Tossing Boulders onto a Sinking Raft Expecting to Refloat it??

Blame Barney Frank, the CRA, Chris Cox, Jimmy Carter, and anyone else you can think of but really, there's more to this and it's important you think outside of YOUR box. Ask yourself how many flakes are sitting on any Federal Regulatory Board? All the villains in this sorry show are standing next to us throwing boulders on a sinking ship expecting the heavy rocks to save the boat.

Look, mortgages must be reworked so that those who through no fault of their own are belly up. Nobody is talking about the Commodities Futures Modernization Act, the act that exempted Default Swaps from any regulation. Read up, because this thing started with ultra low rates and then kept going. Think dominoes falling except there isn't a line of them, instead there is an ever widening triangle so as to include more and more of us in the problem and its effects; knock down the domino at the point of the triangle and the entire structure falls. Study some of the writing, and not from ideologues like that fucking Malkin who knows absolutely nothing about markets. Terrific stuff over at RGE, Big Picture, Slider on the Black; Minyanville, and a lot of others not frozen in some kind of dogma.


Anonymous said...

SEC Reg SHO - removing the uptick requirement for a short sale.

It can't be quantified, but my stomach tells me this has had a major effect on the equity plunge.
THEN, the dopey SEC BAN's short sales, thus killing the patient with an OD of chemothereapy.

Xiaoding said...

"Look, mortgages must be reworked so that those who through no fault of their own are belly up. "

Fuck that! THERE ARE NO SUCH PEOPLE. All a bunch of crooks and scammers, flippers who got caught, morons who willfully looked the other way, con artists who heloced their way out of their home. YOU CAN'T FOOL AN HONEST MAN.

The real problem? Any mortgage re-work is IMMORAL.