Jeff Jones
02-11-2009, 09:13 AM
So I'm flipping around the TV channels all morning, trying, as a good American citizen, to keep up with our current economic crisis. It is the worst since 1930, Im told.
I mean, can you really even compare 1930's banking to 2009? They didn't even have ATM's or credit cards back then. But it's sure an easy slam dunk, low-hanging fruit populist argument that's easy pickings for any glib politician to present to the masses to garner their confidence by demanding 500K corporate max salaries to these bastards..
The regular people eat this kinda stuff up. By God, we'll show 'em!
So I'm watching. It amazes me that all the people who got us into this mess now (all of a sudden) have the answers to get us out. I guess the Obama November election epiphany, "Change We Can Suspend Disbelief In," cured them.
So I Watch....
Congress takes no responsibility for mandating that the banks must make totally irrational housing loans to the undeserved.
Banks and investment banks take no responsibility for gladly handing money out to these poor risks in order to collect the fees and divide the loans into derivative securities that absolutely they or anybody else could possibly understand.
Homebuyers, with stars in their eyes, gladly sign anything to "own" a house.
When I moved to Las Vegas in 2005, I rented a 1700+ sq ft house in Anthem "valued" at $495,000. It was a joke. I knew the valuation was a joke because the rent was $1000 a month. But there were a lot of people (particularly retirees with piles of money) paying the half million. The story was then that Hawaii and California real estate was selling for more and Las Vegas real estate was a bargain.
Back in Dallas, where I came from, this was $175,000 max house.
So, in 2009, the Piper finally has to be paid. Restored reality. And that's where we are now.
So rich politicians now battle it out with rich bankers, each trying to shift blame to the other. Nobody really did anything wrong.
And Obama says, "This is a victory for all Americans!"
Probably not.
I mean, can you really even compare 1930's banking to 2009? They didn't even have ATM's or credit cards back then. But it's sure an easy slam dunk, low-hanging fruit populist argument that's easy pickings for any glib politician to present to the masses to garner their confidence by demanding 500K corporate max salaries to these bastards..
The regular people eat this kinda stuff up. By God, we'll show 'em!
So I'm watching. It amazes me that all the people who got us into this mess now (all of a sudden) have the answers to get us out. I guess the Obama November election epiphany, "Change We Can Suspend Disbelief In," cured them.
So I Watch....
Congress takes no responsibility for mandating that the banks must make totally irrational housing loans to the undeserved.
Banks and investment banks take no responsibility for gladly handing money out to these poor risks in order to collect the fees and divide the loans into derivative securities that absolutely they or anybody else could possibly understand.
Homebuyers, with stars in their eyes, gladly sign anything to "own" a house.
When I moved to Las Vegas in 2005, I rented a 1700+ sq ft house in Anthem "valued" at $495,000. It was a joke. I knew the valuation was a joke because the rent was $1000 a month. But there were a lot of people (particularly retirees with piles of money) paying the half million. The story was then that Hawaii and California real estate was selling for more and Las Vegas real estate was a bargain.
Back in Dallas, where I came from, this was $175,000 max house.
So, in 2009, the Piper finally has to be paid. Restored reality. And that's where we are now.
So rich politicians now battle it out with rich bankers, each trying to shift blame to the other. Nobody really did anything wrong.
And Obama says, "This is a victory for all Americans!"
Probably not.