Comments on: Cerberus Revisited http://www.noquarterusa.net/blog/15220/cerberus-revisited/ Fri, 25 May 2012 00:53:00 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: Karma http://www.noquarterusa.net/blog/15220/cerberus-revisited/#comment-1148178 Karma Tue, 24 Feb 2009 20:42:54 +0000 http://www.noquarterusa.net/blog/?p=15220#comment-1148178 LD, Great job again! It really does make you wonder if they are cruising through here/your site. ;) And thanks for spelling it out for us then. I have come to terms with the fact my warranty may expire due to those Cerberus clowns before the mileage takes it out. It doesn't matter...I still love the car. LD,

Great job again!

It really does make you wonder if they are cruising through here/your site. ;)

And thanks for spelling it out for us then. I have come to terms with the fact my warranty may expire due to those Cerberus clowns before the mileage takes it out.

It doesn’t matter…I still love the car.

]]> By: Karma http://www.noquarterusa.net/blog/15220/cerberus-revisited/#comment-1148173 Karma Tue, 24 Feb 2009 20:37:28 +0000 http://www.noquarterusa.net/blog/?p=15220#comment-1148173 I completely agree Andrew and was fortunate enough to drive some great cars. They certainly shaped us and our activities. It is a shame if they take these cars from us. Yes, not every one is into these...which is why they make four bangers. ;) Anyway, this show Top Gear did this great episode on American cars. They test drove the Challenger, Corvette, and Cadillac to the Salt Flats and tried their luck there. It was interesting to see them fall for their cars at various points during the road trip to Utah. Though it took the dude in the Cadillac a while to discover his....the mountian pass segment is where it finally happened. Here is a small write up http://www.topgear.com/us/the_show/more/season-12-ep-2-us-road-trip-part-deux/ Not sure if it is still on tv. But you can catch a couple of video segments of Epidsode 2 here. http://www.topgear.com/us/the_show/episode_guide/category/season-12 Mountain pass segment. http://www.topgear.com/us/videos/more/climbing-mountains-in-muscle-cars I completely agree Andrew and was fortunate enough to drive some great cars. They certainly shaped us and our activities. It is a shame if they take these cars from us. Yes, not every one is into these…which is why they make four bangers. ;)

Anyway, this show Top Gear did this great episode on American cars. They test drove the Challenger, Corvette, and Cadillac to the Salt Flats and tried their luck there.

It was interesting to see them fall for their cars at various points during the road trip to Utah. Though it took the dude in the Cadillac a while to discover his….the mountian pass segment is where it finally happened.

Here is a small write up

http://www.topgear.com/us/the_show/more/season-12-ep-2-us-road-trip-part-deux/

Not sure if it is still on tv. But you can catch a couple of video segments of Epidsode 2 here.

http://www.topgear.com/us/the_show/episode_guide/category/season-12

Mountain pass segment.

http://www.topgear.com/us/videos/more/climbing-mountains-in-muscle-cars

]]> By: LD http://www.noquarterusa.net/blog/15220/cerberus-revisited/#comment-1148045 LD Tue, 24 Feb 2009 17:05:59 +0000 http://www.noquarterusa.net/blog/?p=15220#comment-1148045 Elise, The key to this ENTIRE mess is the fact that disciplined underwriting of loans was horrendous. Why? Because the overwhelming majority of the loans were bundled into securities and SOLD. Why did investors buy them? They were negligent in doing their homework and allowed the ratings assigned by the rating agencies to serve as their due diligence. At every point in the process, the common denominator was excessive greed. Now we pay... Elise,

The key to this ENTIRE mess is the fact that disciplined underwriting of loans was horrendous. Why? Because the overwhelming majority of the loans were bundled into securities and SOLD.

Why did investors buy them? They were negligent in doing their homework and allowed the ratings assigned by the rating agencies to serve as their due diligence.

