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	<title>Comments on: Worst Idea of 2009</title>
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	<link>http://www.ritholtz.com/blog/2009/11/worst-idea-of-2009/</link>
	<description>Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media</description>
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		<title>By: dawase</title>
		<link>http://www.ritholtz.com/blog/2009/11/worst-idea-of-2009/comment-page-2/#comment-232434</link>
		<dc:creator>dawase</dc:creator>
		<pubDate>Fri, 06 Nov 2009 01:31:46 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=43138#comment-232434</guid>
		<description>bogwad_seigneur (the smelly one)

You&#039;re totally right.  We shouldn&#039;t care.

So just like AIG paid out par on all of the CDS exposure, let GS pay out 100% on it&#039;s tax liability to the United States.

Period.</description>
		<content:encoded><![CDATA[<p>bogwad_seigneur (the smelly one)</p>
<p>You&#8217;re totally right.  We shouldn&#8217;t care.</p>
<p>So just like AIG paid out par on all of the CDS exposure, let GS pay out 100% on it&#8217;s tax liability to the United States.</p>
<p>Period.</p>
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		<title>By: torrie-amos</title>
		<link>http://www.ritholtz.com/blog/2009/11/worst-idea-of-2009/comment-page-2/#comment-232361</link>
		<dc:creator>torrie-amos</dc:creator>
		<pubDate>Thu, 05 Nov 2009 21:50:02 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=43138#comment-232361</guid>
		<description>Bruce,

I don&#039;t understand your position.  I&#039;m happy with the service, thus, I&#039;m??????

I&#039;ve mentioned a few times over the last two weeks, states, counties, cities, will be laying off lot&#039;s of folks....they live and die on taxes, sales, and real estate, both are screwed, and they have bonds out the ying yang for crap from years ago, California is just the tip of a bond iceberg..............thus my rigamorow that it is all about inflating real estate higher and higher, even though next year foreclosures will be worse due to option arms imploding.  

and fwiw, i&#039;m not worried about folks wanting to become doctors, imho, the insanity is well ingrained, what my concern is how much debt those good folks have too incure, my guess is it is probably 4 times the cost of when you went too school, college is viewed as some panacea when all it is a piece of paper that says you can accept present pain for future gain and can follow directions, somewhat

i&#039;ve worked with 1/2 dozen folks in early 20&#039;s that have insane college debt for degree&#039;s in basket weaving that pay nothing and hold no future, for some reason they believed this piece of paper was the ticket as opposed to clear thinking direction and hard work</description>
		<content:encoded><![CDATA[<p>Bruce,</p>
<p>I don&#8217;t understand your position.  I&#8217;m happy with the service, thus, I&#8217;m??????</p>
<p>I&#8217;ve mentioned a few times over the last two weeks, states, counties, cities, will be laying off lot&#8217;s of folks&#8230;.they live and die on taxes, sales, and real estate, both are screwed, and they have bonds out the ying yang for crap from years ago, California is just the tip of a bond iceberg&#8230;&#8230;&#8230;&#8230;..thus my rigamorow that it is all about inflating real estate higher and higher, even though next year foreclosures will be worse due to option arms imploding.  </p>
<p>and fwiw, i&#8217;m not worried about folks wanting to become doctors, imho, the insanity is well ingrained, what my concern is how much debt those good folks have too incure, my guess is it is probably 4 times the cost of when you went too school, college is viewed as some panacea when all it is a piece of paper that says you can accept present pain for future gain and can follow directions, somewhat</p>
<p>i&#8217;ve worked with 1/2 dozen folks in early 20&#8242;s that have insane college debt for degree&#8217;s in basket weaving that pay nothing and hold no future, for some reason they believed this piece of paper was the ticket as opposed to clear thinking direction and hard work</p>
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		<title>By: hue</title>
		<link>http://www.ritholtz.com/blog/2009/11/worst-idea-of-2009/comment-page-2/#comment-232308</link>
		<dc:creator>hue</dc:creator>
		<pubDate>Thu, 05 Nov 2009 19:24:27 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=43138#comment-232308</guid>
		<description>rj, nah chief, don&#039;t send packing. i got here via the Domino Theory.  this country with of its issues is still best place to be.   so many Americans seem to be a quarter or an eighth Cherokee. would that be the ones that assimilated Roanoke Island? you might be more diluted Cherokee than you think.</description>
		<content:encoded><![CDATA[<p>rj, nah chief, don&#8217;t send packing. i got here via the Domino Theory.  this country with of its issues is still best place to be.   so many Americans seem to be a quarter or an eighth Cherokee. would that be the ones that assimilated Roanoke Island? you might be more diluted Cherokee than you think.</p>
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		<title>By: jeff in indy</title>
		<link>http://www.ritholtz.com/blog/2009/11/worst-idea-of-2009/comment-page-2/#comment-232297</link>
		<dc:creator>jeff in indy</dc:creator>
		<pubDate>Thu, 05 Nov 2009 18:37:34 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=43138#comment-232297</guid>
		<description>guess GS didn&#039;t get Joe&#039;s memo...</description>
		<content:encoded><![CDATA[<p>guess GS didn&#8217;t get Joe&#8217;s memo&#8230;</p>
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		<title>By: rj</title>
		<link>http://www.ritholtz.com/blog/2009/11/worst-idea-of-2009/comment-page-1/#comment-232296</link>
		<dc:creator>rj</dc:creator>
		<pubDate>Thu, 05 Nov 2009 18:36:16 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=43138#comment-232296</guid>
		<description>&lt;i&gt;we should note, but, for the ‘anti-’ Federalists, the “Bill of Rights”, at the minimum, would have been not, at all.&lt;/i&gt;

