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Alan Grayson Donating Member (111 posts) Send PM | Profile | Ignore Fri Dec-09-11 03:58 PM
Original message
A $200K Mortgage for $2 a Month
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Edited on Fri Dec-09-11 04:01 PM by Alan Grayson
You saw that title, A $200K Mortgage for $2 a Month, and maybe you thought, that looks like spam.

No. Its real.

And then maybe you thought, a $200,000 mortgage? For only $2 each month? That sounds impossible.

Well, it is possible. Its just not possible for you.

For Bank of America, yes. For Citigroup, yes. For Wells Fargo, yes.

For you, no.

The GAOs main report on its audit of the Federal Reserve exposed who received the trillions and trillions of dollars in Fed bailouts. But the GAO report wasnt very specific about the terms of those bailouts. For that, we have the Freedom of Information Act records obtained by Bloomberg News, which Bloomberg wrote about last week. Among other things, Bloomberg reported that the Fed lent out this cash to Wall Street at rates as low as 0.01 percent.

To such worthy recipients as Bear Stearns, AIG, the Royal Bank of Scotland, etc., etc.

Well, it could have been worse. The Fed could have just dumped the money into a wood chipper.

If you do that math, youll see that when the Fed gave Citigroup the money for a $200,000 mortgage, at 0.01 percent, Citigroup had to pay less than $2 each month for that money. Citigroup then lent that money to you if it deigned to lend you anything for maybe $1,000 a month, maybe more.

And that $40,000 credit card balance? Citigroup paid the Fed less than a dollar a month for that money. And you paid $1,000.

Citigroup pays $1. You pay $1,000. You see how that works?

Citigroup fell into such a deep hole that it had to borrow a term-adjusted $58,000,000,000 from the Fed, according to Page 132 of the GAOs audit report.

And what would you get from the Fed, if you fell into a deep hole? Nothing. Nada. Zilch. Zip. Diddly-squat. Zero.

You wouldnt get jack.

If you lose your home, you can sleep in your car. If you lose your car, you can sleep under a bridge. Unless, of course, youre a Wall Street banker.

Two hundred and thirteen years ago, there was a Member of Congress who said: Millions for defense, but not one penny for tribute. Now we have a government that says: Trillions for Wall Street, but not one penny for you.

Thats our government. Unless we change it.


Alan Grayson

Everybody knows that the dice are loaded Everybody rolls with their fingers crossed Everybody knows that the war is over Everybody knows the good guys lost Everybody knows the fight was fixed The poor stay poor, the rich get rich That's how it goes. Everybody knows.
- Leonard Cohen, Everybody Knows ">We need someone in Congress who is PAYING ATTENTION. And someone who is willing to FIGHT FOR US. Click here, and support Alan Graysons campaign TODAY.
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  -A $200K Mortgage for $2 a Month Alan Grayson  Dec-09-11 03:58 PM   #0 
  - Wow, that's a great way to look at it. Really puts it in perspective. Thanks!  boston bean   Dec-09-11 04:01 PM   #1 
  - How did they get away with it? Was no one overseeing any  sabrina 1   Dec-09-11 04:09 PM   #2 
  - What do you think should be done?  Gregorian   Dec-09-11 04:13 PM   #3 
  - I'm not Sabrina1, but here is a hell of a good starting point:  russspeakeasy   Dec-09-11 04:49 PM   #7 
     - My question is with respect to the Federal Reserve. I'm curious what someone like Grayson thinks.  Gregorian   Dec-09-11 05:15 PM   #8 
        - Sorry, I didn't mean to walk on your comment.  russspeakeasy   Dec-09-11 05:19 PM   #9 
  - "If you lose your home, you can sleep in your car."  KansDem   Dec-09-11 04:14 PM   #4 
  - I had to get a GE care credit loan some time back  zeemike   Dec-10-11 10:03 AM   #27 
  - Well if the banking system collapses we can all live in our cars.  dkf   Dec-09-11 04:17 PM   #5 
  - Why would we start living in our cars?  girl gone mad   Dec-10-11 05:30 AM   #18 
  - the way I see it, possession is 9/10ths of the law. I possess the house  Tuesday Afternoon   Dec-10-11 07:54 AM   #21 
  - The economy runs on products and services  Hydra   Dec-10-11 12:10 PM   #31 
  - Always ready with the corporate talking points! nt  Lorien   Dec-10-11 01:52 PM   #34 
  - Banks are needed to lend money so that businesses can grow.  Flatulo   Dec-10-11 03:05 PM   #37 
  - It DID collapse. You must have missed it.  Ikonoklast   Dec-10-11 03:32 PM   #38 
  - Why cant Alan Grayson just run for  xiamiam   Dec-09-11 04:29 PM   #6 
  - Really?  The Doctor.   Dec-09-11 10:49 PM   #13 
     - we already have a big mess from people with acumen as you say..years of mess..nt  xiamiam   Dec-10-11 07:10 AM   #20 
     - Do you mind if I say "AMEN!" ???  Plucketeer   Dec-10-11 10:45 AM   #29 
     - I think that is a huge part of the problem.  dotymed   Dec-10-11 09:33 AM   #24 
        - Well said. nt  Lorien   Dec-10-11 01:51 PM   #33 
        - I give Alan more credit than that.  The Doctor.   Dec-11-11 05:35 PM   #39 
  - Soon even the bridges will beout of the question because  Angry Dragon   Dec-09-11 05:34 PM   #10 
  - K&R!  Pryderi   Dec-09-11 09:23 PM   #11 
  - That's the message to spread.  The Doctor.   Dec-09-11 10:42 PM   #12 
  - K and R'd  Bennyboy   Dec-09-11 11:27 PM   #14 
  - K&R.  midnight   Dec-09-11 11:37 PM   #15 
  - And people wonder why I would send money to this guys campaign  tavalon   Dec-10-11 02:02 AM   #16 
  - that kind of access to money  w0nderer   Dec-10-11 05:13 AM   #17 
  - kr  Norrin Radd   Dec-10-11 06:15 AM   #19 
  - And this is news?  Hanks   Dec-10-11 08:14 AM   #22 
  - kr I sent Alan a donation.  Enthusiast   Dec-10-11 09:25 AM   #23 
  - Excellent - K&R nt  TBF   Dec-10-11 09:43 AM   #25 
  - Kick and Rec  Fantastic Anarchist   Dec-10-11 09:49 AM   #26 
  - Link not working for me. /nt  October   Dec-10-11 10:22 AM   #28 
  - K & R  HCE SuiGeneris   Dec-10-11 11:06 AM   #30 
  - Love the song lyrics...I've posted them up here myself a couple of times.  Roland99   Dec-10-11 12:24 PM   #32 
  - RECOMMENDED. They used to say: "If you want to rob a bank, own one." now  JohnWxy   Dec-10-11 02:41 PM   #35 
  - K&R  sarchasm   Dec-10-11 03:04 PM   #36 

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