A Twitter Challenge: Spread Bailout Awareness & Help 'The Daily Bail' Get 5,000 Followers
The Daily Bail has had a Twitter account for months strictly to publish our stories. I'm not even very disciplined at updating that simple feature. Not sure why I can't get excited about Twitter, unless it's the sickening narcissism of the constant personal updates from some. I guess it could be that. I'm probably not winning points with dedicated users with the criticism, but I've always been stupid like that. Insult you and then ask for your help.
So help the cause of bailout awareness and education by helping us get to 5,000 followers. We have maybe 25 now so the journey might suck. Or maybe 1 of you Twitter geniuses can figure out how to make it smooth and easy for us to reach a larger audience. We like our website traffic numbers very much already (I'll post them soon) but we know that there are hundreds of thousands of young people who need to be made aware that our generation's bailout heist is literally stealing their future. We're just trying to do our part while avoiding insanity, and now we need you to do your part.
So do your Twitter thing and help us spread the word. Lots of 'please-s' and many, many 'thank you-s' from us here at headquarters.
May 26, 2009 at 3:12 PM
Reader Comments (9)
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Banks Lobby to Game PPIP
by CalculatedRisk on 5/27/2009 12:17:00 AM
From the WSJ: Banks Aiming to Play Both Sides of Coin
... Banking trade groups are lobbying the Federal Deposit Insurance Corp. for permission to bid on the same assets that the banks would put up for sale as part of the government's Public Private Investment Program.
...
The lobbying push is aimed at the Legacy Loans Program, which will use about half of the government's overall PPIP infusion to facilitate the sale of whole loans such as residential and commercial mortgages.
Federal officials haven't specified whether banks will be allowed to both buy and sell loans ...
Some critics see the proposal as an example of banks trying to profit through financial engineering at taxpayer expense, because the government would subsidize the asset purchases.
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"The notion of banks doing this is incongruent with the original purpose of the PPIP and wrought with major conflicts," said Thomas Priore, president of ICP Capital, a New York fixed-income investment firm overseeing about $16 billion in assets.
Hopefully the answer will be a resounding "NO". The purpose of PPIP is to remove the toxic legacy assets from the bank's balance sheet, not to allow the banks to game the program at taxpayer expense.
Either a buyer or a seller be - but not both.
Sheila says "No" to the banks themselves, but what about banker-supported third parties, like a "trade group"? Not clear. Doesn't matter though. PPIP can still screw us 9 ways from Sunday. If the banks are "well capitalized" as Turbo and Bubbles keep saying, then cancel Pee-PIP. Let the banks sell whatever the hell they want at market prices. WTF is the "partnership" for anyway, unless it's to effect yet another back-door bailout?