Stacy Summary: On topic please! Your thoughts on Larry Summers losing $1.8 billion for Harvard and then getting a promotion to run economic policy for entire US? Your thoughts on whether underwater ‘homeowners’ should walk away from their mortgages?
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@Your thoughts on Larry Summers losing $1.8 billion for Harvard and then getting a promotion to run economic policy for entire US?
LOL .. that figures !
good job phil…damn your fast
Your thoughts on Larry Summers losing $1.8 billion for Harvard and then getting a promotion to run economic policy for entire US?
Yeah!,..seems he has all the right qualifications, so what?
who is larry summers?
BTW,..@Stacy,.just out of curiosity, how much did Max loose when he cornered the market, back when? : )
Larry summers is suzanne somers twin brother seperated at birth but managed to get similar sounding names and IQ scores.
@ DEDO….hahah your not likely to get an answer on that one….these god in them there nails.
sorry I meant to say theres gold in them there nails
Just give us a ball park !,…caaaa mon, spill de beans
“Larry summers is suzanne somers twin brother seperated at birth but managed to get similar sounding names and IQ scores.”
Well, that explains it!
If homeowners are underwater then they should SWIM away from their mortgages, not walk. Right?
Couldn’t have happened to a nicer University. Betrayed by their own product line. =))
I guess we should all stop paying for our auto loans as well – everyone is upside down on those too!
Oh, wait, I need a car to get around in the US. Just because a home loan is more than the property doesn’t mean there’s a need to exit.
We all need a place to live, but THE LAST THING anyone who isn’t in serious financial trouble should do right now is give up real property in exchange for paying rent (or living with in-laws) simply because he/she is upside down on a house with a manageable mortgage.
I’LL MAKE THIS VERY CLEAR: It’s a shakeout on homeowners. Oligarchs want you to surrender your property and MOVE OUT. If you try to buy a home today, they “say” you need an 800+ credit score, but what they really want is more money down. They want as much cash as possible – not to secure equity in the property, but to have THE BUYER’S CASH for capital, meaning that the buyer will soon be unable to afford the home in due time – allowing for another surrender of property, but this time, the banks get ALL YOUR CASH TOO! Banks are even requiring personal guaranties on SBA loans for CORPORATIONS! They want everyone’s home, which is not unusual, but THIS TIME, they WANT ALL YOUR CASH TOO. Again, this is a sign to me that they are still trying to fornicate every crevice for each last crumb.
They tried this in the past by initiating fees for the services they were already providing.
I hope a dismal black friday and a dubai crash puts everyone on the edge.
Can you really blame Summers for losses occurring well after he left Harvard? Would be more interesting to know if he lost his own money when the market went down.
Summers is just a bully, belongs in the line of criminals called Rubin, Regan, Greenspan etc..
Larry Summers!
http://www.funnychill.com/media/626/Gorilla_Giving_The_Finger/
People walking away from mortgages …
sure, why not, most were NEVER qualified in the first place. Prospective homeowners were lead to the slaughter. If you have run your own business, you will understand what I mean.
I agree with the law professor about walking away from unfair mortgages. That’s what we should be doing with all debt with unfair interest rate hikes like student loans, credit cards, etc. If we all refuse to participate in our own demise, MAYBE (just maybe) our voices will finally be heard. I, for one, refuse to have a credit card, except for my debit card which is tied to my checking account. I only buy what I need and have been putting a small amount every so often into silver buillion as I can’t afford gold. I’m hoping that when the big crash happens it will get my family through.
Fair Harvard! we join in thy jubilant throng,
And with blessings surrender thee o’er
By these festival rites, from the age that is past,
To the age that is waiting before.
O Relic and type of our ancestors’ worth,
That hast long kept their memory warm,
First flow’r of their wilderness! Star of their night!
Calm rising through change and through storm.
Farewell! be thy destinies onward and bright!
To thy children the lesson still give,
With freedom to think, and with patience to bear,
And for right ever bravely to live.
Let not moss-covered error moor thee at its side,
As the world on truth’s current glides by,
Be the herald of light, and the bearer of love,
‘Til the stock of the Puritans die.
