Loading ...The US Treasury (taxpayer, owned by We the People) would make the (bad) loan (to the subprime snake).
The private Federal (sic) Reserve (sic) would collect the interest only loan for the first 5 years.
So you want to subsidize bad loans to speculators and subprime borrowers, with interest only for the first 5 years, going directly to the PRIVATE federal Reserve?
Freddie and Fannie already do that and they are broke. Yeah, open a new line of credit for the defaulters.
….so we have it now…..hehe
….I see your Head and Shoulders Breakdown….but I also see a Flag….
…Rose coloured glasses….Half Fullgoldcrown
“One of the most prominent for the consumer is credit card rates. USA Today featured a story yesterday that, while the Fed has cut rates, “financial institutions have sharply raised rates to credit card customers – even those who pay on time – as they grapple with losses from other bad loans.”
“This month Washington Mutual told some credit card customers it was raising their rates by as much as 100%. Discover is raising its rate to 31%, effective May 1…”"
What the heck am I missing here? What are the homeowners doing with the proceeds of the treasury loan?
Honestly, what’s the worry..doubt there will be that many takers for this scheme,, just another ball on the chain when they could easily (and many have) send jingle mail to the bank.
Ment17, I expect more out of you than that!!!!! 
Double dumb you ask? Hell, the Treasury/Federal Reserve would be thrilled to get interest only, and let someone else suck the cost of the house. After all, they are destroying the dollar, and could care less who defaults, they are planning to grab it all. It’s a big money grab for the private bankers, the ONLY winners in this fiasco, and the middle class are the tax paying losers.
They are not dumb, they are planning to grab it all and this proposal, is a pretend bail out. But it’s a bail out for the irresponsible, paid to the private federal reserve, at YOUR expense.
REMEMBER it was Al Greenspan of the Federal Reserve who created the housing bubble monster, and now the same folks who created the mess are offering a solution to clean it up.
Belize, pleeze.
Now is that still double dumb?
If you are thinking that the HUI is going to outperform the Dow, well another H&S top is in place. The HUI is not in a strong position right now even against the Dow.
Rambus
Bill Murphy is so right on. He’s one of the very few who describes the accuracy of the gold and gold share hammering, pounding, and merciless beating.
Most authors, professional and others, comply with Wall Street jargon, and call the gold smashing we witnessed today a “correction” when in fact it was an ORDERED HIT.
He’s a pleasure to read.
Kinda like the difference between free market action and manipulated markets for the gain of the greedy.
There is alot for most of the world to laugh at us about here in the U.S. As a nation we are a dumbed down breed of fat slaves. Sometimes ya gotta call a spade a spade, and you did.
I also read your earlier thought about the gold takedown and it happening before the Fed meeting. I’m wondering the same thing myself, if maybe the statement might not be as hawkish as Wall Street is trying to tell us it will be. Maybe it won’t be as dollar positive as they are pretending.
What bothers me the most about this selloff in gold stocks is the lack of volume in most of the shares. Either they are being shorted 100 shares at a time on every downtick to shake weak hands OR there is not enough fear yet.
I hope it is the former and not the latter.
from 10 ten roque traders… (#4 is the best LOL)
“While Brown is not a rogue trader, his catastrophic blunder in sales of gold earns him a mention here. While acting as the Chancellor of the Exchequer in the United Kingdom, Between 1999 and 2002, Brown sold 60% of the UK’s gold reserves at $275 an ounce. It was later attacked as a “disastrous foray into international asset management” as he had sold at close to a 20-year low. He pressured the IMF to do the same, but it resisted. The gold sales have earned him the pejorative nickname ‘Golden Brown’, after the song by The Stranglers. Since then the price of Gold has almost trebled, meaning the decision cost the taxpayer an estimated £2 billion. Several Asian countries including China are named by an insider as having bought the gold “on the cheap” from the Treasury. The Chinese may have made more than £1 billion from Brown’s botched sell-off. [Source] ”
Socialism has been tried in lots of countries. Seems like its gaining strength in a country near you. Just when you think socialism is well enough embedded already, someone finds a new way to give it a few more growth hormones. Keep us posted on your nation’s latest advances in socialism. We may have to stand on guard to ensure this stuff doesnt start spreading to areas north of the 49th parallel . I hear that socialism is not good for advancing the price of gold <g> Cheers. Equiz.
…..The Federal Government is INCREASING the Powers of the Privately owned FED …to help stave off future Bubbles…….Who do they freaking think Created these Bubbles anyhow…?
….Sorry you American Guys…the CBC ran a couple of stories on the Nightly News Tonite….. one…making fun of the Tax rebates….and the fact that the average houshold has 8 thousand in cc debt…but are being encouraged to spend the rebate immediately..
..the second a sad story on foreclosures in Phoenix…and how Canadians with the Strong Dollar are buying what would be Million Dollar Homes up here….. for 180 thousand…
.How long befor we get “Illegal” Americans Sneaking into Canada…and taking all our jobs…
….I know I know….thats not funny
Reason I’m still a bug, even though down 20% this time; is the likes of Excellon. Up 5.38% today on 6 times volume. Thanks to the open TENT for hopefull hearts.
Whoa, that one takes me back, too. Haven’t heard it in probably 25 yrs., but heard the melody right away. Used to do it in my bar singing days… Neil was a great cover opportunity.
The Federal Reserve could use proposed new regulatory powers to try to stop credit and asset market excesses from reaching the point where they threaten economic stability, the US Treasury said on Tuesday.
David Nason, assistant secretary for financial institutions, said the Fed could even use its proposed “macro-prudential” authority to order banks, hedge funds and other entities to curtail strategies that put financial stability at risk.
By “leaning against the wind” in this way, the US central bank could “attempt to prevent broad economic dislocations caused by potential excesses”, he said.
His comments come amid debate inside the Fed as to whether it should try to do more to contain asset price bubbles, following the housing and dotcom busts. Some see enhanced regulatory powers as a better tool for this than interest rates.
The proposed new powers – outlined in a Treasury blueprint published last month – require legislation and may never be authorised. But policymakers see the plan as offering a template for future regulation.
The blueprint envisages giving the Fed roving authority to collect, analyse and publish market data from a wide range of institutions, from banks to hedge funds.
“The market stability regulator must have access to detailed information about all types of financial institutions,” said Mr Nason.
Hedge funds are uneasy about this proposal. However, many European central bankers are eager to acquire the kind of macro-prudential powers the Treasury would like to give to the Fed.
Meanwhile, data showed accelerating US house price declines and further declines in consumer confidence.
By Gillian Tett in London and Krishna Guha in Washington
Published: April 29 2008 23:23 | Last updated: April 29 2008 23:23
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“macro-prudential powers” ? 
JBI
PS - WANKA & Farmboy, what are you guys up to? Let your presence be known at this next significant bottom. 
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