The causes that led to the financial crisis of 2008 were right in front of
us but ignored. Government sponsored Freddie Mac, Fannie Mae, and Ginnie Mae
home loans began to increase the number of sub prime mortgages to alarming
levels, up to 55% in 2007. The Wall Street large banks were riding high, making
a ton of money on high yields on "mortgage backed securities" / bonds and yet no
one wanted to look underneath as sub prime mortgages rose from $30 billion in
the mid 1990's to $625 billion in 2005. It was only a matter of time when the
whole bottom would fall out and it did in 2007 - 08. Many of these sub prime
mortgages were not only very high risk, but it was known that those who received
them could not afford to pay them; irresponsibly this was ignored. The economic
crisis that resulted was more than just due to the sub prime mortgages, but this
was a prime mover in the financial crisis of 2008.
We now have a major, an even bigger financial
crisis looming. Our national debt is now a whopping $19.3 trillion. According to
Treasury Direct our FY 2015 annual interest was over $402 billion or $1.1
billion per day. Erskine Bowles, Co-Chair of the bipartisan Deficit Reduction
Commission, has indicated that our annual interest alone will
reach $1 trillion per year by 2020. The Congressional Budget Office has
indicated that we will pay out $5 trillion in interest payments over the next
decade. Or national debt is out of control and increasing $2.48 billion per
day.
Not only is this certain crisis being ignored, spending continues out of
control at all levels of government. Our federal government and both parties of
Congress don't have the guts to deal with this major crisis...politics and votes
rule, not doing what is best for America. Money continues to be printed with no
solid financial underpinnings.
A total financial collapse of American is imminent. A domino affect with
occur since states and in turn cities / local municipalities, who are all very
dependent upon federal money, will no longer get it. The American people will be
in dire straits, and our national security will the greatly threatened.
I urge people to just look at the facts. All the information and warning
signs are right there in front of you. NOW is the time to speak up and act...the
situation is urgent. Our country and our country's future depends upon YOU.
