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Veteran Advisor

Who's watching out?

So...a socially conservative finacial commentator is on a crusade over mortgage fraud. Doing  a heck of a job of it and drawing some attention...and he is looking out for people in the media and in the halls of power who are picking up on the issue and also making an effort to draw some attention to it....and finds some.

 

He finds a host on a liberal TV network interviewing a bank regulator turned in vestigative journalist:

 

http://market-ticker.org/akcs-www?post=167961

 

and then links us up to two of the more impassioned progressive members of Congress for backup:

 

 

http://market-ticker.org/akcs-www?post=167957

 

http://market-ticker.org/akcs-www?post=167936

 

 

I can see how Geithner and company want to keep all of this bad doodoo on the bank books and not seek any accurate marking  oout of alledged equities. This mortgage fraud matter, if pursued and uncovered completely is going to make it very improbable that Fed Policy can keep the domestic economy afloat in any form that would be recognizable. But I don't see how they can keep it under the rug forever. It's likely trillions of dollars that never really were. 

 

Where are McConnell and Boehner on this? Not to mention where are Palin and the whippersnapper Paul kid and Newt and the rest of the baggers?

 

I remain a Democrat only because of the likes of Al Franken and Alan Grayson....in spite or Raul Emanuel and Chris Dodd and Warren Buffet's personal Senator Nelson  .

 

Are you baggers in favor of the justice and legal system going head long into this matter and clawing the money back (what's left of it.....of whatever there ever really was) and then locking up the perpertaors of it all.

 

Did you pick up on where it's mentioned that the S & L scandal, miniscule in comparisom to this debacle, resulted in over 1000 succesful prosecutions?

 

1 Reply
Veteran Advisor

Re: Who's watching out?

Hi Bruce,

 

You do realize that if there was merely an accurate accounting  to market value and a statement that the Fed wouldn't intervene to print money or some such, then everyone's house equity, IRA etc. would be poof? And farm, I'm guessing.

 

Good reason to whistle past the graveyard, real loud.

 

I would gladly march with TPers or anyone on the matter of demanding a national tribunal on the financial crisis including Franny, Dodd, Frank if that makes everybody happy,but opening up the whole mess. But I sorta doubt that anyone is really very interested.

 

And actually, who would the members be? Volker is about as close as I can come but I'm not sure he's really up to being Robespierre. Spitzer got assassinated before as an opening gambit. Wellstone, well.

 

I guess Jamie Gorelick, Tom Kean, Lee Hamilton et al are available.

 

Best, h