HowardI'd Lose a Billion Bucks- Grass Roots
A trillion Bucks, I would lose for you
It's not just the mortgages that are a crashing;
and leaving you broke and wet;
Now whole state governments are losing their school money,
Cause you lose a billion bucks, rather than give up your evil speculation;
Like to play the game, spit on FDR, Now it is all over;
The state of Florida, believed in speculation;
They better change, go for re-regulation;
Home, Bank Protection Act can do the job;
Let's tell the truth, time to quit the Mob;
You lost a million bucks, playing at your gambling,
Said no government;
Don't you trust your fellow man,
American Revolution, for the general Welfare"
A million bucks, a billion bucks, a trillion bucks, gonna disappear!
Yes, Virginia, the financial collapse is not just about people losing their homes, mortgages, and real estate. The State of Florida ordered a suspension of withdrawals from a State investment pool, after 44% of the funds were withdrawn by frightened cities and school boards who learned the fund was heavily invested in sub-prime mortgage-backed securities, structured investment vehicles (SIVs, or conduits) and tainted asset-backed commercial paper (ABC paper). When the bottom falls out of the pyramid, the top falls down, you get it, Slick?
Over $12 billion of the $27 billion fund, run by the State Board of Administration, has been withdrawn this month. The fund had announced at the beginning of the month that it held $2 billion in such junk, with $1.5 billion officially downgraded to junk status by the rating agencies, setting off the run.
Governor Charlie Crist (R) ordered the suspension after $3 billion was withdrawn today alone, saying "We have to protect what is there in the interim. There is no liquidity out there, there are no bids (for the junk-grade securities)." The paper is unsellable. So what is it worth?
So, as also seen in the inability of cities to raise funds on the municipal bond market , the failure of the US Congress to pass LaRouche's HBPA is rapidly bankrupting the local city and state governments of the nation. More at link.. By the way, yesterday, Nov 30th there were hearings in the financial committee of the Pennsylvania State House on the Homeowners and Bank Protection act, (see previous post). A memorandum pushing this bill was also sent by the city of Philadelphia, City
Council, a city with over 1 million people.
pix at Yahoo Music.
http:// music.yahoo. com/ The-Grass-Roots/Sooner-Or-Lat er/lyrics/40693947
