Bank of America May Be Bought By JP Morgan / Chase

Never a dull moment when the Too Big To Fail (TBTF) banks start to crumble:
From 247WallSt:

There is a rumor circulated on Wall St. that JP Morgan (NYSE: JPM) will take over Bank of America (NYSE: BAC) within the week. The government will support the deal with a $100 billion investment in preferred shares issued by the combined entity. Alternatively, the government may guarantee the value of a large pool of Bank of America assets. The word is that Treasury Secretary Geithner has discussed the transaction with JP Morgan CEO Jamie Dimon.The “merger” would completely destroy the value of BAC’s common shares.

Great, more bailouts, and more value lost. I’m getting the idea that I’ve seen this play out before and it wasn’t so good for us taxpayers last time.

The government feels that the deal may be necessary as Bank of America struggles unsuccessfully to close several transactions to bolster its balance sheet. The Wall Street Journal reported that Business Insider speculated that the financial firm will need to raise $200 billion which would be another possible event that would wipe out common shareholders.

This news might well cause a run on the bank. Wouldn’t that be a fun headline.

Bank of America’s fortunes have been hurt by events in just the last few days. A New York State judge agreed to allow institutional investors to intervene in an $8.5 billion settlement between the bank and groups that lost money on mortgage-backed securities. China Construction Bank Corp said Bank of American will continue to hold 50% of its share in the foreign financial firm. Many investors hoped Bank of America would sell its entire stake to raise money. Several analysts believe that the costs of owning mortgage firm Countrywide Credit have grown unexpectedly large.

Under federal law, JP Morgan and Bank of America could not combine because together they would have too large a share of several financial markets in the US. Treasury would apparently work with other government agencies to have those rules suspended and then the new combined bank would sell assets to get back into compliance later.

So here we have another Government intervention at, ultimately, the Taxpayers expense. With all the money we taxpayers have NOT gotten back from these bailouts, why do they keep considering this to be a good idea?

Oh, Socialism… right. I forgot.

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  • ec99

    Never happen.  Rumors are a dime a dozen on Wall Street.

    • syantiss

      It may not be JP Morgue, but BofA is in some serious trouble… Something is going to happen.

      • ec99

        What was said was the govt would not allow a weak major player to bring down the system.  No specific bank was mentioned.  In addition, Henry Blodgett reamed BAC on his blog today.

        • syantiss

          Yeah, saw the Blodgett piece. Quite the rip.

  • http://pulse.yahoo.com/_M7MONYFRR7BSS2255HF7TIM3EE DerekG

    This will be a tremendous blow against obama if it does happen and it is seen by the public that obama and his appointees (Geithner) are using more public money to prop up bad.

    • ec99

      Don’t sweat it.  Rumors are planted by MMs, shorts, and others to manipulate the market.  BAC is at a multi-year low today, and falling in the AH.  If anyone believed this it would have spiked.  Other M & A rumors today were QComm buying HPQ and RIO buying AA.

  • robert108

    I thought “Financial Reform” was going to fix all this.

    • http://nofreelunch.areavoices.com/ Kevin Flanagan

      I’m sure Sen. Dodd will handle this. Oh, wait; he took his obscene pension and retired. Never mind.

  • WOOF

    Gonna support nationalization?

    1. Fire the senior management of the banks (see this) 2. Banned all lobbying activity as a condition of any aid (see this) 3. Forced a Swedish style prepackaged bankruptcy (see this and this)http://www.angrybearblog.com/2011/08/wall-st-borrowed-12-trillion-from-fed.html#more
     

    • robert108

      Just like a commie to want more govt interference, when it was govt interference that caused all the problems in the first place.  Decentralization of banking is the answer.

    • syantiss

      If you read this post to mean that I am somehow in favor of Nationalizing the banks, then your reading comprehension skills cannot be measured in the normally accepted method. Wed have to classify your skills as “anti-comprehension” akin to anti-matter, you read the opposite into the meaning of the words. How do you order a Big Mac? “I don’t want a Big Mac” ?

      • ellinas1

        You could have told him he misunderstood what you wrote.
        But noooo! You had to lower yourself to a robert180 level

        • syantiss

          Yeah… That was R108 levels… LOL!

