Tuesday, October 7, 2008
AMERICAN RECESSION "MAY BECOME A WORLD-WIDE DEPRESSION" PART 2
The World-Wide recession will become a World-Wide Depression if the Financial markets keep falling everyday. In my first article in January the recession in America was caused by the sub-prime loan debacle in America and the companies that gave out these risky loans such as Countrywide and Merrill Lynch. The World-Wide Depression is caused by these Risky loans being bundled and sold all around the world to banks in Europe, Asia and Australia. This is why you see the Banks in Europe bailing out there banks because, Wall Street used a pyramid scheme to make large profits on these risky loans. This could be one of the biggest criminal acts in World History. The Chairman and CEO of Lehman Brothers Stanley O' Neil walked away with 150 million Dollars and his fellow employees received 2.5 billion in bonuses after destroying the company and the American economy. The CEO of Fannie Mae Franklin Raines and Jim Johnson walked away with 90 Million Dollars after being investigated for the Accounting scandal at Fannie Fae. The lack of oversight by SEC Chairman Chris Cox and the Congress has brought on this World-Wide Depression for not doing there freakin job. The Banking Committee Chairman Rep. Barney Frank and Sen. Chris Dodd should resign from there Committee post and they also should be investigated for there part in these scandals. The former Federal Reserve Chairman Alan Greenspan should be indicted for his lack of oversight because, he knew what the hell was going on but he decided to retire when he knew that "Shit Was Going To Hit The Fan". The same crew that brought us this Depression now wants the American people to give them 700 million dollars to bailout these sorry ass companies. They are still not telling you the truth about this World-Wide financial disaster because, this is only the first bailout. There is about 100 Trillion Dollars of worthless paper and derivatives all around the world and the Banks don't know what to do with these worthless assets. The Government is buying 900 Million Dollars Commerical paper so that small businesses in America can get credit to pay there employees. This Commerical paper are usually, 60 day loans that is used to get goods and services so they can run there businesses. Finally, the world is in some serious trouble and the politician in Washington are not telling the American people the truth aand that is that America is broke.