Re: [VO]: OT: Numbers and cucumbers

[Michael Foster]

That's a very informative analysis, Richard. Thanks.


--- On Wed, 4/2/08, R C Macaulay <[EMAIL PROTECTED]> wrote:

> From: R C Macaulay <[EMAIL PROTECTED]>
> Subject: [VO]: OT: Numbers and cucumbers
> To: vortex-l@eskimo.com
> Date: Wednesday, April 2, 2008, 7:54 PM
> Howdy Vorts,
> Ever get the feeling the govmnet may be stretching the
> truth about subprime mortgage actual losses. Do the math of
> actual true losses to the banking and lending industry on
> foreclosures. Using Detroit as an example,, figures
> reported show 10,000 homes were in the loop last quarter
> for foreclosing.. figure the actual loss to the lender
> equates  150k per home.. that's 1.5 bil loss. Multiply
> that figure across the nation and an estimate of under 300
> bil can be a reasonable combined loss to all lending
> agencies. The actual loss is far below that estimate
> because of the asset value is tangible.
> So far the Fed has pumped nearly one trillion into
> "saving" the economy, plus lower the interest
> rates which adjust to some 2.3 trillion alone.  All blamed
> on the subprime mess.. it ain't true!
> Where did the money go? The losses claimed by news reports
> DO NOT ADD UP.
> Looking at Bear Stearns , we learn that money people were
> borrowing 90% of stock value to buy stocks and securities.
> Some reports indicate the fast buck guys were putting up 1
> mil to finance a bil in stock purchases. making a killing
> on the spread and repeating the process.. margin calls put
> the speculators in real jeapardy and as the pyramid began
> to topple, people like Bear Stearns wound up with some 500
> billion in unrecovered loans outstanding and stock prices
> plummeting when the Dow dropped from 14 to 12.  
> Anyway you figure there was some 5-25 trillion losses with
> a 2000 point Dow spread.
> This is where the losses are and not the subprime..
> sumbuddys blowing smoke and it's name is chairman
> budinski. 
> Turning the SEC over to the Fed is tantamount to the fox
> guarding the henhouse.. or letting the Houston welfare
> office keep their own books.
> Meanwhile back at the ranch, our employees are enrolled in
> a supposed "annuity plan" developed by Fortis
> Benefit Guaranty Corp.. well.. err.. it seems this was
> gerramandered into a sorta 401 k instead of a annuity
> insurance  when Fortis went to Holland and sold the pig to
> Hartford Insurance, and now to Edward Jones.. and its keyed
> to the mutuals. A simple statement on actual worth of a
> typical " annuity" with contributions of 2,000.00
> per year ( the company forks over the money) now looks like
> the us dollar vs the Euro.
> And the solution offered by the US govment.. lets combine
> and put everything under the Fed, a private business owned
> by 12 banks.. well used to be US banks but..
> The reason?? because the Fed has demonstrated thier ability
> to think above the problem.. which to Texans mean throw
> enough money at the problem to create a bigger problem and
> forget the first.
> Richard


      
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