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I agree with Bob and Tim. However, I am not sure how
many people realize how very serious this problem
really is. This toxic paper has been distributed
globally. Our largest banking institutions along with
a large part of Wall Street have been responsible for
this toxic stuff and they themselves are also up to
their eyeballs in it. How this problem is handled has
the potential to affect us all for a very long time.
May I suggest this link for further research:
http://financialpetition.org/
Please make some time to research this problem and
give some serious cosideration to signing the
petition.
Good trading to all
Phil
--- Timothy Morge <timothymorge@xxxxxxxxxxxxx> wrote:
> Here's my 2 cents...
>
>
> Our current Fed Chairman [like myself] is a
> monetarist. He cut 'official rates' to placate the
> ranters and ravers. But to monetarists, prices are
> everything and he has noticably NOT allowed
> indiscriminate borrowing at the discount window by
> those in trouble--which Greenspan loved to allow.
>
> He is looking at tghe very broad measures of money
> supply growth and they are growing at a very large
> rate annualy. He knows he cannot allow the money
> supply to increase at this rate. He'll let these
> portfolios fail over and over first--see Paul
> Volcker
> and his policies for those of you too young to
> remember someone that ain't gonna step in too far.
> Greenspan was a pushover for these guys compared to
> Volcker and though our current Fed Chairman has yet
> to
> prove he is a pimple on Volcker's chair...well, you
> get the point. Don't expect him to be bailing these
> folks out by going to an expansionary monetary
> policy,
> no matter what Cramer and friends spout on TV--they
> are a part of the problem, not the solution. It's
> not
> gonna be pretty...we have a real mess on our hands,
> but if we are not careful, we'll have a bad economy
> AND 20+ pct inflation....remember those days? Not
> good.
>
> Only one man's opinion.
>
> Tim Morge
> --- BobsKC <bobskc@xxxxxxxxxxxx> wrote:
>
> > It's sad that these financial institutions
> involved
> > themselves in the
> > sub-prime paper which in turn, has now adversely
> > impacted the entire
> > market. I understand that everything has a value
> > and that greed
> > drove the decisions to buy these bundled mortgages
> > which would have a
> > high default rate but would give off a high yield
> > until that time
> > came. Still, I hope that our government doesn't
> > compound the
> > mistakes and greed by bailing them out since that
> > would send a signal
> > that regardless of how stupid your business
> > decisions are and
> > regardless of the motive for making the errors,
> the
> > tax payers will
> > pay your losses. Shifting these risks and losses
> to
> > Fannie and
> > Freddie would do exactly that. MER hiding the
> loses
> > by burying them
> > into hedge funds only proves their inept
> leadership
> > and increases the
> > lack of trust in their institution which is no
> doubt
> > already
> > rampant. One would think that when a large bank
> or
> > money center of
> > any kind picks new executives, they would not only
> > look for Harvard
> > MBA's but test these people for what level of
> common
> > sense they
> > possess. The degree may only be a tool to know
> how
> > to make horrible
> > mistakes rather than the sense to not make them at
> > all.
> >
> > Ok, end of rant
> >
> > Bob
> >
> >
>
>
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