http://www.newsdissector.com/blog/2008/07/13/special-report-are-we-facing-a-9-11-for-our-economy/
�The
United States current record-breaking rates of mortgage
foreclosure will directly affect 2 million children this year and next,
according to a recent report from First Focus, a bipartisan child
advocacy organization.
Our homeless education liaisons are noticing increase in the number
of students who are homeless, not just in high-poverty families but
also those who have typically been middle class and facing this for the
first time, says Patricia Popp, state coordinator for homeless
education in Virginia. As it turns out, one of McCain closest advisors, Former Senator and
subprime lobbyist Phil Gramm who criticized Anericans for whining and
showing signs of mental depression played a direct role in planting
the seeds of the subprime situation that started the ball
free-falling downhill and gathering more than mere moss.
Appearing on Democracy Now with Amy Goodman, journalist David Corn
explained that it involved a sly backroom legislative maneuver
mounted by Phil Gramm, who was Republican chairman of the Senate
Banking Committee in the 90s.
It was the week that the Supreme Court was giving the election to
George W. Bush. As often happens in Washington, Congress had yet to
pass most of the appropriation measures that are needed to before that
Congress coming to a close, and so they were lumping together, you
know, six, seven different appropriation bills into one mega bill,
working all hours of the day
And in the midst of all that chaos, Senator Phil Gramm slipped into
this must-pass spending bill a 268-page bill, the Commodity Futures
Modernization Acta portion of the bill deregulated these financial
instruments called swapsThe problem is that these swaps, thanks to
Phil Gramms bill, are totally, totally unregulated, and the swap
market is something like now about four times the size of Wall Street,
in terms of securities that are regulated. And it really turned a lot
of the economy into a secret casino, all this action going back and
forth, people betting on bets.
And how this related to the subprime crisis is, about this same
time, you know, securities firms started bundling all these bad or
risky mortgages and securitizing them, and then they would sell these
securities or buy them and then buy swaps or sell swaps to cover the
possible loss. So it really enabled a lot of firms to go hog wild on
the subprime stuff .
The subprime stuff has now led to a massive rise in foreclosures
and a fall in profits as investment banks are forced to write off
billions in bad investments.
That in turn destroyed credit markets and
confidence in Wall Street. Even after interest rates were cut seven
times by the Fed, little improvement was registered except the rise in
joblessness and inflation.
And that, in turn is what is behind, at least in part, the current
fall of mortgage giants Fannie Mae and Freddie Mac. Add in the Bush
policies of lowering the value of the dollar, and you got higher oil
prices. Add in speculators and short sellers and a total lack of
effective regulation, and you get the possibility of a system collapse!"
JULY 12, 2008 GOODBYE FANNIE! SO LONG!
GOOD BYE US DOLLAR, TOO!
Fannie and Freddie shares have both dropped more than 80 percent in New York trading over the past year on concern they don't have enough capital to weather the worst housing slump since the Great Depression. William Poole, the former St. Louis Federal Reserve president, said this week that Freddie is ``insolvent,'' meaning it owes more than its assets are worth.
Fannie, Freddie
Fannie shares opened the day down as much as 49 percent and Freddie dropped as much as 51 percent. A government takeover of one or both companies is among options that could be considered by White House officials, said Joshua Rosner, an analyst with Graham Fisher & Co. Inc., who met with the administration yesterday.
Officials may push for the firms, which own or guarantee about half of the $12 trillion of U.S. mortgages, to be placed in a conservatorship if their problems get worse, he said.
Israel Infinity Venture
Infinity is a leading Israeli-Chinese equity fund managing over $500M since 1993. The Fund leverages its strong network and experience in both Israel and China to bring added value to Israeli and Chinese companies. The Fund's core strategy is to invest in late-stage Israeli technology related companies with parallel investments in Chinese operational businesses that license Israeli technologies, adjust them to the needs of the Chinese market and market them in China. The Fund's partners include leading financial institutions in Israel, China, Europe and the US.
In partnership with the IDB Group and CSVC/SIP, Infinity received the first license ever awarded by the Chinese government to foreign investors to operate an on-shore fund (00001 registration number). The Fund has since been able to assist Israeli technology companies expand operations in the Chinese market by utilizing strategic relationships in China with governmental agencies, large corporations and private firms.
Historically, the Fund's performance has ranked in the top-tier of all global firms with successful exits in companies such as Galileo, ESC Medical, Saifun, Shopping.com, Scitex Vision, Sightline and Identify Software.
Fannie Mae's ties to VIRGINIA POLYTECHNIC INSTITUTE (aka VT, [where the Korean shooter Seung-Hui Cho, ran amuk on campus last year like a 21st century remote controlled military Manchurian Candidate]
April 21, 2008 THE ADRIAN REPORT on Fannie Mae and the Countdown to the Financial U.S. Meltdown
late 2007 quote: "Raines's ouster may remove an obstacle to efforts in Congress to create a stronger regulator for FANNIE MAE and Freddie Mac. The two companies together have more than $1.7 trillion of debt, exceeding either France or the U.K."
REVIEW
& OUTLOOK | |
|
|
WALL STREET
JOURNAL
Too Political to Fail
April 21,
2008; Page A16
Standard & Poor's issued a report last week concluding that
Fannie Mae and Freddie Mac are the biggest financial threat to the U.S.
government's AAA credit rating. And on Friday, we found out once again why this
is so: The two "government-sponsored" mortgage giants
aren't held to the same standards of accountability as everyone else in
American business.
