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More on The Federal Reserve's St. Patrick's Day Massacre (The Bear Stearns Takeover)
RedState ^
| Mar. 29, 2008 7:16am
| blackhedd
Posted on 03/29/2008 1:26:20 PM PDT by Ernest_at_the_Beach
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To: palmer
Thanks for clarifying. Your original statement made no sense.
81
posted on
03/29/2008 4:30:27 PM PDT
by
Toddsterpatriot
(NAFTA opponents are an odd coalition of the no-deodorant Left and the toothless-and-tinfoil right.)
To: Petronski
Private debt was privately owned, now it is an LLC that the government created and gave $30B to. If you believe that the debt is NOT government owned, that would mean that the government gave the LLC to some private owners. Do you believe that has happened?
82
posted on
03/29/2008 4:31:03 PM PDT
by
palmer
To: palmer
Do you believe that has happened?I'll wait for facts rather than gossiping like maids at the market.
83
posted on
03/29/2008 4:33:06 PM PDT
by
Petronski
(Nice job, Hillary. Now go home and get your shine box.)
To: palmer
I had not heard about the LLC that the Fed created until today Even that sounds a little dicey on their part.
84
posted on
03/29/2008 4:33:25 PM PDT
by
bjs1779
To: Ernest_at_the_Beach
Are their documents that must be publicly filed for this LLC, the way that e.g. corporations must make a filing to the state gov’t they are incorporated in? Would be interesting to see that filing.
85
posted on
03/29/2008 4:40:34 PM PDT
by
ikka
To: ikka
Are their documents that must be publicly filed for this LLC, the way that e.g. corporations must make a filing to the state govt they are incorporated in? Would be interesting to see that filing. And the date of the filing.
86
posted on
03/29/2008 4:44:54 PM PDT
by
bjs1779
To: bjs1779
Let’s say you are owed some money but are having trouble collecting. I go to my friend’s house and he prints up some counterfeit money which I pay him a few cents per dollar and give (sorry, “loan”) that money to a brand new LLC that I create in Delaware for the sole purpose of buying your IOU which I “plan to sell sometime in the next 10 years or something like that”. I think that’s basically what has happened.
87
posted on
03/29/2008 4:47:28 PM PDT
by
palmer
To: palmer
I go to my friends house and he prints up some counterfeit moneyYou don't know that the Fed is going to use new money to fund this transaction. Do you?
88
posted on
03/29/2008 4:50:07 PM PDT
by
Toddsterpatriot
(NAFTA opponents are an odd coalition of the no-deodorant Left and the toothless-and-tinfoil right.)
To: Toddsterpatriot; Petronski; nicmarlo
The Fed buys bonds every time they want to boost the money supply. According to nic they get the money to do that out of the general tax fund. Right nic? I don't believe we ever heard your explanation about the mechanics of that.
89
posted on
03/29/2008 4:50:36 PM PDT
by
groanup
(After 20 years someone finally made money in gold. Now it's "I told you so".)
To: palmer
Lets say you are owed some money but are having trouble collecting. I go to my friends house and he prints up some counterfeit money which I pay him a few cents per dollar and give (sorry, loan) that money to a brand new LLC that I create in Delaware for the sole purpose of buying your IOU which I plan to sell sometime in the next 10 years or something like that. I think thats basically what has happened. I think the pertinent question here is is the taxpayer off the hook for this?
90
posted on
03/29/2008 4:50:48 PM PDT
by
bjs1779
To: Toddsterpatriot
Counterfeit new money...
91
posted on
03/29/2008 4:51:46 PM PDT
by
Petronski
(Nice job, Hillary. Now go home and get your shine box.)
To: groanup; nicmarlo
According to nic they get the money to do that out of the general tax fund. No, they have the Treasury print up FRNs.
92
posted on
03/29/2008 4:53:41 PM PDT
by
palmer
To: groanup
He won't explain anything. I'm sure he'll post a dozen quotes from somebody else to cloud the issue.
93
posted on
03/29/2008 4:54:07 PM PDT
by
Toddsterpatriot
(NAFTA opponents are an odd coalition of the no-deodorant Left and the toothless-and-tinfoil right.)
To: Toddsterpatriot
No, but the Fed money is fungible.
94
posted on
03/29/2008 4:54:30 PM PDT
by
palmer
The fact that an LLC was created was also linked to on my post #4; a fact is anything but "gossip."
The Fed is buying up mortgage-backed securities and other unspecified assets at "the value of the portfolio as marked to market by Bear Stearns on March 14, 2008."
That link, in my post #4 above, links directly to the fed, which states, in part:
Summary of Terms and Conditions Regarding the JPMorgan Chase Facility
March 24, 2008
The New York Fed loan and the JPMorgan Chase subordinated note will be made to a Delaware limited liability company (LLC) established for the purpose of holding the Bear Stearns assets.
Forbes 3/24/08:
The loan will be against a portfolio of Bear Stearns assets valued at 30 bln usd billion as of March 14. The New York Fed is forming a limited liability company (LLC) to take control of the assets in return for a 29 bln usd loan to JP Morgan Chase (JPMC).
Bloggingstocks:
The Fed's $29 billion Bear Stearns equity bailout
To do the deal, a Delaware-based limited liability company (LLC) will receive the $30 billion worth of Bear MBSs. The Fed will "lend" $29 billion to that company, which will pass all the money along to JPMorgan. JPMorgan will contribute a $1 billion loan to the LLC and BlackRock Financial Management will pay back the LLC's loans by gradually liquidating the assets. The Fed gets paid back fully before JPMorgan gets back anything on its loan. And if, after JPMorgan gets paid back, there's money left, the Fed gets it all.But that last part is what makes the Fed's $29 billion an equity investment rather than a loan.
95
posted on
03/29/2008 4:55:29 PM PDT
by
nicmarlo
To: palmer
So they could be using some of their current portfolio to fund it.
96
posted on
03/29/2008 4:55:38 PM PDT
by
Toddsterpatriot
(NAFTA opponents are an odd coalition of the no-deodorant Left and the toothless-and-tinfoil right.)
To: groanup
According to nic they get the money to do that out of the general tax fund. Right nic? I don't believe we ever heard your explanation about the mechanics of that. Cite the post, and reprint it in its entirety, right here on this thread. You won't find it, because I never said that.
97
posted on
03/29/2008 4:58:18 PM PDT
by
nicmarlo
To: groanup
When you run out of material that can discredit the facts, you just outright lie, don’t you?
Pathetic.
98
posted on
03/29/2008 5:00:02 PM PDT
by
nicmarlo
To: Toddsterpatriot
So they could be using some of their current portfolio to fund it. Outside of trickery, the Fed is putting everyone in this country deeper in debt everyday. You will have to explain this magical portfolio that you seem to believe in.
99
posted on
03/29/2008 5:05:45 PM PDT
by
bjs1779
To: Toddsterpatriot
So they could be using some of their current portfolio to fund it. If you funded it, would it matter whether you paid cash, put it on your credit card? (we'll leave out the part about having your friend print up the cash)
100
posted on
03/29/2008 5:07:54 PM PDT
by
palmer
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