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Brian Davis
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Prof B and Judge P, the only thing we can say with confidence at this moment is that the Fed has surely debased the Dollar, I mean in an in-your-face sort of way, but our foreign creditors and trading partners haven't nuked us yet. Meanwhile, public and private Chinese interests are accelerating their purchases of U.S. assets. I think we can guess where this is headed.
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It's a stealth appropriation, another bailout for the banks so they'll be funded to buy back $ Hundreds of Billions in bad mortgage-backed securities they sold to Fannie, Freddie, FHLBs, pension trusts, insurance companies, and private investors. In the process they'll also have to forgive principal on many $ Billions of underwater mortgage loans. Who says Congress controls the national purse? Forget everything you thought you learned watching Schoolhouse Rock.
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Nov 16, 2010