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Bank of America FORCED to buy Merrill Lynch? - 4/23/2009 8:44:45 PM

MzMia

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Maybe I am late to the party, but I really just heard that Bank of America
was FORCED to buy Merrill Lynch, by the government.

Wall Street Weather: Government Forced Bank of America To Marry Merrill Lynch

Bank Of America : Pictures, Videos, Breaking News

I have been with BOA for over 20 years, and I don't like hearing for one
damn minute that "the government" can/will/has made banks and other institutions
make even MORE of these crappy deals.

No wonder interest rates are going fucking sky high and you can't beg, borrow or even steal a
bank loan.

As the Donald said last night, "No bank is lending money, I don't care WHO you are."
Banks 'Virtually Laughing' at Loan Seekers: Trump - Real Estate * US * News * Story - CNBC.com
Does this piss anyone else off?
....my first post in the new politics section.....this news just makes me angry.

This just goes to show, I think we the public, only ever really know about HALF the story.
I still say the other shoe has not dropped, and it is going to drop.
Can you spell----> D e p r e s s i o n ?

< Message edited by MzMia -- 4/23/2009 9:01:01 PM >

_____________________________

Namaste'
To Each His/Her Own
"DENIAL ain't just a river in Egypt." Mark Twain

What's your favorite fetish?
"My partner's whisper"--bloomswell

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 6:07:23 AM

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quote:

ORIGINAL: MzMia

As the Donald said last night, "No bank is lending money, I don't care WHO you are."

Not sure where Donald is getting his information; but here banks are advertising 3.75% fixed loan rates with no closing costs trying hard to get customers. (Which was awesome, we were just able to refinance our home thanks to that, and this loan will save us tens of thousands compared to the old loan.

One local bank official (I wish I could remember which one) was on the news recently saying he's getting tired of national news claiming no banks can give loans anymore, and wanted to emphasize "Yes, we have money we can loan you!"

< Message edited by Raiikun -- 4/24/2009 6:08:41 AM >

(in reply to MzMia)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 6:55:08 AM

Posts: 10540
Joined: 7/30/2005
Status: offline

quote:

ORIGINAL: MzMia

Maybe I am late to the party, but I really just heard that Bank of America
was FORCED to buy Merrill Lynch, by the government.

Wall Street Weather: Government Forced Bank of America To Marry Merrill Lynch

Bank Of America : Pictures, Videos, Breaking News

I have been with BOA for over 20 years, and I don't like hearing for one
damn minute that "the government" can/will/has made banks and other institutions
make even MORE of these crappy deals.

No wonder interest rates are going fucking sky high and you can't beg, borrow or even steal a
bank loan.

As the Donald said last night, "No bank is lending money, I don't care WHO you are."
Banks 'Virtually Laughing' at Loan Seekers: Trump - Real Estate * US * News * Story - CNBC.com
Does this piss anyone else off?
....my first post in the new politics section.....this news just makes me angry.

This just goes to show, I think we the public, only ever really know about HALF the story.
I still say the other shoe has not dropped, and it is going to drop.
Can you spell----> D e p r e s s i o n ?

I've read this too young lady and it is part and parcel of protecting the bankers. To think such a purchase may not have passed muster with our anti-trust laws, was only made legal by the revisions of Glass-Steagall Act. BANKS do NOT go BANKRUPT, they are ALL bailed-out, i.e., no cramdowns but good bonuses, no committements in bankrauptcy, so we MUST HONOR all 'committments' for bankers. (bankrupt GM first must pay 10's of millions in severence to disavowed and dissmissed management) with NO money but OUR money.

Kinkroids, you see the difference ? This whole thing is ALL about the bankers and the rich corporate management. Socialism for the rich and capitalism for the poor.

To say BOA (and I wouldn't get close to any branch of theirs) HAD to buy anything...why not when it was the taxpayers who lent the money to do it and...cheap ?

Furthermore, to suggest there is something wrong with this deal or that deal is superflous as they are mere episodic chapters in the financial consolidation of the fed and the issuing of debt that we are going to pay.

