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Credit Crunch - what ELSE was behind the credit crunch?
Credit Crisis origins not just homeowners defaulting
Date: 10/3/2008 6:54:01 PM ( 16 y ) ... viewed 1586 times
I don't think I can really swallow the "credit crisis" story the way it is being told to us.
I think that the truth of it is that the banks WOULD HAVE GOTTEN INTO TROUBLE EVEN IF THE HOMEOWNERS HAD MADE THEIR PAYMENTS.
For one thing, not one person on mass media, from the main players to commentators, is asking "What could we have done differently to avoid this mess, or at least to have a less costly solution?".
Asking that question seems pretty standard in these situations... the answer would maybe be "we could have acted several months ago with much less government money by helping out the homeowners who were defaulting, and that way the banks would not have gotten into trouble". Sort of a "trickle up" scenario.
But nobody is saying that, and nobody is making policy to do that if this ever happens again.
It is much more complicated than the defaulted payments of homeowners. Something else was/is going on. Perhaps it was that the shuffling of debts around had gotten out of hand, and they figured that if they create a little diversion by blaming it on the homeowners who took out crazy loans, then they could make it look like something that government could help out with by handing over $700Billion.
I don't have enough imagination or financial knowledge, but someone out there can help me maybe?
These kind of tactics are the genious of the Bush time in office. There was 9/11,a false-flag operation used to "get all the way to Baghdad" as the PNAC people had suggested in the 1990s after Bush 1 failed to "get all the way to Baghdad".
And they get away with it!! They even stir up patriotic feelings and get people to sacrifice their lives, or be proud to have their sons and daughters slaughtered in the name of protecting America from that false threat of terrorism.
Now, with the final act of the Bush 2 time in office, he manages to plunge America into even deeper debt with the credit crisis and hand over huge amounts to the Wall Street bankers. I would put money on it that after the dust settles from this credit crisis, somehow the wealthiest people in America will come out even further ahead than they were a year ago. It could work by everyone else, including the invested pension plans and your auntie with the portfolio, will lose out because all the stocks lose most of their value and the remaining stock is owned by just a few who had enough money to hang on to what is left of the corporate world, and since all things are relative, they will end up owning 90% of it and that will be plenty valuable, relatively.
Or sumpin' like that. A good sumpin' for Americans is a certainty.
If I am way off base here and this is truly a threat to the US currency and nobody and nothing has any value in a year from now, then at least we will all be equal!!
With that pleasant thought, I bid you goodnight!
K
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