ZRX1200 wrote:Yeah Obama is doing GREAT!!!!!!!
GRAB YER ANKLES AMERICA......
http://dailybail.com/home/holy-bailout-federal-reserve-now-backstopping-75-trillion-of.html
This is the Quid Pro Quo for BoA buying Countrywide and ML. When Lewis & Co. were looking over the books with a tighter scrutiny they were going to back out of the deal. The Fed and Treasury Dept told them "Do it, we'll backstop you". They did it and are now holding on to the nastiest part of the derivative slop that Goldman Sachs, AIG and every other POS criminal enterprise could muster. It was a toxic hot potato that BoA was caught holding.
What they're talking about is the housing sector...not the commercial sector. Look around when you drive through any downtown. Go into some of the buildings and walk-about. Lots of empty spaces. Especially in those newer fancy high rises. Funny how nobody wants to talk about that?
Lewis was famous for expanding BoA's presence and it's understandable how ML fits in their puzzle. They were seriously getting their asses kicked in the private investments divisions by ML, Raymond James and a slew of others. They use the ML name, keep the customers and hopefully hang on to them.
Countrywide on the other hand made no sense. It could've been snapped up for pennies on the dollar in bankruptcy, but the Boyz at the Big Trough didn't want the game to end. They thought they could keep on playing hot potato forevah! Bubble after bubble they raked the cash in and took no responsibility for what they did. They played the politicians for everything they were worth by crafting legislation that created the holes they could hide in and eliminating the pesky risks of prison time. It's all there for everyone to see, but the fools that want to sleep on Wall Street and crap on cop cars believe that they're going to get effective results. They won't. They're in the wrong town. They should be in Washington DC surrounding Dood...Frank...Geitner...Bernanke...and the White House. They won't do this because they feel that Obama is "one of them". He sold them out faster than any other elected official. He had NO EXPERIENCE...NO TRACK RECORD...nobody knew what he was capable of doing (except those that could see how his past associations and lack of experience would hurt America!) until they elected him and he kept reading from the same "playbook".
No, this IS the greatest swindle ever perpetrated on the American public. Need help in this? Rent "The International"...substitute financing wars...oh yeah, they do that too! They'll make money off the winners and screw the losers even harder!...and put oh I don't know, something kooky like NINJA loans. Yeah.