Sunday, March 22, 2009

Blind Man's Bluff

The problem that I have with the entire banking system problem is that NOBODY knows what is going on.

There should have been an audit done on the banks before dime one of money was distributed. That there wasn't was fucking criminal. That there isn't one being done anywhere is an ongoing crime.

I doubt that they gave the banks the scrutiny that the banks gave ME back when I was trying to buy a house.

We don't know the value of the assets or the debts, so we can't price them at all and it looks like Geithner's goal is to try to fix the entire problem without disclosing any of it. It's impossible and it's failing.

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Blogger Ruth said...

Remember actuarial tables? They were carefully compiled to show what down payment and income would allow a person to buy what price home. They worked. They are history.

March 23, 2009 11:27 AM  
Blogger Meander said...

Right - there used to be RULES, for good or for ill. (Redlining - bad.)

March 23, 2009 11:35 AM  
Blogger Cosa Nostradamus said...

Those tables tended to be self-fulfilling. But there did used to be rules. They just started ignoring them. Ordinary folk were encouraged to speculate with their own homes, as only the wise-guys & insiders used to do. That turned the bedrock into mud. But it was the professionals in finance & government who let it happen: Made it happen, for their own enrichment & empowerment.

We should be hanging them, not cutting them checks.

Unfortunately, Obama's granny was a banker, and she raised him. Until he wakes up and smells the system burning down, things are only going to get worse.

It ain't "socialism" we have to fear from his economic & military chiefs. It's National Socialism. And a scared & angry populace might just support it if they're not given a progressive alternative.

March 24, 2009 5:56 AM  

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