these firms are insolvent, that it is allowing these firms to continue to exist as bastions of privilege, financed by the taxpayer,' Poole, 71, who left the Fed in March, said..."

http://www.safehaven.com/article-10721.htm
Title: Re: Indy Mac is dead long live Indy Mac
Post by: longnine009 on July 12, 2008, 10:18:52 AM: Anyone who thinks the United States is a capitalist country anymore is daydreaming. They've taken Mussolini's corporate fascism--(privatize the profits and socialize the losses) and just re-worded it to "market sensitivity."

They are going to unload every toxic waste dump on wallstreet in the taxpayers living room. "Just one more load and we'll be done. No, really, just one more..."

GOT ROPE?
Title: Re: Indy Mac is dead long live Indy Mac
Post by: Paint Your Wagon on July 12, 2008, 09:16:58 PM: Quote
Constant collapse. Brrrr! Thank goodness for the warmth of gold and silver against such a chill!

http://www.safehaven.com/article-10709.htm
Title: Re: Indy Mac is dead long live Indy Mac
Post by: Paint Your Wagon on July 12, 2008, 09:19:55 PM: And from The Sunday Times
Paulson wants people to believe that 15 billion of taxpayers money will solve a 6000 billion problem
One thing is for sure ; those that are holding Freddy and Fanny shares one hour too long may be out of luck and out of money

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4322440.ece
Title: Re: Indy Mac is dead long live Indy Mac
Post by: TwoShadows on July 13, 2008, 01:40:22 AM: Most middle class American taxpayers are ALREADY out of money. Only Uncle Sam knows you can keep squeezing a turnip and still get money especially when you get to squeeze first!!! :'( The American people did NOT cause this mess our leadership in the last 50 years found a well that is sooooooo deep and sooooooo full of water they felt it would NEVER run out. Guess the well is getting low?
Title: Re: Indy Mac is dead long live Indy Mac
Post by: longnine009 on July 13, 2008, 01:53:05 AM: Quote from: Paint Your Wagon on July 12, 2008, 09:19:55 PM
And from The Sunday Times
Paulson wants people to believe that 15 billion of taxpayers money will solve a 6000 billion problem
One thing is for sure ; those that are holding Freddy and Fanny shares one hour too long may be out of luck and out of money

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4322440.ece

What's wrong with it? Come on now, your not one of those people who "just doesn't get it" are you? Why as a taxpayer, I'm profiting so much from all these "market sensitive" interventions I'm starting to feel guilty. I think Goldman Sachs should get a piece of this pie. In fact, I think Paulsen should offer them the whole pie.

After all, finance executives have suffered so much already. Why do you know there are former hedge fund owners who have to fly around now on commercial airliners with the commoners instead of their own Grumman Gulf stream. How humiliating.
Title: Re: Indy Mac is dead long live Indy Mac
Post by: Paint Your Wagon on July 13, 2008, 04:16:40 AM: How horrible

Fortis bank just announced they are bouncing their Chief Executive Officer who cut the dividend to zero cause he got like a 6.6 billion euro problem
and he probably got a million euro severance pay to pack his bags.
The bank though is rock solid with like 6% coverage of capital which according to the Bazel convention is allright .

And what about all those masters of the universe which may loose their job and million dollars bonuses when the stock market crashes the next six months how unfair .
And all those rocket scientists who figured out the price of CDO's and all those other pieces of paper packed with a yellow ribbon

At least have mercy on Citicorpse and plundge a wooden stake through its heart so it knows it is dead ???
Title: Re: Indy Mac is dead long live Indy Mac
Post by: longnine009 on July 13, 2008, 02:41:16 PM: http://news.yahoo.com/s/ap/mortgage_giants_crisis;_ylt=AnctesmjqAI7Y.0Fthg2KFas0NUENot

Not to worry, the dividends on these great taxpayer investments of ours should cover the cost of printing more money. I just don't understand why Paulson doesn't give such great profit opportunities to his old buddies in Goldman Sachs?
Title: Re: Indy Mac is dead long live Indy Mac
Post by: scottishmoney on July 14, 2008, 01:05:44 AM: Quote from: OldDan on July 13, 2008, 10:40:35 AM

Never worry, never fear! As long as the printing presses keep on running and the ink don't give out, the bills will be paid. Even if they have to hire another crew to work all night long at the BEP.