          • ellinas1

            Well it was not that low, but you do know how to keep your self above the riff-raff.

          • syantiss

            Yeah, you’re king of the altruistic, right?

          • ellinas1

            Yes I am.
            If you have a problem with that, you can always sick the blog police on me.

          • syantiss

            Not quite… You’re awash in the exact opposite of altruism… But whatever… You keep whatever morals you want to keep.
            Blog police… LOL… the funny thing is that your principles take us there far more than mine.

          • ellinas1

            Yes, blog police.
            You remember your “good buddy” Rodney Graves?

            Well his job has been taken over by 2hotel9. Notice how he attacks repubs and dems alike when they deviate from what is the acceptable party line?
            robert180 is the self appointed truth squad, because people cannot be mistaken, they only lie. /sarc

          • Onslaught1066

            People make mistakes, liberal democrats lie, it’s what they do. /no sarc

          • ellinas1

            Oh, sure.
            Whatever you say.

        • syantiss

          Woof, that was a bit childish of me. In seriousness and fairness, how could you have taken this to mean that I was somehow in favor of nationalizing the banks? That would be nearly the polar opposite of everything I write, and certainly not any kind of theme in this post.

          • ellinas1

            Excellent!  I knew you have class.
            That is the Seth I know and respect.

            PS: When I cuss at robert180 or  2hotel9 and/or call them names please do not chastise me.

          • syantiss

            I’m not interested in your respect, low hung squirrel. I might be so inclined if your principles aligned with reason or were at least consistent. RBB and WOOF are, at least, consistent.

            You don’t even have a cool decoder ring to decipher your rule book.

          • ellinas1

            Heh!
            Can’t even take a compliment.
            What are you afraid of?
            The SAB police?

          • Onslaught1066

            Does the dog thank the tick when it compliments the dogs shiny coat?

            You are a parasite, and the opinions of a parasite do not amount to a hill of beans to the host.

          • ellinas1

            Hello Mr Dickhead!

          • syantiss

            Yup, Altruistic to the core you are.

          • ellinas1

            Sure am.

          • syantiss

            Nicely said, sir.

          • syantiss

            The SAB police? Have you ever been banned or sequestered?

            I just don’t care whether you respect me or not. Why would I consider that some crime? Why would Rob?
            Oh… Did you mean that Rob might favor me if I show you some disrespect? LOL.

          • ellinas1

            Rob is a very tolerant person.
            I was not talking about him.
            That you don’t care whether I respect you or not, is of no consequence to me.
            You treat me the way you want to, and I will treat you the way I want to.
            I have no problem engaging in verbal euphemistic warfare.
            And as you have seen I have no problem using raw unadulterated language.

          • syantiss

            I just find it interesting(and enlightening) that you think my responses to WOOF should be more cordial (which I am not opposed to) while you get to engage in any manner of behavior you wish. It’s cool though… Double standards are right at home with Socialists.

          • ellinas1

            Does Woof call you a “lying cunt”?
            Does he call you a child molester?

            No. Not double standards.
            Some people deserve derision. Woof does not…..he just disagrees with you.

          • syantiss

            I’ve set my mail account to block response from both of the accounts that make those posts. I haven’t seen a post from either in weeks. What of you? Mr. Anonymous?
            Whatever. I guess you cannot run, nor hide… Lol! Meanwhile a guy with a RATHER obvious name who lives in Jacksonville Florida, is able to block out the name calling stupidity.
            Is that weird? I don’t know…

          • ellinas1

            I see theirs and don’t pay attention to them.

          • syantiss

            Yeah, which is why you asked me about the c*nt posts, cause you’re ignoring them. Got it.

          • ellinas1

            I don’t respond to 2hotel9,  and robert180. You got that?
            I say nothing to them.
            The same will apply to onslaught. He can say whatever he want’s.
            His rants will be met by silence.

          • syantiss

            And for the record, WOOF has, as I recall, never been discoidal to me, so I try, where I don’t grow impatient, to return the favor.

          • ellinas1

            I am sorry, but I don’t understand what the word discoidal means.