@Your thoughts on whether underwater ‘homeowners’ should walk away from their mortgages?
Yes , of course they should.
STOP playing inside the system .. where the “House” takes all .. like the Casinos.
W.E.Pollock gave his set of rules , which I agree with.
The only problem is that “everybody” has to do it, not just a few .. and that is the MAIN problem.
We need more professors like Mr. White.
It is one of the few ways that the average person can fight back. The average person will be paying for the bail outs for the next decade, so there is no point double paying by ignoring your own self interest.
That is not to mention the unfair levies the banks will be piling on to the average person over the next decade.
What we need now is a few more rogue judges to null and void mortgage agreements as happened in the last week.
http://www.legalnewsline.com/news/224281-new-york-judge-nullifies-mortgage
There did it, stayed on topic.
W.E.Pollock Repeat : Entitlement, Armstrong Now Silenced, Back to the Constitution
http://www.youtube.com/watch?v=PUoPFxcbRzE
Says it all.
Ahhh…..Larry Summers…..the guy who is advising Obama. Makes perfect sense.
EU memo on secret copyright treaty confirms US desire for global DMCA
‘Michael Geist sez, “The European Commission analysis of the Anti-Counterfeiting Trade Agreement’s [ed: a secret, restrictive copyright treaty that the Obama administration will not release on "national security" grounds] Internet chapter has leaked, indicating that the U.S. is seeking to push laws that extend beyond the WIPO Internet treaties and beyond current European Union law (the EC posted the existence of the document last week but refused to make it publicly available). The document contains detailed comments on the U.S. proposal, confirming the U.S. desire to promote a three-strikes and you’re out policy, a Global DMCA, harmonized contributory copyright infringement rules, and the establishment of an international notice-and-takedown policy.”‘
http://www.boingboing.net/2009/11/30/eu-memo-on-secret-co.html
Larry Summer running US economic policy, Stacy? You have an Imagination!
Here’s Summers:
http://thetruthorthefight.files.wordpress.com/2009/04/summers-sleep.jpg
US economic policy is being directed by the FSB, Financial Stability Board:
http://www.financialstabilityboard.org/publications/r_090925b.pdf?noframes=1
FSB is a proxy of the BIS bank. The FSB has mediators in the US:
OCC
http://www.occ.treas.gov/
FASB
http://intranet.ifac.org/GlobalDigest/2009_07_Intl_Organizations.php
@Phil,…it’s always the main problem,..that’s why it’ll never work!
All folk have to do is say “NO” en massse,..
The “poll” finger is permanently on the pulse,…you know this, right?
Social engineering is a science, and it works very well indeed.
@warburg sidney “Who is Summers?”
Lawrence H. Summers ( 53 ) (former Treasury Secretary Clinton Repael glass steal act, World Bank Professor Harverd)
Larry Summers’ approval of the Harvard billion dollar plus gamble on interest-rate swap derivatives, an almost total loss for Harvard, shows him to be a self-serving incompetent more interested in helping out his Wall Street friends market toxic derivatives than anything else. http://www.bloomberg.com/apps/news?pid=20601087&sid=aHou7iMlBMN8
Was forced out of the Harvard presidency for formulating a personality cult, displaying supreme arrogance, being dismissive of most everyone and being biased against women.
As Clinton’s Treasury Secretary he rejected warnings from Brooksley Born at that time head of the CFTC regarding the regulation of derivatives. The Warning Docu history of Brooksley Born’s attempt to regulate OTC derivatives Vid http://tinyurl.com/yftq4ol
Summers called her up and scrammed at Ms. Born, who resigned as a result and who has since proved to be correct, and Summers wrong.
Summers is one nasty piece of work. Summers is calling for more economic stimulus packages – essentially give a-ways – that won’t work. They are stalling measures.
Dollar Implosion and The Summers Curve..
http://www.youtube.com/watch?v=PbUm29Fcf88
@frances snoot – oh that’s just because he works only at night; he’s afraid of the light, hence the closed eyes . . . .
