LEHMAN BROTHERS MELTDOWN OF THE WORLD
JOBS IN THE USA HARDEST TO FIND SINCE 1948
JODIE AND LARRY THE MINKE WHALE TEAM UP FOR BREAST CANCER
The Canadian "investigative" TV program "The Fifth Estate" had a
hour highlight of how Wall/Fall Street sent the world into its
tailspin of economic meltdown. There are a few books out on it to
give the details but here's the basic rundown.
Lehman Brothers was 158 years old. Now it's bust - gone! It got
into the "ponzi type" lending to people who really could not
afford a mortgage. In 1994 its shares were worth $4 by 2004 a
share was $84. It was the doing mainly of Richard Fuld, the wise
brain kid of Lehman's - so everyone thought. But it was the guy
from First Alliance Mortgage - sub-prime lending outfit in
California, with the Canadian whiz kid with a grade 10 education,
by the name of Brian Chisick that got it all started. Yes there
was sad to say in all of this a Canadian connection. Alliance
Mortgage hired top of the line "whiz kid sales persons" who could
talk a tree in buying what they had to sell - mortgages! It was a
"con" game from the word go. Lehman Brothers jumped on the fast
tain to hell, but they called it heaven to all they were selling
to. It was touted as the "American Dream" for everyone. You sell
the mortgages for 2 percent interest and when in time take it up
to 7,8 and more percent. People default, the banks get the real-
estate which in their mind would never go down only up and up.
They interviews one gal, she said, there were no rules for
mortgage brokers - it was long hours but easy work! It was
anything to sell or give, even fraud, entice for second mortgage
and spend - tell them to enjoy. It was pitch, pitch, and more
pitch. It was sub-prime, ponzi like scheme.
They interviewed workers in the "office side" of it all, even
some of the workers saw either the direct fraud or border line to
fraud. Some of them even tried to "blow the whistle" on it all.
They were ignored.
It was immoral, it was GREED! In 2005 Lehman people warn of DOOM
and EVIL practices. Smart guy Fuld dismissed them - demoted some
- some leave - some reassigned.
2007 Lehman buys "commercial real-estate" and that did them in!
2008 housing was in free-fall. Lehman Brothers FALL - Fuld is
By now, all of Wall/Fall Street is on the ponzi act.
It all collapses as we now know. Lehman's is allowed to go bust
and out. But they say if the USA had not saved the other banks,
the world would be in an even bigger mess.
A few books have been written on the details of the subject, one
is "A Colossal Failure of Common Sense" by Larry McDonald.
The USA news programs put the recent "new jobs found" in correct
perspective, it does not mean much. And finding a job in the
stats or in the record books is on the level of 1948 - not been
as bad since 1948.
Rhode Island State floods are the worst in many decades, a state
of emergency has been called.
Peru has had rainfall not seen in many decades and land-slides
and deaths by the dozens. They are blaming "climate change."
The killing of a well known "white" rancher (who was outspoken
for the minority whites in South Africa) and his being beaten to
death, by two of his workers, they think over wages, not race,
but the event could trigger the "race issue" and so the
authorities are calling for calm. With the world Football (soccer
to you North Americans) Cup being held in South Africa, and the
invasion of Whites and South Americans this summer ... well
hopefully there will be no "race" issues.
Finishing this meltdown on a lighter note. Larry the whale is a
story people gave to when they heard about it.
Jodie Nelson in California has a friend fighting breast
cancer, so she wanted to do a far out thing and raise some money.
She decided to "board paddle" (you stand on it and use one paddle
to move forward) her way across 40 miles of Pacific ocean from an
island to the coast of California. She and others prayed that
morning God would show His creation to them during the hard 40
mile paddle drive. Along the way she was joined by one of those
30 foot plus whales (minke whales they are called) that do not
eat people, and are not usually seen in that part of the sea. It
stayed with her for two hours, swimming around her and enjoying
her company. She called it Larry. And when it hit the
Facebook/Internet people really started to give. She easily got
her goal of 100 thousand dollars.
Good for you Jodie Nelson and of course Larry the whale also,
well done the two of you, with a little help from the Lord.
Couldn't ask for a better text book fund-raiser.