HowardThe Midnight Rambler, on Wall St.
December 5th 2007 16:41
Midnight Rambler- on Wall St? Rolling Stones
Did you hear about the Midnight Rambler?
The one who cuts those MBS;
You know the mortgage backed securities;;
Into those little stupid thieving strips;
Here comes the fallout from Andrew Cuomo;
On who is gonna take the pinch;
For the double talking, manipulative ripoff;
From Deutsche Bank and Merill Lynch;
But if you hear about the Midnight Rambler;
His subprime pooled, and inside lying job;
And don't forget Moody's, Fitch, and S& P;
They were all part of the Bear Stearns Mob;;
It has gone beyond the rumor mill and has hit the court room. Andrew Cuomo, the NY Attorney General has issued Subpoenas to Deutsche Bank, Merill Lynch, and Bear Stearns. Don't make the mistatke of believing that this is going to solve everything. This is just a question of who goes to jail, who gets fired and all that other juicy stuff.
Presidential Candidate Hillary Clinton addressed part of the Homeowner and Bank Protection Act, with her proposal for a freeze on mortgages and a scale down to pre-balloon interest rates on the ARMs (Adj Rate Mortgages). It won't work without the other half of the proposal, which is to freeze the MBS and in some cases totally write them off. We may have to write ALL of them off, like, speculative bets are worth zero. It is the first step toward a New Bretton Woods, a return to fixed exchange rates between currencies, limiting speculation, and issueing new national credit for big infrastructure projects, like the geezer said.
pix at Really Long Link
http://www. taringa. net/posts/863186
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