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rpliving
 
Quote:
Originally Posted by nathan_Choi View Post
Hooray for reason and taking an economics class


Seriously, wtf is going on in this thread...

what do we export? and what do we export that doesnt rely on imports?
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Old 12-13-2007, 10:07 AM rpliving is offline  
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Badger_sly
 
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I love it when head cases clash.

wacko_willy talking up wacko Jones..........

It makes you think of the guys in Dumb and Dumber.
Old 12-13-2007, 11:17 AM Badger_sly is offline  
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gwvg
 
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Originally Posted by rpliving View Post
what do we export? and what do we export that doesnt rely on imports?

Oh no... this is a joke, right?
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Old 12-13-2007, 03:53 PM gwvg is offline  
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Frenetic
 
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Main export: Democracy.
Old 12-13-2007, 10:33 PM Frenetic is offline  
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acknot
 
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Main export: Democracy.

Old 12-14-2007, 01:29 AM acknot is offline  
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#125  

TheMorlock
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Quote:
Originally Posted by rpliving View Post
what do we export? and what do we export that doesnt rely on imports?

entertainment?
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Old 12-14-2007, 01:42 AM TheMorlock is offline  
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LegendKiller
 
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And yet people here are arguing that the dollar is going to recover its value.


Have you guys taken a look at our wonderful banking industry right now? They all packaged their loans into funds and sold them as securities. Then they paid off the ratings agencies who all gave the securities A+ ratings. Turns out the securities werent worth the paper they were written on and today are trading at something like 10% of face value. What do you think will happen when all the people that invested in these start suing? What happens when Wells Fargo, Chase Manhatten, Goldman Sachs, etc has to start buying them back at what they were sold at?

Oh, and on another banking front... Wells Fargo just lost a huge case in court. They tried to foreclose on a home that the owner could not afford to make payments on. The owner argued in court that Wells Fargo didn't own the loan and therefore had no right to collect. Wells Fargo tried but could not prove they owned the home and lost. What happened? Wells Fargo originally owned the loan but put it into a fund and sold securities in it. WF still services it but technically no longer owns the home. So... what happens when you have people not paying on a home and the bank that thought they had a right to it actually doesn't? Yeah, our system is FUCKED.

So, I have to disagree with anybody that says our dollar is going to regain value. It might regain some, over decades. We are losing oil revenue, we are losing banking revenue, our debt is through the ceiling and the economy is crashing... Anybody that finds positive in this is smoking crack.


Don't comment on things you have no knowledge about.


1. Yes, the agencies need to be fixed a bit. However, the current market conditions, where CDOs are being written down, really have nothing to do with whether or not they will pay out. The writing down has to do with the fact that a price cannot be found since these securities are illiquid. When one is found it is much lower, since people do not want to take the risk. If a CDO was priced at 100 and the best price was 80, then it's written down 20. However, if the CDO is in no real danger of losing principal, eventually, that 20 will be recognized as revenue again, maybe only 10 will be recognized, maybe 1, but much of it will come back. The write-downs are transitory issues in trading books, not end-game issues. The fact that you claim "chase manhattan" has exposure only lends to my conclusion that you know jack shit about how this stuff works, since chase manhattan hasn't existed for years, as a securities issuer. It's JPMorgan Chase, doof.

2. The Wells case is a joke. There are multiple ways to show that ownership of the deed has been transferred. Either the Trustee, or the Collateral Agent didn't show the proper proof, or the judge didn't understand what was going on. Both are equally as likely. Securities law requires that a perfected interest in the collateral be performed, this is signed off from regulators, accountants, lawyers, the seller, the servicer, the purchasers, and everybody else in between. The interest is perfected and will be resolved. People attempted to use this incident as proof that the system hasn't worked. However, after many years in this industry, I can most assuredly say that in all cases of security proof, it has worked. Sometimes you have to go back and prove, through other means, that you have security, but it has always worked.

OMG, *one* judge in *one* case through out something like 14 mortgage foreclosures! OMG! The sky is falling!! Holy shit, only tens of thousands of mortgages have been foreclosed upon in the last 30 years since RMBS has been around! OMFG, WE ARE ALL GOING TO DIE!111111!!!!!!!!!!!!!!!!!!!!111111111111111111111

3. How are we losing oil revenue? We have no oil revenue. Now, if you say that we are losing the fact that oil was denominated in dollars, then yes, we are losing that. However, that does not make the US currency. The currency is backed by the economy, remove oil, which no other country has, and we still have a strong economy, like all other countries. A currency devalues for many reasons, most of them have to do with your rate of return, attractiveness of investment, inflation expectations, and security of investment. When these fluctuate, people buy or sell dollars on the world market. However, if the dollar is removed as an oil transactor, it will no matter too much, since the dollars will be recalled and removed from the market.

The currency will be fine in the long run, everything runs in cycles and this is just but another one.
Old 12-14-2007, 05:40 AM LegendKiller is offline  
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#127  

rpliving
 
Here's a good article

Austrian Economics vs. Bernanke's Economics
http://www.mises.org/story/2781
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Old 12-14-2007, 06:06 AM rpliving is offline  
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#128  

wr3kt
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Quote:
Originally Posted by rpliving View Post
what do we export? and what do we export that doesnt rely on imports?

http://www.fas.usda.gov/export-sales/esrd1.html
http://data.bls.gov/cgi-bin/surveymost?ei
http://www.export.gov/industry/index.asp
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Old 12-14-2007, 12:02 PM wr3kt is offline  
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rpliving
 
Will rising energy costs and wages due to inflation effect the price of those exports in the long run?
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Old 12-14-2007, 01:06 PM rpliving is offline  
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wr3kt
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Quote:
Originally Posted by rpliving View Post
Will rising energy costs and wages due to inflation effect the price of those exports in the long run?

...do you even know what inflation is?
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Old 12-15-2007, 06:18 PM wr3kt is offline  
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...do you even know what inflation is?
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Old 12-15-2007, 06:42 PM mike27 is offline  
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#132  

LegendKiller
 
Hmmm, no RonPaulBot is willing to challenge my post, interesting. Wherever I go and bitchslap them, they rarely ever reply beyond the first futile attempts. Is that because they are ignorant tools who have no real knowledge beyond batshit crazy websites they read and RonPaulshit they spew?

Interesting...
Old 12-15-2007, 07:32 PM LegendKiller is offline  
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ry_goody
 
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Quote:
Originally Posted by Badger_sly View Post
wacko_willy talking up wacko Jones..........

It makes you think of the guys in Dumb and Dumber.

Lol, fantasy worlds.
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Old 12-16-2007, 07:08 PM ry_goody is offline  
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rpliving
 
Quote:
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...do you even know what inflation is?

increase in the money supply
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Old 12-17-2007, 07:48 AM rpliving is offline  
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