How wall street blew up the housing market
 

the right wing wants us to believe lazy middle class workers are
behind the collapse of the housing market.

sane people always knew it was wall street. now comes investgative
reporting showing how wall street created artificial demand for its
collateralized debt oblgations, expanding them from 1 trillion in 1997
to 62 trillion in 2007

they simply bought and sold the CDOS between themselves, then pitched
this demand on the open market:

http://www.propublica.org/article/ba...nancial-crisis

As the housing boom began to slow in mid-2006, investors became
skittish about the riskier parts of those investments. So the banks
created -- and ultimately provided most of the money for -- new CDOs.
Those new CDOs bought the hard-to-sell pieces of the original CDOs.
The result was a daisy chain [1] that solved one problem but created
another: Each new CDO had its own risky pieces. Banks created yet
other CDOs to buy those.

---------------

the right wing, believing that rich people are next to god, won't
believe this. but the objective facts show that it was WALL STREET,
NOT MAIN STREET that trashed this economy

How wall street blew up the housing market
 

On Sat, 28 Aug 2010 11:43:47 -0400, wrote:

On Sat, 28 Aug 2010 09:20:51 -0400, bpuharic wrote:

the right wing wants us to believe lazy middle class workers are
behind the collapse of the housing market.


http://www.propublica.org/article/ba...nancial-crisis

As the housing boom began to slow in mid-2006, investors became
skittish about the riskier parts of those investments. So the banks
created -- and ultimately provided most of the money for -- new CDOs.
Those new CDOs bought the hard-to-sell pieces of the original CDOs.
The result was a daisy chain [1] that solved one problem but created
another: Each new CDO had its own risky pieces. Banks created yet
other CDOs to buy those.

---------------

the right wing, believing that rich people are next to god, won't
believe this. but the objective facts show that it was WALL STREET,
NOT MAIN STREET that trashed this economy

Without creative ways of printing money the housing boom would have
stalled in 2000 and the dot com crash recession would have continued.

the dot com crash was peanuts compared to the bush depression.


Nobody was complaining when the unemployment rate was close to zero

because no one knew how much wall street was stealing.

AND...what you fail to mention is that even when unemployment was
zero...middle class wages were stagnant. the middle class survived by
borrowing while wall street

STOLE THE FREAKIN' ECONOMY!

and people were not paying attention to where the money was coming
from. There was plenty of greed to go around. What about those yuppies
house flippers who were borrowing 99% of the home price, hoping they
would never have to make a payment or the ones with the 125% home
equity loans?
There were some people who knew this was going to crash. The smart
builders were scaling back in 2006.

well golly. if people were so smart why are we in the condition we're
in?

How wall street blew up the housing market
 

"bpuharic" wrote in message
...
On Sat, 28 Aug 2010 11:43:47 -0400, wrote:

On Sat, 28 Aug 2010 09:20:51 -0400, bpuharic wrote:

the right wing wants us to believe lazy middle class workers are
behind the collapse of the housing market.


http://www.propublica.org/article/ba...nancial-crisis

As the housing boom began to slow in mid-2006, investors became
skittish about the riskier parts of those investments. So the banks
created -- and ultimately provided most of the money for -- new CDOs.
Those new CDOs bought the hard-to-sell pieces of the original CDOs.
The result was a daisy chain [1] that solved one problem but created
another: Each new CDO had its own risky pieces. Banks created yet
other CDOs to buy those.

---------------

the right wing, believing that rich people are next to god, won't
believe this. but the objective facts show that it was WALL STREET,
NOT MAIN STREET that trashed this economy

Without creative ways of printing money the housing boom would have
stalled in 2000 and the dot com crash recession would have continued.

the dot com crash was peanuts compared to the bush depression.


Nobody was complaining when the unemployment rate was close to zero

because no one knew how much wall street was stealing.

AND...what you fail to mention is that even when unemployment was
zero...middle class wages were stagnant. the middle class survived by
borrowing while wall street

STOLE THE FREAKIN' ECONOMY!

and people were not paying attention to where the money was coming
from. There was plenty of greed to go around. What about those yuppies
house flippers who were borrowing 99% of the home price, hoping they
would never have to make a payment or the ones with the 125% home
equity loans?
There were some people who knew this was going to crash. The smart
builders were scaling back in 2006.

well golly. if people were so smart why are we in the condition we're
in?

Because they were happy the Bush administration was causing another bubble
to hide the last crash. CDO's did not cause the crash. Government telling
the banks to loan money to people that had no chance in hell of making the
payments. And Fannie and Freddy buying the worthless paper. since you
could buy a house with no down, less than cost payments and hope the price
escalated before you had to pay and could cash out big time. 3% or the CPI
was the historical escalation of home prices. Not 15-20% a year. People
making $50k a year buying a house that was 10-20 times their annual income
was the cause of the crash, Wall Street just cashed in on the boom. And
they would not have been able to do it with such vigor if Clinton and Rubin
had not pimped for the removal of Glass-Stegall and then signed the law.