Correct. My state of North Carolina originally rejected the Constitution due to its lack of a Bill of Rights. We voted for it after the Bill of Rights were in there. 

Rhode Island initially rejected the Constitution too, although I don&#039;t know why they did it.</description>
		<content:encoded><![CDATA[<p><i>we should note, but, for the ‘anti-’ Federalists, the “Bill of Rights”, at the minimum, would have been not, at all.</i></p>
<p>Correct. My state of North Carolina originally rejected the Constitution due to its lack of a Bill of Rights. We voted for it after the Bill of Rights were in there. </p>
<p>Rhode Island initially rejected the Constitution too, although I don&#8217;t know why they did it.</p>
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		<title>By: Mark E Hoffer</title>
		<link>http://www.ritholtz.com/blog/2009/11/worst-idea-of-2009/comment-page-1/#comment-232295</link>
		<dc:creator>Mark E Hoffer</dc:creator>
		<pubDate>Thu, 05 Nov 2009 18:29:23 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=43138#comment-232295</guid>
		<description>rj, 

those are nice points; I&#039;ve, always, found these http://www.wepin.com/articles/afp/ , in general, and this, answering the Q: &quot;Why the Articles Failed&quot;
http://www.wepin.com/articles/afp/afp21.html to be illuminating..

we should note, but, for the &#039;anti-&#039; Federalists, the &quot;Bill of Rights&quot;, at the minimum, would have been not, at all.

Funny/Odd, in this Nation of &#039;rugged individualists&#039;, We, seemingly, are all &#039;Federalists&#039;..</description>
		<content:encoded><![CDATA[<p>rj, </p>
<p>those are nice points; I&#8217;ve, always, found these <a href="http://www.wepin.com/articles/afp/" rel="nofollow">http://www.wepin.com/articles/afp/</a> , in general, and this, answering the Q: &#8220;Why the Articles Failed&#8221;<br />
<a href="http://www.wepin.com/articles/afp/afp21.html" rel="nofollow">http://www.wepin.com/articles/afp/afp21.html</a> to be illuminating..</p>
<p>we should note, but, for the &#8216;anti-&#8217; Federalists, the &#8220;Bill of Rights&#8221;, at the minimum, would have been not, at all.</p>
<p>Funny/Odd, in this Nation of &#8216;rugged individualists&#8217;, We, seemingly, are all &#8216;Federalists&#8217;..</p>
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		<title>By: rj</title>
		<link>http://www.ritholtz.com/blog/2009/11/worst-idea-of-2009/comment-page-1/#comment-232293</link>
		<dc:creator>rj</dc:creator>
		<pubDate>Thu, 05 Nov 2009 18:27:52 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=43138#comment-232293</guid>
		<description>&lt;i&gt;rj, you’ll have to fight it out with BofA/cwide. i’m just renter with debt. BofA is a very appropriate name, insolvent like its customers.&lt;/i&gt;

