Monday, September 8, 2008

Fannie, Freddie takeover - What does this teach?

Forget welfare, forget unemployment, pay no attention to bankruptcy, ignore any other bail-out you have ever read about, witnessed, heard about, or imagined, this is the one that gets my blood boiling like never before. This will cost the American people more than even I can imagine, wars can be won with less money, principles be damned.

What lesson are we teaching our children with this?

"Greed is good!"

Hell, that is the only thing this is teaching me!

Being an election year, with so many people on all sides effected, not one single politician that I have seen is saying "NO!!" Why? I honestly wish that I knew. Perhaps it is because the greed that is responsible for the current "housing situation" knows no bounds, crosses all political, economic, sexual orientation, racial, and fiscal lines, it is evenly spread and highly contagious. The simple greed that has caused this "crisis" comes from all walks of life.

From the builder and buyer, to the real estate agent, mortgage broker, mortgage company, appraiser, and secondary lender, right up to Freddie and Fannie, that is all it was folks, greed. Each and every one of them improved their lives via greed and now my tax dollars will finance that greed.

I never thought I would use that line "my tax dollars".

There was a system in place where everyone was making money hand over fist and those with the power to stop it either benefited from it or turned a blind eye. This was unique though, this system of greed was propelled from all angles and it disgusts me. Talk about the ultimate victimless crime, until now. Now each and every one of us will pay, even those of us who gained nothing from the crime.

The kick to the gut is this..... we will bail them all out. All, not just a few, those that knew how to work the system then, will work it now and continue to benefit to some degree. None of the criminals in this scandal will pay, there are simply too many of them. From the big mortgage companies down to the guy making minimum wage living in the 200K house, they will all get to keep the spoils.

What ever happened to knowing the difference between right and wrong and simply refusing to do wrong. Don't lie on the loan application, don't advise the buyer what not to disclose, stop pressuring the appraiser into raising the home value, stop caving to the pressure. Why did it just simply not stop, somewhere?

Jiminy Cricket is Dead, I will dearly miss him.

1 comment:

Jean said...

Very well said!
I share your anger.

Show in June 2007

Show in June 2007
Daughter of the Year!