You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

A $200K Mortgage for $2 a Month [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » Editorials & Other Articles Donate to DU
Alan Grayson Donating Member (111 posts) Send PM | Profile | Ignore Fri Dec-09-11 04:58 PM
Original message
A $200K Mortgage for $2 a Month
Advertisements [?]
Edited on Fri Dec-09-11 05:01 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.

Courage,

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



https://secure.actblue.com/contribute/page/graysonforco... ">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.
Refresh | +163 Recommendations Printer Friendly | Permalink | Reply | Top
 

Home » Discuss » Editorials & Other Articles Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC