not really sure why you'd want to buy anything when its pretty clear the banking system is insolvent and government may now lose its AAA rating over this shit....
having to bail out a fucking insurance company to "save us from collapse" pretty much tells you how fucked up shit really is underneath the surface....
and who knows who's next
regulators starting to get involved with WM now trying to find a buyer...
good luck.....
having to bail out a fucking insurance company to "save us from collapse" pretty much tells you how fucked up shit really is underneath the surface....
and who knows who's next
regulators starting to get involved with WM now trying to find a buyer...
good luck.....
WASHINGTON — In a bid to save financial markets and economy from further turmoil, the U.S. government agreed Tuesday to provide an $85 billion emergency loan to rescue the huge insurer AIG.
Just how did AIG, the world’s largest insurance company, get into this position?
AIG, which is financially stable, is suffering from a “cash flow crisis”.
That cash flow crisis is related to AIG’s insurance of mortgage backed securities. AIG wrote insurance policies to cover a portion of the financial losses on thousands of ”Liar“ and ‘NINJA” Loans.
To read more about these loans:
http://mcauleysworld.wordpress.com/...-services-housing-crisis-how-did-we-get-here/
http://mcauleysworld.wordpress.com/...riminal-inquiry-of-fannie-freddie-executives/
http://mcauleysworld.wordpress.com/...mac-900-billion-in-corrupt-lending-practices/
Politicians who claim that AIG’s difficulties are due to a “bad economy” are putting the “horse before the cart”. The reckless use of NINJA & Liar Loans have caused substantial damager to the economy. In short America is overleveraged - America has taken on more debt than it can afford - the security to support that debt (example: property values) was over evaluated.
America must “tighten it’s buckle.”
The Government must reform oversight and eliminate ineffective bureaucracy, cut taxes and foster an environment of growth. Developing all available energy sources will not only reduce costs and spur economic growth, it will also strengthen American security by ending dependence on foreign energy sources.
http://mcauleysworld.wordpress.com/...ional-group-how-sour-mortgage-loans-hurt-aig/
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regulations forcing the write-down of assets didn't help either.
Cash is king, a profitable company can be forced out of business due to poor cash flow while a losing business can stay afloat with "other peoples' money".
the fed's actions are merely intended to buy time for the insurer to clean house and get back on it's feet.
Just how did AIG, the world’s largest insurance company, get into this position?
AIG, which is financially stable, is suffering from a “cash flow crisis”.
That cash flow crisis is related to AIG’s insurance of mortgage backed securities. AIG wrote insurance policies to cover a portion of the financial losses on thousands of ”Liar“ and ‘NINJA” Loans.
To read more about these loans:
http://mcauleysworld.wordpress.com/...-services-housing-crisis-how-did-we-get-here/
http://mcauleysworld.wordpress.com/...riminal-inquiry-of-fannie-freddie-executives/
http://mcauleysworld.wordpress.com/...mac-900-billion-in-corrupt-lending-practices/
Politicians who claim that AIG’s difficulties are due to a “bad economy” are putting the “horse before the cart”. The reckless use of NINJA & Liar Loans have caused substantial damager to the economy. In short America is overleveraged - America has taken on more debt than it can afford - the security to support that debt (example: property values) was over evaluated.
America must “tighten it’s buckle.”
The Government must reform oversight and eliminate ineffective bureaucracy, cut taxes and foster an environment of growth. Developing all available energy sources will not only reduce costs and spur economic growth, it will also strengthen American security by ending dependence on foreign energy sources.
http://mcauleysworld.wordpress.com/...ional-group-how-sour-mortgage-loans-hurt-aig/
---------------------------------------------------------------------
regulations forcing the write-down of assets didn't help either.
Cash is king, a profitable company can be forced out of business due to poor cash flow while a losing business can stay afloat with "other peoples' money".
the fed's actions are merely intended to buy time for the insurer to clean house and get back on it's feet.
All that Bush has done for the last 8 years is coming to a head, the next great depression is almost here.
One could argue, quite accurately, that John McCain is responsible for the Nation's economic crisis. McCain has worked his entire career to deregulate the financial industry - with disastrous results.
One could argue, quite accurately, that John McCain is responsible for the Nation's economic crisis. McCain has worked his entire career to deregulate the financial industry - with disastrous results.
- In the 1980's McCain was a key figure in deregulating the savings and loan industry. McCain parlayed it into highly profitable graft for himself. That led to wholesale theft and the collaspe of many S&Ls. McCain got caught in the the ensuing scandal but successfully used his POW line to wiggle free.
- McCain's economic guru, Phil Gramm, slipped the "Enron Loophole" into legislation in the year 2000. This deregulatory loophole was used by that infamous company to game the electricity markets so egregiously that it led to Enron's own collapse. Since then, McCain has blocked every effort to close the loophole which is now being used by energy traders to game gasoline prices.
- The current banking crisis traces back to the repeal of the Glass-Steagall Act in 1999. Again Phil Gramm get direct blame for deregulating banks. Again, John McCain followed Gramm like an servile puppy in the effort. The effect is an economic crisis the world has not seen in 75 years.
- McCain has said he will make Phil Gramm Treasury Secretary.
- McCain's son, Andrew, ran an Arizona bank into bankruptcy earlier this year under curious, at least, circumstances.
- Not content with fucking the nation's economy, McCain is campaigning on a platform of deregulating health care.
the whole global banking system has systemic problems
its anyone's guess how bad its gonna get
will it cause a global depression i don't have that answer...
but regardless of what happens its not gonna be fun times for a while anywhere in the world.....
its anyone's guess how bad its gonna get
will it cause a global depression i don't have that answer...
but regardless of what happens its not gonna be fun times for a while anywhere in the world.....
