The Banks are BASTARDS ........TRUE BASTARDS!!! !!!!

[uponit7771]

Facts not in dispute

- The banks EXCESS reserves have gone from 2 billion in August 08 to .....767 BILLION in 12/08 (~800 Billion sound familiar) http://www.mybudget360.com/federal-reserve-and-us-treasury-fleece-the-american-public-total-market-cap-of-tarp-participants-is-336-billion-we-can-buy-them-out-completely-enough-with-tarp-and-nationalize-now/">Link

"...Excess reserves went from $1.9 billion in August of 2008 to $767 billion in December of 2008. Banks are simply sitting on free tax payer money or using the money to repair their broken balance sheets..."


- The banks are NOT helping people stay in their homes foreclosure rates are STILL going up http://www.truthdig.com/eartotheground/item/20090115_us_foreclosure_rate_shoots_up_81_in_2008/">Link

- Credit card interest rates are going up on people with GOOD credit http://www.mybudget360.com/federal-reserve-and-us-treasury-fleece-the-american-public-total-market-cap-of-tarp-participants-is-336-billion-we-can-buy-them-out-completely-enough-with-tarp-and-nationalize-now/">Link

- Home REFINANCE rates remain HIGH and rates are NOT going down despite the low interest the banks get on borrowing the money from the reserve http://krugman.blogs.nytimes.com/2008/12/26/mortgage-rates-are-still-too-high/">Link, yes...this is Krugman


Bottom line the banks are BASTARDS!!!

Time to nationalize their ass's.

They'll NEVER do what they can to help unless that are MADE to do it.

[ORDagnabbit]

1. angry?? get angrier..take about 40 minutes and watch how the banks make money out of thin air

careful though you might learn something.

http://www.moneyasdebt.net/

you can watch the entirety on youtube...




http://www.youtube.com/watch?v=vVkFb26u9g8

[earth mom]

38. This video is way better and says the same thing:

http://video.google.com/videoplay?docid=7065205277695921912&hl=en

[Why Syzygy]

2. k/r . You do know

that this is EXACTLY what happened in 1929? That depression was caused by bankers as well.
Should they have that much power? :wow:

[uponit7771]

4. Cept in 29 they didn't HAVE the money to lend cause peopel stuffed it in their mattresses, this time

...these bastards are stuffing the excess capital in the reserve driving the one month yield down to negative. YES, they are PAYING the government to keep their money instead of lending it out to people at lower rates.

They lower their margin of profit on the interest rates and people can refi their overvalued homes.

[Why Syzygy]

8. oops. I should have said

caused by Wall Street.

[Fire1]

28. No they can't cause their credit is fucked.

[uponit7771]

34. The banks or the consumers? I have AAA credit and would refi in a seceond if the rate was lower than

...what I got 2 years ago but it's not.

That's crazy

[adigal]

33. Don't forget the billions in bonuses Citigroup gave to their execs

and that this was like the 6th best year for bonuses on Wall Street, ever.

I really don't understand why there is not a revolt of some sort, like forcing these guys/women to give their damn bonuses back.

[defendandprotect]

42. No ---- We should NATIONALIZE THE BANKS ....vs TRILLIONS IN BAIL OUTS . . .!!!

[defendandprotect]

43. ....and where is discussion of RE-REGULATING capitalism . .. ???

[gauguin57]

54. My immigrant grandparents lost what little they'd earned in their small store back in '29

... my grammy literally kept her money in her bra for the rest of her life. NEVER trusted banks another day in her life (though she started a savings account for me when I was born).

[Norrin Radd]

58. Thanks for that. I enjoy learning how people responded and

were shaped by events, more so than just the plain facts of history.

[NightWatcher]

3. are you mad enough to throw a brick through a window?

or to do something else about it?

If not, go back to your regularly scheduled progam. Not until more people are ready to strike out will anything ever be done.

