Examples: Confidence Destroyed
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First, from Reuters this morning on European indices:
""We're near the cliff's edge, very close to capitulation, the mood is very gloomy," said Jean-Claude Petit, head of equities at Barclays Wealth Managers France."I not sure that governments and central banks are realising what's really going on," he said.What's "really going on" is that our entire financial system has turned into a gigantic clown car. There hasn't been any recognition that the fundamental problem over the last two decades has been fraudulent lending - giving money to people on loan that the lender knows full well has no real chance of being able to pay it back.
Now, having had that happen, we have not had the Governments of the world step up to the plate, admit what occurred, pledge to prosecute those responsible (on both sides of the table - borrower and lender) where fraud occurred and drain the swamp.
On "main street" this was sent to me by email. This is a "Joe Sixpack"; an average American - who has had enough.
you may read more examples here
http://market-ticker.denninger.net./archiv...-Destroyed.html
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Problem is, under the threats of being persecuted for "racial discrimination" and "illegally citing a class of American society
not deemed worthy to share in the American dream of owning a home"... (read: TOO POOR and BAD CREDIT)...
Some of that blame goes on Reid, Pelosi, Fwankfurter and co.
The same ones that openly ridiculed Bush's attempt in 2005 to fix the serious problems in the
mortgage loan industry.
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Problem is, under the threats of being persecuted for "racial discrimination" and "illegally citing a class of American society
not deemed worthy to share in the American dream of owning a home"... (read: TOO POOR and BAD CREDIT)...
Some of that blame goes on Reid, Pelosi, Fwankfurter and co.
The same ones that openly ridiculed Bush's attempt in 2005 to fix the serious problems in the
mortgage loan industry.
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Again, to not start a new thread:
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http://swordattheready.wordpress.com/2008/...this-past-week/
Where the Blame Truly Lies In The Financial Meltdown This Past Week
Transcript
MARK LEVIN SHOW
Friday September 19, 2008:
September 2008 will be remembered as the time when Socialism really, really took hold in this country.
Unfortunately these politicians are running for the hills because they do not want to take responsibility for what is going on, and I mean BIG TIME.
So I want to tell you a little story about your government; I want to tell you a little story about how it works and doesn’t work. I want to tell you a little story about how things go on in the shadows in this country and the massive bureaucracies of this country that you don’t know about, and yet they affect your lives every single day.
We have a massive Administrative State….and we have this massive bureaucracy, that’s utterly unelected, and unaffected by what you want or what you believe. It’s part of the Washington elite management system that controls so much of what goes on in this country.
…And I want to tell you a little bit about how the liberals in government whether they be elected or appointed, whether they be bureaucrats or politicians, how they work together and bring us to this point. And then tell YOU the problem is free markets, the problem is Capitalism, the problem is greed.
They lie.
The Community Reinvestment Act, or CRA - is a federal law that requires banks and thrifts to offer credit throughout their entire market area. And it prohibits them from NOT giving loans to poorer areas within the reach of their communities. They call this redlining. They call violations of this redlining.
The purpose of this Act is to provide credit, including home ownership opportunities to what they call “under-served populations” and commercial loans to small businesses.
The law was passed by Congress in 1977 under Carter as a result of national grassroots pressure from groups like ACORN (an ultra-Left wing criminal enterprise in my humble opinion) which brought pressure for affordable housing for the poor. It was opposed significantly and aggressively by the banking community. But they had no choice. It became law 31 years ago.
The law mandates that “each banking institution be evaluated to determine if it has met the credit needs of it’s entire community” - that is, if it has given loans to enough poor people, or people who can’t really afford them.
And then that record is taken into account by the federal government when it considers an institution’s application for mergers and acquisitions.
And so the law is enforced by the federal government and in 1995, as a result of interest from Bill Clinton’s Administration - particularly Janet Reno and the Department of Housing and Urban Development, the implementing regulations for the law were strengthened by focusing the financial regulator’s attention on institution’s performance in helping to meet community credit needs.
So they really, really pushed them. They used the FORCE OF LAW to compel these private institutions to make bad loans.
These changes were very controversial.
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(to read the rest of the article, click the link at the top)
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I like that phrase ultra-Left wing criminal enterprise it fits are current state of politics and it explains why we see enormous spending bills by the left while they call it stimulus all of us know it is nothing more than spending and welfare programs.
What is funny is all lefties accused W for handing out welfar to big business, and when you really look at it they are the ones responsible. Itrs like getting pulled over for running a red light and blaming it on your dog.
And now if we just didn't spend enough money with the first stimulus the Dems have proposed another spending bill worth $410Billion
http://finance.yahoo.com/news/House-Democr...f-14450221.html
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