View Poll Results: Was it Ever?

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  • Yes

    6 18.75%
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    18 56.25%
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Thread: Was A Big Deal Ever Possible?

  1. #131
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    Re: Was A Big Deal Ever Possible?

    Quote Originally Posted by 1Perry View Post
    "Largely" to blame? What does that mean? The played a pretty big role. They bought up these bad loans without a care as to what was in them. Let's me make something clear once again. The mechanism did not remove the responsibility from the lender. They are responsible for them BUT nobody is making them responsible.
    Not those who originally made the loans. They sold them. In some cases, more than a few times.

    Largely = the bigger share of the blame, the larger problem, what needed most to be addressed. I'm not suggesting there was nothing wrong with F&F, but that even if they were perfect, the problem existed elsewhere.

    Well yes, there were many who had something to gain from this viewpoint.
    To gain? What?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

  2. #132
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    Re: Was A Big Deal Ever Possible?

    This was the type of article I was refering to 1Perry:

    To rebuild their world, three major automakers are in Washington today to plead for a $25 billion rescue plan -- a plan they believe could prevent millions of jobs from being lost.

    The Big Three automakers -- Ford, General Motors and Chrysler -- employ about 240,000 workers. An additional 2.3 million Americans, or 2 percent of the nation's work force, have jobs in related supply industries. Beyond that are the jobs in communities that depend on auto factories to survive, including waiters, retailers and doctors -- roughly 13 million jobs from coast to coast.

    Failure in the Auto Industry Could Affect 13 Million Jobs - ABC News

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

  3. #133
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    Re: Was A Big Deal Ever Possible?

    Quote Originally Posted by Boo Radley View Post
    Not those who originally made the loans. They sold them. In some cases, more than a few times.

    Largely = the bigger share of the blame, the larger problem, what needed most to be addressed. I'm not suggesting there was nothing wrong with F&F, but that even if they were perfect, the problem existed elsewhere.
    F&F bought the largest share of these loans. Without the knowledge that there was a quasi government entity out there willing to scoop up these loans very few of them would have been made in the first place.

    To gain? What?
    Well the unions were able to gain part ownership.

    Found any reason why GS hasn't been forced to take these bad loans back yet?

  4. #134
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    Re: Was A Big Deal Ever Possible?

    Quote Originally Posted by Boo Radley View Post
    This was the type of article I was refering to 1Perry:

    To rebuild their world, three major automakers are in Washington today to plead for a $25 billion rescue plan -- a plan they believe could prevent millions of jobs from being lost.

    The Big Three automakers -- Ford, General Motors and Chrysler -- employ about 240,000 workers. An additional 2.3 million Americans, or 2 percent of the nation's work force, have jobs in related supply industries. Beyond that are the jobs in communities that depend on auto factories to survive, including waiters, retailers and doctors -- roughly 13 million jobs from coast to coast.

    Failure in the Auto Industry Could Affect 13 Million Jobs - ABC News
    I understand what the articles stated. Read the article now and they all still insist that an agreement must be made by the 2nd to avoid default. That's simply not true but for some reason it's failed to stop them from repeating it.

  5. #135
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    Re: Was A Big Deal Ever Possible?

    Quote Originally Posted by 1Perry View Post
    I understand what the articles stated. Read the article now and they all still insist that an agreement must be made by the 2nd to avoid default. That's simply not true but for some reason it's failed to stop them from repeating it.
    I don't think there is any good that comes from default. Nor is there any reason to go there. Our leaders are simply not doing their job. As far as truth goes, what if it is and your wrong?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

  6. #136
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    Re: Was A Big Deal Ever Possible?

    Quote Originally Posted by 1Perry View Post
    F&F bought the largest share of these loans. Without the knowledge that there was a quasi government entity out there willing to scoop up these loans very few of them would have been made in the first place.
    I see nothing to support that. I see everyone and his bother buying and selling, and not just to government, but any idiot silly enough to buy them.


