On Wed, 13 Feb 2008 20:40:09 -0800, Marcello wrote:
> <Video61@[EMAIL PROTECTED]
> wrote in message
> news:2d5456f6-3077-40d5-
bcc2-8d9aea2545cf@[EMAIL PROTECTED]
>>
>> lets try this one more time. the fed had nothing to do with the current
>> over extension of credit. the mortgage brokers were not part of the
>> fed. the brokers were in almost all cases, unregulated by the
>
> Do you understand how the central banking system works? The reasons
> these loans exist is the Fed's willingness to permit loans from banks as
> a multiple of their deposits...in other words, loans of money that does
> not exist.
it's been that way for decades, what's different this time around is how
quickly repayment for the loans occurs (when it's sold off as a cdo).
imo, the problem isn't so much loaning "non-existent" money, it's the
speed at which the cycle occurs and how many times that money is loaned &
resold (as cdo) before it becomes apparent that the loan repayment is as
"non-existent" as was the loan. in the old days, it took 30 years to
recycle loan money, with this latest bubble they were doing it in what,
every few months?
A tight monetary policy whereby banks can only loan money
> they actually have offers a significantly different marketplace for
> loans. I am not saying bubbles don't occur, but certainly not to the
> level when loans are able created form thin air and currency for the
> loans remains a government monopoly.
>
>> what is the definition of a crank? one who gives out advise that makes
>> no sense.
>> what is the definition of a crank? one who accepts or embraces advise
>> that makes no sense.
>
> Are you trying to suggest I am deny there is malpractice by mortgage
> industry? This is a mere straw man, as I have offered nothing to the
> contrary.
>
>
>> keep parroting your ideology, and then see above.
>
> Ideology? You are without your own beliefs?
>
> Let's be clear, any response I have added to your posts have been
> refuting your points.
>
>
>
>> yes the yen is a currency i can buy at the click of a button, and
>> convert my dollars to a currency with little or no attempt to control
>> its value. interests rates on the yen have been almost nonexistent for
>> over a decade. i have now gone around the fed. anyone can do it. and i
>> can use the yen to purchase stuff all over the world.
>
> Well, there are two things...you are offering as your oppositition to
> government controlled currency another government controlled currency.
> Do you recall how the question of currency began, it was in reference to
> it not being in the private sector. I am sure it is not news to you
> that the Yen is also a government controlled currency, backed by the
> very same principals as US currency.
>
> Moreover, even if the Yen was a perfectly run private currency, it is
> NOT what any lender has used in the US related to the housing bubble in
> question. These loans were backed by US dollars, not the Yen...so you
> are merely arguing for a currency that has no relevance on the point in
> question. If the loans granted in the US for the housing market were
> also granted in Yen and the Yen's monetary policy was subject to free
> market pressures, then you might have a case, but you have neither.
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