Monday, September 22, 2008

As The World Turns, Part 2

Who Moved the Common Sense?

A Tisky, a Tasky, another Billion in the Basket! Of course you've' had to have your head in the sand not to have been aware of the current financial "shigity" that's rolling down hill on to the lone tax payer. Although I was a bit under the weather, I channel surfed with vigor, while tyring to catch every perspective about this money wreckage that has everyone scrambling trying to explain the who, what and what for in regards to how this thing happened. I have no PHD or financial degree, but I do have at least a tea cup of what was simply missing from the gaggle of folks who created this mash up. It's called "common sense and personal responsibility." As this situation continues to reveal it self, there are many questions that I've pondered. Nuggets such as," is there lot's of blame to go around?," you betcha. Was their some probable fraud? Most likely? Did people go "ga-ga " for homes like Coco Puffs? Definitely. Did de-regulation and a "everything goes" attitude loom large on Wall Street? Bingo! Even though I didn't live through the Great Depression, I realized that I've been witness to the creation of Amtrack from a failed entity, Lee Iaccoca's engineered Chrysler's Buy Out, the S & L debacle, and now this ominous heap of bad decisions, predatory tactics and outrageous abandonment of business sense. When President Bush promoted the idea of Home Ownership in America, I don't think he actually meant a home of everyone whether they could afford one or not. Now here comes the Fed to the rescue doing only what could be done to keep this nation from the tipping point of financial ruin. Yet, what chaps my hide are those "know it all's " who sat in glass corner offices, meanwhile jumping ship with Million Dollar pay days, then slinking to their own high priced quarters. Unscathed and unrepentant to the shenanigans not to mentinon the Five Card Monte's, shell games and "winks and nods" that went on during their watch. Shame on them. And shame on those whom threw caution to the wind by accepting "NINJA"(no income,no job or assest) loans, or other dubuious "funny money" products that they didn't understand or question. Shame, Shame on all those intermixed in the real estate game including appriasers, agents, brokers, bundlers, builders, speculators, lenders and the kitchen sink for their "I didn't do anything illegal" just unethical attitude. Has this maddness bottomed out, who knows? Just like any good soap opera, stay tuned....

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