tag:blogger.com,1999:blog-6492542366661862113.post7593861305544149047..comments2023-10-31T01:32:09.169-07:00Comments on The Housing Time Bomb: Shady Accounting Pressed the Treasury to Take ActionJeffhttp://www.blogger.com/profile/04450070920047311928noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-6492542366661862113.post-48396222514037792732008-09-07T10:40:00.000-07:002008-09-07T10:40:00.000-07:00LOl anonThe Taxpayer just got screwed todayWorking...LOl anon<BR/><BR/>The Taxpayer just got screwed today<BR/><BR/>Working on a post right now. This intervention is not friendly to Wall St.Jeffhttps://www.blogger.com/profile/04450070920047311928noreply@blogger.comtag:blogger.com,1999:blog-6492542366661862113.post-54144749407185085592008-09-07T06:39:00.000-07:002008-09-07T06:39:00.000-07:00Wish I had some(any) artistic talent. Just though...Wish I had some(any) artistic talent. Just thought of the best cartoon for this. Little league baseball player standing in the outfield his shirt says 'Taxpayers.' He is holding his glove up yelling, 'I got it!' as at 2 story tall, extremely sharp butcher knife labeled 'Fannie Mae, Freddie Mac' falls toward him.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6492542366661862113.post-31983920709263782082008-09-06T22:21:00.000-07:002008-09-06T22:21:00.000-07:00MintonI agree. Let the fireworks begin. Its goin...Minton<BR/><BR/>I agree. Let the fireworks begin. <BR/><BR/>Its going to be very interesting as to how this all plays out next week and in coming months.<BR/><BR/>I can't wait to see what the Treasury comes up with. <BR/><BR/>Imagine the pressure that they feel right now. This decision will be written about in history books.<BR/><BR/>Lets hope they get it right. We cannot afford a mistake here where hyperinflation becomes a concern.<BR/><BR/>They must make Wall St. take losses here. A bailout with no pain solves nothing and will lead to further problems down the road.<BR/><BR/>Lets see what happens tomorrow!Jeffhttps://www.blogger.com/profile/04450070920047311928noreply@blogger.comtag:blogger.com,1999:blog-6492542366661862113.post-30314163555625741772008-09-06T17:10:00.000-07:002008-09-06T17:10:00.000-07:00Reading much enthusiasm and trepidation - but at l...Reading much enthusiasm and trepidation - but at least the game is up and we can start working our way out of this mess.<BR/><BR/>Fannie/Freddie both down 20% in after markets - suggests 50-60% collapse on Monday depending on Fed's announcement tomorrow. Urgh.James Bhttps://www.blogger.com/profile/13052914767131527583noreply@blogger.comtag:blogger.com,1999:blog-6492542366661862113.post-56249880808226707592008-09-06T16:26:00.000-07:002008-09-06T16:26:00.000-07:00Update!looks like the command AND THE PREFERRED ma...Update!<BR/><BR/>looks like the command AND THE PREFERRED may go to zero.<BR/><BR/>That will destroy many regional banks. The language is getting increasingly nasty. This looks to be no full bailout. Many are exposed here.<BR/><BR/>WOW. What a crazy weekend.<BR/><BR/>Oh boy<BR/><BR/>Its looking increasingly bad for equities on Monday.<BR/><BR/>here it is:<BR/><BR/>"Sept. 6 (Bloomberg) -- Treasury Secretary Henry Paulson will use his authority to rescue Fannie Mae and Freddie Mac, likely placing the beleaguered mortgage-finance companies under government control as early as this weekend. <BR/><BR/>The Treasury plans to put Fannie and Freddie into a so- called conservatorship and pump capital into the companies, House Financial Services Committee Chairman Barney Frank said in an interview after being briefed by Paulson. The government would make periodic injections of funds by buying convertible preferred shares or warrants in the companies as needed, avoiding large up- front taxpayer costs, according to a person briefed on the plan. <BR/><BR/>``This is no bailout, particularly for the shareholders,'' Frank said. The federal government ``will be senior to all shareholders, preferred and common.'' <BR/><BR/>Holders of the companies' corporate debt and preferred shares are ``very unlikely to come out of this at all happy,'' and the chief executive officers will be forced out, Frank said. Paulson met with Fannie Mae CEO Daniel Mudd and Freddie Mac CEO Richard Syron yesterday to tell them of the decision to put the companies into conservatorship, and remove the executives from their jobs, according to two people briefed on the discussions"<BR/><BR/>http://bloomberg.com/apps/news?pid=20601087&sid=aA419ISkTYD4&refer=homeJeffhttps://www.blogger.com/profile/04450070920047311928noreply@blogger.comtag:blogger.com,1999:blog-6492542366661862113.post-78163521571806989632008-09-06T15:33:00.000-07:002008-09-06T15:33:00.000-07:00How in the hell was this allowed to happen? Where...How in the hell was this allowed to happen? Where was the SEC? Where were the auditors?<BR/><BR/>Where were the cops?<BR/><BR/>All I can say is WOW. I am very afraid as to how this story ends.Jeffhttps://www.blogger.com/profile/04450070920047311928noreply@blogger.comtag:blogger.com,1999:blog-6492542366661862113.post-75277684148644218712008-09-06T15:31:00.000-07:002008-09-06T15:31:00.000-07:00I am changing my mind on where the markets go on M...I am changing my mind on where the markets go on Monday. After this tape bomb, I think we are headed south. <BR/><BR/>The details of the ponzi scheme are going to be revealed. It looks like these two companies were nothing but trillion dollar levered hedge funds.<BR/><BR/>This could create massive fear in the markets on Monday. I still need to know more but this is staggering news.<BR/><BR/>This is unbelievable. I am speechless. Smoke and mirrors everyone. The jig is about up. We could still bounce as J6P buys on bailout news, but its not going to have legs.<BR/><BR/>It looks like I will be up late tomorrow night watching this story develop.Jeffhttps://www.blogger.com/profile/04450070920047311928noreply@blogger.com