September 7, 2008
Elaine Meinel Supkis
We try yet again to riddle out what will happen next: the Plunge Protection Team is meeting with Bush trying to figure out how to save the Republican party. This means figuring out how to capitalize Freddie and Fannie Mae. Only the US government has no capital. In order to save our bloated, ill-functioning banking and home mortgage systems, the US has to borrow money from someone who speaks Japanese, Chinese or Arabic speakers. These people all have agendas they want fixed. We will sell off our empire to them. I also want to probe deeper into the Skull and Bones connections in all this mess. And look at Lockhart III who is the silver spooned member of the PPT who is also head of Social Security. He is going to fix things? HAHAHA. He is a human wrecking ball.
Loan Giant Overstated the Size of Its Capital Base
The government’s planned takeover of Fannie Mae and Freddie Mac, expected to be announced on Sunday, came together after advisers poring over the companies’ books for the Treasury Department concluded that Freddie’s accounting methods had overstated its capital cushion, according to regulatory officials briefed on the matter. The proposal to place both companies, which own or back $5.3 trillion in mortgages, into a government-run conservatorship also grew out of deep concern among foreign investors that the companies’ debt might not be repaid. Falling home prices, which are expected to lead to more defaults among the mortgages held or guaranteed by Fannie and Freddie, contributed to the urgency, regulators said.Investors who own the companies’ common and preferred stock will suffer. Holders of debt, including many foreign central banks, are expected to receive government backing. Top executives of both companies will be pushed out, according to those briefed on the plan.
*snip*
Under the plan, the Treasury Department itself will begin buying mortgage securities, providing crucial market support.As a result of the government’s intervention, the cost of borrowing for Fannie Mae and Freddie Mac should decline, because the government will be insuring their debts. Equally important, because the government is backing the companies, they will continue to buy and sell home loans.
*snip*
Finally, regulators are concerned that the companies may have mischaracterized their financial health by relaxing their accounting policies on losses, according to people familiar with the review. For years, both companies have effectively recognized losses whenever payments on a loan are 90 days past due. But, in recent months, the companies said they would wait until payments were two years late. As a result, tens of thousands of loans have not been marked down in value.
The capitalist G7 nations are ALL having a major banking meltdown. This is not accidental. It is not mysterious, either. It is the direct result of running a global banking system based on a floating currency concept that has been shown to be an utter, total, massive failure. When humans can disregard reality, they do so. The reality of capitalization of banks is pretty iron-clad. Throughout history, gold was used as the fundamental basis of sound banking. Every attempt at creating a system dependent on the sobriety and goodwill of the operators has failed. Every attempt at creating banking that doesn't immediately get sucked into funding unaffordable wars has failed. This is why I stress the business of 'magic' and religion so much.
The entire foundation of Islamic banking is based on a religion of restrictions, too. Their restrictions are so severe, they prevent honest capitalist value-added profits. The only reason Islamic banking is functioning at all is due entirely to oil profits. The oil is sold to the G7 nations which use it for industrial production. The G7 also use oil for sybaritic purposes. We use oil to drive to and from distant houses in the exurbs and to fly around the planet, having vacations, etc. The cost of extraction and refining of oil and gas is so low compared to volume and sales, the profit margins are easy to attain. Recently, we just saw a massive surge in value of oil. This, in turn, emptied out the vaults of the banks in the West and filled the vaults of the banks of Islamic nations and the Orthodox empire of Russia.
When the general flow of profitability, capital and monetary value changed direction and began to flow from the post-WWII Cold War alliance nations to Russia, China and Islamic nations, the ability to capitalize governments and banks in the West began to fail. Instead of dealing with this obvious change in money flow, the G7 instead launched themselves into a system that allowed them to pretend that money was flowing to them and not to the opposite side of the ledger. Numbers are very magical. Early humans recognized this and openly talked about this. The first mathematical theorists who invented the zero, for example, were all religious geniuses. They recognized that there is this alternative universe: numbers. Numbers can mirror this universe which we call the living, waking world. Naturally, once everything in this world is explained in numbers, one is tempted to think that the real world can be manipulated by simply manipulating numbers. It is pretty simple: change a minus to a plus and night becomes day. Change the data used to figure out how healthy an economy is and voila! The economy in decline is suddenly soaring like a rocket! Making up numbers out of thin air is best of all.