@Y’all
now as long as no’one posts any links to the sun or the daily mail about crop circles or aliens… well… nuff said!!!
Max/Stacey, and the hoypoloi. This will make you smile.
they wanted to steal £200k and buy gold with it.
dumb criminals, smart investors.
http://www.telegraph.co.uk/news/newstopics/celebritynews/6688124/Thieves-attempt-to-steal-200000-from-Ricky-Gervais-using-David-Brent-ID.html
Mario Draghi has a lot more to do with real US Economic policy than Summers:
http://www.bis.org/review/r090506b.pdf
This work has encompassed actions to:
• Strengthen prudential oversight of capital, liquidity and risk management, with
key proposals and work underway to strengthen the Basel II framework and enhance supervisory guidance.
• Strengthen the operational infrastructure for over-the-counter (OTC) derivatives,
with central counterparty clearing for OTC credit derivatives now launched in the
United States and in Europe.
• Enhance transparency and valuation, with consistent guidance now issued by
accounting standards setters in a number of areas.
• Improve the role and use of credit ratings, with a revised Code of Conduct
Fundamentals for Credit Rating Agencies issued by the International Organization of Securities Commissions (IOSCO) last year and substantial implementation by the rating agencies.
• Strengthen information exchange among authorities, with supervisory colleges now established for most global banks.
• And finally, actions to strengthen arrangements to deal with financial stress,
including through the FSF Principles for Cross-border Cooperation on Crisis
Management (published this month), and the new Core Principles for Effective
Deposit Insurance Systems, now out for public comment.
Somewhere it would be right to walk away with the speculators profiting from collapse and the value of homes plunging yet where to? maybe all empty buildings in detroit can be squatted or the FEMA camps? :-p Walking away is acknowledging defeat, the banksters may not win; a mortgage might be a legal contract but with that comes rights and duties, regulations are key: i’m not an economist but margin rates increase would be a start, second there should be regulations to prevent that people borrow more than they can pay and the interest rates aren’t set by the banks themselves. I think max and stacy have some sharp views on that. But if you decide to stop paying and bust your credit, don’t buy new cars or houses other useless stuff, buy gold! might as well give the banks some of their own medicine. I don’t really have an opinion on an elitist school losing money in a scam mostly perpetrated by summers and some of their own ex students, just a little ironic.
@Stacy:
You don’t say! I could have sworn the man slept through that meeting!
we got you homies by the short hairs you thought your appraisal was real?? I am laughing all the away to the bank,If you get a forensic mortgage audit done and find your broker got an undisclosed commision of $7000 dont lay that on me!
@stacy
have you heard the angle that Iran’s ties to Dubai are causing US and Abudabi to pressure Dubai to cut relations with Iran?
CNBC is really talking up this story.
Jim Rickards says dubai is being squeezed by Abu Dabi because Dubai is friendly to Iran. So when will we find out that there is US stink all over this?
http://www.cnbc.com/id/15840232?video=1346069752&play=1
Erin Burnet reports the same:
http://www.cnbc.com/id/15840232?video=1346032552&play=1
http://www.cnbc.com/id/15840232?video=1346210736&play=1
Honestly, do you think Summers has even read this yet?
http://www.bis.org/publ/bcbs156.pdf?noframes=1
Somebody better put this on Larry’s reading list as well:
http://www.financialstabilityboard.org/publications/r_0904c.pdf?noframes=1
@S.herbert
‘oh that’s just because he works only at night; he’s afraid of the light, hence the closed eyes’
WOW!… just for a second I thought you were talking about me!!!
@ frances snoot
I don’t believe the BIS has the same legal authority that an organization like the WTO currently has.
That is not to say that it ever should though.
I have always thought these people are purposefully destroying the US economy. Larry is only dutifully carrying out his task.
Greenspan was knighted for services (printing the US into oblivion) to the UK. Powell was awarded some other title for agreeing to embark on a war.
American Presidents have been sending industry out of the country in the name of some unmentionable reason.
Someone is trying to bring American back from freedom.
Only Americans seem to not understand this.
