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[Akka Homestead <akkabhomestead AT yahoo.com>]

Here's a story that makes my point:
http://edition.cnn.com/2008/LIVING/worklife/09/24/lw.working.on.the.job/index.html
If you can get away with it...

Akka B

--- On Wed, 9/24/08, Akka Homestead <akkabhomestead AT yahoo.com> wrote:
From: Akka Homestead <akkabhomestead AT yahoo.com>
Subject: Re: [Homestead] Wrong admission
To: homestead AT lists.ibiblio.org
Date: Wednesday, September 24, 2008, 1:36 PM

Ray, you, Lynn, and James are all right, AFAIAC.
The only thing I would add is that in addition to 'children have no
consequences and parents enable" I would say that there is an atmosphere
that 'if you can get away with it, it's okay", that goes for
cheating in school, breaking the law(vandalizing, underage drinking, speeding,
street racing and such), and it is all overlooked by parents who grew up and
said, "I did worse"  I call that liberal child rearing.  Anything
goes.  Those kids are now the greedy SOB's who work on Wall Street-short
selling what they don't have, who live above their means off their credit
cards and default on loans because there is no real consequence anymore, and 
who
are ruining not only our economy, but the morality of our country.  They are
the million dollar millionaires, and what is crazy is that most of the poverty
class wants to be just like them.   



>From bobford79 AT yahoo.com  Wed Sep 24 15:30:03 2008
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From: bob ford <bobford79 AT yahoo.com>
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I wasn't commenting, Moon.  I just thought it was an interesting take from a 
very left wing publication about the person that Republican McCain has 
mentioned as a possible Treasury Secretary.    But, I do think you 
underestimate the size of sub-prime......
 
"Although sub-prime and other risky mortgages were relatively rare before the 
mid-1990s, their use increased dramatically during the subsequent decade. In 
2001, newly originated subprime, Alt-A, and home equity lines (second 
mortgages or "sec­onds") totaled $330 billion and amounted to 15 per­cent of 
all new residential mortgages. Just three years later, in 2004, these 
mortgages accounted for almost $1.1 trillion in new loans and 37 percent of 
residen­tial mortgages. Their volume peaked in 2006 when they reached $1.4 
trillion and 48 percent of new res­idential mortgages.[3] Over a similar 
period, the volume of mortgage-backed securities (MBS) collateralized by 
subprime mortgages increased from $18.5 billion in 1995 to $507.9 billion in 
2005.[4]"
 
http://www.heritage.org/research/economy/bg2127.cfm

Credit swaps were not de-regulated.  They were never regulated.  Currency 
gambles , credit swaps, other apparitions of banks and hedge fund managers 
are still beyond my grasp.  A few weeks ago, before the worst hit, I heard 
someone on CNBC, if my memory is correct it was Buffett, say that he didn't 
think that the people running the banks understood how these things worked, a 
lot of the time.  The result was the only concern.

One example of how unscrupulous people gamed the system, turned it into high 
stakes craps :after J. Rogers left G. Soros, to do his own thing (Soros and 
Rogers founded Quantum together); Soros, started throwing hard sevens at 
National currencies.  The credit swaps were just part of his quiver; naked 
shorting currencies, devaluing every ones measure of exchange; while legal, 
was certainly scurrilous.  Soros will never pay, some even think he is 
admirable.  People like Gramm &  Biden; they just work for people like Soros. 
   Soros is just one hyena in a large pack of dogs.

Neither Republicans are Democrats are left unsoiled .  And, presently, it 
doesn't appear that any of the real boar-hogs will pay; they just throw us a 
couple of little piggies as scapegoats.....bobford


 


----- Original Message ----
From: "paxamicus AT earthlink.net" <paxamicus AT earthlink.net>
To: homestead AT lists.ibiblio.org
Sent: Wednesday, September 24, 2008 11:58:08 AM
Subject: Re: [Homestead] Wrong admission

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
>

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