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bailout: We Didn't Know Who They Are? Bailout Banks Spend $872M On Branding - 02/05/09 06:40 AM
Because the numbers nationally are so huge, we've become deadened to the amount of money that's being sucked out of our pockets. The average person can't relate to numbers with 12 zeros.
One way to get things back into perspective is to look at specific instances of spending bailout money in this "crisis." That's what I want you to see in this morning's post.
Congress is trying to out-stupid the Banking Industry by spending money they don't have on things we don't need, all the while telling us how bad the economy will really get if we don't let them spend. … (44 comments)
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bailout: Taking to the Streets: Peaceful Protest on the Bailout - 10/27/08 10:52 PM
It was Sunday afternoon, and I was driving home from a child's birthday party. As I turned the corner by Chase Bank, here was a group of people protesting the way the bailout has gone. If you subscribe to my blog, you know that I opposed the bill that authorized more than $700 Billion dollars to "rescue" the economy. Nothing in that bill required the banks who got the money to put it back in circulation. The result is that while 2,500 mortgage holders (families, investors, speculators--the lot) are being foreclosed each week, the "rescue" money is being used … (19 comments)
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bailout: Call To Action: Call Your Congressman and Demand Disclosure with the Bailout Dollars - 10/17/08 07:25 AM
So you've never called, written or emailed your congressman? If you want the real estate market to open up again, you'd better change that habit. Congress responds to pressure at a local level.
So far, the bailout plan lacks the same transparency that sank so many titans on Wall Street.
Demand disclosure. Demand transparency. Let them know you're serious about this or it won't happen. If you want a blueprint, let me refer you to an upstate New York organic farmer named Sandy Lewis. Sandy worked on Wall Street for 26 years, from '64 to '90.
He's written a fantastic opinion … (15 comments)
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bailout: Required Reading: "Too Big To Fail. The Hazards of Bank Bailouts" Stern & Feldman - 09/28/08 09:14 PM
The subject hasn't decended upon us full blown as a result of the sub prime mess. This book, available on Amazon and through other sources, was published in 2004.
The foreward was written by Paul Volker, and the authors, Gary Stern and Ron Feldman, served at the time as officers of the Federal Reserve Bank.
The authors warned in 2004 that "too little has been done to reduce creditors' expectations of ... protection. To a large degree, the question is one of moral hazard, wherein anticipation of a safety net reduces a creditor or bank's incentive to act prudently."
That's exactly what happened.
… (7 comments)
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bailout: WaMu Fails. Bailout Talks On the Ropes. What Does It Mean to My Business Today? - 09/26/08 05:47 AM
The problem with big wrecks, apart from the very real consequences for the immediate participants, is that everyone else stops what they're doing to gawk. They stop thinking about the task at hand.
This spectacular accident happened in Alberta, Canada when the driver of the semi took his eyes off the road to reach for a demanding cellphone.
Little actions can have huge unintended consequences for the participants, and if everyone else rubbernecks, traffic can back up for miles. Commerce grinds to a halt.
This morning, that's what's happening in Washington. Washington Mutual failed last night. The administration didn't come away … (18 comments)
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Mike Jones
Tucson,
AZ
More about me…
SUNSTREET MORTGAGE, LLC
Address: 2840 E Skyline Dr, Suite #230, Tucson, AZ, 85718
Office Phone: (520) 344-6943
Cell Phone: (520) 349-9090
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