BTW, Trump (why anybody is listening to this man amazes me) might be lying. He (Trump Partners) just bought a nearby golf club resort for $18 million. Does anybody really think he paid ALL cash out of his own pocket ?

About depression, yes where it will be different than 1929 a despression flatly caused by the fed cutting off money...this time the banks flush with our money, will now sit on it and could...could spark a depression.

Still, many car and mortgage loans are being made but again, not without much of the socialism that is our money.

< Message edited by MrRodgers -- 4/24/2009 7:03:24 AM >

(in reply to MzMia)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 7:21:39 AM

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BOA got a great deal. That's evidenced by their stock price, which rocketed after the deal was announced. Lewis can whine all he wants - my suspicion is that he's going it to strengthen his weak position when the government tells BOA that because they're subsidized, they have to live by the government's rules, whatever they may be.

_____________________________

"You women....

The small-breasted ones want larger breasts. The large-breasted ones want smaller ones. The straight-haired ones curl their hair, and the curly-haired ones straighten theirs...

Quit fretting. We men love you."

(in reply to MrRodgers)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 7:28:20 AM

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Maybe Mr. Obama is a socialist after all. He fired the manager of a private company, GM, and the govt. is in now the realestate business. Now it is the banking industry. What's next, the phone companies, or maybe the oil companies. He is spending to much time with his dictator buddies south of the border.

(in reply to DarkSteven)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 8:08:06 AM

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MzMia, You ain't seen nothing yet. Just wait until the federal govt. gets their hands on the nations health care system. They will make the decisions for every doctor, nurse, patient, clinic and hospital in this country. It will be a night mare..

(in reply to servantforuse)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 8:59:35 AM

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quote:

ORIGINAL: servantforuse

Maybe Mr. Obama is a socialist after all. He fired the manager of a private company, GM, and the govt. is in now the realestate business. Now it is the banking industry. What's next, the phone companies, or maybe the oil companies. He is spending to much time with his dictator buddies south of the border.

NOW it's the banking industry...where have you been ? Where have some of the people on these boards living ? Can't be the US.

We HAVE a govt. run single payer insurance for banks (FDIC) and have had it for 80 years. Banks do NOT go bankrupt...why ? Because they own the fucking govt. All of the principles in banking ownership are made whole, flush with their big salaries and bonuses...then the FDIC takes the 'bank' into receivership and finds the nickle on the dollar for the investors.

Don't you just love...capitalism ?

If you wished to know the real meaning of words you would notice that in western civilization this is first...socialism for the rich and capitalism for the poor.

Kinkroids...wall street and banking DOES NOT exist without the US GOVT. I have supported letting them ALL go bankrupt but that wouldn't leave the US business scum with all of those millions.

(in reply to servantforuse)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 9:06:48 AM

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Govt. support has always been there. An attempt at complete takeover of corporate america is new and it started on November 5th. of 2008..

(in reply to MrRodgers)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 9:08:59 AM

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quote:

ORIGINAL: servantforuse

MzMia, You ain't seen nothing yet. Just wait until the federal govt. gets their hands on the nations health care system. They will make the decisions for every doctor, nurse, patient, clinic and hospital in this country. It will be a night mare..

Yea, we might actually live a little longer, healthier with a little more liesure time and we surely wouldn't want that. Seems medicare for 40 years has done just about that and we (US 78 yrs.) still die 2 years younger than Canadians. (80 yrs.) and we would be dying in our 60's if it weren't for medicare but we can't have that for everybody...oh no. That would be socialism...HA !

(in reply to servantforuse)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 11:18:09 AM

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When the govt. takes over health care they will decide when you can see a doctor, where you go to see a doctor and will dictate any procedure on their terms. You can also forget about keeping your medical records private. The Feds will now have access to them, after all they are the ones paying the bill..I for one do not want to go down that road.

(in reply to MrRodgers)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 12:09:15 PM

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quote:

ORIGINAL: servantforuse

When the govt. takes over health care they will decide when you can see a doctor, where you go to see a doctor and will dictate any procedure on their terms. You can also forget about keeping your medical records private. The Feds will now have access to them, after all they are the ones paying the bill..I for one do not want to go down that road.

