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http://www.washingtonpost.com/wp-dyn/content/article/2008/10/24/AR2008102401715.html?hpid=topnews

After Lehman fell, I poured through their SEC reports looking for what could have taken the storied institution down. High leverage and off balance sheet items (i.e. derivatives) seemed the most likely culprits.

That began a wild week, which turned into a wilder month. Many of the causal factors are still in play. When hosptial giant HCA has $652 million in untradeable auction rate securities in their professional liability insurance subsidiary, the poison is deep in the system. KKR, HCA’s owner, could show up at Hank Paulson’s TARP window.

I look at these boards as a place to share information. If someone doesn’t get my point, I assume there’s a better way to get it across and work to do just that. If we disagree, we disagree. Not such a big deal. I wish you and Fred the best navigating whatever comes next.

I didn’t read where anyone said you were right…..

everything is a contest with your types though so you just enjoy that false feeling of superiority.

Eugenedebs – No, what you posted wasn’t an oversimplification, it was utterly inane. And mostly wrong. That was a Sarah Palin answer. Because if you knew anything at all, people were bundling mortgages long before Glass-Steagal was repealed. The repeal just allowed more people to enter the arena, when they had no business being there.

If Greenspan isn’t thinking…
… Then what the hell is he being paid to do?

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Mr. Liddy said A.I.G.’s cash needs were tied to the fortunes of the capital markets. “To the extent they continue to go down and we have to keep posting collateral, as it’s called, the vernacular in the industry, it’s possible it may not be enough,” he said.

http://dealbook.blogs.nytimes.com/2008/10/23/aig-may-need-even-more-money-its-chief-says/

Shayne Says:
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Fred, the Republican mantra, that even McCain has recently spewed, is that elections have consequences. And since Democrats had no power they had to sit down and shut up. Then after 2006 they did everything possible to stop progress between vetoes and filibusters. Well this election is going to have consequences for the crooks.

I couldn’t agree more. My whole point was that they actually said it. It is the condecending tone and bitter snarking that has made things so partisan. The right owns it as you say…….reap what you sow.

Is it just me or is this new troll totally impossible to understand. It’s like it is speaking a different language.

That, and it’s obvious he went to school at the c.c. cummings art of non capitalization.

Giving a new generation of politicians power in a desperate time forces them to rise to the challenge or find honest work. If the Dems screw up we could see a viable third or even fourth party. We could see the GOP clean house and be reborn without the reckless radicals.

But, if nothing else, we have to repudiate the neocon GOP for our sakes and to send a clear message to the world community. Until that happens we are screwed.

http://www.youtube.com/watch?v=mzJmTCYmo9g

First, I really don’t care about spell checker, so get used to the spelling mistakes.

Second, this thing can’t really be summed up in 10 sentences. Maybe 10 really long sentences.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Sure it can

Glass Steagal went away. Greedy financial pigs bundled bad loans and sold the debt without caring if the loans were paid back BECAUSE they were going to bundle and sell them to financial institutions. Financial institutions bought them wholesale without caring because it looked good on the short term bottom line and the US taxpayer would always be there to bail them out long term. This country has always had socialism for the rich and they knew it. That may be an oversimplification but its a valid less than 10 sentence summary of the crisis.

It isnt that Wall St is good or bad they are what they are systemically that is all about maximizing profits. That priority is not always in the best interest of the country or everyone in it.

Bilbo Hussein Baggins Says:

Is it just me or is this new troll totally impossible to understand. It’s like it is speaking a different language. Or speaking in “word salad”. That’s a psychological condition where people string words together that are real words but have no relationship to each other

Exactly what Sarah Palin does.