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alstry (35.74)

The Ultimate 9.09 MOAP..The Credit Default Swap

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August 17, 2009 – Comments (4)

The financial weapon of mass destruction that destroyed America's economy.  The financial instrument permitted bankers to enrich themselves while recklessly infecting our economy with an unprecedented amount of debt.  The financial crack that allowed CCC money losing businesses to borrow as much as they wanted but put profitable small businesses out of business.

Now, because America is suffocating under a lethal amount of debt our nation is shutting down while Wall Street laughs and the Washington whipping boys stand right beside them.

Churches are shutting down.  Manufacturers are shutting down.  Company after company is slashing its workforce and cutting wages. Bankers are telling us they are even going to get tighter with lending to those that need it most, but have an unlimited amount of money to anyone they can issue swaps against.

Today, Readers Digest declared bankruptcy as it could no longer support its over $1.5 Trilllion in debt that was digested when a private equity firm recently bought it out a few years ago.  You think it ever mattered if the business survived....the real money was playing the SWAPs and few gave a damn about the employees.

The joke about this whole thing is that Bernanke and Geithner know exactly what is going on and lying to your face day after day....they know most of you are going bankrupt because you are either going to lose your job, lose your pension, or government will be forced to tax you practically every dime you have due to so few making an income.

You think anyone is going to bail you out?

It is sad we have gotten to this point and so few really can see what is happening.  Millions are losing their homes and businesses.  Today Chicago practically shut down to save a few million dollars while we are giving billions in bonuses to bankers?

And some are worrying about healthcare "reform"?  Soon there will not be enough money to keep hosptials open........quite frankly, Atlas has shrugged as our nation heads down a path of Zombulation decay.

If the truth upsets you, then come up with your own solution and start telling others.

If you think the tulip bubble was convulsive to the Holland a few hundred years ago, just wait until we start to feel the effects of the SWAP injected debt bubble.

9.09

4 Comments – Post Your Own

#1) On August 17, 2009 at 5:06 PM, alstry (35.74) wrote:

THE ZOMBULATOR KEEPS EXPANDING ITS DESTRUCTION!

WASHINGTON (MarketWatch) -- Delinquency rates for loans and leases at U.S. banks increased to a record 6.49% in the second quarter from 5.58% in the first quarter, the Federal Reserve announced Monday. The Fed began collecting the data in 1985. The charge-off rate rose from a record 2.03% to a record 2.65%. Before this recession, the highest charge-off rate had been 1.70%. Delinquency rates for real estate loans rose from 7.10% to 8.27%, the highest since the data began in 1987. Delinquency rates for commercial and industrial loans rose from 3.12% to 3.73%, while delinquencies for consumer loans rose to from 4.69% to 4.92%, also a 22-year high.

SURE...THINGS ARE GETTING BETTER!

KOOL-AID ANYONE?

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#2) On August 17, 2009 at 6:34 PM, alstry (35.74) wrote:

IT SEEMS BANKERS ARE STILL GETTING TIGHTER AS TAXPAYERS BAIL THEM OUT

from the same WSJ article......

OPENING PARAGRAPH:

WASHINGTON -- Fewer banks tightened standards on business and household loans in the second quarter, according to a U.S. Federal Reserve survey that stands as another sign the recession is easing.

VS.

THIRD PARAGRAPH:

The separate loan officers' survey, released Monday, shows that some banks continued to make it even more difficult for consumers and companies to obtain credit in the second quarter. It also indicates that most banks expect lending standards to remain tighter than average until at least the second half of 2010.

It appears if you are a profitable small business, it is gettting harder and harder to borrow, buy if you are a money losing public company that the banksters can sydicate and swap your loan, there is all the cash you need.

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#3) On August 18, 2009 at 9:46 AM, BlkAngus10 (35.40) wrote:

Um.... Readers Digest most certainly didn't have $1.5 Trillion in debt.

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#4) On August 18, 2009 at 9:49 AM, alstry (35.74) wrote:

You are right...just $1.6 Billion

It gets a bit confusing sometimes with all that debt floating around out there.....

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