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One more time: Is this the Greatest Depression?

Asked by Voices Member, Sun Jan 25, 2009

Posted Jan 22nd 2009 11:30AM by Peter Cohan / Filed under: Bad news, Financial Crisis. Last March, I posted on whether we were at the beginning of the Greatest Depression. Back then, my reasoning was that there was $6.1 trillion in financial toxic waste -- in the form of Collateralized Debt Obligations (CDOs) -- in our financial system resting on a sliver, a mere $340 billion, in capital.

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the feds are working on a rtc style receivership for the "toxic" notes, Banks need to keep people in the houses, lease, load mods what ever necessary, losses are written off of future earnings and will eventually balance out


the great depression had no fed rescue, actually, the republicans trie to increase taxes back then which caused the economy to tank lower.. no I dont think we are in a great depression,

however, I think that the feds need to force the 3 largest foreclosure states to change their defeincy judgement laws to make it more difficult for those WHO CAN continue to pay their mortgage to from walking away from their obligations
0 votes Thank Flag Link Sun Jan 25, 2009
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