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Watch The "Conference On The Future Of Housing Finance" Live And Commercial Free
Today's portion of political theater is kindly brought to you by Tim Geithner's endless treasury issuance authority, and is currently in progress (and close captioned). The conference can be watched live at the link below. And yes, as expected, and much to Bill Gross' delight, Geithner has noted that the GSEs will need some type of government guarantee. So much for reform. (Geithner prepared remarks)
Panelists will include:
- Diana Farrell, NEC Deputy Director
- Treasury Secretary Geithner
- HUD Secretary Donovan
- Barbara J. Desoer, President of Bank of America Home Loans
- Ingrid Gould Ellen, Professor of Urban Planning and Public Policy at New York University's Wagner Graduate School of Public Service and Co-Director of the Furman Center for Real Estate and Urban Policy
- Bill Gross, Co-founder and Co-chief Investment Officer of PIMCO
- Mike Heid, Co-president of Wells Fargo Home Mortgage
- S.A. Ibrahim, Chief Executive Officer of Radian Group Inc.
- Marc H. Morial, President and Chief Executive Officer of the National Urban League
- Alex Pollock, Resident Fellow at the American Enterprise Institute
- Lewis Ranieri, Chairman of Ranieri and Company, Inc.
- Ellen Seidman, Executive Vice President for Mission and Strategy, at ShoreBank Corporation, and Chair of the Board of Directors at the Center for Financial Services Innovation
- Michael A. Stegman, Director of Policy and Housing for the Program on Human and Community Development of the John D. and Catherine T. MacArthur Foundation
- Susan Wachter, Richard B. Worley Professor of Financial Management, Professor of Real Estate, Finance and City and Regional Planning at the University of Pennsylvania's Wharton School
- Mark Zandi, Chief Economist of Moody's Analytics
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Bubble Bubble On the Wall, Which is the Largest One of All?
http://israelfinancialexpert.blogspot.com/2010/08/guest-post-bubble-bubble-on-wall-which.html
please keep comments somewhat in context
Sorry.
Succint.
YAY! The FIRE insiders have totally looted fraudy and fony and now we "The Sheeple" get to eat the huge pile of shit left over. I'm so happy I can hardly contain myself. I LOVE THE GOVERNMENT!
Dear America,
While a majority of you are responsible and pay your mortgages, we would like to thank you for paying the mortgages of everyone who is not so responsible. Ever since we legalized the accounting fraud (formerly known as mark to market), your fellow Americans have taken advantage of our generosity which was geared for the banks. Be angry at them for the $6 Trillion abyss we will need to further subsidize or face another "end of the world scenario"
Yours Truly,
Timmy, the tax evader, Geithner.
Treasury Secretary
Future GS exec and JPM board member.
This is all for show, people paying their mortgages on time get NOTHING, ziltch. This is blantent discrimination! If people are retarted they must be labeled as such and not be allowed to borrow money. All we are missing from here are dancing midgets and the girl that swallows swords in the background.
question for Tim Geithner -
is this really an issue in your world?
To be honest, I would rather watch my grand daughter perform in her summer camp "theater" this evening to cap her 10 days of sun, fun and mosquitoes. But then again I always was different. :>)
I'll catch the 30 second broadcast bite on CNN at 11 PM and be fully informed.
<sarcasm>
Hey CD, thought you might enjoy the following article. Consider it an early "birthday" present.
http://online.wsj.com/article/SB10001424052748704407804575425561952689390.html?mod=WSJ_LifeStyle_LeadStoryNA
get a life, try†
I was being serious about my grand daughter. I was not being serious about CNN. Does that help?
i was being serious about pinocchio getting a life, i think you have a
B I G one.
The government continues to try and circumvent this reality:
Given high home prices, tight lending standards = fewer loans
The only way to have tight lending standards and more loans is to allow home prices to fall, which the government has shown is a solution that must be avoided at all cost- literally.
They will make noises like this conference, but I believe they will continue down the same pointless road, writing risky loans to try and keep sales and prices up and expecting the GSEs to swallow the bad byproducts.
The beat goes on.
Save time instead by replaying Rick Santelli's commentary (http://www.cnbc.com/id/15840232?video=1568118327&play=1 ) from this morning..."we need a new amendment that gives every American a house, a car with or without fins, 4-5 weeks of vacation with every Monday off ...since government knows better than any other enterprise ...and we have years of documented evidence to prove it (paraphrased from earlier today).
He also stated that big funds will tell the government that if you don't guarantee them (GSE debt) that they will dump'em.
Bottom line. "GSE's will cost more than any other bailout ...and they haven't even slowed down."
Like so many issues this Congress & administration tackles, it's all a show for the cameras and has nothing to do with substance, common sense, accountability or leadership.
The panel IS impressive though, I mean we got people who are variously employed at FIRE industry supported think tanks and the top dogs of the biggest TRAP and Feral Reserve loot eaters. It's so nice to live in a Repressive Republic...erm....Representative...
***Cartman voice ON***
I'm sick of waiting for this collapse; hurry up God-damn-it!...and who's the guy with the wig?
Actually Tyler, the whole conference is a commerecial.
Does anyone else's video link to the SyFy channel?
Oh is it the show about giant bugs though no insect has ever had or currently has lungs. So a giant bug would move for 10 seconds and then be in oxygen debt and die.
I don't know what I'm more uncomfortable with:
(a) watching a staged hearing where interested parties talk about "reforming" a system they themselves raped and pillaged... with the government's implicit blessing (thanks Timmy for sneaking in that unlimited funding clause for FRE/FNMA last Christmas) -OR-
(b) realizing that the American taxpayer doesn't care enough to storm these hearings with protests.
What we're witnessing is Kabuki Theatre, in a context of a country of the banksters, by the banksters, and for the banksters.
Oh... and now that the cat is out of the bag, it's high time to put the FNM/FNMA liabilities squarely on the U.S. Government's tainted balance sheet. Of the $6 trillion or so, my guess is that the taxpayer will be eating about $700 billion of it. Thanks so much, Timmy, Larry and Ben.
Na we'll get leo to buy it for his pension fund. We'll just pretend that it makes electricity when you shine a light on it.
You don't think Leo's smart hedge fund friends don't already own Agency debt, then??? Hehehe...
Singapore bitches. Think about it.
I think the biggest thing that I took away from this was that interest rates were being kept artificially low (discouraging savings) to ensure that everyone had access to home ownership regardless of capacity. Not only am I being taxed to provide housing subsidies, my wealth and my children's wealth is being stolen also via low interest rates.
It never ceases to amaze me how people purchase a home and do not leave enough wiggle room in their budget for repairs. Our neighbor has an ARM and her house is going to hell, dragging down the value of my house. It seems that too often, we put people in these homes and they are unable or unwilling to maintain them. Will we all be mowing down houses like Detroit, just to rebuild and give them away again?
Best quote of the decade, "We have socialism for the wealthy and poor, while having capitalism for the middle class."
WoW,
Timmy your my hero...
Q the US Treasury fan club cheerleading squad...
Parade and after hours fireworks show.... YEAH....
The Tax Prayers
RIP Hindenburg Omen. Nice try, But the Bernanke Machine just fucked that Harvard analysis but good. Oh the humanity.
Wasn't it Leo who advised us to buy the dips? Maybe the Fed cannot be beaten; at least in our lifetimes.
This panel is Krugman's wet dream...
1:00-2:30 Plenary Session - The Endangered American Dream: How To Keep Mortgage Finance Flowing To The Penniless.
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