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Unbelievable sh*t is about to happen
by Mr. Chuckles
| Feb. 15, 2008 |
The time has come! Bank lobbyists are begging Congress for a $600,000,000,000.00 bail-out of delinquent sub-prime mortgages disguised as an FHA/GSE "modernization" law.
What makes this so interesting is that quite a few other credit market products are heading into crisis and are themselves in need of a bail-out! We're talking about insured tax-free municipal bonds, student loans, and credit default insurance. And more.
A trillion here and a trillion there, pretty soon you're talking about real money.
The $160 billion cash giveaway plan just approved to helicopter drop $300 on poor people in the burbs and ghettos -- while bombing rich families with $1800 -- seems retarded. It is like a Forest Service fire fighting plane dropping its load into the ocean instead of on the forest fire. OK, it doesn't, by itself, cause much damage, but there is a limit to the resources!
The only thing propping up various markets, in my opinion, is the idea that a) Sovereign Wealth Funds will invest trillions in the U.S. over the next decade, and b) that the Bush Regime will throw trillions of dollars at these problems to save face (and enrich friends) just before the November elections. In other words, U.S. dollars are like toilet paper, and better to "invest" in real companies than to earn 2% interest in T-Bills.
Gold, oil, and silver are also popular places for "investors" around the world because monetary inflation is in the double-digits nearly everywhere! Bernanke, Paulson and BushCo will trash the Treasury and economy before they leave office, so people want to get rid of their Ameribucks, which are a global joke currency now.
It may be that overseas investors will be more interested in the U.S. once Obama becomes president, or even Hillary -- but if McCain is installed as Warmonger In Chief then the U.S. will be trashed
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US government may bail out
banks holding bad loans
Embattled banks are asking the U.S. government to take on some of the risk of home loan defaults and politicians are listening, according to a report.
Officials at Credit Suisse Group have advanced a proposal to allow homeowners to refinance delinquent mortgages with the backing of the U.S. Federal Housing Administration.
According to the Wall Street Journal, senior bureaucrats from a variety of government departments have met with Credit Suisse to discuss the proposal, which is receiving "serious consideration".
Historically, the Federal Housing Administration has helped to lower the borrowing costs for high-risk homeowners by insuring their loans against default. In exchange, borrowers paid a premium to the government agency.
Under the new plan, subprime borrowers who are facing resets and the possibility of foreclosure could turn to the FHA for loans and prevent the banks from absorbing the default costs. The risk is that if borrowers refinanced the loans through the FHA and later defaulted anyway, taxpayers would be left with the bill.
The Journal's report said the Credit Suisse proposal is only one that is being considered as subprime resets are set to peak in the second and third quarter of 2008 and home prices are expected to continue falling. ...
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economically by 2012 (and we will blame the Clintons and their sock-puppets in the DNC for rolling over and playing dead while Bush trashed the U.S.)
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I can't see any long-term sense to anything the Bush administration has done to the economy (or anything else, for that matter). The only strategy I can discern is that they're desperate to keep the economy (like everything else they've touched) from visibly collapsing before the election, but (am I belaboring the obvious?) there's no clue of the slightest concern for (or even conception of) success after November 2008.
Check me if I'm wrong, but if the Bush-Cheney administration's intent from Day One had been to scuttle the economy, lose wars, kill American soldiers, weaken America's defense, destroy the environment, poop on democracy, and unravel the Constitution, there's nothing they would have done differently from what they've done.
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Helen & Harry
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