          • syantiss

            Sorry. Spelling error. Dis-cordial.

          • ellinas1

            OK!
            Thank your good graces, I didn’t call aunt Spelling Bee on you.

          • Onslaught1066

            You’re doing good E, keep digging.

            You’ll have ripped your mask off in no time.

          • ellinas1

            Hello Onslaught.

          • syantiss

            Aww.. Cordial. How nice.

          • ellinas1

            Sweet, isn’t it?

          • robert108

            Never fear, little princess; we all laugh at you, all the time.

          • WOOF

            Wasn’t directed at you.

          • syantiss

            Then who, since it was a response to the post, and not any specific person’s reply?

          • Onslaught1066

            oof has a bug and a seismometer up his ass.

            the real joke is… woof.

  • mikemc1970

    Let them fail, then pick up the pieces cheap in the bankruptcy sale.

  • DopeyDem

    Which banks hold all the union pensions? Those will be saved. All other banks will be allowed to fail.

  • ellinas1

    Oh, Socialism… right. I forgot.
    Seth Yantiss  •  August 23, 2011

    How can it be socialism when only the little guy is losing money?

    • syantiss

      Because that’s the outcome in every instance of Socialism ever implemented. You really should study the history of the system you endear so much.

      • Onslaught1066

        You gotta’ cut ellin-A$$ a little slack, his mental inadequacies are a result of his being a greek pederast with delusions of goat-herd. 

        • ellinas1

          Hello Mr Dickhead for an avatar.

          • Onslaught1066

            Hello yourself Mr. 12 year old boy for a dick holster.

          • ellinas1

            How are you Mr. dickhead for an avatar.

          • syantiss

            Keeping it above the fray again, I see. Consistency is a virtue. One that, sadly, you lack.

          • ellinas1

            There are times when one has to respond.
            Has anyone here on this blog ever accused you of being a child molester?

          • Onslaught1066

            You know, I was going to tell seth that very soon you were going to play the “poor put upon me” card, but I decided not to because then you might not give in to your natural proclivity to do so.

            Don’t you liberals like to harp on conservative who play the “you do it too” game?

            Thanks for being you, I will have much trolling fun as long as you stick around.

          • ellinas1

            You know what?
            Ahhhhhhh! Never mind.

            Back on dick status you go.

          • Onslaught1066

            Well, I am the very model of a modern liberal democrat.

            How could I not be on dick status?

          • ellinas1

            You figure it out.

          • Onslaught1066

            I did, you’re just not smart enough to know it.

          • ellinas1

            Nah! You don’t say.
            You ain’t shitting me now, are you?

          • syantiss

            Not to my recollection…

            But I do use my full, unabbreviated, name, and a rare one to be sure, so a rational person would probably understand my self defense… Which is not what you were doing… Just sayin’

          • ellinas1

            Well when someone does we will discuss the issue.

          • Onslaught1066

            Most likely no one ever will, because he hasn’t earned it like you so richly have, so I’m afraid that discussion will be much farther into the future than you have time left on earth.

          • ellinas1

            Hello Mr dickhead!

          • syantiss

            No. I will defend myself rather than resort to anonymous name calling. You do what you like. I really don’t care. You can’t be taken seriously by anyone that frequents this Blog, anonymous or otherwise. Your positions are inconsistent and impractical. There are plenty of readers that don’t post that know this to be true. When trapped in a tree, you resort to the same level of retarded name calling that you chide me for doing with WOOF, worse even.
            Hitler/Mao would have loved you. You stand for nothing.

          • ellinas1

            LMFAO!
            There you go again……. with baseless accusations!

          • syantiss

            Yeah… What’s your position on Abortion again? Those too lazy to get a job, again? “Free Medical” again?
            You’re all over the map. Hitler and Mao wrapped into a nice shiny box.
            Whatever.

          • ellinas1

            If a person wishes to sin, it’s between them and their God.

            More to the point: I am against abortion, but not a fanatic opponent.
            Never advocated to five money to the lazy.
            But I do advocate help for the needy.
            The free medical paid by everyone we discussed on a couple of occasions.
            Are you running out of  baseless accusations, or are you simply sleepy?