I like this:
“Once the immediate crisis is over, the highest priority should be attached to designing and creating institutional arrangements and incentive structures that will minimize the likelihood and severity of future systemic crises. Summers has never shown any interest in creating institutions that enable policy makers (in the Fed, in the Treasury and in the regulatory agencies) to make credible, long-term commitments. He invariable favours opportunistic discretion over rule-bound flexibility. The last thing the US needs today is a chairman of the Fed with the long-term perspective and attention span of a fruit fly.”
http://blogs.ft.com/maverecon/2009/07/should-fed-chairmen-go-around-kissing-babies/
@ frances snoot
I don’t believe the BIS has the same legal authority that an organization like the WTO currently has.
That is not to say that it ever should though.
@Gordo:
It doesn’t matter what you or I believe. The BIS owns the dollar and the varying effluences thereof operate out of the power of the currency owners to control politicos and armies.
There is the circus: one could easily imagine Summers as elephant in chief. Then there is the operative arms of the BIS. It’s not set in stone, only in blood.
@Snoot
You are replying to yourself?
@Mother Earth
Brilliant comment, really amazing!!
AIG has $11Billion reserve deficiency. Result is “unexpected, a big suprise to analyst”. Stock downgraded.
http://www.cnbc.com/id/15840232?video=1346262131&play=1
US tax payers own 70%
Check out the link between the OCC and the NYFed for an eyeopener, Gordo.
http://www.newyorkfed.org/banking/circulars/12069.html
These are the men who run the country, and they do so through the dictates of the BIS.
@Snoot
You are replying to yourself?
@Mother Earth
Brilliant comment, really amazing!!
@Snoot:
Just ignore him, and he will vanish like a bad smog.
When summers walks away from havard’s underwater mortgage he is rewarded with the mother of all underwater mortgages, the US economy. When joe taxpayer walks away, he’s labeled a bum.
Don’t walk away joe! You already paid!
@Y’alI
suppose one thing to try and do… would be to target another place that was ‘abandoned’ and for sale at at a knockdown price before you walk away… you may find it is in a community that needs rebuilding… but it’s gotta be better than reinflating the housing bubble… or some of the other alternatives!!!
Summers has a face like an Orc. No wonder he’s always glowering. Technically he can argue that he never lost a dime for Harvard since he wasn’t at the helm. And I promise you he will also argue how much he made Harvard since 01′. But the point remains obvious. He is a predictably arrogant pseudo-intellect who had supreme confidence in his quants and in his new ‘trading’ vehicles. You can’t find a player on Wall Street who doesn’t.
‘After Pride goes the Fall’ says it all imo. If you marched him up a scaffold and slipped a noose around his head he would still be arguing all the while about how well he did and what a fine genius his legacy will make. Same for Greenspan. Two very physically ugly specifmens of humanity who have hidden behind mountains of esoteric bull crap in a ceaseless effort to one-up anybody else. The Emperor Wearing No Clothes may be a children’s fable but it best describes these two idiots. I knew kids like this in my Bar Mitvah class. Always trying so hard to appear clever and to please the Rabbi. As if being clever and out-smarting others had some moral significance and was the only important accomplishment in the entire world. What sad,pathetic,lost souls.
@Marietta
Wow..AIG DOA.
“In light of our patients absent upper torso we feel it is at this time still uncertain whether we can expect it to perform well in order to ensure continued recovery “..
@Mother earth
Where’s a death panel when you need one.
@Marietta
LOL, Hmm..that evokes visions of 1789…
Mass Forward Generation Extinction
After seeing “Food Inc.” besides its obvious profit making centre in the mal-nutrienshed population with the Pharmacy, Food and health industry benefiting , Hmm err it got me wondering cause I know I am up against some bastards who wanna reduce world population so let me think like a bastard
Why would I close down all farming ? wham it hit me !!! everyone starts moving to the City . When they are in the city they gotta have their next child in “MY Hospital” I’ll give the new born a life span of 15 years while I make the profits on the parents trying to save em ?
