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This page contains a single entry from the blog posted on November 12, 2008 2:19 PM. The previous post in this blog was U.S. adds $1.2 trillion to national debt in under six months. The next post in this blog is New cop union boss: Officers who killed Chasse were in the right. Many more can be found on the main index page or by looking through the archives.



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Wednesday, November 12, 2008

Wall Street bailout, Plan D

King Paulson has now changed his mind yet again about what we're supposed to do to save the economy. Pretty edgy, for a financial savior.

Comments (14)

Hmmm. Why am I losing confidence here?

Once you buy into the theory that the Government needs hundreds of billions of dollars to bailout certain segments of the market in order to avoid a Second Great Depression, then it doesn't really matter how the government spends the money.

I actually think spending the money to keep the credit markets moving is probably the best use of the money.

That said, I don't really buy into this theory. I think the problems are too big for the government to solve.

I still like my idea: We break off some of the 700 billion and buy lottery tickets.

I saw this story on the Wall Street Journal webpage late yesterday. It sounds like they are changing their gameplan from what was intended. Worst of all, there does not seem to be much information where the 700 Billion is being loaned out.

You know, $700 billion could give each American a check for $2330. That would be $9,300 for my family. That would get me spending again.

Of course, we'd just be borrowing it from ourselves, or more accurately, our grandchildren.

God Bless America! And America's bottomless charge card!

"And America's bottomless charge card!"

Its not bottomless. The FED has defaulted multiple times and a treasury default (to foreign creditors) is a very real possibility.

And if we don't default...get used to being China's bitch, Americans.

My guess it that the money is better used on consumer credit than on home loans.

People who took out home loans knew as early as 2005 that credit markets were turning against them. They knew what they were getting into, but chose to ignore it.

Most of the people who are defaulting are (1) investors who knew--or should have known--the downside risk, or (2) folks who shouldn't have entered the market in the first place; for these people I blame the Barney Frank/George Bush "ownership society."

It looks like in the Obama administration, the best thing to do is to default on your mortgage and get a sweetheart deal from Uncle Sam.

I've already stopped putting money in my 401(k).

I think I'll stop paying my mortgage in February 2009.

Around July, I'll stop paying for my family's health insurance and use the money saved to buy a tax-credit-subsidized Chevy Volt.

I hope by December, I'm hoping that my East Coast uncle will pay my grocery bills. [Note: I'm lactose intolerant and I eat only organic foods and line-caught salmon.]

Never in my life did I think everything could be provided to me for free by the top 5%. Thanks, guys. I'll get you back later.

We have not even landed at First base yet. One out of 7 homes in Vegas have been given back to the a matter of fact the IN-THING right now in Nevada is to just mail the keys & garage opener to the lender and kiss it goodbye. The banks are opening packages daily with this M-O. Walmart today is expecting crappy sales for Dec. WALMART! Best Buy is the next to go right behind Circuit City, Job loss is mounting. Todays report was a jolt and a half. Wait till we hit 3rd base. Thats one year from now. Maybe the feds will have enough to pour soup.

"The FED has defaulted multiple times and a treasury default (to foreign creditors) is a very real possibility."


"get used to being China's bitch"

Uh, I don't know if you've seen, but CHina is staring to have their own cash flow issues with exports tanking. That might be the one good thing about them taking mosot of the manufacturing jobs is that they feel the chill first and hardest.

Now they are talking about bailing out the auto industry.

I wish that I could have a company that makes products that people don't want, and get bailed out by the government because of it...

Seriously, is there a car that GM, Chrysler, or Ford makes that anyone wants? Trucks are a different beast entirely, but American cars are crap compared to models from Europe or Japan. Everyone knows this.

And yet we're propping them up so they can make the next generation of steel riveted garbage to roam the highways...

5% of US Public Debt is owed to China (541 billion) .

2,740 Billion (2.74 Trillion) of US Public Debt is owed to all foreign countries. This means that the remaining 7.89 Trillion (10.63T-2.74T) is held by the 12 Federal Reserve banks domestically and is debt OWED TO OURSELVES.

Here are the references:

No one, including Paulson knows how to approach the problem with an appropriate solution. The complexity involves both a primary market -borrowers defaulting on under-collateralized loans, and a secondary market - banks and investors holding bundled investments secured by the devalued collateral. Thus far, the collateral continues to decline in value but might some day increase if and when the housing market begins to recover. The initial plan was to use the 700bil. to purchase the investments of the secondary market. Now the thought is to funnel the money to Fannie and Freddy to fulfill their guarantee obligations on most of the mortgages. The problem with both approaches is the 700bil. will not stretch far enough to cover either market. If I were King, I would use that money to assist the defaulting borrower to refinance the underlying mortgage and move it out of default so the payment stream could resume. A bottom up approach.

Going broke in this country was inevitable. However, the ridiculous policies of our government over the past 16 years have really accelerated our decline.

There are a few books that I would personally recommend reading.

"The Fourth Turning". Pretty interesting analysis on the natural turning over of societies by the different generations. Don't carry this one in my ebookstore unfortunately.

However, I do carry this ebook by Peter Schiff

The Little Book of Bull Moves in Bear Markets
in our store.

I have not read it yet, but did read "Crash Proof" quite a while back and thought Schiff saw some stuff coming. (and took some of his advice)

Use this code for 25% off: BLOGOF

Some scary times ahead folks. Be prepared because our leaders are not.

