washingtonpost.com— "I don't think anyone understands right now how we're going to do proper oversight of this thing." What a surprise this development is. Grab you ankles America!!!!
Nov 13, 2008View in Crawl 4
The FTA sidestepped some essentials:This is all about treating Effect rather than curing Cause done years back. All was caused by Gov/Fed, which resorted then to double-speak, and so here we are today with Gov/Fed adding to Effect by continuing to screw around with Bailouts and other pseudo-solutions. No such tinkering can possibly do anything but make matters worse.Causes -- CRA, cheap money & easy credit via reduced loan standards, ARM's taken foolishly, "overheated the economy" with inflation, so Gov/Fed reversed course. It was too late, because of course they could not correct the cause.So, Effect -- Huge market corrections in housing prices, myriad foreclosures from both increased ARM payments and upside-down loan/value rations.So next Gov/Fed invented the term Toxic Mortgages allowing the culprit Gov/Fed to point fingers away from themselves, and toward Wall Street & Big Corporations & Capitalism & Free Markets & Greed. Oh, Gee!So next Effect, holders of Toxic Mortgages and foreclosed homes found their assets overvalued, the required write-downs revealed, liquidity was zapped, so the new buzz-word became "credit crunch". The Treatments have zoomed the National Dept to Bankrupt. Need I go on? And we citizens are supposed to bend over and watch? I don't think so!<a class="user" href="http://morality101.net/blog/2008/10/bailouts-ignoring-cause/">http://morality101.net/blog/2008/10/bailouts-ignor ...</a>
And in two years when Dem candidates are running for re-election or election to Congress, they will point the fingers at the Republicans for not having this oversight of a problem that the DEMOCRATS were responsible for in the first place!
Wow.. like we never saw this coming! How can an entity, which approves its own pay raises, ever be thought to be an effective oversight for ANYTHING much less something that deals with their biggest supporters and donation factories getting free money from the government?
striker101Nov 13, 2008
The FTA sidestepped some essentials:This is all about treating Effect rather than curing Cause done years back. All was caused by Gov/Fed, which resorted then to double-speak, and so here we are today with Gov/Fed adding to Effect by continuing to screw around with Bailouts and other pseudo-solutions. No such tinkering can possibly do anything but make matters worse.Causes -- CRA, cheap money & easy credit via reduced loan standards, ARM's taken foolishly, "overheated the economy" with inflation, so Gov/Fed reversed course. It was too late, because of course they could not correct the cause.So, Effect -- Huge market corrections in housing prices, myriad foreclosures from both increased ARM payments and upside-down loan/value rations.So next Gov/Fed invented the term Toxic Mortgages allowing the culprit Gov/Fed to point fingers away from themselves, and toward Wall Street & Big Corporations & Capitalism & Free Markets & Greed. Oh, Gee!So next Effect, holders of Toxic Mortgages and foreclosed homes found their assets overvalued, the required write-downs revealed, liquidity was zapped, so the new buzz-word became "credit crunch". The Treatments have zoomed the National Dept to Bankrupt. Need I go on? And we citizens are supposed to bend over and watch? I don't think so!<a class="user" href="http://morality101.net/blog/2008/10/bailouts-ignoring-cause/">http://morality101.net/blog/2008/10/bailouts-ignor ...</a>
christianptriotNov 13, 2008
Excellent rundown of the situation.
christianptriotNov 13, 2008
And in two years when Dem candidates are running for re-election or election to Congress, they will point the fingers at the Republicans for not having this oversight of a problem that the DEMOCRATS were responsible for in the first place!
kincaidNov 13, 2008
Wow.. like we never saw this coming! How can an entity, which approves its own pay raises, ever be thought to be an effective oversight for ANYTHING much less something that deals with their biggest supporters and donation factories getting free money from the government?