Humpty has been falling for quite some months now.
These past two weeks have been nothing if not fascinating. How could I say this as a loan originator in the very industry that has caused the biggest downturn in the economy since the depression? Easy, it's true. I am fascinated by what's going on. I can't wait to see what happens next. It's as exciting as an action movie and I do love good action movies.
You see, I came into the mortgage business to make a living not to take advantage of customers; so, my conscience is clear. Not every one who worked in this industry made out like fat cats or the robber barons on Wall Street. When the sub-prime bubble burst, many folk were all too ready to blame the loan officer in the local mortgage office. And, I will agree some of the blame can be laid at the door of the mortgage offices next door on Main Street.
As the tsunami continues to roll in however, the truth is coming to light and we see that deregulation of financial institutions beginning back in the Regan era, loosed the jackals of greed who fed and schemed and manipulated money instruments that were balloons really; carrying more air than substance until they were punctured by their over inflation.
Unless the government does something honest and substantial, the problems will continue. There are millions of adjustable rate mortgages that have not yet hit the skids. Not quite yet.
The eight hundred and fifty billion dollar bailout package is the latest in a series of stop gap measures that are insufficient because of greed and dishonesty. Politicians don't want to anger the business people from whom they get their donations and perks. This last bit of nonsense passed by the Senate and expected to pass in the house tomorrow was loaded up with an additional one hundred and fifty billion dollars ($150,000,000,000) of special favors to the senators' favorite lobbies back home. Don't you want to just puke? Those good old boys and girls in congress sure know how to spot a fatted calf when they see one, don't they?
If you know me, then you know I'll tell you that things don't come to light for no reason. Things have come a cropper in a big way but its not all bad. Some good is gonna come out of this. I don't think Humpty will be quite the same form now on though.
Be well,
Walterose
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2 comments:
I agree, Howard, that the bailout made no sense. The people they should have bailed out are the homeowners with homes about to be foreclosed. They should refinance these loans and help people stay in their home so they can keep their families together, remain employed and avoid having to apply for public assistance, and contribute to the tax base by paying their taxes. This would have been a win win situation for all concerned. Sadly, greed won again and we will have to pay for that. Yet, there can be a silver lining in this mess, however, we will have to work to uncover it and make it happen.
second one... so cool
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