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Thread: Businesses added 230,000 jobs in October

  1. #21
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    Re: Businesses added 230,000 jobs in October

    Quote Originally Posted by poweRob View Post
    So you are going to pin the whole 2007 economic fall on fannie and freddie are ya?


    Not exactly.

    But remove them from the equation early on and we wouldn't be talking about the 2008 Financial crisis.

    They manipulated the value of securities and derivatives by being the primary consumer of MBSs backed by Subprime loans.

    Government subsidies via Fannie and Freddie artificially created value for a product that without Government intervention would have been worthless. ( Technically they were worthless )

    And the entire time they were buying up 10s of Billions in securities and Subprime loans they were exempt from SEC reporting requirements.

    Finally in 2006 they submitted their first quarterly financial statements to the SEC.

    Problem was they only reported 1/10 of their worthless debt.

    Think about it. Thats Securities fraud on a unprecedented scale.

    Had a investment bank done that their executives would be cooling their heals in Federal prison right now.

    By NOT offering up full disclosure on their losses going back to the early 90s or even counting their losses the market was fooled into believing that these securities were more valuable than they actually were.

    And the GSEs debt came with a " AAA " status. Not because some ratings agency screwed up. Because the GSEs were backed by the US Government who's debt also had a " AAA " status.

  2. #22
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    Re: Businesses added 230,000 jobs in October

    Quote Originally Posted by poweRob View Post
    I'm glad to see those over 55 employment numbers down. It's mostly going to be a reflection of retirement where seven years ago these people couldn't retire due to the crash. Obamacare has a lot to do with it in that people didn't have to have a job to have healthcare and they dropped out. This opens room for the younger generations to get jobs. The more jobs we get especially for the younger generation, the less idol hands we have breaking into houses.
    I think you meant "idle hands".

    I always hoped to retire at 55, in spite of knowing I'd have 2 kids in college and 1 on his way at that time. Dare to dream. I'm probably not going to be able to retire until I'm 65....my husband too.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  3. #23
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    Re: Businesses added 230,000 jobs in October

    Quote Originally Posted by Fenton View Post
    Oh Bull.

    Had the GSEs not been buying up everything that came their way, had they simply TOLD THE TRUTH when they reported their quarterly financial statements to the SEC in 2007 ( for the first time EVER ) instead of HIDING 9/10 of their worthless debt, there would have been ZERO market for those loans let alone all of the worthless derivatives.

    They were Country Wides primary consumer of their trash loans going back to the late 90s.

    Out of all the banks, lenders and investment companies involved in the Subprime mortgage crisis only two major Financial institutions were investigated by the SEC for their actions in the run up to the 2008 Financial crisis.

    You want to guess who ?
    Why do you continue to spew the same false narrative?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Businesses added 230,000 jobs in October

    Quote Originally Posted by Fenton View Post
    But remove them from the equation early on and we wouldn't be talking about the 2008 Financial crisis.
    Not exactly. It is invalid to make claims on the basis of an alternate reality without somewhat/somehow identifying the assumptions used to come to such a conclusion.

    They manipulated the value of securities and derivatives by being the primary consumer of MBSs backed by Subprime loans.
    They were a market maker as it is in their charter.

    Government subsidies via Fannie and Freddie artificially created value for a product that without Government intervention would have been worthless. ( Technically they were worthless )
    Yet banks did not feel the same way. Not a single banking institution spoke out against the common mentality on Wall Street, COL, Mong Kok, etc.... Reason being, the private sector had the most skeletons in the closet, by a considerable margin (pun intended).

    And the entire time they were buying up 10s of Billions in securities and Subprime loans they were exempt from SEC reporting requirements.
    Why does the private sector get a pass? Because they used technicalities to shield their regulated exposure?

    Finally in 2006 they submitted their first quarterly financial statements to the SEC.

    Problem was they only reported 1/10 of their worthless debt.
    Where did they get these loans for securitization?

    Think about it. Thats Securities fraud on a unprecedented scale.
    You don't understand the legalities surrounding securitization.

    And the GSEs debt came with a " AAA " status. Not because some ratings agency screwed up. Because the GSEs were backed by the US Government who's debt also had a " AAA " status.
    Ah hah! Why were these securities, much of which originated in various financial capitals around the globe, given AAA ratings?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Businesses added 230,000 jobs in October

    Quote Originally Posted by Kushinator View Post

    You don't understand the legalities surrounding securitization.
    What an utterly ridiculous statement.

