"Democracy"- Leonard Cohen-song.//"Book of Longing"- Leonard Cohen- book.
On Sep 23, 8:08 pm, Jim Willis <[EMAIL PROTECTED]> wrote: > The doomsday clock for our economy is just about to ignore the snooze > button and blaringly wake this country up. Trust me, it will happen. > The reasons are quite evident and before we get to the collapse let’s > examine the root cause. In 2001 because of a looming recession legacy > from the Clinton administration entwined with the bloodthirsty attack > on 9-11 the federal interest rate was lowered from 6% to 1%. Cheap > money will always find a home and it did. Most noticeably in the > mortgage market, enter Fannie and Freddie. Both government backed > mortgage whores run by Clintonista’s and protected by powerful > democrats in the senate and the house. In 2004 fed rates went from 1% > to 5.75% and began what would be the bubble bursting we have idly > witnessed. The rest is history, or soon will be. > Present day, congress will, “in some form” pass a bailout scheme and > indebt the taxpayer for not $700 billion dollars but chase this rat > all the way into the hole to the tune of $2 trillion dollars. And, by > the way, without any reforms; what is missing is a structural fix > systemic to the tsunami of default endemic because of the systematic > hierarchy encompassing our mortgage markets. Local banks grant loans > and bundle them off to Fannie and Freddie. Once the evil twins take > that paper the banks that approved the mortgage have no further > liability, a simple fix, to be sure, yet one that the democratic > congress seems unwilling to even consider or discuss. I, your humble, > local genius, instinctively know the solution and you the reader are > blessed by my knowledge. Really, don’t you just drop to your knees, > each and every day and thank God you have access to my giant brain? > Well, if you don’t you should. Simply put, for you lovable liberals, > attach the mortgage to the issuer. No matter who buys the bundle of a > particular mortgage it follows the issuer around like a shadow. If it > defaults, it comes home, to the bank that approved it. Simple and > brilliant, that’s me. > Now, what will happen, trust me. This bailout has zero chance of > working. 1% money infected more than the financial markets, it just > hasn’t shown its ugly head yet, it will. Think credit cards, > automobiles, RV’s, etc. There is no cure and what will happen > undoubtedly, assuredly, change America and the world forever. It will > start slowly then build to a crescendo. A few banks will fail, > followed by some behemoth hedge funds. Then, the dominoes will begin > to fall. As America realizes the FDIC to be insolvent, no matter the > rush to re-fund it, America will rush to withdraw their savings. This > will create a panic. The media will pour fire on this firestorm by > reporting the financial calamity. The panic will intensify until we > see a complete collapse of our economy. It won’t be like 1929 when > Herbert Hoover was president, “despite what Joe Biden says” because > America is much more urban and less rural. We rely more on technology. > In 1929 our economy was bed rocked on industry and agriculture. The > great depression suffered 25% un-employment. The depression of 2008 > will encompass a full fledged meltdown. Our economy is reliant on > spending. Our GDP is 70% spending, a reflection of our soon to be un- > employment rate. In 1929 we had shanty towns. In 2008 we will have > riots and marshal law. We can expect 1200% inflation and the end of > America as we know it. > Yet, let’s be clear; this will happen. Trust my giant brain and your > ability to comprehend my written word. We will be assigning blame and > let’s get it right for once. Jimmy Carter and his community investment > act, Billy Clinton and his terrorizing of our financial institutions, > the fed and lest we forget, the democrats at Fannie and Freddie, may > they all burn in Hell. > Conservative Springfield 24SEP 08 --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
