30 Replies to “The “No Comment” Thread”

  1. tipping, to revisit the notion of slippery slope, here’s a fine example of what I was talking about.

    http://blogs.wsj.com/economics/2009/03/04/treasury-loan-modification-guidelines/

    Are any of you depressed out there? If you feel like killing yourself, be strong, resist the urge, don’t do it! Instead, read the comments after the linked summary of the Treasury Loan-Modification Guidelines; they ought to cheer you up.

    Are any of you foolish enough to be current on your mortgage payments?!?

    I think that you have until the end of 2012 to remedy that circumstance of misplaced responsibility.

    An example comment…

    This is unbelievable. The fact that the US economy was brought to its knees by irresponsible mortgage recipients is so absurd, it is beyond words. Also beyond words is the total incompetence of this administration and the “economic team.” This country is truly doomed if this is the best we can do to get our economy back on track. Heaven help us. I will NEVER invest in the stock market again nor will I vote Democratic again, and I have voted that way for my entire adult life…decades.
    Comment by lezah2 – March 4, 2009 at 9:54 am

  2. Okay, one more excerpt from the comment thread…

    Note the heavy-handed Ayne Rand reference.

    2 IDIOTS: why don’t we all (producers) move to Thailand, renounce US citizenship and let the parasites drown in socialism?
    Comment by No More Milkage – March 4, 2009 at 1:12 pm

  3. bunn, how dare you post comments to the “no comment” thread? Is it because you are a God?

    You may delete this comment, o’ mighty one.

  4. Doom,

    It’s not a “No Comments” thread (which I have the power to create by throwing the correct switch back here in the control room), rather it’s “The ‘No Comment’ Thread” (which statement, of course, being a comment in itself)… the distinction is subtle, I know.

    An invitation to post that which speaks for itself, perhaps?

    I’m just putting a fresh coat of paint on the place. Pay me no mind.

  5. I get the impression that lezah2 is going to join the Freemen or some sort of survivalist cult.

  6. Where did all the sexy Z girls run off to?

    This must be what it feels like when you show up at a Xena Convention and realize that you like Winston Churchill in drag. And to make things even more ignominious, your chief of staff has gone on a crack run. As Bill used to say, “the slings and arrows of outrageous fortune”…

    (looks like it’s just you and me, roachman. So tell me about the Freemen.)

  7. I tried to say “No Comment” again but it won’t let me duplicate that comment.

    So…

    No Comment.

  8. bunnbunn

    You have not heard of the Freemen?

    They are a lovely anti tax cult who like to try and have others kill judges for them and refuse to pay any taxes including sales taxes to their local communities. But at the same time love to drive their trucks on public roads. Thus they are libertarians crossed with all white nationalist survivalist with out the brain power to run a business or the guts to actually do what they threaten. They mostly live in Montana and Arkansas. There was a case of them back in 1999 where they claimed to have lots of guns and were not going to pay taxes in some sort of made for TV stand off where they were going to make a statement for freedom. So the ATF was rumored to have shown up to take care of business. Took about an hour before the feds left, though no one actually witness any Fed agents of any kind, except for the Freemen they seen lots of Feds there. The local sheriff arrested one person for public drunkenness and a few of them where sited by certified mail they were delinquent on filing there taxes. Since these guys make no money what so ever they never would be paying any Fed taxes anyways they cost their states authorities money and local jail cells for various misdemeanors from time to time. Thus they are now the butt of jokes for all anti government groups left and right wing. Every once in a while one of their kind shows up in the local news and one was arrested for threats to a judge in Montana but since the 1999 comedy show they have been pretty much only hanging out in their trailers. I think we could see them rise up again. Lots of out of work white men with out brains right now loosing their homes.

  9. thanks, roachman. I wanted to hear what you had to say about the freemen. At this point, even Bircher wanna be’s are probably quietly trying to figure out how best to discretely board the gravy train.

    MOU, I can see you in sunny Sicily talking about the ethereal quality of an extra virgin olive oil sample with old goombah types, who are shitting their pants wondering why you are REALLY there.

    A friend of mine who lives in Michigan thinks that the Big Three should be allowed to fail and forced to declare bankruptcy. The Bircher in me can sympathize, but this option is not being seriously talked about by anyone with real influence.

    Get your rest, soldiers. We push further into the thicket at dawn.

  10. I am sure the mad money dork tonight will suggest its time to buy GM stock cause it can only go higher. No really things are looking up BUY BUY BUY.

  11. Good stuff, AU.

    Sure. What the hell. Since we’re printing money, and have flushed so much away already, why not also directly bail out individuals. While an imperfect solution, cut a $100,000 check to each family in America. With ~78 million families, you have an extra $78 trillion in stimulus.

    Okay, back to reality.

    Let’s see… if the administration’s plan is to spend a paltry $75 billion on a mortgage bailout designed to aid 1 in 9 U.S. homeowners, since there are around 58 million families in America that own a house, this translates to about 6.4 million loans that potentially stand to be rewritten. Crunching some numbers, it looks like this allocates around $11,718 to rehabilitate each loan. BWAHHHHHHHHH HAAAAAAAA HHHHAAAAAAAA

    That barely covers the service fees and bonuses to borrowers who don’t default, to say nothing of having to buy down the principle in drastically upside down loans to get all of the numbers to come out. The mortgage bailout plan appears to be ridiculously underfunded. On the other hand, if the onus is on the banks to eat a principle reduction, I guess money gets printed somewhere else and provided to the bank from a source external to the mortgage bailout program? (Even the omniscient are left scratching their heads on this one.)

  12. Since my given initials are GM, I always thought the logo GM, Mark of Excellence was appropos. Maybe I can pick it up for a song now?

  13. Why don’t they convert all these unaffordable mortages to 100 year, fixed rate, like Japan has/(had?)

  14. AU, that’s a way too obvious and sensible solution. Don’t even think like that again. We have a global collapse to attend to.

  15. You threw yourself on that hand grenade with great aplomb, Dr. D. I was sitting there paralyzed, thinking this must be a trap.

    100-year mortgages. Multi-generational debts. It feels un-American, which might be part of our problem. At a fixed rate, the difference in the monthly payment between 30-year and 100-year isn’t really that great.

    Tacking adverse possession collides, in an ugly future legal brawl, with a new socialist rule against perpetuities.

    Less abstractly (and before I lose the thought: only Bif could write so engagingly about a gas chromatograph), the effects of a mortgage interest deduction being phased out will probably have some impact on whether monkeys decide to honor their obligations.

    Pricing risk… any different for several decades versus a century?

  16. Choose your configuration of multi-generational debt I guess. Either way, it looks like folks are now being born into this for life. Entire lives could be lived in debt servitude, i.e. existing on this earth to make installments toward the balance due for benefits long ago reaped and bungled by others (and who strangely will be gone from the world) while the vast bulk of their legacy obligation is still on the table. Its remarkable really. Or just slap me, because the combined affect of a hundred black swans might well sweep all this into oblivion within the next couple decades if not sooner. A lot of debt only exists in electronic format.

  17. ya, Bif, not to worry, file in the “ain’t gonna happen” dept. americans make lousy serfs.

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