    It is not possible for you to have a complete knowledge of what Fenton does or does not know about ANY subject.

    So, for you to actually make a matter-of-fact judgement on the extent of Fenton's knowledge of the subject in question is nonsensical in the extremis.

    One would think you would know this...apparently not.

    Noted.


    Ah hah! Why were these securities, much of which originated in various financial capitals around the globe, given AAA ratings?
    Ah hah?

    :

    That's our Kushinator.


    Good day.

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    Re: Businesses added 230,000 jobs in October

    Quote Originally Posted by DA60 View Post
    Noted.
    Foot stomp!

    Good day.
    Not if you're long gold!

    DA60
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Businesses added 230,000 jobs in October

    Quote Originally Posted by Kushinator View Post
    Not if you're long gold!

    DA60
    Really?

    When I first got into the Gold/silver market in late summer of 2007, Gold was at roughly $650 and silver was roughly at $12.

    So I have returned about 30% on silver and about 75% on gold.

    Since mid 2007, for example, the DOW is up about 20%.


    I would say I have done very well (though granted, I had done far better a few years ago) being 'long gold'.

    My only wish is that I did not hesitate as long as I did to first enter the precious metals market.


    Good day.
    Last edited by DA60; 11-06-14 at 02:04 PM.

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    Re: Businesses added 230,000 jobs in October

    Quote Originally Posted by Kushinator View Post
    Why do you continue to spew the same false narrative?


    Its not a false narrative.

    Its not 2008 anymore Kush. You people dont have the advantage of the parsed data on Fannie and Freddies holdings that was released 6 years ago to cover the Democrats asses.

    There's been plenty of evidence that surfaced since then thats exposed the GSEs for what they were.

    Lets see, there's Fannie Mae's relationship with Country Wide ( that goes back to the late 90s ) that led to Fannie becoming the primary consumer of Country Wides junk loans.

    Theres the 2011 SEC investigation thats revealed that the GSEs falsely reported on 1/10 of their holdings of worthless securities.

    There's Eric holders own Lawsuites, that claim Fannie Mae was suckered into buying Country Wides trash debt.

    That made public the amount of SOME of Fannie Mae and Freddie Mac purchases.

    Even though the Fannie and Freddie Foundation bragged about buying up Country Wides their trash loans in 2004. Even though Fannie Mae worked with Country Wide back in 1998 to develop the " Fast and EZ loan.

    And there's the FHFMA Lawsuit against a long list of Banks that supposedly tricked the GSEs into buying worthless securities. That lawsuit made public the enormous amount of worthless securities the two GSEs bought over a short period of time.

    I think that lawsuite alone made public over 250 Billion dollars in Subprime securities purchased by the two GSEs.

    There's the 2004 revised GSE goals set by HUD that made public over 80 Billion dollars in Subprime securities purchases from 2000-2004.

    Then finnaly, there's the FEDs agreement to buy up 1.5 Trillion dollars worth of Fannie and Freddies " AAA " TRASH Securities.

    Why on earth would those MBSs have to be unloaded onto the FEDs books ? Because their backed by Prime loans ? No, their backed by Subprime loans.

    Their trash and the FEDs stuck with them.

    So enough with your nonsense and defense of two massively corrupt Financial Agencies.

    Fannie Mae and Freddie Mac had some HUGE advantages over your average investment bank.

    They were exempt from paying Federal and Local taxes. They had a direct line of cheap credit ( 4 Billion ) from the US Treasury NO bank could touch.

    Their debt had a " AAA " rating which they gladly took advantage of to beat out other investment banks when it came to borrowing costs.

    They were exempt from SEC reporting requirements up until 2006. ( ALL Publicly traded Corporations have to submit quarterly statements ) When they did Finally submit their quarterly financial statements to the SEC M they LIED their asses off and hid enormous amounts of debt.

    Makes all of those claims of the GSEs being " victimized " by the evil banks sound like complete BS. They are BS, the GSEs knew t they were buying.

    They were defended by the Democrat party and their only REAL regulator ( OFHEO ) was threatened by the Democrat party when they uncovered corrupt accounting schemes in 2004.