..odd how none of that is true in the UK where they've had an NHS for decades. Are you trying to suggest that the US government is institutionally less competent than European ones?

(in reply to servantforuse)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 12:15:45 PM

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Believe me I can tell you tons of Canadian/English health care horror stories. Besides the English are still upset that a bunch of farmers bested one of the greatest empires on the face of the earth. The good news though about gov't health care is that you may move up to the head of the line when the people in front of you die while they are waiting. Personally, I don't know why we would try to emulate 2nd rate powers in the first place--didn't everyone come from those countries to begin anew? Why else would Canadians and illegal Mexicans come into the country, if our health care sucks?. People just don't want to pay for it. So, you want your problems to become my problems, but here's the problem, it's not my problem. I have plenty of my own problems to deal with. You have a problem with that?

< Message edited by gman992 -- 4/24/2009 12:16:16 PM >

(in reply to philosophy)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 12:28:17 PM

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I would say that the federal govt. is not competant to run a health care system. Instead of us trying to copy failed European health care, maybe they also should get out of the business and let the private sector handle it.

(in reply to gman992)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 12:34:54 PM

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quote:

ORIGINAL: gman992

Believe me I can tell you tons of Canadian/English health care horror stories.

...and i can tell you loads of US health care horror stories. Bet mines bigger than yours.......

quote:

Besides the English are still upset that a bunch of farmers bested one of the greatest empires on the face of the earth.

...well, i'm Welsh but my rather more intimate knowledge of the Seis suggests you are, once again, factually incorrect.

quote:

The good news though about gov't health care is that you may move up to the head of the line when the people in front of you die while they are waiting.

....bravo, a joke. Of course the good news in the US is that you don't have to deal with all those worrisome poor people while you're waiting to see a doctor.

quote:

Personally, I don't know why we would try to emulate 2nd rate powers in the first place--didn't everyone come from those countries to begin anew? Why else would Canadians and illegal Mexicans come into the country, if our health care sucks?.

....US healthcare doesn't suck. What does suck, indeed blow, is access to it. Do try to keep up. Those travelling to the US are capable of paying for it. Want to guess how many Americans with less exalted pay cheques travel to the UK? We're not talking destitute people, we're talking decent hard working middle class people who can't afford to pay the stupidly inflated prices for health care in the US. US citizens dont get NHS attention for free, but neither are they gouged for every cent a greedy US health provision system can get out of them.

quote:

People just don't want to pay for it. So, you want your problems to become my problems, but here's the problem, it's not my problem. I have plenty of my own problems to deal with. You have a problem with that?

.......UK citizens do pay for it through taxation. i'm betting that you do have a problem with taxation. Or possibly words that share an etymological root with Socialism...like society. Or social.

(in reply to gman992)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 2:50:12 PM

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Based upon the US Governments past record for handling things, I think it would be an abysmal mess. My family used to have a Durable Medical Supply company, and Medicare sets the prices. The prices are set so that everyone makes a huge profit off the government. Think of a 400% mark up or more on many big dollar items such as hospital beds for the home, electric powered wheelchairs, etc.

They also have a scheme set up that is worse than insurance companies, for getting the paperwork through and actually getting paid. All Medicare bills were set to 90 to 180 terms, and that is the projection you used to manage your cash flow.

Invacare used to be one of the top wholesalers of medical supplies to stores such as my families, but they saw that being a large corp they could do online and phone retail sales and make and even larger profit. Do not even get me going about the "Scooter Store".

If the government touches anything, you might as well expect the cost to triple.

If you would like to start this part on it's own topic I can try and dig up some old price schedules and such for Medicare, and what the items were going for retail 5 years ago. This will give you a good idea of how Medicare sets the market price, so there is no price competition.

quote:

ORIGINAL: philosophy

..odd how none of that is true in the UK where they've had an NHS for decades. Are you trying to suggest that the US government is institutionally less competent than European ones?

_____________________________

When speaking of slaves people always tend to ignore this definition "One who is abjectly subservient to a specified person or influence."

