BofA bought the bundle of bad paper because the federal government is going to give them taxpayer money to make sure they don't go down. The more bad paper you own, the more money you are going to get. The only problem was staying above water until the inevitable bailout. Countrywide could not do it, but BoF could and will.
In a capitalist culture, the only risk the ruling class faces is that the working class might become educated.
Posted by James E. Powell at June 20, 2008 11:35 PMHow much permanent damage do you think Hillary did to herself by her lying in this campaig (example: Florida & Michigan)? Will it haunt her throughout the remainder of her political career? Or will it be viewed as "politicians being politicians" and people will eventually turn a blind eye to her error in judgment?
Posted by Tina Sgouros at June 21, 2008 04:25 AMGive it a rest Tina. All politicians lie. Look at Congress. Hillary will be just fine.
Posted by Judith#1 at June 21, 2008 05:00 AMHey Iamcoyote, good to see you back.
Posted by Judith#1 at June 21, 2008 05:31 AMMr Powell is probably right. BOA can weather the storm until its bailout comes. I don't think they would have entered into the deal had they not been pushed by the bailers.
Posted by gtash at June 21, 2008 05:57 AMHiya, Judith#1! How's your mom? Well, I hope.
Posted by iamcoyote at June 21, 2008 06:07 AMThe deal puts BofA in fully 1 out of 4 house holds. I am not a big fan of the deal, but if they can keep their loses below 40 billion, they can make it work.
I wouldn't be shocked if they didn't have a choice. A deal like this doesn't happen unless the Fed is heavily involved.
Posted by allansfca at June 21, 2008 06:51 AMTina,
Hillary has done great damage to her political career, especially with how poorly she handled Florida and Michigan. Some of her loyal supportors were willing to lie to themselves and say that FL/MI should count, but the entire nation rolled their eyes at Mrs. Clinton's lack of integrity and character on those issues.
Florida and Michigan helped define how poorly managed Hillary's campaign was. Seriously, Ickes votes to strip them of their delegates, but then a couple months later he's the one going nuts about including them all? What a SCUMBAG!!!
I am shocked that there are people who went along with Hillary's lies on this issue. Absolutely shocked. Those people should be ashamed of themselves.
Posted by goat cheese at June 21, 2008 06:51 AMgoat, you do realize we all know you're Tina. Why are you talking to yourself? Get over it. The primary's over.
Posted by iamcoyote at June 21, 2008 07:09 AMgoat, you do realize we all know you're Tina.
ROFLMAO!! I knew there was a reason to keep reading!
Posted by Seven of Six at June 21, 2008 07:53 AMDemocratic Sen. Barack Obama: “We can’t drill our way out of the problems we’re facing.”
Democratic Senate Leader Harry Reid: “We cannot drill our way out of this problem.”
Democratic House Speaker Nancy Pelosi: ”So the fact is, we CAN’T drill our way out of this problem.”
Democratic Sen. Bill Nelson: “It doesn’t take a rocket scientist to figure out you can’t drill yourself out of the problem.”
Democratic Sen. Dianne Feinstein: “We believe you can’t drill your way out of this crisis.”
Democrats...the "no" party on oil/the price of gas...and I remember Minority Leader Pelosi promising to lower prices if Democrats became the majority.
Oddly enough, in Venezuela, they are drilling their way out of the problem — and they are paying 12¢ a gallon for gasoline.
Drill here(buy American), Drill now, Pay less!
Posted by peter at June 21, 2008 09:29 AMIamcoyote, that's what I missed, your calling people out.
Same is true for jj and baggy. They always comment right after Peter.
Mom is doing great!!!! In fact, I don't recognize her anymore. She moved into a lovely Independent Living place, and she now is a cocktail hour going, bingo playing, Wii playing, coquet darling of the place. She had one man steal a kiss from her, and another is fast on her trail. She barely has time for my Sister and I anymore. At 86 she has discovered a whole new life and for that I am thankful and happy. However, my Sister and I are not too happy about the stolen 'kiss' incident.
Posted by Judith#1 at June 21, 2008 11:36 AMBy-the-way, nice of you to ask about Mom.
Posted by Judith#1 at June 21, 2008 11:37 AM"We take unfavorable note of the large Countrywide option-adjustable rate mortgage portfolio that Bank of America will inherit, since we believe this portfolio has yet to be stress tested," S&P said in its action."
...According to Timmeh's doctor, he passed his stress test with flying colors.
uRcoyote: Thank the pink unicorn you are back. Some very ugly bloggers took advantage of your absence and assaulted me. (in the interest of unity I won't say which candidate they worship). I fought back valiantly until Carpal Tunnel started to rear its ugly head. I feel so violated, just thinking about it makes me all verklempt.
Posted by TIKI AL at June 21, 2008 12:14 PMGosh, Judith#1, you're mom's got a more exciting social life than I do! Good for her, and for you. She couldn't have done it without you!
There, there, TIKI, what kind of blackguard would be mean enough to rough you up? Lemme at 'em! Still, girls love a guy with scars - brandish your bandages at the nearest tavern, and I'm sure you'll be surrounded by tender-hearted ladies in no time.
Posted by iamcoyote at June 21, 2008 01:14 PMGlad to hear your Mom is doing so well Judith!
My mother and father went on vacation to Mexico with us and made it a slight nightmare.
Posted by Seven of Six at June 21, 2008 07:18 PM"Gosh, Judith#1, you're mom's got a more exciting social life than I do!"
(chuckle) Tell me about it.
Seven of Six, I'll bite. What happened?
Posted by Judith#1 at June 21, 2008 08:25 PMI'll bite. What happened?
Naw... Just the typical drama queen routine while my wife, boy and I were supposed to be having fun. Typical mistake, taking them out of their element, and thinking they would have fun. Mobility was a major factor for my Dad. We should have expected it, but we were trying to be nice and include the folks on fun.
BAC is probably a buy here for the long term. (Don't own any). Everyone hates financials, but many are forming a double bottom on their charts.
I think we're in the 7th or 8th inning of the housing crisis. Many folks who shouldn't have been in houses in the first place, have been foreclosed on and are back in apartments. Housing starts down to 1M, which is where the housing recessions have bottomed in the past. Sales are up, even though prices are down. It'll probably take a decade or longer for housing prices to rebound back to where they were in 2005.
Posted by Muck at June 22, 2008 01:14 AMOh Seven of Six, it was nice of you guys to included them. I know the feeling. You do something you think would be fun for someone, and it turns out to be anything but.
Muck, we are going to put my Mom's house up for sale. In this market, would we be better to sell her house 'as is' or put money into it and make repairs not required by codes, i.e., repaint the entire house? I can't see spending a lot of money when the return is probably not there.
Posted by Judith#1 at June 22, 2008 04:33 AMpants pissing peter: "Oddly enough, in Venezuela, they are drilling their way out of the problem — and they are paying 12¢ a gallon for gasoline."
The stoopid, IT BURNS. Venezuela isn't controlled by Big Oil.
Posted by Gay Veteran at June 24, 2008 11:25 AM