Boxing Forum
  Bookmark Website  | Free Registration  | The Team
Boxing Champions |  Boxing Schedule |  Boxing Video  |  Boxing History   |  Pound For Pound  | Lounge  | The Wire |  Audio  | Arcade
Navigation
Go Back   Boxing Forum > Non Boxing Talk > Boxing Scene Lounge
Register Blogs Chat Arcade Groups Mark Forums Read
Reply
 
Thread Tools
#1
Old 05-10-2010, 06:17 PM
Eric Holder
Banned
 
Join Date: Nov 2008
Posts: 4,586
Rep Power: 0 Eric Holder has a reputation beyond reputeEric Holder has a reputation beyond reputeEric Holder has a reputation beyond reputeEric Holder has a reputation beyond reputeEric Holder has a reputation beyond reputeEric Holder has a reputation beyond reputeEric Holder has a reputation beyond reputeEric Holder has a reputation beyond reputeEric Holder has a reputation beyond reputeEric Holder has a reputation beyond reputeEric Holder has a reputation beyond repute
Points: 200,000,214,628.28
Bank: 2,227,066.31
Total Points: 200,002,441,694.59
Long overdue, my nigg - mangler jr CabronSnatcher - Ch@mpBox@PR Sr. one of boxingscene's best - Tunney! 
Cultural Diversity - Hunger - Leukemia - Lupus - Melanoma - Racial Tolerance - Reflex Sympathetic Dystrophy Syndrome - Self Injury - Jack D Ripper 
Default An American Bailout of Greek Proportions

The bailout of America’s failed housing finance giants is taking on Greek proportions. On Wednesday, Freddie Mac asked the Treasury for an additional $10.6 billion after posting first-quarter losses. Together, Freddie and its cousin Fannie Mae have drawn $136.5 billion from Treasury’s unlimited equity line since they were seized in September 2008. The European and International Monetary Fund rescue package for Greece, one that was supposed to shock and awe international markets, comes in at the same kind of figure, around $139.7 billion.

The tragedy, as far as taxpayers in the United States are concerned, is that Fannie and Freddie will most likely need much more capital in coming years. High unemployment and the shaky housing market all but ensure more losses for the two agencies responsible for guaranteeing a majority of mortgages.

As wards of the state, it is even harder for the companies to return to profitability than it would be otherwise. Loan modification programs and other initiatives to reduce the burdens felt by homeowners are hardly moneymaking ventures for lenders. Fannie and Freddie also can’t sell assets to stop the hemorrhaging, since unloading too many home loans from their huge investment portfolios would send mortgage rates higher.

Moreover, the housing finance giants are saddled with a 10 percent dividend on any funds drawn from the Treasury. That’s more than $13 billion annually and counting. Such a penalty made sense when the government’s conservatorship of the two companies looked temporary. Nearly two years later, it seems more like a troublesome drag on recovery. Greece, by comparison, will pay around 5 percent on its emergency financing.

Despite this, Washington continues to dither. Last month, the government asked for public comment on what to do with Fannie and Freddie. Last year, it promised to deliver a plan by February 2010. A minimum requirement is a hard deadline for deciding whether to privatize them, nationalize them or wind them down. Setting one is long overdue. In the meantime, Treasury should lower the dividend on its bailout funds. Otherwise it risks forcing its two charges to dig even deeper holes for themselves.

Cold Feet in China

Has Chinese tightening claimed a scalp? Swire Pacific, one of Hong Kong’s oldest conglomerates, withdrew the $3 billion listing of its property business on Thursday, a day before it was due to price. That is a clear vote of no confidence in something — and probably in a few things.

To start, the pricing of Swire Properties looked rich when the initial public offering was started in April. Before factoring in new money raised, the midpoint of the range represented a discount of about 10 percent to its estimated net asset value for 2010 — less than half that of some peers. Its pitch was a push into the Chinese mainland, where it has little experience. It’s hard not to conclude that the company just got a little greedy.

