Comments on: Like Broken Clocks, Even A Crazed CNBC Nitwit Analyst Is Occasionally Right http://sevensons.org/2009/02/19/like-broken-clocks-even-a-crazed-cnbc-nitwit-analyst-is-occasionally-right/ a pack of temperamental bastards Tue, 22 Jun 2010 19:02:55 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Three Barrels http://sevensons.org/2009/02/19/like-broken-clocks-even-a-crazed-cnbc-nitwit-analyst-is-occasionally-right/comment-page-1/#comment-37 Three Barrels Wed, 25 Feb 2009 05:20:51 +0000 http://sevensons.org/?p=140#comment-37 Yes, those assholes cheering Santelli on the floor of the NYSE helped us get into this mess. They sure as hell were happy when the the government bailed Wall Street when it went teats up after making gargantuan sums of money with byzantine, arcane derivatives based on the mortgages of those "idiots" and losers Santelli's talking about. Message--I got mine back so now fuck you. Yes, those assholes cheering Santelli on the floor of the NYSE helped us get into this mess. They sure as hell were happy when the the government bailed Wall Street when it went teats up after making gargantuan sums of money with byzantine, arcane derivatives based on the mortgages of those “idiots” and losers Santelli’s talking about. Message–I got mine back so now fuck you.

]]> By: Charlie Croker http://sevensons.org/2009/02/19/like-broken-clocks-even-a-crazed-cnbc-nitwit-analyst-is-occasionally-right/comment-page-1/#comment-31 Charlie Croker Fri, 20 Feb 2009 23:27:13 +0000 http://sevensons.org/?p=140#comment-31 Are you dehydrated? This guy only moved from monkey to shit throwing chimp. I certainly don't think he's gotten it right. An internet referendum? That's fair. He's asking people at work (i.e. who still have their jobs) on the floor of the NYSE if they want to pay for other people's mortgages? They're a good "reprentation, cross section, of America? Bullshit. Point out a black guy or a latino. I buy the argument that we need to let the market sort itself out. . . to some degree. The "market" has been mucked around with for so long, I don't know that you can take your hands off the wheel at this point and expect things to sort themselves out. Why do we get angry about the people who drank the Kool-Aid? It's the ones that got paid millions in performance bonuses for mixing we should ask questions of. Are you dehydrated?

This guy only moved from monkey to shit throwing chimp. I certainly don’t think he’s gotten it right.

An internet referendum? That’s fair.

He’s asking people at work (i.e. who still have their jobs) on the floor of the NYSE if they want to pay for other people’s mortgages?

They’re a good “reprentation, cross section, of America? Bullshit. Point out a black guy or a latino.

I buy the argument that we need to let the market sort itself out. . . to some degree. The “market” has been mucked around with for so long, I don’t know that you can take your hands off the wheel at this point and expect things to sort themselves out.

Why do we get angry about the people who drank the Kool-Aid? It’s the ones that got paid millions in performance bonuses for mixing we should ask questions of.

]]> By: Three Barrels http://sevensons.org/2009/02/19/like-broken-clocks-even-a-crazed-cnbc-nitwit-analyst-is-occasionally-right/comment-page-1/#comment-27 Three Barrels Fri, 20 Feb 2009 03:28:16 +0000 http://sevensons.org/?p=140#comment-27 My understanding of economics generally starts and stops at the Champagne Room door so I'm no doubt light on the fundamentals here. But attaching a lien on these houses would be a giant anchor that would drag the housing market down even further and do so in areas already hardest hit. It would depress values and create second class properties with diminished buyer interest. Not to mention that it's the same sort of arcane bureaucracy, a la the tax code, that everyone hates and bemoans. The 31% of income portion of Obama's plan does not apply to all homeowners eligible for the whole program, only those whose homes are worth less now than is owed on the mortgage. And even that is not a homogenous group--some folks homes are now worth 5% less, others 40%, so where is the line drawn? Those seeking aid for underwater mortgages will still have to pass basic underwriting requirements, meaning many who shouldn't have bought a house in the first place won't have one after this program. That point should not be mmissed--a lot of those with distressed mortgages are going to just walk away from their homes because they won't be able to afford it at any interest rate. I see where you are coming from but I think we're just going to have to accept that part and parcel of this program, of all of these programs, are gigantic charges and write-offs. My understanding of economics generally starts and stops at the Champagne Room door so I’m no doubt light on the fundamentals here. But attaching a lien on these houses would be a giant anchor that would drag the housing market down even further and do so in areas already hardest hit. It would depress values and create second class properties with diminished buyer interest. Not to mention that it’s the same sort of arcane bureaucracy, a la the tax code, that everyone hates and bemoans.

The 31% of income portion of Obama’s plan does not apply to all homeowners eligible for the whole program, only those whose homes are worth less now than is owed on the mortgage. And even that is not a homogenous group–some folks homes are now worth 5% less, others 40%, so where is the line drawn? Those seeking aid for underwater mortgages will still have to pass basic underwriting requirements, meaning many who shouldn’t have bought a house in the first place won’t have one after this program. That point should not be mmissed–a lot of those with distressed mortgages are going to just walk away from their homes because they won’t be able to afford it at any interest rate.

I see where you are coming from but I think we’re just going to have to accept that part and parcel of this program, of all of these programs, are gigantic charges and write-offs.

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