Tuesday, June 16, 2009

Proud to be an American?

You might want to think about that. This is from Karl Denninger at a business blog known as The Market Ticker.

"We have seen the largest looting operation in history perpetrated against The American People. Over $5 trillion dollars in junk securities were marketed and sold. They had a real value of about $2 trillion dollars; the other $3 trillion, roughly, was pure fiction. The banks created and sold these throughout the world, with the full knowledge and support of Congress, The Fed, and the banks themselves.

"It was pure fraud.

"Granting someone a 'mortgage' based only on whether they can fog a mirror is proof positive of malfeasance, unless you disclose this fact to the buyers of these securities - a fact that was not disclosed until after the securities blew up.

"Lenders, builders and others pressured appraisers to "hit the numbers" to support these fraudulent deals. Proof of that is found in the nearly-10-year-old Appraisers Petition bearing thousands of appraiser signatures.

"That ratings were a "mistake", either real or intentional, is a matter of now-known historical fact."

There is more, much more, but I'll leave it to you to follow the link.

One further note. If the demonstrations in Tehran were conducted on the same scale in Columbus, more than 60,000 people would be taking to the streets!

"Is life so dear, and peace so sweet, as to be purchased at the price of chains and slavery? Forbid it, Almighty God! I know not what others may say, but as for me, Give me liberty, or give me death!" -- Patrick Henry

Virtual buckeye to Rebellion.

No comments: