HowardCredit System is Frozen- Banker
September 12th 2007 12:59
The credit system internationally is frozen. This means to keep things going, the central banks are buying MBS and ABS (Mortgage and Asset Backed Securities), even when they are near worthless. Only huge amounts of central bank money can keep things going- for a while. Since the bailout of Countrywide Mortgages, the game has been over. The result tends to be hyper-inflation. Hyperinflation can be defined as prices for basics like food and housing and transport going up faster than your salary, in some cases by a long shot.
The interbank lending system has come to a virtual halt, reported the London Financial Times om Sept 5th, iin a front-page story headlined "Tough Test for 'Heart Attack' Markets." A leading banker echoed words previously only heard from the old Geezer, that if the credit stays frozen, "the patient is going to die."
That is why we need a firewall from the US Government and Congress, to protect the mortgages, stop the foreclosures on real estate and save the banks. The offshore hedge funds and other British crap can rot. You know they are all headquartered in the Cayman Islands, Bahamas, etc for reasons, like no regulation, no taxes, pure speculation.
For more, Really Long Link
The interbank lending system has come to a virtual halt, reported the London Financial Times om Sept 5th, iin a front-page story headlined "Tough Test for 'Heart Attack' Markets." A leading banker echoed words previously only heard from the old Geezer, that if the credit stays frozen, "the patient is going to die."
That is why we need a firewall from the US Government and Congress, to protect the mortgages, stop the foreclosures on real estate and save the banks. The offshore hedge funds and other British crap can rot. You know they are all headquartered in the Cayman Islands, Bahamas, etc for reasons, like no regulation, no taxes, pure speculation.
For more, Really Long Link
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