More hi-jinks from the Jolly Crew at the Catfood Commission!
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Would it be difficult to discuss the Super Bowl if you didn’t identify the teams involved ? How about discussing the Colonel’s product without mentioning Kentucky or Fried or Chicken ? Either might be an interesting assignment for a creative writing class. How about reporting on our financial crisis without mentioning Wall St or Shadow Banking or Deregulation or Interconnectedness ? That’s what the Catfood Commission’s four Republican appointees voted to do last week.
Shades of the Bush Doctrine
The four Republican appointees plan to issue a pre-emptive report blaming FNMA and FMAC for the failure.
Essentially they will try to make the case (discredited time and again) that our economic woes were not institutional greed or easy money or deregulation, but rather liberal government policy aimed at helping minorities that got us into this.
FNMA and FMAC as private entities certainly played a role in creating a massive debt overhang, but they were relative latecomers to the greedfest and got into trouble thru massive derivatives hedging.
We can assume the Community Reinvestment Act will be trotted out again, who better to blame than working class brown and black people when the alternative would be blaming bankers and ratings agencies?
Full Articles at Economists View and Naked Capitalism.
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Oh and to add insult to injury, it is harder for people to go through the foreclosure process, because lil Timmy Geithner didn’t allow more legal aid money, if it was necessary to fight the banks. More money for the bankers because people don’t have the coin to fight them. It’s a win/win I tells ya. Just think if there was say, some kind of agency that helped poor and low income people go through this process, like an ACORN type place. Oh wait, the democrats joined the republicans to get rid of them, what the hell am I doing with the crazy talk. No need for any answers from the peanut gallery on my craziness now 😉
Almost forgot this little gem I read somewhere or another today too, apparently if you dare ask your mortgage holder to find the paperwork for your loan, it will cost you about 40 points of your FICO score. He’s a prince with all of this stuff, that we didn’t know was in there, isn’t he?
Timmy sucks Jess, you’re right. I hadn’t heard that about the FICO score,doesn’t surprise me. How dare us peasants question the legality of our paperwork.
Oso, I know this is not the subject of this post, per se, but I just wanted to inform you that I did the research and after consulting with Sarah Palin, the tree issue would matter.
John
JMyste I yield to your research. WWSD has been a guiding acronym of mine dating back several hours.
You have to hand it to the Republicans, one thing they excel at his “blaming other people.”
If there was University course “Blame 101” they would be qualified to teach it.
Yes, it’s the behavior of a 5 year old without a childs charm.