Solid and easy-to-understand explanation.
http://docs.google.com/TeamPresent?docid=ddp4zq7n_0cdjsr4fn&skipauth=true&pli=1
(thanks, Faisal)
If Bush were FDR, he'd tell the world that there's nothing to fear but fear itself and the self-prophesising belief that house prices will continue to rise would continue. (And, I'd never be able to afford a house in London or any other half decent location in the UK.)
The way free market capitalism can end up valuing assets/services is plain ridiculous.
Fortunately for the world that bought repackaged bad debt from American investment banks (which bought the debt from commercial banks which had given the loans through mortgage brokers to people who were buying houses who shouldn't have been loaned the money but were loaned the money because the belief was that loaning money to whoever was buying a house wasn't a bad idea because house prices always went up), Obama sells the American people 'hope'. And he's a great salesman. Economic conservatives should take note that Obama could be the saviour of their free-market, cowboy economy.
Comments (7)
imi, Barack was part of the problems.
he has much more than his secret ciggie smoking hiding in HIS closet.
it's bogus, mate.
you can't leave out whole tranches of information, and call it history. you have to look at all the causes and effects. you have to look at the whole load of bread, mate. you have to follow the money.
check out the youube vid recommended above. get past the political bend to it, 'cause it lays out the COMPLETE history. the whole story.
and don't call it a bailout, 'cause it's not even close... it's an ASSET SWAP... that Hank Paulson is proposing.
and for a bit of history on the ASSET SWAP thingie... wikipedia, Seward's Folly. better know as The Alaska Purchase.... and tell me how that worked out.
Aseets, mate.... get ya some.
http://www.cnn.com/2008/POLITICS/09/28/bailout.deal/index.html
Nice article about Warren Buffet has to say to congress (I like this man).
I like the simple explanation of what happened that you posted. It works for those of us not geared toward finances.
Obama and Fannie Mae. Second most campaign contributions even though he was in the Senate a mere two years. Franklin Raines, Jim Johnson, on Barry's campaign staff, who as chiefs of Fannie Mae, ran that company into bankruptcy.
his buddy Tony Rezko, and his sweetheart real estate deal.
Rezko, who in negotiations with prosecutors Friday before his corruption sentencing, is about to become the best "singer" in the country.
don't forget, Obama is nothing but another slick attorney/politician.
and politics mixed with finance is nothing close to simple.
check the complete story on,
http://www.youtube.com/watch?v=_MGT_cSi7Rs
http://www.youtube.com/watch?v=H5tZc8oH--o
One associate does not bring Obama down. The Keating five does that mean John McCain along with Neal Bush (Georges older brother) should be in prison for taking all the funds from the savings of many elderly Americans in the Savings and Loan scam (you can google that). They got a mere slap on the hand and a half million dollar fine from Big Daddy Bushy as he left the white house. It's a scam game all the way and you just want four more years of it.
http://www.dailykos.com/story/2008/9/30/8302/07782/946/615350
This is the real America that you fear...and we are going to take it back.
bk