Posted on 01/06/2009 11:11:50 PM PST by Jet Jaguar
Barack Obama's White House chief of staff, Rahm Emanuel, told business leaders assembled by the Wall Street Journal in November that the economic crisis facing the country is "an opportunity to do things you could not do before."
That has to be one of the most chilling statements I have ever heard uttered by an American political official in my lifetime.
It ranks right up there with the transparent arrogance of Clinton administration hotshot Paul Begala's July 1998 explanation of the use of executive orders by the president to go over the heads of Congress: "Stroke of the pen. Law of the land. Kinda cool."
But there was even more to this quote from Emanuel. He followed up that scary and yet candid statement with this: "You never want a serious crisis to go to waste."
Every so often, an insider among the power brokers in our establishment elite let's slip an extremely telling remark. I suspect Emanuel meant exactly what he said though he probably wishes he could take it back.
(Excerpt) Read more at worldnetdaily.com ...
Credit Default Swaps - not exactly "mortgage insurance" as most people who get a mortgage know it (Lenders Mortgage Insurance / Private Mortgage Insurance). CDS is a financial derivative that is an "insurance" (or a put option) against a default of portfolio or company. The higher the risk of issuer's default, the higher the value of related CDS.
It's somewhat complex, but understanding of the way it was used - combined with short selling - is at the crux of this financial crisis.
in particular, Defusing the Credit-Default Swap Bomb and How Short-Sellers Almost Destroyed U.S. Banking [System]. Also a discussion on Lehman's Chaotic Bankruptcy Filing Destroyed Billions in Value
The issue is, in real life how and why would one buy insurance worth several times the value of the property / portfolio? And what is the best and/or fastest way to benefit from this "insurance", i.e. make it pay? If you remember "viaticals" or "viatical settlements", think of CDS as viaticals on steroids issued against the life of financial institutions.
Well, it is SOP for the gubmint to create a crisis so it can take drastic measures to fix it.
There are many components to a free market economy. One of the critical components is related to the psyche. If people are convinced things are good, the economy rolls. If people become convinced things are bad and will get worse, they tighten up, and the economy slows...in today’s case, to a halt.
Dims were convinced the economy needed to tank in order for Hussein to win. Everyday the msm repeatedly bombarded the sheeple with “proof” of a tanking economy. Things were bad and would only get worse. Something had to be done. We needed change! We needed Hussein! All the while reminding the sheeple repeatedly how McCain didn’t understand the economy.
The plan worked too well even for them. So well in fact, they now have serious concerns even their “savior” may not be able to recover it.
Was it planned? I am convinced it was a part of the process to get Hussein elected.
No, it's not just you- first time I saw it, "the ascent from Heaven" came to mind-- a very carefully crafted piece of photojournalism designed to induce the Ophra-loving seals to worship The New, Improved Black Jesus...
Ner0!, err, Zer0!, err, Duh!1®, is a construct- or, if you will, a Rorschach blot the fearful, the naive, and the gullible project their innermost fantasies and disturbances on...
bump for later
Major double standards.
For instance, I am NOT a fan of George Bush (simply because I am primarily a fiscal conservative), but one thing I can say is that the (good) man (and he is a good man, just a very bad 'conservative') has been slimed to an unbelievable extent. To be honest with you, while he may not have strong conservative values, he must surely have a heart of gold to be able to take the level of muck and mire that has been slung his way, and nothing changing apart from the color of his hair and the lines on his face. It must take a toll on him and his family (unless they have a total blackout from the media, which they do not), but he takes it standing up.
Just imagine if Obama was to be taken through the same grinding mill? If he underwent the same unceasing mockery? If he was termed as stupid, evil, worthless, idiotic, etc etc etc. If anything he did was immediately torn apart.
I don't know Obama, but I know few people could take it the way Bush did. Again, I have serious issues with Bush, and (with apologies to his ...well ...apologists) he is no conservative, but one thing no one can say is that he is not a gentleman. His level of class gives me pause. It has cost him some political mileage, but if you check out 'turn the other cheek' in my dictionary you will find a picture of President Bush. Fortitude in the face of excessive mockery.
Imagine what Obama, who is used to the media painting him like some Greek demi-god, suddenlu facing a WORLD WIDE media bashing 24/7? Goodness ...he probably resign!
I quite agree with you- I’m still shaking my head in puzzlement over how far wrong the country has gone in electing a guy whose main claims to fame are running for office, and writing two books, devoted to lauding himself.
We had hints the nation was growing hopelessly tainted when Clinton slithered in the door, and confirmation when he got re-elected... but somehow, I had hoped we would pull back from the abyss.
The real sad part is the people elected him.
I don’t beleive the American People did ajay... Obama was effectively elected by a bias news media monopoly that blocked any real vetting of this man who has accomplished...what? , by market manipulations care of lefty hedge fund managers like George Soros, by Chuck Schumer’s intentional run on Indymac, and by a well organized Acorn effort to get a substantial number of people to the poll who probably couldn’t find Washington DC on a map. Throw in a dash of Eric Schmidt reconfiguring Google to discard any websites or news articles that might question Obama’s background or qualifications... and you have a perfectly manufatured storm (ie economic crisis).
Here’s how the home buying cycle worked. This is not rare but ususal.
1) Buyer closes two loans on one day, an 80% first mortgage and a 20% second mortgage for the down payment, so that mortgage insurance can be avoided.
2) Within the first year, additional credit is obtained, using the property as collateral, appraisals coming in as high as 120% of the property value.
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