Olduvai Posted September 19, 2008 Report Share Posted September 19, 2008 Can anyone comment on this: US Government to secure mortgage market with gold reserves from: "moneymarketing.co.uk" Web Site The U.S. Treasury Department has promised ?hundreds of billions? to save the US markets using its own gold reserves.President Bush approved the use of existing authorities by Treasury secretary Hank Paulson to make available as necessary the assets of the Exchange Stabilisation Fund for up to $50 billion to buy more illiquid mortgage assets. When the Government bailed out the the Government Sponsored Enterprises it promised to buy illiquid mortgage backed securities, but this announcement extends that pledge. The ESF was created after the Great Depression and uses the US gold reserve as collateral for financial stability. The plan will involve Fannie Mae and Freddie Mac increasing their purchases of mortgage assets. The Government will also expand its own purchase programme for mortgage backed assets, which was announced recently, to help increase the availability of capital for more mortgages. ... goes on Is this for real? or just some internet hoax? Link to comment Share on other sites More sharing options...
unSane Posted September 19, 2008 Report Share Posted September 19, 2008 I'd just like to point out that if I were about to take on billions and billions of shitty debt and had the ability to print money, I would inflate the currency as fast as FERKIN POSSIBLE. Both to reduce my own real liability, and to make it easier for people to pay off the underlying debt, and to increase my ability to pay off the said debt with tax dollars. Link to comment Share on other sites More sharing options...
prancing_cow Posted September 19, 2008 Report Share Posted September 19, 2008 I'd just like to point out that if I were about to take on billions and billions of shitty debt and had the ability to print money, I would inflate the currency as fast as FERKIN POSSIBLE. Both to reduce my own real liability, and to make it easier for people to pay off the underlying debt, and to increase my ability to pay off the said debt with tax dollars. 691035[/snapback] if a hyperinflation is coming ... well, you got money buy anything. I lived thru one. We were all millionaires and we most of us were poor. it really sucked to be such a millionaire. Link to comment Share on other sites More sharing options...
Slappy Posted September 19, 2008 Report Share Posted September 19, 2008 Can anyone comment on this:US Government to secure mortgage market with gold reserves from: "moneymarketing.co.uk" Web Site Is this for real? or just some internet hoax? 691034[/snapback] If this is for real it's a twist on he usual 'Central Bank selling gold' smackdown. In it's base premise, it's a gold smackdown and cash raiser. If it's real, it's a final sellout of the Merican kittyzen, throwing the good money after the bad, last ditch effort. Then again, with Fort Knox empty, you have another National Park... Link to comment Share on other sites More sharing options...
Private Skidmark Posted September 19, 2008 Report Share Posted September 19, 2008 Saw some Bloomberg grabs of the effect of Pakistan banning short selling. It had no lasting effect on the long-term downtrend. Of course, Pakistan has a lot of problems, like not being all that stable politically at the moment and having a spat with the US. Second chart is from this link. Link to comment Share on other sites More sharing options...
An Ant Posted September 20, 2008 Report Share Posted September 20, 2008 Apologies if anyone has already pointed this out. In 2000-2 shorting of technology stocks was allowed. BS, F&F, LEH, AIG, MER were allowed to drop or go under. Only when Salesman Gotcha started falling shorting is banned Link to comment Share on other sites More sharing options...
Bungster Posted September 20, 2008 Report Share Posted September 20, 2008 Apologies if anyone has already pointed this out. In 2000-2 shorting of technology stocks was allowed. BS, F&F, LEH, AIG, MER were allowed to drop or go under. Only when Salesman Gotcha started falling shorting is banned 691039[/snapback] Only when Salesman Gotcha started falling shorting is banned Salesman Gotcha ?? Link to comment Share on other sites More sharing options...
Mies van der Rump Posted September 20, 2008 Report Share Posted September 20, 2008 Not sure if ABK made "The List", but if they did, somebody better start coughing up some money to put a bid under them: "Mr. Paulsen, you have ABK on line four" Link to comment Share on other sites More sharing options...
Jetlag Posted September 20, 2008 Report Share Posted September 20, 2008 That was a day at the bank, my goodness! Again mega volume in FX. many banks have problems with their electronic systems at the moment (CLS, Condor and so on) guess it is because what we are seeing right now is a real time stress test for those systems. During times like these we best do one thing: We step back and rethink. What they do with this "package" is obvious: They KILL the USD. Yes it is that easy. You have to think easy, not complicated. They print more, so the Dollar devalues. Also: With that package they dont reduce the risk appetite of the banks, because greedy banks get saved, so the not so greedy ones got the middle finger. The not so greedy ones will because of that become greedy ones too. The most greed we have in the USA, so that aint good for the Dollar too, becasue there will be not much confidence from outside the US. I say: we will see EUR/USD at 2.00 before the decade ends. 691020[/snapback] That would imply that gubermints and economies around the world would be any better than US's. Link to comment Share on other sites More sharing options...
capitall Posted September 20, 2008 Report Share Posted September 20, 2008 Apologies if anyone has already pointed this out. In 2000-2 shorting of technology stocks was allowed. BS, F&F, LEH, AIG, MER were allowed to drop or go under. Only when Salesman Gotcha started falling shorting is banned 691039[/snapback] Hey, where's your patriotism. What's good for Golden Sacks is good for America. If anyone hasn't seen the video (It's probably on the net somewhere) Enron: The Smartest Guys in the Room, better hurry up & see it to educate yourself, as the U.S. government is buying up Enronesque companies and their gambling debts at lightening speed. If they had waited until 2008 to go out in flames, the U.S. taxpayers would be buying Enron's debts also. And this song. It is developing so many additional verses I can't keep track. Take a load off Fannie, Freddie, AIG, toxic money market funds full of MBS, Wall Struck in its entirety, the mortgage market etc. http://www.youtube.com/watch?v=712kRqri2No Link to comment Share on other sites More sharing options...
An Ant Posted September 20, 2008 Report Share Posted September 20, 2008 Only when Salesman Gotcha started falling shorting is banned Salesman Gotcha ?? 691040[/snapback] Just made something up. I'm sure there are more creative stoolies that can come up with a better one. Link to comment Share on other sites More sharing options...
fxfox Posted September 20, 2008 Report Share Posted September 20, 2008 That would imply that gubermints and economies around the world would be any better than US's. 691042[/snapback] not necessarily. When EUR/USD was at 0.82 Europe was in no deeper shit than the US at the time. It is all a matter of perception. Link to comment Share on other sites More sharing options...
BusKow Posted September 20, 2008 Report Share Posted September 20, 2008 Primary thrust in small caps and R2K, followed by the trans, BUTT none out of recent IT range...weeklies too for ref... Link to comment Share on other sites More sharing options...
Slappy Posted September 20, 2008 Report Share Posted September 20, 2008 nevermind... We're having slow internet issues in the 'hood this evening. didn't mean to repost, I'm working on it... Link to comment Share on other sites More sharing options...
T_Slim Posted September 20, 2008 Report Share Posted September 20, 2008 It's just downright hilarious. These idiots bonered up the market today because "the gubbermint is backing every thang". And the morans don't even realize the state of the government's finances. The timing couldn't have been more perfect. Grease the market up right into the election. Then, pull the rug. Link to comment Share on other sites More sharing options...
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