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See the original image at nytimes.com

Fed to Clamp Down on Exotic and Subprime Loans

nytimes.com — Ben S. Bernanke said the Fed would issue new lending rules next week, and may extend its temporary financial lifeline to major Wall Street firms.

Bury
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  • kenjonesmd, on 07/08/2008, -3/+14ONly about four years too late!
    DrKen
    • Hangly, on 07/09/2008, -0/+2More like nine or ten years, but yeah.
  • StingingNettle, on 07/08/2008, -3/+7and Ben also stated that he will be "kicking Greenspan in the balls for keeping rates so God damn low for to God damn long"
  • duewydo, on 07/08/2008, -1/+6It seems to me that our economy is stuck between a rock and a hard place. Any Attempt to fix the problem is only going to delay the inevitable.
    • radiofrequency, on 07/09/2008, -0/+1Low prices are always better. The problem with the economy is inflation and that's been going on for some time now.
    • sgiffy, on 07/09/2008, -0/+1Or you try and ride it out till something improves, then attack the other.
  • damian7, on 07/08/2008, -3/+1Poor Bernanke taking the ***** for Greenspan's idiocy
  • argoff, on 07/09/2008, -3/+19People need to understand that this is just political cover. While they may revise some lending rules, they will never ever stop the expansion of ez (read printed up) credit which was the source of the problem to begin with. All that printed up and loaned out money flowing thru the system is like heroin to the bankers. They must positively absolutely find ways to expand the credit supply to get their fix. They didn't have the self restraint to hold back on the printed up money when it was easy, and they certainly are not now when it is hard. Think about it. Name one politician who is even pondering cutting back spending, name one bank who is even contemplating backing down their outstanding loans. No, they are doing just the opposite, the politicians are promising and swearing to spend more than ever, the bankers are loading up on fresh credit from the fed and getting the govt to bail out housing.

    They are pre destined by circumstance. There is no way they will stop unless external forces (like us) force them to.
    • SmokeyBBQ, on 07/09/2008, -2/+3This came to my mind after reading your post...

      www.campaignforliberty.com
    • mike17032, on 07/09/2008, -3/+2I didnt even have to open your profile before I knew you were a ronbot.

      Go away gold standard boy.
    • tony979, on 07/09/2008, -0/+0I cannot put the full blame on lending institutions. People know what they can afford and what they cannot afford. Sure, the lending companies make it easy, but you the buyer should read what you are signing before you sign. What good does it do to buy more house than you can afford. Isn't it better to buy a house that is in your means instead of "look how much house I have". People if you cannot afford it do not buy it!! Myself, I could always afford more house than I bought, but I would rather get one paid off and not worry about how I am going to make the payments on something I bought, just to keep up with "Joe Blow". I like to be able to sleep at night.
    • kelmaster1, on 07/09/2008, -0/+1spending is the game, all politicians love it. They don't really print as much as they do fractional reserve banking, where 90% of the loan is nothing and 10% is in reserves. That's kind of what happened during the depression, they loaned out mad amounts of money with practically nothing in the bank. If everyone made a run on the bank right now there would either be massive inflation or collapse or both.
      I had the fed, politicians love it because people are too stupid to realize only about 30% of our taxes pay the national expenditures, loans from the fed pay the rest. Some politicians say "oh I will cut taxes so we won't have them at all!", which basically means fake money pays for everything, except it's not because it's our money through inflation.
      Ron Paul as lame as it sounds was the only candidate this election that was anti-fed, and a 30% flat tax seems like a lot, but when it the value of the dollar remains steady it would be pretty nice. Unfortunately every country in the modern world has central banks.
  • flogistan, on 07/09/2008, -1/+2Just in time. At least after all this corruption and a complete failure of the fed to oversee the situation, or even put out a warning about it, they will be rewarded with vast new powers to manipulate the economy. When you have a bad employee, give em a raise. Or are we their employees.
  • LemonDefragger, on 07/09/2008, -2/+12End the fed!
  • norman619, on 07/09/2008, -2/+2LOL!!!! I read Exotic as Erotic. Too funny.
  • andy314159pi, on 07/09/2008, -0/+2i hope they lower the cost of count chocula cereal
  • sovietninja, on 07/09/2008, -2/+7*obligatory remark regarding Ron Paul being right all this time*
    • mike17032, on 07/09/2008, -6/+1"obligatory post pointing out that Old Paul is always full of *****"
  • transformmore, on 07/09/2008, -3/+3This pyramid scam will go on until the dollar is dead. The Fed just spent another $200 billion of monopoly money to make the markets go up 1.5 % Good thing there are plenty of real jobs to back up this scam .... oh wait there isn't. I see a solution to the obesity problem on the horizon.
    • KOSmurfy, on 07/09/2008, -2/+2"monopoly money"