How wall street blew up the housing market
 

bpuharic wrote:
On Sat, 28 Aug 2010 11:43:47 -0400, wrote:


On Sat, 28 Aug 2010 09:20:51 -0400, wrote:


the right wing wants us to believe lazy middle class workers are
behind the collapse of the housing market.


http://www.propublica.org/article/ba...nancial-crisis

As the housing boom began to slow in mid-2006, investors became
skittish about the riskier parts of those investments. So the banks
created -- and ultimately provided most of the money for -- new CDOs.
Those new CDOs bought the hard-to-sell pieces of the original CDOs.
The result was a daisy chain [1] that solved one problem but created
another: Each new CDO had its own risky pieces. Banks created yet
other CDOs to buy those.

---------------

the right wing, believing that rich people are next to god, won't
believe this. but the objective facts show that it was WALL STREET,
NOT MAIN STREET that trashed this economy

Without creative ways of printing money the housing boom would have
stalled in 2000 and the dot com crash recession would have continued.

the dot com crash was peanuts compared to the bush depression.



Nobody was complaining when the unemployment rate was close to zero

because no one knew how much wall street was stealing.

AND...what you fail to mention is that even when unemployment was
zero...middle class wages were stagnant. the middle class survived by
borrowing while wall street

STOLE THE FREAKIN' ECONOMY!


and people were not paying attention to where the money was coming
from. There was plenty of greed to go around. What about those yuppies
house flippers who were borrowing 99% of the home price, hoping they
would never have to make a payment or the ones with the 125% home
equity loans?
There were some people who knew this was going to crash. The smart
builders were scaling back in 2006.

well golly. if people were so smart why are we in the condition we're
in?

Define "wall street" in your own words...

How wall street blew up the housing market
 

How wall street blew up the housing market
 

On Sat, 28 Aug 2010 21:50:01 -0400, Larry
wrote:

bpuharic wrote:
On Sat, 28 Aug 2010 11:43:47 -0400, wrote:


STOLE THE FREAKIN' ECONOMY!


and people were not paying attention to where the money was coming
from. There was plenty of greed to go around. What about those yuppies
house flippers who were borrowing 99% of the home price, hoping they
would never have to make a payment or the ones with the 125% home
equity loans?
There were some people who knew this was going to crash. The smart
builders were scaling back in 2006.

well golly. if people were so smart why are we in the condition we're
in?

Define "wall street" in your own words...

ever hear of morgan stanley?

How wall street blew up the housing market
 

On Sat, 28 Aug 2010 23:08:39 -0400, wrote:

On Sat, 28 Aug 2010 21:50:01 -0400, Larry
wrote:

because no one knew how much wall street was stealing.

AND...what you fail to mention is that even when unemployment was
zero...middle class wages were stagnant. the middle class survived by
borrowing while wall street

STOLE THE FREAKIN' ECONOMY!




Define "wall street" in your own words...

Anyone with more money than him


ROFLMAO!! ever read the 'wall street journal'?

guess you righties don't know about wall street

How wall street blew up the housing market
 

On Sat, 28 Aug 2010 23:14:47 -0400, Larry
wrote:

wrote:
On Sat, 28 Aug 2010 21:50:01 -0400,
wrote:


because no one knew how much wall street was stealing.

AND...what you fail to mention is that even when unemployment was
zero...middle class wages were stagnant. the middle class survived by
borrowing while wall street

STOLE THE FREAKIN' ECONOMY!






Define "wall street" in your own words...

Anyone with more money than him

That's the problem. He thinks it's a person or persons.

ever hear of john paulson? why not look him up.

tell me wall street isnt run by people

How wall street blew up the housing market
 

bpuharic wrote:
On Sat, 28 Aug 2010 21:50:01 -0400,
wrote:


bpuharic wrote:

On Sat, 28 Aug 2010 11:43:47 -0400, wrote:


STOLE THE FREAKIN' ECONOMY!



and people were not paying attention to where the money was coming
from. There was plenty of greed to go around. What about those yuppies
house flippers who were borrowing 99% of the home price, hoping they
would never have to make a payment or the ones with the 125% home
equity loans?
There were some people who knew this was going to crash. The smart
builders were scaling back in 2006.


well golly. if people were so smart why are we in the condition we're
in?


Define "wall street" in your own words...

ever hear of morgan stanley?


Sure, but they aren't "Wall Street".

How wall street blew up the housing market
 

bpuharic wrote:
On Sat, 28 Aug 2010 23:14:47 -0400,
wrote:


wrote:

On Sat, 28 Aug 2010 21:50:01 -0400,
wrote:



because no one knew how much wall street was stealing.

