any thoughts on this subject.

[okieinpain]

http://disc.server.com/discussion.cgi?disc=192635;article=8408;title=Patriots%20For-us-America


||_Bagattel
KATRINA: A SACK OF NAILS FOR THE U.S. ECONOMIC COFFIN
Thu Sep 1, 2005 1:36pm




KATRINA: A SACK OF NAILS FOR THE US ECONOMIC COFFIN

The impacts on the economy of the US with regard to Katrina are a complex mosaic whose big picture is yet to be visualized. They affect so many sectors that it boggles the imagination to conceive of the totality of the domino principle that has begun.

In reading Le Metropole Cafe this morning, a letter from an astute observer caught my eye. No one is talking much about the mortgage derivatives nightmare that has been bubbling over at Fannie Mae, instead focusing attention more on GE, Ford and GM problems. The trillions in leveraged paper at Fannie Mae is a tipping point that could bring the US to its economic knees overnight...without anything else taking place.
Read the post below:
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Hi Bill,

Great commentary today. But I don't hear anyone talking about the most obvious thing, the hundreds of thousands of mortgages that are now underwater in South Louisiana. No one is going to be paying on these houses, even if they still have a job. Not trying to be funny,
the situation is too serious. Fannie Mae just thought they had trouble before. Nightmare.
Regards,
Preston
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The fourteen largest hedge funds have been summoned for a "stealth emergency" meeting at the Fed on the 15th of this month. This is a highly unusual event. I don't think their purpose will be for planning their Christmas party. Greenspan is dancing as fast as he can to keep this whole mess glued together until he retires at the end of January. Katrina has certainly not helped him, but knowing elite bureaucrats, their glaring failures can now be neatly blamed on mother nature.

That people are starving and dying of thirst, still trapped on their rooftops on the Gulf coast, is of little concern for men like this, who serve only self. They are far too preoccupied with provisioning their economic escape pods.