THIS HOUSING/CONSUMER CONFIDENCE CRISIS IS WAY PAST THE BOGUS SUBPRIME FORECLOSURE TRIGGER!!
THERE ARE 1,000,000 MORE FORECLOSURES AND OVER 9,000,000 HOMEOWNERS UPSIDE DOWN ON THEIR MORTGAGES WITH NO RELIEF IN SIGHT!
THERE IS A WAY IF THE BEST CONGRESS MONEY CAN BUY WILL ACT!!
PLEASE VISIT MY OTHER POST ON THIS BLOG FOR A POSSIBLE ANSWER BEFORE IT REALLY IS TOO LATE!! - "Housing/Consumer Confidence Crisis – A Clear and Present Danger to our Country:" -
Back in May I wrote on my blog that it looked like there were forces at work in some areas of the investment banking community who are trying desperately to destroy the market value of your home in order to cover-up and justify questionable losses in hedge funds and other speculative strategies.
The relatively small number of sub-prime delinquencies and foreclosures should not have collapsed the entire nationwide real estate market. There must have been some other reason, or reasons, and the two most probable areas were either the unregulated investment banking community dealing in mortgage backed securities, or the sub-prime lenders themselves with the smell of predatory and unethical lending practices surrounding them.
In looking at the investment banking community it became obvious that the origins of this current crisis were the collapse of two Bear Stearns hedge funds beginning in July 2007. But there have been massive hedge fund failures before and they didn’t lead to anything like this. Were these funds shorted before the July 2007 collapse? Did someone or some “investment bank” start a public campaign to create the appearance of a collapse in the alleged housing “bubble” with subprime defaults as the cause in order to justify the write down of these so-called investments? How come there has not been any indication of an upcoming investigation by the Federal Government? Not one word by any Federal official – now I think I know why.
Subsequently I realized that Treasury Secretary Henry Paulson’s public pronouncements were designed to help his pals on Wall Street and not the average American homeowner. Keep this in mind, before coming to Treasury, Paulson was Chairman and Chief Executive Officer of Goldman Sachs, a major Wall Street investment bank. In trying to determine if Wall Street investment banks and related hedge funds were responsible for the sudden collapse in real estate, the real question here then is do we have a conflicted Treasury Secretary? That may be the biggest question of all!
Or so I thought!
If the administration wasn’t going to look into Wall Street, than surely just as a matter of basic “politics” Congress should have looked at the lenders. And they did, and Senator Christopher Dodd’s Committee came up with a plan to bail out – NOT AMERICAN HOMEOWNERS – but Countrywide Financial, an alleged major predatory lender.
However, in now appears that “Senators Chris Dodd and Kent Conrad, among other high-profile individuals, received favorable rates on their home loans as friends of Countrywide Financial CEO Angelo Mozilo”, reports Conde Nast Portfolio.
However, the major liberal media has been almost completely silent on this corruption, breach of Senate Ethics rules and limits on accepting gifts. What else is new?
In retrospect, I think the colonists had it easy in dealing with the Intolerable Acts passed by Britain in 1774 compared to the media supported and endorsed political corruption in both the Administration and Congress now destroying the average American’s standard of living.
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