Life, Politics, Television, Media, Publishing, Software, Technology and Business...
Wednesday, September 17, 2008
Nationalizing the US Financial system
Think we're not?
Freddie and Fannie= Owned by the government. Controls over 1/2 of the mortgages in America.
A.I.G.= Owned by the government. Insures a huge percentage (globally) of all the 'mortgage debt instruments'.
And we're being dumb about it.
Sunday- A.I.G. asks for a $40Billion loan to stave off a change in it's credit rating.
Monday- Fed's say no. Monday night: Credit agencies lower A.I.G.'s credit rating
Tuesday- A.I.G. says it may have to liquidate. Tuesday night: Fed says, no no.. here's $85 Billion
$85 Billion vs. $40 Billion.
Why did it happen? The short answer appears to be the Fed's tried to scare the existing players (Goldmans, etc.) into funding A.I.G. and lost the stare down.
The cost to you and me? $45 billion.
Subscribe to: Post Comments (Atom)
The Fascist Playbook
There is a playbook that fascists use to take and maintain power—think Adolf Hitler, Benito Mussolini, Vladimir Putin, Viktor Orbán (and mor...
So, our second board meeting for ClickCaster was yesterday. We had everyone in attendance: Myself and two of my folks (Pete and Marsha) an...
I've been thinking about this the last few months. Much has been written about how todays startups are made up of a bunch of under 25 y...
We need a local non profit media entity that replaces the tired old newspaper model and the 'one size fits anyone' algorithm driven future offered by social mediaYea, I said it. Non Profit local media. I'm thinking of a mashup, maybe, of TinkerMill (our local makerspace-provides member...
Post a Comment