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post #101 of 118 (permalink) Old 01-21-2009, 12:12 AM
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When asked to be more specific, the answer was something like "we don't keep those kind of specific details".
And, of course, the famous "F U" from the Fed.

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post #102 of 118 (permalink) Old 01-21-2009, 12:15 AM
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Well, are you interested in "We gave $200B to three banks" or would your rather have a much more specific ledger that defines not only who we gave the money to but for what reasons.

The previous esteemed administration seemed to think that "We gave some money to some banks and we think it might be doing some good at some point" was sufficient. When asked to be more specific, the answer was something like "we don't keep those kind of specific details". So the first $350B could very easily have been spent on hookers and blow and apparently nobody would know or have the ability to check.

Some of us have a problem with that level of accountancy. We would prefer adult management of funds that have BILLION attached to them OR we want in on the hookers and blow appropriations.
The report to Congress is about 6 pages long, 50B per page of fluff. The entire TARP team is headed by an Interim Assistant Secretary which speaks volumes.
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post #103 of 118 (permalink) Old 01-21-2009, 12:56 AM
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The report to Congress is about 6 pages long, 50B per page of fluff. The entire TARP team is headed by an Interim Assistant Secretary which speaks volumes.
Not anymore.

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post #104 of 118 (permalink) Old 01-21-2009, 06:01 AM
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Originally Posted by mcbear View Post
Well, are you interested in "We gave $200B to three banks" or would your rather have a much more specific ledger that defines not only who we gave the money to but for what reasons.

The previous esteemed administration seemed to think that "We gave some money to some banks and we think it might be doing some good at some point" was sufficient. When asked to be more specific, the answer was something like "we don't keep those kind of specific details". So the first $350B could very easily have been spent on hookers and blow and apparently nobody would know or have the ability to check.

Some of us have a problem with that level of accountancy. We would prefer adult management of funds that have BILLION attached to them OR we want in on the hookers and blow appropriations.
I was just asking since I had never heard it before. I googled it.

Granularity
From Wikipedia, the free encyclopedia

Granularity is the extent to which a system is broken down into small parts, either the system itself or its description or observation. It is the "extent to which a larger entity is subdivided. For example, a yard broken into inches has finer granularity than a yard broken into feet."[1]

Coarse-grained systems consist of fewer, larger components than fine-grained systems; a coarse-grained description of a system regards large subcomponents while a fine-grained description regards smaller components of which the larger ones are composed.

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post #105 of 118 (permalink) Old 01-21-2009, 12:09 PM
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On the revised mortgage loans, I understand why they did it the last time. In an effort to push bad debt off the books they took a gamble that if they rewrote X amount of delinquent loans, a certain percentage would actually improve with the new start and the "new" delinquent loan sheet would be somewhat smaller. It does work, albeit in a halfbaked way. The only way to really make it work is increase the revenue stream for the loanholders [homeowners] and NOT let them get 800 pre-approved credit card deals in the mail in the next 90 days. That would be a start.
That last bit is the trick. Because all too many people will take advantage of any mortgage-related benefit by running up their debt level elsewhere. They're addicted.

And to prevent that? Infringe on their freedom. Dilemma?

Ironically, the market itself ought to prevent that, and ought to have done so long before now. But the market has proven itself defective. Securitization a major culprit. And to prevent that? Infringe on Wall Streeters' freedom. Dilemma?
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post #106 of 118 (permalink) Old 01-21-2009, 12:50 PM
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I was just asking since I had never heard it before. I googled it.

Granularity
From Wikipedia, the free encyclopedia

Granularity is the extent to which a system is broken down into small parts, either the system itself or its description or observation. It is the "extent to which a larger entity is subdivided. For example, a yard broken into inches has finer granularity than a yard broken into feet."[1]

Coarse-grained systems consist of fewer, larger components than fine-grained systems; a coarse-grained description of a system regards large subcomponents while a fine-grained description regards smaller components of which the larger ones are composed.
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post #107 of 118 (permalink) Old 01-21-2009, 12:54 PM
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That last bit is the trick. Because all too many people will take advantage of any mortgage-related benefit by running up their debt level elsewhere. They're addicted.

And to prevent that? Infringe on their freedom. Dilemma?

Ironically, the market itself ought to prevent that, and ought to have done so long before now. But the market has proven itself defective. Securitization a major culprit. And to prevent that? Infringe on Wall Streeters' freedom. Dilemma?
The first thing that has to occur is flush this forever false notion of "free market". We have never had it, we never will have it. Even those who push it always push it with strings which is like saying "she's still a virgin, she has only had sex with a few guys". Free market, like virginity is binary, it either is or is not. So once that BS is eradicated from thought folks can get down to a fairly measured and regulated system that works for everyone.

We have seen that when you deregulate the financial sector they become stupid.

We have seen that when you provide individuals with limitless credit opportunities they become stupid.

So, working inward from those two equal extremes that fight each other there is a system that will allow growth of the economy without allowing folks to extend over a safety threshold. As you say, scrutinization really is the key. That is what went away.

McBear,
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post #108 of 118 (permalink) Old 01-21-2009, 02:04 PM
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That was an old paper. Has there been an update?

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post #109 of 118 (permalink) Old 01-21-2009, 02:08 PM
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Not yet. Obama's working on it as we speak.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #110 of 118 (permalink) Old 01-21-2009, 02:47 PM
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Spread the wormholes?

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