Is Ted Cruz Satan? Discuss.

[Hank Chinaski]

Originally Posted by Tyrone Slothrop

OK, so my hypothesis here is that Islam is a symptom of the violent extremism you're describing rather than the cause -- i.e., that what you are describing is true in a bunch of countries that happen to be Islamic, is the result of factors other than their religion, and is expressed in an Islamic form because because such things often find a religious outlet and the religion in these countries happens to be Islam.

Occam's Razor doesn't apply here? I mean, the demands or complaints or whatever you want to call them, are never "we need jobs" or "hope" or "freedom." The demands are always Allah ain't happy with something or other.

[taxwonk]

Originally Posted by ThurgreedMarshall

They definitely compete with each other. It's a big reason why the recession lasted as long as it did. Back in '05 to '07, things were so good that (corporate) borrowers who were even a mediocre risk started demanding that banks remove the protections in credit agreements that keep borrowers in line and provide warnings and protections to banks in case the credit starts going south. They called them covenant-light loans. Some banks wouldn't give in at first, but they eventually came around when there were 10 other banks ready to make that loan. And if you were making no loans, guess what! Loan officers were missing out on all those huge bonuses paid based on the size of your book! Plus your bosses were mad when they looked around at everyone else making tons of cash hand over fist.

When the crisis hit, lenders were stuck with lots of shitty credits that they couldn't default or, more likely re-work to keep the credit flowing at better rates, because the covenants on which they typically rely didn't exist. That kept them from lending way longer than it should have. Well, that and the fact that Lenders couldn't buy a LIBOR contract because the stated rate was pure fabrication (if published LIBOR was 5% on a 30-day contract, no bank could actually get a 30-day contract at a rate lower than fucking 20%).

I knew of banks who were calling their borrowers and saying, "Look, I know LIBOR is currently at 6%, but it is actually not available. Can you please allow us to change the LIBOR provisions of our credit agreements so that it says 'If no LIBOR contract is available at the published rate, we don't have to lend at the rate we agreed on?'" If they hadn't negotiated away their protective covenants in the first place, they would have been in a position, when borrowers blew their covenants, to say, "We'll continue to lend to you, but we need to revise the LIBOR language."

A lot of money ended up being lost because of competition. And it surely extended the recession.

You know what? We're already back in a covenant-light market (somewhat)!

TM

Could the Fed issue regs prohibiting covenant-light loans? Or raise reserve requirements, if you prefer, to make them less attractive to all banks?

[taxwonk]

Originally Posted by Hank Chinaski

Occam's Razor doesn't apply here? I mean, the demands or complaints or whatever you want to call them, are never "we need jobs" or "hope" or "freedom." The demands are always Allah ain't happy with something or other.

The problem with that is that Allah ain't happy because people can't get jobs, or can't get citizenship in Qatar or the UAE, or Saudi, which creates a wealthy, bottle-fed class of citizens and an underclass of guest workers. Thus, Allah ain't happy because the Wahabbi are oppressing the Shia.

Just one example. There are many others.

[Hank Chinaski]

Originally Posted by taxwonk

The problem with that is that Allah ain't happy because people can't get jobs, or can't get citizenship in Qatar or the UAE, or Saudi, which creates a wealthy, bottle-fed class of citizens and an underclass of guest workers. Thus, Allah ain't happy because the Wahabbi are oppressing the Shia.

Just one example. There are many others.

I learned to speak Italian earlier this year. Sometimes I wonder if my posts include Italian words so that they can't be understood. The one you were responding to was pretty straight forward.

[ThurgreedMarshall]

Originally Posted by taxwonk

I understand how banks work. And I did see "It's a Wonderful Life." I was suggesting that, instead of just throwing a bunch of money at the same assholes who blew it all in the first place, the G should have restored depositor accounts, wiped out the equity and debt on the bank itself, so the losers were the ones who invested money and then failed to keep an eye on the management, and turn the institution over to someone who would run it the way a bank is supposed to be run. Like George Bailey. What I am having trouble understanding is why it would cost so much more to do it the way I suggest than it did to just give more money to the fuck-ups?

I think you're thinking about it wrong. The fuck-ups have made their money already. It's not a punishment to let the bank fail. Sure the CEO will lose a few million in stock. But the money has already been pulled out in the form of huge bonuses. And should public shareholders and pension funds who own bank stock be completely flushed too? Think about what that would do to our economy. Lots of them lost on the banks that got bought for pennies as it is.

And as I said before, in order to do what you are suggesting, the government would have had to take over bank after bank after bank. Which banks do you take over and which do you let fail? You going to just punish the ones that gambled on CDOs? What about the ones that will fail who didn't? Do you take over all of them? Would that even matter at that point at far as depositors are concerned? There would still be a tremendous run on every single bank. And it would be worldwide. Would every other country do the same thing?

And backing up deposits is only one aspect of what would be necessary. What about all the revolving loans? Are you going to keep making them? What about the tons of other products and services they provide? Who is going to run these banks? The same people that were running them, but the government would be checking their work?

TM

[ThurgreedMarshall]

Originally Posted by taxwonk

Could the Fed issue regs prohibiting covenant-light loans? Or raise reserve requirements, if you prefer, to make them less attractive to all banks?

They did adjust reserve requirements. And that extended the time banks wouldn't lend. Not saying it's wrong, but it definitely kept the economy stagnant.

