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Saturday, September 4th 2010

10:31 PM

Basel Three: Does the Tea Party Get It?

Basel 3 Part One
Basel 3 Part Two
Basel 3 Part Three

Basel 3 is going to make profound changes that weaken the nation and put taxpayers on the hook for massive debt. Our congress and citizens must understand this. I don't know if the Tea Party understands what is going on here. I wrote about this before and here is an attempt to clarify the explanation at Mish's blog:

Ok,here is an explanation. The Basel 3 committee plans to establish the ability of the TBTF banks to buy massive amounts of mortgage backed securities from fannie and freddie. They intend to buy so many of them and make them such a large portion of the new tier two requirements that they will have a crisis if the congress ever took away the loan guarantees. So, congress will not be able to take away the loan guarantees. Previously, the congress had an answer to moral hazard. At least they had the threat to take away the mortgage guarantees. But now it will be impossible to do this without creating a tier two banking crisis, which will necessitate a massive bailout. In other words, Basel 3 is making it clear that the financial system itself has become too big to fail. Basel 3 is betting that they will have congress in the palm of their hand, and that congress will not allow any financial meltdown by taking away the loan guarantees. Of course, this will create a moral hazard and the way will be smoothed to allow easy money loans to go wild. This will cause a crash that will require taxpayer bailout. This is a bad deal for the United States and proves that there is an international bankster conspiracy against the sovereign nations. Hope this helps.

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