Still, a collection of patchy measures from Beijing is also a significant factor. China’s government is determined to quell rapid property price increases, so has raised minimum down payments and restricted mortgage lending. Investors aren’t convinced, but markets are likely to remain in limbo as long as Beijing shies away from an interest rate increase, which is more likely to work. The stocks of Swire’s Hong Kong peers have fallen as much as 9 percent in two weeks.

Then there is the Greece effect. Not that there is much risk of China or other Asian sovereigns getting into trouble over debts. Even traditional weak links like Indonesia and the Philippines have now brought their external borrowings under control. But a flight to safety may take money out of Asia. Property and I.P.O. stocks are likely to be on top of the unsafe list.

There is still confidence in some parts of the Chinese I.P.O. market. The $700 million offering by the cosmetics maker L’Occitane showed boom-time exuberance: the retail part was oversubscribed by 160 times. And Swire might have had a warmer reception if it had aimed a little lower. But fearful investors are clearly cooling on the riskier new issues. And with volatility like Thursday’s in United States markets not far from the surface, it’s hard to blame them.

http://www.nytimes.com/2010/05/07/bu...y/07views.html


seems like a bad idea, considering Spain and Portugal's economies are struggling as well.... I'll wait and see what happens
Reply With Quote
Eric Holder is offline
#2
Old 05-10-2010, 08:10 PM
Dick Buffman
Banned
 
Join Date: Jan 2010
Location: Mayberry with my one bullet
Posts: 11,913
Rep Power: 0 Dick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond repute
Points: 488,947.72
Bank: 10,499,556.02
Total Points: 10,988,503.74
ban protection - MANGLER cheers mate - Clyde Barrow For the peoples poster - Disposable Arts No Message - El Mustang Saucy Jacky - We$ley 
have a blue parallelogram - Jack Napier classy - Walt Liquor Bring back Jack Burton - BostonGuy for all your hard in work in the lounge,enjoy jack - project xxx1 For Exposing Zionist Scum - Stone Roses! 
Fuk Israel - Stone Roses! So you can give it to Soto, so he can stop ducking. - QUELOQUE The Peoples Poster - dj emz Thx dawg,we are smashing Flomos, - CungLe 
Lou Gehrig's Disease (ALS) - ƒallenloki Mourning - Anti-Gang - Melanoma - El Cabron Myasthenia Gravis - Ovarian Cancer - Sexual Assault - Substance Abuse - QUELOQUE 
Default

This shouldn't come as a shock El Cabron. The TARP bailout package was not a one time deal. It allows companies to come back to the trough whenever they feel like they need it.


The real bailout number is closer to 20+ trillion. The 700 billion was just the initial sum.

And the ****ed up thing about it is that American taxpayer money continues to be given to foreign central banks in London, Germany and other places in Europe.

What we're seeing is a global economic depression that is entering its second phase. There is too many derivatives off the balance sheets so we'll never really know how vast the hole is, but its like a black hole in space. No matter how much money you throw at it, there's no way to fix it.

We're more or less ****ed until the derivatives are wiped off the face of the earth.
Reply With Quote
Dick Buffman is offline
#3
Old 05-10-2010, 08:18 PM
ILLuminato
Don't be a Flo-Bot
 
Join Date: Mar 2009
Location: Stankonia, NY
Age: 24
Posts: 3,835
Rep Power: 13 ILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond repute
Points: 6,537,940.08
Bank: 5,746,819.83
Total Points: 12,284,759.91
Gay and Lesbian Pride - Piggu 
Default

You mean, America IS bailing out Greece.
Reply With Quote
ILLuminato is offline
#4
Old 05-10-2010, 08:25 PM
Dick Buffman
Banned
 
