How much did Greenspan know?...........How much did Bush know?............How much did Congress know about the cracks in mortgage lending?..............Plenty!.............They did not want to disrupt Wall Street and the Hedgefunds from making a killing........a literal killing off the backs of the American peoples fantasy of home ownership, and as it esclated it became illegal alliens fantasy of home ownership. This included sending this toxic waste abroad and getting CDO's packaged/repackaged in back rooms in countries like India and then sell this garbage into their markets, these CDO's were sold to small countries and their municipalities under the percpeption these were Triple AAA high quality investments that would yield high returns. Money that would have been used for schools, water plants, city projects etc. the things that villages and cities are dependent upon.........."In reality most of these CDO's were bundled with 20% Triple A rated bonds, and 80% Triple B or rather BBB- the lowest rated bonds with induced risk, "Junk Status"...........kind like buyin a car that looks beautiful on the outside but mechanically a failure, and the only one that knew was the salesman "the banks"...............80% high risk mortgages or debt, and 20% low risk debt...............which gave the over all appearance of Triple A.
The ones packaging these, like the Banks on Wall knew exactly what they were selling, "Toxic Assets"............and so did all the others as previously mentioned.................the gap disparity were the averaged earnings of those borrowing and the price of escalting home prices, then add in the adjustable which could double the house payment and wella!!..........They all knew the train wreck would eventually happen.
Didn't matter how many banks would go under or any firm as long as the people at the top were making their fortunes. Many made their personal billions, half billion, hundreds of millions, and bonuses were in the million dollar+ ranges...........they also knew the govt would always rescue their bank or institution what they didn't count on were just how many would wind up being in the same line.
These people with the help of the govt took down a good part of the world markets, and their economies, all except for China, Saudi Arabia, Kuwait, and Russia who can always profit.
Since the Govt was on board with all this, and turned the FHA upside down, creating and adding HUD which ruined the FHA which was the best of the best when it was intially created it did what it was created to do.
Then came this new course of Gov't and FNM/FRE , and who got involved in the market of CDO's and the buying of toxic waste.
No bank regulators, no SEC investigators doing anything, it was as it had been before the Great Depression, but now we had the Federal Reserve Greenspan, Bernake, and our "new Treasury Secretary". giving guidance to La La land, and thus bending over backwards with the help of Bush and Paulson, and "Cox" who set things in motion in helping all their buddies on Wall Street and political friends make fortunes off this huge scam, one giant ponzi scheme..........
The firms(agencies) trusted to give these bonds for these CDO's their ratings,,,,,,,,,,Morning Star, Fitch, Standard&Poors all bought and paid for by the banks....... knew!!!!, exactly what was in these CDO's and what these ratings would produce and continue to produce giving toxic assets the appearance of that beautifully detailed auto that was destined to fail mechanically, but who cared, it was a lease, and the buyers who were aware of this scam bought insurance, and there were hordes who did, this is where CDS's come into play, the ones who didn't buy the insurance, like those municipalities abroad, and had no idea what they bought and weren't paying the premiums to companies like AIG were screwed. The companies like AIG and didn't have the cash to cover from the high default rate were screwed. Unlike AIG who the govt has now helped with their $150bn bailout to pay off their bets.
Its far from over, its estimated that there are as much as $60 +trillion dollars tied to CDS's..............still floating in the US market.................who or what is gonna pay these up when the next set of domino's fall, and whether or not we want to call them derivatives, or and insurance policy against junk bonds, there are many many more derivatives which are used for leverage, that we don't know anything about and in play globably and to are into the trillions of dollars.
Just like Madoff who has lived and in many respects still lives like a king peddled his influence. Having mounted such a scheme that lasted decades first paid himself from his first rung of investors, the second rung took care of the first rung, so on and so..................Madoff's scam surfaced or became uncovered when people began to ask for their money back when fear began to ripple thru the market.
For anyone to believe he doesn't have a couple billion stashed abroad would be foolish...........there are 40 countries in the world that are safe havens, in particular safe havens for those who gain incredible sums of money from non registered, non regulated hedgefunds, the money can get shuffled around thru so many means, and various accounts that no one can find where the money went. Information is not given out, and many of these countries and their banks are on a "Black List" because of their relunctance to give out info...........Sweden, Austria, the Cayman banks are known for this, they claim its to protect their clients privacy, and there is no law to force them to, and the US has zero jurisdiction outside its own borders, and many countries do not recognize financial white collar crimes created in other countries other than their own at least to be criminal, and won't investigate them. Anyone who has profitted big from ill gotten gains, the billionaires, the mega rich, any of these bums with their own corporate or private jets can do pretty much what they want, they have access to many countries where they proclaim to do business, or just vacationing.
Trillions have been sucked out of the market, estimates of as much as $15 trillion over a course of several years, gone abroad, and money that will not come back. Not come back into the markets..............Bank robbers typically don't open up accounts and make deposits, or expose themselves to IRS from their ill gotten gains.
Who else helped with all this??????????????Obama and McCain who signed on to the first Wall Street bailout, and now this stimulus pkg that appears to have a lot of hidden things in it, but the Wall Street bailout is far from over. Guess who the real chumps are?, the ones who want to buy into all their lies, and who believe that this will have a positive impact on their private lives?............the very people who are willing to buy these foreclosed homes, and maybe those who are on the very brink of losing their home, and for all those who are in the market for a new car, or those with a family and will need $400 to buy 2 weeks of groceries. But overall the ones who will stand to gain the most from all this will be the public companies and banks even those under the tarp will still be eligible for a $500,000 pay package.............many private businesses who haven't already closed their doors are close to doing so.
Who is and who will pay for all this folly?.........You are looking him or her...................in more ways than one. First it was rising gas prices, then it was home heating, electric, then it was the high cost of groceries...........and now higher property taxes, and then think of all the things we do purchase with the taxes already embedded..........Gas for example, there is always a time for the people to pay up, the American people anyway who work to keep this country going, then we are asked to fight in Wars the Govt continues to create since WW11 that doesn't empower us or make us stronger. In many many ways its weakened us as a people, our infrastructure, and our way of life, and put our sovereignty at risk..............
China today has $2 trillion in its reserves, and who minds its own business building its country, unlike the US with its $11 trillion in the red and the interest is getting paid on borrowed money and for decades has been in neglect.
Our Govt is run more like a Monarchy, than a system we the people, for the people and today this all bullshit, its more like for we the me, for the me,............and like England who has lost her grip as a sovereign nation, we appear to be following in her footsteps.
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