Thursday, October 18, 2012

Ah, The Gifts of Financial Market Deregulation Just Keep Giving.

Click below for article:

Mat, your incivility is exceeded only by your arrogance.

(You ride that high horse there, fella, yee-haw!)

I do have a bit of a bone to pick with your, "Carter" and, "Housing Act" references.

I'm sure I'm not the only american tired of greedy little bankers and mortgage brokers further stinking up Wall Street and the major houses of finance by STILL blaming consumers for their toxic "mortgage based securities" schemes.

These gangster-bankers failed grossly to even pretend to perform their due diligence on loan requests; approving of loans with only STATED INCOME; failing to verify even the basic financial and background information on applicants. 

Hell, in the Great Wall Street Free For All of 2007, even a few dogs got mortgage approvals.  Woof.

Sorry, but all that giving on behalf of our ever-civic-minded masters of finance, was neither to provide the American Dream of home ownership for deserving citizens, nor to escape the fearsome lash of federal regulators, rather they were gainfully and gleefully signing off on unsupportable loans; packaging them into massively insured financial instruments and just whiling away the hours until these packages reached critical mass, failed (as designed) and they got paid AGAIN for all that lovely failure.
Whoo-hoo!  Whattalife!

*Gosh, that really sounds sort of...criminal, doesn't it?
It was an indefensible and unpardonable breach of the public trust.
Where's the outraged calls for justice?
(besides mine?) rainjustice!
First Hint

“I had to quit my job over that tornado.” Obie resolutely told me in 1981, sitting at a long table in the employee break room. A room that, unnoticed by me, was now going gradually silent.

“That tornado,” being the monstrous F4 funnel that struck Wichita Falls, Texas in 1979, killing 42 people, causing over 1,700 injuries, destroying over 3,000 homes and leaving 20,000 homeless.

With my tactfulness, perhaps, needing a little tweaking, there in my first day as a newbie to the brand new operating unit for the, “phone company” (and new resident of Wichita Falls). I asked, “You had to quit your job over the tornado? How’d that happen? Did it hit where you worked?” (I usually asked three to four questions at a time, back then.) Obie, slowly shaking his head, responded, "No... It didn’t. I... guess that might’ve been some part of the problem.”

“Part of the problem…?” I was stumped. Until Obie, who was black, told me that since the tornado had missed the, " black part of town," instead wreaking havoc on the most affluent (and white) areas, that the, "white folks" said the, “black folks” (see nig**r) had brought it… BROUGHT the Tornado ON the White People!"

Picking up my chin, I nervously giggled, “Oh man, that’s crazy!" Obie, his voice hollow as if from some deep well, solemnly answered, “Yeah, but the white workers on my job harassed me so much over it, every day, that I finally had to quit that job.”

I was completely shocked and spouted, incredulously, “I can’t believe that. That is just nuts!”

Seeing a warning in Obie's face, I then began to glance around and noticed that, unlike me, all the other, “white folks” sitting at that long table seemed to be swelling up like toads.

Startled by the sudden whip of negative energy, I instinctively acted to snag that energy and deflate those fat toads:

With an exaggerated conspiratorial tone, combined with a, “pre-Palin” wink, I turned to Obie, saying, Soto Voce, “Well, you know Obie, I DID see a picture of it and… it WAS black.” Obie’s eyes went wide, he sucked in his breath and then, as I cackled, he joined in, looking terribly relieved and surprised by my attitude, or lack thereof.

But...we laughed alone.
None of the toads croaked in.
First hint of things to come.