Fannie Mae and Freddie Mac Fellatio!

Yesterday was not just the anniversary of the beginning of The Blitz of Britain by the Germans 70 years ago, no doubt being gleefully drooled over on the next morning by German leaders as the aerial reconnaissence photographs revealed the gruesome details of the death and destruction wrought by Germany's might, just as this morning, no doubt, a new generation in Berlin and Frankfurt relish the economic humbling of the City of London brought about by the humiliation of Britain's Chancellor of the Exchequer, George Osborne, in Brussels yesterday in an event that appears to have deliberately taken place on this hugely significant and bloody anniversary, no indeed, for it also marked the second anniversary of Fannie Mae and Freddie Mac being taken into the custody of the US Government. Does yesterday then perhaps also mark the end of the era of US moral leadership, might and world domination? Fannie and Freddie brought the pride of home ownership to many lower income Americans over many decades. They helped in pulling the country out of the Great Depression of the nineteen-thirties. Has the US Government, Congress, the Federal Reserve or any other body used the past two years to address the underlying problems of these two grossly over indebted mortgage suppliers? It appears not. In fact the very opposite has been the case. Over the past two years these now government controlled institutions have been the major supplier or underwriters of most of the new mortgages recently issued, therefore merely compounding their underlying problems, read a Bloomberg report from here, tellingly titled "Subprime 2.0 Is Coming Soon to Suburb Near You: by Edward Pinto". The housing crisis, such as that in the US and in Britain is the main underlying economic crisis on both sides of the Atlantic and it appears for the entire english speaking world, yet neither the US nor the UK Governments will face up to that fact. Solutions have been regulary suggested from this blog. Most recently David Cameron and Nick Clegg have been urged to return their property portfolios to the state from which they have indirectly been drawn. Other Cabinet Ministers would be wise to follow suit so that they can address the economic disaster in which the country now lies with clear eyes and from a sensible starting point. A man is worth more than the value of his home or the marque of his car. Economic might when misused can be overcome by ordinary people pulling together, that was the lesson of The Blitz. We can overcome this economic mess by grasping the fact that homes have values because they are secure, situated near schools and jobs priced at a wage which makes them affordable. Bricks and mortar torn down and resold with flat screen TVs or used modern kitchen gadgetry in an environment where no building is taking place have little value at all. Look round your possessions at home today, what are they really worth and if mortgaged to a typical bank, building society, or even Fannie or Freddie ------ what could these failing institutions obtain for their supposed secured assets when society has no hope?

70 years since the Blitz began, Osborne prepares to surrender to Germany!

The Blitz was the sustained bombing of Britain by Nazi Germany between 7 September 1940 and 10 May 1941,^[1] during the Second World War. The Blitz hit many towns and cities across the country, but it began with the bombing of London for 76 consecutive nights.^[5] By the end of May 1941, over 43,000 civilians, half of them in London, had been killed by bombing and more than a million houses destroyed or damaged in London alone.^[6][7]. Click here to link to the entire Wikipedia article.

Read The Guardian on today's anniversary from here.

Fast forward seventy years and mainland Europe is once again controlled from Germany. Now, however, Britain's leaders also appear under German control, for George Osborne, the Chancellor of the Exchequer, will follow his Prime Ministrer's lead set on 17th June of this year by concurring in discussions on the precedures which will appoint three foreign bodies to regulate our financial institutions and further proceed to discuss how taxes and levies will be utilised to destroy Britain's world leading role in the financial services industry. In a paper titled "German Economy has overcome the crisis" linked here in pdf format, the benefits to Germany of the death throes of the other nation states of Europe are celebrated. Belgium, the first state actually to already be seen to be falling apart, not surprisingly perhaps as it is the main seat of the EU, read one report here. The economic turmoil of Greece needs no further illustration, the growing crisis in Ireland, Portugal and Spain will soon reach the headlines once again. A General Strike in France today is forecast to virtually bring the entire nation to a halt , read a local report from here. So why do our leaders rob us of our Sovereignty, National Independence and Democracy......??? "He who pays the piper picks the tune, do they not?" Who paid Edward Heath, I wonder? From whence will come the rewards in the future united EU? Cameron, Clegg and Osborne 'following the shameful example set by the leading players of New Labour) have clearly decided they know the answer to that latter question, methinks!