 |
Data from Thomson Reuters shows that short positions for some of these banks are still up from where they were six month ago. However, in the last few months, some banks' short
 |
interest has risen while the short interest in others has fallen.
Posted on 09/11/2008 2:52:43 PM PDT by Rufus2007
The fragility of the U.S. banking system puts the country in a more dire position than many people realize according to CNBC “Mad Money” host Jim Cramer.
Cramer, in his September 11 “Stop Trading” segment on CNBC’s “Street Signs” told host Erin Burnett the situation puts the United States in danger of “Great Depression, No. 2.”
Burnett questioned Cramer’s assertion that banks should be bailed out by the federal government, in turn passing the cost off to the taxpayer. “It’s obvious the bank system is falling apart,” Cramer said. “Let’s save it before it goes to zero.”
Here is the blow by blow:
...more (w/video)...
(Excerpt) Read more at businessandmedia.org ...
So when will silver be a good buy again ? Wont fall back to $6 will it ? Seems to be trying to develop some $10 support right now.
Fannie and Freddie allowed millions of people to acquire 30 year fixed rate loans at rates lower than the corner bank could or would offer. Once they deviated from their risk model, they got in trouble. If they wouldn't have become involved with trading sub-prime paper, they would still be viable.
So we just nationalized F & F at the drop of a hat, without any debate, without amendments. Now Congress wants to give crooked former CEO Franklin Raines a $5.3 million severance package for cooking the books. The man belongs in jail. $6.3 billion in obvious accounting fraud.
And Congress wants to give him a Golden Parachute ______________ ? ! $ 200 million in political bribes goes a long way these days.
Yep, loss of intergenerational memory is a major part of the business cycle between crashes.
I’ll buy any .999 silver coins or bars you have for 12 dollars an ounce.
PS: that would be actual physical silver coins or bars, not paper ETFs or other manipulated make-believe from the land of naked shorts.
Averaging down?
As soon as I cover my shorts I'll let you know.
Or maybe not. We will see. But the stock is at least 50% out of whack with other share values on the street.
JerseyHighlander,
Thanks for the extra explanation and correction.
The guy from Forbes said this method of putting “projected tax credits”
as capital is technically possible but apparently not a Kosher thing
to do.
What also got me is that he said Congress had called at least one
of the groups onto the carpet over irregularities in 2003.
Sounds like either Congress punted and/or the Freddie Mac/Fannie Mae
accountants sweet-talked their way out of the situation then.
But it appears either way they just managed to continue operations
and continue to pile up problems.
|
Data from Thomson Reuters shows that short positions for some of these banks are still up from where they were six month ago. However, in the last few months, some banks' short
|
interest has risen while the short interest in others has fallen.
I got it from a seminar that we attended by Dave Ramsey. You can get more current info by going to www.daveramsey.com and searching his site for - “consumer debt”. Look for a PDF in the search returns titled, “A Special Report on the Business Cost of Financial Stress.” I think the same info is contained in it.
When 90%+ of our citizenry carries $20k in consumer debt, spread across two credit cards, makes a house payment, two car payments, and is using credit to put one youngster in school, the outcome can NOT be good.
...sound vastly overstated
Buying up junk paper in an attempt to reinflate the housing bubble, treating the debt binge by supplying more debt, is a cure worse than the disease
//////////////
Excellent!
only 10 large banks account for over 50% of the banking system’s assets
//////////////////
It should have been easier for the government to check up on 10 banks than 30. But I guess the bribes were that much bigger also.
Nevertheless, the oversight folks should get a little jail time too.
No one is talking about the greed of the Housing industry. As American Family average size has gotten smaller the average size of home has increased.
Greed over origination fees and fees from securitization.
So we just nationalized F & F at the drop of a hat, without any debate, without amendments. Now Congress wants to give crooked former CEO Franklin Raines a $5.3 million severance package for cooking the books.
///////////////
Should we change the independence of the Fed? It sure seems that they are starting to abuse that independence. First 400 billion, then more, now 200 more, and this FF bailout...does that make us liable for the trillions in loans they had out?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.