maybe you are right.
I’m just pissed. Deregulation under Clinton in 1999 just had some reprocussions that no one anticipated. Everyone just wanted to push the envelope. I keyboardally overreacted. But....yes the infamous but,...there is no doubt, our economy was moving on a train the wasn’t on a track. Everyone wanted to qualify people to by a home who had no business buying a home, refying a home, or trying to flip a home. Problem is, if nobody is buying a home, Home Depot gets hammered, Walmart gets hammered, the independent landscaper gets hammered. It took us nine years but the chickens have come home to roost. Just like the dot.com bust in the nineties, skyscrapers built on rice krispies. but hey, we laid the digital pipeline to India. That’s worth something to someone.
Ihope I’m right, Barclay’s and others; From Rueters:
“LONDON: Barclays will put in an offer for parts of Lehman Brothers’ European business on Sunday to meet an indicative deadline set by administrators, a person familiar with the matter said.
Barclays bought Lehman’s core U.S. broker-dealer business in a $1.75 billion (955.9 million pound) deal on Tuesday, and executives said they would consider buying more Lehman assets outside the United States, such as some equities and equity capital markets businesses in Europe.”
So Lehman’s is being sold piecemeal, what isn’t being bought are the bad loans but they do have property attached to them. The loans will probably be the last things to be auctioned to pay the creditors. Total Lehman debt is $613 Billion with about $150 billion in corporate bonds.
Deregulated by Clinton in 1999 and PUSHED by GWB in 2002. The financial institutions responsible for delivering the subprimes to the poor and illegal aliens did so at the behest of GWB, who has been pandering to illegal aliens since day one. Can’t easily round up and deport millions of illegal aliens if they are homeowners and IMO that was part of the agenda. Besides, destroying our economy will also make swallowing the NAU/Amero pill more tolerable.
President Calls for Expanding Opportunities to Home Ownership
http://www.whitehouse.gov/news/releases/2002/06/20020617-2.html