It works just fine in Zimbabwe. It works so well they even put expiration dates on the paper money, just like we have expiration dates on milk, eggs etc. What better way to wipe out debt created by the money you create than to put an expiration date on it and render it worthless in a few months of it's release into circulation? Hey Ben Bernanke, Mugabe had a good idea!

And being less sarcastic here, it is being published this morning that the FDIC has an internal listing of "problem banks" which they are watching, but do NOT publicise for fear of causing bank runs.

On other financial forums, where people have been analysing the stock trades of these banks, three are now identified as BankUnited and a couple of smaller banks. In the next couple of days, I believe we will find out some other big players. BankUnited is big in the SW, mainly Texas. They are teetering right now on FDIC receivership, and their stock has become a junk stock.

Anyone with more than $100K in any single institution needs to immediately spread the money around to other institutions, preferably good ones. That is the only way you are more likely to be covered if the institution fails. I myself went through a bank failure in 1989, but only had something like $300 in the bank, it was tied up for 90 days while the FDIC and the takeover bank got their act together.
Title: Re: Indy Mac is dead long live Indy Mac
Post by: dharmaeye on July 14, 2008, 01:13:16 AM: FDIC Announcement- Indymac Bank business as usual.
Blurb from Comcast.net
Title: Re: Indy Mac is dead long live Indy Mac
Post by: scottishmoney on July 14, 2008, 01:25:06 AM: Business as usual.. whatever the new usual is.
Title: Re: Indy Mac is dead long live Indy Mac
Post by: longnine009 on July 14, 2008, 02:29:01 AM: Oooooh La La!!!!! expiration dates on money, now that's a real good one. I think we should also replace those eagles with peacocks.

Take a look at this and tell me something, is it me?

http://news.yahoo.com/s/ap/20080714/ap_on_bi_ge/credit_crisis_new_phase;_ylt=AgLDo0eSZgc4nGB0gQzYej.yBhIF

Especially this part: "Such an approach could mean beaten-down investment banks like Lehman Brothers Holdings Inc. and regional banks must now fend for themselves as they try to recover from billions of dollars in mortgage-related losses â€” unlike Bear Stearns Cos., whose buyout the government helped orchestrate in March."

Excuse me but isn't that the whole point? @#^$heads die and the intelligent survive and prosper?

I was watching the movie Revolver the other day. A movie about con-men and chess masters. One of their favorite quotes is "You only get smarter by playing a smarter opponent. Who's the smarter opponent on wallstreet. Warren Buffet, probably but I doubt anyone wants to be on the other side of his tickets. And why should peacocks bother with such things anyway. The world, and taxpayers should just throw money at a peacocks feet shouldn't they, they're so pretty you know.

Maybe we should not only put peacocks on our money but show the peacocks exploding from their own narcissism. Which was sort of the theme of that movie along with just how silly and futile bluff -N- bluster really is. Anyone notice how loud the fireworks were this 4th of July? Peacocks lighting off M-80's, only in America.
Title: Re: Indy Mac is dead long live Indy Mac
Post by: scottishmoney on July 14, 2008, 03:12:39 AM: (http://i16.ebayimg.com/01/i/000/f1/55/abba_1.JPG)

Now you see it,

Now you don't... Poof.
Title: Re: Indy Mac is dead long live Indy Mac
Post by: scottishmoney on July 14, 2008, 03:14:43 AM: Just a suggestion for our USA members, might be informative to go in and check on your banking institutions stock lately, I have done so on three of my banks - and I have serious concerns about 2 of the 3 so far.
Title: Re: Indy Mac is dead long live Indy Mac
Post by: Goose on July 14, 2008, 03:41:31 AM: You have money in 3 banks (or more)? Wow! If I need money, I just lift up my mattress......I don't have any banking worries.
Title: Re: Indy Mac is dead long live Indy Mac
Post by: Paint Your Wagon on July 14, 2008, 03:42:10 AM: I have nearly finished balancing my accounts across banks
Most have 6 % own capital as per Basel convention requirement but what if the other 94 % are CDO's or worse ?
I have used the assumption that any or all of them can fail and probably only the first to fail will be bailed out .

