I reckon the world should go back to the old gold standard. (A country can only print money to the value of gold bullion held in storage)
The present system is insane! Unbridled greed, corruption and incompetence. No country can just keep printing money whenever it feels like it. No. Not even the great USofA. My understanding of that youtube clip is that the world has been bankrupted by the USofA!
700 billion? What a sad joke! A quadrillion? What the hell is that? I thought the word 'Trillion'was created to explain the size of Americas dept to the world. But... Quadrillion???
The current financial crisis facing the United States of America and the world began with the US home ownership debacle and President William Jefferson Clinton. In 1994, Clinton signed a bill to promote low-income home ownership that Business Week calls "one that argues for creative measures to promote homeownership" for those applicants who did not qualify for fixed mortgages. And these applicants came in droves and were almost always approved — no matter their credit histories or ability to pay. Said "creative ownership" began the heavy distribution of ARMs (Adjustable Rate Mortgages) that ensued. These ARMs began low but, are based on the market. As the market changed, the rates — and subsequent monthly payments for homeowners — rose to rates that the homeowners could no longer afford. Foreclosures on the ARM properties began and, like Dominos cascading onto one another, the current financial meltdown began.
Both Fannie Mae and Freddie MAC were essentially and quietly taken over by the Clinton Administration and his operatives and supporters — including Franklin Raines who ran Fannie Mae and ended up with over $6M his first year — raided both corporations which had become their personal slush funds. From his days of running Fannie Mae, Franklin Raines is reported to have accumulated a personal net worth of over $100M. Another Clintonian buddy — Jamie Gorelick (remember her from the CIA/FBI fiasco?) — is also said to be personally worth in excess of $100M. It appears that some in government service CAN achieve wealth beyond the wildest dreams of most of us! They just have to sell their souls to the highest bidder and be willing to betray their fellow Americans. This fortune was accumulated during her years (1997-2003) as Vice Chairman of Fannie Mae. The fraudulent accounting scheme which apparently allowed for Democrats Raines, Gorelick and other Clinton supporters to achieve vast fortunes in a very short period of time was brought to light in 2004.
Community votes are collected from you and other visitors to Ask500People. Independent votes are collected from visitors to hundreds of other websites around the world.
Sign Up or Login
Sorry, this data is only available to users with an account.
Loading...
See this.
http://www.youtube.com/watch?v=zM79QpaxvOs
I reckon the world should go back to the old gold standard. (A country can only print money to the value of gold bullion held in storage)
The present system is insane! Unbridled greed, corruption and incompetence. No country can just keep printing money whenever it feels like it. No. Not even the great USofA. My understanding of that youtube clip is that the world has been bankrupted by the USofA!
700 billion? What a sad joke! A quadrillion? What the hell is that? I thought the word 'Trillion'was created to explain the size of Americas dept to the world. But... Quadrillion???
If the Federal Reserve Banks print more money up, what are they going to call it then?
The current financial crisis facing the United States of America and the world began with the US home ownership debacle and President William Jefferson Clinton. In 1994, Clinton signed a bill to promote low-income home ownership that Business Week calls "one that argues for creative measures to promote homeownership" for those applicants who did not qualify for fixed mortgages. And these applicants came in droves and were almost always approved — no matter their credit histories or ability to pay. Said "creative ownership" began the heavy distribution of ARMs (Adjustable Rate Mortgages) that ensued. These ARMs began low but, are based on the market. As the market changed, the rates — and subsequent monthly payments for homeowners — rose to rates that the homeowners could no longer afford. Foreclosures on the ARM properties began and, like Dominos cascading onto one another, the current financial meltdown began.
Both Fannie Mae and Freddie MAC were essentially and quietly taken over by the Clinton Administration and his operatives and supporters — including Franklin Raines who ran Fannie Mae and ended up with over $6M his first year — raided both corporations which had become their personal slush funds. From his days of running Fannie Mae, Franklin Raines is reported to have accumulated a personal net worth of over $100M. Another Clintonian buddy — Jamie Gorelick (remember her from the CIA/FBI fiasco?) — is also said to be personally worth in excess of $100M. It appears that some in government service CAN achieve wealth beyond the wildest dreams of most of us! They just have to sell their souls to the highest bidder and be willing to betray their fellow Americans. This fortune was accumulated during her years (1997-2003) as Vice Chairman of Fannie Mae. The fraudulent accounting scheme which apparently allowed for Democrats Raines, Gorelick and other Clinton supporters to achieve vast fortunes in a very short period of time was brought to light in 2004.
excerpt from Sher Zieve article
Without using google, can you define 'debacle'?
I don't care what kind it is, it should be taken out of power.
Ultimately OUR government lost the money. We have to watch these bastards closer.