HowardBaby, the System's is gone, are you getting lonely- Matchbox 20
Matchbox20- It's 3 am
They keep pretending that there are real assets on the books;
While cities and counties find their funds have disappeared now;
It's far bigger than a mortgage crisis, when you have to freeze the pyramid;
She says "baby, the system's gone, are you getting lonely;
Baby, the system's gone, and there ain't no way that no one's gonna bring it back;
We need a New Bretton Woods;
Homeowner and Bank Protection Act is the key for survival;
It's not just communities going down, whole cities and towns are broke;
The banking system's stalling, cause soon the pain is obvious;
And they only scream that it's raining, that the crash is here and stayed innnnnnn;
Baby! Home owner protection act,
It's 3 am I believe we need it now;
The banks keep announcing that they will make liquidity available and that they will expand the range of collateral they will accept, because the central banks are trying to forestall the death spiral that would occur if speculators were forced to dump worthless assets on the market to raise cash. The nature of the problem was made clear in June, when lenders seized and tried to sell collateral from two failed Bear Stearns hedge funds. The lenders quickly discovered that the collateral could be sold for nowhere near the value the funds carried the assets at on their books, with buyer offering a reported 30-cents to 50-cents on the dollar. The lenders were forced to cancel the sales, not because of the losses they would take on the transactions, but because of the impact on the market as a whole of such an action.
Don't wait for the system to collapse, it has collapsed. There is a political game to keep it going for as long as possible, like maybe until after the US Presidential Election.
