September 21, 2008 by Frank Lynch.

In the final destruction of all the wonderful laws passed by a thoughtful Congress and Franklin Delano Roosevelt to protect the American people from the excesses and corruption that caused the Great Depression, your totally incompetent government  taken the final steps to maximize the corruption of our financial system.

The last two major independent investment banking/ stock brokerage houses have now officially become commercial banks.

Don’t believe me? See:

http://federalreserve.gov/newsevents/press/bcreg/20080921a.htm

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September 19, 2008 by Frank Lynch.

RENO, Nev. —  A few tents cropped up hard by the railroad tracks, pitched by men left with nowhere to go once the emergency winter shelter closed for the summer.

Then others appeared — people who had lost their jobs to the ailing economy, or newcomers who had moved to Reno for work and discovered no one was hiring.

Within weeks, more than 150 people were living in tents big and small, barely a foot apart in a patch of dirt slated to be a parking lot for a campus of shelters Reno is building for its homeless population. Like many other cities, Reno has found itself with a “tent city” — an encampment of people who had nowhere else to go.

From Seattle to Athens, Ga., homeless advocacy groups and city agencies are reporting the most visible rise in homeless encampments in a generation.

Nearly 61 percent of local and state homeless coalitions say they’ve experienced a rise in homelessness since the foreclosure crisis began in 2007, according to a report by the National Coalition for the Homeless. The group says the problem has worsened since the report’s release in April, with foreclosures mounting, gas and food prices rising and the job market tightening.

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September 8, 2008 by Frank Lynch.

Herb Allison,, former president of Merrill  Lynch, is the government appointed head of Fannie Mae.

i have been observing for some time that trading in both Fannie Mae and Freddie Mac should have been suspended because any financial analyst with even a broken pencil could see that both companies were grossly insolvent.

Merrill Lynch, Goldman Sachs, and all the brokers have at least one sharp pencil buried beneath the salesmen, and should have reasonably known of the de facto insolvency. They should have advised their customers that these firms were insolvent.

Trial lawyers, paradise is here!

The potential liability is huge to Merrill Lynch for continuing trading these stocks and permitting their customers to buy them through Merrill Lynch, earning excessive commissions for Merrill. The lower a stock price, the higher the commission as a percent of the trade.

Now the former president of one of the firms who did hundreds of billions of trading in the bad paper is in charge of Fannie Mae?

Is there no Shame?

There certainly is no honor left in American finance ad its regulators.

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September 8, 2008 by Frank Lynch.

It was during the mid 1970’s that Fannie Mae started the widespread issuance of MBS or mortgage backed securities which were a giant fraud that built upon itself every year through the administrations of both parties.

The sham is that banks sell bad loans to Fannie who then resells them as triple A absolutely safe MBS, essentially letting the banks take the profits and the taxpayers take the risk and the losses.

As banks did this more and more, running a printing press that used this back door to let banks write government guaranteed mortgages, it fed upon itself like a cancer.

For 30 years, as both the Presidency and control of Congress shifted back and forth between both political parties, and back and forth again so that every elected official of all parties are guilty, this cancer grew, fed by bank contributions to every elected official in America, until it not only transferred $800 billion in new national debt to the taxpayers, and it has destroyed our economy.

This bailout is like cutting the tail off a dog one inch a month instead of all at once.

There will be headlines continuously as we taxpayers inject more and more capital into Fannie and Freddie.

We should, instead, just put them out of their misery and return all mortgage financing entirely to the banks and savings and loans, with no government involvement whatsoever.

This is nothing but creeping socialism.

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