HowardBreaking Up is Hard to do- Banks
September 14th 2008 14:57
Real Crash- Looking at Capitalism and its Laws:
Rob Thomas and Wife- Breaking up is hard to do?
With Trillions dollar's pledged, to bailout out MBS;
I can't invest in someone new;
As Lehman Brothers is sliced and diced some more, say;
Breaking is hard to do;;
When Warren Buffet' Berkshire Hathaway;
Takes its insurance and packs it away;
Buffet fears 1,500 banks down the drain;
Their capital is worthless stock from Freddie or Fannie Mae;
Yes, Breaking up is hard to do;;
(Spoof music, Breaking up is hard to do, Neil Sedaka)
Trillions ofr tax money is pledged by Treasury Secretary Hank Paulson to bail out bankrupt banks' securities in the financial crash, and more and bigger banks are getting the runs. More big bailouts are being rumored in the financial press.
Lehman (or, Lemon) Brothers, is getting cut up and dissed this weekend, in what form exactly is not known. Whether it will be "guaranteed" or paid out by the Fed Reserve also is not known. Lehman's soon to be out of business CEO Richard Fuld is closely advised by fascist Felix Rohatyn. It is "into endgame" reported the Wall Street Journal after it reported a $3.9 billion second-quarter loss and started setting up a separate unit to try to auction off $30 billion in commercial mortgage-backed securities. Note that Merill Lynch just sold about $30 billion in Mortgage Backed Securities, that were sold for about $4.5 billion, that is, marked down to 23-percent or so. Next on the "breaking up is hard to do list" is Washington Mutual, aka WaMu, the United States' largest Savings and Loans Bank.
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Real Crash
That's why we need the Homeonwer and Bank Protection act.
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