Economic crisis - a people in denial

Thanks for the tip of the box check - have done it. Regards - Ursula

Sure spending beyond your means eventually hurts, but a major component of this collapse was massive institutional fraud. The subprime loans at the heart of the matter had been securitized and broken up, traded back and forth around the globe by the big boys. The original mortgagees, according to the published analysis, were duped into thinking the loans were safe. These loans were so complicated, the formulas used are still not completely understood. Once the original loans began to go into default, it instantly became a global problem, and because of the fracured nature of the securitized loans, no one could easily be held accountable.. Government dropped the ball by allowing Depression-era safety measures like Glass-Steagall, which prohibited banks from owning brokerage firms, to be overturned. The damage is obviously done and we'll be paying for it for a long time in more ways than one, but I don't think the consumer is entirely to blame. 

But I do agree, the dredit card companies will probably be in the bailout line sooner or later. Good article.

I think they are very related. And really I think this crisis is not because of the failed mortgages. To me that is an excuse by those who supported the passage of the 700 billion bailout.

Although the mortgages failed because the cycle caught up to itself, really if things kept humming along, and people were able to hang on to their jobs, the banks would have continued supporting them. The reason I say this....is because the mortgage fiasco really happened years ago...Even during the time with McCain on the Keating five. Ron Reagan knew about it, during his years. Think about that. He is credited for reversing the ultra-high interest rates that occured under Jimmy Carters watch, yet during his time in office he accumulated the most bank failures in US history. He had over 2,500 FDIC bank failures. They never told the public.

In fact it was kept under wraps. They knew this was happening with Regulatory provisions when the Glass-Steagull was active, so in affect they were blaming that on the failures during Reagan, then Bush Sr. who had nearly the same amount of additional failures, and Bill Clinton also weighing in with slightly less. So they knew the banks were fabrication, but the banks as all good American Institutions react in a positive demeanor in supporting those Presidents kept things floating and essentially hood-winked many high financial Guru's who never knew the difference. People kept the economy rolling on the idea of faith in the USA.

If you add up all the Bank Failures from Ron Reagan to Bill Clinton there were over 4,000; but during Bill Clintons Administration he brought the US out of the Reagan War Spending deficits to the first time in US surplus on the budgets. Go figure? Well they kept the bank failures quiet, and GreenSpan kept feeding the wood into the fire to keep everyone reassured. Things were looking rosey...

Until GW Bush stole Office. The banks and confidence were riding at all time highs with a belief in the US system that works. In fact if AL Gore took the reins at the time...it is speculated that the failed banks under those previous Presidents would have regained ground so to speak, and this situation we are looking at today never would have been dreamed of.

But what happened is this War on terror changed the idea of America, as being a good steward to the World. We realize that from workers to employers to Bank Managers and the whole ball of economic activity rides on the pride of US is doing something right. But when that trust is broken.....the word gets out.

I believe this financail crisis is about 911. It is clearly a factor, that the Obama team refuses to acknowledge yet, and of course we know the Bushites refuse to give real investigations. Most people believe 911 was an inside job. There is too much proof to suggest otherwise.

NYCity Firemen are live witnesses and being in NYC where all the financial business is going on in the street the word spread quickly, that they were duped by the f'ers in the Bush White House.

The mortgage crisis is something the Bush people concocted to take attention away from 911. They have always developed one crisis after another, not counting Katrina, which really slapped them hard. If they get people to believe the economic crisis is because of the Bank Bubble Burst, and not eventually blame it on 911...then it is one feather in their cap to keep Delaying and having time sort of smug over all the relevant facts they call conspiracies.

Mark my words this crisis is about a banking system that no longer trusts the Fed. And with Obama singing and dancing the same routine, no matter how much money they say they are injecting into the economy, it is not going to bring faith back and trust.

#One they did 911, they used it to lie about going to War, in Afghanistan and then into Iraq, which killed thousands of innocent people in Iraq, and thousands of US troops needlessly.

Are we so dumb to believe Bush Sr. would not have gone into to Iraq to topple Saddam? He had those same so called missing Weapons of Mass Destruction. Yet Bush Sr. did not go into Baghdad. Because he knew what was at stake, meaning the trust factor in funding such an enterprise.

We are not so dumb to think Daddy Bush was saving the Glory for Junior to do some Sunday afternoon. And GW's one famous excuse for invading Iraq was because Saddam tried to kill his Dad.

Without getting into the particulars about the liberation of Kuwait, because that is another Politic bungling at its heart and core, is the fact that 911 was concocted to really for going after Saddam, and the goings on toward protecting Israel in the Middle East. That being said they took care of other certain particulars by destroying evidence in FBI files, and Security Exchange Files for crimes history on items from selling weapons to Saddam from US Corporations, to financial scams from Worldcom and Citigroups involvment with them and Enrons Collapse.

Now that the American people know this, and the War machine has been on the move, the American people simply are shutting it down. They are shutting down, because the very system that makes the economy grow is the very same one where the Military Industrial Complex gets its money from too. The people in the White House may think they have bailout money to use as a carrot to make Americans jump through their hoops, but it ultimately rests with Americans if they make good on paying. All Americans I know did not approve of the bailout, so to them they are not held responsible for the liars who are piling debt on our good lives.

So this Bailout by Bush and Obama is going to fail. Even now they are talking about making a new Government Bank to take up all the bad loans. But that is total lunacy...Banks would see that as an opportunity to elicit fake fraudulent bad claims simply to get free bailout money.

The moeny they do get they are not lending because they know if they get things rolling again, so goes again the War machine, and more murder and lies to go along.

We are in a protracted Crisis that being 911 and its inside job, has put the brakes on the economy until the day comes we either get real justice and a real investgation, or let it all be damned.... Obama is a dupe, a fraudster, who likes to make wild claims that Democracy had an orderly transition...which could not be furtherest from the truth. One can see how orderly it was with the USA #1 alli Israel getting all the bombings and fighting in Gaza as they can before the Inauguration. Notice how Olmert declared a ceasefire in Gaza, just before Obama takes his oath....as if this is some magical power he has over the people. Such utter Bullsh....if you ask me.

Obama will be spotlighted for being the first Black American President..and how great an accomplishment that is....but for friggin sakes alive it took 150 years to do it? It took America 150 years after Slavery to have a Black President? Just who the heck is sleeping at the wheel here? This is no celebration .....quite the opposite....it is an utter embarrassment.

And the world stands in awe to see what Obama will do? He is either brain dead or really not that smart afterall if he can not see that his so called stimulus package is nothing but the drench of  a pissy cow tail slapping Americans in the face, as they try to milk ole Nelly USA again.

Bush and Cheney need to be indicted and cream whipped with the same torture they gave Saddam...and listed as Criminal Leaders serving time in Prison for concoting 911. This will bring the spirit of faith back to America, and the mortage crisis baked scam will be uplifted by the major Banking Institutions, and America put back on the right track for a CHANGE.

http://news.yahoo.com/s/nm/20090117/pl_nm/us_financial_obama...

http://my.nowpublic.com/world/history-united-states-bank-failures...

Rev. Jermano

The economy is in the toliet but if you're a homeowner you better refinance mortgages before the rates hit double digits.