Don't spend so much time on the nutjob websites, you'll feel better in no time. LOL!
Posted on 12/18/2007 7:52:49 PM PST by Toddsterpatriot
They're not trying to.
Write the bad debt off now !
You should get right on that.
Don't spend so much time on the nutjob websites, you'll feel better in no time. LOL!
More from the article.
These measures are an extension of what central banks were doing anyway: substituting central-bank money for funds normally lent and borrowed between banks in the interbank market. The funds themselves are not a "net" addition to liquidity, because they are paid back when the loan becomes due. The Fed's additional TAF auctions will help fulfill the responsibility of the central bank to ensure the proper functioning of financial markets by providing temporary liquidity. But they are not an additional easing of monetary policy or a bailout of banks' bad assets.
Hardly.
Oil is the world currency.
If he's counting on the ability of Roach to predict the future.....
Most people have no idea how grave the present situation is or the disaster the country will face if trillions of dollars of over-leveraged bonds and equities begin to unwind.
How do bonds and equities "unwind"?
Fed chief Bernanke hasn't done much better than Paulson. His three-quarter point cut to the Fed's Funds rate hasn't lowered interest rates on mortgages
30 year mortgages are below 6%.
All it's done is weaken the dollar and trigger a wave of inflation.
The dollar has strengthened in the last week.
Bernanke's "master plan" is little more than a cash giveaway to sinking banks. It has scant chance of succeeding. The Fed is offering $.85 on the dollar for mortgage-backed securities (MBSs) and collateralized debt obligations (CDOs) that sold last week in the E*Trade liquidation for $.27 on the dollar.
Taking MBS as collateral for a loan that must be paid back is not a "giveaway".
They unwind when sold. If they sell below cost then the loss is made geometrically worse by the amount of the leverage.
30 year mortgages are below 6%
That means foreclosure for most who bought 4.5% ARMs two years ago and now have to reset. Not to speak of loans that are underwater due to declining home values.
The dollar has strengthened in the last week
According to BLS inflation statistics, the dollar has lost 95% of its value since the Fed was created in 1913. Confirmed by the fact that over the same period gold has gone from $35 to $800.
Taking MBS as collateral for a loan that must be paid back is not a "giveaway".
It is when accounting rule FAS 157 is being thwarted by extending its deadline. And why is the Fed money auction anonymous ? So much for transparency.
LOL! Don't tell the author, but 3.4 billion shares unwound on the NYSE today.
That means foreclosure for most who bought 4.5% ARMs two years ago and now have to reset.
The author said rate cuts didn't lead to lower mortgage rates. He was wrong.
According to BLS inflation statistics, the dollar has lost 95% of its value since the Fed was created in 1913.
LOL!
Confirmed by the fact that over the same period gold has gone from $35 to $800.
Gold dropped from over $850 in 1980. I guess the dollar strengthened in the last 27 years?
It is when accounting rule FAS 157 is being thwarted by extending its deadline.
How is that a giveaway?
And why is the Fed money auction anonymous ?
Ahhh, the secrecy is a giveaway. Why?
So much for transparency.
I guess we're doomed.
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