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As the U.S. home foreclosures crisis deepens, and mortgage banks and lenders sit on the edge of bankruptcy in the United States and in Europe, Congressional sources say that efforts to act on the crisis are being distorted by tremendous pressure on Congress from the hedge funds, investment banks, and their lobbies—pressure for a huge bailout of the funds by government housing agencies.
Such a bailout, under the guise of ``helping homeowners avoid foreclosure,'' would do no such thing—the admitted failure of a $100 million Ohio state mortgage refinancing plan, since May, has shown that. But it would turn Fannie Mae, Freddie Mac, the Federal Housing Administration, into so many additional Federal Reserve Banks, injecting hundreds of billions—as the Fed has already been doing—into a bailout of the hedge funds and their partners, the Wall Street investment banks, which created the monstrous speculative bubbles based on housing mortgages. |
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March 23, 2007
—EIR News Service announced the publication of
The Anatomy of Russian Capitalism,
by Professor Stanislav M. Menshikov.
Translated from the Russian by Rachel Douglas, the book is an authoritative study of the Russian economy during the first 15 years after the break-up of the Soviet Union. The Preface, by EIR founder and contributing editor Lyndon LaRouche, titled, "Russia's Next Step," poses the need for U.S. policy-makers to study and grasp the "disease" presented in this book, since it represents "an economic global pandemic which we must all join to defeat." |
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Strategic Overview
Schiller Institute: Eurasian Land-Bridge Is a Reality
Some 350 people from 40 nations gathered in Kiedrich, Germany for two-day conference on the Eurasian Land-Bridge. Lyndon H. LaRouche, Jr. gave the keynote address. A first report—with more to come next issue.
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All rights reserved © 2007 EIRNS
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