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Garmin Ltd. Message Board

  • captainbaldo captainbaldo Mar 14, 2008 6:22 PM Flag


    My currency as a trial lawyer is credibility. That is the most valuable commodity. Proof of the truth comes only with credibility. Lose credibility; all is lost. Everything.

    Our entire financial system, once the envy of the world, has turned out to be Spitzer busted with the whore. We have sold the entire world paper that we knew was worthless. No money down. No documentation needed. 125% of the value of your home. Come one, come all. LBO? You got one, we'll finance it. Doesn't need to make sense, we make fees. Doesn't need to be repaid, we make fees. Take it world. It's AAA rated, secured, good as gold.

    Now Bear Sterns wonders why nobody will buy its shit? Now Wall Street wonders why nobody will buy its shit? Now the United States wonders why nobody wants our dollar?

    Capitialism is a simple equation: Labor + capital. We have outsourced labor. The workers are elsewhere. We have now outsourced capital. The capital providers are elsewhere. We have continued to mortgage and re-mortgage the future. Now the piper wants payment. We tell the piper we'll pay him later but he no longer believes us; we have lost all credibility. Are we witnessing the twilight of America? Can the Boomers, heirs to the Greatest Generation, reclaim the country? Keep the change you filthy animals!

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    • Great question. As a trial lawyer you should get in on the front end of a class action suit against Bear Sterns CEO. On Wednesday he professed to David Faber on Squak on the Street that BSC had no liquidity problems. Two days later they are the door of the fed. Faber told him that he had knowledge that nobody wanted to touch the stuff he wanted to sell. Schwarz or what ever his name is said they were victims of rumors and market votality. If Faber knows more about his business than he does he should have resigned the same day he went to the fed.

      On the other hand, Paulson, our fine Secretary of the Treasury, tells the financial community that they need to suround themselves with talented people. What a novel idea. If this is the best advice we can expect from people that ran one of our largest investment banks/financial institutions, we should get Bernie Evers back to replace him.

    • I am a CPA and an investment banker. Six months ago I was representing a Japanese buyer that stretch their pockets to bid $950 million for a utility company based in Michigan. That valuation was stretched to 11x EBITDA with maximum load of debt that produced projected IRR in single digits. To our surprise, a financial bidder showed up and stole the deal at $1.1 billion.

      My client asked where is the sanity in capital markets today? I told them this is the new United States. If you have access to money, whether you deserve it or not, you can do anything you want. In old days "savings" used to be unused portion of one's disposable income. Today it means access to easy credit.

      • 2 Replies to spoiler79
      • sorry but CPA carries little weight and investment banker implies that you are shady. I sell used cars and bet I would get a higher credibility rating than you from any consumer survey.

      • To: spoiler
        Very interesting post. If I read you correctly, you are throwing cold water on the whole notion of tight money. I, for one, have not been a believer in the scenario for the economy being foisted on us by the media (with Wall St's pushing the story) As I see it we have the 10 big NY investment banks with a serious credit problem because they have been the mother hens of the reckless hedge funds. If they all went belly up, I think this would be a better world and would not leave us any less able to finance our economy. It's too bad they own the Fed, the SEC, and the US Treas. Dept. WW

    • Captain: I had a good laugh. I needed that.
      I already spent my stimulus check on a new bicycle, a "Fuji".
      Now you know why the Yen went up.

      I have a much better idea.
      Lower income taxes and tax the hell out of gasoline.
      Oh, I forgot who runs the country (Dick Chaney).

    • >Can the Boomers, heirs to the Greatest Generation, reclaim the country?

      Reclaim the country? What crack are you smoking? WE ARE the country. We RUN the country, into the ground. GIMME GIMME GIMME. I will pay tomorrow for a hamburger today. Whaaaaaa. Gimme stuff NOW! Earn, save and invest are OLD FASHIONED. We boomers want wide screen HDTV!!! NOW. NOW. NOW. Or we are gonna hold our breath till we turn blue, and then you'll be sorry!

      I stole your change, and I'm keeping it! Isn't that other bastard the guy for change anyway?

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