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Wednesday, October 27, 2010

"Amazing" and not in a good way

From Bloomberg.com- Oct 21,2010...

New York Fed Faces 'Inherent Conflict' In Mortgage Buybacks- "The Federal Reserve Bank of New York’s effort to recover taxpayer money used in bailouts during the crisis may be at odds with its mission to ensure the stability of the financial system"

~  Think of it in financial terrorism terms- instead of suicide bombers, these are suicide bankers at work. The entire financial system has been rigged to explode by the bankers at the least amount of accountability, therefore the Fed or politicians can not ever be working on behalf of the population because to do so would cause the financial system to literally blow and it is the bankers who have done the rigging.

*  Some may feel the comparison of bankers to terrorists is hyperbole or exaggeration for dramatic affect.  This not the case- it is an accurate depiction of the banking system currently in place.  The bankers (Goldman, AIG, etc..) over the past 2 years and at present, have said this to the government: 'Give us more money or we're going to blow up the system.'  Now, how is that different than a terrorist at a cafe strapped with explosives threatening to blow themselves up for an ideological cause?  

The bankers are sociopaths, and they want money.  Simple.  They made bad risks- placed bad bets in regard to mortgages, securities and derivatives. They lost A LOT of $ in the process.  They don't want to take any losses- they will not take any losses..  they want Money!  This is why governments around the world have collectively poured trillions upon trillions of government stimulus into the global markets- because bankers threatened the US and Global economy with complete destruction and chaos otherwise. And the banks still want More- they still have trillions upon trillions of dollars of toxic debts on their books.. debts which they will not take a loss on, which is what Quantitative Easing 2 is about.   These are Suicide Bankers... and 'We the People' are nothing more than collateral damage.

"The New York Fed, which acquired mortgage debt in the 2008 rescues of Bear Stearns Cos. and  AIG, joined a bondholder group including Pacific Investment Management Co. that aims to force Bank of America Corp. to buy back some bad home loans packaged into $47 billion of securities, people familiar with the matter said this week.  Concern that Bank of America may be forced to buy back soured mortgages helped send its stock down almost 5 percent in the last two days, wiping out $5.92 billion of its market value."

~ Basically- the evil, despicable Wall St investor doesn't like the idea of Bank of America buying back its toxic garbage while it is perfectly acceptable for the taxpayer to remain on the hook. And it puts the New York Fed in the position of either recouping the money and seeing continued losses of Bank of America in the billions, or do nothing while the banks win and the money of everyday Americans get flushed down the toilet.

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