If I have to hear one more report on what Nancy Pelosi said on the House floor yesterday, I'm going to throw a brick at the TV. It isn't important right now. And on that note, I'm taking my daughter to dance class.
NOTE: For the record, Pelosi's speech was stupid, useless, and was the beginning of the end of all the warm feelings I had about Congress' weekend of real, hard work.
Tuesday, September 30, 2008
Addressing the root cause
So here's what no one is reporting and DESPERATELY needs to be communicated to people: what is the root cause of the devaluation of mortgage-backed securities and why don't we address THAT problem?
Well, maybe not no one. NPR's Chris Arnold reports talks to several economists who think that we can be more productive in our bailout measures if we try to salvage securities by readjusting mortgages. Its not a new notion, but can someone explain to me why the GOP is opposed to restructuring mortgages for people who are able to pay them? FDIC chief Sheila Bair took that approach when her agency took over Indie Mac, and its been working.
Instead of bitching about how crap the Paulson bill was on arrival at Capitol Hill, perhaps we should all take the time to get educated on this issue and tell our elected officials how we want them to solve the problem.
And - seriously - please explain to me why we don't want to restructure these mortgages?
Well, maybe not no one. NPR's Chris Arnold reports talks to several economists who think that we can be more productive in our bailout measures if we try to salvage securities by readjusting mortgages. Its not a new notion, but can someone explain to me why the GOP is opposed to restructuring mortgages for people who are able to pay them? FDIC chief Sheila Bair took that approach when her agency took over Indie Mac, and its been working.
Instead of bitching about how crap the Paulson bill was on arrival at Capitol Hill, perhaps we should all take the time to get educated on this issue and tell our elected officials how we want them to solve the problem.
And - seriously - please explain to me why we don't want to restructure these mortgages?
If it looks fishy even to the banking industry...
In our current crisis, here's a new rule of thumb: if even the financial services industry would suspect fraud and launch an investigation, its probably stinks.
According to The BRAD BLOG's reporting of the voter fraud case King Lincoln vs. OH Sec. of State and the testimony of GOP's cyber-security expert Stephen Spoonamore:
Whether you think claims of voter fraud stem from sour grapes or valid concerns, as long as these cases have merit in our legal system, we need to keep them highly visible, get them resolved and have some strong vote security measures implemented on a national level if we want to restore our role in the world as a beacon of democracy.
According to The BRAD BLOG's reporting of the voter fraud case King Lincoln vs. OH Sec. of State and the testimony of GOP's cyber-security expert Stephen Spoonamore:
...control of Ohio's election system by [GOP IT Consultant Michael] Connell's firm, may have allowed for the compromise of election results as they were being reported. The structure of the system,as results were allowed to be first diverted to Connell's servers that night, would have been "cause to launch an immediate fraud investigation" in the banking industry.
Whether you think claims of voter fraud stem from sour grapes or valid concerns, as long as these cases have merit in our legal system, we need to keep them highly visible, get them resolved and have some strong vote security measures implemented on a national level if we want to restore our role in the world as a beacon of democracy.
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