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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: HH who wrote (86679)	9/25/2008 4:09:42 PM
From: polarisnh	4 Recommendations Read Replies (2) \| Respond to of 116555

HH, It was. Now the news media and politicians are trying to put the spin out there that this bailout is due to the delinquent mortgages and how therefore it is an eminent housing crisis. According to several sources including Jim Sinclair and Jim Puplava the mess that the Fed and the Treasury is currently facing is due to the OTC derivative swaps that exist between the various financial entities that will get triggered on a default by one of the parties. It is this time sensitive toxic waste that this bailout money is meant to cover for so that it can be placed in off budget accounts and allowed to expire worthless and has nothing to do with problem mortgages. Of course, if Bush and Paulson told the American people this they would both get strung up to the nearest tall oak tree. Therefore, they are trying to blame this on conditions that were created in the mortgage industry due to a lack of oversight. In other words, they are lying out of their a$$es! Cheers, Steve