But the problem as to credit default swaps is much bigger. The notional value of credit default swaps outstanding is estimated to be about $62 trillion.
This is about $12.4 million per home. About 31 times the value of a $400,000 home.
No wonder America is experiencing an emergency of mysterious financial house fires. And who will benefit? Those who taught and then encouraged the boy to play with matches.
The Sane Solution
Our leaders warn of dire consequences: If the $700 billion bailout bill is not passed immediately, without debate, let alone modification, economic growth will "suffer".
But America has already experienced years of economic growth. And suffering. The parasitic, predatory type of growth I've described has already resulted in many years of much suffering on Main Street.
More suffering? The honest, hardworking people of Main Street USA who would never dream of attempting to make a profit on someone else's disaster deserve to see much more than suffering. They deserve to see death. Of all the financial institutions that sought to get rich on the backs of hardships suffered by or intentionally inflicted on others.
This is not the type of economic growth that should be saved. This is the type of growth that should be killed in its tracks, as dead as possible, the quicker the better.
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