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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (29144)	2/24/2003 4:01:10 PM
From: smolejv@gmx.net	Read Replies (1) \| Respond to of 74559

>>Does FNM 'create' money??? Hell yes!<< Whoever praises Greenspan about his monetary policies or even just mentions him in his/her monetary daydreams, prays with his backside pointing towards Mekka. DJ

To: LLCF who wrote (29144)	2/25/2003 12:31:08 PM
From: yard_man	Read Replies (1) \| Respond to of 74559

>>1.) FNM gets to borrow as if their debt were [practically] treasury debt.<< yeah -- this is what is alarming -- not absolute numbers on debt -- counted once or twice -- ratio'd with GDP or not -- it's that through these "transfers" -- debts from a range of qualities -- very good to very poor -- are all "transformed" to supposedly good credits through the securitization process and implicit government guarantees. Essentially, taxpayers and those who transact business in USD, hold USD assets are underwriting this "transformation." It's the total confounding of the market process for loan orgination which has doomed us.