When the democrats take over this fall, they will surely set thing right.
Jeff
Howdy Jeff,
Thanks for your encouraging words.
I couldn't seem to figure out why... the US has few actual home repo's on
the books.. the actual losses to date are way under what is claimed to be
the potential.
The fed has already pumped in $ 150 bil to the banks. Sunday papers say the
fed will pump another $ 300 bil directly into the large investment banks as
done with Bear Stearns.
This total of $ 450 bil is far in excess of what actual losse have occcured
in the subprime mortage mess.
So I got to thinking .. what am I missing ? Shazzam !.. a little bitty news
item report on Carylse Capital Company in Zurich.
Seems this tiny company, a subsidiary of the mighty Carlyse Group had to
"borrow" 150 mil from their daddy to cover a margin call.. now they have
been told to put up more cash to cover another call.
WHY???
It seem they were "buying" sub-primes and then borrowing on the paper.. get
this!!! they used the paper for collateral.
They used the collateral to borrow 30 times the actual paper face value.
These peckerwoods sold the paper THIRTY TIMES.
Where did they learns these tricks.?? from the experts.. Now the fed says
they needed to keep Bear Stearns from failing.
Somebody's rockin' my dreamboat !
Oh ! did I seem to read that GHWB was in Carlyse along with all of Reagan's
cronies like Carlucci. the ex defense sec.
Jesse James would be embarrassed by the lack of style of these guys... after
all.. the bad guy is supposed to use a pistola.. not a pen.. no guts.
Richard