Clint Brauer
GM -

Prex Chimp-a-doodle speeched today, "we don't need bigger gov't, we need smarter gov't." Well, consider the source ... d'oh!

Bill McD: Hey, your 'buy lottery tix' idea could get you on the air with LIARS. He burned 15 minutes of his EnterTAINment programming yesterday helping a self-described "gun-totin' redneck" caller figure out the slipped decimal in the caller's calculation, that "if we took 300 million of the bailout, we could give everyone in America a check for one million (1,000,000) dollars, and that'd fix a lot of people's trouble." LIARS corrected him that "you could give 200,000,000 adults each a check for about 20,000 dollars with the 700,000,000,000 dollar bailout." So the caller says, "Dang-nabbit, I'd rather use my arithmetic." Simple. See? Go figure.

And today's pot o' LIARS chuckles boiled down in the statement, (to "Steve the Beaverton bond trader" -- whose talking sounded like Mister Tee's writing -- saying gov't 'has to spend less money'), LIARS said that "we have to cut spending 30% and there is nothing in the fed.budget big enough to get that 30% out of." (LIARS figured $1 trillion a year was his "30%" to pay off $11 trillion debt in 10 years. Simple. See? Go figure.) We simply need "smarter gov't" ... like we need LIARS.

And, ultimately, LIARS proved to us that the solution to everything is "drill, baby, drill, for offshore oil, like Governor Palin said." (I kid you not.) Except LIARS didn't know where, exactly, oil was hiding -- only that "it's offshore;" nor could he say how much is there -- only he's sure there is ONE BILLION barrels of oil that'd last ten years.

So you can figure at $100 a barrel, that'd be $100 billion revenue, on an outlay of $20 billion to build the drilling-platform rig and $10 billion a year for 10 years to run the pumping, shipping, refining, and those workers' salaries ... IF there was a billion barrels to get under one platform ... IF oil was $100 a barrel.

That's why we need LIARS occupying our airwaves broadcasting all this, to educate the public with the mental programming for the "smarter gov't" of Chimp's.

Meanwhile, back in Iraq and in this year's budget, out of $900 billion for discretionary spending the Pentagon got $1 trillion, (to fight fictional terrifying folks who could take over our minds any minute they choose -- they are everywhere, Chimp says, and LIARS saw naked bicycle riders, too; we just haven't been able to convict a single one yet in a public court of law). On top of 1 trillion Pentagon dollars last year. And 1 trillion every year of the Chimp before that, leaving no child untaxed, or un-shot, or, basically, alive.

Shot by 'terrorists' the Pentagon supplies the guns, bullets, bombs, explosives and target coordinates for. See? It's like Red Army vs. Black Army -- it's a Military Exercise, see?, to keep our troops all 'trained up' in case a real enemy ever appears ... and so we gotta pay for both sides in the War Game mockup ... and what's a few thousand fatalities matter, anyhow?, that's simply weeding out the low-productivity dolts.

As LIARS says, "we gotta have that oil;" and it's well-known (although radio doesn't tell us) that the Pentagon burns 40% of the US gas/diesel/kerosene fuel consumption each year.

How-some-ever, Detroit automakers now need a Big Billions bailout or it's gonna crash all of our cars. Although Detroit carmakers don't make cars; they manufacture hummers and tanks and troop transports and crowd-control non-lethal paralyze-you sterilize-you droids, under Pentagon contracts. Oh, and gov't limousines.

I recognize this is not talking about bankers and bonds and stocks and spending and lending and various plans for retirement, or healthcare, or !my word! the home-finance bubble }ker-pop{ but, hey, just saying ... I think I know where our money went }ker-blooey{

BTW, What Is NorthCom Up To?, By Matthew Rothschild, November 12, 2008

This week and into next, NorthCom and NORAD are conducting a joint exercise ... testing a “synchronized response of federal, state, local and international partners in preparation for homeland defense, homeland security, and civil support missions in the United States and abroad” [homeland abroad?] ... to achieve exercise objectives within the maritime, aerospace, ballistic missile defense, cyber, consequence management, strategic communications, and counter terrorism domains ... [to] include the U.S. Strategic Command’s “Global Lightning 09,” which is a plan to use nuclear weapons in a surprise attack.

They're up to "consequence management." Oh.


Like, what's the consequence of business going out of business?
... and every business getting into military industry ...

Oh, and Paulson speeched today that October's $700 billion he spent was earnest money enough to put Peace & Justice on lay-away, but he has to make another payment this month.


As a lawyer/blogger, I get
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Lange, Pinot Gris 2015
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L'Ecole No. 41, Merlot 2013
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Jack London - The House of Pride, and Other Tales of Hawaii
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Harper Lee - To Kill a Mockingbird
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Mark Herrmann - The Curmudgeon's Guide to Practicing Law
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Evelyn Waugh - Brideshead Revisited
J.K. Rowling - Harry Potter and the Sorcerer's Stone
David Sedaris - Holidays on Ice
Donald Miller - A Million Miles in a Thousand Years
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C.S. Lewis - The Magician's Nephew
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William Shakespeare - A Midsummer Night's Dream
Ivan Doig - Bucking the Sun
Penda Diakité - I Lost My Tooth in Africa
Grace Lin - The Year of the Rat
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
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Jeff Noon - Vurt

Road Work

Miles run year to date: 5
At this date last year: 3
Total run in 2017: 113
In 2016: 155
In 2015: 271
In 2014: 401
In 2013: 257
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