At every point in the process, the common denominator was excessive greed. Now we pay…

]]> By: andrew191 http://www.noquarterusa.net/blog/15220/cerberus-revisited/#comment-1148044 andrew191 Tue, 24 Feb 2009 17:03:24 +0000 http://www.noquarterusa.net/blog/?p=15220#comment-1148044 There weren't any lines at the Home Depot down on First last Saturday. What could be a better barometer for the degree of fear that's crippling the world right now? Even more disturbing, there was a very large and desperate, even hostile, group of illegals swarmed at the parking lot fence. How long will it be before they resort to crime just to feed themselves? Obama and crew have used the Cloward-Pivens strategy and Alinsky's rules for radicals to perfection. We now live in a country where so many have been so miseducated about the true role of a government that was meant to preserve a haven for individual freedom, that they don't realize that the Obama government is actually stripping us all of the few freedoms that we have left. We now have a majority in this country that expect the government to directly provide all the things that we're supposed to obtain by ourselves. When we ask the government to provide an endless grocery list of goodies, we're giving away our freedom and dignity. Since our government wasn't set up to provide houses, health care, food, cars, or anything else that we consider the basic necessities, the expectations of a misinformed and increasingly angry mob may rip appart what little remains of the vision our founders had. The resulting void will be filled with the type of power hungry monsters that have orchestrated this crisis in the first place. There weren’t any lines at the Home Depot down on First last Saturday. What could be a better barometer for the degree of fear that’s crippling the world right now? Even more disturbing, there was a very large and desperate, even hostile, group of illegals swarmed at the parking lot fence. How long will it be before they resort to crime just to feed themselves?

Obama and crew have used the Cloward-Pivens strategy and Alinsky’s rules for radicals to perfection. We now live in a country where so many have been so miseducated about the true role of a government that was meant to preserve a haven for individual freedom, that they don’t realize that the Obama government is actually stripping us all of the few freedoms that we have left. We now have a majority in this country that expect the government to directly provide all the things that we’re supposed to obtain by ourselves. When we ask the government to provide an endless grocery list of goodies, we’re giving away our freedom and dignity. Since our government wasn’t set up to provide houses, health care, food, cars, or anything else that we consider the basic necessities, the expectations of a misinformed and increasingly angry mob may rip appart what little remains of the vision our founders had. The resulting void will be filled with the type of power hungry monsters that have orchestrated this crisis in the first place.

]]> By: mountainaires http://www.noquarterusa.net/blog/15220/cerberus-revisited/#comment-1148024 mountainaires Tue, 24 Feb 2009 16:12:47 +0000 http://www.noquarterusa.net/blog/?p=15220#comment-1148024 Why <em>doesn't</em> Cerberus do it? Why, indeed. That's a good question. The answer, of course, is a confluence of politics and a game of chicken to be sure. Obama doesn't want thousands of workers thrown into the void on his watch. The Democratic Party is looking forward to 2010 and 2012. The automakers and Cerberus and Obama all know full well that if they fearmonger, <em>we'll</em> allow them to tap the public purse if we get $13 a week in return. We sell out entire futures so cheaply, don't we? Governments have no business buying stakes in privately owned companies in the first place. The Fed--not even part of our government--has now become the de facto United States Bank. This is just a complete meltdown of entire system of government. They "screwed the pooch" as the astronauts liked to say. <em>Caution: Rant Imminent</em> This is why Moral Hazard is so vital to keep in mind. The entire government is a moral hazard if you ask me; they are a moral hazard to the people of this nation. Either you do, or you do not, believe that people should be held accountable for their actions. If you do believe that, you simply cannot support the continued theft of taxpayer money to bail out corporations which have been reckless, irresponsible and frankly, criminal, for decades. You know, this is a little OT on the Cerberus issue, but it goes to the fundamental issue of accountability--for Chrysler, GM, AIG, Citi, BofA, and our financial system: No one is being held accountable, except those of us who kept our financial affairs in order!! I resent the hell out of it. Let the carmakers go bankrupt; let the banks go bankrupt. Let AIG and all the insurance companies go bankrupt. Let the buyers who lied on their mortgage apps, go bankrupt. When they do, private money will come in and purchase the assets that are worth purchasing. A new system of regulated financials can rise from the ashes; a new group of automakers can rise from the ashes. Housing will begin to sell foreclosed, then price homes acc. to income; conservative lending can then begin again. But unless we allow the natural consequences of their actions to occur, we are driving this economy off the cliff, and dragging the entire financial structure off the cliff with us. <em>Okay, rant over. </em> Sometimes you just need to vent. But read this, and it will piss you off as much as it did me! I call it the <strong>"HOODATHUNKIT DEFENSE."</strong> <em>Grrr....</em> <strong>Ex-Fed governor feels 'accountable' in economic crisis </strong> From CalculatedRiskblog.com http://www.calculatedriskblog.com/2009/02/former-fed-governor-feels-accountable.html http://www.greenvilleonline.com/apps/pbcs.dll/article?AID=2009902220336 Why doesn’t Cerberus do it? Why, indeed.
That’s a good question.

