rodo1776
03-12-2008, 03:11 PM
Hey all I hope many of you are as concerned about the latest FED move as I am.
As you can see in the link the story.
What the FED did yesterday (and caused the big jump in the markets which of course today did not follow through on) is to allow banks to swap mortgages they hold to the fed in exchange for capital to keep them solvent.
I don't know if there is any precedent for this other than some of the crap that happened in the S + L scandal.
So now we as taxpayers are shouldering part of the risk (and who knows how much) on these bum mortgages that the banks gave out and are now imploding and losing value as defaults increase.
So maybe we can get rid of the fed by them going bankrupt. Heaven forbid the economic consequences of that possibility.
It just goes to show us all once again the message of Dr. Paul about the need to get rid of the FED. They are hugely to blame for the mess we are in and continue to make error after error making the ultimate situation worse.
Save your money, quit spending and buy foreign currency. Ours unfortunately may only be valueable to be exported to third world countries as Charmin.
http://www.minyanville.com/articles/dollar-Fed-mortgage-banks/index/a/16251
As you can see in the link the story.
What the FED did yesterday (and caused the big jump in the markets which of course today did not follow through on) is to allow banks to swap mortgages they hold to the fed in exchange for capital to keep them solvent.
I don't know if there is any precedent for this other than some of the crap that happened in the S + L scandal.
So now we as taxpayers are shouldering part of the risk (and who knows how much) on these bum mortgages that the banks gave out and are now imploding and losing value as defaults increase.
So maybe we can get rid of the fed by them going bankrupt. Heaven forbid the economic consequences of that possibility.
It just goes to show us all once again the message of Dr. Paul about the need to get rid of the FED. They are hugely to blame for the mess we are in and continue to make error after error making the ultimate situation worse.
Save your money, quit spending and buy foreign currency. Ours unfortunately may only be valueable to be exported to third world countries as Charmin.
http://www.minyanville.com/articles/dollar-Fed-mortgage-banks/index/a/16251