    They wound up holding over 5 Trillion dollars in debt when they were declared insolvent in 2008.

    But think about all of the securities THEY bundled and pushed out into the Capital markets that were supposed to be "AAA " . Think about the consequences of the trash they distributed.
    Last edited by Fenton; 11-06-14 at 02:17 PM.

  9. #29
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    Re: Businesses added 230,000 jobs in October

    Quote Originally Posted by Fenton View Post
    Its not a false narrative. Its not 2008 anymore Kush. You people dont have the advantage of the parsed data on Fannie and Freddies holdings that was released 6 years ago to cover the Democrats asses. There's been plenty of evidence that surfaced since then thats exposed the GSEs for what they were. Lets see, there's Fannie Mae's relationship with Country Wide ( that goes back to the late 90s ) that led to Fannie becoming the primary consumer of Country Wides junk loans. Theres the 2011 SEC investigation thats revealed that the GSEs falsely reported on 1/10 of their holdings of worthless securities. There's Eric holders own Lawsuites, that claim Fannie Mae was suckered into buying Country Wides trash debt. That made public the amount of SOME of Fannie Mae and Freddie Mac purchases. Even though the Fannie and Freddie Foundation bragged about buying up Country Wides their trash loans in 2004. Even though Fannie Mae worked with Country Wide back in 1998 to develop the " Fast and EZ loan. And there's the FHFMA Lawsuit against a long list of Banks that supposedly tricked the GSEs into buying worthless securities. That lawsuit made public the enormous amount of worthless securities the two GSEs bought over a short period of time. I think that lawsuite alone made public over 250 Billion dollars in Subprime securities purchased by the two GSEs. There's the 2004 revised GSE goals set by HUD that made public over 80 Billion dollars in Subprime securities purchases from 2000-2004. Then finnaly, there's the FEDs agreement to buy up 1.5 Trillion dollars worth of Fannie and Freddies " AAA " TRASH Securities. Why on earth would those MBSs have to be unloaded onto the FEDs books ? Because their backed by Prime loans ? No, their backed by Subprime loans. Their trash and the FEDs stuck with them. So enough with your nonsense and defense of two massively corrupt Financial Agencies. Fannie Mae and Freddie Mac had some HUGE advantages over your average investment bank. They were exempt from paying Federal and Local taxes. They had a direct line of cheap credit ( 4 Billion ) from the US Treasury NO bank could touch. Their debt had a " AAA " rating which they gladly took advantage of to beat out other investment banks when it came to borrowing costs. They were exempt from SEC reporting requirements up until 2006. ( ALL Publicly traded Corporations have to submit quarterly statements ) When they did Finally submit their quarterly financial statements to the SEC M they LIED their asses off and hid enormous amounts of debt. Makes all of those claims of the GSEs being " victimized " by the evil banks sound like complete BS. They are BS, the GSEs knew t they were buying. They were defended by the Democrat party and their only REAL regulator ( OFHEO ) was threatened by the Democrat party when they uncovered corrupt accounting schemes in 2004. They wound up holding over 5 Trillion dollars in debt when they were declared insolvent in 2008. But think about all of the securities THEY bundled and pushed out into the Capital markets that were supposed to be "AAA " . Think about the consequences of the trash they distributed.
    You are borderline delusional when it comes to discussions regarding mortgage underwriting in the U.S.. Save this stuff for the conspiracy theory section of this forum.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Businesses added 230,000 jobs in October

    US-based employers report planned layoffs of 51,183 in October: Challenger

    'The number of planned layoffs by U.S. employers surged nearly 70 percent in October after falling to a 14-year-low in September, according to a report by Challenger, Gray & Christmas.
    Employers planned to cut 51,183 jobs in October, up significantly from 30,477 the previous month and the second highest reading this year.
    The retail sector led the job losses with 6,874 planned layoffs, more than three times the cuts announced in September.'

    US planned job cuts in Oct total 51,183 vs 30,477 the prior month: Challenger

    2014 October Job Cut Report: Job Cuts Surge to 51,183 | Challenger, Gray & Christmas, Inc.

    Job Cuts Surge 68%, Most In 3 Years; Worst October Since 2009 | Zero Hedge

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