13 sats \ 2 replies \ @Rothbardian_fanatic 15 Nov \ on: The Fed’s "Temporary" Mortgage-Backed Security Experiment Will Last Decades econ
The FED knew, when it was buying those MBS that they were fraudulent. They bought them after they had been exposed as nothing but amalgamated garbage. They knew that the rating agencies gave them bogus ratings. Already Bear-Sterns and Lehman Brothers were selling them as fast as they could. The mortgage loans that were backing the security were, at best, sub-prime and they knew it because they were supervising the banking investments. They bought them to bail the banksters out. Now they have to deal with the aftermath of their bad decision to make the banks TOO BIG TO FAIL. The FED should fail, too!
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10 sats \ 1 reply \ @Undisciplined OP 15 Nov
I thought it was going to be a bigger problem at the time, but I'm not surprised it's lingering.
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24 sats \ 0 replies \ @Rothbardian_fanatic 15 Nov
Yeah, there is no way they want to take a half-trillion dollar loss on the books! There is not enough space in the cells for such numbers! Why don’t we apply Warren’s marked to market methods of assessing the value of current assets? We could break the FED right now! It would go bankrupt and we would be done with it because it is a private organization.
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