(note: this is not advocacy for violence, wink)

[indepat]

5. What a legalized racket the Congress has created for these bastards to have a green light to shake

down the poor and middle class: the actions of the Congress is this regard are criminal on the face. :P

[uponit7771]

7. Yeah, if they let these bastards get away with the crime of lying on the valuation of Mortgage ...

....securities to the rating agencies.

They lied to Moodys (yeah, same people), Fitch and S&P....they should go to jail

[ORDagnabbit]

9. henry ford quote on banks.....

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

[RoyGBiv]

12. Ford ...

Ford had as much to do as any single individual with the onset and depth of the 1930s depression. You might want to check the context of that quote before throwing it around for the purpose you are.

[ORDagnabbit]

13. what did you find out?

[RoyGBiv]

20. About what?

You mean about Ford?

Oh, it's a long story and not exactly something I discovered. It's a rather well known series of events leading to the banking panics and Ford's place in it.

[leftstreet]

22. So he was well qualified in making that particular quote

Insiders always know what makes the scam run

[RoyGBiv]

23. Good point n/t

[defendandprotect]

44. Ford's involvement should be better known . . . many people think Depression was just bad luck!

Rather there was some involvement of Bank of America in putting out rumors about

Merril Lynch, for just one of the schemes?

If you have any leads to info -- post them!

[RoyGBiv]

50. I'm confused ...

What I was saying is a reference to Henry Ford and the 1932 banking panics.

[defendandprotect]

51. Me, too . . . you're talking about THE Depression . . . ???

and Henry Ford . . . ?

All I'm saying is that if it isn't generally known info, try to post it!

[RoyGBiv]

52. This is fairly well known ...

Shenanigans involving Ford were a direct precursor to the Michigan banking panic that spread nationwide. The nation was already in a Depression, but these incidents at once threatened to bottom out everything ... complete collapse ... and left FDR with an even bigger problem than that with which he was already going to inherit.

It involves Senator James Couzens, a former Ford business associate, investigating bad Reconstruction Finance Corporation (RFC) loans. The Guardian Banking group of Detroit, one of two major banking groups, had applied to the RFC for a $60 million dollar loan to cover its deposits. Ford had around $7 million in deposits in one of the group's banks and was asked, as the largest depositor, to put up his deposits as collateral against the loan. That is, if that loan turned out bad, Ford would be responsible for at least $7 million of it. Interpersonal conflict between Couzens and Ford took hold of the negotiations as well as Ford's seething hatred of bankers in general. (He, of course, didn't hate them enough not to use their expertise or take their money when they were making money. He just hated them when they weren't doing what he wanted them to do or asking anything of him.)

At length, Ford refused stating, variously reported, that he hoped the banking group failed. (The story of this initially comes from a lengthy examination of the crisis by an individual deeply involved in the negotiations and who aided FDR in his transition and coming up with the bank holiday plan and subsequent restructuring that pretty much saved everything. Last name was Sullivan, but I can't remember the first.) Meanwhile, he was going to take out not only his 7 million, and ensure collapse, but also his $20 million in deposits with First National Bank, which was the major bank in the other main banking group, the Detroit Bankers Company. The law that governed the RFC's operation was such that it could not forestall the effect of such a massive withdraw of capital. (This was Hoover's RFC, which was run very poorly, not FDR's.)

The damage to confidence from Ford's actions was done.

This is all greatly simplified, but at length this led to the nationwide bank panic that FDR inherited when he took office. These were the panics of song and story that led to so many failed banks all at once, literal runs on banks, massive personal panic, etc. In short, it made The Crash look somewhat tame by comparison.

[defendandprotect]

55. Thank you---!!!! I didn't know about this . . . !!!

I only recently caught up with the story that Bank of America -- don't recall the

name of the CEO -- spread some rumors about Merrill Lynch which set off a lot of

selling of ML stock . . . ?

Obviously, there is a lot about the Depression that I'm not really aware of --

Thanks, again -- !

[Sebastian Doyle]

30. Kinda reminds me of this old quote from Poppy Bush

"If the people knew what we had done, they would chase us down the street and lynch us."