          • syantiss

            Can’t keep your spell check in line?

            How ever are you going to control the centralized government?

            I advocate help to the needy too… But it starts at the church, then the state, and after lengthy appeal, the Federal GOVT. You want to start at the Federal GOVT.

          • ellinas1

            The state of residence, Seth, the state of residence.
            The fed’s, only when a state is overtaken by stingy people who refuse to give the crumbs of their table to the needy.

          • syantiss

            US citizens are the most Charitable in the world. I doubt that the Fed would ever have to step in if the states had the power. But your “free health care” is the opposite of what you say in this post.

          • ellinas1

            They are, as they give the most to those affected by disaster.
            As far as feeding the poor close to home, not so much.

            Would you sit through an hour of religious proselytizing for a sandwich and a bottle of water?
            I would not. I’d rather go hungry, then listen to someone give me a religious speech ala Neiman.

          • robert108

            ” I’d rather go hungry…”
            At least you have a choice.

          • ellinas1

            You know darn well that when I say “free” I don’t mean it literaly.
            Everybody pays into the common health care fund.

            Check out how Australia does it. They have succeeded where others failed.

          • syantiss

            A common health care fund… What a great idea… Let’s try that at a state level and see how it works… Oh, we have? Oh, it’s not going so well?
            Let’s look at the Social Security common funds, shall we… I believe there is a vault somewhere where they keep all that money. Right?

          • ellinas1

            Like I said. Check out Australia’s system.

          • robert108

            “Everybody pays into the common health care fund.”

            The ongoing lie of the left wing collectivists.  In reality, those who don’t use it pay for those who do, which is the consequence of collectivism.  When people pay a fee for the services they receive, they act in their own interest to minimize the cost; when someone else is paying(the private sector achievers, who pay for everything), the users have no incentive to contain costs.  In fact, due to constant left wing class envy politics, they are encouraged to run up the costs.
            This is why collectivism always fails.

          • Onslaught1066

            There you go again……. with truthful accusations!

            Skylos, your English, she is not so good.

            (no need to thank me, you’d only louse up the syntax)

          • syantiss

            Lol

          • ellinas1

            Skyla! I don’t give a flying fuck.

          • syantiss

            Oh lookie there… Your Grecian F word made it past the SAB police. Good work!

          • ellinas1

            No. No F word in Greek.
            He called me skylos, and I called him skyla.
            Both words refer to the same animal: A dog.

            The SAB blog police does not worry much about people using F%$k
            They keep the cons in line when they deviate from their view what a con should be.

      • ellinas1

        I am not going to study socialism.
        No need.
        You are making baseless accusations, which do not merit a defense.

        • Onslaught1066

          You are making accusations, which do not merit a defense

          The truth never does

          (fixed that for you, your English is a little off again. No need to thank me)

          • ellinas1

            Thank you Mr. dickhead.

          • syantiss

            Very nice!

        • syantiss

          I’ll even give you wiki links…

          http://en.wikipedia.org/wiki/Great_Chinese_Famine

          http://en.wikipedia.org/wiki/Holodomor
          http://www.zimbabwemetro.com/news/12-000-killed-by-starvation-in-zimbabwe-every-month/
          http://en.wikipedia.org/wiki/North_Korean_famine

          Just four instances of mass starvation for your beloved Socialism. There’s an unbelievable record of poverty inherent in Socialism.
          I’d go on to post lots more of that and many many instances of environmental disasters at the hands of Socialists, but I’m not that interested in educating you.

          • ellinas1

            When I said baseless accusations, I meant you saying that I am a socialist.

            Your first link speaks about a famine in communist China.
            Your second link speaks about a genocide perpetrated on the Ukrainians by communist Russia.
            Your third link speaks about the crazy Mugabe and his policies.
            Your fourth link speak about a famine in communist North Korea.
            None of the above have anything to do with socialism.

            1)A common mistake is to confuse Socialism, the economic system, with
            Communism, the political system. Communists are “socialist” in the same
            way that Republicans are “compassionate conservatives”. That is, they
            give lip service to ideals they have no intention of practicing.*

            2)Liberals are people who are under the only partially mistaken impression that altering the structure
            of government is the best way to influence people and resources.
            Conservatives are people who are under the only partially mistaken
            impression that altering the people in power is the best way to influence other people and their culture.*

            * the above quotes were culled from the Internet.