AND...what you fail to mention is that even when unemployment was
zero...middle class wages were stagnant. the middle class survived by
borrowing while wall street

STOLE THE FREAKIN' ECONOMY!








Define "wall street" in your own words...


Anyone with more money than him


That's the problem. He thinks it's a person or persons.

ever hear of john paulson? why not look him up.

tell me wall street isnt run by people


Wall Street is a street in NY that is the location of most of our stock
exchanges - NYSE, AMEX, and NASAQ, among others. Sure they are run by
people, but so is your local McDonald's.

How wall street blew up the housing market
 

Larry wrote:

Wall Street is a street in NY that is the location of most of our stock
exchanges - NYSE, AMEX, and NASAQ, among others. Sure they are run by
people, but so is your local McDonald's.


Whoa. You mean you DO know what Wall Street is?
I didn't know that.
Whenever I heard "Wall Street" I thought about Pink Floyd's
"The Wall," wallpaper, or manhole covers.
Finally looked it up in wiki and found this,

"Over time, Wall Street became the name of the surrounding geographic
neighborhood[2] and also shorthand (or a metonym) for the "influential
financial interests" of the American financial industry"

Didn't know that.
Looks like you did. Kudos.

Jim - Learn something new every day. Got to look up "metonym" tomorrow.

How wall street blew up the housing market
 

On Sat, 28 Aug 2010 23:38:16 -0400, Larry
wrote:

bpuharic wrote:
On Sat, 28 Aug 2010 23:14:47 -0400,
wrote:


wrote:

On Sat, 28 Aug 2010 21:50:01 -0400,
wrote:




That's the problem. He thinks it's a person or persons.

ever hear of john paulson? why not look him up.

tell me wall street isnt run by people


Wall Street is a street in NY that is the location of most of our stock
exchanges - NYSE, AMEX, and NASAQ, among others. Sure they are run by
people, but so is your local McDonald's.


gee. what does the wall street journal cover? THEY seem to think the
term has some validity

if you right wingers are this dense no wonder you trashed the economy.
you dont even know who the folks are who wrecked it!

How wall street blew up the housing market
 

On Sat, 28 Aug 2010 23:31:40 -0400, Larry
wrote:

bpuharic wrote:
On Sat, 28 Aug 2010 21:50:01 -0400,
wrote:


bpuharic wrote:

On Sat, 28 Aug 2010 11:43:47 -0400, wrote:


STOLE THE FREAKIN' ECONOMY!



and people were not paying attention to where the money was coming
from. There was plenty of greed to go around. What about those yuppies
house flippers who were borrowing 99% of the home price, hoping they
would never have to make a payment or the ones with the 125% home
equity loans?
There were some people who knew this was going to crash. The smart
builders were scaling back in 2006.


well golly. if people were so smart why are we in the condition we're
in?


Define "wall street" in your own words...

ever hear of morgan stanley?


Sure, but they aren't "Wall Street".

why? did he work in botswana?

How wall street blew up the housing market
 

On 8/29/10 12:16 PM, wrote:
On Sun, 29 Aug 2010 05:39:41 -0400, wrote:

ever hear of morgan stanley?


Sure, but they aren't "Wall Street".

why? did he work in botswana?

He?
Do you think there is or was a guy named Morgan Stanley?


Wall Street financial houses...more crooked than your neighborhood
bookie, and they do a lot more damage, too. My two major issues with
Obama...ramping up in Afghanistan...and bailing out the bankers. We
should have left the "bankers" twist in the wind, and then prosecuted them.

How wall street blew up the housing market
 

On Sun, 29 Aug 2010 12:16:19 -0400, wrote:

On Sun, 29 Aug 2010 05:39:41 -0400, bpuharic wrote:

ever hear of morgan stanley?


Sure, but they aren't "Wall Street".

why? did he work in botswana?

He?
Do you think there is or was a guy named Morgan Stanley?

do you think no one works for morgan stanley?

How wall street blew up the housing market
 

On Mon, 30 Aug 2010 00:24:19 -0400, wrote:

On Sun, 29 Aug 2010 13:22:55 -0400, bpuharic wrote:

On Sun, 29 Aug 2010 12:16:19 -0400, wrote:

On Sun, 29 Aug 2010 05:39:41 -0400, bpuharic wrote:

ever hear of morgan stanley?


Sure, but they aren't "Wall Street".

why? did he work in botswana?

He?
Do you think there is or was a guy named Morgan Stanley?

do you think no one works for morgan stanley?

I am just not sure why you singled out one brokerage house, then made
it sound like one guy.

you mean other than he made a BILLION dollars during the economic
collapse?

BTW if we didn't have Wall Street, there wouldn't really be any such
thing as retirement for anyone

HAHAHAHAHAHA who the HELL do you think can afford to retire other
than the rich???

