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Politics : Formerly About Advanced Micro Devices
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To: Jim McMannis who wrote (421271)10/1/2008 11:17:26 AM
From: tejek  Read Replies (2) of 1576159
 
The fact is that a load of foreign banks have purchased our junk and want their money back. Bush, Paulson, Congress wants to give it to them...your tax money. They figure if they don't then they stop buying our debt. We will have to raise rates on treasuries for instance to get them to do so. If rates go up, borrowing costs go up. Right now that crushes housing and consumer spending even more.

Yes, this is the rightwing mantra making the rounds of the rightwing blogs. No surprise you are promoting that position.

The truth is the spread between the LIBOR rate and the fed funds is the highest its been in this nation's history......even higher than after 9/11. That spread suggests that banks have all but stopped lending to each other and the credit markets are seizing up. Now for your homework, jimbo, figure out why the banks have stopped lending to each other. Maybe then you will stop misrepresenting the intent of Paulson and continue to rely on conspiracy theory for your position. However, just so you know.......I am not holding my breath.

What they are trying to do is scare us with the grinch will steal Christmas routine while they help bail out foreign banks and wall street fat cats with your money.

BTW you are the grinch!
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