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I told you so
Vanity | 29 September 2008 | JasonC

Posted on 09/29/2008 4:16:58 PM PDT by JasonC

I told you so.

Happy?

Think you saved anybody lots of money?

Think you reduced the role of government?

On saving money, US markets dropped $1.2 trillion today, and worldwide it was more like $3.5 trillion.

On the role of government, the Fed announced $630 billion in new central bank credits today, half of it to central banks abroad. And oh, the FDIC guaranteed to Citigroup all losses beyond the first 13% on Wachovia's mortgage book, which is around $300 billion.

And it won't be remotely enough, and will probably need to be doubled tomorrow.

When are you going to learn that you are in the same boat with those you are throwing brickbats at, that you are their creditors and end owners, and that destroying as many as you like will not avert one dime of the hit, but just multiply it tenfold and drop it right back in your own lap?

How many times does this have to blow up in your face in succession, before you admit the possibility that others might actually know something about it, and you might actually be wrong?


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KEYWORDS: crapsandwich; needsmorecowbell; soreloserman; turnpaper
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1 posted on 09/29/2008 4:16:58 PM PDT by JasonC
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To: JasonC

I will always say no to socialism.


2 posted on 09/29/2008 4:18:09 PM PDT by StrictTime (I used to be disgusted, now I try to be amused.)
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To: JasonC

Burn baby burn....


3 posted on 09/29/2008 4:18:58 PM PDT by Crim (Dont frak with the Zeitgeist....http://falconparty.com/)
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To: JasonC
Image Hosted by ImageShack.us
4 posted on 09/29/2008 4:19:35 PM PDT by cripplecreek (Paying taxes for bank bailouts is apparently the patriotic thing to do. [/sarc])
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To: StrictTime
Say whatever you like, the Fed and FDIC will act. You aren't stopping them from acting, you are just requiring them to act on 10 times the scale.
5 posted on 09/29/2008 4:19:43 PM PDT by JasonC
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To: JasonC

we were in this situation before the bail out theory...no indication that the people with the bail out money intended to change their habits...so we are just facing realty rather than postponing it for a worse reality....


6 posted on 09/29/2008 4:20:20 PM PDT by tenger (If we don't stay on 'em, they're gonna get it wrong. Joe Soucheray)
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To: JasonC

Oil is dropping; so there IS a silver lining.


7 posted on 09/29/2008 4:20:33 PM PDT by DLfromthedesert
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To: JasonC

I wish I’d invested in Self-Serving Free Republic Vanities two weeks ago. I’d be a trillionaire.


8 posted on 09/29/2008 4:20:35 PM PDT by JennysCool (A man who served his country well vs. a walking Che poster. Is it really that tough a choice?)
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To: StrictTime
I will always say no to socialism.

I think AIG, where we actually nationalized a company, is much more socialist than this bailout. Why aren't we making a bigger stink about that? This bailout buys distressed securities, but doesn't nationalize any companies.
9 posted on 09/29/2008 4:20:49 PM PDT by itsPatAmerican
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To: JasonC
Why did Tipsy Nancy Pelosi give that nasty speech?

She made me think things are NOT the same as she has been telling us they are.

Something smells fishy.

10 posted on 09/29/2008 4:21:27 PM PDT by syriacus (Under Bush, Dems controlled the Senate for MOST of the 107th Congress and for ALL of the 110th)
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Comment #11 Removed by Moderator

To: JasonC

If the ‘value’ of these stocks and other assets is legit, the money will come back to them in short order. And if the value is actually phony and inflated (which it is) then it’s proper economics for those assets to go to their proper valuations. Those who are so flustered by the DOW going down or their phony real estate equity disappearing are simply beneficiaries of a phony run-up, and you want the rest of the country to dig deep so as to keep your phony assets propped up. Sorry if I don’t really care.


12 posted on 09/29/2008 4:22:24 PM PDT by raptor29
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To: JasonC

How many times are you simply going to make up total bullshit and call it facts? Your “facts” here are wholly without any base in reality. Total make believe. Utter nonsense. What vanished today was some decimal places on some balance sheets. Nothing more.


13 posted on 09/29/2008 4:22:37 PM PDT by MNJohnnie (http://www.iraqvetsforcongress.com ---- Get involved, make a difference.)
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To: StrictTime

That’s like saying no to the ocean when you find yourself adrift without a boat in the exact middle of the Atlantic.


14 posted on 09/29/2008 4:23:18 PM PDT by gost2
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To: JasonC

Oh, so now we judge the effects on 1 days trading and not days, weeks or even years. The market will work itself out. Companies will purchase other companies. The sun will rise. I guarantee it.


15 posted on 09/29/2008 4:23:21 PM PDT by proudtobeanamerican1 (God Bless Sarah Palin and her Family.)
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To: JasonC
before you admit the possibility that others might actually know something about it,

Like the person quoted here?

In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy. “It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.”

16 posted on 09/29/2008 4:23:32 PM PDT by Notary Sojac (I'll back the bailout if Angelo Mozilo lets me borrow his Lamborghini on Saturday nights.)
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To: JennysCool

You forgot “shameless” in your list of adjectives.


17 posted on 09/29/2008 4:23:40 PM PDT by johniegrad
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To: tenger
Net mortgage issuance in calendar 2005 was $1.1 trillion. Net mortgage issuance in the 2nd quarter of this year, annual rate, was $80 billion. US financials are worth less than half what they were worth a year ago, half the major companies then don't exist, and you can count the ones with the same CEO on one hand and they are all the stand outs.

They changed their habits quite decisively, thank you very much. But you haven't changed any of yours. Don't worry, you will get to, and soon enough.

18 posted on 09/29/2008 4:24:07 PM PDT by JasonC
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To: JasonC
How many times does this have to blow up in your face in succession, before you admit the possibility that others might actually know something about it, and you might actually be wrong?

Wow! Let me ask you something. Do you get autograph seekers when your a legend in your own mind?

"see my broker is JasonC and he says....." when JasonC talks.....nobody gives a sh!t!

19 posted on 09/29/2008 4:24:11 PM PDT by Bommer (Who was Obama's diction coach? Bevis or Butthead? Uhhhhhh.....)
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To: JasonC
Scream hysterical all you like. You don't change your hysteria to fact by screaming it louder. This is a totally necessary adjustment in the market. You don't get to ride Capitalism on the way up then scream for socialism on the way down. We are NOT here to insure YOUR risks.
20 posted on 09/29/2008 4:24:29 PM PDT by MNJohnnie (http://www.iraqvetsforcongress.com ---- Get involved, make a difference.)
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