Monday, September 29, 2008

Hope Is Not A Plan


Nobody Could Have Predicted...That this would be a flawed business model.

Wachovia has been among the banks hardest hit by the ongoing crisis in the mortgage market. Its current problems stem largely from its acquisition of mortgage lender Golden West Financial Corp. in 2006 for roughly $25 billion at the height of the nation's housing boom. With that purchase, Wachovia inherited a deteriorating $122 billion portfolio of Pick-A-Payment loans, Golden West's specialty, which let borrowers skip some payments...

Just like nobody could have predicted that decades of refusing to upgrade and harden Houston's power grid infrastructure would lead to disasterous power failures during hurricane season.

Or allowing every-damn-body to connect to the grid without a recovery plan.

I'm talking to you, Centerpoint.

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