tag:blogger.com,1999:blog-14963913.post8066961082537219306..comments2023-10-27T20:27:57.900-04:00Comments on Kid Dynamite's World: A Sit Down With Senior Treasury Officials - Part IIKid Dynamitehttp://www.blogger.com/profile/17475987512856310577noreply@blogger.comBlogger17125tag:blogger.com,1999:blog-14963913.post-65801304787918025032009-11-06T16:51:35.545-05:002009-11-06T16:51:35.545-05:00"anon - there was a period of time where i fe..."anon - there was a period of time where i fell asleep unexpectedly, and when i woke up my pants were unbuttoned."<br />LMAO<br /><br />BullandBear said:<br />"Given the choice between food lines like the Great Depression and a Lost Decade like Japan, which would a policy maker choose? It's a no-brainer, really."<br /><br />My only problem is it implies policy makers have a choice.<br /><br />Still, unemployment by some measures right now is as bad as the Depression, but the world is a very different place 70 plus years later. I do not think they had 2 years of unemployment back then.EconomicDisconnecthttps://www.blogger.com/profile/02802078645713106743noreply@blogger.comtag:blogger.com,1999:blog-14963913.post-37500513746073115092009-11-06T15:51:54.416-05:002009-11-06T15:51:54.416-05:00anon - there was a period of time where i fell asl...anon - there was a period of time where i fell asleep unexpectedly, and when i woke up my pants were unbuttoned.<br /><br />what i meant by those two statements you asked about was that the first one applied to buyers of mortgage backed securities - financial institutions etc. who are generally sophisticated, and if they are not sophisticated, should not be trading these products. <br /><br />The second sentence was about consumers - since it's clear we're not completely willing to tell people they need to be accountable for their bad mortgage decisions, we need to make it so that they can't claim ignorance - we need to protect them from their own stupidity with simple documents.Kid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-14963913.post-67075698113241101412009-11-06T15:48:24.275-05:002009-11-06T15:48:24.275-05:00lurker - there were no slides - it was more of a d...lurker - there were no slides - it was more of a discussion than a presentation.<br /><br />at each of our seats there were some background materials, but they are nothing special, and were not gone through as part of the discussion. i didn't even read them until i was on my way home<br /><br />there were a number of people around the room who looked like junior staffers - paying attention to their blackberries - in addition to the several (six to 8 - they came and went) treasury officials who were at the table.Kid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-14963913.post-34800670131194072402009-11-06T15:33:58.619-05:002009-11-06T15:33:58.619-05:00Kid,
In one paragraph you state:
"It was note...Kid,<br />In one paragraph you state:<br /><i>"It was noted that the products[toxic paper] could be understood by those who deigned to actually understand them, and that <b>those who didn't understand what they were buying were responsible for their decisions."</b></i><br /><br />But in the next paragraph you contradict yourself by stating: <i>"Consumers need to be protected from their own ignorance."</i><br /><br />Could you please clarify that.<br /><br /><br />Other than that, great recap.<br /><br /><br />p.s. Was there any period of time you cannot account for? When you got back home, did you check your body all over for any mysterious marks?<br />Did you touch anything there in a way that they could get a sample of your DNA? If so, then watch your back; They could now create a clone of you to control, and then go ahead and kill you.<br /><br />:o)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14963913.post-42418741706604576362009-11-06T14:28:14.165-05:002009-11-06T14:28:14.165-05:00To put a finer point on it.
Treasury Guy gave a p...To put a finer point on it.<br /><br />Treasury Guy gave a presentation.<br /><br />how senior was he?<br />who else from his tribal sub-dept was there?<br />if so was he observing reactions and not talking?<br />if not what did he say? what did he ask?<br /><br /><br />The Presentation<br /><br />Was it powerpoint?<br />Did they provide slides?<br /><br />IF so can we see them <br />(I know they were not made available... sigh you guys need better training)<br /><br /><br />Typical Preso Format<br />-----------------------<br />BURNING ISSUE SLIDES<br />STUFF EVERYONE KNOWS BUT HAVE TO HAVE SLIDES<br />PRETTY GRAPHICS SHOWING "GOOD STUFF"<br />DISCLOSURE (whoa whats that!)<br />CONCLUSION <br /><br /><br />So did you guys pay attention or did you get distracted by the pretty picture part?<br /><br />WHAT was on the last 2 slides???<br />What was ON THE SLIDE when he said -<br />"the focus was now on reducing the footprint of economic intervention cautiously, quickly and prudently."?<br /><br />What you think you know about motive is probably mistaken.<br /><br />Ok, I'll tell you. They were most likely looking for reactions to something new. They were most likely NOT justifying current policy.<br /><br />The Played comment was to get your attention not get anyone riled. If you took offense I withdraw that statement.<br /><br />Yes you were right to go and this may open up future discourse. Who knows? Its a wacky world these days Blogger goes to washington, NY whatever.Lurkernoreply@blogger.comtag:blogger.com,1999:blog-14963913.post-47530606920945139122009-11-06T13:41:01.086-05:002009-11-06T13:41:01.086-05:00look, Lurker, if you think I'm now another arm...look, Lurker, if you think I'm now another arm of the Treasury, or that I've proven to be an instrumental cog in some well designed market research test they're doing, well then, you have a different interpretation of my recap than I do. I hardly think I was complementary or in agreement with any of their policies.<br /><br />And yes - I'm no fool - the FIRST thing I did when i received the invite to the Treasury was to figure out why they'd do it. the answer is not hard - they hoped to convince some intelligent yet non-wingnut people that their course of action was the right one. It's pretty clear to me, having attended the meeting, that they failed in this endeavor. None of us came away saying "jeez - i guess they ARE correct! this is great policy!"