Just a very Radical thought it makes sense to me
Dunno wheather to Smile or feel sad
the last smiley was supposed to be
SORRY
@Snoot:
I’ve decided to try being human after all.
@MotherEarth:
You don’t try, MotherEarth. Either one is human or one is not.
@Y’all
unlike some… I don’t hate the people who became credit slaves… but it is hard to feel sorry for them… one of the reasons so many people were desperate to ‘play the game’ here in the UK… was that they thought they were doing the best thing for their kids… get a house in a nice area… nice school… send johnny to college and university… before you die… next thing you got student and parental debt hanging over johnny and before he even got a job!!!
@Supergeek – You are a credit slave whether you like it or not. Gordon has taken out the credit and he forged your signature.
Aren’t the Americans lucky to have the ability to “walk away”? Isn’t it so that in most other nations that the debts a person accumulates follow the person till death? –there is no walking away from it besides paying back.
@ frances snoot
Almost threw up when I got to the last line.
” Because our economy functions better when financial institutions are well managed in the private sector, the strong presumption of the Capital Assistance Program is that banks should remain in private hands.”
This is the crux of our ongoing inability to rectify the problem. Our unyielding belief that organizations function better in private hands. Clearly their are times when this is not the case.
@Gordo:
The jist is that the new regulatory power wishes to constrain the right to investment capital as well.
In a bid to consolidate monopoly power over capital labor the big boys are pulling the right to capital risk from the common man. It’s supposed to make us all more ‘safe’.
@Snoot:
I’ve decided to try being human after all.
@MotherEarth:
You don’t try, MotherEarth. Either one is human or one is not.
@Snoot:
Aren’t you just talking to yourself?
@MotherEarth:
Yes, well. If I’m to be called a masturbatory poster I would like to get some real pleasure out of it for once.
@CM
I’ve never been in debt in my life…. but nowadays it’s very hard to do anything without being in debt… at least when I was young you could start up a business or sometimes get a decent job… without having too many qualifications or even having that much money to begin with… now you got people walking around with £30.000 worth of debt and a degree can’t even get a job social worker… and soon you won’t even be able to get a job nursing… without a degree… any social mobility that existed has been totally reversed!!!
@frances snoot
You guys gonna talk to yourselves now? Holy crap, that’s creepy! http://www.youtube.com/watch?v=-B0ad62tlAQ
@Palantíri
You can walk away from a mortgage here in the uk… it’s like declaring yourself bankrupt…. you will mess up your credit rating… you won’t be able to get another mortgage…or get credit for 10 years… but still.
Summers is a tool, not a fool. Higher education is a liabilty to the syndicate. When his work is done this crisis season, with his credibility once again exhausted, he will return to the bull-pin of experts(voodooeconomic shamans), resting their arms, and tweeking their pitch, as they await the next call to save the game.
@frances snoot @MotherEarth:
And you wouldn’t hurt a fly he? I am on to you guys talkin human. I am watching you.
@youri
think of a it… a bit like laughing at your own jokes!!!
@The Underfundedmentalist
The fun part would be if Summers replaces Geithner, on which was some speculation. Couldn’t believe it.
@Youri Carma
No mother I won’t listen to him.
@Youri Carma
No! You must listen to him and answer cause he’s so funny.
@You Carma
Don’t listen.
@ Youri Carma
You must!
@ Youri Carma
NO!
@ Youri Carma
Yes! AAAAAAHHHHHHH!!!!!!!!!! Hiek, Hiek! Hiek! Hiek!
(The famous Geek scene) http://www.youtube.com/watch?v=w8d7E5rSTAQ
@Y’all
The winter evening settles down
With smell of steaks in passageways.
Six o’clock.
The burnt-out ends of smoky days.
And now a gusty shower wraps
The grimy scraps
Of withered leaves about your feet
And newspapers from vacant lots;
The showers beat
On broken blinds and chimneypots,
And at the corner of the street
A lonely cab-horse steams and stamps.
And then the lighting of the lamps.
II
The morning comes to consciousness
Of faint stale smells of beer
From the sawdust-trampled street
With all its muddy feet that press
To early coffee-stands.