A group of former Fannie executives settled with federal
regulators Friday, ending a two-year legal battle over the inflated pay and
bonuses they received as a result of fraudulent accounting at the firm. The
upshot is that former CEO Franklin Raines will forfeit some underwater
stock options, make a donation to charity and pay $2 million to the
government, although that last sum will be covered by Fannie's
officers-and-directors insurance. The lawyer for former CFO Timothy Howard
called it a "capitulation" by the government, and it's hard to
disagree.
To be clear, Mr. Raines and the rest have never been charged
with any crime, and we aren't suggesting they should be. Our point is that we
rather doubt the government would show similar restraint if Fannie were not a
Washington favorite, and in fact it has thrown the book at executives at other
scandal-tarred companies. We fear this settlement � which Ofheo, the regulator, generously values at $31 million
for the three executives involved � is one more sign that Fannie Mae exists in a separate, politically
protected universe.
When Fannie went two years without filing financial reports,
the New York Stock Exchange passed the "Fannie rule" to avoid having to delist
the stock. And now the three top executives during the height of Fannie's
accounting fraud have walked away with only a token acknowledgement of
"managerial" responsibility for a $10
billion scandal. Recall that their huge bonuses depended on reported
profits that were later determined to be fanciful. Recall, too, that Mr. Raines,
other Fannie executives and their Wall Street retinue derided those of us who wrote critically about their derivatives
accounting before it all blew up.
Friday's paltry settlement shows once again that Fannie and
Freddie are dangerous because, as creatures of Congress, they
can never be seen to have failed. So their accounting fraud is explained as
merely a mistake, and their former executives keep the bulk of their riches.
"Government-sponsored" capitalism means never having to say you're sorry.
See all of today's WALL STREET JOURNAL editorials and
op-eds, plus video commentary, on Opinion Journal.
New HUD director, Steven C. Preston, former $6 billion post-Katrina [with FEMA aid money] Small Business Loan director -- to take the Helm!
Steven C. Preston left Lehman Brothers in 2006 to become SBA
administrator, taking over an agency struggling through criticism of its own,
particularly regarding its seemingly laggard efforts to help
small businesses damaged by Hurricane Katrina.
The administration official said Preston was credited with turning that
program around, resolving tens of thousands of small-business requests in a
matter of months and disbursing about $6 billion to business owners.
Bush to Name SBA's Preston as HUD Chief
Washington Post Staff
Writers
Friday, April 18, 2008; 10:11 AM
President Bush
intends today to nominate Steven C. Preston, the head of the Small Business
Administration, to take over the Department of Housing and Urban Development [HUD],
according to a senior administration official.
Preston would take over from Alphonso
Jackson, a longtime Bush ally who resigned following allegations of favoritism
in his dealings with a Philadelphia developer and criticism of his response to
the crisis in the housing industry.
HUD has taken on an increasing profile
amid rising mortgage default rates and collapsing home values.
Bush chose Preston, a former investment
banker with Lehman Brothers, because of his background in finance, the official
said, referring to him as "a problem solver who knows how to tackle complex
challenges."
The U.S. housing industry is in the
midst of a sharp downturn, with prices dropping throughout the country and a
record number of homeowners falling behind on their mortgage payments.
The problem stemmed in part from years
of loose lending practices in which mortgage brokers and finance companies
freely provided loans to less creditworthy borrowers -- often on terms that
began with a low interest rate, only to escalate beyond the borrowers' ability
to pay.
Defaults on those loans have
contributed to broad problems in global financial markets, and prompted efforts
in the United States to overhaul the way the mortgage industry is regulated.
Preston left Lehman in 2006 to become
SBA administrator, taking over an agency struggling through criticism of its
own, particularly regarding its seemingly laggard efforts to help small
businesses damaged by Hurricane Katrina.
The
administration official said Preston was credited with turning that program
around, resolving tens of thousands of small-business requests in a matter of
months and disbursing about $6 billion to business
owners.
Drake lost much of its money last year [2007] from bad bets on U.S. Treasuries, as well as Japanese bonds and stocks in developed markets, according to a year-end report sent to investors. It had borrowed about $12 for every $1 of net assets as of Dec. 31. CLICK HERE FOR NIGHTMARE RECESSION/MELTDOWN NEWS.....
The Adrian Report on BLACK MONDAY, January 21, 2008, Martin Luther King Jr. Day ... Wall Street sleeps....
Executive Director of the Pacific Society, predicts that, given time, "Chinese interests and American interests will clash."
Foreign central banks are major buyers of US Treasuries, with the Peoples Bank of China (PBoC) the second largest purchaser, just after the Bank of Japan.
China's central bank has also led the swelling demand for US mortgage-backed securities. Chinese purchases of Freddie Mac, Fannie Mae, and other pre-packaged debt securities have contributed to bullish momentum in housing prices and helped maintain low mortgage rates. In short, China has played a key role in keeping interest rates low by financing huge US budget deficits, while its participation in the mortgage market has enhanced the pool of capital available for American homebuyers.
