Day: September 29, 2008

Our neighbor across the street sent this tidbit. I won’t give his name, because he doesn’t know I’m posting this.

I’m not usually into this politics crap but I happened to see this interesting editorial from the Chairman of the FDIC that was written back on 10/19/2007:

“A government bailout is not the answer. Bailouts erode market discipline, raising the likelihood of repeat episodes. And efforts to expand refinancing options will help only those borrowers who have enough equity to refinance.”

http://www.fdic.gov/news/letters/lte_10192007.html

Interesting article from a year ago. Seems like Georgie and friends decided to make as much money as they could before they decided to go for the bailout plan. Maybe no one in the banking industry or in Georgie’s administration ever looks at the FDIC website….

There it is. The FDIC, the agency in charge of insuring bank deposits, saw what was coming and proposed a solution a year ago.

I’m concerned, listening to talk about the bailout bill, that even if approved it won’t help “the confidence of the markets.” These markets aren’t things, they’re people. The very same people who got themselves — and us — into trouble, are apparently looking for an iron-clad guarantee that everything will be all right. “Protect us from ourselves!” is what they’re really saying. These are the risk-taking masters of the universe? If Phil Gramm is looking for a bunch of whiners, I suggest he look to his buddies on Wall Street.

I don’t get why these debt-holding outfits can’t provide an accounting of exactly what percentage of the mortgages on their books is any good? We’re not getting any specifics. This is a huge gamble, and the big boys absolutely refuse to assume any of the risk, yet they demand their huge payouts. This story, for example, is beyond ridiculous.

WaMu CEO could get $13.65 million for 18 days work

How about just telling Alan Fishman no? Sorry, but no. You don’t get this money.