With the other masquerades
That times resumes,
One thinks of all the hands
That are raising dingy shades
In a thousand furnished rooms.
III
You tossed a blanket from the bed
You lay upon your back, and waited;
You dozed, and watched the night revealing
The thousand sordid images
Of which your soul was constituted;
They flickered against the ceiling.
And when all the world came back
And the light crept up between the shutters
And you heard the sparrows in the gutters,
You had such a vision of the street
As the street hardly understands;
Sitting along the bed’s edge, where
You curled the papers from your hair,
Or clasped the yellow soles of feet
In the palms of both soiled hands.
IV
His soul stretched tight across the skies
That fade behind a city block,
Or trampled by insistent feet
At four and five and six o’clock;
And short square fingers stuffing pipes,
And evening newspapers, and eyes
Assured of certain certainties,
The conscience of a blackened street
Impatient to assume the world.
I am moved by fancies that are curled
Around these images, and cling:
The notion of some infinitely gentle
Infinitely suffering thing.
Wipe your hand across your mouth, and laugh;
The worlds revolve like ancient women
Gathering fuel in vacant lots
T.S. Elliot
@Snoot:
That’s really funny.
@Youri
What? Good lord. You know I wouldn’t hurt a fly!
@Snoot:
This. hahahahaha
http://www.youtube.com/watch?v=2XIe3Kbr0rM&NR=1
OH SHOOT!
Stacy:
I’m dreadfully sorry, it seems we did go a bit off topic.
But I’m sure we were just studying personality disorders in an attempt to plaster one on Ole Thundercheeks Summers.
Anyway, MotherEarth started it.
Banks are throwing properties into foreclosure and only selling said real estate to CASH BUYERS. Look around in Los Angeles, and you’ll see that banks are only accepting CASH.
I’ve walked through some foreclosures (not to buy – only to see what the homes were like), and there are two types of foreclosed homes in Los Angeles:
1. Homeowners who could not afford it at a certain point – moved out and trashed the place in spite of a bank. Pissed on walls, cement down the toilets, you name it – nobody can vandalize their own property – but this is what it is.
2. Homeowners who leveraged credit to the hilt, remodeled with fancy yet tacky kitchens, dark and moody paint, tile, carpet, etc – and walked with everything they could salvage (light fixtures, stainless steel appliances, door knobs, etc.).
Being in those homes is uncomfortable, but makes me appreciate my decisions in years past.
There are buyers out there throwing 100% CASH toward those foreclosed properties, and banks want both listing and buying agents to CUT THEIR OWN COMMISSIONS to get the deal done! The banks want 100% cash deals AND money back from the brokers! Real Estate Agents have ethics to abide by, and the banks are trying to corrupt the one messenger between the buyer and seller.
I think the promotion of “failures” like Larry Summers is really the promotion of successful saboteurs. The US/Western model of slavery was abandoned for fear of losing control in the face of the doubly exponential technological advancement curve about 20 years ago. I guess it’s an odd belief, but I genuinely think nations are designed like slavery-based businesses and that the models are constantly being redesigned and tweaked. The nations into which capital is flowing today, are the nations the billionaire elite like best. Which would say a lot about their plans for the world and we slaves.
I think underwater homeowners should walk from their mortgage payments but stay in their homes. It can be argued that this is the most responsible and practical choice because abandoned homes increase crime in their neighborhoods and are at risk of vandalism and looting, especially when so many homes are affected and the economy is in crisis. They should form either state or nation-wide organization(s) to pool resources, and they should lobby the public for support.
andrew ross sorken is a gerkin licken ass-munch
Of course people should walk away from their mortgage. Housing debt is for the most part land value. Only in a feudal society there is a principle that people should be imprisoned by land. If one takes a loan to buy a car, that is different. But land, no way.
The plan that makes the most sense to me is to force a foreclosure and make them prove they own it. If that doesn’t work then walk away. If your in an area in the US that is down 50% or so it will be decades to recover your home value (if ever).
Summers is 1000x times better where he is now…meaning he’s lost us $1.8Trillion.