Kevin Simpson asks the question: Senate Takes Steps to Prevent Another Foreclosure Crisis -- But Will it Succeed?
But wait . . . define what "IT" is? Is "It" the measures the Senate wants to put in place?
Or is the "IT" the "prevention" of ANOTHER foreclosure crisis.
We ain't out of this "foreclosure crisis" yet.
Hmmmm . . . 'cause I'm not seeing any heads roll on this one at all. The BIGGEST MESS in my collective memory . . . and they get . . . BERNIE MADOFF?!?
Geez, they nailed Martha Stewart over $100,000 ?!? She has a Federal record now, you know! I love Martha! But she probably couldn't get her real estate license.
We are such a punitive nation. By that I mean, it has to happen FIRST -- then we react. "They" meaning any sort of gov. regulatory agency and/or enforcement. Many times, this theory is correct. The crime has to be perpatrated . . . innocent until proven guilty, blah, blah, blah.
But interesting . . . not in the case of the "bubbling bursting" in mid-air over our Nation.
Because REGULATORS are supposed to see these things coming, ward them off, and arrest people for conspiracy, racketerring, RICO violoations . . . and PROTECT the people whom I like to affectionately call: Americans!
One of the problems is that Washington thinks it can regulate -- it can't.
The investors were 'speculating' with mortgages -- MORTGAGES!! "Mortgage Backed SECURITIES" -- SECURITIES that were allowed to be bought and sold that were MORTGAGES. HOMES, PROPERTIES . . . PLACES WHERE YOU AND I LIVE!! SECURITIES . . . BACKED by . . . MORTGAGES.
I actually didn't know that. I actually didn't realize that some mortgages are held as a securitiy investment and sold. Hmmmm . . . live and learn. Maybe, as a CONSUMER, I wouldn't want to have my mortgage levied, parlayed in this manner. But, no one tells US how these things will be played out. Oh, I'm sure it's in the fine print.
So, not only were mortgages amassed, but they were used as fodder, and sold to foreign investors, who did not understand our system here, or -- more than likely -- didn't have any players in the Wall St. court.
They got HOSED. And that's a shame. Really a shame. People, here at home were forced out of their homes because the "bubble" burst on the one hand.
On the other hand, foreign nations who invested heavily got bitch slapped by Unlce Sam.
And that stupid Madison Ave. slogan "The Bubble" . . . they tauted that around for years -- the bubble will burst. How very Humpty Dumpty of them.
But NO ONE bothered to EXPLAIN HOW IT WOULD BURST!! And without that explanation . . . 1 + 1 = 3 . . . no one got it! When the chefs were cooking the books, not one health inspector went in to see the dirty kitchens?!?
So they are either dumb asses, in the "regulatory" agencies . . . or motivated by the Yankee Doodle Dollar.
Oh sure . . . NOW the pundits are all scrambling to make sure "IT" doesn't happen again. But . . . "It" will. In a different form. Unless, of course, they open their eyes . . .
Which brings me back to the punitive, hindsight 20/20 manner in which things happen. Why didn't the ALREADY in place, set up PREVENTATIVE measures be . . . wait for it, wait for it . . . ENFORCED!
Why? Because those PREVENTATIVE MEASURES are SOLD OFF to the highest bidder -- and then all of a sudden everyone has a temporay bout of blindness. There is NO ONE getting jailed over this?!?!? People broke laws, it happened. The Bubble BURST . . . and those that held the pin that pricked that bubble need to be held "ACCOUNTABLE."
Regulatory rules and the 20/20 vision is apparently, BLIND in this country.
I'm going to write a post about "Compliance vs. Conscience" -- but I have to go to the post office, and pay my respect to my dear Unlce, Sam.
Thanks, Uncle. Thanks for having US be there for YOU! But, funny . . . how you aren't there for US!
I want YOU . . . to grow a pair!