The answer, of course, is a confluence of politics and a game of chicken to be sure. Obama doesn’t want thousands of workers thrown into the void on his watch. The Democratic Party is looking forward to 2010 and 2012. The automakers and Cerberus and Obama all know full well that if they fearmonger, we’ll allow them to tap the public purse if we get $13 a week in return. We sell out entire futures so cheaply, don’t we?

Governments have no business buying stakes in privately owned companies in the first place. The Fed–not even part of our government–has now become the de facto United States Bank. This is just a complete meltdown of entire system of government. They “screwed the pooch” as the astronauts liked to say.

Caution: Rant Imminent

This is why Moral Hazard is so vital to keep in mind. The entire government is a moral hazard if you ask me; they are a moral hazard to the people of this nation. Either you do, or you do not, believe that people should be held accountable for their actions.

If you do believe that, you simply cannot support the continued theft of taxpayer money to bail out corporations which have been reckless, irresponsible and frankly, criminal, for decades.

You know, this is a little OT on the Cerberus issue, but it goes to the fundamental issue of accountability–for Chrysler, GM, AIG, Citi, BofA, and our financial system:

No one is being held accountable, except those of us who kept our financial affairs in order!! I resent the hell out of it.

Let the carmakers go bankrupt; let the banks go bankrupt. Let AIG and all the insurance companies go bankrupt. Let the buyers who lied on their mortgage apps, go bankrupt. When they do, private money will come in and purchase the assets that are worth purchasing. A new system of regulated financials can rise from the ashes; a new group of automakers can rise from the ashes. Housing will begin to sell foreclosed, then price homes acc. to income; conservative lending can then begin again. But unless we allow the natural consequences of their actions to occur, we are driving this economy off the cliff, and dragging the entire financial structure off the cliff with us.

Okay, rant over. Sometimes you just need to vent.

But read this, and it will piss you off as much as it did me! I call it the “HOODATHUNKIT DEFENSE.”

Grrr….

Ex-Fed governor feels ‘accountable’ in economic crisis

From CalculatedRiskblog.com

http://www.calculatedriskblog.com/2009/02/former-fed-governor-feels-accountable.html

http://www.greenvilleonline.com/apps/pbcs.dll/article?AID=2009902220336

]]> By: Seattle Moss http://www.noquarterusa.net/blog/15220/cerberus-revisited/#comment-1147983 Seattle Moss Tue, 24 Feb 2009 14:20:36 +0000 http://www.noquarterusa.net/blog/?p=15220#comment-1147983 Andrew, Nice to wake up and read your fine prose! Obama and his socialist engineers have robbed us of our dreams. No more are we allowed to think about the good life or our heritage and the great cars and experiences we enjoyed. Now one size car fits all and the money we make through our labor needs to be given back to the state. Very much like the Soviet Union... I wonder if we will have those long lines to buy essentials.. Andrew,
Nice to wake up and read your fine prose!
Obama and his socialist engineers have robbed us of our dreams. No more are we allowed to think about the good life or our heritage and the great cars and experiences we enjoyed. Now one size car fits all and the money we make through our labor needs to be given back to the state.
Very much like the Soviet Union…

I wonder if we will have those long lines to buy essentials..

]]> By: Linda C. http://www.noquarterusa.net/blog/15220/cerberus-revisited/#comment-1147972 Linda C. Tue, 24 Feb 2009 13:24:43 +0000 http://www.noquarterusa.net/blog/?p=15220#comment-1147972 Cerebus is acting smug and we are in no way beholden to them. GM is a public company and is working with a bit more transparency. If Cerebus can't do its fiduciary bit then it will have to suffer the consequences. If Cerebus wants to do business in the same way then the same old consequences of doing business applies. Same with the banks. This new idea that capitalism is just a means of socializing debt and risk while the private sector gets the profits has to go. Cerebus is playing chicken and we need to call them on it. Cerebus is acting smug and we are in no way beholden to them. GM is a public company and is working with a bit more transparency. If Cerebus can’t do its fiduciary bit then it will have to suffer the consequences. If Cerebus wants to do business in the same way then the same old consequences of doing business applies. Same with the banks. This new idea that capitalism is just a means of socializing debt and risk while the private sector gets the profits has to go.
Cerebus is playing chicken and we need to call them on it.

