J-Texas-1

Much to Like About the GSE Rescue

"Two things are not understandable. First why these institutions would have run into losses when they were allowed substantial leverage by Federal Govt and Federal Reserve plus funding by public at rates much lower than the rates at which these institutions have been rediscounting as their spreads were always maintained and guarnteed."

Hmm... where to begin? The best thing is to realize that the hallmark of the Bush Administration has been to look the other way as the bullies (big business exec's et. al.) beat up the little kids (most Americans). It's not as much deregulation as it is oversight negligence.

Let me count the ones I can think of without stopping my typing to think... credit card fees, fraudulent mortgage lending practices (squished Spitzer and 49 other state AG's from stopping it in 2003), oil futures trading in U.S., CDO's traded to get around trading laws, rampant drug advertising, electricity trading...

In every case, the law IS ALREADY ON THE BOOKS. The response? Okay, we'll start watching this now. Where the ____ where you the five years when it could have been prevented?

Just a hunch, but I believe Spitzer got exposed (pun intended) because he called out the brotherhood for its blindness after they stopped him from avoiding the scandal.

The legacy of America the past 20 years will be a new definition of how to succeed: forgo ethics and morals and embrace greed and corruption.

God forbid if you don't make the fabulous five (percent of wealthiest Americans) before the jig is up on your lies.