 
THE LONG FALL FROM GOLDMAN SACHS in LOWER MANHATTAN tooooooo-----> TIANANMEN SQUARE, CHINA, the true and mighty COLOSSUS! click here....
culled from the notes of Andrew Meyer, CUNY professor,
NYC
ARM mortgage loans -- Analysts fear that a wave of defaults could
create a vicious cycle of foreclosures and fire-sale liquidations that would
bleed U.S. real estate markets of massive equity. While
this situation is well reported, little has been said about its link to Chinese
fiscal policy and U.S.-China trade relations. A
disasterous Chinese-U.S. trade imbalance is married to the
growing crisis of sub-prime mortgages meltdowns. China's foreign
currency reserves have grown to 1.2 trillion dollars
U.S. The reasons for this mounting pile of cash are well-understood:
China has kept the value of the Renminbi (RMB) relative to the dollar
artificially low so as to keep prices in China low and spur employment and
economic growth. What relation may be drawn between Chinese fiscal
policy and the sub-prime mortgage market? $350 billion of China's
foreign currency reserve is held in U.S. T-bills. A further $230 billion of this cash,
however, is held in bonds issued by U.S.-backed agencies such as Freddie
Mac and Fannie
Mae. These latter instruments are bonds that consolidate the
debt of homeowners toward the purchase of their houses, much of which was
generated by the issuance of risky sub-prime mortgages. When one parses
out the motives for Chinese fiscal policy, the link between it and the sub-prime
mortgage crisis becomes clear. The PRC can only keep the value of the RMB
against the US dollar artificially low by parking the profits from its massive
trade surplus in U.S.-denominated assets. This has created a constant fund of
cheap cash available to lenders in US housing markets. Bankers do not need to
stringently calculate the risks associated with sub-prime loans because they
know that they can always sell off that debt to an eager Chinese
treasury in the form of a US-backed T-bill bond. The chronic need of
the Chinese fisc to hypercirculate RMB has thus created a number of economic
aberrations, including a Shanghai Stock-market
bubble at home and a US real-estate market bubble abroad. What
the long term effects of this situation will be is anyone's guess, but most
economists would agree that when there is a bubble it is bound to burst. The
effects will not be good, the only open question is their ultimate severity. One
lesson from the situation is clear: US complacency about the domestic political
situation in China is self-defeating. US leaders express frequent frustration
over Chinese fiscal policy and the distorting effect it has on CHINA-US trade,
but this ignores the deeper structural motives that perpetuate the
anomaly.
Chinese leaders continue to prime the economic pump that is causing
securities and real estate bubbles for fear of the political consequences of any
degree of economic slowdown. They hope that they will not be held to account for
failing to deliver fundamental political reform as long as the Chinese economy
continues to enjoy robust growth. How long this inherently unstable situation
can be sustained is an open question. The political consequences of
acute economic collapse are likely to be far more grave than
the instability that might be engendered by proactive and preemptive reform, but
this contingency does not seem to have registered upon China's nor America's
Wall Street nor Goldman Sachs leadership. An acute collapse is
certain to occur.
January 21, 2008 --
``The monolines are dead, their business model is dead,'' said David Roche
The tipping point came last year when the three major rating companies downgraded thousands of CDOs. Ratings on more than 2,000 CDOs were cut in November alone, according to a Dec. 13 UBS AG research report.
Maryland Insurance Administration held off filing delinquency proceedings last month while ACA sought capital. ACA was required under its credit-default swap contracts to post collateral if its rating fell below A-.
ACA gained 2 cents, or 4 percent, to 48 cents in over-the- counter trading on Jan. 18 in New York.
``The monolines are dead, their business model is dead,'' said David Roche, head of investment consultancy Independent Strategy in London. ``The government is going to have to recapitalize this industry or there will be communities in the U.S. where they can't even flush their toilets'' because they can't afford the services.
The Federal Reserve may need to organize a bailout, Nangle at Barings said. ``More generalised monoline meltdown would be a situation that would require intervention by the New York Fed,'' said Nangle. The regulator should ``get all the banks into a room, have them open their books, and then lean on them to inject capital.''
-- reporting by John Glover in London. Editors: Emma Moody, Gavin Serkin
The Government National
Mortgage Association (Ginnie Mae) had been
bundling and selling securitized
mortgages as ABSs for years; their 'AAA' ratings had
always had the guarantee that Ginnie Mae's government
backing had afforded . Investors gained a higher yield
than on Treasuries, and Ginnie Mae was able to use
the funding to offer new mortgages.
Widening the Margins
Thanks to an exploding real estate market, an updated form of the ABS was
also being created, only these ABSs
were being stuffed with subprime mortgage loans, or
loans to buyers with less-than-stellar credit. (To learn more about subprime, read Subprime Is Often Subpar
and Subprime Lending: Helping Hand Or
Underhanded?)
Subprime loans, along with their much higher default
risks, were placed into different risk classes, or tranches,
each of which came with its own repayment schedule. Upper tranches
were able to receive 'AAA' ratings - even if they contained subprime
loans - because these tranches were promised the first
dollars that came into the security. Lower tranches
carried higher coupon rates to compensate for the increased default risk. All
the way at the bottom, the "equity" tranche
was a highly speculative investment, as it could have its cash flows
essentially wiped out if the default rate on the entire ABS crept above a low
level - in the range of 5 to 7%. (To learn more, read Behind
The Scenes Of Your Mortgage.)