          • Onslaught1066

            When I said baseless accusations…

            You were using a superfluous adjective.
             
            Yes we know, that’s why I removed it for you.

            (again, no need for thanks.)

          • ellinas1

            Thank you Mr Onslaught.
            Much obliged.

          • syantiss

            Oh… Did I unnerve you?

          • ellinas1

            No. you did not.
            There was nothing in his response to merit name calling.

          • syantiss

            How’s Greece these days?

          • Onslaught1066

            Last response I read from E, when asked this question was “Fine”.

            Let’s see if it has read a news paper since that time.

          • syantiss

            Last time I asked this, I meant no disrespect. Let’s see… ;-)

          • ellinas1

            Broke as hell.
            Why do you ask a question, to which already know the answer?

          • syantiss

            Because it illustrates, so beautifully, the awesomeness of Socialism.

            Greece is not even half as Socialist as BO wants America to become.

            Thanks for finally answering the question.

          • ellinas1

            Barack Obama will be gone in either 2012 or 4 years after that.
            Let’s see how your side will do.

          • syantiss

            I already know how our side will do. Which is why I am stocking up on food, gold, silver, propane, medicine, water, brass encased lead, etc. Socialism has always and will continue, always, to destroy… I hope to avoid it. But I am not delusional, so I am preparing for the obvious.
            Socialism sucks!

          • ellinas1

            Come on Seth. You remember what people were saying about the Y2K, and all the rumors that Clinton will use the occasion to be dictator for life?
            Remember all the right wingers stocking up on food, gold, silver, propane, medicine, water, brass,guns, ammo encased lead, etc.

            What became of all that craziness?
            Nothing. Life continued as usual.

          • syantiss

            Almost, if not entirely, different scenario. What does Broke mean to Grecians? Well, it means poverty and austerity and a good chance of famine for the poor. The US will never be broke in that regard because we can print our currency, but the amount of currency it takes to buy the staples of life will increase, while the measure of getting them will not keep up.
            Not even close to the same as the Y2K paranoia.

          • ellinas1

            Why is the scenario “almost, if not entirely, different?”

            Right wingers were stocking up on food, gold, silver, propane, medicine, water, brass,guns, ammo encased lead, etc. then, and you are doing the same today.
            No difference when I look at it.

            Allow me to tell you what broke means for the Helenes or Greeks as they are commonly known.
            The country was and will never be able to comfortably sustain more then five or six million people.

            From antiquity the Greeks migrated looking for greener pastures, or like in the case of Alexander the Great looking for lands and riches to pillage through warfare.

            Now this austerity will do the same. A lot of Greeks will migrate, and or a war over natural resources  will ensue with one of it’s neighbors .

            It also means that all those couple million illegal immigrants from Pakistan, Afghanistan and all those countries that their name ends in “stan”  will probably have to be deported as Greece can no longer feed them.

            It also means a return to pastoralism, and sustenance farming.
            It means that the extended family (clan) will have to take care of their members.
            It also means that a lot of people will fall through the cracks and suffer the effects of famine.

          • robert108

            Or, you could shrink the very expensive and wasteful govt and, following the lead of Israel, which has far fewer resources than Greece, adopt a free enterprise, small govt economic system combined with personal and economic freedom.

          • Onslaught1066

            The country was and will never be able to comfortably sustain more then five or six million people.

            Your hero, Joe “Bite me” Biden was over in China praising their policy of forced abortions, I think such a policy would do wonders for the Hell-A$$tic society in greece.

            Not only should greeks partake in forced abortions, in order to discontinue the need to inflict your miserable surplus population on the rest of the world, but the pogrom program should be made retroactive to help clean up the various other countries you and your socialist kind have befouled.

          • syantiss

            You want free health care… = Socialist

            There is no difference between Socialism and Communism when it comes to central planning, which is the most devastating part of the ism’s…
            Crazy Mugabe was a central planner… Thus Socialist.

            Your quotes are devoid of substance.

