posted on Oct, 16 2009 @ 12:40 PM
Originally posted by pluckynoonez
Not really a face-off, Max Keiser slam dunks some greenie on what is really going on.
"People are dying because of JP Morgan, Goldman Sachs, and Wall Street' jihadies."
I love this man!
Every time I see your avatar I lose concentration .. thats got to be the sexiest woman alive.
If thats actually you Plucky - then I have to say you have the finest set of assets Ive seen on a woman, wit and intelligence.
What .. ?
Anyways - Max Keiser - whats not to love - he kicks ass.
"Now the words not froth, its fraud." Rofl. "I've worked on Wall St, I know exactly how to cook your books, if your interested in doing so."
Across the floor though - well, God - Ive never heard so much crap from one weedy little faggot.
"As time goes on those assets become less toxic - but thats a long term process."
Right - so let me clear this up - the debt that was owed is defaulted, the borrower has no job - can't possibly pay.
That mortgage is leveraged 100 times, as an MBS - so not only is it underwater 99% - but in fact its in default.
But the bank won't foreclose - it will keep that asset on its books as if it were worth its original price - because of course, the mortgage has not
been foreclosed on - so everything must still be rosy right?
Now - lets see - lets wait a year - ok - the house is still foreclosed - the owner hasn't paid a cent - he is on food stamps.
Now please explain to me how that asset has become less toxic?
"Everything looks good from the ivory tower." Ya - right on target Max.
Anyway, who was the poor little kid who got schooled by Max?