Fed Up: Bernanke Joins G-7 to Stem Global Financial Meltdown

[Crewleader]

by Mike Whitney / April 8th, 2008

In a recent interview with the New York Times, former Secretary of the Treasury Paul O’ Neill was asked how the problems with subprime mortgages could lead to a financial crisis of global proportions. O’ Neill said,

“If you have 10 bottles of water, and one bottle has poison in it, and you don’t know which one, you probably won’t drink out of any of the 10 bottles; that’s basically what we’ve got here.”

Bullseye. O’ Neill’s answer is the best yet for explaining a complex situation in simple terms. The term “subprime” is a red herring; it is used by the media to minimize what is really going on. The meltdown in financing extends across the entire range of mortgage-security products. No loan type has been spared. The wholesale market for anything connected to mortgages is frozen and the details are being intentionally withheld from the public. Two years ago, more than 65 percent of all mortgages were converted into securities and sold off to Wall Street. No more. That scam unraveled in July when two Bear Stearns hedge funds blew up and there were no takers for billions of dollars of mortgage-backed junk. Since then, bankers and hedge fund managers have been scrambling to conceal the facts about what mortgage-backed securities (MBS) are really worth: nothing. The fear is that when the public finds out what is really going on, they’ll draw the logical conclusion that the banking system is insolvent, which it probably is. Just look at these eye-popping losses which appeared in Bloomberg News on April 1 The financial ship is listing, and the mainstream media is doing its best to keep the public in the dark.

http://www.dissidentvoice.org/2008/04/fed-up-bernanke-joins-g-7-to-stem-global-financial-meltdown/

[notesdev]

1. 4 bottles poisoned, plus Schroedinger's bottle

... you don't know if it's poisoned or not until you drink from it. This is not a 1-in-10 problem, this is a 4.5-in-10 problem. Nobody is acknowledging the scale of this thing, in a desperate effort to stop it from coming apart (which will fail anyway).


On the lighter side...

Your momma is SO fat, Ben Bernanke bailed her out.

She was "too big to fail".


(blatantly stolen appropriated from an anonymous craigslist poster)

[jimshoes]

2. What's gonna happen when people who thought they

had a lot of money, find out they don't have any money at all? Think they'll be pissed? They used to tar and feather scumbags who scammed people in the past, no telling what they'll do nowadays.

[notesdev]

4. Most of them

will be Baby Boomers, too old to riot.

No sympathy from me. That generation ripped off those that followed it like no other in history. That one generation spent about four generations' worth of productivity.

When all their apparent wealth vanishes into thin air, and we offer them euthanasia as an alternative to the health care we can no longer afford to provide them, I won't be crying over it.

[jimshoes]

5. Who is the "we" you refer to?

Just so I can be on the look-out. I'm a boomer and I've been paying into the system all my life and I'll feel just as ripped off as anybody else. How much will you be charging to euthanize us BTW, just so I can put a little aside?

[newfie11]

6. Yeah, Now it's all the boomer's fault? You gotta blame someone I guess. So pick on the old folks.

How can you lump everyone together and blame them because of their age?? In what way did all the boomer's rip you off sonny? There are boomer's out there that are having trouble paying for food, rent, gas, etc, and this did not just start with bush administration. If you look SS has not had the same cost of living raise as working folks.
You comment "we offer them euthanasia" is disgusting and shows what a narrow uncaring mind you have. God help your parents!! :puke:

[notesdev]

7. Here you go

Here's how the boomers are ripping the rest of us off:

http://www.youtube.com/watch?v=OS2fI2p9iVs&feature=related

It's a crime of gargantuan proportions, and all you guys are concerned about is your 'benefits'.

I don't think I know of any generation in history which has sold its antecessors down the river so thoroughly.

[dixiegrrrrl]

3. Best explanation of the problem I have read so far

thanks for the link.
Also key in the article is a clear overview of Paulson's sneaky plan for further raiding of the Treasury.
Notice how quiet a complicit Congress is about this.