THAT"S THE WHOLE POINT!! they took the money of the middle class and
now we CANT retire!!

How wall street blew up the housing market
 

On Mon, 30 Aug 2010 11:05:45 -0400, wrote:

You keep bitching about how your 401k is losing money. If you had
simply bought IBM stock you would be getting 2-3% return from
dividends alone.

Now who would have thought that a big manufacturing company in the US
could possibly have been successful over so many years. Maybe
because of good management, good products, good people, good service
and no unions (that I know of) ?

How wall street blew up the housing market
 

Wayne.B wrote:
On Mon, 30 Aug 2010 11:05:45 -0400, wrote:

You keep bitching about how your 401k is losing money. If you had
simply bought IBM stock you would be getting 2-3% return from
dividends alone.

Now who would have thought that a big manufacturing company in the US
could possibly have been successful over so many years. Maybe
because of good management, good products, good people, good service
and no unions (that I know of) ?


I thought IBM was an Indian company now.
Heard that's where their largest workforce is.
http://localtechwire.com/business/lo...gpost/8155238/
This is old 2006 info
http://money.cnn.com/magazines/fortu...ees/index.html
But it's probably wrong. The IBM number looks global.
You could have as well mentioned Ford, Boeing, GE, UPS, GM, etc.
They all provide more jobs for Americans.
Wouldn't fit in with the union-bashing though.
Can't remember the last time I bought an IBM product made in the U.S.
Maybe the original IBM pc had parts made in the U.S.
Bought a couple "IBM" hard drives made in some Singapore sweatshop about
8 years ago. They both failed pretty quick. Junk.
Not having a union over there didn't help a bit.
Probably the design engineers in the U.S. screwed the pooch.
That might be why they're moving so much to India.
There's one thing easier than bashing unions though.
Picking stocks after their performance is known, and fancying yourself a
genius.

Jim - Tripe isn't only found in sausage.

How wall street blew up the housing market
 

wrote in message
...
On Sun, 29 Aug 2010 12:19:38 -0400, Secular Humanist
wrote:

On 8/29/10 12:16 PM, wrote:
On Sun, 29 Aug 2010 05:39:41 -0400, wrote:

ever hear of morgan stanley?


Sure, but they aren't "Wall Street".

why? did he work in botswana?

He?
Do you think there is or was a guy named Morgan Stanley?


Wall Street financial houses...more crooked than your neighborhood
bookie, and they do a lot more damage, too. My two major issues with
Obama...ramping up in Afghanistan...and bailing out the bankers. We
should have left the "bankers" twist in the wind, and then prosecuted
them.


Not a big argument about that here (either one).
Afghanistan is a pure loser but you can play the Wall Street game if
you understand how trading works.
The fat cats won't let us drive the bus or even ride inside but we can
hitch a ride if you know how.

There's no agreement whatever that Afg. is a pure loser. I'd prefer to wait
for a professional assessment.

How wall street blew up the housing market
 

wrote in message
...
On Mon, 30 Aug 2010 06:02:37 -0400, bpuharic wrote:

On Mon, 30 Aug 2010 00:24:19 -0400, wrote:

On Sun, 29 Aug 2010 13:22:55 -0400, bpuharic wrote:

On Sun, 29 Aug 2010 12:16:19 -0400, wrote:

On Sun, 29 Aug 2010 05:39:41 -0400, bpuharic wrote:

ever hear of morgan stanley?


Sure, but they aren't "Wall Street".

why? did he work in botswana?

He?
Do you think there is or was a guy named Morgan Stanley?

do you think no one works for morgan stanley?

I am just not sure why you singled out one brokerage house, then made
it sound like one guy.

you mean other than he made a BILLION dollars during the economic
collapse?

He Who? Mr Morgan Stanley? You think that is a guy?

Actually, it would be Mr. Morgan and Mr. Stanley.

How wall street blew up the housing market
 

On Mon, 30 Aug 2010 14:26:42 -0500, Jim wrote:

But it's probably wrong. The IBM number looks global.
You could have as well mentioned Ford, Boeing, GE, UPS, GM, etc.
They all provide more jobs for Americans.
Wouldn't fit in with the union-bashing though.

I might agree with your list if you had left off GM. There is no
possible way that GM can be regarded as successful.

I'm not necessarily a union basher either since there are some that
are responsible. I actually belonged to the CWA at one brief time in
my life. Non-union manufacuring however is definitely one of the many
keys to IBM's success.

