I wouldn't do this if I didn't think you all need to know.

Kucinich was interviewed on 'Democracy Now' this AM.


"the Bush administration has been going around the last few weeks, actually,
so tightening up on the practices of banks that they’re forcing them to have
bigger reserves, which ... create(s) the kind of tight money policies that we’re
... trying to alleviate with this bill."

The Bushies are creating this problem themselves!!!!

http://www.democracynow.org/2008/9/29/is_t...states_congress

...
Issac says no (use market to market accounting):
Don't spend money - change the rules by unlocking credit by a simple change in the way they value their assets. Send in bank reviewers to look at net worth certificates and subordinated debt.

The question, problem, or sticking point has always seemed to me has always been about the worth of these assets. Finally I understand it, after I hear Issac solution.

I liked the caller today who said she always trusted what Kucinich said, rather than trusting her own Rep. Blunt.

Rep. Defazio of Oregon said essentially the same thing on today's show. He said he was suspicious of FDIC probably getting orders from W. administration, and it's making it worse, where even AAA's are not getting credit.

We have these exotic financial instruments of mass destruction created by Paulson (bundling mortgage securities) and they are like ticking time bombs. William Issac (Keating 5 S&L crisis FDIC guy) says 75% of sub-primes are really performing, but being made to look worthless (FDIC manipulation). That means banks can't lend money and credit is freezing up.

(Paulson solution: Give me 700B and go away. His dream is to throw the money at top and hope for trickle down, unfreezing credit, helping housing and main street and cronies make out like bandits.)

Issac says no (use market to market accounting):
Don't spend money - change the rules by unlocking credit by a simple change in the way they value their assets. Send in bank reviewers to look at net worth certificates and subordinated debt.

I missed today's show (except for Friday I am always a day behind).

I will listen and hopefully will have time to get back to this thread tomorrow --when I know a bit more what it is about. One thing that has me concerned re FDIC new fiscally prudent strategy of brokering buyouts is that is a backdoor method for extreme consolidation.

The question, problem, or sticking point has always seemed to me has always been about the worth of these assets. Finally I understand it, after I hear Issac solution.