Homestead mailing list

[paxamicus AT earthlink.net]

It's not the mortgages. Yes, they are a problem and yes the housing  
market has plotzed and people by the millions are having Troubles.

IGA wasn't issuing mortgages. They were trading unregulated credit  
swaps. THAT's what the problem is right now. The subprime market was  
maybe what, $50 million? They are talking about 700 HUNDRED BILLION to  
bail these idiots out of trouble. And just giving it to them, not even  
loaning it to them like the airlines or car companies.


From NPR:


The value of the entire U.S. Treasuries market: $4.5 trillion.

 The value of the entire mortgage market: $7 trillion.

 The size of the U.S. stock market: $22 trillion.

  OK, you ready?

  The size of the credit default swap market last year: $45 trillion.  
And all of it completely unregulated.

That's why the US taxpayer is going to get Enron-ed.

I can't figure out how to undo the bold. Sorry.









On Sep 24, 2008, at 2:33 PM, bob ford wrote:

> Andrew Cuomo and Fannie and Freddie: How the youngest Housing and  
> Urban Development secretary in history gave birth to the mortgage  
> crisis,
>
> Excerpt:
> (Cuomo) "took actions that-in combination with many other factors- 
> helped plunge Fannie and Freddie into the subprime markets without  
> putting in place the means to monitor their increasingly risky  
> investments. He turned the Federal Housing Administration mortgage  
> program into a sweetheart lender with sky-high loan ceilings and no  
> money down, and he legalized what a federal judge has branded  
> 'kickbacks' to brokers that have fueled the sale of overpriced and  
> unsupportable loans. Three to four million families are now facing  
> foreclosure, and Cuomo is one of the reasons why."
>
>
> http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/1
>
>
>
> ----- Original Message ----
> From: "paxamicus AT earthlink.net" <paxamicus AT earthlink.net>
> To: homestead AT lists.ibiblio.org
> Sent: Wednesday, September 24, 2008 11:19:45 AM
> Subject: Re: [Homestead] Wrong admission
>
> Although the sub prime loan debacle was the tip of the ice berg, this
> bail out isn't about mortgages and individuals. It's about the
> unregulated credit swaps between banking institutions, and Lynda, how
> 'bout we just say, Gramm, period, and let's throw in Bank Suisse,  at
> any time. :  )
>
> Moon