Teaser Rates and the ARM
With mortgage lenders exporting much of the risk in subprime
lending out the door to investors, they were free to come up with interesting
strategies to originate loans with their freed up capital. By using teaser rates
(special low rates that would last for the first year or two of a mortgage)
within adjustable-rate
mortgages (ARM), borrowers could be enticed into an initially affordable
mortgage in which payments would skyrocket in three, five, or seven years. (To
learn more, read ARMed
And Dangerous and American Dream
Or Mortgage Nightmare?)
U.S. T-BILLS and
China
Amid this flight to
quality, three-month Treasury bills became the new "must-have"
fixed-income product and yields fell a shocking 1.5% in a matter of days. Even
more notable than the buying of government-backed bonds (and short-term ones at
that) was the spread
between similar-term corporate bonds and T-bills, which widened from about 35 basis points to
more than 120 basis points in less than a week.
These changes may sound minimal or undamaging to the untrained eye, but in the
modern fixed-income markets - where leverage is king and cheap credit is only
the current jester - a move of that magnitude can do a lot of damage. This was
illustrated by the collapse of several hedge funds. (For
more on these collapses, read Losing The Amaranth Gamble and Massive
Hedge Fund Failures.)
2007/2008 GW Administration history of Fannie Mae shareholder suit adds Goldman Sachs
NEW YORK, Sept 1 2006 (Reuters) - A lawsuit against former Fannie Mae (FNM.N: Quote, Profile, Research) executives claiming fraud has been amended to include Wall Street banks Goldman Sachs Group Inc. (GS.N: Quote, Profile, Research) and Lehman Brothers Holdings Inc. (LEH.N: Quote, Profile, Research), according to a complaint prepared by shareholder attorneys.
The complaint claimed the banks, as well as mortgage insurer Radian Group Inc. (RDN.N: Quote, Profile, Research), abetted Fannie Mae officers in mismanagement and manipulation of earnings that will result in an estimated $11 billion restatement.
Randall Baron, a partner with lead counsel Lerach Coughlin Stoia Geller Rudman & Robbins LLP, provided a copy of the amended suit that he said was filed with the United States District Court for the District of Columbia.
Spokeswomen from Fannie Mae and Lehman Brothers declined to comment. Telephone calls to Goldman Sachs and Radian were not immediately returned.
click here for ....Close to TRILLION DOLLAR accounting and US Treasury tied GROSS MISMANAGEMENT of tax dollars by FANNIE MAE "forgiven," by our toothless fed regulatory agency OFHEO, for misdeeds as boldly evident as the Super Stellar Big Bang BOOM going on without abatement in CHINA, with our T-bills too, to the stinging and burning eyes and ears of unemployed and part time and uninsured Homelanders, unraveling here in the States, quietly and desperately seeking money and jobs and poorly competing with never before seen mulitudes of illegal immigrants who will never protest. Government advice: Go out and celebrate your faith in FEMA --to guide you through the rougher times ahead! .... click above for the federal rationale for exonerating this debacle of our national trust in government!
The Adrian Report on Fannie Mae,
the failure of OFHEO,
and our
blood-letted Treasury
Things are getting very SMALL at both the Smithsonian and Fannie Mae....despite this, the OFHEO report on Fannie Mae abuses is "billed" to be a 'certain' BLISTERING ATTACK against the improprieties of that great and wealthy global reaching lady!
OFHEO reported in 2003 that "nothing could ever go wrong!
http://www.ofheo.gov/Media/Archive/docs/reports/sysrisk.pdf
THE ADRIAN REPORT ON
FANNIE MAE
SMITHSONIAN's Lawrence M. Small pulled deep into doo-doo voodoo Fannie Mae
AND outrageous Showtime scandal! ... click here
The very
latest news on the horrific AMERIQUEST-FANNIE MAE co-conspiracy Fraud! ... click
here
 ... Largest labor union in Ontario
overwhelming votes to BOYCOTT Israel, as did the largest union of university
teachers in England ... spearheading a global campaign to depict ISRAEL as an
APARTHEID State!.... click here!
KABBALA
MASHIACH
please click here for a partial guest list of the secretive BILDERBERG society meeting held in Turkey at an unspecified location in May of 2004....
HOW TO PUT THE WRECKING BALL TO YOUR HOME AND LIFE....
As kla...@clark.net I reported some years ago at the beginning of the
housing bubble that the _Post_ was doing coverage of a couple of scam
operators who were in the extremely profitable business of helping illegal
aliens misrepresent their incomes on fraudulent applications to Fannie Mae
and thus securing mortgages which the scammers helped the applicants apply
to overpriced homes. I predicted at the time that the inflated prices of
these fraudulently acquired homes would force upwards the asking prices of
nearby homes, and that's exactly what happened. I also predicted at the time
that if this wasn't addressed, a housing bubble would result. What I did not
predict was that human nature and greed would go right past the ability of
the regulators, and that the entire industry would pile on, all of them
screaming "if it makes a buck, it's _good_" and I further didn't predict
that suddenly the average bottom-feeding Realtor would find themselves
launched into not just mere respectability, but to actual wealth sufficient
as to influence the political fortunes of candidates and parties.
What Mr Minnery doesn't quite seem to grasp is that the ascendancy of the
Realtor, feeding on and fed by fraudulent applications for sketchy mortgages
buying overpriced properties, is over.
It doesn't matter how he spins it. It's done. There's no more money.
Immigration, Housing Ills Seen as Linked
By Nick Miroff
Washington Post Staff Writer
Friday, October 5, 2007; Page A01
Prince William County's home prices and its Hispanic population rose in
tandem during the first half of this decade, a result of a home-building
frenzy that became a powerful magnet for immigrant laborers. They arrived by
the thousands, sending housing values even higher.
