Tuesday, September 30, 2008 - 7:56 am
This is a great piece that details in a clear and simple way how we got here. I really like this suggestion too:
quote:Whatever the case, the best thing you can do to protect yourself and your interests is to make friends. The more we are willing to do for each other on our own terms and for compensation that doesn’t necessarily involve the until-recently-almighty dollar, the less vulnerable we are to the movements of markets that, quite frankly, have nothing to do with us.
http://rushkoff.com/index.php?s=credit+crunch&x=0&y=0
Also, this brief summary of alternatives, including A NEW DAMN PLAN, (can I please say FUCK YES to that?) on Kos today is a good and thought provoking read that kind of tees things up for the discussion to come in Congress:
http://www.dailykos.com/storyonly/2008/9/30/2562/85965/17/615262
Tuesday, September 30, 2008 - 8:42 pm
I've written here that we are leveraging these "loan assets" multiple times.
Read this!
http://www.dailykos.com/storyonly/2008/9/30/205730/663/244/616060
The money quote: "IF Investment Banks fail (they are the issuers of these Monopoly Money Policies) -- they will owe $45 Trillion on a Market on about $7 Trillion worth of Mortgages??? "
These insurance policies are worth about 6 times the mortgages they back!
Again, it's like you having insurance on your house that pays you off, and all your neighbors also getting paid off on their policies on YOUR HOUSE.
That's funny money people. Bogus, magic dollars backed by nearly nothing.
