I Thought I'd Seen It All --DeWese
It happened real fast—this financial crisis. One minute I’m pickin’ my tomatoes, and the next minute the president is announcing the need for a $700 million, whoops, $700 billion bailout for a bunch of Wall Street investment banks that are holding bad paper on thousands of home and commercial mortgages, which are in default and either in or about to be in foreclosure. By the way, Marvelle Stump, if you are still reading this, foreclosure is nothing like foreplay.
Wall Street and DC
Well, I got interested in this mess, and I discovered it is just a handful of real smart Wall Street executives and an even smaller group of Washington DC-based elected and appointed officials who created this disaster, which has now spread worldwide. Notice I didn’t say the guys in Washington were smart. In fact, it may be less than a dozen men whose greed and stupidity have caused all this heartache.
Then I studied the legislation authorizing the “rescue.” I actually read the bill and learned that it’s not $700 billion all at once. It’s $250 billion to start, then another $100 billion, which can be authorized by Congress jumping through a bunch of hoops and, finally, another $250 billion if Congress jumps through even more very high hoops. I think they all should have to personally guarantee the money.
This is not some plan just to send big checks to the offending banks. The U.S. government is actually just buying thousands of empty homes that have been foreclosed. Nobody knows how many empty homes, and nobody knows for how much. This will take the bad debts off the banks’ books and put it on the federal government books.
What does this mean to all you print communications salespeople?
You are surrounded by greed and stupidity, so you are going to have to work harder to make your own mortgage payments.