Many did not come legally. But in the blur of swinging hammers and flying
dollar signs, that detail was often overlooked. Illegal immigrants had
little trouble finding jobs and not much trouble getting fraudulently Fannie Mae backed mortgages.
[ It should be noted that this exact problem with utterly unqualified people
getting mortgages has brought this nation, and many others, to the brink of
economic disaster of a magnitude not seen in nearly 80 years. --thardman]
In a nutshell: [excerpts]
Fuel to the Fire: Investor Behavior
Just as the homeowners are to blame for their purchases gone wrong, much of
the blame also must be placed on those who invested in CDOs.
Investors were the ones willing to purchase these CDOs
at ridiculously low premiums over Treasury bonds.
These enticingly low rates are what ultimately led to such huge demand for
subprime loans.
Much of the blame here lies with investors because it is up to individuals to
perform due diligence on their investments and make appropriate expectations.
Investors failed in this by taking the 'AAA' CDO ratings at face value.
GINNIE MAE, FANNIE MAE
March 20, 2006---In a Monday
conference call with analysts, Fannie Mae Chief Executive Officer Daniel Mudd
reviewed the company's finances, and stressed the "substantial progress" the
company has made in cleaning up its scandal ridden books. Although it has not
finished reviewing its accounting policies and practices, the Fannie Mae company
has completed identifying the accounting issues it intends to examine, Mudd
said.
"The Mudd mantra here is: change, progress and more to do," said
Mr. Mudd, a former Chief Executive Officer of GE Capital, Japan, and one time
officer in the U.S. Marines, in addition to having completed a tour for the
Department of Defense, before going to Germany and participating in
conversations leading up to the installation in Germany of Angela Merkel as new
Chancellor, the favorite "girl" for the Council on Foreign relations [CFR], a
former anti-communist East German who is quickly implementing OUTSOURCING as her
mantra imposed upon all of Germany. Mudd is a proud and privileged member of the
Council on Foreign Relations, himself.
Financial Times
says ADIEU to Fannie Mae decency! .... click here
The new fraud
and accounting errors of Fannie Mae were disclosed in more detail in a
Securities and Exchange Commission document filed Monday. The company grossly
failed to take into account hefty fees and obligations related to its
mortgage-backed securities, the document said. It miserably and incorrectly
classified many loans and did not properly estimate the value of foreclosed
properties. It also inappropriately recorded debt related to loans the company
had reason to believe would not be repaid.
Fannie Mae did not provide
estimates of how much each error would affect the size of the restatement, and
Congress has done next to nothing, neither has the U.S. Justice Dept.
Fannie Mae remains, however, under investigation by the powerless Office
of Federal Housing Enterprise Oversight, and is fighting several shareholder
lawsuits.
Just last week, the Senate, on a 52-48 vote, sent to President
Bush a bill raising the ceiling on the national debt to nearly $9 trillion and
preventing the FIRST EVER DEFAULT ON U.S. TREASURY NOTES IN THE HISTORY OF OUR
NATION! This translates to a debt for the faulty T-bills and the Fannie Mae
miscalculations and the war in Iraq to a debt that represents $30,000 for every
man, woman and child [legally here] in the United States.
 
  
Fannie
Mae in league with Bank of America and the Hispanic Caucus over trillions of
faulty home mortgage loans to illegal Mexican/Central American immigrants!
The 2nd
Quarter 2006 while on Benjamin Sholom Bernanke's WATCH, the horrible CREDIT CARD
RIOTS across the USA!
 
CLICK
HERE for late breaking Jan., 2006 story on AMERIQUEST bad home mortgage loans
and being BUSTED by the law! Many more class action lawsuits to follow! Very
soon the New York Times will show the connections to FANNIE MAE and the U.S.
Treasury and our messy debts in the trillions/zillions, to CHINA....
The largest mortgage originator in the United States is
Countrywide Financial, which is an almost exclusive Fannie Mae partner, although
they have sold small amounts to GSE competitors. Their "loan production" during
2003 was $434.9 billion, of which most was sold to Fannie Mae.
Fanny dear,
when you say it that way honey, you are absolutely REIT !CLICK
HERE for late breaking Jan., 2006 story on the millions of Americans [legal
citizens] who have not been working much if any due to our layoffs and stagnant
economy so they have had to live off of credit cards ... GW has cut off their
hands and made BANKRUPTCY LAWS so easy for steel companies and airlines BUT OH
SOOOO HARD ON THE WORKING MAN!!!   
U.S. HOMELANDERS Beware! When we are beholden to so few -- we have very
little SECURITY! There IS NO Homeland Security, only in GW's ramblings....
Please scroll down for the dope on CHEVRON MITIGATION BANK taking over
the area all around New Orleans! ... ahem, "to save our wetlands"
You
must click here now to see our online LEGISLATION that in May 2005 OUTLAWED
flood relief ONLY to the State of Louisiana ... now what does THAT tell you?
Mitigation-wise speaking, of course!
