Is MS a handout, entitlement or earned? Stimulates economy or a ponzi?
Feb 20, 2015, 1:11 pm
#32
Original Poster
Join Date: Feb 2012
Location: Los Angles
Posts: 2,101
Not mixed up at all. Like the Giant Panda, the stomach of the Giant Banker has just evolved to the point that it can no longer digest the common food from your grocery shopping. Nature restricts the diet of the Giant Banker to bamboozling - LIBOR gaming, illegal foreclosures, money laundering and beggaring taxpayers.
Call me naïve but Hank Paulson (knowing the point of moral hazard must be made) figured out a way to approach the economic downturn by strong arming the US banks to accept the $ (TARP), which was just "paper" (added to the debt) anyway, and churn it back to the gov't with interest, again was just "paper" from the Fed again. I think he hoped to make a point and subtly say, don't let this happen again. Couldn't do anything on the Euro side, but he took this side of the pond as his responsibility and domain. He was on his way out so he couldn't guarantee it anyway.
Problem: Once the banks got the money, they decided not to lend. Their revenge, perhaps. Then, they took a look at main street (community banks) and probably lobbied for them to go under. As, if they would not already be a target. Some were probably badly managing their loans anyway, pushing boundaries. Contagious, at the time.
I don't think anybody at the time had a better idea. Even great minds can't resist an extended lunch break.
(JMHO, be kind)
Problem: Once the banks got the money, they decided not to lend. Their revenge, perhaps. Then, they took a look at main street (community banks) and probably lobbied for them to go under. As, if they would not already be a target. Some were probably badly managing their loans anyway, pushing boundaries. Contagious, at the time.
I don't think anybody at the time had a better idea. Even great minds can't resist an extended lunch break.
(JMHO, be kind)
There was uproar in the public opinion, Treasury had to put conditions on TARP recipients, from my memory 1) No bonuses to TARP recipient employees. 2) Balance sheets continue to 'mark to market accounting' asset valuations and there were few more conditions disagreeable to banksters, so they returned most of the 'created money' back.
Last edited by prasha11; Feb 20, 2015 at 1:16 pm
Feb 20, 2015, 1:55 pm
#33
FlyerTalk Evangelist
Join Date: Oct 2014
Posts: 10,904
What Paulson did was attempted highway robbery...Banksters took out all the 'Money Market funds' and created liquidity crises, Paulson mfg $700B for banksters!
There was uproar in the public opinion, Treasury had to put conditions on TARP recipients, from my memory 1) No bonuses to TARP recipient employees. 2) Balance sheets continue to 'mark to market accounting' asset valuations and there were few more conditions disagreeable to banksters, so they returned most of the 'created money' back.
There was uproar in the public opinion, Treasury had to put conditions on TARP recipients, from my memory 1) No bonuses to TARP recipient employees. 2) Balance sheets continue to 'mark to market accounting' asset valuations and there were few more conditions disagreeable to banksters, so they returned most of the 'created money' back.
Feb 21, 2015, 6:06 am
#37
Join Date: Aug 2014
Posts: 31
I think everyone is a winner yea.
Feb 21, 2015, 11:33 am
#39
Join Date: Sep 2005
Location: Tucson - Seattle
Programs: UA 1K;
Posts: 2,474
I think we are influenced by the fact that only people who have some moderate success tend to post on FT.
We rarely, if ever, hear from those who are new to the MS world and lose money...one way or other.
The losses are, no doubt, due to the fact that it all looks happy and fun here.... when in fact there are many pitfalls that are not often discussed.
It takes a pretty dedicated person to be successful in the game.
Many have a bit of success at first and then branch out and take a hard hit.
Life sucks sometimes.
We rarely, if ever, hear from those who are new to the MS world and lose money...one way or other.
The losses are, no doubt, due to the fact that it all looks happy and fun here.... when in fact there are many pitfalls that are not often discussed.
It takes a pretty dedicated person to be successful in the game.
Many have a bit of success at first and then branch out and take a hard hit.
Life sucks sometimes.
Feb 21, 2015, 12:41 pm
#40
Join Date: Jun 2009
Location: DFW
Posts: 454
Just to compound - I was an OBC'er - my 2nd month, I was doing really good - my 3rd month is when the shutdowns occurred, and I'm still out so much money - including all the fees. I didn't even break even. None of those people really talk about that - just how great it is.
Feb 21, 2015, 1:05 pm
#41
Join Date: Dec 2014
Location: VA
Posts: 147
I think we are influenced by the fact that only people who have some moderate success tend to post on FT.
We rarely, if ever, hear from those who are new to the MS world and lose money...one way or other.
The losses are, no doubt, due to the fact that it all looks happy and fun here.... when in fact there are many pitfalls that are not often discussed.
It takes a pretty dedicated person to be successful in the game.
Many have a bit of success at first and then branch out and take a hard hit.
Life sucks sometimes.
We rarely, if ever, hear from those who are new to the MS world and lose money...one way or other.
The losses are, no doubt, due to the fact that it all looks happy and fun here.... when in fact there are many pitfalls that are not often discussed.
It takes a pretty dedicated person to be successful in the game.
Many have a bit of success at first and then branch out and take a hard hit.
Life sucks sometimes.
It's the same with typical online product reviews. Mostly the ones with a negative experience get pissed and want to tell the world about. All the other people who the product works as expected, they just go about their lives. Kind of like how any plane crash is all over the news (Understandably so). When do you hear on the news that "100,000 planes landed safely today"?
Feb 21, 2015, 2:08 pm
#42
Join Date: Jul 2001
Programs: Marriott LT Tit; Hyatt Explorist; Hilton CC Gold; IHG CC Plt; Hertz (MR) 5 star
Posts: 5,536
I think we are influenced by the fact that only people who have some moderate success tend to post on FT.
We rarely, if ever, hear from those who are new to the MS world and lose money...one way or other.
The losses are, no doubt, due to the fact that it all looks happy and fun here.... when in fact there are many pitfalls that are not often discussed.
It takes a pretty dedicated person to be successful in the game.
Many have a bit of success at first and then branch out and take a hard hit.
Life sucks sometimes.
We rarely, if ever, hear from those who are new to the MS world and lose money...one way or other.
The losses are, no doubt, due to the fact that it all looks happy and fun here.... when in fact there are many pitfalls that are not often discussed.
It takes a pretty dedicated person to be successful in the game.
Many have a bit of success at first and then branch out and take a hard hit.
Life sucks sometimes.
One VR didn't work. Took a few days to sort out. The loss on that ($500) would have wiped out all gains.
One BB transfer of $5K to my brokerage account never got there. Took several weeks to sort out with AmEx. I wasn't happy about that one. And it's the reason why I won't have more than one Redbird now - AmEx's money transfers have a history of occasional disappearing money. That's not mentioned often either.
Feb 21, 2015, 2:57 pm
#43
Join Date: Feb 2012
Posts: 4,477
It's reasonable to suspect that MS benefits someone besides the participants.