How wall street blew up the housing market
 

bpuharic wrote:
On Sat, 28 Aug 2010 23:38:16 -0400,
wrote:


bpuharic wrote:

On Sat, 28 Aug 2010 23:14:47 -0400,
wrote:



wrote:


On Sat, 28 Aug 2010 21:50:01 -0400,
wrote:





That's the problem. He thinks it's a person or persons.


ever hear of john paulson? why not look him up.

tell me wall street isnt run by people



Wall Street is a street in NY that is the location of most of our stock
exchanges - NYSE, AMEX, and NASAQ, among others. Sure they are run by
people, but so is your local McDonald's.


gee. what does the wall street journal cover? THEY seem to think the
term has some validity

if you right wingers are this dense no wonder you trashed the economy.
you dont even know who the folks are who wrecked it!


Gee. They cover everything including world events. Care to try again?
I'm interested in who/what you are blaming with your overuse/misuse of
the term "Wall Street".

How wall street blew up the housing market
 

bpuharic wrote:
On Sat, 28 Aug 2010 23:31:40 -0400,
wrote:


bpuharic wrote:

On Sat, 28 Aug 2010 21:50:01 -0400,
wrote:



bpuharic wrote:


On Sat, 28 Aug 2010 11:43:47 -0400, wrote:


STOLE THE FREAKIN' ECONOMY!




and people were not paying attention to where the money was coming
from. There was plenty of greed to go around. What about those yuppies
house flippers who were borrowing 99% of the home price, hoping they
would never have to make a payment or the ones with the 125% home
equity loans?
There were some people who knew this was going to crash. The smart
builders were scaling back in 2006.



well golly. if people were so smart why are we in the condition we're
in?



Define "wall street" in your own words...


ever hear of morgan stanley?



Sure, but they aren't "Wall Street".

why? did he work in botswana?

HE? Do you think there is/was a guy named Morgan Stanley that is
relevant to your tirade?

How wall street blew up the housing market
 

bpuharic wrote:
On Sun, 29 Aug 2010 12:16:19 -0400, wrote:


On Sun, 29 Aug 2010 05:39:41 -0400, wrote:


ever hear of morgan stanley?



Sure, but they aren't "Wall Street".

why? did he work in botswana?

He?
Do you think there is or was a guy named Morgan Stanley?

do you think no one works for morgan stanley?


Nice deflection but unrelated to your claim.

How wall street blew up the housing market
 

Wayne.B wrote:
On Mon, 30 Aug 2010 14:26:42 -0500, Jim wrote:

But it's probably wrong. The IBM number looks global.
You could have as well mentioned Ford, Boeing, GE, UPS, GM, etc.
They all provide more jobs for Americans.
Wouldn't fit in with the union-bashing though.

I might agree with your list if you had left off GM. There is no
possible way that GM can be regarded as successful.


Ok, GM *was* very successful. And they could come back.
Any company can fail at any time.
Are you familiar with Citigroup?
GM and Citigroup were booted from the DJIA the same day.
Two years prior everybody was calling them "successful" companies.
Instead they became Gov Motors and GovGroup.
Same can happen to IBM.

Is Citigroup a union shop?
Probably not. The Fed doesn't continually print interest free money for
GM as they've done for Citigroup.
GM has to turn a profit on tangible goods to pay off the gov.
Citibank can just produce some balance sheets, smear them with pig
lipstick, and hand them over to Obama's Fed Reserve Wall Street guys at
lunch in the Fed Reserve dining room.
Their pals.

"Tim, looks like we could use another interest free $10 billion.
Print the cash up ASAP. As usual, we'll use it to buy your Treasuries
and you pay us +3%. For the good of the economy, you know.
And please give my compliments to your chef."
These guys make union "mobsters" look like pikers.
Even Al Capone didn't get a taxpayer-paid chef.

You're familiar with "As goes GM, so goes the nation."
Might be true, might not be.
Tell you one thing for sure, this country wouldn't even miss Citigroup.

I'm not necessarily a union basher either since there are some that
are responsible. I actually belonged to the CWA at one brief time in
my life. Non-union manufacuring however is definitely one of the many
keys to IBM's success.


Maybe, maybe not. Since IBM's never been union, you don't know.
It's your right to guess about it. That's all you got.
IBM's primary revenue generator has been services for many years.
Most of their manufacturing has been in cheap overseas labor markets for
many years.
Besides, somehow chip production, nano-technology and research engineer
unions never really got off the ground.
BTW, ballerinas never got their union going either.

What we do know is toxic Citigroup is non-union and a massive failure.
So is non-union toxic Goldman and non-union toxic AIG.
All still loaded with toxic assets and being propped up by the Fed.
And we also know that many, many non-union manufacturers have gone bust.
Anytime I see knee-jerk union bashing I question it.
Way too easy to blame "others' for everything you think is wrong.

Here's the top 10 U.S. bankruptcies.
You pick the ones killed by unions.
I'll pick the ones killed by management.
They're all mine. Every single one.