As I keep pointing out, this is all about temptation. The devil is inside each of us, He resides in the emotional part of our psyche. He whispers in our ears, 'Just change that minus to a plus and you will get rich.' Our President of the United States has repeatedly prayed to the Devil that is Death. This is the function of the Skull and Bones satanic coven. Much of our government and banking systems are infested with people who are members of this coven.
In the above story from the NYT, the reporter notes that Fannie Mae and Freddie Mac manipulated numbers so their bottom line would light up like a light bulb. Instead of the normal 90 days past due, they changed the trigger for default on a mortgage to 2 years overdue! This is just astonishing. Why not make it 20 years? Same effect. Indeed, if one can turn back the rules of banking and lending and have 0% loans at 0% down payment with 0% principal paid off over eternity we get the Perfect System...for creating total anarchy and utter inflation. For inflation is faster than thought, as light of foot as a tornado or hurricane. Inflation can soar to the ends of the universe and back for She is Infinity itself. As well as the Angel of Death. Only very foolish humans call upon her powers. And there are plenty of people who are this foolish, alas.
The US economic system is now based on begging this terrifying Goddess. We want Her to lift our economy to the heavens even as we have to pay the piper. Namely, so far, we paid out by moving our manufacturing offshore. But then, She simply hiked over to the commodities markets and laid everything to waste, there. Now She is back, eyeballing our government. In hysteria this Sunday, our emperor will meet with the Plunge Protection Team. They will try to figure out how to avoid total inflation while saving this bankrupt system via going deeper into debt. To do this, they must capitalize the US government itself. And to do this, they sell Treasuries. And to sell Treasuries, they have to go to the REAL bankers who are...Russia, China and the Arab OPEC nations!
During the Cold War, the US didn't borrow one ruble or one yuan from either Russia or China. Today, we borrow trillions. The bail out of our fake mortgage system is going to cost us lots of money. No one knows how much but it could be between half a trillion to $5 trillion depending how bad things go for us in the future. We are in a New World Order today. The American news media is talking about how China's banks don't have enough capitalization. Well, ours has NO capitalization! NONE. Our banks are NOT lending to China. Nor are they lending to Japan. China and Japan are lending to our banks. China and Japan have been buying up US Treasuries, not the US buying their Treasuries. We are the debtor nation, not the creditor nation.
The US cannot lend money to home buyers when the US itself is a debtor. Someone in a banking system has to have money to lend. The Japanese banks encouraged a mad property value bubble that nearly bankrupted Japan. Yet Japan rose out of that hideous mess via exports to the US and became the lender to global investors starting in 1996. Even as their own books were awash with red ink, the Japanese central bank won permission from the other central banks to drop interest rates 'because Japan was in a depression.'
Once Japan rose out of this depression and Japanese corporations became the most powerful on earth and enjoyed vast profits and growth now for over 10 years, their longest growth cycle in their history, interest rates in Japan fell to 0%. Today, they are still at .5% which is totally insane. They are talking about dropping it back to 0% to create more credit. This is the dark, bleeding heart of international banking. It utterly distorts the true value of international credit. Anyone who raises interest rates about 3% a year is hammered by Japanese traders and offshore entities seeking to turn these free loans from Japan into gold. So, thanks to Japan, we have gone through 10 years of far-too easy credit. This easy credit has allowed debtors including debtor NATIONS to spend freely. And none spent as freely as the US.
We viewed this unnatural and dangerously inflationary system as a golden opportunity to buy now, pay never. If the Japanese keep their interest rates at 0% for 100 years, we could easily spend and spend and NEVER pay off anything. Of course, the nature of economic power is, we do pay. But not in ways we would like to understand. The US could easily see the housing bubble as well as the stock market bubble growing but refused to acknowledge this reality. The US spending on war and social services shot upwards without restraint and few in the US wanted to see where all this cheap credit was coming from.
So here we are: our housing market is dying. It died because it got loaded up with too much debt. The cost of PRINCIPAL shot upwards and now is a huge, huge burden on our economy. I keep telling people, it is far better to have lower principal due on a purchase than lower interest rates. This is because the money due when all things are accounted, are the amount of principal plus interest. If the principal rises very rapidly, this raises the overall cost of interest. Let's be clear here: it isn't how much money you make when selling a property. It is how much money the BANK will lose if you go bankrupt. A system whereby there are super-cheap loans/high house prices is one that will spiral into bankruptcy, fast. The trillions of dollars involved in housing that is going into bankruptcy is all reckless lending at easy rates. The US government has an obligation to stop super-cheap lending. But since our government, itself, is a huge, nay, the biggest borrower on earth, it has a vested interest in keeping interest rates as low as possible.