PLEASE CLICK HERE
TO READ OF A REAL PATRIOT AND SOMEBODY WHO UNDERSTANDS BLOAT IN A CULTURE THAT
CANNOT EVEN TAKE CARE OF ITS OWN LEGALS, MUCH LESS NEW ILLEGAL IMMIGRANTS
 
Recent GW induced CREDIT CARD PANIC and Dismantling of the Family Bankruptcy
laws [only against the lone citizen and his/her family, not against
mega-business bankrupticies  
click here to read
about Dubya's monstrously cold disenfranchisement of the struggling middle and
lower classes of USA through his bill stripping away rights to claim bankruptcy
against old credit card debts ... this has kept our unemployment rate down from
19% to 5.6%! GW is the loser with his signing of the Bankruptcy Abuse Prevention
and Consumer Protection Act....another special treatment for the very rich, the
pretty rich, and the banks
FAIR--click
here for 'DOJ memo approving of local/state illegal immigration enforcement'
 KENNETH TOMLINSON, bedmate of GW & Newt Gingrich, defending his email records from investigators digging up his purchase of expensive Arabic race horses on the PBS and VOA dollar!
FAIR--click
here for "Hurricane Katrina Blows Away Myth of "Jobs Americans Won't Do"
.... you must scroll down a bit to find out how CHINA consumed
our Treasury with T-bond giveaways!.....
Jan 5, 2006
-- CHINA-USA --- USA BEING DEVOURED BY CHINA -- America's trade deficit in goods
and services reached another record, hitting $68.9 billion in October. The news,
much worse than expected, was blamed partly on a surge of Chinese electronic and
toy imports (the deficit in goods with the country was a record $20.5 billion)
and capped a year of growing political rancour with Beijing over trade.
http://www.atimes.com/atimes/Global_Economy/FA23Dj01.html
China recycles trade surplus into US Treasury bonds
American
companies may have forgotten what Henry Ford propounded when he first built his
Model T: If you do not pay high enough wages to your workers, they can't afford
to buy your product. One simple basis for that Bush boom is that China is
recycling its US$100 billion-plus trade surplus with the US back into dollars,
and especially into US Treasury bonds. Almost half of the US Treasury bonds are
now owned in Asia. So China is financing Bush's bold economic experiment:
running two or more wars simultaneously with a huge budget and trade deficit,
and equally huge tax handouts for the richest Americans.
One has to
question the long-term economic rationale for China of putting its long-term
assets into very low-interest bonds in a currency that has already dropped
recently by a third - and is going to drop even more. It certainly makes
strategic sense: if push came to shove over, for example, the Taiwan Strait, all
Beijing has to do is to mention the possibility of a sell order going down the
wires. It would devastate the US economy more than any nuclear strike the
Chinese could manage at the moment.
But far from wanting to devastate
the dollar, China is more concerned to maintain its currency's parity with the
dollar, even as it devalues massively against the Euro or the Yen. Indeed,
without those Sino-dollars flowing back, the dollar would have tanked even more.
There is a big multiplier effect here. China only accounts for 3 percent
of the world's GDP, but for from three to five times as much of the world's
growth. And its economy is disproportionately trade-oriented. So its double act
with the US - both the seller of consumer goods on a huge scale and the financer
for US' purchase makes it even more important.
Dangerously, the global
economy is faced by an addictive combination of China - a developing country
with many problems of social instability - and the US - which the recent IMF
report hints is a rapidly undeveloping country - whose fiscal irresponsibility
is compounded by a political immaturity that tends to ignore geopolitical and
economic reality.
If the US economy sinks and Americans stop buying
Chinese goods, then it will compound the US slump as China first stops buying US
bonds that have inflated the American bubble and then moves on to selling them.
On the other hand, if the Chinese economy falters and it stops recycling dollars
into the US economy, then the boom stops anyway. Indeed, it seems that China
increasingly will need more of that cash to pay for energy imports anyway.
Even though economics is a dismal science, the best economists realize,
that it is still better science than politicians drumming up votes, and
investment bankers drumming up fun money, seem to understand. The West is in the
red, and if it crashes, the East may join it.
===================================================================
Fannie Mae is a "government sponsored enterprise", aka a 'GSE'.
Are Mitigation Banks for Wetlands a GSE also??? [they are carpet bagging
through the Katrina afflicted Gulf Coast states--wherever the Army Corp of
Engineers turns up so do the mitigation banks].
Considering the WHOPPER
federal funding handouts [Mitigation Bank and Fannie Mae welfare for Big
Business] to both sneaky anti-eco 'pro-wetland' Mitigation Banks, and the sly
& shifty Fannie, they sure seem to be among the most emblematic of the
'Guaranteed Shit Entities' [GSEs]!!
About HMDA [Home
Mortgage Disclosure Act], Regulation C, The Federal Reserve, and Fannie Mae!
click pls...
KABBALA
MASHIACH
 BENJAMIN SHALOM
BERNANKE, our new Fed Reserve Chairman, will he fix the trillions $$$$ debt
to China/Asia, and spontaneously generate new magic bullet T-bonds for our
Treasury!??
....click on above link to see how Fannie Mae home loan
mortgages work against the US public with the collusion of the U.S. Treasury,
and how together they have gutted our nation like a megalomaniac Bonnie &
Clyde ... this strategy goes by the name of "CARRYING
TRADE," which means foreigners can borrow at cheap rates in the United
States and pump the proceeds into China.
