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Thread: Volcker: Taxes likely to rise eventually to tame deficit

  1. #131
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by USA-1 View Post
    I was in the financial sector for ten years and in the housing industry for the last 25. I saw exactly what Bush and Greenspan were doing when they were doing it. That is the reason I pulled all my money out of equities right before the crash. Did you? Many people predicted the collapse of the housing sector. I was one of them.

    I am dead on in my interpretation of what happened. I was part of it. Were you? Or do you get all your information from blogs?
    What exactly were you part of, selling liar loans, selling overpriced houses to people you knew could not afford them but had some type of Fed guarantee, bank regulator, working under Barney Frank.

    I wonder how it is that so many folks on this site had the crystal ball to pull our of equities when the dow reached 14K. With that sort of skill how did the financial sector ever let you go. I expect to next hear that you gave Paulson the idea to short Bear Sterns.

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by TurtleDude View Post
    Nope, My brother is a principal in a major investment counsel and a summa cum laude from one of the top business schools in the nation. My late father was a director of three fortune 500 companies among several other companies he served on the boards of as well as the one he was CEO of. My brother predicted Enron was a house of cards three years before it collapsed and saw the housing and banking sectors as bad investments as well.

    And yes most of our problems are built on a foundation of an over expansive government involved in way too many areas that it was never intended to be in. Your interpretation may be right but it does not encompass enough of the history leading up to it
    Well said. The partisans on the left just can't help themselves. All blame starts and stops with Pres Bush (they think inclusion of Greenspan will make them look like open-minded centrists). No consideration of the big picture.

    The problem festered over many Administrations, all of which were complacent and/or distracted by other events of the day. As usual, Congress got a pass over those many years, and continues to get that pass, for its paramount responsibility in bringing us to this day.

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by washunut View Post
    What exactly were you part of, selling liar loans, selling overpriced houses to people you knew could not afford them but had some type of Fed guarantee, bank regulator, working under Barney Frank.

    I wonder how it is that so many folks on this site had the crystal ball to pull our of equities when the dow reached 14K. With that sort of skill how did the financial sector ever let you go. I expect to next hear that you gave Paulson the idea to short Bear Sterns.
    I worked for a finance company that specialized in small business lending in the 70s and early 80s. In '85 I started working for a multi billion dollar company in the housing sector. During the housing boom when they were building housing developments in every cornfield in the country we doubled our workforce in a year. It was obvious that demand had been artificially created with low interest rates and creative lending practices. and eventually it had to come crashing down. Either when the market became saturated or interest rates were brought back up to normal levels. I did not need a crystal ball to figure that out. It was obvious that too many homes were built in too short of time. Don't need to be a rocket scientist to see what was coming.
    I don't care if you believe me or not, but I did not lose a dime when the market crashed. I did put all my money into stable value funds and CDs right at the peak. People that were paying attention saw the crash coming, maybe not the magnitude but they knew something had to give. I am glad I was paying attention.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

  4. #134
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by TurtleDude View Post
    And yes most of our problems are built on a foundation of an over expansive government involved in way too many areas that it was never intended to be in. Your interpretation may be right but it does not encompass enough of the history leading up to it
    Maybe, but the housing bubble could have been stopped by Greenspan and Bush. Of course as long as it was bolstering the economy they were not about to stop it.

    You blame the collapse of AIG on too much government regulation? Bear Stearns? Countrywide? All the Failed banks? These companies were gambling with peoples money and they lost. We all lost.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by washunut View Post
    What exactly were you part of, selling liar loans, selling overpriced houses to people you knew could not afford them but had some type of Fed guarantee, bank regulator, working under Barney Frank.

    I wonder how it is that so many folks on this site had the crystal ball to pull our of equities when the dow reached 14K. With that sort of skill how did the financial sector ever let you go. I expect to next hear that you gave Paulson the idea to short Bear Sterns.
    You think it takes a crystal ball to realize that stocks were overvalued at 14k in the Dow? Historical P/E valuations would have told anyone with any rationale that

    Or that housing prices increasing at 205+ a year was a bubble in the making required some sort of magic to understand?


    Again, knowing that peoples incomes had to pay for any homes that would be sold would give a strong indication that housing prices were unsustainable at the prices anytime after 2005.

    Heck Goldman was so good it sold the MBS, made a profit on that, then bet the MBS that they sold were going to go bust and made more money.

    As for Barney Frank, we should nominate him for god hood. For a lowly Congressman to have the power to bring the US government under a repubican congress, senate and presidency to heel, along with the multi trillion dollar financial industry must mean he is some sort of god, the most powerfull creature in America

    And Yes USA1 was predicting the housing bubble collapse as early as 2005 at the latest, along with a few other rational people
    Last edited by Lord Tammerlain; 04-10-10 at 05:25 PM.
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Lord Tammerlain View Post
    And Yes USA1 was predicting the housing bubble collapse as early as 2005 at the latest, along with a few other rational people
    Yep, they should have listened to us, Lord. It really was a no-brainer. The trick was predicting the peak and being ready and willing to bail out.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by USA-1 View Post
    Maybe, but the housing bubble could have been stopped by Greenspan and Bush. Of course as long as it was bolstering the economy they were not about to stop it.

    You blame the collapse of AIG on too much government regulation? Bear Stearns? Countrywide? All the Failed banks? These companies were gambling with peoples money and they lost. We all lost.
    NOt too much regulation

    too much involvement



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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by TurtleDude View Post
    NOt too much regulation

    too much involvement
    Involvement with AIG. In what way? The only involvement I see was that Goldman Sachs would have lost billions had AIG not been bailed out and the Secretary of the treasury was the ex CEO of Goldman Sachs. The involvement was after the damage had been done.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by USA-1 View Post
    Involvement with AIG. In what way? The only involvement I see was that Goldman Sachs would have lost billions had AIG not been bailed out and the Secretary of the treasury was the ex CEO of Goldman Sachs. The involvement was after the damage had been done.
    you ever thought that the habit of the government bailing out poorly run companies might have been part of the problem all along?



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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by TurtleDude View Post
    you ever thought that the habit of the government bailing out poorly run companies might have been part of the problem all along?
    Didn't the "habit" begin with the Bailout of AIG? So how could it have been the problem all along?
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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