      Take some economics courses. Youtube videos aren't the best sources for educational material.
    • sgiffy, on 07/09/2008, -1/+3You might want to start by learning what it means when the Fed lends money on a 30 day repo.
  • Stochio, on 07/09/2008, -2/+15Ron Paul. That is all.
    • mike17032, on 07/09/2008, -9/+3His name is kinda like a punch line now isnt it? The guy himself is a walking joke.
      • 15charmaxwtf, on 07/09/2008, -2/+3As things pan out people like you will be shown as the joke. Of course you will deny if to your grave...
      • zephc, on 07/09/2008, -2/+2*grrrr* *roarrrrr* I'm mike17032 and I'm full of rage *brawrrrr*
      • crazy0, on 07/09/2008, -2/+0STFU
      • seraph582, on 07/09/2008, -0/+1"His name is kinda like a punch line now isnt it? The guy himself is a walking joke."

        The Obama thread is that way. ->
    • muckemuck, on 07/09/2008, -5/+3Wow.. thought provoking comment there. I bet the Diggers are all wondering who that all encompassing Ron Paul guy is now!
  • SpykerSpeed, on 07/09/2008, -1/+7Yay, more regulation! The market's collapse wasn't enough, apparently, so Big Father Government has to institutionalize risk aversion.
  • sgiffy, on 07/09/2008, -2/+3I like the Fed, but I am not really sure they are the best for this job. I would rather leave them the high level monetary policy and leave the regulation to government departments and congress. It's not a huge deal, but I think they would tend to do a better job, and were be able to hold hearings and actually figure out what the hell happened before jumping in with regs.
  • spyderveloce, on 07/09/2008, -0/+5***** the RIAA!
  • MysticKatDaddy, on 07/09/2008, -1/+2Wow! Now we will let lenders only give loans to those who are able to pay them back? What an idea! It won't be long before we hear about how lenders are discriminating against the poor and the government forces lenders to give loans to deadbeats again.
  • chc131, on 07/09/2008, -2/+1You like the FED?? WTF!!??? what you like about it?
  • dpatel, on 07/09/2008, -1/+2people who "like" the FED have not done enough research, they don't understand how the banking and financial system works. The common people are just too busy with their day to day lives to really understand how the FED is robbing the common joe. If the commoners found out what the FED is really doing, there would be an uprising. Similar to the French revolution there would beheadings.

    Government regulations and interventions DON'T work, look what the Savings & Loans crisis the USA went through in the past, did the government regulations help in that case?
    • mr5150, on 07/09/2008, -0/+1Henry Ford once said, “It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

      I'm not so sure about this given the level of general retardation in the populace....although i hope that i am wrong.
    • mike17032, on 07/09/2008, -0/+1Well thankfully we have gods like yourself to show us peons the way!
  • SilverBlade2k, on 07/09/2008, -1/+5The Fed has done nothing but screw people since it's inception. The value of the American dollar has declined ever since the Fed was given power over the American money supply.

    The dollar was backed by gold, but now, it isn't at all.

    Abolish the Fed.
    • DestroyFascism, on 07/09/2008, -0/+1The dollar is backed by taxpayers. As the market moves to China, less taxpayers. Goodnight America. Hope you have some resources to sell to china...
  • soinie, on 07/09/2008, -0/+1Our country and its financial institutions are built on people overextending financially and going into debt and bankruptcy. That's the beauty of capitalism.
    • govsucks, on 07/09/2008, -0/+1Actually it has NOTHING to do with capitalism. Slavery has far more in common with collectivism than debt has to do with capitalism.
  • truck87bp, on 07/09/2008, -0/+2These loan practices never should have been permitted in the first place and they know it.
  • gkiltz, on 07/09/2008, -0/+1Close the gate after the horse has already escaped! Don't you LOVE it?
    Anyone dumb enough to sign an Adjustable Rate Mortgage right now is potential Darwin Award material!
  • katich, on 07/09/2008, -1/+0Marathon Oil (NYSE:MRO) is selling some of its interests off Norway’s coast for $416 to Britain’s Centrica PLC.Get news just like this one, go at http://xil.in/5330/ .
  • Ratteler, on 07/09/2008, -0/+1And the Secret Service is planning to double JFK's motorcade security.
  • OCSmoke, on 07/10/2008, -0/+1Did they say anything about a horse and a barn door?
  • sexydarin, on 07/10/2008, -1/+1They shouldn't have been allowed in the first place.
  •  

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