http://www.care2.com/news/member/214325341/758293?saved=1

Note the above news please...

Senator Phil Gramm slipped legislation that DEREGULATED banks and securities firms, which allowed them to sell ARM loans and then repackage them as bonds, stocks and more... making them invisible and part of the larger financial global market.. 

Gramm is solely and individually responsible for this crisis, as he CAUSED IT. Where is he now? He was promoted and is now advising McCain, and will be the new Treasury Secretary if McCain is elected. DO YOU WANT HIM IN THAT POSITION?

This crisis is so complicated that no one can figure out where the loans went, who bought them, or how it will affect anyone..

The net result though is easy to see. Banks and insurance companies are melting down, and becoming worthless, as witnessed by AIG, the largest insurance company in the world selling for what amounts to a NICKEL. The largest securities dealing firm also sold for a NICKEL..

The Feds have printed almost  TRILLION dollars in the last year to bail out major companies and firms, but basically ignored the people at the bottom.. The rich get the money, while the poor suffer. The last Depression was caused by this same self centered short sighted focus.

What would happen if they bailed out every consumer with an ARM loan? Would that not stabilize the market, feed money to banks and the rest, as well as give a helping hand to those who are REALLY SUFFERING, instead of shoveling Billions to people who already own twenty mansions?

Who is directing this fiasco? President Bush... is in charge.... but I get the idea that neither Gramm nor Bush, nor McCain has any CLUE what to do. They are certainly not helping the little guys.

What will be the result? My prediction is that there will be a panic, and then a Depression... That is my prediction, based on what happened in the past.

Get ready, it will be wild ride. When people and nations lose faith in the dollar, which has nothing behind it except over stressed citizens who are losing their homes, and are now paying to bail out major corporations, banks and stock traders, what then?