Full gut-wrenching hideousness here.
Granted, the $700 billion dollar TARP bailout was a massive bait-and-switch. The government said it was doing it to soak up toxic assets, and then switched to saying it was needed to free up lending. It didn’t do that either. Indeed, the Fed doesn’t want the banks to lend.
Full story here from The International Forecaster.
The line up goes down the block and around the corner for prosecutions against Goldman Sachs, Sovereign debt looms large, 8 more banks close, scandals in the financial sector continue to erupt everywhere, the public picks up the bills, we face a staggering depression, anger grows against wall street, [...]
Full video here from YouTube. The truth will set you free..except for Dick Fuld. Meet your new cellmate, Bubba.
Members of the Committee, thank you. You asked earlier for a stern regulator, you have one now in front of you. And we need to be blunt. You haven’t heard much bluntness in hours of testimony. We [...]
Full story here from Mike Whitney. If you are holding your hands over your ears and yelling LA LA LA LA LA!!!! because you can’t stand the thought of your house value plummeting any further, then click here or here.
The brief period of stabilization in housing appears to be over and the next leg-down has begun. [...]
Full story here from Mike Whitney. My reflexive answer to this would be “Hell no”.
When the Senate Permanent Subcommittee on investigations convenes on Tuesday, they’ll be presented with a mountain of evidence showing that Washington Mutual intentionally issued subprime mortgages that they knew would fail, and then bundled the loans into securities so they could be sold [...]
Full story here from Mike Whitney.
Last Friday, the Obama administration announced changes to its Home Affordable Modification Program (HAMP) The most significant change is “principal reduction”. By reducing the balance on underwater loans, the administration hopes to lower the number of foreclosures which have soared to more than 300,000 per month. This looks like a [...]
Full story here from Jim Willie at Golden Jackass.
“The subprime debt issue of 2007 blossomed into a global credit crisis. Likewise, the Dubai sovereign debt issue will blossom into a global sovereign debt crisis in similar pathogenesis. The start and end points are located in the United States and United Kingdom. With the global climax [...]
Full story here from ZeroHedge. William Black is intellectual and ethically mui caliente.
The ever insightful William Black sits down with PBS’ Paul Solman to note that most of the too big to fail banks are currently insolvent, that mortgage fraud is pervasive and lender complicit, and that unlike in previous systemic crashes, not only person [...]
Full story here from ZeroHedge. I love that sexy Swiss man talking sense.
“Marc Faber discusses America’s unsustainable debt load in this interview with Margaret Brennan on Bloomberg TV. An amusing observation: the GDP growth from each $1 of new total debt has dropped from $0.25 to -$0.60. Also some much deserved Bernanke and Krugman bashing. [...]
Full story here from ZeroHedge. I may add that I got ahold of an SF Bay Area RE report: for all cities reporting there was between 20-40% of all home sales in the last 2 months were short sales, REO or foreclosures. This is one of the richest parts of the richest state. I can’t even [...]