Showing posts with label bailouts. Show all posts
Showing posts with label bailouts. Show all posts
Monday, December 12, 2011
Monday, December 5, 2011
One More Time...
Dec 5th, 2011
Fannie and Freddie didn't cause the meltdown. Period. Josh Holland pushes back against the pernicious falsehood that just won't go away:
"The entire subprime mortgage market was worth only $1.4 trillion in the fall of 2007, and that includes loans that were up-to-date. As former Goldman Sachs trader Nomi Prins noted in her book, It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street, the federal government could have bought up every single residential mortgage in the country – good, bad and in between – and it would have cost a trillion less than the bailouts..."
"What brought down the global economy was as much as $140 trillion worth of financial gimmickery built on top of the mortgage industry. It was the alphabet soup of the credit meltdown – the CDOs, default swaps and other derivitaves that made less than a trillion dollars of foreclosed loans into an economic weapon of mass destruction that would cost the American economy alone $14 trillion in lost wealth."
Fannie and Freddie didn't cause the meltdown. Period. Josh Holland pushes back against the pernicious falsehood that just won't go away:
"The entire subprime mortgage market was worth only $1.4 trillion in the fall of 2007, and that includes loans that were up-to-date. As former Goldman Sachs trader Nomi Prins noted in her book, It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street, the federal government could have bought up every single residential mortgage in the country – good, bad and in between – and it would have cost a trillion less than the bailouts..."
"What brought down the global economy was as much as $140 trillion worth of financial gimmickery built on top of the mortgage industry. It was the alphabet soup of the credit meltdown – the CDOs, default swaps and other derivitaves that made less than a trillion dollars of foreclosed loans into an economic weapon of mass destruction that would cost the American economy alone $14 trillion in lost wealth."
More on why this is certifiable nonsense HERE.
Saturday, December 3, 2011
"The World's Dumbest Loanshark"
Dec 3rd, 2011
Jon Stewart has some comments on the revelations that while we were all under the impression that TARP was roughly $700 billion, the bailout actually put the taxpayers on the hook for another staggering $7.7 trillion.
Jon Stewart has some comments on the revelations that while we were all under the impression that TARP was roughly $700 billion, the bailout actually put the taxpayers on the hook for another staggering $7.7 trillion.
Thursday, December 1, 2011
Bailing Out The Euro?
Dec 1st, 2011
It is certainly beginning to look that way. RT reports:
"The Obama administration always denied such speculations. But after a Monday meeting this week with the two top European officials, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso, US President Barack Obama said the European debt crisis is of“huge importance”to the United States, and that Americais“ready to do our part”in keeping the economy overseas afloat.
No further details of what he meant by"our part"were offered — probably because any attempt by the administration to hand out taxpayers' money to overseas banks would meet furious opposition in Congress and across the country.
But only two days later, the Fed, which is not accountable neither to Congress nor . . . basically anybody else, announced this deal.
Under the agreement, the FED lends dollars to the ECB, which has to transfer the money to European banks. Now it will be two times cheaper: the central banks must now pay the Fed a private-sector overnight lending rate plus 0.5 percentage point; they previously paid plus 1 percentage point. And there's no doubt that European banks that lost money on junk debt obligations of European governments will line up for almost free American cash."
Yes, this seems remarkably bad. That said, we've allowed the globalists to create so interwoven a collection weaknesses that we really might not have a choice.
It is certainly beginning to look that way. RT reports:
"The Obama administration always denied such speculations. But after a Monday meeting this week with the two top European officials, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso, US President Barack Obama said the European debt crisis is of“huge importance”to the United States, and that Americais“ready to do our part”in keeping the economy overseas afloat.
No further details of what he meant by"our part"were offered — probably because any attempt by the administration to hand out taxpayers' money to overseas banks would meet furious opposition in Congress and across the country.
But only two days later, the Fed, which is not accountable neither to Congress nor . . . basically anybody else, announced this deal.
Under the agreement, the FED lends dollars to the ECB, which has to transfer the money to European banks. Now it will be two times cheaper: the central banks must now pay the Fed a private-sector overnight lending rate plus 0.5 percentage point; they previously paid plus 1 percentage point. And there's no doubt that European banks that lost money on junk debt obligations of European governments will line up for almost free American cash."
Yes, this seems remarkably bad. That said, we've allowed the globalists to create so interwoven a collection weaknesses that we really might not have a choice.
Saturday, November 19, 2011
"Wanking Bankers"
Nov 19th, 2011
An Irishman who tells it like it is regarding the real villains on Wall Street. He is right... they are "fuck-shytes."
An Irishman who tells it like it is regarding the real villains on Wall Street. He is right... they are "fuck-shytes."
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