The article apparently abhors the fact that the “…Occupy Wall Street movement begins to stall….” They then cite the reason for the collapse of MF Global Holdings, which on the surface was caused by their playing fast and free with other people’s money.
The Democratic kingpin John Corzine was “…using funds he was supposed to be safeguarding for his clients….”
The editorial tells us “That is a fundamental violation of Wall Street rules, but, hey, there’s no cop on the street, at least not one with the power to head off potential disasters….”
What they do not tell you is that there is already a law against this and if Corzine was to have to spend the rest of his natural life tucked away in some federal prison that would be a hell of a deterrent. All future Corzine want-to-be’s would think long and hard about what they were going to do.
Chances are Corzine will never see a day behind bars. In fact when you look at the tax cheat, liar and common criminal now serving as Secretary of Treasury, Timothy F. Geithner, he has never served time for his crimes. In fact he is on Obama’s payroll.
There is also the tax cheat, liar and common criminal serving as the U.S. Representative for New York's 15th congressional district. This common criminal has served no time and continues to draw a paycheck for the same people he scammed. There are others too many to list.
They go on to tell us that Congress “…created the consumer Protection Financial Bureau…” to stop the “…abuses on Wall Street….”
But we are informed that the Republicans are preventing the CPFB from doing its job. Enforcement of present laws that are on the books would probably do far more in the way of prevention than the CPFB will ever do.
It looks as if the primary purpose here is to rap the Republicans for trying to help slow down regulations which can only restrict the growth of the economy.
This would be something we would think the President and Publisher of The Telegraph would relish with glee. This is the type of thing The Telegraph does often.
For example back on Monday, August 13, 2007 The Telegraph did an editorial titled “Unwise home loans shook financial world”. The rest is history.
They tell us how “The financial turmoil has spread worldwide…” and how it “…began with American home mortgages.” This came about because of government regulations and the no income, no assets, loans, and the no income, no job or asset mortgage loans. These loans were cooked up in response to the government’s desire to put everyone in a home, which they were making payments on.
There were also the liar loans, the "Liar Loans" Threaten To Prolong Mortgage Crisis”
We found the 110 percent loans where people borrowed 10 percent more than the value of the house. There were also the ARM (Adjustable Rate Mortgage) loans. The Federal Reserve even had a handbook on the ARM loans and you can see it here.
If that was not enough there is the 125 percent loans. See “Is the 125 Percent Home Equity Loan Right for You?”
The Telegraph tells us how “…confidence in major funds and mortgage banks has been shaken in Japan and Europe as well as New York.”
They closed the editorial with the “hope” the Federal Reserve would cut the “prime interest rate.” They got their wish.
The purpose of this from our perspective is that The Telegraph and the Miami Herald knew all this. In any case The Telegraph has completely ignored the United States Congress’s roll in it. We do not follow the Miami Herald so we do not know about them.
As far as we can determine the two individuals who are directly responsible for a large part of this fiasco and what they did was ignored by The Telegraph. This is nothing unusual. Anyone in government with a capital D by their name e.g. Clinton, (D-Ark), Kerry, (D-Mass), Franks (D-Mass), Rangel (D-NY), Dodd (D-Con) etc. is ignored by The Telegraph.
These two individuals are Barney Franks (D) the U.S. Representative for Massachusetts's 4th Congressional District and Chris Dodd (D) United States Senator from Connecticut.
We know Franks took care of things while his boyfriend was employed at Fannie Mae. Franks lied to the people about the financial status of Fannie Mae and the loans, etc. For more google “barney frank fannie mae boyfriend”
Then there was Dodd and his loans, according to some this is why he is no longer a United States Senator. The Wall Street Journal ran a story about this titled “Dodd’s Peek-A-Boo Disclosure” on Feb. 3, 2009.
All of the Ds is probably why we do not have the details on the lead up to the “financial crises” and congress’ involvement.
That is our opinion. What is yours? We would like to hear from you. We can be reached at wetrack@windstream.net
Have a nice day.
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