]]> By: anon http://www.noquarterusa.net/blog/15220/cerberus-revisited/#comment-1147942 anon Tue, 24 Feb 2009 07:48:24 +0000 http://www.noquarterusa.net/blog/?p=15220#comment-1147942 as a transport fuel...sorry for the typo/retardation as a transport fuel…sorry for the typo/retardation

]]> By: andrew191 http://www.noquarterusa.net/blog/15220/cerberus-revisited/#comment-1147940 andrew191 Tue, 24 Feb 2009 07:43:44 +0000 http://www.noquarterusa.net/blog/?p=15220#comment-1147940 Jeeze SM, the cars we've driven sort of tie into the evolution of our lives. It's a truly American experience! It's really fun to look back on all of the rides we've had and owned since we got our licenses and ponder just how those rides might have shaped our lives. I too drove the old family Delta 88 for some time in my later college years, what a solid set of wheels. It would be a gas if others could recount just how their lives were shaped by the steel they drove, or wanted to drive, and connect that aspect of their lives with where they are today. The movie "American Graffitti" was such a wonderful flic that tied us together not only for an American love for hot wheels, but also sewed us together with music and a mutual understanding of what it is to be an American. The current Obama Zeitgeist crushes that basic American spirit. I now feel like a foriegner in the country that I was born in. It's beginning to feel as though I've been transported into the old soviet union. It's depressing. Jeeze SM, the cars we’ve driven sort of tie into the evolution of our lives. It’s a truly American experience! It’s really fun to look back on all of the rides we’ve had and owned since we got our licenses and ponder just how those rides might have shaped our lives. I too drove the old family Delta 88 for some time in my later college years, what a solid set of wheels. It would be a gas if others could recount just how their lives were shaped by the steel they drove, or wanted to drive, and connect that aspect of their lives with where they are today. The movie “American Graffitti” was such a wonderful flic that tied us together not only for an American love for hot wheels, but also sewed us together with music and a mutual understanding of what it is to be an American. The current Obama Zeitgeist crushes that basic American spirit. I now feel like a foriegner in the country that I was born in. It’s beginning to feel as though I’ve been transported into the old soviet union. It’s depressing.

]]> By: anon http://www.noquarterusa.net/blog/15220/cerberus-revisited/#comment-1147939 anon Tue, 24 Feb 2009 07:42:32 +0000 http://www.noquarterusa.net/blog/?p=15220#comment-1147939 Like I have any solution...but I'll say this, not until the bad debt has been reckoned, not until those who should and must fail do fail, not until reality of the debt is reconciled with reality will this obscenity end and the heal begin. I'm not privy to the Gov't or Wall Street great thinkers. But I think I know what I'm seeing...timidity in a time that requires leadership, certainty and strength. I 'm not feeling like politics tonight (though I've got not a mouth but a universe of criticism about that) I'm feeling like talking money, economics and finance. "This sucker's gonna blow" GWB circa September 16. 2008. Not to be all gloom and doom, though I think we've got to realize reality. If you've got any way to get invested, job, stocks etc. with natural gas or its distribution and a transport fuel DO IT!! Like I have any solution…but I’ll say this, not until the bad debt has been reckoned, not until those who should and must fail do fail, not until reality of the debt is reconciled with reality will this obscenity end and the heal begin.

I’m not privy to the Gov’t or Wall Street great thinkers. But I think I know what I’m seeing…timidity in a time that requires leadership, certainty and strength. I ‘m not feeling like politics tonight (though I’ve got not a mouth but a universe of criticism about that) I’m feeling like talking money, economics and finance.

“This sucker’s gonna blow” GWB circa September 16. 2008.

Not to be all gloom and doom, though I think we’ve got to realize reality. If you’ve got any way to get invested, job, stocks etc. with natural gas or its distribution and a transport fuel DO IT!!

]]> By: andrew191 http://www.noquarterusa.net/blog/15220/cerberus-revisited/#comment-1147932 andrew191 Tue, 24 Feb 2009 07:09:11 +0000 http://www.noquarterusa.net/blog/?p=15220#comment-1147932 This administration knows capitalism, don't think that it doesn't. They want to destroy it by blaming the current meltdown on capitalism. Everything this administration has done thus far has been done in an attempt to discredit, undermine, and blame capitalism as the cause of all our woes. Very few people truly understand the virtue of unfettered capitalism and favor the more superficially attractive socialism, and this will be our undoing. Go to the target range Peggy Sue, I hope you use Karl Marx as a target! Please put one between his eyes for me. This administration knows capitalism, don’t think that it doesn’t. They want to destroy it by blaming the current meltdown on capitalism. Everything this administration has done thus far has been done in an attempt to discredit, undermine, and blame capitalism as the cause of all our woes. Very few people truly understand the virtue of unfettered capitalism and favor the more superficially attractive socialism, and this will be our undoing.

