America In The Crucible.
The farther I try to stay from conspiracy theories, the more they seem to present themselves to me. Or perhaps I’m a little more curious than the average… Lord knows I used to drive my grandparents, and any available adult, crazy with questions. It’s led to a lifetime study of history and the traditions that have made America the shining beacon of freedom to the | Read More »
Obama the Predatory Lender
The long-awaited details of President Obama’s $75 billion housing rescue plan were made public today and, incredibly, Obama is proposing more of the same of what got the housing market into trouble to begin with as medicine to heal the market’s ills. Under the plan, the government will subsidize mortgage holders to reduce borrowers’ monthly payments to a maximum of 31% of gross monthly income. | Read More »
OK, America—Who are You Really Mad at?
Jay Cost wrote in an excellent column that John McCain is a victim of the mortgage crisis. I believe that Cost is right, because the night before the mortgage crisis hit, Senator McCain was beating Senator Obama by an average of 3-5 points in the polls. What I can deduce from those previous polls is that when people originally compared McCain to Obama—pre-mortgage crisis—the majority | Read More »
, 2008 Election
, Barack Obama
, Business & Economy
, Fannie Mae
, Freddie Mac
, John McCain
, Mortgage Crisis
Wall Street Bailout Theme Song: Money for Nothing
This Song Is Dedicated To All The People Who Brought Us The Mortgage CrisisSung to the tune “Money For Nothing” by Dire Straits(Starts with Sting solo)I want my … I want my A.R.M. …I want my … I want my A.R.M. …I want my … I want my A.R.M. …(Main verse)Now look at them yo-yos, that’s the way you do it,Buying a house with an | Read More »
SNL Bows to Liberal Pressures, as it Pulls Skit from Website
I was going to write on this, but let’s promote this one instead. And feel free to email NBC to ask them what gives. – Moe LaneEveryone knows NBC is in the bag for Obama. Even O’Reilly admits it. From what I read on Michelle Malkin’s great website the real-life Sandlers got a bit upset after seeing the SNL skit Saturday night. See Moe’s diary | Read More »
Dateline 1999: Impact of the CRA
There has been much debate about the impact of the Community Reinvestment Act (CRA) on the home mortgage crisis. A libertarian friend of mine discovered this 1999 article by Ronald Brownstein at the LA Times of the proud achievements under the CRA during the Clinton presidency. This article contains references to the contributions of Clinton, Fannie and Freddie, and Andrew Cuomo. It is pointed out | Read More »
CRA, ACORN, Democrats, Obama and the Housing Market Crisis
Following up on my post featuring an excellent video background for America’s current financial woes, I thought to dig deeper into The Community Reinvestment Act of 1977 (CRA). A lot of scrutiny is going to be directed toward it, and rightly so. Well intentioned at the outset, CRA was hijacked by the political Left and driven to this place and time by the unscrupulous with | Read More »
Fannie Mae/Freddie Mac Death Watch
About two weeks ago, I wrote in this space that some very large tectonic plates were starting to move far below sea level in the financial world. That was based on some unusual patterns I was seeing in the overnight repo and money markets.I guessed (but had no information to confirm) that whatever was in the breeze had something to do with Fannie Mae and | Read More »
A 21st Century Homestead Act?
As a fiscal conservative, and a political liberal (in the Milton Friedman sense of the term), I find plenty to be unhappy about with the Save Your Fannie American Housing Rescue and Foreclosure Prevention Act. Sadly, the deed is done, and now the taxpayers are on the hook for untold billions.But despite the massive government bailout scheme, it appears things are not at all well | Read More »
Handicapping the Fannie Mae/Freddie Mac Situation
In the financial markets, last week was the wildest and most dramatic one since the Bear Stearns Companies collapsed last March. The subject was whether we would see a collapse of Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs) that together own or guarantee $5.3 trillion in US home mortgages.And by extension, the fear spread to the entire US financial sector. The popular imagination | Read More »
What happened to personal responsibility?
Please tell me why I should feel bad about this:Ralph Stover has good credit and a steady job.But he took out a risky interest-only first mortgage and a second mortgage to buy a new 1,900-square-foot condominium in 2003 with no money down. Now, the 52-year-old Columbus man is scared he could become another casualty in the ongoing housing meltdown.He paid $170,900 for his three-bedroom, three-bathroom | Read More »
If It’s Sunday Evening in New York, It’s Monday Morning in Tokyo
Update: 9:40am EDT, 14Jul08: Overseas markets reacted well to the Paulson “we have a plan” statement. Asian markets ended lower on regional concerns while Euro markets are somewhat higher. The US stock market has opened up over 100 points, while the US Treasury market is only slightly lower. FNM and FRE stock were both up about 20% in pre-market trading, while their bonds, swaps, and | Read More »