[Gregorian]

6. I love Mojo Nixon.

He was ahead of the crowd. Great in concert.

http://www.youtube.com/watch?v=brL1AKdhLyQ

[olkaz]

10. You need a few more exclamation points

It makes your post more effective.

[uponit7771]

11. ...done, thx

[RoyGBiv]

14. Not to disagree ...

... with your apparent point that a lot of the controlling interests of banks are bastards, but you might want to pick some more consistently dated data.

The Krugman article, for instance, is from December. The mortgage spread, while still too flipping high, has fallen sharply since he wrote that.

[uponit7771]

16. Spread might have come down but that still doesn't prevent TARP taking bankks from lowering their

...refi rates at least to around 4% apr...the money they can get from the feds is cheap there's no reason for AAA paper APR's to be still hovering around the upper 5s.

[RoyGBiv]

19. I'm not disagreeing ...

I tried to make that clear.

It's just that with the hodge-podge of data and dates, it's difficult to form a consistent picture of what's taking place right now.

[Bluenorthwest]

15. Bandits

Robbers. Theives. Crooks.

[wroberts189]

17. Stealing everything.. off to the Bahamas nt

[InAbLuEsTaTe]

18. Hey,you're giving bastards a bad name.

[tbyg52]

21. >>They'll NEVER do what they can to help unless that are MADE to do it.

Nor will any corporation. It's the corporations, stupid! (I still try to get that meme taken up from time to time.... ;) )

[Name removed]

24. Deleted sub-thread

Sub-thread removed by moderator. Click here to review the message board rules.

[slackmaster]

25. As a former bank employee, I'd like to add one thing...

They're CHEAP BASTARDS.

[uponit7771]

26. lol, yeap. The credit card collectors are making 13hr for shiti-bank in DFW

[midnight]

27. If they have this much in the reserves, time to spread it around.

They better do it asap.

[Stellabella]

29. Yep, I hate banks and insurance companies.

I'll never forget applying for our first mortgage 20 years ago. The first thing the banker said to us was, "Just get used to the fact that the bank will always win, then we'll get along just fine."

He was serious.

[Phx_Dem]

35. Well good, then don't borrow any money from them anymore.

Has anyone been listening to the Hearings?

1. Some of the banks represented in the hearing (Wells Fargo for certain) didn't ask for any money and tried to refuse it, but were threatned by Paulsen that if they didn't sign the TARP contract "the Fed won't be there for them." Why is the Fed forcing companies to take taxpayer money they don't need?!!

2. Their TARP contract states they CAN NOT REPAY the money until after 3 years.

3. Banks weren't given money. The Treasury purchased stock in their companies at a depressed rate. Which means, since most of these particular banks didn't need the money, the taxpayers will almost certainly make a profit in three years.

LISTEN AND LEARN because the news media is fucking clueless repeatedly stating that the banks came "hat in hand" begging for money. That is true not true for most of the CEOs testifying today. I think they're confusing banks with car companies. Sure, banks and other lending institutions they're partly responsible but no more than Congress and Bush Administration for relaxing so many regulations and then ignoring the problem when it was clear there was one. Not all banks made subprime mortgage loans so put your pitchfolks away and get the facts.

Not all the mortgage foreclosures are due to bad loans. At this point with the economy tanking like it is people can't pay their mortgaes because they've lost their jobs.

The over-the-top hysteria by people on this board who have no idea what they're talkinglook as stupid as the cable news media.

[Stellabella]

40. Huh?

I was just relating a conversation I had with a banker who basically stated they didn't give a flying f*** about anybody else because they 'always win'. That's why I hate them.

And I hate insurance companies because of the way they jacked me around when my dh had cancer 25 years ago - would only pay 80%, kept denying claims because the doctor's bills were 'over the area's average', all kinds of bullcrap like that.

[AyanRand Is Dead]

31. And Geithner feels the need to give them more of our money???

WTF!!! I wrong? Is there no hope!