Lehman Brothers Holdings Inc. 2008-09-15 $639,063,000,800
Washington Mutual 2008-09-26 $327,913,000,000
Worldcom Inc. 2002-07-21 $103,914,000,000
General Motors Corporation 2009-06-01 $82,300,000,000
CIT Group 2009-11-01 $71,019,200,000
Enron Corp.* 2001-02-12 $63,392,000,000
Conseco, Inc. 2002-12-18 $61,392,000,000
Chrysler LLC 2009-04-30 $39,300,000,000
Texaco, Inc. 1987-04-12 $35,892,000,000
Financial Corp. of America 1988-09-09 $33,864,000,000

Jim - Facts are easy to come by. But it's even easier to wing it.

How wall street blew up the housing market
 

On Tue, 31 Aug 2010 14:05:02 -0500, Jim wrote:

Here's the top 10 U.S. bankruptcies.
You pick the ones killed by unions.
I'll pick the ones killed by management.
They're all mine. Every single one.


Lehman Brothers Holdings Inc. 2008-09-15 $639,063,000,800
Washington Mutual 2008-09-26 $327,913,000,000
Worldcom Inc. 2002-07-21 $103,914,000,000
General Motors Corporation 2009-06-01 $82,300,000,000
CIT Group 2009-11-01 $71,019,200,000
Enron Corp.* 2001-02-12 $63,392,000,000
Conseco, Inc. 2002-12-18 $61,392,000,000
Chrysler LLC 2009-04-30 $39,300,000,000
Texaco, Inc. 1987-04-12 $35,892,000,000
Financial Corp. of America 1988-09-09 $33,864,000,000

Jim - Facts are easy to come by. But it's even easier to wing it.

Speaking of winging it, what makes you think that Texaco went
bankrupt? They merged with Chevron in 2001, very succesful at the
time of the merger, still successful as a merged entity today.

In 1987, Texaco was forced to file for Chapter 11 because it could not
afford to pay a jury award to Pennzoil. That award had been knocked
down by a judge from $10.53 billion. Pennzoil successfully sued
Texaco for jumping its planned merger with Getty Oil, in part, by
moving the case to local court near its headquarters. The jury awarded
triple damages.

Texaco sought protection under federal bankruptcy laws in order to buy
time and negotiate a better settlement with Pennzoil. Subsequently,
Texaco was able to settle with Pennzoil at a reduced payment of $3
billion. In April of 1988, Texaco emerged from bankruptcy and
continued to expand their market share.

http://finance.yahoo.com/q?s=cvx

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

How wall street blew up the housing market
 

Wayne.B wrote:
On Tue, 31 Aug 2010 14:05:02 -0500, Jim wrote:

Here's the top 10 U.S. bankruptcies.
You pick the ones killed by unions.
I'll pick the ones killed by management.
They're all mine. Every single one.


Lehman Brothers Holdings Inc. 2008-09-15 $639,063,000,800
Washington Mutual 2008-09-26 $327,913,000,000
Worldcom Inc. 2002-07-21 $103,914,000,000
General Motors Corporation 2009-06-01 $82,300,000,000
CIT Group 2009-11-01 $71,019,200,000
Enron Corp.* 2001-02-12 $63,392,000,000
Conseco, Inc. 2002-12-18 $61,392,000,000
Chrysler LLC 2009-04-30 $39,300,000,000
Texaco, Inc. 1987-04-12 $35,892,000,000
Financial Corp. of America 1988-09-09 $33,864,000,000

Jim - Facts are easy to come by. But it's even easier to wing it.

Speaking of winging it, what makes you think that Texaco went
bankrupt? They merged with Chevron in 2001, very succesful at the
time of the merger, still successful as a merged entity today.


Go argue with the Wall Street Journal, wiki, etc.
That's where the chart is from.
Next you'll be claiming GM and Chrysler didn't go bankrupt either.
FYI, Chapter 11 is bankruptcy.
You don't get to make up your own bankruptcy rules on rec.boats.
Speaking of Dodge, nice one avoiding answering why so many non-union
companies go bankrupt.
I'd do the same - if I was prone to dodging and cherry picking.
I'm not.
So I'll just assume you didn't answer because you can't blame a union.
That's clear enough.

Jim - Done here.

How wall street blew up the housing market
 

bpuharic wrote:
On Mon, 30 Aug 2010 19:59:17 -0400,
wrote:


bpuharic wrote:

On Sat, 28 Aug 2010 23:38:16 -0400,
wrote:



Wall Street is a street in NY that is the location of most of our stock
exchanges - NYSE, AMEX, and NASAQ, among others. Sure they are run by
people, but so is your local McDonald's.



gee. what does the wall street journal cover? THEY seem to think the
term has some validity

if you right wingers are this dense no wonder you trashed the economy.
you dont even know who the folks are who wrecked it!



