Archive → July, 2008
Merrill Dumps Mortgage Biz
Merrill sold $36 Billion of CDO (mortages) for 22 cents on the dollar. Ouch. Overall, it will take about $45 Billion in loses related to its sojourn in the mortages. Ouch. Ouch. They also lent the purchaser of their mortages $5 Billion to complete the sale. Ouch. By valuing their mortage business at 22 cents on the dollar it may force other big companies to revalue their mortage businesses. Bottom line. Lots more writeoffs coming from big companies.
Can you imagine selling a mortage to somebody at 1% and not verifying their income or fairly assessing their ability to repay the loan? To make matters worse, the purchaser did not realize that after a year the rate would be adjusted based on market conditions. Shock and awe. The purchaser’s mortgage payment increased by 500% or more. Surprise. Surprise. The purchaser was not able to meet the new demand.
Was it expected? Sure. Anybody with a freshman business course could have predicated this could not be sustained. Yet, the best and the brightest financial people in the US were sucked into such a scam. Merrill probably doesn’t even hire people without graduate degrees in business and finance. Unfortunately, these same people skipped the course on greed. And why not? They have been taking their giant bonuses and buying high end real estate in Manhattan for years.
The ultimate cost will probably be around $1 TRILLION. Ouch.
Don’t you just lose capitalism? I don’t. Because capitalism doesn’t work.
This country cannot afford health care for all of its citizen because it will cost $60 Billion a year but we can blow $1 TRILLION dollars due to greed and unethical behavior. Also, if we take the profit out of health care, it probably won’t cost the US anything additional. Currently, there are hundreds of billions of dollars in profits that are sucked out of the health care system that go to investors that provide nothing to patents.
Fuck. Fuck. Fuck. Fuck.
Bush Doubled the National Debt
Today the US announced that it expects a HALF TRILLION dollar deficit in 2009 — the last fiscal year of the supreme idiot Bush. This idiot has doubled the national debt. Bush will go down in history as the worst President ever.
I heard today that some group in St Louis is praying for lower gas prices. Those same religious idiots are the same crowd that elected the supreme idiot Bush. Let them pray all they want but oil will be at $300 in five years. Maybe at that point they will give up on supreme god and his sidekick Bush.
I hope taxes are increased on the rich to such an extent that they will never forget the increased national debt of G W Bush.
White Boys’ Club
McCain stands for the white boys’ club which has been working so swimmingly for that last three decades.
Mr. McCain said in an interview on ABC’s “This Week” that he supports a ballot initiative in his home state of Arizona to end race- and gender-based affirmative action.
McCain doesn’t want any affirmative action to help the underrepresented.
He is a asshole, too old to be President, or even a decent human being.
Moron McCain
What a stupid asshole McCain is. His insincerity when he criticizes Obama for like not visiting the troops in Germany or he wouldn’t be making speeches in overseas until he was President or gas tax holiday or drilling for oil in the US. What complete bullshit.
McCain’s compaign is loaded with special interests and assholes like Gramm who has supposedly left but he will be back if the moron is elected. Meanwhile, Gramm’s UBS is under investigation for helping rich people hide money offshore and their role in the subprime debacle.
I hope the rich republicans are scared of Obama getting elected because their taxes are going way up. They have little idea of how much either. When Kennedy took office the highest bracket was 95% — I’d say we need to bring it back.
Fuck the idea that rich people create jobs because that hasn’t been working so well for the last three decades. Now it is time to get back to pure and simple redistribution of wealth.
I hate fucking greedy repubicans and I hope they are rot in the hell they believe in.
Presidential Race: War vs. Miniwar
Yes, we have two persumptive nominees who both want war. McCain seems to really love war, likes fighting them, knows how to win them he says, and wouldn’t leave even he asked by the Iraqis. Then we have miniwar Obama who was supposedly against the war in Iraq but now wants those US troops in Iraq to skip over to Afghanistan where they are really needed for Herr Fuhrer Bush’s “war on terror”.