    Well the unions were able to gain part ownership.

    Found any reason why GS hasn't been forced to take these bad loans back yet?
    Unions didn't wrte the articles. So, what would they ahve to do with it?

    Published: April 27, 2011

    But on Thursday, the company will announce a milestone in its comeback effort, declaring its intention to repay its $7.5 billion in high-interest loans — $5.8 billion to the United States government and $1.7 billion to Canada’s — as soon as next month by selling new bonds to investors.

    Once it pays back the loans, Chrysler can strengthen its ties to Fiat, its Italian partner, and begin adding more fuel-efficient cars to its truck-heavy lineup.

    Sergio Marchionne, the chief executive of both Chrysler and Fiat, is expected to announce the debt plan Thursday when he welcomes the Treasury secretary, Timothy F. Geithner, for a tour of the company’s Jeep plant on Detroit’s east side.

    Although details of the debt offering, to be led by Goldman Sachs, are still being negotiated, Chrysler intends to use the proceeds of the sale to help it pay off all of the government loans, according to people familiar with Chrysler’s plans.

    http://www.nytimes.com/2011/04/28/bu...8chrysler.html

    The lenders knew that Wall Street would ignore the abusive lending to hedge their bets. Goldman understood this and not only offered the mortgage backed certificates as a sound investment to their investors but secretly placed a $10 million bet that the mortgages would fail – and when the mortgages did fail, then the AIG policy would pay out $3 billion to Goldman. All in all, Goldman picked up $12.8 billion in six transactions from AIG from an estimated $50 million dollar investment. Most importantly, Goldman could not have made this money without the abusive predatory lending on the homeowner.”

    Bad Home Loans Gamble Pays Off for Wall Street | BusinessNews Express

    How Does Goldman Sachs Make Its Profits? (Part 1) - Inside Job - Exposing economic crisis shocking truths

    How Does Goldman Sachs Make Its Profits (Part 2) - Inside Job - Exposing economic crisis shocking truths

    http://www.upstartblogger.com/full-movie-inside-job

    Goldman Sachs Information, Comments, Opinions and Facts: Inside Job: The Story About the "Crash" That Could Have Been Avoided

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

  7. #137
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    Re: Was A Big Deal Ever Possible?

    Quote Originally Posted by Boo Radley View Post
    I don't think there is any good that comes from default. Nor is there any reason to go there. Our leaders are simply not doing their job. As far as truth goes, what if it is and your wrong?
    I'm not. Basic math will tell one that.

  8. #138
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    Re: Was A Big Deal Ever Possible?

    Quote Originally Posted by Boo Radley View Post
    The lenders knew that Wall Street would ignore the abusive lending to hedge their bets. Goldman understood this and not only offered the mortgage backed certificates as a sound investment to their investors but secretly placed a $10 million bet that the mortgages would fail – and when the mortgages did fail, then the AIG policy would pay out $3 billion to Goldman. All in all, Goldman picked up $12.8 billion in six transactions from AIG from an estimated $50 million dollar investment. Most importantly, Goldman could not have made this money without the abusive predatory lending on the homeowner.”
    I'm not skipping the rest. I'm not where I can take the time to find the info I need. We will revist the rest. This is my main complaint. Why has GS been allowed to get away with this?

  9. #139
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    Re: Was A Big Deal Ever Possible?

    Quote Originally Posted by 1Perry View Post
    I'm not. Basic math will tell one that.
    Maybe. But we'll see.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

  10. #140
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    Re: Was A Big Deal Ever Possible?

    Quote Originally Posted by 1Perry View Post
    I'm not skipping the rest. I'm not where I can take the time to find the info I need. We will revist the rest. This is my main complaint. Why has GS been allowed to get away with this?
    No problem. I sometimes have to come back to something myself.

    That's what I linked the film. They do mention this. Don't know if I have that part linked for sure, but in the film they do discuss it.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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