Win Lose or Draw : Be A Steve, Make A Call Message Board

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Strategies & Market Trends : Win Lose or Draw : Be A Steve, Make A Call

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To: Softechie who wrote (9054)	4/2/2003 9:23:20 AM
From: westpacific	Read Replies (1) of 11447

Reality of Post Bubble America. Land of a desperate FED..... HOW ELSE DO THESE ENTITIES EXPAND AT 20-30% WHEN NEEDED, DOUBLE IN FIVE YEARS AND ALWAYS FIND WILLING TAKERS OF THEIR PAPER? For those who still cavil at the thought, we commend the archive available “T-Account” explication by Doug Noland of Prudent Bear. If this does not satisfy, we recommend another try at Accounting 101 or better yet, take up some profession such as massage. Another fascinating benefit to the United States of having dual credit creation mechanisms is that the burden of Government Debt is drastically understated and misperceived. This is not the only such deception pursued, the entirety of the eventual debt burden attributable to Social Security and Medicare is also understated and misperceived. Looking at the actual Government Debt, only the “on the books” $3.7 Trillion actually shows. Add in the “Debt” issued to Social Security and Medicare and we go north of $7Trillion. Throw in the GSE’s and FHLB as well as Ginnie and we are well over $10 Trillion. That’s about 100% of GDP, usually the number marking the basket cases of the planet. For example, bankrupt Uruguay comes in at 85%. The Mortgage Bankers Association reported March 12 that “refinancings” as a % of total mortgage applications reached nearly 80%, a new all time record. Purchase volume is actually declining slightly. The refi number is up an astronomical 20% this month.

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