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Originally Posted by dippin
It's far more than the 'investment banking" part. They offered corporate insurance against defaults and so on, and the only reason some banks and financial institutions have been able to stay afloat has been because of AIG's continue existence.
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A credit default swap is insurance but is not insurance by most regulatory definitions for insurance. That was the problem these so called "insurance" products did not fall under normal insurance product or banking regulatory control.
---------- Post added at 03:04 PM ---------- Previous post was at 02:59 PM ----------
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Originally Posted by roachboy
that you wouldn't be concerned about endangering other national governments by allowing aig to fail because of their role in backing mortgage securities is a good bit of evidence for the proposition that it's a good thing you're far from power, ace.
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"endangering" other national governments?!? You make a claim with no substance. And if I assumed there was some merit to the point, why wouldn't the citizens of those governments step up and protect their own national government?
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i have a pretty good idea of how aig got into trouble, ace. the problem is that you have only the segment of the story repeated above that enables your interpretation to operate. you leave out the parts that triggered the bush
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The Bush people, Paulson, was not concerned about the bonuses. The Obama people are. The Bush people were concerned about the big dollars. It seems the Obama people are concerned about the trivial dollars.
---------- Post added at 03:07 PM ---------- Previous post was at 03:04 PM ----------
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Originally Posted by silent_jay
So what phase was over 3 weeks into the campaign then? Was it the we just fucked up your country, now we're clueless about what else to do phase?
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Yes.
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Originally Posted by shakran
The mission could not have been accomplished because the mission was not defined,
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Just because they did not define it to you, does not mean they did not define it.
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and the only mentioned part of the mission at the outset (go get the WMD's) was impossible to accomplish because the WMD's weren't there, and they knew it.
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WMD was a pretext for the war. I thought we all knew this by now. We were certainly concerned about WMD but that was not the number one reason to invade Iraq. The point was to remove Saddam and to establish a democratic government friendly to our needs and stability in the region.
---------- Post added at 03:14 PM ---------- Previous post was at 03:11 PM ----------
Quote:
Originally Posted by genuinegirly
A bear market rally means there are a few big firms that are trying to drive up the market just enough to make a token profit. Don't get excited until there's at least 4 weeks of consistent positive movement.
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I am predicting the recession will be declared over in the third quarter of 2009. Long before Obama's "stimulus" will have had any impact. I think we will see a second recession before the end of his first term because of the "stimulus".
---------- Post added at 03:19 PM ---------- Previous post was at 03:14 PM ----------
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Originally Posted by ratbastid
Market movements mean NOTHING regarding the performance of the administration unless they're downward movements observed by a right-wing observer. That's kind of my point.
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How about the fact that the administration has stoped pissing all over the market with negativity? Seems like they have changed their tone.
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In contrast to their criticism of rosy assessments of the state of the economy during the presidential campaign, top economic aides on Sunday gave what media reports see as an "optimistic" reading of the economy. The AP notes that during the 2008 campaign, Barack Obama "relentlessly criticized his Republican opponent, Sen. John McCain, for declaring, 'The fundamentals of our economy are strong.' Obama's team painted the veteran senator as out of touch and failing to grasp the challenges facing the country." But on Sunday, "that optimistic message came from economic adviser Christina Romer." On NBC's Meet The Press, Romer said, "Of course the fundamentals are sound in the sense that the American workers are sound, we have a good capital stock, we have good technology."
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USNews.com: Political Bulletin: Monday, March 16, 2009
Funny, but I was ridiculed to no end when I suggested that the economy was fundamentally sound. I guess a lot has changed in the past few months.