For if the Federal Reserve raised rates, the US government would have to stop borrowing. Only Japan will move in and flood the US with carry trade lending! This is why the US cannot raise interest rates as we saw when Greenspan and Bernanke tried it out. The Japanese carry trade went nuts. The entire US government has been bending its will towards creating cheap credit so it can borrow. This is an impossible situation. Everyone can't be running in the red all the time. And the two sectors of world economy that are NOT running in the red or on fake, cheap credit is OPEC, China, Russia and Japan who are all running trade profits with the rest of the planet.
Since OPEC, China, Russia and Japan are the only creditors with credit, they and only they can lend money. Period. The US emperor today isn't talking about lending Fannie Mae and Freddie Mac money. He is discussing how we can get the Quartet to lend the US more money. Japan is always very eager to lend. At low rates. But Japan can't fund US needs even before a trillion+ bail out by the government. Russia won't lend to us. We are now at war with Russia and are desperately trying to beggar Russia. So this leaves China and OPEC Arabs. The Arabs want several things. One of which is, Jerusalem. The US won't give them that but they are biding their time. No hurry on their parts. They know history is totally on their side in this matter.
So this leaves China. The US has a queer way of begging the Dragon for funds. Insulting it, poking it in the eye. Complaining about massive feasts and parties, whining about the weather in Beijing, complaining about Chinese habits and customs. Yes, this is the winning combination. Threats of economic warfare are not helping matters, either. Not to mention, our recent attempt at splitting China literally in two. China holds lots of Fannie Mae and Freddie Mac bonds. The US is discussing securing these bonds by BORROWING MORE FROM CHINA. This is pretty much the escape plan. To protect China's investment, the US will borrow a trillion from China to fund these bonds that are not being supported by US homeowners paying off principal and interest on their loans. Instead, the government of the US will pay these losses. And to pay for them, will borrow even more money from China?
The Goddess of Inflation grins and shows her fangs. HAHAHA. She flexes her wings and dreams of flying faster than thought. Infinity, here we come! A banking system cannot be circular. It has to have money coming in from somewhere. The US can't pay loans to China by borrowing more from China to cover bad loans previously taken from China. This never, never works in the long run. Eventually, it falls apart. This is the iron rule of banking. You can't have a banking system whereby the borrowers get to borrow to infinity.
On Friday, executives from Fannie Mae and Freddie Mac were ordered to appear in the offices of their regulator, James B. Lockhart, in separate meetings. They were told that regulators were exercising their authority to place Fannie Mae and Freddie Mac in conservatorship, which would allow for uninterrupted operation of the companies but would put them under the control of Mr. Lockhart.
Let's visit Mr. Lockhart III. Sounds like a cartoon character sort of like 'Richie Rich'. Here is his biography from the Social Security web site:
James B. Lockhart III has been sworn in as Deputy Commissioner of Social Security. Mr. Lockhart was nominated by President Bush in July 2001 and confirmed by the United States Senate on January 25, 2002. Mr. Lockhart serves as the principal deputy to the Commissioner of Social Security, and as Chief Operating Officer. Mr. Lockhart also will serve as the Secretary to the Social Security Board of Trustees and is also a member of the President’s Management Council."I knew from my very first meeting with Jim that he was exactly the person I wanted for our Deputy Commissioner," Commissioner Barnhart said. "Jim brings a deep commitment to our country, our President, and the mission and employees of this agency."
Mr. Lockhart has a background in finance and pensions. He served with distinction in the previous Bush Administration as Executive Director of the Pension Benefit Guaranty Corporation from 1989 until 1993. He was a director of the Association of Private Pensions and Welfare Plans (now the American Benefits Council) from 1993 until 1995.
Mr. Lockhart is the co-founder and former managing director of NetRisk, a risk management software and consulting firm serving major financial institutions, including banks, insurance companies and investment management firms worldwide. He has an extensive background in insurance. Prior to founding NetRisk, he was Senior Vice President of Finance for National Re and a Managing Director for Smith Barney. Earlier in his career he was Vice President and Treasurer for Alexander & Alexander, and worked for Gulf Oil in Europe and the U.S., serving as Assistant Treasurer.
