I Can't Stand It

I can't stand it! How can anybody not see the democrats attempt to usurp power through the treasury. I'm watching Harry Reid and Chris Dodd now complaining about how they can't get a deal done. Good! What they're proposing is idiocy.

Reid is blaming McCain for the problem. Yeah right. Dodd is saying they had things all worked out a week ago. Really? The problem didn't 'manifest' until 4 days ago. Lie Lie Lie! And the media just accepts this without question.

All I hear is Wah, Wah, Wah.

The republicans are just as stupid. As usual, they're trying to do things behind closed doors, making it look like they're either plotting or doing nothing useful. What the hell is wrong with these people!

It's obvious that none of them have any experience in dealing with financial matters. I find it outrageous that Barney Frank of all people is the high ranking financial official. Boy, there's someone with experience in "Main St." financial matters. Gak!

Reid just said, "We did not create the problem." More garbage! The dem leadership has done a great job deflecting the root cause of the mess. Remember, the problem has been caused by sub-prime mortgages. That's the root cause of everything. Nothing the dems have proposed does anything to address this. Instead, they want to increase the size of government to a point that can never be recovered.

This problem has been caused by the "fair housing act". This government program forced financial institutions to lend money to people who couldn't possibly pay it back. Sub-prime was created to fulfill this obligation. Not surprisingly, most people with sub-prime mortgages can't pay it back.

Nowhere in the democrat package is this addressed at all. Instead they want to bail out their friends and limit compensation. Oh, and give all power to the Treasury to dictate policy. Sweet deal! There's an impartial group.

What does any of this have to do with fixing the problem?

The ranking republican on the finance committee just announced that an invistigation has begun to determine why the SEC didn't catch any of this 6 months ago when they were asked to investigate. While this should be a good thing, we all know that nothing will happen.

Now all the CNBC talking heads are arguing. I wonder if anything can happen in Washington. I still wonder if anything should happen. Seems to me that the WM situation was handled correctly. JPM bought them out, valuing the garbage loans as, well, garbage. That's would should happen. The government has absolutely no business in this.

If the government would just leave the markets alone, they will clear themselves out.

Dillon Radigan just announced a plan that actually addresses the issue. I didn't hear who proposed it but it provides a mechanism for determining a true valuation of the mortgages on everyone's balance sheets and a framework for buying/selling/clearing them. Now that's what is needed! It addresses the issue directly without all the political bullshit. No bailout is needed. No sacrifice of democratic principles (as in democracy) is required. In this scenario the Fed only gets involved if liquidity becomes an issue, which is how it should be.

Too bad we know it'll never even be considered. At least not while the democrats have the majority in congress.