(in reply to philosophy)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 8:13:19 PM

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MzMia, If I remember, you were just giddy when Obama was elected president. Is the honeymoon over??

(in reply to OrionTheWolf)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 9:15:53 PM

MzMia

Posts: 5333
Joined: 7/30/2004
Status: offline

quote:

ORIGINAL: Raiikun

quote:

ORIGINAL: MzMia

As the Donald said last night, "No bank is lending money, I don't care WHO you are."

Not sure where Donald is getting his information; but here banks are advertising 3.75% fixed loan rates with no closing costs trying hard to get customers. (Which was awesome, we were just able to refinance our home thanks to that, and this loan will save us tens of thousands compared to the old loan.

One local bank official (I wish I could remember which one) was on the news recently saying he's getting tired of national news claiming no banks can give loans anymore, and wanted to emphasize "Yes, we have money we can loan you!"

I need to retort here, the banks ARE loaning money.......MAINLY for foreclosures and for some people that want to RE-FINANCE.
What "the Donald" and almost everyone else is saying, is the bank are not making traditional loans.
How many people do you know that have been able to get a traditional home mortgage lately that did NOT involve a foreclosure or some sort of refinancing, in the last few months?
Apparently, very very few.

Banks 'Virtually Laughing' at Loan Seekers: Trump - Real Estate * US * News * Story - CNBC.com

Basically, every source that I listen to lately states it is very hard to get a bank loan {excluding foreclosures and refinancing}, of course they are happy to get rid of foreclosures!

_____________________________

Namaste'
To Each His/Her Own
"DENIAL ain't just a river in Egypt." Mark Twain

What's your favorite fetish?
"My partner's whisper"--bloomswell

(in reply to Raiikun)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/24/2009 9:24:33 PM

MzMia

Posts: 5333
Joined: 7/30/2004
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quote:

ORIGINAL: servantforuse

MzMia, If I remember, you were just giddy when Obama was elected president. Is the honeymoon over??

Humm, President Obama is only 100 days in, I am sitting back watching and waiting.

These toxic loans and a lot of this crap happened 6-12 months ago, not on his watch.

I have felt we were headed for a Depression, for about 18 months, I don't see how President Obama
can STOP that speeding train, he might accelerate it or attempt to hit the brakes, but that train appears
to still be coming.
President Obama became President at one of the most critical times in American history, and I do feel that he wants to do the best job he can as President and for "we the people".
The issue for me lately is, do I share the majority of his vision and am I willing to give his vision and idea's a choice?
{As if I have a choice?} lol
We voted for President Obama, and now we have President Obama.

I knew before President Obama was elected that I would not agree with all of his policies, and I stated so 8 months ago. { I call pull up the thread if you like}.

I still feel that he was the best man for the job, between the 2 candidates running.

Thanks for asking me that question, I am so DAMN glad I stated publically I would not like every move he
makes, and that is the truth!!! {Lately, I am not thrilled with several moves he is making, and I am not ashamed to admit it}.
I am waiting to see the results of his leadership and giving him TIME.
I am not afraid to speak up about policies he makes that I do not agree with, you can take this statement to the bank.

Just don't try to get a loan!!!!!!

Buddy can you spare a loan?

< Message edited by MzMia -- 4/24/2009 9:32:40 PM >

_____________________________

Namaste'
To Each His/Her Own
"DENIAL ain't just a river in Egypt." Mark Twain

What's your favorite fetish?
"My partner's whisper"--bloomswell

(in reply to servantforuse)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/25/2009 7:49:19 PM

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quote:

ORIGINAL: MzMia
How many people do you know that have been able to get a traditional home mortgage lately that did NOT involve a foreclosure or some sort of refinancing, in the last few months?

I know quite a few. The latest just this last month; they're house-warming party is next weekend (and their wedding is in May.)

Maybe things are just different here in the midwest; but banks here seem almost desperate to try and get the word out that they do have money to lend despite what the media says.

(in reply to MzMia)

RE: Bank of America FORCED to buy Merrill Lynch? - 4/25/2009 10:44:42 PM

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... lets take up a donation for the banks. They need us

(in reply to Raiikun)

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