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Is the700 billion dollar bailout really needed?
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[QUOTE]Originally posted by glassman: [QB] [b]Beyond Clinton and Bush, we've got the leaders at Freddie and Fannie who bought the bogus loans. We've got the idiots at the big investment banks who bought the bogus paper. We've got many in congress who pushed homeownership for their unqualified constituents, and we've got the congressional black caucus who were in bed with Freddie and Fannie pushing loans for their constituents. They're all a bunch of scumbags who have destroyed our country![/b] it's not a race issue, alot of this mess is not subprime mortgages either... sure they say it is, but what they don't mention is a little talked about accounting rule change last year that forced the Commercial Banks (brokerages) to stop[b] lying[/b] about the value of assets they don't trade: they are called Level Three Assets... they were not "marked to market"; that's a special way of saying priced to sell... the accountants would assign a price that they "thought was cool" and then borrow money against it... this has been kept out of the mainstream eye: [b]Monday, April 21st, 2008 Rising Tide of Level 3 Assets a “Disaster Waiting to Happen” By Jennifer Yousfi Managing Editor In the first quarter, Goldman Sachs Group Inc. (GS) packed another $27 billion worth of illiquid assets onto its balance sheet - a 39% increase that brought the total to $96 billion. And Goldman wasn’t alone. Morgan Stanley (MS) reported that these hard-to-value/hard-to-sell assets soared 45%, reaching $32 billion. For Lehman Brothers Holdings Inc. (LEH), the first-quarter increase was $500 million, bringing its total to $42.5 billion. The balance-sheet holdings in question are known as "Level 3" assets. And with the smoke from the subprime-mortgage crisis still hanging over Wall Street like the fallout from a nuclear missile strike, some industry observers are worried that the difficult-to-sell Level 3 assets are little more than a crisis-in-waiting that’s standing in the wings of the U.S. financial-services sector.[/b] [URL=http://www.moneymorning.com/2008/04/21/rising-tide-of-level-3-assets-a-disaster-waiting-to-happen/]http://www.moneymorning.com/2008/04/21/rising-tide-of-level-3-assets-a-disaster- waiting-to-happen/[/URL] this level three stuff is the real problem and the sub-prime problem is reall too, but it's a smoke screen for the [b]BIG LIES, REALY BIG LIES[/b]... [/QB][/QUOTE]
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