Singing: “Whose your favorite terrorist of them all ? / It’s Bush ! / It’s Bush !” “Who killed lots more people than died in the World Trade Center? / It’s Bush ! / It’s Bush !” “La la la la la”
The bottom line is we are going to be at war with somebody for the foreseeable future. Now it looks pretty clear that both McCain and Obama would just love to have another little “war of terror” with Iran.
Exactly what kind of change does Obama want? Oh … to change the war location from Iraq to Afghanistan.
Health Care, Credit Cards, and Credit Reports — oh my
Credit Card companies are monitoring charges on their credit cards and reducing your credit limit if they detect “unusual” health care related charges. The reasoning is that if you are paying health care expenses then you (or somebody you care about) are probably sick and sick people eventually have credit problems because health insurance companies will fuck you over. So, to help you out the credit card companies drop your credit limit right away because they need to watch out for people who may not be able to pay their bills in the future. This, in turns, triggers a lower credit score so you can forget about getting another credit card.
It is an elegant, evil, immoral, abusive system whereby if you get sick you will not only have to deal with being sick but you will have to deal with lower credit limits and deteriorating credit.
Just another example of how capitalism doesn’t work.
Mini Baby Boom in 2007 – Crazy
For all the people who decided to have babies in 2007 in America. You are crazy. This country cannot support the citizens it already has and it is going to get much worse. So, why are all you people having babies? For most of you this pretty much guarantees your poverty. Maybe one of my favorite assholes, jesus, told you to do it. In any case, you are in deep shit now.
Whose the fucking whiner now?
McCain finally dumped that asshole Phil Gramm for calling Americans a bunch of “whiners”. But, wouldn’t you know it that Gramm leaves us with a great whine:
“It is clear to me that Democrats want to attack me rather than debate Senator McCain on important economic issues facing the country,” Gramm said.
“That kind of distraction hurts not only Senator McCain’s ability to present concrete programs to deal with the country’s problems, it hurts the country.”
Maybe, Gramm, you were the distraction with you stupid “whiner” comment. Also, people don’t know that UBS hired you to influence McCain on the subprime debacle — you were actually drafting McCain’s policy to fuck a couple million homeowners. Just a good day’s work for an asshole like Gramm. Why don’t you give us another trickle down economy bullshit?
Goodbye your privledged asshole.
American Health Care Wrecked My Life
Most people don’t realize how much control the government has on your life — in a bad way. Those stupid fucking laws that both parties pass, force people to act in particular ways. If you try and operate even slightly outside the system you get fucked.
Health care is one such example. America expects you to work for a company that provides health insurance because there is essentially no other way to get it if you need it, even if you could pay a few hundred a month for insurance. If you are nice and healthy then you can get subprime health insurance but you could also just risk it because you are nice and healthy. Once you have medical history then you can only get it through an employer. Many people even get sick working for a company, lose their job, and then lose their health insurance.
Because of the way health insurance works, people are not able to leave employers and start new companies without the added risk of no health insurance. If you have a spouse and children, the calculation is even more difficult because somebody is likely to need health care.
In recent years even people working full time do not have access of health insurance. My two daughters both work full time but their employers have no health insurance. They are have enough medical history that they cannot get private insurance either. Private insurance is subprime insurance because the health insurance company take advantage of individuals in the spirit that the rich always fuck the poor in America.
In a country that says there is freedom to do what you what, this cannot actually be realized if you cannot exist without health insurance. America didn’t use to be this way but it sure is now.
I use to think I was so blessed being born in America. Now, I know it is a curse to be born here. I hate America and would leave if I could figure out how but I am locked into this fucking place.
Fuck. Fuck. Fuck. Fuck. Fuck. Fuck.
Fraud at IndyMac — What’s new?
There’s fraud in the American financial system. Tell me it isn’t so as the FBI goes into IndyMac looking for the bad guys.
There are bad guys everywhere who are stealing their wealth. The CEOs do it right in the open. The M&A people are better than most at it.
Every time we have some crisis there is always fraud in the system. Fraud is in all American systems. Health care? S&L bailout? Energy?
This is a country of fraud.