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Thanks, Mike, for detailing the reality. When the emperors have no clothes, they rush about trying to keep each other "dressed".

For several years my friends have wondered why I was so obsessed w/the housing bubble. I tried to explain that it was a symptom of a dangerous cancer that would take down the larger economy.

I don't think that this cascading collapse is front and center in Americans' minds, but they do get that we are all in trouble and that deep debt and gross mismanagement are the problems.

When they also "get" that the rich are bailed out while the not-rich get screwed, there may be an anger management problem.

Mainly on the part of the screwed.


Welcome to USSA!! (Unites States of Soviet America)

We will be starting glastnost as soon as El Presidente announces it in the Press this morning!!

Elaine Meinel Supkis

First, they have to sober him up.


With at least a quantrillion of USD for the first round!!

barbara hazleton

Fantastic overview of what is happening. I think you nailed it.

Thank you soooo much !!!!

My contribution to paypal for you stems from much gratitude.


Elaine: I don't know if what he's saying is true but I'm sure you've heard of Leo Wanta and in his last 03/07/08 article he says that Carlyle Capital was levered at 64:1 or more........ even though they themselves have said 32:1......... is it possible ALL these banks are leveraged at twice what they are saying??? Because if they told the truth they'd have no hope of selling anything on wall street.

Also, what are your thoughts on the Basel II ?


Delta announced job cuts of 30,000.
3 month tbills below 1%, now that is delightful to me. My ARM is based on the 12 month moving average of the Tbill.
Oh frabjous day oh callee oh callah my payments due on my mortgage are shrinking monthly, my payments made stay the same, my untouched equity riseth almost as quickly as my market evaluation of my property falls.

Pat O'Meara

The lending rate banks are willing to lend to each other goes up while the Fed rate goes down. This means the banks don't trust one another and want to be paid more for risk. If they don't trust one another's solvency why should we? There will be more runs on banks as people realize they are a house of cards built on quick sand. All of us hard working people have been super-suckered and the realization of that when it comes after the crash is going to be very ugly.

Elaine Meinel Supkis

Basel II was set into motion because the Europeans don't trust us. and it turns out, they were right.

Paul S

How many financial scandals must occur before the "free marketers" are defeated? It's always amusing to me that these very same free marketers, the ones who want government off their backs--UNTIL they need bailing out. Clearly, the guiding principle has been "We're too big to fail. Worse comes to worse, the American taxpayer will bail us out." An honest Federal govt. would have corrected this thievery, at least after the S&L bailout, but not with a Bush in the White House. I'd like to know where the insiders to this latest scandal--you know the ones who caused it, are going to go to shelter their assets. From the looks of it, there isn't anywhere that is safe.

Elaine Meinel Supkis

They have POLITICAL shelter! This can only be broken the hard way and we saw how that worked back a the turn of the 18th century, 19th century and 20th centuries.

Revolutions seem to have this 100 year cycle.

Elaine Meinel Supkis

And I do NOT want violent revolution. They always seem to bring terrible violence and horrors hard to comprehend.

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