$BKX & Housing/ARM crisis

Repeal of Glass-Steagall Act
the wall street fix: mr. weill goes to washington: the long demise of glass-steagall | PBS
Not much ethics reflected on here. $BKX - Near 75 S. Colluded swindle of naive public fallen into greed deception traps. Many are serving and worshiping "money god". Falling into the deception, many have spent home equity which was the main driver of economic and market rebound from Oct 2002 low. Now, US consumers are with a mountain of personal and national debt.

• The MBA's seasonally adjusted index of rate-sensitive refinancing applications fell 8.9 percent to 2,013.5 last week. The gauge of loan requests for home purchases was little changed at 352.7 compared with 352.5 in the previous week.

• Ross: Housing Issues Scarier Than High Oil Prices "Economists allow for the sort of 'wealth effect,' or 'poverty effect,' that's probably something like 5 percent that gets reflected in consumer spending," Ross said. "If it is, that's $180 billion, or more than 1 percent of our gross domestic product."

~~~ US Debt bubble reality: Choas ~~~American taxpayers are on the hook for a record $US 57.3 TRILLION in federal liabilities to cover the lifetime benefits of everyone eligible for Medicare, Social Security and other government programs. That's $US 500,000 per household. When the liabilities of State and local governments are added to this, the total rises to $US 61.7 TRILLION. That's $US 531,472 per household, more than four times what Americans owe in personal debt and mortgages. This is now front page news on USA Today.