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Uncle Jay Explains: Nov. 24, 2008

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Uncle Jay Explains: Nov. 24, 2008

It’s Thanksgiving week, but doesn’t the news just make you want to bang your head against Plymouth Rock?  Or maybe Buick Rock or Edsel Rock.  The news could use a bailout.


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6 Responses to “Uncle Jay Explains: Nov. 24, 2008”

  1. Neil Russell Says:

    So this time next week we should be hearing about the forming of the First National Bank of Uncle Jay?
    Another great one!!

  2. alan falk Says:

    what was that last little comment?????

  3. Anne-Marie Says:

    Uncle Jay,
    Thank you for the explanations! I have not yet seen the video of the bank bailout, which I am now quite eager to view.
    Unfortunately, we do need to help the auto industry by giving them the 5% of the Wall Street bailout–the first one–that they are asking for. If not, unemployment will hit 20% nationally and what’s left of our manufacturing base will be destroyed.
    Yes, the auto industry has had 30 years to design and manufacture fuel efficient vehicles. They must have honestly thought that their ‘friends’ in the oil industry would really take care of them as they had taken care of Big Oil. Oops, guess you can’t trust those Oil Men after all, now can you? Who knew?
    Unfortunately, the people at the bottom of the food chain, the factory workers, are the people that are paying for the mistakes of the people at the top–the rich people.
    Wait–that’s it! Instead of having an auto industry that thrives, why not have a car made by the people and designed to be fuel efficient. It will be a car for the people. It could be called a Folkswagon. Hmm, why does that name sound vaguely familiar?

  4. Impaq the Great Says:

    HAPPY NEW YEAR Uncle Jay!!!!
    Your contributions to the web are quite simply “Great”. I will stop pandering now and get to the point.
    I would love to see one of your next topics about Sarbanes Oxley Act of 2002. You know that law that’s supposed to protect investors and help prosecutors put greedy executives behind bars. In other words promote “Corporate Responsibility” (Now there’s a contradiction in terms).
    Now that we are in a big recession and the treasury secretary is throwing billions in bailout money to the banking industry like beads in a Marti Gras parade, smiling, waving and describes it as a “tough time” but wouldn’t call it a rescission because in his mind, one can prevent a rescission simply by not calling it a rescission.
    Word for the day is “volatile derivatives”
    This is what happens when people trust the mortgage professionals on granting home loans they knew the recipients couldn’t afford then quickly bundling it with other good loans and giving it an “AAA” derivative rating. (Regulator’s that should have stopped this but were probably out to lunch)
    This allows the mortgage brokers to resell the mortgage to Fannie Mae and Freddy Mac for a huge profit and when enough recipients fail to pay on their existing mortgages they turn into foreclosures or “volatile derivatives”.
    When lots of Foreclosures start popping up inside “AAA” rated derivative they don’t pay out the dividend that is expected, Banks loan are tightened and investors question if the rating was fraudulently changed by greedy mortgage executives. This is the ripple effect of the problem, when investors don’t trust the market they will pull their money out and put it in something else with tangle able value like OIL, precious metals. This explains the spike in oil prices and other commodities, then drop when the market is over saturated the panic investors sell to try to protect their money.
    Ask Uncle Jay: If logic dictated that the source of the financial problem would receive most of the bailout money. Why then is it that AIG an insurance firm secured the most? Sorry I don’t have an answer for that one.
    Maybe we will see some answers when the SOX lawsuit emerge against Bank’s, CEO’s, CFO’s, government officials and maybe even the Federal Reserve.
    Meanwhile most people’s 401k will be transformed into 201k’s and our grandchildren grow up and realize they have to pay for this bailout. What words will they use to describe us as:
    Generation Gluttony

  5. urie Says:

    boooooooooooooooooooo

  6. nick Says:

    you rock uncle jay and you a funny

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