Greenspan Forecasts ‘Once-In-A-Lifetime’ Crisis on Horizon for US

To get Greenspan, who is usually notoriously unexpressive to issue a dire warming, things are REALLY up sh*t’s creek.  The blinders are off at this point, so whovever doesn’t take heed to the signs, well…

via Breitbart

The United States is mired in a “once-in-a century” financial crisis which is now more than likely to spark a recession, former Federal Reserve chief Alan Greenspan said Sunday.

The talismanic ex-central banker said that the crisis was the worst he had seen in his career, still had a long way to go and would continue to effect home prices in the United States.

US Government Conducts Biggest Bailout EVER

via UK Telegraph

The world’s biggest financial bail-out was staged by the American government in a bid to ease the global credit crisis.

The country’s two biggest mortgage companies were nationalised amid fears that their bankruptcy would have triggered an economic collapse.

The multibillion-dollar rescue of Fannie Mae and Freddie Mac – dwarfing the UK nationalisation of Northern Rock – will be funded by the American taxpayer.

OP ED: The Collapse and Attack of Fannie & Freddie Mac

via Web of Debt

Last week, Congress passed a housing bill that gave the Treasury Department a blank check to inject billions of U.S. taxpayer dollars into mortgage giants Fannie Mae and Freddie Mac, snatching them from insolvency. To accommodate this blank check, Congress obligingly raised its debt ceiling by $800 billion. Ouch! That’s nearly a trillion dollars. Why was it necessary to incur this potentially crippling public debt to bail out two completely private, for-profit behemoths, which have run themselves into bankruptcy with their own risky investment schemes? Policymakers said it was essential to maintain the country’s creditworthiness with foreign lenders, which today hold about one-fifth of Fannie and Freddie securities. According to a July 21 report by Heather Timmons in The New York Times:

One out of 10 American mortgages is, in effect, in the hands of institutions and governments outside the United States.¹