[uponit7771]

32. Barney Frank, he's sayin if they're not lending they're not getting the TARP 2.0 dough other than

...that no one understands that their reserves are built up and they're hording the money so much they've driven the one month US treasury bond to negative rates...yes, they're putting some much money into the 1 month they are literally PAYING the US government to keep their dough.

They could lower their refi rates to 3.6 percent for AAA paper and fix the economy by themselves but...there's no "need" for them to do that when they're making such good profits off of low interest blocks of money from the treasury

[defendandprotect]

47. A handy guy , Geithner is, for banks to have around . . . !!

[Phx_Dem]

36. Rep Ackerman is the biggest boob I've ever seen.

Paulsen shoved money down the throats of banks who neither asked for it or needed it and now they're supposed to sell all their assets and discontinue issuing dividends? As a stockholder in more than one of these eight banks, that pissed me off.

He's insisting that they repay the TARP money, but their contracts negate their ability to do that.

How about directing the outrage at Paulsen and Bush who shoved taxpayer money at companies who did not need it and did not want it Ackerman, you stupid asshole. That is the biggest outrage!!

[uponit7771]

37. EXACTLY!! Pauslon strong armed them by telling them OTHER banks were going to get cheap money...

...and that they'd not be able to come back for help if they didn't take it this time.


Paulson was a fuckin idiot....a big huge fuckin idiot

[Phx_Dem]

41. It takes a "real reporter" from Huff Post to get the story right.

http://www.huffingtonpost.com/2009/02/11/wall-street-bankers-to-te_n_165914.html

"Most of these bankers didn't beg for their money. They were selected because they were relative healthy banks that could spur more banking activity and eliminate the stigma of taking taxpayer money for other financial institutions."


And for keeping their companies relatively healthy amid the huge mortgage mess created by disreputable banks and lending institutions like Countrywide and AIG, they are being vilified as criminals who preyed on the public, begged for taxpayer money to "bail them out" and are now spending taxpayer money like drunken sailors. Untrue, and the MSM is so pathetically inept it should be a crime for them to call anyone else criminal.

And let's not forget, banks like Wells Fargo, BofA and JPMorganChase saved hundreds of thousands of jobs EACH by buying banks that were not healthy and likely to fail. People are always bitching because the healthy banks bought the bleeding banks, but if they hadn't half a million more people would be unemployed today. Of course it was good for them. Duh. That's good business practice.

Another example of idiot Paulsen -- Citibank and Wells Fargo were fighting to buy Wachovia. Citibank made the frist overture, but they didn't have the money to keep buy Wachovia without taxpayer assistance. Wells Fargo, on the other hand says they do not need taxpayer money and can aford to buy Wachovia with their own money (and get a tax credit in the process due to the "bailout" contract). So what does Hank Paulson do? He fights on behalf of Citibank to scuttle the Wells Fargo deal, even though Citi requires taxpayer money for the acquision and Wells does not!! Hello???? Thankfully, he lost that argument. What an idiot.

[jgraz]

39. I have a simple device that will solve this banking crisis

[defendandprotect]

46. I'd prefer to NATIONALIZE banks and oil industry . . .

[jgraz]

48. Can't we do both?

:evilgrin:

[defendandprotect]

45. This is CAPITALISM/CAPITALISTS making off with taxpayer money . . .

the whole bunch of them--!!

When are we re-regulating capitalism?

Unregulated capitalism is merely organized crime ---

[HOLOS]

49. K&R nt

[Yavin4]

53. Your Thread Title Reminded Me of Corky's Speech from "Waiting for Guffman"

And his speech really sums it up.

http://www.youtube.com/watch?v=De6AkndwRpM

[illuminaughty]

56. I ain't got no swimmin' in my show!

We are such big Corky fans at my dance studio that one of my students had it in the DVD player at hospital while in labor. Yep, these ARE BASTARD PEOPLE and I just Hate them and their ASS FACE!

[Norrin Radd]

57. kr

[democracy1st]

59. kick