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  • #496
    Or at least get equity.


    Word. Buying up the assets at firehouse prices much defeats the point of the bailout. We need to put some cash into the system, but the tax payer needs to get something in return. That's equity and regulation.

    Paulson's "plan" is corporate welfare to an industry that just engaged in some ludicrously gross malfeasance. Hopefully, something closer to Dodd's will pass...
    "Beware of the man who works hard to learn something, learns it, and finds himself no wiser than before. He is full of murderous resentment of people who are ignorant without having come by their ignorance the hard way. "
    -Bokonon

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    • #497
      I don't want regulation. Let's just give them money at disadvantageous rates to them.
      I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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      • #498
        How would that help them, Dans?
        I need a foot massage

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        • #499
          Originally posted by PLATO
          No. That would be not real smart. Take institutions that have nearly failed and have our economy in their hands and take punitive action on them. It may be hard to understand, but punishing these banks right now would be the same as punishing ourselves.

          Now...if they wanted to force them into repurchase agreements based on balance sheet strength and earnings that carried a punitive rate, then I could go for that. It is just not smart to try to put more pressure on the system right now.
          I hope we don't just try to put things back together the way they were. Our economy was too dependent on these banks. We should put together a new economy that isn't dependent on banks making profit.
          I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
          - Justice Brett Kavanaugh

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          • #500
            Originally posted by Barnabas
            How would that help them, Dans?
            The same way it helps me when my credit card goes from 8% to 29% APR.

            ...

            Ok, I'm really just dotting the thread for future reference since it's about to close.
            "In the beginning was the Word. Then came the ******* word processor." -Dan Simmons, Hyperion

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            • #501
              Originally posted by Barnabas
              How would that help them, Dans?
              There are ways of doing this that would recapitalize the banks while being punitive. There are several different asset classes to use.

              As an example, see Warren Buffett's investment in Goldman Sachs last evening. Perpetual preferred shares with a coupon rate of 10%, and in-the-money warrants for an equal amount. This went a long way in recapitalizing Goldman and Buffett will make out like a bandit meanwhile.

              If you want to remove the distrust inherent in the mortgage-backed securities, you could structure the recapitalization to take the securities off the balance sheets of the banks on punitive terms. The taxpayers need Paulson to think more like a vulture and less like a Good Samaritan. The public has an unlimited capacity on its balance sheet, but private entities should be charged very dearly for using it.
              Last edited by DanS; September 24, 2008, 12:22.
              I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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              • #502
                Okay, time for a new thread ...

                ... which would be:
                Apolyton Civilization Site
                http://apolyton.net/forums/showthread.php?s=&threadid=180750
                Last edited by snoopy369; September 24, 2008, 12:35.
                <Reverend> IRC is just multiplayer notepad.
                I like your SNOOPY POSTER! - While you Wait quote.

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