Booman Tribune ~ Comments ~ Globalization hits the Fan

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Need some laughs?

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rae recommends:

Dark Ages America: The Final Phase of Empire
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On BooMan’s shelf:

Team of Rivals: The Political Genius of Abraham Lincoln
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The New Golden Age:
The Coming Revolution Against
Political Corruption and Economic Chaos by Ravi Batra

A novel about contractors in Iraq from the woman that runs The Spy That Billed Me:

Outsourced: A Novel
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The book the CIA doesn't want you to read: Jawbreaker: The Attack on Bin Laden and Al Qaeda: A Personal Account by the CIA's Key Field Commander
Larry Johnson's review

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Unequal Sisters: A Multicultural Reader in U.S. Women's History (Third Edition)

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Globalization hits the Fan | 23 comments (23 topical, editorial, 0 hidden)

Re: Globalization hits the Fan (none / 0)

The bailout actually has to use some of the $700 billion in order to unfreeze credit. Psychology alone will not do it. It will be at least a month before he's ready to do auctions. As I said during the debate, the fact that it will take a while before the bailout can even get started makes it all the more critical to pass a bill, because wealth is going to evaporate at an increasing rate. And it isn't just the wealth of fat-cats. It's people's retirement savings and small businesses that provide most of the jobs in this country.

It's the seriousness of this crisis that led me to support a plan that I don't like, because I don't like to play political games with people's savings and jobs.

by BooMan on Mon Oct 6th, 2008 at 09:49:54 AM EST

Re: Globalization hits the Fan (none / 0)

Personally, I think they waited a year too long for any bailout plan to work. If they'd done this last year it might have made a difference. But we are in a free fall now, where fear and lack of trust trumps everything. The reverse of irrational exuberance, if you will. What we really need is something far more radical: re-negotiation of mortgages based on current market values and rates.

A conservative is a man with two perfectly good legs who, however, has never learned how to walk forward. Franklin D. Roosevelt

by Steven D on Mon Oct 6th, 2008 at 09:54:36 AM EST
[ Parent ]

Re: Globalization hits the Fan (none / 0)

I agree with you on both counts, except that I'm not ready to despair, and that the mortgage renegotiation thing will not work fast enough to avoid a credit freeze. A proper bailout would work both ends...unfairly benefiting some mortgage holders just as much as it unfairly benefits some predatory loaners. But the first thing that is needed is some capital. Once the government owns all these vulnerable loans, they will have the incentive to renegotiate terms, but that isn't a way to put a quick infusion of cash into the credit markets.

by BooMan on Mon Oct 6th, 2008 at 10:04:24 AM EST
[ Parent ]

Re: Globalization hits the Fan (none / 0)

See update above. Bank of America is already agreeing to modify mortgages it acquired in its acquisition of Countrywide at a cost of $8.4 Billion. The Fed or Treasury should be doing something to encourage this approach among other lenders while legislation is created to make it a requirement.

I'd also like to see a foreclosure freeze for the next 90 days at least.

A conservative is a man with two perfectly good legs who, however, has never learned how to walk forward. Franklin D. Roosevelt

by Steven D on Mon Oct 6th, 2008 at 10:14:16 AM EST
[ Parent ]

Re: Globalization hits the Fan (none / 0)

I'm not opposed to a foreclosure freeze, although I'd want to be sure that it wouldn't further panic the markets. It might be a little early to bring out that big gun, unless we're seeing a true spike in foreclosures. In the short-run, a foreclosure freeze would just dry up even more capital, no?

by BooMan on Mon Oct 6th, 2008 at 10:19:54 AM EST
[ Parent ]

Re: Globalization hits the Fan (none / 0)

DOW BELOW 10,000

The mother of all bank runs is on. Today the FEDS double to $900 billion TAF...and it isn't helping.

We're already in a credit squeeze. Companies in the S&P 100 lines of credit is shut down US companies are borrowing from their overseas subsidiaries. Guess what capital controls are not unthinkable.

Lots of CA produce was not shipped last week.

The party is over.

Well, "You can't vote for war and disown the results"

by idredit on Mon Oct 6th, 2008 at 10:14:53 AM EST
[ Parent ]

Re: Globalization hits the Fan (none / 0)

Current NYSE Circuit Breakers (when trading can be suspended).

A conservative is a man with two perfectly good legs who, however, has never learned how to walk forward. Franklin D. Roosevelt

by Steven D on Mon Oct 6th, 2008 at 10:33:48 AM EST
[ Parent ]

Re: Globalization hits the Fan (none / 0)

Thanks, I'm fully aware. Those circuit breaker levels were changed as at October 1. throw money at restoring Confidence
You can't Watch the advance/decline line today. Grim

so what does that do for pensions and baby boomers about to retire. Those plans will be suspended.

Nasdaq off 8% DOW off 780 points on the way to 9500

Well, "You can't vote for war and disown the results"

by idredit on Mon Oct 6th, 2008 at 02:47:48 PM EST
[ Parent ]

Globalization hits the Fan | 23 comments (23 topical, 0 editorial, 0 hidden)

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