            I’m a libertarian with a little “l”. A Constitutionalist who gets what the Founders were after.
            You waffle between Hitler and Mao…

          • ellinas1

            I want health care available to everyone, paid by everyone.
            You know not what socialism and or communism really are.

            Next thing I know,is you are going to label Canada a socialist country, and since in your opinion there is no difference between socialism and communism, might as well call the Canada a communist country.

            Right Seth?

          • Onslaught1066

            How about higher education for all for free, guaranteed employment, the amount of money the government decides you need?

            Come on E-A$$ don’t hold back now let’s get it all out on the table, now, for all to see.

            Or do you now have to take your pet goat for a… walk? 

          • ellinas1

            You are on dick status Mr dickhead.

          • syantiss

            Awww… Can answer the question, and prefer to deflect? Well, no one really expected you to rise to the challenge. At least you had that going for you.

          • ellinas1

            Not deflecting. Just choosing not to answer him.
            But I will give you the answer.

            Higher education should be provided free of charge to the student, paid for by the taxpayer, because we as a nation have much to gain if the populace is educated.

            I never advocated guaranteed employment, or…..”the amount of money the government decides you need?”

          • syantiss

            So higher education costs rise in proportion to the governments involvement in pushing it and you’re okay with that, even though the standards decline year after year?
            So you wouldn’t have a problem with killing the Minimum Wage laws?

            See… Hitler/Mao rolled into one beautiful incarnation. We should embrace thee as supreme leader and herald the coming of the next ascension of man.

          • ellinas1

            Higher education costs can be contained easily.
            There is no will to contain the costs.

            Did you the student ever pick up trash in the school/college yard?

            I do have a problem with killing the minimum wage laws.

          • robert108

            So-called “free” govt stuff never exhibits any will to contain costs, because govt gets power from increasing its size and budget.

          • syantiss

            Higher Ed costs will be contained when people understand the value -vs- costs again… Oh, and the GOVT has to get out of it.

          • ellinas1

            It is in the national interest of the US to be churning out educated professionals if we are to successfully compete with other countries.
            I’d rather spend the money on education then spend it on wars for control of natural resources.

          • syantiss

            It’s in the national interest to churn out energy too, what an EPIC job our central planners are doing there!
            The reason that there are $19.95 oil changes is because people pay for the service out of their pockets and budgets. They look for the best deal they can find. Businesses strive to entice people by increasing value, perceived or otherwise. When people are divorced from the payment for the service, the incentive to increase value diminishes and the businesses stop caring about cost.
            Schools and health care are following this track because people are divorced from the cost to value ratio. Costs increase exponentially because the recipient is not involved in holding the prices lower.
            Some high school student gets hit with a bill for $80 K that he’s not obligated to start paying on for four years… Most high school graduate males can’t contemplate next weekend, let alone foresee their life in four years, and most don’t have a clue what making a $400 /month payment means in reality. So the school gets the cash because the student thinks the cost is just dandy, divorced from the reality of the expense.

          • ellinas1

            You make ‘em pay with national service.
            We the taxpayer paid for your education, you became a doctor.
            We need a doctor in North Dakota, out there in the middle of nowhere.
            Off you go for a couple of years….and here take this $100,000 to cover your living expenses.

            Or you can be a military doc for a couple of years.

          • syantiss

            Ah yes, indentured servitude. Lovely practice that. A wonder it’s not used more.

          • ellinas1

            Indentured servitude? Hardly.
            National service, is something to be proud of.

          • robert108

            If it’s so attractive, why do you need to force it on people?

          • syantiss

            Right… The guy I want working on my appendix is the guy who’s pissed off that he can’t get out of a gig that he spent 12 years studying and training for. Is the national service indefinite? Or would the slavery have a time limit?

          • ellinas1

            I said a couple of years.
            An education costing in excess of $250,000 in return for a couple of years national service is a good deal.
            I bet you there will be many takers.

          • syantiss

            What would be wrong with doing this privately?

          • ellinas1

            syantiss 21 minutes ago in reply to ellinas1
            What would be wrong with doing this privately?Absolutely nothing. They would have to pay for their education.