All of the rescuers of our system are parties to its destruction. Lockhart III is no outsider. He is a member of the Plunge Protection Team. He works hard to save Wall Street and the GOP from its own excesses. He is interested only in transferring wealth from the working classes to the rich. While he has been busy as a bee, our pension system has collapsed. Social Security is heading off a cliff with nothing to show of all the Reaganite 'savings' enforced upon workers by doubling SS withholding taxes. The entire sum collected which is trillions of dollars, is a piece of paper in a vault that is basically an IOU since all that money was spent on tax cuts. Virtually no one in our government today is 'bringing a deep commitment to our country...' This should be painfully obvious by now. If anyone was sane and working to save America, they would not be demanding super-cheap lending.
Super-cheap lending has driven us into the poor house. It raises the level of debt. It reduces or eliminates savings. And this is the fundamental reason we have a banking crisis. Too much credit that was too cheap.
I came across this letter written by the board of directors of Fannie Mae. This letter is right at the beginning of the super-cheap lending created by Greenspan when he dropped interest rates to 1%.
The Office of Federal Housing Enterprise Oversight Archives:
December 13, 2001
The Honorable Armando Falcon
Director Office of Federal Housing Enterprise Oversight
1700 G Street, NW, 4th Floor
Washington, DC 20552Re :Proposed Corporate Governance Regulations, RIN 2550-AA20
Dear Director Falcon :
We write as President Bush's appointees to the Fannie Mae Board of Directors . We come from various regions of the country and diverse backgrounds, but share a deep commitment to ensuring that the U .S . housing finance system remains safe and sound, accessible to all Americans and the envy of the world . We are writing to express our serious concerns regarding OFHEO's proposed corporate governance regulations . We have been briefed by counsel and corporate governance experts on the proposed new regulations . We are concerned that the proposal will subject those of us serving on Fannie Mae's board to a regime that is significantly different from and much more punitive and restrictive than the corporate governance rules in place at virtually all comparable financial institutions and large corporations generally . If the proposed regulations are adopted, board members appointed by President Bush will have more potential personal liability and less financial protection than the directors appointed to Fannie Mae's board by any previous president .
It is a great honor to be appointed by the President to serve on the board of a company with such an important housing mission, but in light of the proposed regulation on corporate governance, we now have serious concerns about serving on Fannie Mae's board . Indeed, had we known about the proposed regulations at the time President Bush offered us the opportunity to serve on Fannie Mae's board, some of us would have had serious reservations about such service .
We were surprised to learn that OFHEO's proposed regulations will impose standards of conduct and responsibilities on Fannie Mae directors that are a significant departure from those imposed on directors of other large financial institutions and other publicly-held corporations . Even more disturbing is OFHEO's proposal to remove a significant part of the indemnification protection currently provided to officers and directors of Fannie Mae, protections that are permitted by statute and consistent with those provided under Delaware corporate law, the most widely used body of corporate law in America.
In place of corporate governance standards familiar to those of us with experience serving on other corporate boards, OFHEO proposes a broad list of obligations that directors will owe to OFHEO, but does not state the standards that will be employed in interpreting whether those obligations have been met . A violation of any obligation subjects a director to the enforcement authority and civil money penalties that OFHEO can impose . This is both unprecedented and unnecessary .
Like almost all large; corporations, Fannie Mae currently provides indemnification for its officers and directors . This provides us with reasonable assurance of protection -against costly litigation . Years ago, Fannie Mae's stockholders approved indemnification provisions that incorporate the standards permitted under the Delaware General Corporation Law . The Delaware statute is a widely followed, modern formulation of corporate indemnity powers . Under the Delaware standard, Fannie Mae's indemnification does not provide coverage where a director is found to have (i) breached the duty of loyalty, (ii) not acted in good faith or in a manner involving intentional misconduct, (iii) had reasonable cause to believe the conduct was unlawful, or (iv) derived an improper personal benefit from the conduct .In place of such widely accepted restrictions on indemnification, OFHEO's proposal would restrict indemnification in virtually all instances involving a claimed breach of OFHEO's rigid checklist of standards .
OFHEO's indemnification proposal is not only unreasonable, we have been advised by highly regarded counsel that it is also contrary to law . The 1992 legislation governing OFHEO's supervisory responsibilities allows Fanme Mae to indemnify directors with respect to OFHEO administrative proceedings against a director for all but the most serious violations . The proposed regulation would prohibit virtually all indemnification .
