Wealth, Illth, Money, and the Financial Crisis
Dan Clore
http://groups.yahoo.com/group/smygo
Wealth, Illth, Money, and the Financial Crisis
by Dan Clore
This column is an attempt to aid in the understanding of the current
financial crisis, using classic texts by Robert Anton Wilson that
explain the difference between wealth (real wealth or real capital),
illth, and money (money wealth or money capital).
continued:
http://www.nolanchart.com/authors/articles/article.php?ArticleID=5480
--
Dan Clore
My collected fiction, _The Unspeakable and Others_:
http://tinyurl.com/2gcoqt
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Strange pleasures are known to him who flaunts the
immarcescible purple of poetry before the color-blind.
-- Clark Ashton Smith, "Epigrams and Apothegms"
Werner
> News & Views for Anarchists & Activists:http://groups.yahoo.com/group/smygo
>
> Wealth, Illth, Money, and the Financial Crisis
>
> by Dan Clore
>
> This column is an attempt to aid in the understanding of the current
> financial crisis, using classic texts by Robert Anton Wilson that
> explain the difference between wealth (real wealth or real capital),
> illth, and money (money wealth or money capital).
>
More aid to understanding can be found here:
"In 1992, Congress mandated that Fannie and Freddie increase their
purchases
of mortgages for low-income and medium-income borrowers.
Operating under
that requirement, Fannie Mae, in particular, has been
aggressive and
creative in stimulating minority gains."
"The two companies are now required to devote 42% of their portfolios
to
loans for low- and moderate-income borrowers"
http://articles.latimes.com/1999/may/31/news/mn-42807
http://www.youtube.com/watch?v=_MGT_cSi7Rs
http://www.youtube.com/watch?v=cMnSp4qEXNM&feature=related
http://www.youtube.com/watch?v=RYz1rbB5V1s
http://www.youtube.com/watch?v=ivmL-lXNy64&feature=related
http://www.youtube.com/watch?v=usvG-s_Ssb0
http://www.youtube.com/watch?v=XjYDzyQNqX8
http://www.youtube.com/watch?v=_CcFdjXvjvE&NR=1
http://www.youtube.com/watch?v=o6ZHOxJLUGI&NR=1
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print
http://americanfuturefund.com/2008/09/25/barney-frank-blocks-reform-attempts/
• 1) Securitization for residential mortgages was invented in 1970 by
Ginnie Mae. It was expanded by government sponsored enterprises (e.g.,
Fannie Mae and Freddie Mac) and private institutions through the 1980s
and '90s to include a wide range of financial assets. 2) Congress has
consistently eliminated regulatory obstacles to securitization with
the Secondary Mortgage Market Enhancement Act (SMMEA), Real Estate
Mortgage Investment Conduits (REMICs), Financial Asset Securitization
Investment Trusts (FASITs), and Riegle Community Development and
Regulatory Improvement Act.
3) The Riegle Act also instructed federal
regulators to reduce risk-based capital requirements for bank holdings
of small business loan securities.
http://www.nado.org/loansales/securitization1.html