          • syantiss

            Great then we can get the Government put of it!

          • robert108

            That’s the way the commies do it, little princess.  You are a commie.

          • Onslaught1066

            It is in the national interest of the post obama US to be churning out indoctrinated
            proles if we are to successfully kowtow to other socialist/communist countries.

            Pusti, get an English dictionary.

            (no thanks necessary, just trying to help)

          • robert108

            If only our education system actually educated, instead of indoctrinating with left wing ideology.

          • syantiss

            How’s the Canadian housing market doing these days?

            I hear tell that the Canadian central planners have that swing all under control.
            http://www.businessinsider.com/canadian-housing-bubble-2010-12

            Oh. Looks like the Central planning is going swimmingly.

            Yeah… Canada is Socialist too.

          • ellinas1

            I am not going to argue the point with you…..you apply the “socialist” label…….liberally and without much thought.

            Simply put, I disagree with you.

            Do you know a country which fit’s your criteria of being truly free market capitalist?

          • Onslaught1066

            Shorter: “I got nothing”.

          • ellinas1

            You sure don’t.

          • syantiss

            Yeah… Not much thought. You nailed that one. Maybe you’d like to go one round two?

          • ellinas1

            Well, if you have the time…..

          • syantiss

            In fact, not… Your derision challenge me not… And I have my second job to think about before bed. But, please do espouse the virtues of the Greek vacation system while I adjourn to work for my family.

          • ellinas1

            I came to the USA, learned the American way of how to make money, I succeeded and retired young.
             

          • robert108

            Since you have demonstrated that you know nothing about either business or economics, we must conclude that you are a thief, if you really have any money.
            BTW, little princess, are you getting enough attention?  I notice you stringing a couple people along tonight with your meaningless babble.

          • syantiss

            Right now, there’s not much to choose from, Australia much be closest to “free”, but they have some problems there too.

          • ellinas1

            Did you know that Australia has that free “socialist” health care and education?
            Even free higher education?

            I guess you did not.

          • syantiss

            Oh.. Did you overlook where I said there’s not much to choose from? Or the part where I said they have some problems there too?

          • ellinas1

            No, I did not overlook where you said there’s not much to choose from.
            Yes I did ignore your CYA part where you say they have problems.

            I applied your “socialist” standards as liberally as you do.

          • syantiss

            America really was the last best hope for man… I don’t know of any country not wreaked by Socialism.

          • ellinas1

            If you know of no country “wrecked by socialism” it is because none exist with your preferred  financial system, or your preferred system of governance.

            I do like Australia’s system. You don’t hear Rob Port using it it as an example of what not to do the the US health care system.

          • robert108

            It was “not wrecked by socialism”, little princess.  You got it wrong.

          • Onslaught1066

            I do like Australia’s system.

            Apparently not enough to move there.
            Which part of Australia makes you not want to move there?
            We’ll try to do more of that here.

            Oh, wait a minute, is it because the sheep to goat ratio is not in keeping with your recreational activities?

          • mikemc1970

            It’s because the Aussies are more likely to shoot pedophiles than Americans.

          • mikemc1970

            Don’t let the 747 hit you in the ass on the way out.

          • ellinas1

            Whether you like it or not change is coming, and I am staying.

          • mikemc1970

            Yes change is coming. We’re changing it back.

          • ellinas1

            You want see any change because:
            Communism is conservative. Fewer and fewer people (preferably just the moneyed elite) have any say in how the economy works. Republicans are
            conservative. Fewer and fewer people (preferably just the moneyed elite) have any say in how the government
            works. The conservatives in the US are in the same position as the
            communists in the 30s, and for the same reason: Their revolutions
            failed spectacularly but they refuse to admit what went wrong.

          • robert108

            “Communism is conservative.”

            Nothing could illustrate your colossal ignorance of reality more than that statement, little princess.
            Communism is the absence of personal, economic, political and religious freedom, whereas American conservatism advocates for all four.  obama is a totalitarian, just like the commies.  You couldn’t be more wrong.

          • mikemc1970

            So you’re finally admitting you’re a communist. Was that so hard? We’re changing it back towards the Libertarian ideals of the founding fathers. Where the government is small and doesn’t infringe on the liberties of the individual. Not that you’d understand what I’m talking about.

