Posts Tagged ‘mortgages’

Over Here Eric

May 18, 2011

According to the Staten Island Business News the Attorney General (AG) for the State of New York wants some answers. As always the gubmint will be going after the symptom of the deadly disease rather than the cause. Mr. Schneiderman will be meeting with Bank of America, Goldman Sachs, and Morgan Stanley. Now, while my heart is not bleeding for this lot, I still have no desire to see them rounded up and squeezed for something they were only a pawn in. It’s too reminiscent of the firing of auto execs.

The symptom here is the packaging of mortgages for sale to investors. The contention is that this form of investment may have concealed risky loans. What the heck (WTH) are they talking about? Almost all of the loans were risky with the rest being just plain stupid. I remember, I REMEMBER, and I REMEMBER the tongue-tied fags in Congress calling these same banks down to DC to give them a ration of crap for not lending enough money to people that could not possibly pay it back.

It was circa 1993, prime time Clinton era, Bawney Fwank and Christopher Dodd were running the show, just before Newt and the contract with America came down the pike. The fiasco that followed the default on the contract with America took all the spotlight off this little scam. And nobody seemed to care as long as they got the house of their dreams. The libs kept right on forcing the crappy loans down the throats of the banks and the banks kept right on packaging them up and passing them along to the investors, and everybody was mad happy. Life was good and Clinton was our huckleberry. Him and Monica. Honestly.

Then came the day of reckoning. Willie got caught with his pants down. Curious George (Bush) took the reins. And all heck broke loose. “W” wanted accountability, but Dodd and Fwank were firmly ensconced in the seat of power. It was years before the gubmint was brought back to its senses. And by then it was way too late. Everything started to come unravelled and Bawney slipped out the back door and started looking for a patsy. Enter the banks, and here we are.

So now, we are left with this. Another AG named Eric with an ax to grind. WTH? It reminds me of the savings and loan fiasco of the eighties. Then it was the banks to blame. And who did they go after? The appraisers. WTH? I almost feel sorry for them. Our retarded gubmint, I mean. They’re like a fish out of water. Flopping all over the place. And just getting farther from the place they need to be with every move. Oh well, I said almost. I don’t really feel sorry for them. They make me mad. And 2012’s coming. Until next time, screw environmentalists.

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