Tuesday, January 30, 2007

Privatizing Benefits and Socializing Risks

It's time for a revolt.

For longer than anyone can remember, the US govt has been doing a brilliant job of making the rich, richer.

One of the primary mechanisms for doing this is by privatizing benefits and socializing risks! Take a minute to read the article below. It's not as if this outcome wasn't predictable, it's just shocking, and awe-inspiring how FAST it's coming.

For too long, I thought that the wildly rich were somehow more intelligent, lucky, or gifted. The sad fact is, they are more gifted at THEFT! Another govt bailout. More outright tax money wasted. More money and credit created, further debasing your savings, all in the interests of bailing out STUPID overstretched borrowers, and greedy lenders who accepted ridiculous risk profiles on borrowers without doing any homework?

I will stop typing now before I print something that can be used against me in a kangeroo court after my (first) failed coup attempt. Ah, what the Hell....I already spent 2 1/2 years in Guantanamo Bay....The weather is actually pretty agreeable!

The snippet that has me so riled up:

Dodd Working on Foreclosure Bill

Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., says he is working on legislation to prevent an “unprecedented” wave of subprime foreclosures and to give homeowners a grace period so they can get back on their feet.

“This is a homeownership crisis of unprecedented proportions,” Sen. Dodd told a group of mayors.

He is planning to hold hearings soon, possibly in two weeks. The committee chairman indicated that the legislation might include a rescue fund. “That is a possibility, but it would have to be paid back,” he told reporters.

Sen. Dodd also told reporters that he wants to move quickly on GSE legislation to strengthen regulation of Fannie Mae and Freddie Mac and pass a bill in the next two months. He said the Senate government-sponsored enterprise bill will be a “little different” from the House bill. And he declined to take a position on raising the GSE loan limits.

“I have to be careful about jumping into that,” Sen. Dodd said after speaking to the mayors. “I want to talk with my colleagues first.”

ciao for now,


Anonymous said...

Greed, Greed, Greed, it makes the world go round. Just look at the credit card practices that are being looked at by Senate Banking Committee Chairman Christopher Dodd.


Who is the "consumer advocate" that is suggesting "those who pay their balances in full every month (about half of all cardholders) should pay a small annual fee to credit card companies."

What? The credit card companies are making money on the float, plus the transaction fee that the retailer eats. Isn't that enough? Why charge the responsible "consumers" for good monetary practices? Also note, these consumers are called "deadbeats" within the credit card industry. That should tell you something right there about this industry, philosophy, intent and mentality.

Seriously, it is all about greed.

With so much wrong, it is hard to find something right. How can any of this be fixed? Small measurable steps? How come we can not have a lined item agenda that this "fraudacracy" can vote on? Because the majority of us don't vote. I am tired of this form of "mis"-representational government by elitists. When will there be enough critical mass to affect a change?

FuBarrio said...

very astute, in my opinion to recognize that it can't go on forever in one direction AND that we really need to have some sort of catalyzing crisis to get critical mass necessary to shake people out of their comfort.

all, imo, obviously.