Thursday, January 27, 2011


Here's the 2007-2008 market crash report from the Financial Crisis Inquiry Commission (FCIC) that we've been anticipating for some time now.

FCIC report

A preliminary staff report from the FCIC, that says pretty much the same thing as this 600+ page report (and says it in only 42 pages), can be found here.

Three points, for now, should stand out for the Fox News/Republican crowd:

1. Fannie Mae and Freddie Mac "followed rather than led Wall Street and other lenders in the rush for fool's gold" (p. 26)

2. Deliquency rates for Frannie Mae and Freddie Mac instruments were "substantially lower" than those purchased and securitized by other private financial firms (i.e. our "shadow banking" system).

3. By the end of 2008 the mortgages that were securitized by private and Wall Street led investors - again, our "shadow banking" system - were far more likely to be "seriously deliquent" than those from Fannie and Freddie (28.3% vs. 6.2%).

No wonder the Republican "Primer" issued in December ommitted the terms "Wall Street," "deregulation," and "shadow banking." Their political and financial overlords are worried that their greed and gambling would be exposed, and they needed some political cover.

If there's any coverage on this report watch for Fox News and Wall Street's apologists in Washington to point to "discord" and "disunity" on the commission, and then hold up the Republican "primer" as evidence of honest dissent.
- Mark


Tor Hershman said...

Not enough temples at Delphi, that’s the problem, ehhhhh?

Makin' wealth the old fashioned

Maria Kylie said...

Experts and patriots are enraged:

The crazies secretly maneuvered more wealth into their pockets

In the last year, than they did in the last 185 years!

Meaning the top 1% now own as much wealth as half the world

Just 5 years ago the filthy rich were 388.

As of January 2016 there’s only 62 people who own

HALF the world!

>>Watch shocking video<<

No living soul can spend that much money in a lifetime…

And when people sits on money,

The economy stalls.

And that’s how it all begins:

What’s coming in the next 6 months or less

Will give a new definition to the infamous “economic crisis”

>>Access U.S. Dollar Exposed!<<

Are you prepared to be broke…




Or can you turn the game around:

>>Profit from the dollar crisis: watch video<<

[Mr Mark Fidelman]