The government 'props-up' our lending institutions with a false "the people's constitution of America" so our $$ appears to be worth more and the US is on top.....there by attracting other countries banks to invest in our markets and dumping their $$ here......
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Former Federal Reserve Chairman Alan Greenspan said on Thursday that a slowing global economy may push the United States into recession, though it is not yet in one.
"I think the data at this stage in the United States are not ... suggesting recession," Greenspan said in an interview on CNBC television. But he added: "We're right on the brink and I would be more surprised if we didn't (have a recession) than if we did, given the financial state."
Greenspan said companies were controlling inventories effectively and that "at this stage, I think they are the major reason why in the very short term we're fending off inflationary pressures."
However, he noted that with jobless claims rising and growth overseas slowing, it would be hard for the United States to avoid slipping into recession.
Greenspan also said the government had no choice other than to broker the emergency sale of failing investment bank Bear Stearns, but the Treasury Department, not the Fed, should have backed the transaction.
"That is a fiscal policy operation -- essentially something that should have been set up in the Treasury Department," Greenspan said in an interview on CNBC television.
"What we should not do is have the central bank involved in its balance sheet," he said, adding:
"That balance sheet is the creator of the monetary base and if you allow major fluctuations in that base as a result of other-than-monetary-policy reasons, I think you're taking undue risks with the notion of the stability of the financial system and very specifically the Fed's control of inflation."
Fannie Mae taking drastic measures BY ALAN ZIBEL The Associated Press
WASHINGTON — Fannie Mae is making bold cutbacks that will send shock waves through the mortgage market after posting a quarterly loss Friday that was three times larger than Wall Street expected. To slow its financial decline, the mortgage finance giant slashed its dividend to 5 cents a share from 35 cents a share and said it will eliminate loans for borrowers with solid credit scores but little proof of income or small or no down payments. The company also is raising its mortgage fees, which will be passed on to borrowers as higher interest rates or closing costs. With Fannie Mae and its sibling company Freddie Mac becoming more risk-averse, fears are building that mortgage rates will keep climbing, making it harder for people to afford a mortgage or refinance their home, spurring even more foreclosures. “We are already in that spiral,” said Chris Mayer, real estate professor at Columbia Business School. Volatility and disruptions in the capital markets worsened in July. And though Fannie Mae’s losses should still peak this year, said Chief Executive Daniel Mudd, he couldn’t predict how long the housing recession will last or how low prices will fall. “The housing market has returned to earth fast and hard,” Mudd said. Disappointed stockholders sent Fannie Mae’s shares down 9.1 percent, or 90 cents, to $9.05 Friday. Investors continue to worry that Fannie and Freddie will be overwhelmed by losses and require government aid. Fannie Mae and Freddie Mac are the biggest buyers of U.S. home loans from banks and other lenders. Together, they own or guarantee nearly half of outstanding U.S. mortgage debt. Under a housing bill signed by President Bush last week, the government may boost lines of credit to the companies or buy their stock. Mudd, however, said the company has no plans to use that financial lifeline. “We’re going to manage our way through it,” he said.
There is a war effort going on.....who are we kidding.....WWII folks had rationing....we have credit......now here we are.......we have been exposed.....
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
I dont blame the politicians or the capitalists......I blame the facists that removed the 'direction book' from the schools----let me say it again,,,though we may not be able to tell the future....there is a perfectly good direction book on what to do in the 'now'.....however, some decided to remove our conscience.....we reap what we sow.....capitalism is not dead, although if we cry to the government for regulation it will be......the only thing that has died is our society's conscience.....just become something is not deemed illegal doesn't mean that it is righteous.......capitalism used by those with SOLID foundations rings true......capitalism hijacked by those without solid foundations brought us here........
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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