[Rhodes22-list] Rummy said, “I don't have a mortgage (Political commentary follows)

[Tootle]

Rummy said, “I don't have a mortgage and personally don't give a rats ass
about anyone stupid enough to have got caught up in this mess. Let them all
go down the shitter together.”

Unfortunately, many retirement accounts are owners of the mortgages and
other involved debt.  People expected that their retirement and savings
accounts would be handled honestly.  Now that all the social dogma of giving
mortgages to people who under historical criterion did not qualify and
hiding those instruments makes many retirement systems vulnerable to
collapse. 
 
What you have are several causes which require attention.  First, to get a
mortgage certain reasonable requirements should be met.  Second, when those
mortgages are sold, there has to be transparency of the underlying debt. 
Third, if the mortgages are grouped into a new financial instrument that
instrument must clearly state what its backing or collateral is worth.
  
How should those who abused their fiduciary duty be dealt with?  The
originators of the problematic instruments should be dealt with under
criminal law and that would include the former President of Goldman, Sacs.

They should be required to pay retribution and compensatory damages, from
the guy in the branch loan office to the president of failed and wobbly
financial institutions. 
 
I am sorry about the underling at the branch office, but when you see such
goings on, you have to throw your job away.  I have been there and done
that.  

Now it was said by another, “What he failed to say was that he (referring to
President Bush) was apologizing for 7 years of failed policies that created
this mess in the first place and that he was trying to save his legacy by
having the taxpayers bail his ass out of trouble.”  When another list member
pointed out a prior post it was said, “I had not read through this
(referring to the prior post) when first posted.  Sure was a lot of talk and
no action by Congress.  Wonder why? Both parties and control of Congress at
one time or another during these events.”

Here we had Bush bashing without thought and taking time to get relevant
facts.  The above statement “he was trying to save his legacy by having the
taxpayers bail his ass out of trouble” really demands a written apology to
the President by the offender.

It is herein thought that I am a Bush supporter.  Not hardly, but I am left
to defend the guy by unfounded attacks by Bush haters.  Such an attack by
someone without analysis of the facts is wrong.  Such a wrong can only be
rectified by a written apology to the offended party even though he knows
not of the offense.  

This problem was caused by many factors.  A big part was using credit under
color of Government backing thru Fannie Mae and Freddie Mac for social
engineering.  Has the above offender studied who originated those laws? 
Obviously not.  

The President is the administrator not the creator.  Should he have been
more aggressive in telling of the problems? The answer is probably yes, but
would the Bush haters have listened?  Did they listen and act upon his
stated warnings already posted?  Hell, the offender did not, he did not
bother to read the list given to him?  

And again I ask, do you really think that national health insurance would
work better?

Ed K
Greenville, SC, USA
Suppose you were an idiot.
And suppose you were a member of Congress
But then I repeat myself
-Mark Twain




   

 


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