Posted on 04/27/2010 4:51:36 PM PDT by sheikdetailfeather
"RUSH: I don't understand this, folks. I literally don't understand this. I thought we were in the middle of a robust recovery. I thought we're going to nail these evil Goldman Sachs guys to the cross today. I thought we were going to have health care for everybody. And look at this, the Dow Jones Industrial Average is tanking, down 143 points, 140 -- well, 136 now. "Stocks fell late Tuesday morning after growing consumer confidence and the latest round of upbeat earnings reports mostly offset fresh concerns about Greece's debt problems." So we're back to Greece.
Rush Limbaugh, the EIB Network, the Limbaugh Institute for Advanced Conservative Studies, 800-282-2882 if you want to be on the program. E-mail address, ElRushbo@eibnet.com.
Not just Greece, Spain and Portugal, folks, the whole European Union, it's a mess over there. And our unfunded pension problems in California are just the tip of the iceberg here. But, at any rate, there are other things going on out there today. We'll get to that as much as we can today in our three-hour period."
(Excerpt) Read more at rushlimbaugh.com ...
So the very people that caused it, including Carl Levin, are now seeking the occasion to once again blame the people they forced to do this while they get to act as innocent bystanders and then cream these people by reputation, tie them to the Republicans, and create all of this phony anger over class envy and all the things that are itinerant to that. So that's basically what is happening here. Now, don't misunderstand me. I am not -- and I never do this anyway -- saying that anybody here is clean and pure as the wind-driven snow. In fact, I'm still not convinced that Goldman isn't in on this. At the end of the day, you know, they'll pay a 500 or $400 million fine at the end of this in exchange for a couple of billion dollars in profit down the road. I mean, the deal is Goldman goes along with this, they take the hit, Republicans get tied to them, Democrats win in November (or don't lose as bad in November) and all is well. George Soros continues to destroy the economy and profit from it. Warren Buffett gets his exemptions from his derivatives and the whole deal is sealed. That's the cynic in me."
IMO Obama hates Jews, Whites and Christians, oh and Blacks (on Monday, Wednesdays and Fridays). He also hates America - I think he has plans to name Obamica.
That’s because he’s an Arab.
The entire mortgage security scheme boils down to this, no matter what Rush Limbaugh says:
Bogus Appraisals - bogus real estate appraisals, bogus ratings on the CDOs. GS grabbed insurance at the peak value and had the ability to manipulate values and used that ability to profit illegally.
INSIDER TRADING
It all begins at origination.
Please take a look at this link for evidence of blatant FRAUD.
http://www.foreclosurehamlet.org
We are doomed. After listening to some of the testimony it is striking how little our representatives, both Republican and Democrat, understand economics. I say doomed because the side of the aisle we look to for free market advocacy is as ignorant as our opposition. Reading some other posters comments shows that even our own side does not understand or fully support the free market. I’ve come to the sad conclusion that Socialism is our future, no matter who is in power.
I, for one, fully agree with capitalism and the free market.
It’s abuse that I am against.
The law is the law.
If borrowers commit crimes in the act of borrowing - they should pay the price.
If lenders commit crimes in the act of lending - they should pay the price.
This will become a Constitutional issue.
Limbaugh doesn’t get it ... the biggest contributors to the bubble and the crash were the excessively low interest rates after 09/11 and huge amounts of international cash looking for an investment “guaranteed” to pay more than the paltry 30 year treasury rate. There was so much cash that the wall streeters pushed on the bankers to move that it was inevitable that Banks lending standards would evaporate ,, especially in light of the Bush admins move to eliminate positive id for bank accounts (Mexican id or just a phone bill is OK!!) and the fact that the banks were no longer the lenders ,, just the conduit collecting a fee for each loan written but with no interest in the loan itself.
The Morgan Stanley , GS and others that originated CDO’s CMO’s may have attempted to build good products in the beginning but by 2004 they knew they were pooling junk and they bought tons of insurance in the form of swaps and such knowing that what they were selling wasn’t as advertised.
They also pocketed about 30-35% of the investors money as undisclosed fees on the yield spread premium ,, they stole from the investors and the borrowers (by pushing prices up higher than a functioning market would have allowed)...
The only logical way to unwind this mess is to have GS and others recall all their hidden gains from the Caymans or wherever and apply ALL of it to the outstanding balances of the loans that still exist.
This whole thing smells of “Gentlemen, we’ve got to do something to protect our phoney-baloney jobs.”
So what’s the solution? This is not a left/right issue.
I think the securitization of the mortgage industry was the driver behind outcome-based property appraisals.
My idea is to re-evaluate all properties in a fact based manner. There is your new principle balance whether in default or otherwise.
Stuff the difference up their TARP funds.
While the clowns in Congress certainly don’t understand economics much, that’s not what is required here.
What they need to understand is how capital markets work, how trading and modern finance work.
And this completely escapes them.
Yep.
Oops - should read, “I think he has plans to rename the country Obamica”
I still haven’t adapted to my laptop...
The dems are the cause of much of the economic problem, however, Goldman Sachs and Wall Street deserved to be grilled mercilessly.
Due to greed and sheer stupidity, these guys mismanaged their companies to the point of bankruptcy, then used out tax money to cover their mistakes.
the GS nonsense is electioneering.....they all meet for drinks and dinner in the evening at the White House...
Our new corporate masters and their corporate schills.
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