http://www.montgomeryadvertiser.com/apps/pbcs.dll/article?AID=/20071202/OPINION02/711300361/1006"We keep hearing that the sub-prime problem is growing and it could be two years before we know the full impact. One of every 31 homes is in foreclosure.
The Federal Reserve bought $38 billion in sub-prime paper a few months ago at face value, knowing that the actual value is less than 50 percent of the amount paid.
This was to shore up idiots No. 1, the loan institutions, that made loans to borrowers who could barely pay the interest at the originating low rates. I am now hearing that there has been more than $50 billion infused into this arena by the Fed.
If the Fed is involved with this bailout, that means that we are underwriting the orchestration. I don't owe Idiots No.1 or No. 2 a darned thing and take great displeasure in hearing of my participation.
The Fed has always redistributed wealth and protected certain industries at the discretion of the best paying lobbyists. This is not a new problem or complaint.
The Confederate Constitution in 1861 was basically a draft of the U.S. Constitution, including the Bill of Rights, but a few alterations were made by the disgruntled Southerners.
Section 8 says that no taxes, bounties or duties shall be laid to promote or foster any branch of industry and prohibits Congress from appropriating money for any internal improvement intended to facilitate commerce other than to aid in water navigation."
Topic: Federal Reserve bailing out the big bank lenders of the sub-prime loans? (Read 972 times)