Bonnie

Buffett Warned Us in 2003

By the way, Warren Buffet doesn't have to answer to anyone about anything!!! So all of the sour notes in these comments are not appropriate! The thing is that he could have shouted from the rooftops about what he felt would happen, what everyone should have done, and when to do it!!!

When several people that I know were trying to help people ready to be foreclosed upon refinance...those institutions wouldn't even pick-up their phones! I know that many mortgage brokers and other concerned groups tried to help advocate on behalf of all of those people now suffering. but These So and So's had made their money and they figured that they would grab up the foreclosures and resell them in a packaged deal to some other group...as they usually do anyway!!!
DID ANYONE START TO MONITOR AND CONTROL?...NO! Do they care that they are having to use more Taxpayer's money to bail them out again...NO!

I wrote to the Federal Reserve a year ago warning of these issues! The response by a person with the initials (they didn't even want to put their name to the email-the coward!) was as follows:
Thank you for your most recent correspondence concerning fiscal policy, an issue outside the Federal Reserve Board's purview.

Please note, that, because of their expertise, the Chairman and the Governors of the Federal Reserve Board are often called on to offer their views on issues that lay outside of the Board's purview. In the case of the government's fiscal policies, responsibility for decisions rests with the Congress and the Administration and not with the Federal Reserve Board. Given your concerns, you may wish to write to the congressperson representing your district. Again, thank you for taking the time to share your views with us. Sincerely, JPD, Board Staff

[edited for excessive ranting and shouting-SA editor]