Here is how it works! FANNIE
MAE, did you know that only one US 'bank' is fatter and richer than Fannie Mae,
our collosally powerful dispenser of money [home mortgage loans]. Only Citibank
is its superior? Fannie Mae doles out trillions in home loans which are tied
into U.S. tax dollars & the US Treasury. This includes muy MUCHO bad home
loans to illegal immigrants -- just check out Bank of America records or hang
out in a Latino neighborhood bank branch and listen in if you can speak Spanish.
When this TRILLIONS goes SPLIFF!, where is the cash to back it up? It has all
disappeared without a trace same as our pension funds!
Our US Treasury
will be under much pressure to owe up somehow at the time of the meltdown which
will come at the same time that the Chinese Dragon starts to fly to Mars and
soars the skies above our heads -- making a laughing stock of our National
Reconnaissance Organization [NRO] spy satellites -- and leaving us behind
financially, culturally, astronautically, and materialistically, like an
overextended 7-11 store chock full of shrunken heads!
CHINA -- The
Chinese have been long buying up the vast bulk of our T-bonds. Our CEOs and our
Federal Reserve and our Congress have BEEN ALL FOR IT! The Japanese yen and the
British pound are not pegged to our dollar like the Chinese yuan, so don't get
your panties in a twist fretting over the Japanese and British small island
nations holding some of our T-bonds.
The Chinese have been raking in
money from this CARRYING
TRADE deal and are making a killing off of the interest we must pay them. In
a parallel universe, the Communist Chinese [suddenly in the last decade at
least] are brilliant venture capitalists and have their own mirror image T-bond
structure in their bloated Treasury, looking a lot unlike our thin Lizzy! They
got all of Europe and most of the world buying up their own T-bonds like hot
dogs on Coney Island. Funny thing is, almost not even one Chinese elite will
touch their own Chinese T-bonds. They don't buy them! They know why! It's time
for you readers to get hip too! [Why has the Chinese
domestic T-bond become the target for harsh analysis? The national Chinese debt
is known as the "bond laced with the gold," in China's financial markets.
However, the "bond laced with the gold" has long since passed its prime. On
Sept. 13,2005, China's one-year state bonds were sold at 98.87 yuan, with a
yield of only 1.1585]
Thus, funny money in our Treasury is backing
up the growth of illegal immigrant housing in the US and also the most powerful
boom in China not seen since the building of the Great Pyramids in ancient
Egypt! We are the sad losers, wasting away our very short and desperately needed
time to defeat an illusory monster in the sand dunes and Gulfs of ancient
Babylon, and doing next to nothing for our Gulf Coast wounded here at home!
Why are we helping undocumented aliens in the USA to buy homes and cars
and SUVs and giving away our assets to the booming Chinese economy, who today as
a middle class live better than our middle class in the USA, especially better
than the dissed and neglected displaced denizens of New Orleans. We have
produced a surplus of native born PhDs in science and engineering right here at
home, for over a decade or two, and yet our lawyers and Senators have been
doling out H1-B visas to alien scientists and engineers!
Our exports are
laughable compared to Germany ... thus, do we have any real money left in our
Treasury that has not been spent on contractors such as Halliburton and
Wackenhut and KBG and Caryle Group and USIS, just to mention a few of the
insiders, with no bid contracts awash over in Afghanistan and Iraq for these
parasites. I don't think so. Prove me wrong, make my day. When even our own
unions do NOTHING to help African Americans nor blue collar workers nor our
rapidly shrinking and vanishing middle class to stay afloat and to train to keep
abreast of new technologies, when these impotent and supplicating and feather
lined union managers can only reach out like beggars to help ONLY illegal
immigrants to organize and strike against Big Business abuses, and not organize
and assist us legals, we are in need of some new founding fathers and a new and
bolder drum and fife corps! Lace up your boots and pump up the volume! Make some
music and make yourself heard!
GW FEMA-VILLES MORE PREVALENT THAN
HOOVERVILLES>=========================
J. ARON energy trading arm of Goldman Sachs---'When Federalism Doesn�t
Work' [thesis written 2003] Entergy Louisiana, Inc. v. Louisiana Public Service
Commission, et al. (2003)
Sept. 1, 2005 -- Paul Krugman, NY Times, on ARM home mortgage loans and the
imminent explosion of the toy bubble economy, owned by the Chinese holding our
T-bonds:"These days Mr. Greenspan expresses concern about the
financial risks created by "the prevalence of interest-only loans and the
introduction of more-exotic forms of adjustable-rate mortgages [ARMs]." But last
year he encouraged families to take on those very risks, touting the advantages
of adjustable-rate mortgages [ARMs] and declaring that "American consumers might
benefit if lenders provided greater mortgage product alternatives to the
traditional fixed-rate mortgage." If Mr. Greenspan had said two years
ago what he's saying now, people might have borrowed less and bought more
wisely. But he didn't, and now it's too late. There are signs that the housing
market either has peaked already or soon will. And it will be up to Mr.
Greenspan's successor to manage the bubble's aftermath. How bad will
that aftermath be? The U.S. economy is currently suffering from twin imbalances.