And the government won't get into the ins and outs of deal negotiation. It doesn't make sense because every deal is different.

What should happen is bonuses (in all the financial industries) should be capped or amortized. But good luck getting that passed.

TM

[taxwonk]

Originally Posted by Hank Chinaski

I learned to speak Italian earlier this year. Sometimes I wonder if my posts include Italian words so that they can't be understood. The one you were responding to was pretty straight forward.

You can't be that straight-forward if your livelihood is dependent upon not pissing off the sheik with his boot on your neck. You also can't really understand why you are being held down while others are living large. So someone tells you it's because you are the wrong kind of Muslim, and you cling to that because there is no other reasonable explanation.

I thought I was being pretty straight-forward, too. Apparently I'm just having trouble communicating all around today. Maybe I should just shut the fuck up.

[Hank Chinaski]

Originally Posted by taxwonk

I thought I was being pretty straight-forward, too. Apparently I'm just having trouble communicating all around today. Maybe I should just shut the fuck up.

I think you are sincere that you want some direction and you are without any. Baby Jesus Would like for you to start attacking Ty and Sidd at every opportunity here. Please begin. I will keep you posted as my lord updates your instruction.

[SEC_Chick]

Regarding the new thread title, I am relatively certain that I am the only person on the board that voted for Ted Cruz (primary and general election).

I am further certain that I am alone on this board in my love for him. Were I not happily married with 3 kids, I would have his babies. Mr. Chick is aware and has assented to Ted Cruz being on my "laminated list" of the Seinfeld era.

[taxwonk]

Originally Posted by SEC_Chick

Regarding the new thread title, I am relatively certain that I am the only person on the board that voted for Ted Cruz (primary and general election).

I am further certain that I am alone on this board in my love for him. Were I not happily married with 3 kids, I would have his babies. Mr. Chick is aware and has assented to Ted Cruz being on my "laminated list" of the Seinfeld era.

Namaste.

[Sidd Finch]

Originally Posted by Greedy,Greedy,Greedy

If I had to identify the biggest things I thought fueled the rise of ISIS, they would be as follows:

1. Assad. Lots of causes for him being there and being what he is, but the chaos and brutality of his reign have a lot to do with creating the conditions in Syria for ISIS.

2. The Iraq war. We are the primary drivers of the conditions for ISIS' existence on the Iraqi side of the border. The combination of destabilizing local governments when we took out Hussein's people without having people and systems to put in place and leaving enormous caches of arms and large numbers of disenfranchised soldiers and police has a lot to do with why ISIS spread in Iraq.

3. Oil. Lots of people keep buying ISIS oil. It's their main source of funding. The pay their soldiers ten times what the other members of the Assad opposition pay their soldiers.

4. Gulf oil. Additional funding has come from individual oil barrons in the Gulf States and Saudi Arabia. Governments are tightening the screws on this now, but ISIS has alternative financing.

5. Theology. Being the baddest guy on the block helped them get off the ground by raising money originally and gets them some Jihadis, especially the ones they use for suicide attacks, even though their elite troops seem to be drawn more from the ranks of unemployed professional soldiers out of Iraq than from jihadis.

There are four things on that list the US can or has influence, but we're spending more time on the 5th. We seem to have drawn a line around Baghdad and Mosul, and along the Turkish border. If that holds, their rampage is unlikely to exceed Assads in body count. If that doesn't hold, you are exactly right.

I agree with this completely. And ISIS may be the "healing crisis" that gets governments that have gleefully fueled "kill the infidel" Muslim extremism to realize the error of their ways. The "oh, shit, that stuff can get out of hand" reaction that led gulf states to participate in bombing against a Sunni extremist group is important.

[Sidd Finch]

Originally Posted by Greedy,Greedy,Greedy

We have had a few drinks together. Have you ever seen me waste good scotch?*


* Also, note, I have inserted several disclaimers that I think no one on the board is a racist. At least, I largely think that.

Fair enough, and I was trying (failing) to be tongue-in-cheek. Though I've seen us both waste good booze putting Wonk into the hospital, which was a true shame.

You called me a racist, threw a drink in my face, stormed off in anger, then felt bad about it and arranged for Gwink to come in and give me a five-hour blowjob. Better? (Much, in my view.)

[taxwonk]

Originally Posted by Sidd Finch

Fair enough, and I was trying (failing) to be tongue-in-cheek. Though I've seen us both waste good booze putting Wonk into the hospital, which was a true shame.

You called me a racist, threw a drink in my face, stormed off in anger, then felt bad about it and arranged for Gwink to come in and give me a five-hour blowjob. Better? (Much, in my view.)

See, now if I'd gotten the five-hour blowjob, I probably wouldn't have wound up in the hospital.

ETA, Why does the five-hour blowjob make me think of the five-dollar milkshake from Pulp Fiction?

[Sidd Finch]

Originally Posted by taxwonk

See, now if I'd gotten the five-hour blowjob, I probably wouldn't have wound up in the hospital.

ETA, Why does the five-hour blowjob make me think of the five-dollar milkshake from Pulp Fiction?

GGG was too tired. Besides, we were in Chicago, so the only candidate for services was Ruysbroeck and he starts at the wrong end.

[taxwonk]

Originally Posted by sidd finch

ggg was too tired. Besides, we were in chicago, so the only candidate for services was ruysbroeck and he starts at the wrong end.

potm.