Sounds good, I got plenty of money in the bank and no debt. I&#039;m sure BofA would let me have your possessions for 50 cents on the dollars, and then since you think the Native Americans should kick out whitey and put up a fence (even though I&#039;m whitey myself, but hey, I got Cherokee blood in me so I&#039;m golden per you), we&#039;ll deport you somewhere nice like Haiti. :D</description>
		<content:encoded><![CDATA[<p><i>rj, you’ll have to fight it out with BofA/cwide. i’m just renter with debt. BofA is a very appropriate name, insolvent like its customers.</i></p>
<p>Sounds good, I got plenty of money in the bank and no debt. I&#8217;m sure BofA would let me have your possessions for 50 cents on the dollars, and then since you think the Native Americans should kick out whitey and put up a fence (even though I&#8217;m whitey myself, but hey, I got Cherokee blood in me so I&#8217;m golden per you), we&#8217;ll deport you somewhere nice like Haiti. :D</p>
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		<title>By: hue</title>
		<link>http://www.ritholtz.com/blog/2009/11/worst-idea-of-2009/comment-page-1/#comment-232292</link>
		<dc:creator>hue</dc:creator>
		<pubDate>Thu, 05 Nov 2009 18:23:24 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=43138#comment-232292</guid>
		<description>rj, you&#039;ll have to fight it out with BofA/cwide. i&#039;m just renter with debt.  BofA is a very appropriate name, insolvent like its customers.</description>
		<content:encoded><![CDATA[<p>rj, you&#8217;ll have to fight it out with BofA/cwide. i&#8217;m just renter with debt.  BofA is a very appropriate name, insolvent like its customers.</p>
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		<title>By: 1es</title>
		<link>http://www.ritholtz.com/blog/2009/11/worst-idea-of-2009/comment-page-1/#comment-232291</link>
		<dc:creator>1es</dc:creator>
		<pubDate>Thu, 05 Nov 2009 18:23:13 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=43138#comment-232291</guid>
		<description>Putting the PR issue aside, why is this such a bad idea?  The companies that were the primary investors in tax credit equity (Fannie, Freddie, Citi, BofA, AIG, ML) will NEVER use these tax credits.  The real worst idea was the billions and billions of equity that they invested in LIHTC for expected returns of 5%-7% in projects that have significant real estate risk (not to mention risk that the investor may not be a tax payer in the future) and zero upside.  

If these government-owned companies can monetize some of these now worthless investments and receive much-needed cash in exchange why is this such a bad thing?  Yes, the deal will require Treasury approval, but shouldn&#039;t they look at the trade off between the lost revenue stream if the tax credits are utilized by GS and the benefits received by the companies that the Treasury now owns?  We also should keep in mind that the government received the benefit that the tax credits were intended to provide - affordable housing was built and those projects must remain affordable and in compliance with the program regardless of who owns the tax credits.</description>
		<content:encoded><![CDATA[<p>Putting the PR issue aside, why is this such a bad idea?  The companies that were the primary investors in tax credit equity (Fannie, Freddie, Citi, BofA, AIG, ML) will NEVER use these tax credits.  The real worst idea was the billions and billions of equity that they invested in LIHTC for expected returns of 5%-7% in projects that have significant real estate risk (not to mention risk that the investor may not be a tax payer in the future) and zero upside.  </p>
<p>If these government-owned companies can monetize some of these now worthless investments and receive much-needed cash in exchange why is this such a bad thing?  Yes, the deal will require Treasury approval, but shouldn&#8217;t they look at the trade off between the lost revenue stream if the tax credits are utilized by GS and the benefits received by the companies that the Treasury now owns?  We also should keep in mind that the government received the benefit that the tax credits were intended to provide &#8211; affordable housing was built and those projects must remain affordable and in compliance with the program regardless of who owns the tax credits.</p>
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		<title>By: rj</title>
		<link>http://www.ritholtz.com/blog/2009/11/worst-idea-of-2009/comment-page-1/#comment-232287</link>
		<dc:creator>rj</dc:creator>
		<pubDate>Thu, 05 Nov 2009 18:08:41 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=43138#comment-232287</guid>
		<description>&lt;i&gt;rj, American Indians (or do we call the first people on the continent Native Americans, tho if you are born here aren’t you a Native American) are the original and true Nativists. they should say get out whitey and the rest of youse, then we put up a fence.&lt;/i&gt;

hue, I&#039;m part Cherokee, so I&#039;ll be more than happy to eminent domain your house and property to no expense for myself . :)

&lt;i&gt;though, out of curiosity, w.this: “how the “laws that didn’t make sense” were the Articles of Confederation”, what was wrong with the A of C ?&lt;/i&gt;

Very weak central government that could not respond to threats in a coordinated fashion (for example, Shays Rebellion). No central executive due to the original fear of creating a King George-like individual. Very small tax collection that the states would sometimes pay and sometimes not. All laws had to be approved unanimously by the state legislatures which created massive gridlock. Virginia and Pennsylvania fought a brief conflict with their own state militias.</description>
		<content:encoded><![CDATA[<p><i>rj, American Indians (or do we call the first people on the continent Native Americans, tho if you are born here aren’t you a Native American) are the original and true Nativists. they should say get out whitey and the rest of youse, then we put up a fence.</i></p>
<p>hue, I&#8217;m part Cherokee, so I&#8217;ll be more than happy to eminent domain your house and property to no expense for myself . :)</p>
<p><i>though, out of curiosity, w.this: “how the “laws that didn’t make sense” were the Articles of Confederation”, what was wrong with the A of C ?</i></p>
<p>Very weak central government that could not respond to threats in a coordinated fashion (for example, Shays Rebellion). No central executive due to the original fear of creating a King George-like individual. Very small tax collection that the states would sometimes pay and sometimes not. All laws had to be approved unanimously by the state legislatures which created massive gridlock. Virginia and Pennsylvania fought a brief conflict with their own state militias.</p>
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