Gee. They cover everything including world events. Care to try again?
I'm interested in who/what you are blaming with your overuse/misuse of
the term "Wall Street".

now THIS answer says alot about the right wing

he believes WALL STREET is the entire world....

couldnt have said it better myself


No, you are too stupid to read. The WSJ covers world events. Your
statement was wrong. You are correct that there isn't anything you
could say better yourself.

How wall street blew up the housing market
 

bpuharic wrote:
On Mon, 30 Aug 2010 20:01:05 -0400,
wrote:


bpuharic wrote:

On Sat, 28 Aug 2010 23:31:40 -0400,
wrote:





well golly. if people were so smart why are we in the condition we're
in?




Define "wall street" in your own words...



ever hear of morgan stanley?




Sure, but they aren't "Wall Street".


why? did he work in botswana?


HE? Do you think there is/was a guy named Morgan Stanley that is
relevant to your tirade?

says the guy who thinks wall street is the center of the universe

You can't get any dumber with that statement. You dwell on this "Wall
Street" thing yet you have no idea what you are talking about.

How wall street blew up the housing market
 

Gee. They cover everything including world events. Care to try again?
I'm interested in who/what you are blaming with your overuse/misuse of
the term "Wall Street".

now THIS answer says alot about the right wing

he believes WALL STREET is the entire world....

couldnt have said it better myself


No, you are too stupid to read. The WSJ covers world events. Your
statement was wrong. You are correct that there isn't anything you
could say better yourself.

let's see...it's not the WORLD street journal

it's the WALLSTREET journal

anybody with a brain could figure out that means something.

and that explains why you can't

How wall street blew up the housing market
 

On Tue, 31 Aug 2010 19:49:08 -0400, Larry
wrote:

bpuharic wrote:
On Mon, 30 Aug 2010 20:01:05 -0400,
wrote:




ever hear of morgan stanley?




Sure, but they aren't "Wall Street".


why? did he work in botswana?


HE? Do you think there is/was a guy named Morgan Stanley that is
relevant to your tirade?

says the guy who thinks wall street is the center of the universe

You can't get any dumber with that statement. You dwell on this "Wall
Street" thing yet you have no idea what you are talking about.

gee. the WSJ would disagree

How wall street blew up the housing market
 

bpuharic wrote:



Gee. They cover everything including world events. Care to try again?
I'm interested in who/what you are blaming with your overuse/misuse of
the term "Wall Street".


now THIS answer says alot about the right wing

he believes WALL STREET is the entire world....

couldnt have said it better myself



No, you are too stupid to read. The WSJ covers world events. Your
statement was wrong. You are correct that there isn't anything you
could say better yourself.

let's see...it's not the WORLD street journal

it's the WALLSTREET journal

anybody with a brain could figure out that means something.

and that explains why you can't


I'll explain it again, just for you Bob.

This is their HOME PAGE, dumbass. What is the first option on the left?

http://online.wsj.com/home-page

The hard copy, if you can afford one, is no different in their depth of
reporting.

Your rationale in this simple debate would also mean that KFC doesn't
exist outside of Kentucky and a GMC Acadia can't be purchased outside of
Maine.

How wall street blew up the housing market
 

On Wed, 01 Sep 2010 19:31:31 -0400, Larry
wrote:

bpuharic wrote:



Gee. They cover everything including world events. Care to try again?
I'm interested in who/what you are blaming with your overuse/misuse of
the term "Wall Street".


now THIS answer says alot about the right wing

he believes WALL STREET is the entire world....

couldnt have said it better myself



No, you are too stupid to read. The WSJ covers world events. Your
statement was wrong. You are correct that there isn't anything you
could say better yourself.

let's see...it's not the WORLD street journal

it's the WALLSTREET journal

anybody with a brain could figure out that means something.

and that explains why you can't


I'll explain it again, just for you Bob.

This is their HOME PAGE, dumbass. What is the first option on the left?

so you're denying the WALL STREET JOURNAL has anything to do with wall
street??

there's nothing to report on wall street. they just picked the name of
the paper because it sounded cool?

is that what the current rush mantra is? even denying the existence of
wall street?

you guys are as dense as a neutron star.

How wall street blew up the housing market
 

On Wed, 01 Sep 2010 19:31:31 -0400, Larry
wrote:

incidentally you might, as a matter of autodidaction, check this
article...if you are, indeed, capable of being educated:

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

Over time, Wall Street became the name of the surrounding geographic
neighborhood[2] and also shorthand (or a metonym) for the "influential
financial interests" of the American financial industry,

---------------

i often say conservatism is a learning disability.

you're the poster boy for that fact

How wall street blew up the housing market
 

bpuharic wrote:
On Wed, 01 Sep 2010 19:31:31 -0400,
wrote:


bpuharic wrote:





Gee. They cover everything including world events. Care to try again?
I'm interested in who/what you are blaming with your overuse/misuse of
the term "Wall Street".



now THIS answer says alot about the right wing

he believes WALL STREET is the entire world....

couldnt have said it better myself




No, you are too stupid to read. The WSJ covers world events. Your
statement was wrong. You are correct that there isn't anything you
could say better yourself.


let's see...it's not the WORLD street journal

it's the WALLSTREET journal

anybody with a brain could figure out that means something.

and that explains why you can't



I'll explain it again, just for you Bob.

