The Real Estate Soft Parade is Coming

The Soft Parade has now begun.
Crashing mortgages, everyone;
Bailout attempts to no purpose yet;
But, Barney Frank and Paulson still say,
That we're all set!!

Merrill Lynch writing off 80-percent;
Of their Mortgage Backed Securities;
The rest are waiting for a Federal bailout;
I think this collapse is getting, you know;
A little, bit, brrrrrr, furry!!

Time to Get the Homeowner, Bank Protection;
Listen to LaRouche, known as the Old Greezer;
Need a four-powers agreement now;
For a New Bretton Woods or bust,
Reorganization of the system;;

(spoof music, the Doors, Soft Parade)

Yes, the Geezer is right. We need the Homeowner, Bank Protection Act. We must freeze the mortgage, just have reasonable rental payments. The MBS will have to be written off, it is largely worthless in any case. Look what happened, Merrill Lynch sold off its Mortgage Backed Securites, and CDOs for only 18-cents on the dollar, and that part is just looking for Barney Frank's and Hank Paulson's bailout.