We understand that OFHEO has modeled its indemnification provisions on provisions in the Federal Deposit Insurance Act (FDI Act) . The FDI Act provisions, however, grew out of Congress' concerns that the Boards of foundering thrifts, who often had direct approval authority over the transactions that spurred the thrift crisis, were acting in their own personal interest rather than the best interests of the companies . Moreover, indemnification of thrift directors utilized
federally insured funds . There is no comparable situation here . The role of Fannie Mae directors is closer to that of directors of non-bank companies ; there are no federally insured funds involved ; and most importantly, OFHEO itself after extensive review has concluded that Fannie Mae is fiscally sound . It is not surprising, then, that Congress chose a very different indemnification scheme in Fannie Mae's governing legislation than it did in the banking context .Fannie Mae already has strong corporate governance provisions in place, which have been reviewed positively by OFHEO's examiners . Fannie Mae's Board is continually subject to rigorous examination. We urge you to consider the consequences of OFHEO's proposed regulations on the ability of Fannie Mae to attract and retain directors . We strongly suggest that OFHEO withdraw its proposed regulation on corporate governance .
We appreciate your consideration of our views and we are available to discuss them with you.
Sincerely yours,
They were worried about liability? ARREST THEM ALL. I want them to pay a price for their behavior. They have destroyed America's finances. This is treason. They wanted the Delaware standard revoked so they could act in bad faith, be disloyal or act like criminals! HAHAHA. They got this boon and exploited it to the max. This is certainly about 'moral hazard'. The morals we are talking about is fairly simple: there has to be someone guarding the entrance to the Cave of Death and Wealth. If no one guards the entrance or if the Federal Reserve blasts a side door into this dire cave so everyone can rush in and grab the money that is created out of nothing, we also release the Goddess of Inflation. To keep her penned up inside this cave, we have to not allow free access. Bankers beware! Goddess inside will eat all wealth!
But of course, the board of directors of Fannie Mae wanted to blast a hole bigger than the Titanic into the side of the Cave of Death and Wealth. And they got it. Note the date: the housing boom began with this granting of this privilege of leniency. From January 1, 2002 and onwards, housing values shot upwards as the lending process became cheaper and easier. Until anyone including illegal aliens, cons in prison and even dogs could get 0% down loans.
Victor Henderson Ashe
Member, Board Directors, Federal National Mortgage Association (Fannie Mae) - Mayor 75-(Four terms), Knoxville, TN; Mbr 72-81 TN State Senate; Mbr 68-72, TN House of Representatives; Lance Corporal, USMC
This is always of interest to me. The Tempter who is the Devil the Skull and Bones worship at Yale is the snake that drapes himself in the Tree of Knowledge. It hisses to these goofy frat rats, 'Sssssay, why don't you dynamite a hole in the sssside of the Cave of Death and Wealth. I assssssure you, the wealth of the world will be yoursssss.' Oh, and it urges apple eating as healthy. And apple a day keeps Eve away.
Here is a Wall Street article from July, this year:
Article from over a month ago at the Wall Street Journal:
Angelo Mozilo was in one of his Napoleonic moods. It was October 2003, and the CEO of Countrywide Financial was berating me for The Wall Street Journal's editorials raising doubts about the accounting of Fannie Mae. I had just been introduced to him by Franklin Raines, then the CEO of Fannie, whom I had run into by chance at a reception hosted by the Business Council, the CEO group that had invited me to moderate a couple of panels.Mr. Mozilo loudly declared that I didn't know what I was talking about, that I didn't understand accounting or the mortgage markets, and that I was in the pocket of Fannie's competitors, among other insults. Mr. Raines, always smoother than Mr. Mozilo, politely intervened to avoid an extended argument, and Countrywide's bantam rooster strutted off. I've thought about that episode more than once recently amid the meltdown and government rescue of Fannie and its sibling, Freddie Mac. Trying to defend the mortgage giants, Paul Krugman of the New York Times recently wrote, "What you need to know here is that the right -- the WSJ editorial page, Heritage, etc. -- hates, hates, hates Fannie and Freddie. Why? Because they don't want quasi-public entities competing with Angelo Mozilo."
That's a howler even by Mr. Krugman's standards. Fannie Mae and Mr. Mozilo weren't competitors; they were partners. Fannie helped to make Countrywide as profitable as it once was by buying its mortgages in bulk. Mr. Raines -- following predecessor Jim Johnson -- and Mr. Mozilo made each other rich. Which explains why Mr. Johnson could feel so comfortable asking Sen. Kent Conrad (D., N.D.) to discuss a sweetheart mortgage with Mr. Mozilo, and also explains the Mozilo-Raines tag team in 2003.
