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Administration Wants To Bail Out Wall Street Through Massive Subsidy of Fannie Mae, Freddie Mac. But Market Not Buying It
Response to post #8: Schumer should have changed the wording of that letter, but the real blame lies with IndyMac, not Schumer, the messenger. ============================= Don, I am going to have to have a major disagreement with you on the Schumer letter. Schumer caused a panic with that letter. Indymac may have been going under, may not have been, but the market should have made the ultimate decision, not a panic run on the bank from Schumer's letter. That letter was the direct and proximate cause of the bank run in my book. To me that Schumer letter was like shouting "fire" in a crowded theater-when there may in fact be a fire-a very samll fire that without panic could be put out-but once you shout fire panic ensues and there is no turning back.— July 15, 2008 8:33 a.m.
Administration Wants To Bail Out Wall Street Through Massive Subsidy of Fannie Mae, Freddie Mac. But Market Not Buying It
the likes of which have probably not been seen since the 1929 crash. =========================== When was the last time you saw a run on a BANK???? 1929-that's when. There has not been a run on a bank in 80 years. Seeing those people on the news today at lined up outside IndyMac in Pasadena -200 deep - scares the living daylights out of me. And there are several more banks that are going to fail soon. Hopefully we won't get anymore Chuck Schumer type press releases coming out of the Senate scaring the hell out people and causing a run on other banks.— July 14, 2008 11:24 p.m.
County Retail Sales Dropping Sharply; Tax Receipts Will Feel It
Wait.. my mistake... the actual figure is 20%. That's based on the 2007 SDCERS CAFR page 51. ============================== The notion that 20% of your pay scale paid in over 30 years, while your pay increases 3-5% per year, could sustain a 90% pay out for 35 years at age 50 is pure unadulterated nonsense JF. If that were true SS could, at 15.30%, pay out 68% at age 50 for 35 years, and we know that is impossible.— July 14, 2008 8:22 p.m.
Administration Wants To Bail Out Wall Street Through Massive Subsidy of Fannie Mae, Freddie Mac. But Market Not Buying It
I believe I heard today that Fannie and Freddie were 80-1. ======================================= Freddie and Fannie have 6 trillion in liabilty and 95 billion in assets, so about 60 to 1 leverage is about right (60 to 1, 80 to 1, 150 to 1, does it een matter with those numbers). Downright scary. They are essentialy BK on a cash flow basis, and absolutely BK on an asset/liability basis. We need new leadership ASAP and we need to fix this sinking ship (It starting to sound like the nation has the exact same problems the City does). In "Free Lunch" all the hedge fund info came from the Long Term Capital meltdown in 1998. The whole chapter is about them because when they folded all their dirty laudry became public. What I would like to know is how commercial banks get away with lending so much cash to hedge funds......there appears to be no regulations on such risky lending. 26 to 1 leverage should be illegal, and certainly the kind of leverage the hedge funds are using should be illegal.— July 14, 2008 3:38 p.m.
Administration Wants To Bail Out Wall Street Through Massive Subsidy of Fannie Mae, Freddie Mac. But Market Not Buying It
Don, this is a joke. I was pissed when Bear Stearns Co. was bailed out, and now this nonsense. Take from the many, who are poor, and give to the rich few = a bailout. BTW, I was shocked to learn the big 5 investment banks are leveraged at 26 to 1. And then when that leverage goes sideways the taxpayers end up with the bill. Private profits, socialized liabilities. Now, in "Free Lunch" David cay Johnstone of the WSJ says that the hedge funds are leveraged as high as 300 to 1. Yes, you read that right-300 to 1! And that 1 dollar is from the investor- the rest from commercial banks. I am telling you right now-if one of these big hedge funds goes sideways the whole system could come down. Worldwide chaos.— July 14, 2008 11:46 a.m.
County Democrats Endorse Aguirre for City Attorney; Only One Vote Goes for Opponent
Andrew Cunanan....there's a name no one wanted to hear again....11 year anniversary......— July 13, 2008 3:30 p.m.
Lepine Drops Harassment Suit, Receives No Payment. Will Campaign Now Focus on Goldsmith's Domestic Uproars?
Burt Reynolds should padlock the dumpster behind his house. It looks like Goldsmith fished his hair piece out of Burt's dumpster. ==================================== That’s sort of funny, because I thought it was dead squirrel road kill picked up off the highway.— July 13, 2008 1:30 p.m.
Lepine Drops Harassment Suit, Receives No Payment. Will Campaign Now Focus on Goldsmith's Domestic Uproars?
I am going to state flat out that the domestic violence charges against Goldsmith are too old, too "stale", to make an issue of. And Mike and his supporters don't need to. I don't think that should be the focus, and I don't think it even comes close to needing to be the focus. Mike and Goldsmith are opposities. Goldsmith is/will be the rubber stamp of corporate welfare and government employee freebies (like 3%@50, PSYC @ 10 cents on the dollar, etc.). Mike will be fighting tooth and nail to right this sinking ship, making sure wages, benefits and pensions are sustainable and fully funded. That's it. This is not rocket science. You're either a fan of Mike or you're not. My money says there are going to be MORE people with Mike than against him-and face it-Goldsmith voters are not going to be voting for Goldsmith because he is a brilliant legal mind or litigator-they will vote for him ONLY because they don't like Mike. I'm with Mike.— July 13, 2008 9:12 a.m.
County Retail Sales Dropping Sharply; Tax Receipts Will Feel It
That simply isn't true. I can't recall the numbers off the top of my head, but it's around 16% on average for safety personnel. ============================= Benefits are NOT 16% of salary. It is at least 4-5 ties that, if not 7-8 times. Indeed, if it was only 16% the claim that it is cheaper to pay O/T instead of hiring more people is completely blown out of the water.— July 12, 2008 1:23 p.m.
County Retail Sales Dropping Sharply; Tax Receipts Will Feel It
Watch out.....JF is getting mad...!! JF, how much does your pension cost per year in REAL dollars???? Also, what is the value/cost of medical benefits for a family of 6 (Mom, Dad, 4 kids). I would bet $2K-$4K per month, or $24K-$48K per year. Please respond to the question of family healthcare costs at least.— July 12, 2008 9:29 a.m.