          • robert108

            The change that’s coming is the total collapse of big govt collectivism; like Greece, we simply can’t afford to have all the layabouts living off of a few achievers.  That doesn’t work.

          • robert108

            Communism is the most extreme form of socialism.  When you advocate govt providing what citizens could choose for themselves, you are advocating socialism.  When you advocate govt ownership of the means of production, including the people, as in the Soviet Union, you are advocating communism.

      • Shageonic

        Excellent. Thank you syantiss.

  • awfulorv

    This is a good thing. The ghost of J.P.Morgan did not allow them to get burned by too many bad mortgages. Another entity not yet heard from are the Canadian banks.They might become solvent players in this affair.

    • syantiss

      JP Morgue has other problems, like their short positions in Silver.

  • http://www.facebook.com/people/Audrey-Welling-Gardsbane/1604250626 Audrey Welling Gardsbane

    If the government hadn’t forced Bank Of America to take over Merrel Lynch and Countrywide’s disasters then they wouldn’t be in this mess.

  • ellinas1

    mikemc1970 11 minutes ago in reply to ellinas1

    So you’re finally admitting you’re a communist. Was that so
    hard? We’re changing it back towards the Libertarian ideals of the
    founding fathers. Where the government is small and doesn’t infringe on
    the liberties of the individual. Not that you’d understand what I’m
    talking about.The libertarian ideals of the founding fathers that couldn’t wait to tax the people. Remember the “whiskey rebellion” where founding father George Washington used a militia to suppress those rebellious farmers and force them to pay the alcohol tax?Yesterday’s back yard distillery is today’s lemonade stand.My, my. How far we’ve come.

    • mikemc1970

      There were no income taxes until the civil war. Sales taxes have always been part of the Libertarian way. You really should read more and talk less.

      • ellinas1

        .The libertarian ideals of the founding fathers that couldn’t wait to
        tax the people. Remember the “whiskey rebellion” where founding father
        George Washington used a militia to suppress those rebellious farmers
        and force them to pay the alcohol tax?Yesterday’s back yard distillery
        is today’s lemonade stand.My, my. How far we’ve come.

        • mikemc1970

          I mean read someone else, not just your own inane babble over and over again, that only makes you look like a fool.

          • ellinas1

            I did. But you refuse to see that the “founding fathers” were first rate confiscators.
            They even raised and used a militia to impose a tax on corn farmers.

          • mikemc1970

            Quit trying to equate the small government we had then, and the much smaller amount of money they needed, because you can’t run an army on nothing, to the large overbearing government we have now, that is going way too far and taking way too much. You’ve already lost this argument but are way too stupid to quit talking.

          • ellinas1

            I didn’t try to equate a damn thing.
            You are just deflecting, moving the goal posts, belly dancing, lap dancing etc.
            You will do anything but stay on the subject.

            Who loves ya Mickey?

          • mikemc1970

            You’ve already lost this debate. I understand your anal retentive need to get the last word in, but remember you only get the last word because I let you have it. Now go ahead get the last word, you now have my permission to do so.

          • ellinas1

            Who loves ya baby?

          • syantiss

            There’s nothing improper or immoral about taxing trade to pay for the protection of that trade.

          • ellinas1

            Kentucky corn farmers that made corn whiskey neither needed nor wanted protection.

  • awfulorv

    Through the years I’ve shied away from many political ideologies when they, clearly, were found to be weird, bizarre, shameless, corrupt, and what have you. I’ve shed so many, over the years, I’m not sure which political roof I now reside under. Whatever happened to the concept of a party platform, made up of a bit of this, and a nip of that, lathered  with a covering of what if?   If pressed to properly describe my political leanings, at the moment, I would I would describe myself as a 5%’er.  That is to say everyone who accepts a check, from any Government agency, takes an immediate cut of that amount in their check, period.  And the money saved is not then turned over to any group, simply because there is an excess, or they whine loudest, it is used to pay down debts, again period.  I know it’s too simplistic but, can anyone deny this is the road we must, soon, begin to travel down?

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