Trust must be earned and Truth must be told for any bailout or rescue plan to work in any capacity intended.
"re-regulate the industry along the lines of Glass-Steagall" but what happened shortly after this de-regulation? We need to get to the root of this problem! And this is a start.
It is a leap of faith that any one citizen must have in their government. However, due to the escalation of the 'Newt Gingrich' style of politics, which has dummied down the nation by dividing, will be the demise of our country.
We cannot trust the government to tell us the truth. This is the reason we will not get out of this easily; because we cannot understand how we got here. We export financial services. That is what American exports and the American people cannot understand that.
Thus, it is hard to listen, especially when we are so uninformed and uneducated. Our country has become a
financial service export leader; that is what our economy and ultimately, our country has transformed into. We must begin to understand the true 'value' of one's country's currency. We need to get back to the basics.
If we are to believe the fact that this is a 'sub-prime' mortgage-related Securities then we will never get to the root of the real truth.
Bailout Begins With Healthcare in America
In 1999, the 'Largest Bankruptcy case' in the history of Western Tennessee Bankruptcy Court in Memphis, Tennessee was filed. (Not Nashville, where HCA is located)
In 2000, in Dublin Ohio, FBI raided offices of the largest private financial lender to 'failing healthcare companies'.
NCFE, National Century Financial Enterprises, Inc., the 'LARGEST' private financial lender to 'failing healthcare companies'. Federal Prosecutors in Ohio state, this case is the one that "no one has heard of ". I wonder why?
Federal Prosecutors in Columbus, Ohio proclaim this case is 'larger than Enron' and still 'no one has heard of' or is paying attention.
Currently, there are two people that have yet to go on trial in the NCFE, 'larger than Enron' case: the CEO, scheduled this coming week October 6, 2008; but most interesting is the last, ex-Executive, James K Happ. Why last? The ex-executive will go last, after everyone else involved has been sentenced, one of which has already completed her sentence and is now free.
This ex-executive, James K Happ, was a prior employee of Richard Rainwater, the notorious oilman.
And we want to place the financial crisis to 'low-income housing'?
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