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| Sub-prime collapse 'beyond the US Federal Reserve' | |
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| Tweet Topic Started: Mar 18 2008, 10:51 AM (118 Views) | |
| Zybch | Mar 18 2008, 10:51 AM Post #1 |
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RULER!!!
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FEARS are growing that the US Federal Reserve may soon find itself short of the funds needed to continue propping up the nation's financial system. The central bank yesterday used its financial muscle to back the bail-out of the stricken Wall Street investment banking giant Bear Stearns, which will be taken over by rival JPMorgan Chase at a fraction of its worth last week. But analysts believe the threat to the financial system, which continues to flow from the collapse of the sub-prime mortage market last year, is getting too big for the Federal Reserve. "This is now beyond the Fed," ANZ international economist Amy Auster said. "It is not going to be able to deal with this situation on its own." Cash reserves drying up She said the US central bank had already extended support of about $US400 billion ($426 billion) to the US financial system, compared with its assets of $US800 billion. She said financial system losses yet to be reported could easily exceed another $US400 billion. LINK I say let the market correct itself. That means if you overextended yourself, sorry, sell your home and move into an apartment. If you loaned someone making $10 an hour $200,000, sorry, suck up the losses and move on. If you're out of business because of it, too bad. No one wants to tell people what they need to hear. There are rules in place for a reason and when Hillary was talking about bailing people out with their mortgages, it made even my non-American blood boil. No one helped me make my mortgage payment. I bought a home I could easily afford. If you didn't, tough shit. Chalk it up to a life lesson learned. |
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| Johnny Fist | Mar 18 2008, 11:04 AM Post #2 |
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Ultimate Advanced Member
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Exactly. |
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| J..M | Mar 19 2008, 10:40 AM Post #3 |
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Some Dick From The UK
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They are making it out to be a bigger deal than it is ....... "Good On-ya Hilary" you get to where those votes are ....... Dish out that Federal wealth to those who fuckin need it for a change Ya might make a decent country outta the states with ideas like that ....... But as your surrounded by a multitude of fuckin idiots ...... I doubt it :angry:
Biggest, Bestest, Strongest, Richest country in the world, why shouldn't it look after its Citizens ? I say calm down...... If you need(ed) state assistance with your housing requirements fill in the relevant forms.... Thats Need not merely want, means test & all that. |
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| Zybch | Mar 19 2008, 12:00 PM Post #4 |
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RULER!!!
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The 'relevant forms' here get you a piece of shit hovell in the worst neighbourhopods with crack addicted bastards breaking into the place every night. |
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| werz | Mar 19 2008, 02:30 PM Post #5 |
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werz
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Unfortunately it's headed for a prolonged shallow depression for the next decade or two, unless it can increase it's domestic inflation, to stop it languishing in stagflation as Japan has for the last 17 years. To do this will mean stopping cutting interest rates, and the killer for America, is to start massive public works on the infrastructure, not using corporations, them and the greedy corrupt banks are whats caused this. It must be government run, and wages must be increased to cause domestic inflation. This is the way they got out of the great depression, and this time the rate of debt is something like sixty times higher. This is going to mean a hard few years for those of us in debt and unemployed, which is likely to rise to 25% unemployment and 75%of the population with too much debt to service, you wouldn't want to owe the banks at moment and for the next few years, there will be more going under, spread your money around several big banks and no more than $50,000 in each. |
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| J..M | Mar 20 2008, 11:37 AM Post #6 |
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Some Dick From The UK
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I got 'loadsa money' (80's comedic hero) so I don't give a shit ....... I own my own house & frankly as no one seems to come speeding to my aid when things go tits up .... I'm coppin' a deaf un' for a few months ...... Working on Werz's analysis ..... 24 of em I did get two letters today..... One sayin' my council tax for 2008 has been calculated & it includes a 8% increase to the Policing budget...... I also got a letter from the Cops telling me there was thieves around the neighbourhood & not to leave any possessions lying around, cos they'll get nicked. Which means look after ya self cos we ain't givin' ya 8% more service for ya quids ...... In actual fact we's just gonna write ya soppy letters, instead of doin' some copperin' I'm seriously considering going back to nicking stuff & sellin it .......
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| werz | Mar 20 2008, 12:22 PM Post #7 |
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werz
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Ya never stopped.... |
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5:59 PM Jul 13