[Rhodes22-list] Rummy said, “I don't have a mortgage (Political commenta...

[R22RumRunner at aol.com]

Ed,
You can paint it anyway you want, but the bottom line is it's all about  
greed. I don't have any sympathy for people that might loose their asses over  
greed. Don't come crawling me to bail you out. I won't do it.
 
Rummy
 
 
In a message dated 9/25/2008 1:20:20 P.M. Eastern Daylight Time,  
ekroposki at charter.net writes:


Rummy said, “I don't have a mortgage and personally don't give a  rats ass
about anyone stupid enough to have got caught up in this mess. Let  them all
go down the shitter together.”

Unfortunately, many  retirement accounts are owners of the mortgages and
other involved  debt.  People expected that their retirement and savings
accounts  would be handled honestly.  Now that all the social dogma of  giving
mortgages to people who under historical criterion did not qualify  and
hiding those instruments makes many retirement systems vulnerable  to
collapse. 

What you have are several causes which require  attention.  First, to get a
mortgage certain reasonable requirements  should be met.  Second, when those
mortgages are sold, there has to be  transparency of the underlying debt. 
Third, if the mortgages are grouped  into a new financial instrument that
instrument must clearly state what its  backing or collateral is worth.

How should those who abused  their fiduciary duty be dealt with?  The
originators of the  problematic instruments should be dealt with under
criminal law and that  would include the former President of Goldman, Sacs.

They should be  required to pay retribution and compensatory damages, from
the guy in the  branch loan office to the president of failed and wobbly
financial  institutions. 

I am sorry about the underling at the branch office, but  when you see such
goings on, you have to throw your job away.  I have  been there and done
that.  

Now it was said by another, “What  he failed to say was that he (referring to
President Bush) was apologizing  for 7 years of failed policies that created
this mess in the first place  and that he was trying to save his legacy by
having the taxpayers bail his  ass out of trouble.”  When another list member
pointed out a prior  post it was said, “I had not read through this
(referring to the prior  post) when first posted.  Sure was a lot of talk and
no action by  Congress.  Wonder why? Both parties and control of Congress at
one  time or another during these events.”

Here we had Bush bashing without  thought and taking time to get relevant
facts.  The above statement  “he was trying to save his legacy by having the
taxpayers bail his ass out  of trouble” really demands a written apology to
the President by the  offender.

It is herein thought that I am a Bush supporter.  Not  hardly, but I am left
to defend the guy by unfounded attacks by Bush  haters.  Such an attack by
someone without analysis of the facts is  wrong.  Such a wrong can only be
rectified by a written apology to the  offended party even though he knows
not of the offense.  

This  problem was caused by many factors.  A big part was using credit  under
color of Government backing thru Fannie Mae and Freddie Mac for  social
engineering.  Has the above offender studied who originated  those laws? 
Obviously not.  

The President is the  administrator not the creator.  Should he have been
more aggressive in  telling of the problems? The answer is probably yes, but
would the Bush  haters have listened?  Did they listen and act upon his
stated  warnings already posted?  Hell, the offender did not, he did  not
bother to read the list given to him?  

And again I ask, do  you really think that national health insurance would
work  better?

Ed K
Greenville, SC, USA
Suppose you were an  idiot.
And suppose you were a member of Congress
But then I repeat  myself
-Mark Twain









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