Hi! I am Don Harrold. How are you? Today is Sunday, September 7, 2008. We will talk with you about the Freddie and Fannie bailout, very straight forward and honest. My previous video was sort of sarcastic and humorous. Hope you got it. But I want to talk to you now from a more serious standpoint.
Henry Paulson said today, that a failure of Freddie and Fannie would affect the ability of Americans to get home loans, auto loans and other consumer credit. Now Henry Paulson tells you, if you will just listen to him, what this is about. This isn't about saving anything, but the mortgage of banks and the brokers and the people that make loans. This is an attempt to make sure the largest institutions that loan money have capital to loan money on which they can charge interest.
In fact, Fannie Mae and Freddie Mac have in the works, 45 and 50 year mortgage plans. It's about making sure that the banks and the brokers continue to have you and me hooked up to an eye view of debt, and that's what this is about. Now if you believe we live in a free market society, you are wrong. A free market society would let this boondogglers crash and burn. A free market capitalist society would let the market decide what happened.
A free market society would not force you and I to take our tax paying dollars to pay for the sins and the crunch of these mortgage bankers. They lied to us about the value of our homes. They lied to us about whether or not, we can even afford the loans they are offering, and then they sold our loans to companies in the forms of derivatives and other countries in the form of notes and worthless paper and put us in the jam where we are right now, where China holds a trillion dollars of this worthless nonsense.
They are saying about saving our economy, it's about making sure that mortgage banks and China get paid. Now what you need to do for your family is you need to protect your assets, you need to get out of debt and you need to begin to trade short term. Forget this long term buying, the whole nonsense, start turning your money over, daily, weekly, monthly at least. Because when we go into the hyper inflational environment that has to come, when it costs a wheelbarrow of money to buy a loaf of bread. Make sure you've got that wheelbarrow of cash.
I am Don Harrold. I will see you in next video. Bye-bye.
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