Fred W

If a Bubble Bubble Bursts Off the Balance Sheet, Will Anyone Be There to Hear It?

Yes. But amazing as it sounds, most of the people that played a large part in creating this mess continue to receive 7-8 figure annual incomes and the same perks. Heads should have rolled at the C-level, but most pain is simply being borne by the U.S. taxpayer.

Enjoy! More raping to come.


On Oct 13 11:23 AM Warm_Paw wrote:

> I applaud the writers at Seeking Alpha for actually informing the
> public of the real issues confronting America. I'm surprised you
> have not been censored or your web site infected.
> I doubt the powers that be wish to discuss the truth until the American
> public has taken these toxic assets off the banks books.
> The FASB accounting rules are allowing the suspension of mark to
> market accounting until March 2010.
> Jan 2010 is the next tidal wave of Option A loans and I doubt the
> Fed has another 700 Billion to deal with this wave.
> Whoever thinks the recession is over may be correct in that the world
> may need to consume at a marginally higher rate, but the money and
> employment isn't there. The world will starve at a higher rate. The
> dollar falling apart may bring employment to America but only if
> textile mills and manufacturing return to the USA.
> The bottom line - America, with unionized wages could afford big
> ticket items. Then manufacturing was offshored to China, India and
> Mexico for workers earning $2 a day. America lived on it's line of
> credit and home equity loan (second mortgage).
> We import everything cheaper than we can produce it.
> Now that we're broke - $2 a day workers are getting layoff notices.
>
> All the big money Wall St. crooks reinvested the wealth amassed in
> shady back room deals and the resulting destruction has wiped out
> their profit. Now we're unemployed and can't live off the profits
> of the shady investing practices.
> Bundling MBS's that weren't AAA grade and stamping them AAA has caused
> huge systemic chaos to the financial system.
> I've heard the bundling and writing CDS's for these MBS's was legal.
>
> There's a law which would deal with what has occurred.
> Everyone involved should be charged with treason...