Go to the target range Peggy Sue, I hope you use Karl Marx as a target! Please put one between his eyes for me.

]]> By: elise http://www.noquarterusa.net/blog/15220/cerberus-revisited/#comment-1147919 elise Tue, 24 Feb 2009 05:53:24 +0000 http://www.noquarterusa.net/blog/?p=15220#comment-1147919 LD, I have been trying to follow your posts as carefully as possible over the last few months and I've learned a lot, but there are so many things going on it's more than confusing. My reaction to Detroit and the big three is based principally on instinct and common sense. The bailout Chrysler received a few years ago worked and Iacocca managed to pay back all the debt plus interest and got the company out of trouble temporarily. In spite of this information and the potential for the lose of jobs, I don't think they should be given anymore money. GE is in trouble, the banks are in trouble and states are in trouble. There has been gross mismanagement and even theft across the board. If the information on your previous post and the link you provided is accurate information, banks have been allowing people to take out mortgages on homes they can't afford. Why would they do such a stupid thing and why would buyers commit to payments they may not be able to make? I hate the idea of people losing their homes, but a few months ago I saw a 60 Minutes show on foreclosures and there was a single mother with three children with a modest job and her house was $250k. It's a little hard to feel sympathetic. She claimed the bank didn't inform her the payments would go up in five years. Either the mortgage company was remiss in informing her of the terms of the contract or she knew and chose to ignore the fact she wouldn't be able to make the payments a few years down the line. And won't more of these balloon payments come due this year and force more foreclosures? I don't think I am the only one confused. I don't think the president, the congress or the fed understands what is happening or how to stop the fall. LD, I have been trying to follow your posts as carefully as possible over the last few months and I’ve learned a lot, but there are so many things going on it’s more than confusing. My reaction to Detroit and the big three is based principally on instinct and common sense. The bailout Chrysler received a few years ago worked and Iacocca managed to pay back all the debt plus interest and got the company out of trouble temporarily. In spite of this information and the potential for the lose of jobs, I don’t think they should be given anymore money. GE is in trouble, the banks are in trouble and states are in trouble. There has been gross mismanagement and even theft across the board. If the information on your previous post and the link you provided is accurate information, banks have been allowing people to take out mortgages on homes they can’t afford. Why would they do such a stupid thing and why would buyers commit to payments they may not be able to make? I hate the idea of people losing their homes, but a few months ago I saw a 60 Minutes show on foreclosures and there was a single mother with three children with a modest job and her house was $250k. It’s a little hard to feel sympathetic. She claimed the bank didn’t inform her the payments would go up in five years. Either the mortgage company was remiss in informing her of the terms of the contract or she knew and chose to ignore the fact she wouldn’t be able to make the payments a few years down the line. And won’t more of these balloon payments come due this year and force more foreclosures? I don’t think I am the only one confused. I don’t think the president, the congress or the fed understands what is happening or how to stop the fall.

]]> By: Seattle Moss http://www.noquarterusa.net/blog/15220/cerberus-revisited/#comment-1147918 Seattle Moss Tue, 24 Feb 2009 05:51:58 +0000 http://www.noquarterusa.net/blog/?p=15220#comment-1147918 Enjoy the extra happy meals! Have a great rest of the week... Enjoy the extra happy meals!

Have a great rest of the week…

]]> By: Cubs in 09 http://www.noquarterusa.net/blog/15220/cerberus-revisited/#comment-1147917 Cubs in 09 Tue, 24 Feb 2009 05:39:33 +0000 http://www.noquarterusa.net/blog/?p=15220#comment-1147917 Oh! I forgot! I'll be getting that $13/week tax cut! :roll: Oh! I forgot! I’ll be getting that $13/week tax cut! :roll:

]]> By: Cubs in 09 http://www.noquarterusa.net/blog/15220/cerberus-revisited/#comment-1147916 Cubs in 09 Tue, 24 Feb 2009 05:35:03 +0000 http://www.noquarterusa.net/blog/?p=15220#comment-1147916 These sure are interesting times... :wink: It's Mr. Sandman time for me. I've been working 40-50 hours a week. Whew! I'm not complaining. I'm on salary though, so I don't get overtime. Dang! Cheers! These sure are interesting times… :wink:

It’s Mr. Sandman time for me. I’ve been working 40-50 hours a week. Whew! I’m not complaining. I’m on salary though, so I don’t get overtime. Dang!

Cheers!

]]>