There is a list circulating on the internet about the declared losses taken onto the profit statement and the losses hidden in the
100 page accompaning text . This is perfectly legal if the bank thinks the losses are temporarely only .

On top of the list with 40.9 billion writedown was citigroup
Merryl Lynch was second with 31.7 declared and 5.3 off the statement

Since it was a newsarticle that I printed out I cannot give a link
Title: Re: Indy Mac is dead long live Indy Mac
Post by: Paint Your Wagon on July 14, 2008, 03:48:34 AM: In the meantime Fannie is hanging on with her teeths for dear life and tottering
If Fannie and Freddy goes so goes the dollar and silver and gold go up

(http://www.marketwatch.com/charts/big.chart?style=1038&size=1&type=256&uf=8192&time=1dy&freq=1mi&symb=FNM&sid=1899)
Title: Re: Indy Mac is dead long live Indy Mac
Post by: Paint Your Wagon on July 14, 2008, 04:09:00 AM: I hope the firemarshal does not object

(http://img.dailymail.co.uk/i/pix/2007/07_02/money250707AP_468x338.jpg)
Title: Re: Indy Mac is dead long live Indy Mac
Post by: longnine009 on July 14, 2008, 04:44:52 AM: If you still have faith in ratings you can down load a Weiss report on your bank for $15. Longer, more detailed reports are more.
Title: Re: Indy Mac is dead long live Indy Mac
Post by: longnine009 on July 14, 2008, 02:11:45 PM: I wonder if Ben ever thought that someday his name and his pet bird would be associated with another Ben?
Title: Re: Indy Mac is dead long live Indy Mac
Post by: NoHope587 on July 14, 2008, 06:20:01 PM: I am beginning to think my small pile of silver and even smaller pile of gold may not be enough.
Still the one great advantage I have is I have no real money in any bank accounts. For once not actually having money seems to be the way to go....I just have to switch my green back transactions to silver....
Title: Re: Indy Mac is dead long live Indy Mac
Post by: Paint Your Wagon on July 14, 2008, 08:54:37 PM: Quote from: nohope587 on July 14, 2008, 06:20:01 PM
I am beginning to think my small pile of silver and even smaller pile of gold may not be enough.
Still the one great advantage I have is I have no real money in any bank accounts. For once not actually having money seems to be the way to go....I just have to switch my green back transactions to silver....

All my live I have been forced to pay like 10% of my salary for a retirement supplement . Up untill my 60th birhtday I was like you or worse ( could not afford a new car ). I got fired twice and cannot count the days I was jobless . And then at retirement I told them gimmy gimmy all of my money gimmy all right here and now .
I thought for sure the pension fund guarantueeing 6% intrest for the rest of my life was going to loose it all . Now I only got 4% but at least I have a good chance of making better decisions since I am not greedy .
Being debtfree and having an income is all that is needed right now .
Title: Re: Indy Mac is dead long live Indy Mac
Post by: Paint Your Wagon on July 14, 2008, 11:01:20 PM: Nurse nurse quick bring in the oxygen
Bucky is dying , oh and also the 5000 volt paddles and the other stuff and tell Paulson something is wrong right here and now

The chart shows gold and euro against buck on a 5 minute scale
Title: Re: Indy Mac is dead long live Indy Mac
Post by: Paint Your Wagon on July 14, 2008, 11:07:50 PM: Since Defcon one did not work better get the launchcodes chief

http://www.gold-eagle.com/editorials_08/swanson071408.html
Title: Re: Indy Mac is dead long live Indy Mac
Post by: longnine009 on July 16, 2008, 02:49:35 PM: Quote from: Paint Your Wagon on July 14, 2008, 11:07:50 PM
Since Defcon one did not work better get the launchcodes chief

http://www.gold-eagle.com/editorials_08/swanson071408.html

http://www.kiefersutherland24.net/6-19-Cheng1.jpg
"This is the launch code chief for American ICBMs."