. . . . . Mary Sanchez’ opinion piece on an accurate account of the crash is about as level-headed as one may read from a liberal, particularly when focusing primarily upon the political perspectives of the financial meltdown. The full text of her opinion should be read at: http://www.kansascity.com/2010/10/04/2276378/commission-should-clear-up-wall.html. The Financial Crisis Inquiry Commission called on more than 500 witnesses who described how critical financial decisions were made. Mary Sanchez, Daytona Beach News Journal, 10/2/2010
. . . . . Mary details all of the usual suspects who were major players and are well known. An analysis which focuses upon Wall Street (Obama’s whipping boy) will miss the absolutely essential feeder system of folks on Main Street (saints beyond reproach) who fed the growing beast for several years, the addicts. When millions of people extract just a little bit of greed from each transaction, it is convenient to blame the whole mess on the big boss, the government, the regulators, the former president, mortgage brokers, and currently the “rubber stamps” who were supposed to read all the thousands of documents and sign their approval. We are now in a second “foreclosure delay”, which will cost the economy and the taxpayers billions more because somebody didn’t read the papers they were responsible for. This sounds strangely like our congress which passes thousand page bills into law without bothering to read them. Our federal government’s regulators can get away with it, while private industry is held strictly to account by the courts. Strange!!!
. . . . . This “system” may be likened to the enablers and the drunks. The enablers includes those who, in the final analysis, hold a serious stake in each mortgage, the banks, Fannie, Freddie, and Sallie, and dozens of mortgage brokers. Their mortgage “packages” were sliced and diced like sausages, and sold to the highest bidder. The major banks with branches everywhere were processing paper like it was going out of style. Realtors, title companies, mortgage brokers, appraisers, and bank loan officers were all collecting cash fees on the front end of each transaction. These enablers were major contributors to a system that was processing paper with blinders on, and crying all the way to the bank.
. . . . . Now for the drunks!! With home mortgages available to everybody with no money down, reasonable interest rates, and no documentation or verification, who doesn’t want home ownership, a major part of the American Dream, – so long as the market is booming. Everybody is fat and happy. Then comes the unanticipated spike in the cost of gasoline at $3.50 per gallon, remember? This was the straw that broke the camel’s back. Folks who were mortgaged to the hilt could not pay for gasoline, food, and a home mortgage. With the insult of home values being “under water” the choice was easy for many folks who decided that “somebody else” should shoulder the loss of value they created. Walking away from mortgage payments, and continuing to live in the same house rent free for months or years is a special bonus, free housing thanks to the foot dragging by every sector of the government and economy. Our current administration, in the name of redistribution, has decided to bail everybody out, and charge another round of unsustainable debt on the already burdened taxpayers, while passing most of the burden on to subsequent generations.
. . . . . Obama has almost accomplished his goal to fundamentally transform America, and it has taken only part of his first two years in office. With the complicity of his Democratic dupes, and a select few Republicans from New England, the national debt has almost reached un-sustainable levels.
. . . . . Good job, Obama.
. . . . . At present, the federal government is completely dysfunctional, and through their example half or more of the state and local governments are equally negligent. Few folks are willing to accept responsibility for any part of the sordid history of enabling the rampant greed that is a part of every human, and the systems in which they operate. Folks who serve in government are no exception.
. . . . . The only antidote will follow new bodies from the mid-term elections, and then holding our novice representatives feet to the fire. Virtually everything in Washington is suspect, and should be placed under a microscope by folks who believe in America first, and refuse to do anything unless it is good for the country. Straight party-line votes are the first tip off that the country is not coming first.
. . . . . Or maybe it just means that the folks voting on a bill simply have not read the bill? This is also a tip off that Washington D.C. is a landfill greasing the palms of the trial lawyers.
. . . . . When legislation is passed and signed into law in Washington there is currently zero confidence that anybody has actually read the law and calculated exactly what the consequences will be. Given this level of legislative irresponsibility, the next step is for companies who must live by the law to apply for waivers to the law for some period of time.
. . . . . This uncertainty is one of the major factors putting on the brakes in our current “recovery”. When over 400,000 people are applying for unemployment benefits each and every week, as they have for many months, the current recovery is clearly going nowhere. This may be exactly what Obama and friends want???
. . . . . Hello!!! Throw all the bums out, federal, state, and local. Let’s get some new bums in place who will do the right things for the country.