Eulogy For The "Ownership Society" »
Posted by: hyperbola 1 month, 1 week agoThe Fed's emergency rescue plan for financial markets is a hopelessly flawed, scattershot approach that doesn't address the real problem: an unregulated, unsustainable finance system that emerged in full-force after 2000 and spawned a corrupt shadow banking system that creates trillions of dollars of credit without sufficient capital reserves.
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hyperbola1 month, 1 week ago
... What Paulson is really wants is for congress to allow the Fed to regulate the financial system without congressional oversight. Paulson's so-called blueprint for financial regulation is a blatant power-grab meant to expand the authority of the banking oligarchy giving them unlimited power over the markets...
..."The reality is that Fannie, Freddie and the FHA gave a patina of confidence to irresponsible lending and outright fraud. This confidence game led them to guarantee some $5.3 trillion of mortgages, and to keep $1.6 trillion more on their own books to back the bonds they issued to institutional investors." It was a scam of Biblical proportions and it is all starting to unravel. Bush's "ownership society" was a cheap parlor trick engineered by the Fed's low interest rates to trigger massive speculation and shift wealth from one class to another. Now, the housing bubble has crashed and the excruciating reality of insolvency is beginning to sink in....
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hyperbola
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