Elaine Meinel Supkis
More hedge-fund infested sub-prime mortgage rip-off organizations are rapidly going under. The sea of red ink which characterizes the yen/dollar imbalance is now turning into red ink all over the place, like magic. This is how all great financial collapses begin.
$190 million dollars had to be paid off because the depositors wanted their money back?
By Alistair Barr, MarketWatch
Last Update: 11:32 AM ET Mar 13, 2007SAN FRANCISCO (MarketWatch) - Accredited Home Lenders said Tuesday it has received and paid $190 million in margin calls from its financial backers this year and is looking to raise fresh capital and negotiate waivers on some of its lending covenants.
Accredited shares slumped 53% to $5.38 in early Tuesday trading.
The company said it is "exploring various strategic options, including raising additional capital to enhance liquidity and provide the company with the flexibility to retain or sell originated loans."
Accredited was considered one of the more solid subprime mortgage specialists because it took a more conservative approach to underwriting its loans and accounting for them. Until Tuesday's slump, Accredited's stock had held up better than rivals, including New Century Financial.
All these high and mighty 'businesses' that flip and flop money and make money by spreading money are now running out of hard cash. The stocks that once were the driving engines of wealth are now penny stocks and soon, toilet paper. A certificate is worth exactly whatever one can get for it and if it is backed by hot air, eventually even fools figure out it is worthless and voila! It becomes worthless. No one will buy it.
This happens to currencies too! I have a box full of interesting dead currencies. Some with magnificent numbers with lots and lots of zeroes. They remind me of human mortality. So when times are good, I take out the box with these dead currencies and leaf through them.
To say that this latest sinking Titanic is faring better than New Century is hilarous. So, the water is sloshing over the deck and it is listing to port? But New Century is standing on end and rapidly disappearing beneath the wine-dark waves! I will note that almost two hundred million dollars and the rich people clutching them, have already gotten onto their many lifeboats and are now madly rowing away as fast as possible.
And as usual, the second and third class passengers as well as the employees, are left to drown. And few captains go down with these ships. They are often the first to jump overboard and flee.
By Colin Brown, Deputy Political Editor
Published: 13 March 2007The spiralling cost of the Iraq war to the British taxpayer is set to exceed £1bn this year for the first time since the invasion.
The figures were released as MPs protested about the plight of Britain's NHS hospitals, ordered to cut costs to wipe out their £512m deficit by the end of this month. Many MPs said the money would be better spent on the service.
"This is the politics of Mad Hatter priorities," said Alan Simpson, a Labour opponent of the war. "The Government is throwing money into an unwinnable war zone in Iraq at the same time as withholding money that creates a war zone in our hospitals."
As usual, the rich have plenty of money for killing and stealing stuff. This is what Iraq is all about. This week, the Iraqis are going to sign into law, an oil bill that hands over all their wealth to rich corporate entities that have tremendous global powers and reach and who control many governments especially in the USA and UK. They don't want to spend money keeping the population alive, these people are cattle to them.
In the USA, we barely bother with the fiction of caring for ourselves. The money spent on miltiary and war is gigantic: $700 billion and climbing for just this year alone. This rests upon the fiction that the USA is the world's richest country even though the IMF clearly shows we are one of the poorer nations and sea of red ink which supports the ships of our ecnomy is now roiling as storms are arising and I can see the catagory 5 hurricane that is rapidly gaining strength.
We have to cut our military spending by at least 75%. This is to survive. If we ignore this, we go bankrupt. If half of our banks collapse and a general panic commences and I see one on the horizon, then our miltiary will collapse or the rich plan to eliminate all social services to us citizens, services we paid for in the past and pay for today: Social Security funds now are our primary tax base for ongoing actions like funding the military. And on top of that, even more money is raised by piling on endless IOUs from the Japanese and Chinese governments.
The Brits want to stop the nuclear sub deal for the same reasons.
By Colin Brown, Deputy Political Editor
Published: 13 March 2007Government whips have mobilised to stop more Labour MPs joining the revolt against the replacement of the £65bn Trident missile system - after the Deputy Leader of the Commons announced yesterday he was quitting in protest.
Nigel Griffiths, a long-term ally of Gordon Brown, said he was resigning " with a heavy heart but a clear conscience". Meanwhile, whips were urgently calling in Labour MPs and warning them not to allow Tony Blair to be humiliated by having to depend on the Tories to win a vote tomorrow.
Blair was supposed to be a socialist but he is not. He sold himself to Carlyle and other hedge funds. And he learned from the Queen how the real system works and why being silent about Lady Di is so important and so on. Namely, he sold out. And he wants to yell about too many nukes in regards to Iran who has good reason to have nukes, while spreading nukes all over the planet which is what this sub is all about.
And for what? World War III?
All these things are bound together: no vast war ever happens unless an empire goes bankrupt. And the expectation our USA will is rising. The propaganda that we are the richest nation on earth is collapsing as even the mainstream is admitting something is amiss. The average American, when in distress, will turn to the government for aid only to be told, 'Sorry, we must first pay off all our debts.' And the IMF who tracks all this while saying little, though they did warn us last year, will suddenly take over our government and we will see a coup and the Pentagon will continue to feed off of us while holding us down a la Mexico.
This part of the story pisses me off and is why I write here and harp on so many things: I want to stop WWIII and the inevitable military dictatorship here in America.
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