Posted on 01/31/2009 9:23:40 PM PST by STARWISE
Actuallly after reading your post history I’m back to think that Ms. Bair is a decent person. Now you...
> So what do you think the answer is? Shoulld we continue to line the pockets of wall street bankers for no reason.
No. I think government has no business interfering in the economy. I think the original, Republican bailout was a terrible idea and the new Democratic bailout is an equally terrible idea.
> Actuallly after reading your post history I’m back to think that Ms. Bair is a decent person. Now you...
Ok.
A fluff piece meant to primp a left wing Republican who supports the current administration. There’s nothing the leftmedia loves more than a “conservative” catching that old-timey tax-and-spend, big-government religion.
That said, her focus on housing has some merit. Even a blind squirrel gets a nut every now and then. Ultimately, the financial issues that we face right now stem largely from the overinflation of housing prices and the excess levels of debt that encouraged it. Yet government policy to date has been to hand large amounts of money to the failed banks who made the bad loans in the first place. Presumably so they can fail on an even more spectacular scale?
Personally, I think the best alternative is to simply stand back and let the markets take their course. Where there should be intervention, and I don’t there should be much at least on the part of the government, is in encouraging the lenders to work with folks who are more or less on time with their payments and who have some hope of getting current. The lenders who have a clue are already working to identify those folks and work deals. The lenders who aren’t are clueless and deserve to fail anyway.
The problem is that due to FDIC insurance, the taxpayers are on the hook to bail out failed banks regardless of their demonstrated stupidity. To the extent that they need to pushed to do something moderately intelligent, the FDIC should take that role in order to mitigate the damage.
How about ALL OF THEM.
These clowns in the financial/mortgage industries were simply taking advantage of an idiotic, largely Democrat vote buying scheme designed by the morons in Washington.
Frank, Dodd (who has been hunting for HIS Countrywide mortgage paperwork for 6 months to prove HE didn’t get a special deal), Schumer, Clinton and the others WHO BROUGHT DOWN THE WORLD ECONOMY should have a public get-together with Madame Guillotine.
And what about Mr Pickle?
SNIP
“International Swaps and Derivatives Association (ISDA), a trade organization made up the largest financial institutions in the world. Many of them are the very same companies that created the vast shadow market, lobbied to keep it unregulated, and are now drowning because of unanticipated risks. ISDA’s CEO, Robert Pickel, says there is nothing wrong with credit default swaps, and that the problem was with underlying mortgage securities. “
SNIP
http://www.cbsnews.com/stories/2008/10/05/60minutes/main4502454_page3.shtml
“ISDA’s CEO, Robert Pickel, says there is nothing wrong with credit default swaps, and that the problem was with underlying mortgage securities.”
Now that the Obama administration is in place we can expect hearings, right?
Mr. P’s greatgrandfather, hanged for 32 counts of loitering on NYC street corners, offering to help them across the busy roadway, then pushing them under a passing beer wagon, is, of course, the source for the well-known phrase “In a pickle.”
And Mr. P’s grandfather was the lookout aboard the Titanic who fell asleep and failed to see the iceberg. He, too, was hanged when it was discovered that he gained a seat aboard the last lifeboat dressed as a woman.
Mr. P has preserved the long family tradition.
May that tradition extend to his demise.
I agree with others, your post #5 is bang on...and I am now a fan. Have re-posted some of your words at Freedominion.
Thank you all. I am honored and humbled.
Perhaps we can meet up when “they” — the freedom-loving Obamaniacs — come to take us to Camp Obama.
They won’t have any money left to build and run camps. Ohh the alternative is scarier.
"The sense of hostility from that audience was overwhelming," said Howard Glaser, a Washington-based mortgage industry consultant who sat at Bair's table that day in October 2007.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.