Mortgage Crisis Losses Now Forecast at $945 Billion
Make no mistake, the current worldwide fianancial crisis was caused by greedy mortgage lenders, Wall Street bundlers of subprime mortgages, realtors, appraisers, homebuilders and the Bush administration's deregulation and deliberate lack of oversight protecting these criminal activities.
Now more good news about this debacle from the AFP, "The International Monetary Fund said Tuesday the worldwide losses stemming from the US subprime mortgage crisis could hit 945 billion dollars as the impact spreads in the global economy.
"The IMF, in a particularly stark biannual report, said that falling US housing prices and rising delinquencies on the residential mortgage market could lead to losses of 565 billion dollars.
"Combined with other categories of loans originated and securities issued in the United States related to commercial real estate, the consumer credit market, and corporations 'increases aggregate potential losses to about 945 billion dollars,' it said.
"The crisis is spreading beyond the US subprime market -- namely to the prime residential and commercial real estate markets, consumer credit, and the low- to high grade corporate credit markets," the IMF said in releasing its Global Financial Stability Report (GFSR).
"While the US remains the epicenter, 'financial institutions in other countries have also been affected, reflecting the same overly benign global financial conditions and to varying degrees -- weaknesses in risk management systems and prudential supervision.'
"The staggering 945 billion dollar forecast for losses represents roughly 142 dollars per person worldwide."
It's another Republican debacle. "The Savings & Loan crisis in the 1980's was caused by greedy S&L's and deregulation by the Reagan administration. More than 1,000 savings and loan institutions (S&Ls) failed in what economist John Kenneth Galbraith called 'the largest and costliest venture in public misfeasance, malfeasance and larceny of all time.'
Neil Bush, another son still scamming for money, was part of the damaging consequences to this country of that disaster.
"Silverado Savings and Loan collapsed in 1988, costing taxpayers $1.6 billion. Neil Bush, son of then Vice President of the United States George H. W. Bush, was Director of Silverado at the time. Neil was accused of giving himself a loan from Silverado, but he denied all wrongdoing."
"The ultimate cost of the of this [S&L] crisis is estimated to have totaled around USD$160.1 billion, about $124.6 billion of which was directly paid for by the U.S. government -- that is, the U.S. taxpayer, either directly or through charges on their savings and loan accounts--which contributed to the large budget deficits of the early 1990s."
Now we have deja vu all over again, even worse, and hardworking Americans are again left holding the bag.
The Bush administration, with Bushite flunkies like Bernanke, Paulsen and Greenspan, who all helped create the current economic crisis, is bailing out their fellow super rich, high rolling perpetrators such as Bear Stearns while regular American taxpayers are stuck cleaning up another Republican mess with their hard earned, stagnant wages, while some of these taxpayers lose their houses.
And impeachment is still off the table.
Now more good news about this debacle from the AFP, "The International Monetary Fund said Tuesday the worldwide losses stemming from the US subprime mortgage crisis could hit 945 billion dollars as the impact spreads in the global economy.
"The IMF, in a particularly stark biannual report, said that falling US housing prices and rising delinquencies on the residential mortgage market could lead to losses of 565 billion dollars.
"Combined with other categories of loans originated and securities issued in the United States related to commercial real estate, the consumer credit market, and corporations 'increases aggregate potential losses to about 945 billion dollars,' it said.
"The crisis is spreading beyond the US subprime market -- namely to the prime residential and commercial real estate markets, consumer credit, and the low- to high grade corporate credit markets," the IMF said in releasing its Global Financial Stability Report (GFSR).
"While the US remains the epicenter, 'financial institutions in other countries have also been affected, reflecting the same overly benign global financial conditions and to varying degrees -- weaknesses in risk management systems and prudential supervision.'
"The staggering 945 billion dollar forecast for losses represents roughly 142 dollars per person worldwide."
It's another Republican debacle. "The Savings & Loan crisis in the 1980's was caused by greedy S&L's and deregulation by the Reagan administration. More than 1,000 savings and loan institutions (S&Ls) failed in what economist John Kenneth Galbraith called 'the largest and costliest venture in public misfeasance, malfeasance and larceny of all time.'
Neil Bush, another son still scamming for money, was part of the damaging consequences to this country of that disaster.
"Silverado Savings and Loan collapsed in 1988, costing taxpayers $1.6 billion. Neil Bush, son of then Vice President of the United States George H. W. Bush, was Director of Silverado at the time. Neil was accused of giving himself a loan from Silverado, but he denied all wrongdoing."
"The ultimate cost of the of this [S&L] crisis is estimated to have totaled around USD$160.1 billion, about $124.6 billion of which was directly paid for by the U.S. government -- that is, the U.S. taxpayer, either directly or through charges on their savings and loan accounts--which contributed to the large budget deficits of the early 1990s."
Now we have deja vu all over again, even worse, and hardworking Americans are again left holding the bag.
The Bush administration, with Bushite flunkies like Bernanke, Paulsen and Greenspan, who all helped create the current economic crisis, is bailing out their fellow super rich, high rolling perpetrators such as Bear Stearns while regular American taxpayers are stuck cleaning up another Republican mess with their hard earned, stagnant wages, while some of these taxpayers lose their houses.
And impeachment is still off the table.
Posted by Kaz at 4/8/2008 3:13 PM 
Categories: Repuglicans, Republicans, greed, Economy, Bushites, Housing Crisis
Categories: Repuglicans, Republicans, greed, Economy, Bushites, Housing Crisis
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