Subprime the Musical- Series of light-hearted podcasts designed to explain the Subprime Mortgage Crisis. To learn more visit:
www.subprimethemusical.wordpress.com
In this podcast, I explain how Freddie Mac and Fannie Mae started taking on more risk, and how Wall Street’s sudden desire to get in on the mortgage market, may have encouraged Freddie and Fannie to get more into the risky mortgage market.
E-mail: moneyandsociety@gmail.com
Duration : 0:3:7
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Celente’s accurate forecasts include the 1987 stock market crash, the collapse of the Soviet Union in 1991, the 1997 Asian currency crash” and “the 2007 subprime mortgage scandal.” His forecasts since 1993 have included predictions about terrorism, economic collapses and war. More recent forecasts involve fascism in the United States, food riots and tax revolts. Celente has long predicted global anti-Americanism, a failing economy and immigration woes in the U.S.[13] In December 2007 Celente wrote, “Failing banks, busted brokerages, toppled corporate giants, bankrupt cities, states in default, foreign creditors cashing out of US securities … whatever the spark, the stage is set for panic in the streets” and “Just as the Twin Towers collapsed from the top down, so too will the U.S. economy … when the giant firms fall, theyll crush the man on the street.” He has also predicted tax revolts. In November 2008 Celente appeared on Fox Business Network and predicted economic depression, tax rebellions and food riots in the United States by 2012. Celente also predicted an “economic 9/11″ and a “panic of 2008.” In 2009 Celente predicted turmoil which he described as “Obamageddon” and he was a popular guest on conservative cable-TV shows such as Fox News Sunday and Glenn Beck’s television program. In April 2009 Celente wrote, “Wall Street controls our financial lives; the media manipulates our minds. These systems cannot be changed from within. There is no alternative. Without a revolution, these institutions will bankrupt the country, keep fighting failed wars, start new ones, and hold us in perpetual intellectual subjugation.” He appeared on the Glenn Beck show and criticized the U.S. stimulus plan of 2009, calling government controlled capitalism “fascism” and saying shopping malls in the U.S. would become “ghost malls.” Celente has said, “smaller communities, the smaller groups, the smaller states, the more self-sustaining communities, will ‘weather the crisis in style’ as big cities and hypertrophic suburbias descend into misery and conflict,” and forecasts “a downsizing of America.”
Duration : 0:8:28
http://www.peoplestandup.ca
by Terrence MdKenna’s voice that this is from “DocZone,” a CBC.ca
The credit crunch
The global financial crisis (GFC) or global economic crisis is commonly believed to have begun in July 2007 with the credit crunch, when a loss of confidence by US investors in the value of sub-prime mortgages caused a liquidity crisis. This, in turn, resulted in the US Federal Bank injecting a large amount of capital into financial markets. By September 2008, the crisis had worsened as stock markets around the globe crashed and became highly volatile. Consumer confidence hit rock bottom as everyone tightened their belts in fear of what could lie ahead.
The sub-prime crisis and housing bubble
The housing market in the United States suffered greatly as many home owners who had taken out sub-prime loans found they were unable to meet their mortgage repayments. As the value of homes plummeted, the borrowers found themselves with negative equity. With a large number of borrowers defaulting on loans, banks were faced with a situation where the repossessed house and land was worth less on today’s market than the bank had loaned out originally. The banks had a liquidity crisis on their hands, and giving and obtaining loans became increasingly difficult as the fallout from the sub-prime lending bubble burst. This is commonly referred to as the credit crunch.
Although the housing collapse in the United States is commonly referred to as the trigger for the global financial crisis, some experts who have examined the events over the past few years, and indeed even politicians in the United States, may believe that the financial system was needed better regulation to discourage unscrupulous lending.
The global financial crisis enters a new phase
The collapse of Lehman Brothers on September 14, 2008 marked the beginning of a new phase in the global financial crisis. Governments around the world struggled to rescue giant financial institutions as the fallout from the housing and stock market collapse worsened. Many financial institutions continued to face serious liquidity issues. The Australian government announced the first of it’s stimulus packages aimed to jump-start the slowing economy.
The U.S. government proposed a $700 billion rescue plan, which subsequently failed to pass because some members of US Congress objected to the use of such a massive amount of taxpayer money being spent to bail out Wall Street investment bankers who some people may have believed could be one of the causes of the global financial crisis.
By September and October of 2008, people began investing heavily in gold, bonds and US dollar or Euro currency as it was seen as a safer alternative to the ailing housing or stock market.
In January of 2009 US President Obama proposed federal spending of around $1 trillion in an attempt to improve the state of the financial crisis. The Australian government also proposed another stimulus package, pledging to give cash handouts to tax payers, and spend more money on longer-term infrastructure projects.
Australia’s response to the global financial crisis – the first stimulus package
Australian prime minister Kevin Rudd and Treasurer Wayne Swan delivered their first budget in response to the global financial crisis, with the main objective being to fight inflation – a major problem in the local economy at the time.
The global financial crisis enters a new phase
The collapse of Lehman Brothers on September 14, 2008 marked the beginning of a new phase in the global financial crisis. Governments around the world struggled to rescue giant financial institutions as the fallout from the housing and stock market collapse worsened. Many financial institutions continued to face serious liquidity issues. The Australian government announced the first of it’s stimulus packages aimed to jump-start the slowing economy.
