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Sad story...the head of Freddie Mac was warned by his Chief RISK Officer - four years ago - that specious loans being financed by Freddie were risky enough to threaten the health of this massive mortgage player.
The warning was cast aside. Just like FBI HQs cast aside field reports of Arab men taking lessons on how to fly planes, but not to land or take off. Another "inside job" has taken a huge toll on America.
The head of Freddie Mac said he: "had to balance the demands of shareholders and Congress." Translation: Politics trumps sound business thinking (and it will almost EVERY time - in this country). Our elected officials are our WORST enemy.
We have bigger houses
And smaller families;
More convenience, but less time.
We have degrees, but less sense;
More knowledge, but less judgement;
More experts, but more problems;
More medicine, but less healthiness.
We have been all the way to
The moon and back, but we have trouble
Crossing the street to meet
The new neighbour.
We build more computers to hold more
Information to produce more
Copies than ever,
But have less communication.
We have become long on quantity,
But short on quality.
These are times of fast food.
And slow digestion;
Tall man and short character;
Steep profits, and shallow relationships
It is a time when there is much in the window,
And nothing in the room.
Sad story...the head of Freddie Mac was warned by his Chief RISK Officer - four years ago - that specious loans being financed by Freddie were risky enough to threaten the health of this massive mortgage player.
The warning was cast aside. Just like FBI HQs cast aside field reports of Arab men taking lessons on how to fly planes, but not to land or take off. Another "inside job" has taken a huge toll on America.
The head of Freddie Mac said he: "had to balance the demands of shareholders and Congress." Translation: Politics trumps sound business thinking (and it will almost EVERY time - in this country). Our elected officials are our WORST enemy.
I agree with you Mike. And Freddie's big in the news again today, posting quarterly losses three times bigger than forecast and slashing their dividend 80%. And our treasury chairman and pandering Congress want to flush up to $800 billion tax dollars right down that drain to protect their greedy pigmen pals in the banking world.
They've hired Morgan Stanley to review Freddie Mac's capitalization...but without so much as a cursory look at their books??!! That oughtta be helpful.
November is approaching. I'm leaning more and more towards voting against any incumbent as a matter of principle. When a Navy ship has a collision at sea, the captain is relieved from his command. No questions, no due process, he's done. The Navy feels they don't have the luxury of trying to sort out the difference between incompetence and bad luck. It should be the same with our politicians. Vote the b***ards out when they run the country aground. We don't have the luxury of trying to determine which of them is the most responsible for this mess.
The pay option ARM disaster I've been worried about for several years looks like it is beginning to play out. We'll be hearing lots more about these financial timebombs in the months to come. The situation in California, with large percentages of their mortgages in the form of these loans, is breathtaking...in the same sense that an 8.0 earthquake or a 200,000 acre wildfire is breathtaking. And credit card securitized debt is hitting the wall, portending a major pullback in the easy credit that has become a lifeline for millions of debt slaves all across the looted plains. For millions, lack of a cash reserve in actual savings will likely prove to be lack of a reserve at all. No more buying your food at Walmart with a credit card because you don't have any money left. That's when things start to get...interesting.
I still believe that whoever wins this next election will be sitting in his office a year from now muttering to himself "what the **** was I thinking??!!"
My current strategy is vote 3rd party when I can and then against the incumbent if no 3rd party exists. The Dems and the Repubs got us in the mess (see spineless Congress) - however the Repubs bear a bit more guilt IMO
In another thread, someone referred to congress as special interest whores. That was the best description of congress I've ever come across.
Bob from down south wrote:
For millions, lack of a cash reserve in actual savings will likely prove to be lack of a reserve at all.
That might also pan out be true for those of us who do have a cash reserve in savings. It seems that this incompetent administration, unchallenged ( or should I say supported ) by an even more incompetent congress, is out to strip us all of the fruits of our labors.
Last edited by CosmicWizard; 08-06-2008 at 01:08 PM..
In another thread, someone referred to congress as special interest whores. That was the best description of congress I've ever come across.
Bob from down south wrote:
For millions, lack of a cash reserve in actual savings will likely prove to be lack of a reserve at all.
That might also pan out be true for those of us who do have a cash reserve in savings. It seems that this incompetent administration, unchallenged ( or should I say supported ) by an even more incompetent congress, is out to strip us all of the fruits of our labors.
Check out Rep. Don Young's scathing oration to the "do nothing about domestic energy production/not open for discussion" congress. Note Nancy Pelosi staring vacuously at her desk.
In another thread, someone referred to congress as special interest whores. That was the best description of congress I've ever come across.
Bob from down south wrote:
For millions, lack of a cash reserve in actual savings will likely prove to be lack of a reserve at all.
That might also pan out be true for those of us who do have a cash reserve in savings. It seems that this incompetent administration, unchallenged ( or should I say supported ) by an even more incompetent congress, is out to strip us all of the fruits of our labors.
I never said the cash reserve should all be in dollars...
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Fannie and Freddie WERE Warned
