(sorry: cross-posted to both blogs! We're getting close to the EDGE of *D*e*p*r*e*s*s*i*o*n* )
hey( WHO's counting? Let's say the fed did NOTHING. Then these semi-public companies would no lolnger be able to sell their bonds.
The bonds they sell are Mortgages, that are (get this)... Packaged together, not sub-prime, but are pooled into big (think million dollar) pieces.
Gee... Sounds similar to the previous (Sub-prime Mortgage ) bonds that lost all their value.
or similar to what I think will be the next crisis: the crisis based on the CREDIT card balances that have ALSO been aggregated into major league bonds.
(In case you haven't seen this, I believe the CURRENT recession will become a BAD DEPRESSION (Just like the 1930's!)
We're HEADING into a DEPRESSION.
We need a new deal.
We need to make sure that a number of issues are resolved ALL at once.
If we don't do them ALL at once, its like juggling three RUNNING chain saws, but dropping one!
We need to FIX:
* A Living Wage
* National Single payer Healthcare
* National 3-4 year draft (or alternate service)
* Federally paid Day Care starting at six months
* Tax Reform
* Lobbying (Political Reform)
* Lack of Training/futures
See my other blog: http://sos-newdeal.blogspot.com for more details on rebuilding society.