Fannie Mae and Freddie Mac bought up all those loans made to all sorts of people when credit was super-cheap. Since the principal owed matters, eventually this caused prices to shoot upwards to a level only the Goddess of Inflation can appreciate. She was activated the instant easy credit was extended. Of course, this sort of inflation is very popular. Everyone who sat in a domicile suddenly found themselves inside a perpetual ATM machine. They simply had to sign the dotted line and the snake would give them apples. The US public went hog-wild and the resulting consumerist spending spree is now ending badly as we now have to go into debt to buy food and fuel. Commodity prices are falling but this is a wave action. The waves, like in the 1970's, will rise higher and higher until someone imposes sanity on the system and interest rates rise high enough to curb most lending.
Mr. Mazilo isn't in prison. I am puzzled about this. Like previous swindlers, he gets to run around for a while. Abramoff, for example, was just sentenced to prison time. This barely made the news, of course. He is unmentionable because he is Jewish and desired to convert bribes into political power which he could use to steal stuff in the Middle East. Con men and con women, like neo cons, come in all stripes, colors and religions. One thing they all have in common is their treasonous beliefs. They view the US as their tool to be used for their own ends. These anti-patriots are dangerous. Allowing bribery in Congress is dangerous. McCain pretended to be for campaign finance laws only to show up as a total hypocrite. All the candidates except for Kucinich and Ron Paul ended up appealing to the same bribers seeking power. Which is why we can barely distinguish the candidate's positions when it comes to Israel, for example.
Fannie Mae and Freddie Mac became Mazilo's funnel to $600 million in personal wealth. This is the money he skimmed off of the housing bubble for himself. The FM and FM system should have rejected all those funny money loans. But instead, they sopped them up as fast as Mazilo's gang cranked them out. This was totally wrong and utterly avoidable. But then, look who is running those organizations! The same group that is accepting bribes and is betraying America by overspending all budgets.
There is no government oversight when the overseers are being bribed or are being rewarded for bribes. This is why fixing the system is impossible unless we stop the flood of money that is destroying our democracy. Spending a billion dollars on ads on TV each election cycle: very popular with the media. But bad for democracy. Italy is run by an outright fascist because he owns the TV stations and can bend the news to fit his own desires. It is pretty much the same here. The US was lulled to sleep via easy credit. While going to war with or around OPEC nations. And starting the Cold War with Russia and China. Now, the easy credit is drying up and the US is preparing for global war with our creditors. This is not a good idea. But then, no one learns from history, I suppose.
from Black Swan's comments on Mish's blog on "GSEs and Other Financial Institutions Overstate Capital Base":
The first link is to a letter from the Federal Reserve to H. Rodgin Cohen, an attorney representing Chinese banking interests. In this letter, the Fed waives restrictions against the Chinese from buying and owning US banks. It also exempts the Chinese from the Bank Holding Company Act that demands reporting and capital requirements.
The second link is from a New York times article that describes the Paulson meeting about the Government takeover of Fannie and Freddie. At that meeting was the same H. Rodgin Cohen, who just so happens to also represent Fannie Mae. So, connecting the dots, H. Rodgin Cohen represents both the Chinese and Fannie Mae.
My guess is, that after the Government takeover of the GSEs, the GSEs will be chopped up and spun off into private mortgage companies, and that the Chinese will get to own at least one of those new entities. That will leave the Chinese as not only owners of American mortgages, but also as owners of American mortgage companies and banks. Well, I guess that's one way to pay off the US debt to the Chinese. If I'm right, then this must be one of those conspiracies that does more than just exist in my paranoid mind. It will prove the old adage, "just because you're paranoid, doesn't mean they ain't out to get you".
http://www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2008/20080805.pdf
http://www.nytimes.com/2008/09/06/business/06fannie.html?hp
Posted by: Laura | September 07, 2008 at 05:47 PM
I share your feelings about McCain, I think Palin is the only genuine person to run in a long time. If she becomes Pres it would be a good idea to appoint you as Treasury Secy. I don't think I've ever read anyone like you!! Keep it up.
Posted by: NO OBAMA PLEASE | September 10, 2008 at 01:24 AM