HowardEver See the Rain, Rod Stewart?
I remember when the crash began;
Hit so hard, it wrecked the land;;
I know, it’s been coming for some time;
Goldman Sachs and bail out funds;
Billions of Sivs and derivs
I know, this ain’t worth designer t-p;
(to wipe your butt)
Refrain:
I wanna know, when it was 1929;
I wanna know, if the crash is soon behind;
Some FDR, sunny day;
Who is foolin’ who this time;
When the Crimes’ in the NYTimes;
I know, power absolutely corrupts;
Whole towns slippin’ to decay;
Defaults lead to homeless greys;
I know, crack houses are a comin’ soon;
(Refrain)
Treasury Secretary Henry Paulson, of Goldman Sachs, and his sidekick, Treasury Undersecretary for Domestic Finance ("Plunge Protection"), Robert Steel, also of Goldman Sachs, are trying to orchestrate a crazy $100 billion bailout scheme, which dwarfs the $3-4 billion bailout arranged for hedge fund LTCM by the Federal reserve in 1998, according to October 13th Wall Street Journal.
Under the plan, all the top U.S. and perhaps some British banks, will join to create a "receptacle," which will buy up the worthless so-called assets held by the "structured investment vehicles" (SIVs) of Citibank and many other banks. Although these mortgage-backed securities and collateralized debt obligations are worth nothing, the new "super-conduit" will lay out $100 billion to buy them at their current nominal value, or close to it, in order to try to sustain the lie that all the hedge funds and banks together, which hold trillions in such worthless "assets," are still solvent. This pool of money will all, in turn be backed by the big backs like Chase, HSBC and Citi, and perhaps the US Federal Reserve as well, in effect.
How's that for a little Creedence Clearwater Revival song? Now sung by Rod Stewart, at a store near you.
Pix at: Really Long Link
http:// www.rodstewartfanclub. com/about_rod/article/EEVFlAE AlpdnyggKvc.php
Really Long Link
http: //www. rodstewartfanclub. com/home.php
Hit so hard, it wrecked the land;;
I know, it’s been coming for some time;
Rod Stewart sings Creedence Clearwater
Goldman Sachs and bail out funds;
Billions of Sivs and derivs
I know, this ain’t worth designer t-p;
(to wipe your butt)
Refrain:
I wanna know, when it was 1929;
I wanna know, if the crash is soon behind;
Some FDR, sunny day;
Who is foolin’ who this time;
When the Crimes’ in the NYTimes;
I know, power absolutely corrupts;
Whole towns slippin’ to decay;
Defaults lead to homeless greys;
I know, crack houses are a comin’ soon;
(Refrain)
Treasury Secretary Henry Paulson, of Goldman Sachs, and his sidekick, Treasury Undersecretary for Domestic Finance ("Plunge Protection"), Robert Steel, also of Goldman Sachs, are trying to orchestrate a crazy $100 billion bailout scheme, which dwarfs the $3-4 billion bailout arranged for hedge fund LTCM by the Federal reserve in 1998, according to October 13th Wall Street Journal.
Under the plan, all the top U.S. and perhaps some British banks, will join to create a "receptacle," which will buy up the worthless so-called assets held by the "structured investment vehicles" (SIVs) of Citibank and many other banks. Although these mortgage-backed securities and collateralized debt obligations are worth nothing, the new "super-conduit" will lay out $100 billion to buy them at their current nominal value, or close to it, in order to try to sustain the lie that all the hedge funds and banks together, which hold trillions in such worthless "assets," are still solvent. This pool of money will all, in turn be backed by the big backs like Chase, HSBC and Citi, and perhaps the US Federal Reserve as well, in effect.
How's that for a little Creedence Clearwater Revival song? Now sung by Rod Stewart, at a store near you.
Pix at: Really Long Link
http:// www.rodstewartfanclub. com/about_rod/article/EEVFlAE AlpdnyggKvc.php
Really Long Link
http: //www. rodstewartfanclub. com/home.php
The Political Brief
I guess I don't know as much as I should about the financial situation. Thanks for the education, Howard! That coffee can buried in the back yard is sounding better all the time!
Real Crash