On one side, domestic spending is swollen by the housing bubble, which has led
both to a huge surge in construction and to high consumer spending, as people
extract equity from their homes. On the other side, we have a huge trade
deficit, which we cover by selling bonds to foreigners. As I like to say, these
days Americans make a living by selling each other houses, paid for with money
borrowed from China. One way or another, the economy will eventually
eliminate both imbalances. But if the process doesn't go smoothly - if, in
particular, the housing bubble bursts before the trade deficit shrinks - we're
going to have an economic slowdown, and possibly a recession. In fact, a growing
number of economists are using the "R" word for 2006. And here's where
Mr. Greenspan is still saying foolish things. In his closing remarks he
suggested that "an end to the housing boom could induce a significant rise in
the personal saving rate, a decline in imports and a corresponding improvement
in the current account deficit." Translation, I think: the end of the housing
bubble will automatically cure the trade deficit, too. Sorry, but no. A
housing slowdown will lead to the loss of many jobs in construction and service
industries but won't have much direct effect on the trade deficit. So those jobs
won't be replaced by new jobs elsewhere until and unless something else, like a
plunge in the value of the dollar, makes U.S. goods more competitive on world
markets, leading to higher exports and lower imports. So there's a rough
ride ahead for the U.S. economy. And it's partly Mr. Greenspan's fault."
http://unemployment_crisis.tripod.com/krugman-fannymae.html
 **
 [A] ....click here for complete story on how our Iraq War related military
families share their struggles of paying the bills, fighting off foreclosures
and creditors and bad congressionally approved veterans loans, and finding
adequate health care with no insurance.... ** [B]
...click here for legal citizens aka African Americans reaction to the new GW
inspired NO BANKRUPTCY law for the impoverished --that just swept through both
sides of the House, with Deomcrats and Neo-Cons cheering as they hold hands with
their blushing fatcat lobbyists! ** [C] ...
click here for How U.S. soldiers are bravely defending themselves and their
families and homes from the burning flames of loan gouging attacks on them which
are approved by the VA and Congress -- our White House Staff on their bloated
butts look the other way and turn their fatty faces towards their million dollar
baby a year, life long pensions, for serving only one
term...
Israel slapped on the back for using illegal cluster bombs purchased from USA and used on civilians in Lebanon!....click here
click here for Dirt Bag Contractors in Iraq
New York Democrat Bans Contractors from hiring Illegal Immigrants .... companies that hire illegals will do six months in jail and pay hefty fines .... Steve Levy cares about our jobs and welfare and making our unions strong with LEGAL RESIDENTS, not illegals, like the SEIU and AFL-CIO prefer....click here for riveting details!
Paul DeCamp a key GW-appointee of the Labor Department, said his previous jobs stocking shelves and flipping burgers made him a strong supporter of laws against unfair labor practices, and that is why he represents WALMART in unfair wage and labor practices on the side of Walmart. He makes sense, don't he?
Please ... if you are interested or share concern in saving our wetlands, please consult the classic textbook on it, "WETLANDS: Third Edition", by William J. Mitsch & James G. Gosselin, 2000, John Wiley & Son.
What comes across clear to me after having looked the book over, is that MITIGATION BANKING should be called REPLACEMENT BANKING, in that the wetlands are being replaced much faster than the damages to them are being mitigated.....
Rachel's Precaution Reporter---click here -- [PP] "Precautionary Principle," far better than the PETER PRINCIPLE! Stand behind a clean and integrated MOTHER EARTH! Read over Rachel's List and see who is violating the PP litmus test concerning our vulnerable environment.....click here!
 Speaking of Rachels, the plucky Jewish anarchist, MURRAY BOOKCHIN, passed away recently... he had DEEP THROAT FBI deputy director W. MARK FELT convicted for violating his civil and U.S. Constitutional rights in his hayday, in addition to writing OUR SYNTHETIC ENVIRONMENT [1962], against pesticides and the dangers of industrial and commercial chemical proliferation, at the same time as RACHEL CARSON's carpet bombing "Silent Spring" against poisoners of Mother Earth. This guy Murray even called someone on his side of the fence, Michel Foucault, a "pimp," in refreshing pugilistic style....click here for more...
"Yes, Dorothy, my innocent girl, unfortunately both ducks
and civil rights are LIMITED, my dear, and do not follow a yellow brick road, like they taught you at THE TERRENE INSTITUTE!"
"The Office of Homeland Security has been accused of wasting billions on no-bid contracts leading to enormous fraud and abuse", by Gary D. Bass and Dana Chasin: Bass & Chasin Shed sunlight on no-bid federal contracts, in The DC Examiner, Aug 4, 2006 -- Gary D. Bass and Dana Chasin are executive director and senior adviser on budget and tax issues, respectively, at OMB Watch
ICF Kaiser International Consulting won hands down in an easy government bid [for them] to a cushy nearly $5 billion dollar bonanza through HUD today, to "rebuild" the homes for the lower and poorer middle classes in the Katrina strike zone---those Homelanders are gonna be proud of ICF when they are back in their homeland homes [wink wink wink]! Read about it here......click! And don't cofuse ICF with ICC, it easy to do and that is a future story!!
Some very very happy homelander Gulf Coast dolphins today at the ICF-HUD press conference on hearing that all will soon be well thanks to the homebuilding skills of ICF military software consultants!
Here are some highly recommended sites:
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U.S.
middle class in bloody tatters....Borrowing over $40 BILLION a year just for
basic survival from loan sharks ... click here
Don't be shy, CLIQUE me now!
please click on photo for
history of the lost tribe ... Tibet was a stronghold for Hebrew tribes from 2000
BC till Christ ... the Silk Road is maybe 4000+ years old!
HOORAY FOR BLACK TUESDAY!! Long live
the STRIKING FRENCH NATION!! Screw cheap and outsourced labor!!