The U.S. government proposed a $700 billion rescue plan, which subsequently failed to pass because some members of US Congress objected to the use of such a massive amount of taxpayer money being spent to bail out Wall Street investment bankers who some people may have believed could be one of the causes of the global financial crisis.
By September and October of 2008, people began investing heavily in gold, bonds and US dollar or Euro currency as it was seen as a safer alternative to the ailing housing or stock market.
In January of 2009 US President Obama proposed federal spending of around $1 trillion in an attempt to improve the state of the financial crisis. The Australian government also proposed another stimulus package, pledging to give cash handouts to tax payers, and spend more money on longer-term infrastructure projects.
Duration : 0:44:58
http://www.rudramani.com. Rudramani Shilajit From Himalayan Mountains.
American Subprime Mortgage and financial crisis explained in layman’s terms and documentary. Real estate bubble.
Duration : 0:5:8
Occupy marches on; Bishop arrested occupying Duarte Park, New York; Bishop George Packard, former Iraq chaplain arrested; Occupy movement spreads around world; Occupiers interrupt foreclosure auctions; UK labels occupiers as terrorists; Occupying vacant buildings; SEC prosecutes Fannie Mae and Freddie Mac executives
Yesterday in New York City, a retired Anglican bishop was arrested along with occupy protesters at Duarte Park. Bishop George Packard, who was once a military chaplain in Iraq, joined other protesters climbing over a chain-link fence. Just before the protest he had written on the internet: “What awaits us I do not know. I do know that for me, and the OWS, I know no violence is intended, only peaceful disobedience if it comes to that.” Gideon Oliver, president of the New York City chapter of the National Lawyers Guild, said between five and 10 members of the clergy were among those arrested. The protest movement against financial inequality has spread to cities throughout the United States and other countries. After Bishop Packard tumbled over the fence, he climbed onto a wooden bench and waved for the crowd to follow. Other priests mounted the ladder while the the crowd yanked up the base of the fence to make a large opening. Someone cut the lock on a gate, and dozens of people streamed inside, talking, dancing to rap music from a boom box, and urging the rest of the crowd to join them. But the party couldn’t last. The police, taken off guard at first, came pouring through the gate with flex cuffs and arrested everyone who didn’t flee, including Packard.
Ever since Fannie Mae and Freddie Mac were taken over by the government in 2008, questions have swirled over who was responsible for their collapse. Friday, the Securities and Exchange Commission weighed in, filing fraud charges against former Fannie Mae CEO Daniel Mudd, former Freddie Mac CEO Richard Syron and four other former executives.
Federal officials say the mortgage giants lied to investors about the number of subprime loans they had on their books at the height of the credit boom. They also say the executives knew what was happening and even encouraged the deception.
The SEC says both companies loaded up their balance sheets with many billions of dollars in risky subprime mortgages. Both companies took pains to conceal their holdings from the public. The company had $141 billion of subprime exposure to loans. Syron and his colleagues were well aware of how risky its portfolio was. Fannie Mae acknowledged a small number of subprime loans, but failed to tell investors it also held risky Alternative-A mortgages, which require little or no documentation of a borrower’s income. Senior executives at Fannie Mae and Freddie Mac consciously withheld this information from shareholders because it would hurt the value of the company’s stock and hurt the compensation that these executives received.
Meanwhile the occupy protests continue around the country interrupting foreclosure auctions and placing homeless people in vacant houses.
Duration : 0:4:2
http://theelevationgroup.net/presentation/register.php?a_aid=161534&a_bid=290b868b&chan=M
Riots will break out in the streets when people realize their money isn’t worth the paper it’s written on!
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http://www.mikedillard.info
http://www.youtube.com/user/johnnyb0087?feature=mhee
Duration : 0:2:14
This video is an informative look at the factors that are causing our current financial and economic crisis. It discusses policy changes 13 years ago that unleashed the sub-prime mortgage-backed securities market, which accelerated prices erratically, inviting speculation and loose lending practices which were both condoned and encouraged by existing regulation and carried out by risk-blind executives and Fannie Mae and Freddie Mac.
Aside from ripping the corporate goons in the media, please be respectful in your comments. Thanks.
Obama Bombshell Redistribution of Wealth Audio Uncovered
Duration : 0:10:52
HardTalk & Kyle Bass 1 of 2 on The Global Economy & Finance Situation – BBC Interview, recorded 15.11.2011
Kyle Bass is a hedge fund founder who saw the financial crisis coming and made a fortune from it – first from America’s sub-prime mortgage crisis and then from betting that Greece would default.
Mr Bass told Sarah Montague that Germany cannot be expected to bail out the PIIGS countries – Portugal, Ireland, Italy, Greece and Spain, and that only a massive write-down in those countries’ debts will solve the crisis. http://news.bbc.co.uk/2/hi/programmes/hardtalk/9639507.stm .
Duration : 0:19:14
The Securities and Exchange Commission has charged six former top executives at Fannie Mae and Freddie Mac with civil fraud, saying they misled the government and taxpayers about risky subprime mortgages the mortgage giants held during the housing bust. (
Duration : 0:1:41
MARKET MELTDOWN