<br /><br />anyway, what is your point? you think i got "played" ? you think i'd have been better off not going? I disagreeKid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-14963913.post-46439670953863027112009-11-06T13:34:13.156-05:002009-11-06T13:34:13.156-05:00Yep they want stress tests to go away... that'...Yep they want stress tests to go away... that's why they had pat answers at the ready. Ok... Santa Claus is comming to town too<br /><br />Please think a bit more deeply than the standard "troll swat" reply.<br /><br />The Treasury wanted this meeting to occur. Why?<br /><br />To entertain themselves?<br />To communicate with the blogsphere in a more direct avenue?<br />To answer all your little questions?<br /><br />Come on. You play poker what happens when a guy bet strong pre then gets cards that are no help on flop, 4th and 5th?<br /><br />They are TESTING something out. Think about it.Longtime Lurkernoreply@blogger.comtag:blogger.com,1999:blog-14963913.post-78840751798300566562009-11-06T12:59:01.300-05:002009-11-06T12:59:01.300-05:00@BullandBear - that is a beautifully simple explan...@BullandBear - that is a beautifully simple explanation of the Administrations actions. <br /><br />My problem is that it seems like we'll be facing the lost (half) decade, and THEN the Great Depression lines when reality hits and the delay and pray method fails!Kid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-14963913.post-50672068731955538142009-11-06T12:57:29.234-05:002009-11-06T12:57:29.234-05:00@ Lurker - on the contrary - they want the stress ...@ Lurker - on the contrary - they want the stress tests to just go away, but when they used it as a political point of success, we called them out on it. <br /><br />it's really hard for anyone to make a sensible argument that I'd have been better off by refusing to attend this meeting, or that i was somehow owned or played by the Treasury.Kid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-14963913.post-41109971517535760322009-11-06T12:29:48.932-05:002009-11-06T12:29:48.932-05:00Kid,
You guys were played and don't even know...Kid,<br /><br />You guys were played and don't even know it...<br /><br />It's typical that people come out of meetings feeling "gee I hoped it would be better". AND NEVER ASK "Hey what did the other party get out of this?".<br /><br />Bottom Line you guys were a free focus group for the "new new" message that the Tresury will be trotting out in about 1-2 months.<br /><br />AND from reading part 1 I think I know _WHY_ you were invited.<br /><br />To Quote:<br />"This drew a chorus of "whoa whoa's" and a murmur from a number of STO's present in the room, who quickly banded together to clarify that no one knew the results of the stress tests before they happened, and that they were designed to restore confidence by identifying the levels of capital needed by the banks, and requiring them to raise such capital."<br /><br />The "Whoa Whoa" is that the treasury wants to recast the Stress Tests as something else now.<br /><br />So what is the new new spin?<br /><br />That Identifying the capital needed is what the Stress Test was all about? This is new... earlier this year the tests were to PROVE what banks were sound. And strangely enough they all were go figure.<br /><br />Or more ominously perhaps they are a few months away from HAVING to explain why the stress test need "re-explaining".Long Time Lurker at Across the Curvenoreply@blogger.comtag:blogger.com,1999:blog-14963913.post-5219167628672411012009-11-06T12:24:59.951-05:002009-11-06T12:24:59.951-05:00Given the choice between food lines like the Great...Given the choice between food lines like the Great Depression and a Lost Decade like Japan, which would a policy maker choose? It's a no-brainer, really.BullandBearWisehttps://www.blogger.com/profile/10060549881104128218noreply@blogger.comtag:blogger.com,1999:blog-14963913.post-78802151149130214782009-11-06T10:09:46.630-05:002009-11-06T10:09:46.630-05:00Thanks for the writeup, and thanks for taking the ...Thanks for the writeup, and thanks for taking the time during a busy week to head to the meeting.<br /><br />WRT the GMAC question, I think it is both an excellent question to have raised, and the only answer possible to have received under the circumstances. I really can't think of what else they could have said that wouldn't become an unwelcome news item.<br /><br />-peterpeterAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-14963913.post-22293028883440764912009-11-06T08:47:42.735-05:002009-11-06T08:47:42.735-05:00Great reading. We need more people like you trying...Great reading. We need more people like you trying to get at the "truth".Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14963913.post-20566557062942654342009-11-06T07:13:41.107-05:002009-11-06T07:13:41.107-05:00Well done, sir.Well done, sir.The Bracelethttps://www.blogger.com/profile/04609637071739374804noreply@blogger.comtag:blogger.com,1999:blog-14963913.post-39736759267926632752009-11-06T01:16:05.913-05:002009-11-06T01:16:05.913-05:00great post. keep them honest, kid.great post. keep them honest, kid.Lockstephttps://www.blogger.com/profile/18341236022895829445noreply@blogger.comtag:blogger.com,1999:blog-14963913.post-49820552229501569142009-11-05T23:32:32.561-05:002009-11-05T23:32:32.561-05:00Great post and appreciate your insights.Great post and appreciate your insights.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14963913.post-77160648949923814832009-11-05T22:54:33.052-05:002009-11-05T22:54:33.052-05:00Kid,
unreal. just unreal. Great journalism I app...Kid,<br />unreal. just unreal. Great journalism I apprecite it.<br /><br />I think we can guess the real policy in place now.<br /><br />Better to hide than be upfront about things.<br /><br />Huge diclaimer: I am long gold but maybe you should be;<br />plus toilet paper<br />canned soupsEconomicDisconnecthttps://www.blogger.com/profile/02802078645713106743noreply@blogger.com