Topic: Economy, what's left of
"The Federal Reserve is purchasing $1,250bn in MBS through March. Mr Hoenig said that it must shrink its balance sheet as quickly as possible while being careful and systematic."
Neither did KEPR-TV, whose lead story last nite was BEDBUGS. Guess why I don't watch KEPR? With no national/world content, and nothing happening locally, theres nothing to report?
Is it coincidence that the same Fed is "draining $1T from the money market? Doesnt "drain" sound innocent? I think "steal" is more accurate.
Fun with math:
$1,250 B is $1.25T. At $ 250K per house with an underwater mortage, that's five-million houses. At 2.5 persons per house, that's 12.5 MILLION people. Where are they living? Do they have money in money market funds that Timmy G is going to steal? Obamas dog has a nice warm house to live in, what about the dogs of these people? (pandering to the dogs who read this Blog)
Reuters reported on 5 Feb 2010 that 38.2 million people are on food stamps. That guarantees they can't pay a mortgage, above or below water.
So if theres any correlation among the figures, the number of underwater mortgages might DOUBLE.
Hope? Change? I hope I dont get any change.
I'm no world renown economist, I just read and tell about what I see. I keep looking at Obamanomics, trying to add 2 + 2 and keep getting 3.6.
It's sad that I have to read the papers in EUROPE to get the news about HERE.