This is their HOME PAGE, dumbass. What is the first option on the left?

so you're denying the WALL STREET JOURNAL has anything to do with wall
street??

there's nothing to report on wall street. they just picked the name of
the paper because it sounded cool?

is that what the current rush mantra is? even denying the existence of
wall street?

you guys are as dense as a neutron star.

It's a marketing tool. Sure they report on the market, economics, etc.
but they are hardly limited to that. Read one issue and you will
actually learn something. Your point is not valid.

How wall street blew up the housing market
 

bpuharic wrote:
On Wed, 01 Sep 2010 19:31:31 -0400,
wrote:

incidentally you might, as a matter of autodidaction, check this
article...if you are, indeed, capable of being educated:

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

Over time, Wall Street became the name of the surrounding geographic
neighborhood[2] and also shorthand (or a metonym) for the "influential
financial interests" of the American financial industry,

---------------

i often say conservatism is a learning disability.

you're the poster boy for that fact

A Wikipedia cite? Nice! You could have authored that.

How wall street blew up the housing market
 

On Thu, 02 Sep 2010 19:53:37 -0400, Larry
wrote:

bpuharic wrote:
On Wed, 01 Sep 2010 19:31:31 -0400,
wrote:


bpuharic wrote:




This is their HOME PAGE, dumbass. What is the first option on the left?

so you're denying the WALL STREET JOURNAL has anything to do with wall
street??

there's nothing to report on wall street. they just picked the name of
the paper because it sounded cool?

is that what the current rush mantra is? even denying the existence of
wall street?

you guys are as dense as a neutron star.

It's a marketing tool. Sure they report on the market, economics, etc.
but they are hardly limited to that. Read one issue and you will
actually learn something. Your point is not valid.

ROFLMAO!! so you say they dont report on WALL street??

How wall street blew up the housing market
 

On Thu, 02 Sep 2010 19:57:05 -0400, Larry
wrote:

bpuharic wrote:
On Wed, 01 Sep 2010 19:31:31 -0400,
wrote:

incidentally you might, as a matter of autodidaction, check this
article...if you are, indeed, capable of being educated:

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

Over time, Wall Street became the name of the surrounding geographic
neighborhood[2] and also shorthand (or a metonym) for the "influential
financial interests" of the American financial industry,

---------------

i often say conservatism is a learning disability.

you're the poster boy for that fact

A Wikipedia cite? Nice! You could have authored that.


care to have me humiliate you by digging up more references that
you're too stupid to dig up on your own?

How wall street blew up the housing market
 

bpuharic wrote:
On Thu, 02 Sep 2010 19:53:37 -0400,
wrote:


bpuharic wrote:

On Wed, 01 Sep 2010 19:31:31 -0400,
wrote:



bpuharic wrote:





This is their HOME PAGE, dumbass. What is the first option on the left?


so you're denying the WALL STREET JOURNAL has anything to do with wall
street??

there's nothing to report on wall street. they just picked the name of
the paper because it sounded cool?

is that what the current rush mantra is? even denying the existence of
wall street?

you guys are as dense as a neutron star.


It's a marketing tool. Sure they report on the market, economics, etc.
but they are hardly limited to that. Read one issue and you will
actually learn something. Your point is not valid.

ROFLMAO!! so you say they dont report on WALL street??



The asphalt on a street in NY?

If you are referring to the markets, most newspapers report on that.

So who are these people, that you call Wall Street, that a ruining your
life?

How wall street blew up the housing market
 

bpuharic wrote:
On Thu, 02 Sep 2010 19:57:05 -0400,
wrote:


bpuharic wrote:

On Wed, 01 Sep 2010 19:31:31 -0400,
wrote:

incidentally you might, as a matter of autodidaction, check this
article...if you are, indeed, capable of being educated:

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

Over time, Wall Street became the name of the surrounding geographic
neighborhood[2] and also shorthand (or a metonym) for the "influential
financial interests" of the American financial industry,

---------------

i often say conservatism is a learning disability.

you're the poster boy for that fact


A Wikipedia cite? Nice! You could have authored that.


care to have me humiliate you by digging up more references that
you're too stupid to dig up on your own?

That would require you to humiliate me. You aren't capable of that
since I haven't posted anything I can't back up with facts.