Certain conservatives are still trying to blame regulation of mortgages for the predatory lending of corporations. It won't work. The Big Lie tactic of just repeating garbage over and over won't work.
Alan Greenspan is also trying to decouple his low Fed rate policies from low mortgage rates. The truth is that the mortgage rates were simply reflecting the overall deregulatory atmosphere that Greenspan openly supported and promoted. They knew where he stood and what he would and wouldn't do to interfere in their scam. They could and did count on him.
The U.S. official unemployment rate is 8.1% they say. That's phony. The real rate is 18-19%.
Also, they are just getting around to calling this a global recession. It is a global depression setting in. It's setting in because the governments have bailed out the predators rather than the prey.
Look, the (non-federal) Federal (non-reserve) Reserve announced it is going to buy up $1.5 trillion in government bonds and mortgage-linked securities. In other words, it's going to take some of the sub-prime junk off the hands of those who have been also otherwise bailed out. Now, don't allow your mind to shut down here. $1.5 trillion from where? Really, where are they getting it? Where has it been?
Answer: They are making it up. The private corporation that has never seen the light of day — no government whatsoever — is just going to absorb $1.5 trillion worth of shaky U.S. bonds (that's putting it mildly) and toxic, securitized, sub-prime and other bad mortgages.
So, the taxpayers can pick up the bill by working for the superrich who created this whole mess on purpose for that very reason: Enslavement!
The Fed will hold $3 trillion worth of what? Where did they get the $3 trillion? In case you haven't figured it out yet, they just have $3 trillion because they say so. They didn't work to create it. They just waved a little finger. Did the American people give a private, secret, and non-reporting corporation such power over them?
You can't fight City Hall. That's the old saying. Well, I'm not for violence, but I'm all for truth-telling. I'm all for changing the whole system via non-violence and not even what is considered today "resistance." I'm for bringing forth the Christian Commons. If you think there is any other way, you're wrong. Sooner or later, unless the human race is doomed for fleshly extinction, it is going to have to face reality that selfishness has never worked and never will and face exactly what unselfishness truly means — how to define it.
The Federal Reserve Act is an abomination. So too is the Income Tax used to pay the bankers interest for doing nothing but causing booms and busts from which they consolidate their stranglehold on the planet and the whole of the rest of humanity.