Federal Reserve Act 23A - YOUR money now propping up bad real estate portfolios.

[paparush]

From what I'm reading, during the recent storm of Lehman, Merril, and AIG, Bush, Bernanke, and Paulson have agreed to allow banks to violate Federal Reserve Act 23A

What does this means? It means that until January 30th (ten days after the innauguration) Bank of America, et al, can use the dollars in my savings account to prop up its new slew of failing mortgage backed securities.

So, its not just the banks' money, or money they've borrowed, or money they've earned from their own investments. Its our money..our cash..our college savings accounts...our retirement.

http://news.google.com/news?hl=en&tab=wn&ned=us&q=23a&btnG=Search+News

http://www.fool.com/investing/general/2008/09/16/lehman-liquidity-and-you.aspx

Some smart DU investor or financial advisor, please tell me I'm wrong. Tell me I'm misreading this. Tell me I don't know what the hell I'm talking about.

[antigop]

1. Have you seen this?

http://www.dailykos.com/story/2008/9/16/54230/2116/741/600308

Not to be construed as investment advice. I am not a financial advisor.

Just passing along a link...

[paparush]

3. hi antigop - I read that last night over at Kos, which is what prompted me to post here at DU.

UGH.

[dixiegrrrrl]

2. You got it right.

Brazen little buggers, ain't they?

I am hoping there will be a lawsuit.
I am afraid if there is one, it will be too late.
They are trying to empty the Treasury before the elections.

They know most retirement funds are sitting ducks, that we can't touch them until we meet certain conditions.
You can move them if you can find a place you trust to keep them.

[shanti]

5. that's been the plan

ever since they stole the WH in 2000. iraq was just one way they went about doing it. there will be NOTHING left when (if?) they leave next january.

[paparush]

7. Prescott Bush tried, unscucessfully, to remove FDR.

THIS is the culmination of the Bush plan - the gutting of the New Deal, the destruction of the middle class, and the elimination of federal services for the poor.

[TroutMaskReplica]

4. CAN:T START THREAD - MORGAN AND GOLDMAN CRASHING

http://www.marketwatch.com/news/story/morgan-stanley-slips-funding-concern/story.aspx?guid=%7B11667417%2D8F20%2D4868%2D8ACB%2DF504F04A03AB%7D


MS 18.65, -10.05, -35.0%)
GS 100.23, -32.78, -24.6%)

[paparush]

6. Holy shit..those numbers just keep dropping.