Not to worry guys. Bush proposes taht the “Fed” have regulatory control over the financial world! We’re saved! :shocked :beer :beer :banana :banana :banana :dance :dance :elephant :elephant :elephant.
I know I feel better. What about you guys?
More control? I think they should have less control. But hey, Bush is highly intelligent so I have faith . :banana :banana :banana :banana :banana :banana :banana :banana :banana :banana :banana :dance :dance :dance :dance :dance :dance2 :dance2 :dance2
I think MSNBC or Bloomberg is going to televise details tomorrow at 10 a.m. This should be interesting.
Well, apparently somebody as to baby-sit the banks. Me and my investor buddies have been watching the banks make huge loans to people that we wouldn’t allow to move into our cheapest houses, and saying, “what on earth do they think they are doing? That’s going to come back and bite somebody.”
How smart do you have to be to figure out it isn’t a good plan to loan $400,000 to some one with a 423 credit score and no job and not even money for closing, let alone a down payment?
Apparently, that level of intelligence is well above the hiring threshold for mortgage bankers. Because they were giving loans like that out like candy on Halloween. And now they are surprised that they are in trouble?
(no, I am not really in favor of government intervention, I’m just amazed by the really stupid business practices that were going on)
Here’s what irritates me the most. According to our fearles leaders, the Fed will be in charge of overseeing and ensuring “market stability”. This is the same entity that dropped the ball in its limited role of regulating. It appears to me that the Fed should’ve stepped in when they were supposed to. Not that I’m for regulation. But they could do their job when it was simplified. Their incompetence has been rewarded with more complexity & responsibility! :banghead :banghead :banghead
I hope Congress sqashes this idea. I’m sure there will another boneheaded solution proposed, but one hurdle at a time! :biggrin