Another Sign of the Blowout Coming—Worse than 2008
June 18 (EIRNS)--International investor and blogger Simon Black, whose blog is call Sovereign Man, called attention to one of the stunning indications of the fragility of the current bankrupt financial system in his June 16 post "The subprime mortgage rate: it's 2008 all over again." Actually, as Black elaborates in his post, it's worse--given the fact that the Fed is bankrupt itself, and Fannie Mae is reported by Wells Fargo, who announced their new 3% down on May 26, is prepared by buy up the the loans once they have been served. Wells Fargo, one of the nation's largest mortgage lenders, is being joined by Bank of America is this practice. Did anyone see "The Big Short?" Can anyone doubt the urgent necessity for reintroducing Glass-Steagall now?