Charlie Rose Readies Online Onslaught: Web Video is Getting More Intelligent

very good inturesting video!

For Charlie Rose,
$700B can't touch the real Wall Street elephant in the room: it's the credit default swaps covering small dollar amount and number of US home mortgages. They were bundled into Securities, which were leveraged 8-15-70 times (Bear Stearns was said to be 70x). Securites sales could not have succeeded without an insurance against failure to the investor-bank buyers around the world: big American International Insurance, AIG had a non-regulatory loophole allowing insurance policy to be sold with the Security by Lehman, Bear, and most of the investment banks who leveraged their bundle of securities, and sold them for inflated profits around the world to other banks and investors. These bundlers of new securities were safe, they thought. They had AIG's insurance policy in place, they paid for it too. Then the small US mortgage owner defaults because 2x a year their contracted interest rate is adjusted, too high for the barely qualified homeowner.The loans are called by the bank. But which bank? Who fixes or protects the little homeowner against the 2 X a year rising mortgage contract's interest rate, now or in the future? American International Insurance? AIG: no.
They wrote guarantees for Wall Street, not Main Street. Wall Street sold the securities in leveraged sales, over and over, with a guarantee against failure: a newly minted AIG insurance policy. Where would the buck stop?Then what about BK adjustment laws allowing judges to fix rates to save homes, mainstreet and the bank, ultimately? That provision was not allowed by the 3 powerful banking lobbys to congress. But why wasn't that main street provision allowed in the Bailout proposal, why didn't Congress fight for main street? Recall that Fed chief and Paulson for US government, quietly, overnight, bought 80% of AIG. Why? That is the crux of the global financial problem, not the Dow Jones, our stock market, not crude, not disenfranchised taxpayers: it's the $63 trillion -not $700 billion --in outstanding AIG Insurance policies in cohort with Wall Street Securities firms, that's the real problem. $700B buys time, but first, what did US pay for AIG 80% ownership? They took on Trillions in live, active debt? Who knows? Why did Paulson and Federal Reserve chief buy 80% of AIG? They have to make deals with the major foreign buyers and governments, lest their foreign house of cards fails as they hold AIG, now US government owned insurance policies against failure of their securities' purchase. For the record, Greenspan in a 2006 film clip with Congress and Barney Frank, asked for approval to impose regulations against the runaway mortgage market and securities and insurance loophole markets. Had Congress allowed the regulations perhaps AIG couldn't have found a loophole in their own regulated insurance market, that allowed AIG to write $63 Trillion (even $5B in guarantees would be criminal), for Wall Street's runaway greed.

You might interview Gretchen Morgenson, NY Times, re:$63 trillion credit swap story.

Regards
Constance Nash
Newport Beach, CA

Seed Magazine is doing nice things with intelligent online video:
http://seedmagazine.com/video/

Any plans for Hulu? Would be a nice complement to the comedies, movies, dramas, etc., already available on there.