Join Date: Jan 2010
Location: Mayberry with my one bullet
Posts: 11,913
Rep Power: 0 Dick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond repute
Points: 488,947.72
Bank: 10,499,556.02
Total Points: 10,988,503.74
ban protection - MANGLER cheers mate - Clyde Barrow For the peoples poster - Disposable Arts No Message - El Mustang Saucy Jacky - We$ley 
have a blue parallelogram - Jack Napier classy - Walt Liquor Bring back Jack Burton - BostonGuy for all your hard in work in the lounge,enjoy jack - project xxx1 For Exposing Zionist Scum - Stone Roses! 
Fuk Israel - Stone Roses! So you can give it to Soto, so he can stop ducking. - QUELOQUE The Peoples Poster - dj emz Thx dawg,we are smashing Flomos, - CungLe 
Lou Gehrig's Disease (ALS) - ƒallenloki Mourning - Anti-Gang - Melanoma - El Cabron Myasthenia Gravis - Ovarian Cancer - Sexual Assault - Substance Abuse - QUELOQUE 
Default

Quote:
Originally Posted by ILLuminato View Post
You mean, America IS bailing out Greece.
Via the IMF banking cartel. For a crisis that the bankers put Greece in to begin with.

The irony!
Reply With Quote
Dick Buffman is offline
#5
Old 05-10-2010, 08:29 PM
ILLuminato
Don't be a Flo-Bot
 
Join Date: Mar 2009
Location: Stankonia, NY
Age: 24
Posts: 3,835
Rep Power: 13 ILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond reputeILLuminato has a reputation beyond repute
Points: 6,537,940.08
Bank: 5,746,819.83
Total Points: 12,284,759.91
Gay and Lesbian Pride - Piggu 
Default

Quote:
Originally Posted by Dick Buffman View Post
Via the IMF banking cartel. For a crisis that the bankers put Greece in to begin with.

The irony!
Yeah, God just promised the IMF billions of dollars to help with Greece.

Funny thing is, when you have liberals running the country, Greece and America are the same thing.
Reply With Quote
ILLuminato is offline
#6
Old 05-10-2010, 08:46 PM
Dick Buffman
Banned
 
Join Date: Jan 2010
Location: Mayberry with my one bullet
Posts: 11,913
Rep Power: 0 Dick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond reputeDick Buffman has a reputation beyond repute
Points: 488,947.72
Bank: 10,499,556.02
Total Points: 10,988,503.74
ban protection - MANGLER cheers mate - Clyde Barrow For the peoples poster - Disposable Arts No Message - El Mustang Saucy Jacky - We$ley 
have a blue parallelogram - Jack Napier classy - Walt Liquor Bring back Jack Burton - BostonGuy for all your hard in work in the lounge,enjoy jack - project xxx1 For Exposing Zionist Scum - Stone Roses! 
Fuk Israel - Stone Roses! So you can give it to Soto, so he can stop ducking. - QUELOQUE The Peoples Poster - dj emz Thx dawg,we are smashing Flomos, - CungLe 
Lou Gehrig's Disease (ALS) - ƒallenloki Mourning - Anti-Gang - Melanoma - El Cabron Myasthenia Gravis - Ovarian Cancer - Sexual Assault - Substance Abuse - QUELOQUE 
Default

Quote:
Originally Posted by ILLuminato View Post
Yeah, God just promised the IMF billions of dollars to help with Greece.

Funny thing is, when you have liberals running the country, Greece and America are the same thing.
That doesn't matter. Bush passed the TARP along with his ex Goldman Sachs boy Paulson.

Both parties are owned wholesale by the banks.
Reply With Quote
Dick Buffman is offline
Reply

Bookmarks

Tags
american, bailout, greek, proportions

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump

Fight Videos - Privacy Policy - Submit News - Feedback - Site Map - Advertise with Us

Copyright © 2003-2013 BoxingScene LLC All rights reserved.

All times are GMT -4. The time now is 04:13 PM.
Powered by vBulletin® Version 3.8.2
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.