Financial Reform?

The newly passed (in the Senate) Financial Reform legislation has some interesting aspects. in addition to the several hundred new regulatory controls provided to the Executive without Congressional oversight. Also in addition to the fact that nothing is done to assist the small banks in their needs to facilitate lending to small business. Most interesting is the authorship of the Bill, largely at the hands of Chris Dodd and Barney Frank, the two most responsible for pushing Fannie and Freddie in their reckless lending to unqualified borrowers, which lies at the heart of the financial mess the Bill is intended to alleviate. Strangely enough, the same Fannie and Freddie are not even mentioned in the Bill, nor are they constrained in any way from continuing their reckless behavior. It could be that Obama wants this Bill, and it could be a coincidence that Obama, Dodd and Frank were the three largest beneficiaries of Fannie and Freddie political contributions, but I don't think so. Strange also that a settlement has been reached with Goldman Sachs, big numbers to be sure, but nothing compared to the benefits they enjoyed in the AIG bail-out. A bail-out with tax dollars. Now Goldman and the administration can again be friends, and presumably the contributions to those favored recipients can resume. Those favored include but are not limited to, the above mentioned threesome. Threesome may carry some connotation not specifically political, but there has been sufficient written to suggest that all of them may be willing to extend their interest in screwing beyond just the taxpayers.
The administration has some peculiar agendas. They are NOT suing sanctuary cities for violating immigration law. They ARE suing Arizona for voluntarily aiding in the enforcement of immigration law. They are not enforcing voting right violations when blacks are the violators. They did seat Al Franken although there is substantial evidence his win margin was produced by illegal votes of convicted felons. They have interfered with candidates in Senate races in Pennsylvania and Colorado. In the BP oil spill they have appointed an oversight panel composed entirely of environmentalists opposed to drilling, and not one oil expert or businessman. They lie about the meaning of unemployment figures and have spent almost 20 million dollars on propaganda signs extolling the virtues of a failed stimulus package. They have appointed without oversight a new head of financial control in Medicare who holds that he has a love affair with the British Socialist system of health care, and have submitted for approval for the Supreme Court a person with no judicial experience who holds that our court decisions should include a reliance on international law. Most of us are of the opinion that our Constitution made us the best country in the history of the world and we are loathe to surrender those values to an aggregation of laws pursued by a group of failed societies. When another country has surpassed us it will be time for us to consider conforming to that new standard. Until then, let them copy us.
Just to preserve the integrity of this as a real estate blog: Foreclosures are up, prices are flat to down, interest rates are remarkably low. If we can help you in any real estate or mortgage endeavour, please call us.
As usual
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