In my opinion it was most likely….Colonel Mustard in the dining room…with the candlestick.
The above is my guess as to who we can blame for the current economic crisis in this country that has spread throughout the world. I mean the liberal news outlets certainly won’t take the position that the Community Reinvestment Act of 1977 had anything to do with our debacle. No, that would then track back to President Carter and the democrats wouldn’t want that to happen under any circumstances, would they’
It’s small wonder that so many other countries are mad at us. Their economies depend upon our economy. For the most part, if we do well, so do they. On the other hand if we do poorly, well you can see for yourself where this takes us. In addition to loaning us billions (trillions’) of dollars, they find our lack of oversight in regards to housing loans to be appalling. Of course they are just as apt to blame Colonel Mustard as I am since no one else will step forward.
Personally I don’t have anything against people wanting to own a home. I just wish everyone could have one and be able to afford to pay for one. For the past number of years, I have been aware of so called no-doc loans. The easiest way to explain these is that if you wanted to buy a house, you just put whatever was required on the loan application and you would be approved. No documentation was required. None what so ever. No verification of your income or your employment or past credit history. No documents.
Of course, the folks taking those applications were making great commissions on these and should have blown the whistle when some poor guy working as a waiter in a hash joint signed off for a half million dollar abode. Of course, the good old federal government was handing out money right and left to the banks and lending institutions who were making these loans while giving each other a wink, wink, nudge, nudge. It was good for the economy and for our social obligations to put our people into their own home, right’
Wrong.
As long as the values of homes kept increasing, the problem didn’t appear to be a major issue. But just like pregnancy, at some time or another everyone will know. There isn’t anything like being a little bit pregnant. So, the problem kept growing and growing until it got out of hand. Once home values started to decline, the drapes came off and now everyone can see what is happening behind the curtain. Sort of like the Oz in the Wizard of Oz story. All flash and no substance.
Now everyone who was supposedly involved in Congress (read Barney Frank, Chris Dodd) are walking around with serious looks on their faces like the Queen in Alice in Wonderland shouting… “Off with their heads.” In fact Alice in Wonderland is probably one of the best illustrations of how government actually works. You can identify with the characters as well as I can …can’t you’There is an entire series of columns that could be written with those comparisons.
The problem is simple; no one has a clue as to what to do. Everyone pontificates, stands on a stump and looks at the ever present camera or hopefully, cameras. Smile for the people back home and they will love you is the motto of the day. Damn the torpedoes, full speed ahead.
No need to review the items in a 1100 page , almost a trillion dollars, spending bill….why get out of our way, can’t you see we are important and have things to do’No time to say hello, goodbye…..I’m late, I’m late, I’m late.
As someone once said a long time ago… “Methinks he doth protest too much…”
I have said it before and I’ll say it again, until actual people who have hired people, made payrolls, paid bills and fired people are sent to Washington, this mess will continue to fester and never heal. Just because someone plays a doctor on television does not make it so. This also means that because someone gets elected to office for what I consider a very serious job does not make them an expert on business or the economy. We cannot afford to have on the job training in our government. At the same time we cannot afford to have permanent politicians, who make their living and their fortunes at our expense.