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#8
March 22nd 09, 09:48 PM
posted to alt.fan.rush-limbaugh,rec.radio.shortwave,alt.news-media,alt.religion.christian,alt.politics.economics
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False Solutions and Real Problems
On Mar 18, 9:12*pm, wrote:
On Mar 18, 9:06*pm, Mason C wrote: On Wed, 18 Mar 2009 18:30:39 -0700 (PDT), wrote: There follows that tiresome canard about generous mortgages in the U.S. causing the world collapse of the financial system. The system collapses because it was a house of cards -- the cards were phoney money derivatives of various sorts being used as speculation tools. *They and their market (if it can be said to be a "market") were of unknown real value. *When crunch came to crunch, the bankers had assets of unknown (but inflated) value on their balance sheets. A genuine audit (impossible) would show many of them to be far more "under water" than any billion home owners. *They had blown up a vast bubble ($60 trillion maybe, who knows?). Their bubble was pricked by the mortgage devaluations. *correct, and every time i hear some yahoo call them a asset, i stick my finger down my throat. assets are something tangible, not a bet. i have read that there maybe over a quadrillion dollars of these bets. *so if these paper bets are really a asset, then they should be able to sell them, or borrow against them. but they cannot, in most cases they are probably worthless, and are backed by nothing. *which means the companies that own them are insolvent, and perhaps no amount of outside money can save them. really, its about time to force them into chapter 7, i think its 7, where they can come out reorganized, without the baggage of these derivative bets, and the lousy management who allowed this. Mason Clark *Greater America in the Age of Rebellion*http://frontal-lobe.info/greateramerica.html *-- many excerpts you can see -- A Bet on a Bet; hedged by a Bet against the Bet now that truly is... against all odds ~ RHF |
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